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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.72 Td (Large accelerated filer) Tj ET Q /GS0 gs q 8.92 0 0 9.76 163.00 208.24 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 210.72 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.91 0 0 9.76 533.00 208.24 cm /I10 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 195.72 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.91 0 0 9.76 163.00 193.24 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.60 195.72 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 195.72 Td (Smaller reporting company) Tj ET Q /GS0 gs q 8.91 0 0 9.76 533.00 193.24 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 180.72 Td (Emerging growth company) Tj ET Q /GS0 gs q 8.91 0 0 9.76 533.00 178.24 cm /I13 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 154.10 Td (If ) Tj ET Q q 0 0 0 rg BT 76.45 154.10 Td (an ) Tj ET Q q 0 0 0 rg BT 88.17 154.10 Td (emer) Tj ET Q q 0 0 0 rg BT 107.98 154.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 128.04 154.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 158.66 154.10 Td (company) Tj ET Q q 0 0 0 rg BT 194.66 154.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.45 154.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 233.39 154.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.67 154.10 Td (check ) Tj ET Q q 0 0 0 rg BT 271.28 154.10 Td (mark ) Tj ET Q q 0 0 0 rg BT 294.11 154.10 Td (if ) Tj ET Q q 0 0 0 rg BT 302.50 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.01 154.10 Td (registrant ) Tj ET Q q 0 0 0 rg BT 357.06 154.10 Td (has ) Tj ET Q q 0 0 0 rg BT 372.68 154.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 403.27 154.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.34 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.40 154.10 Td (use ) Tj ET Q q 0 0 0 rg BT 444.02 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.52 154.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 496.90 154.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 536.96 154.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.20 143.10 Td (complying ) Tj ET Q q 0 0 0 rg BT 108.00 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.82 143.10 Td (any ) Tj ET Q q 0 0 0 rg BT 144.29 143.10 Td (new ) Tj ET Q q 0 0 0 rg BT 162.99 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 173.35 143.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 204.26 143.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.28 143.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 287.19 143.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 326.99 143.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 364.57 143.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 401.05 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.86 143.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 442.89 143.10 Td (13\(a\) ) Tj ET Q q 0 0 0 rg BT 466.02 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.39 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.64 143.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 531.65 143.10 Td (Act.) Tj ET Q /GS0 gs q 8.91 0 0 10.09 553.59 140.94 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 121.10 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 102.20 121.10 Td (by ) Tj ET Q q 0 0 0 rg BT 114.70 121.10 Td (check ) Tj ET Q q 0 0 0 rg BT 140.52 121.10 Td (mark ) Tj ET Q q 0 0 0 rg BT 163.56 121.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 198.27 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.99 121.10 Td (registrant ) Tj ET Q q 0 0 0 rg BT 253.25 121.10 Td (is ) Tj ET Q q 0 0 0 rg BT 262.42 121.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.36 121.10 Td (shell ) Tj ET Q q 0 0 0 rg BT 290.75 121.10 Td (company ) Tj ET Q q 0 0 0 rg BT 329.90 121.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 344.06 121.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 376.55 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.83 121.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 408.21 121.10 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 434.04 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.87 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.59 121.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 500.96 121.10 Td (Act\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 110.10 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 69.05 107.94 cm /I15 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.96 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.46 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.96 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.46 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.96 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.46 110.10 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 107.68 107.94 cm /I16 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 88.10 Td (As ) Tj ET Q q 0 0 0 rg BT 81.11 88.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 88.10 Td (May3, ) Tj ET Q q 0 0 0 rg BT 122.77 88.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.77 88.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.77 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.49 88.10 Td (registrant ) Tj ET Q q 0 0 0 rg BT 202.75 88.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.69 88.10 Td (15,052,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.19 88.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 294.68 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.51 88.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 345.24 88.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 370.52 88.10 Td (outstanding.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 65.79999999999995 m 563 65.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 61.799999999999955 m 563 61.799999999999955 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 708.75 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 708.75 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.95 693.75 Td (Index to Quarterly Report on Form 10-Q) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.15 661.98 Td (PART I. FINANCIAL INFORMATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 629.82 Td (ITEM 1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 628.4833984375 m 239.6064453125 628.4833984375 l s q 0 0 1 rg BT 120.50 629.82 Td (FINANCIAL) Tj ET Q q 0 0 1 rg BT 174.02 629.82 Td ( ST) Tj ET Q q 0 0 1 rg BT 187.38 629.82 Td (A) Tj ET Q q 0 0 1 rg BT 193.50 629.82 Td (TEMENTS) 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 126.5 612.4833984375 m 476.71484375 612.4833984375 l s q 0 0 1 rg BT 126.50 613.82 Td (Consolidated Statements of Financial Condition as of March 31, 2017 \(Unaudited\) 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 135.5 602.4833984375 m 214.083984375 602.4833984375 l s q 0 0 1 rg BT 135.50 603.82 Td (December 31, 2016) 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 126.5 584.4833984375 m 478.0869140625 584.4833984375 l s q 0 0 1 rg BT 126.50 585.82 Td (Consolidated Statements of Operations for the three months ended March 31, 2017 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 135.5 574.4833984375 m 249.9140625 574.4833984375 l s q 0 0 1 rg BT 135.50 575.82 Td (March 31, 2016 \(Unaudited\)) 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 126.5 556.4833984375 m 475.0205078125 556.4833984375 l s q 0 0 1 rg BT 126.50 557.82 Td (Consolidated Statements of Comprehensive Income for the three months ended March ) 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 135.5 546.4833984375 m 304.3525390625 546.4833984375 l s q 0 0 1 rg BT 135.50 547.82 Td (31, 2017 and March 31, 2016 \(Unaudited\)) 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 126.5 528.4833984375 m 464.224609375 528.4833984375 l s q 0 0 1 rg BT 126.50 529.82 Td (Consolidated Statements of Cash Flows for the three months ended March 31, 2017 ) 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 135.5 518.4833984375 m 266.8525390625 518.4833984375 l s q 0 0 1 rg BT 135.50 519.82 Td (and March 31, 2016 \(Unaudited\)) 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 126.5 500.4833984375 m 367.0078125 500.4833984375 l s q 0 0 1 rg BT 126.50 501.82 Td (Notes to the Consolidated Financial Statements \(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 486.82 Td (ITEM 2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 485.4833984375 m 468.8642578125 485.4833984375 l s q 0 0 1 rg BT 120.50 486.82 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 1 rg BT 264.96 486.82 Td (AND ) Tj ET Q q 0 0 1 rg BT 288.57 486.82 Td (ANAL) Tj ET Q q 0 0 1 rg BT 315.34 486.82 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0 1 rg BT 408.32 486.82 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 120.5 475.4833984375 m 265.98828125 475.4833984375 l s q 0 0 1 rg BT 120.50 476.82 Td (AND RESUL) Tj ET Q q 0 0 1 rg BT 175.42 476.82 Td (TS OF OPERA) Tj ET Q q 0 0 1 rg BT 236.54 476.82 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 458.82 Td (ITEM 3.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 457.4833984375 m 460.1923828125 457.4833984375 l s q 0 0 1 rg BT 120.50 458.82 Td (QUANTIT) Tj ET Q q 0 0 1 rg BT 164.13 458.82 Td (A) Tj ET Q q 0 0 1 rg BT 170.25 458.82 Td (TIVE ) Tj ET Q q 0 0 1 rg BT 194.96 458.82 Td (AND QUALIT) Tj ET Q q 0 0 1 rg BT 255.54 458.82 Td (A) Tj ET Q q 0 0 1 rg BT 261.65 458.82 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 1 rg BT 356.11 458.82 Td (ABOUT) Tj ET Q q 0 0 1 rg BT 390.37 458.82 Td ( MARKET) Tj ET Q q 0 0 1 rg BT 434.91 458.82 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 442.82 Td (ITEM 4.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 441.4833984375 m 264.4111328125 441.4833984375 l s q 0 0 1 rg BT 120.50 442.82 Td (CONTROLS ) Tj ET Q q 0 0 1 rg BT 175.23 442.82 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 /F2 10.00 Tf ET q 0 0 0 rg BT 228.20 410.98 Td (PART II. OTHER INFORMATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 378.82 Td (ITEM 1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 377.4833984375 m 224.2939453125 377.4833984375 l s q 0 0 1 rg BT 120.50 378.82 Td (LEGAL) Tj ET Q q 0 0 1 rg BT 152.90 378.82 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 362.82 Td (ITEM 1A.) 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 120.5 361.4833984375 m 189.875 361.4833984375 l s q 0 0 1 rg BT 120.50 362.82 Td (RISK F) Tj ET Q q 0 0 1 rg BT 150.60 362.82 Td (ACT) Tj ET Q q 0 0 1 rg BT 170.42 362.82 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 346.82 Td (ITEM 2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 345.4833984375 m 456.818359375 345.4833984375 l s q 0 0 1 rg BT 120.50 346.82 Td (UNREGISTERED SALES OF EQUITY) Tj ET Q q 0 0 1 rg BT 283.74 346.82 Td ( SECURITIES ) Tj ET Q q 0 0 1 rg BT 344.86 346.82 Td (AND USE OF PROCEEDS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 330.82 Td (ITEM 6.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 120.5 329.4833984375 m 166.0517578125 329.4833984375 l s q 0 0 1 rg BT 120.50 330.82 Td (EXHIBITS) 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 120.5 313.4833984375 m 181.6181640625 313.4833984375 l s q 0 0 1 rg BT 120.50 314.82 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 149.95 314.82 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 628.4833984375 m 534 628.4833984375 l s q 0 0 1 rg BT 529.00 629.82 Td (3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 612.4833984375 m 534 612.4833984375 l s q 0 0 1 rg BT 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instruments and other inventory positions owned) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 508.37 Td (567,210) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 508.21 Td (464,610) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 497.21 Td (Financial instruments and other inventory positions owned and pledged as collateral) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 497.37 Td (451,083) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 497.21 Td (594,361) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 486.16 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 448.25 486.32 Td (1,018,293) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 486.16 Td (1,058,971) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 464.16 Td (Fixed assets \(net of accumulated depreciation and amortization of $57,859 and $58,308,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 56.00 454.66 Td (respectively\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 455.82 Td (25,402) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 455.81 Td (25,343) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 442.21 Td (Goodwill) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 442.37 Td (196,218) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 442.21 Td (196,218) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 431.21 Td (Intangible assets \(net of accumulated amortization of $73,839 and $70,017, respectively\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 431.37 Td (33,412) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 431.21 Td (37,234) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 420.21 Td (Investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 420.37 Td (159,675) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 420.21 Td (168,057) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 409.21 Td (Other assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 409.37 Td (163,471) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 409.21 Td (164,962) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 398.16 Td (Total assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 424.50 398.32 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 448.25 398.32 Td (2,113,157) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 496.50 398.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 398.16 Td (2,125,503) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 51.50 376.37 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 365.21 Td (Short-term financing) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 424.50 365.37 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 365.37 Td (297,146) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 496.50 365.21 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 365.21 Td (418,832) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 354.21 Td (Senior notes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 354.37 Td (175,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 354.21 Td (175,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 343.21 Td (Payables:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 332.21 Td (Customers) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 332.37 Td (41,594) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 332.21 Td (29,352) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 321.21 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 321.37 Td (204,063) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 321.21 Td (40,842) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 310.21 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 310.37 Td (10,457) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 310.21 Td (15,046) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 299.21 Td (Financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 299.37 Td (404,539) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 299.21 Td (299,357) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 288.21 Td (Accrued compensation) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 288.37 Td (117,821) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 288.21 Td (288,255) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 277.21 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 277.37 Td (40,581) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 277.21 Td (42,553) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 266.21 Td (Total liabilities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 448.25 266.37 Td (1,291,201) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 266.21 Td (1,309,237) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 245.21 Td (Shareholders equity:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 234.21 Td (Common stock, $0.01 par value:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 223.21 Td (Shares authorized: 100,000,000 at March 31, 2017 and December 31, 2016;) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 212.16 Td (Shares issued: 19,509,951 at March 31, 2017 and 19,535,307 at December 31, 2016;) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 200.16 Td (Shares outstanding: 12,784,865 at March 31, 2017 and 12,391,970 at December 31, 2016) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 472.05 200.32 Td (195) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 544.05 200.16 Td (195) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 188.21 Td (Additional paid-in capital) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 188.37 Td (784,739) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 188.21 Td (788,927) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 177.21 Td (Retained earnings) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 177.37 Td (272,706) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 177.21 Td (257,188) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 166.16 Td (Less common stock held in treasury, at cost: 6,725,086 at March 31, 2017 and 7,143,337) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 156.66 Td (shares at December 31, 2016) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 452.25 157.82 Td (\(277,099) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 486.30 157.82 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 524.25 157.81 Td (\(284,461) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 157.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 144.21 Td (Accumulated other comprehensive loss) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 461.75 144.37 Td (\(2,376) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 486.30 144.37 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.75 144.21 Td (\(2,599) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 144.21 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 133.21 Td (Total common shareholders equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 133.37 Td (778,165) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 133.21 Td (759,250) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 112.21 Td (Noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.15 112.37 Td (43,791) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 112.21 Td (57,016) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 101.21 Td (Total shareholders equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.40 101.37 Td (821,956) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 101.21 Td (816,266) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 80.16 Td (Total liabilities and shareholders equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 424.50 80.32 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 448.25 80.32 Td (2,113,157) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 496.50 80.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 80.16 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 59.75 Td (See Notes to the Consolidated Financial Statements) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 222.50 742.60 Td (Consolidated Statements of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (4) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 679.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 679.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 679.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 679.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 655.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 655.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 655.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 655.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 631.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 631.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 631.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 631.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 607.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 607.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 607.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 607.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 583.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 583.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 583.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 583.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 559.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 559.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 559.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 559.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 535.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 535.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 535.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 535.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 511.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 511.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 511.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 511.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 487.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 487.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 487.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 487.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 463.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 463.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 463.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 463.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 439.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 439.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 439.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 439.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 415.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 415.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 415.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 415.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 391.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 391.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 391.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 391.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 367.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 367.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 367.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 367.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 343.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 343.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 343.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 343.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 319.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 319.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 319.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 319.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 295.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 295.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 295.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 295.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 271.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 271.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 271.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 271.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 247.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 247.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 247.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 247.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 223.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 223.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 223.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 223.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 199.00 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 199.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 199.00 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 199.00 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 174.00 370.00 -12.00 re f /GS0 gs 0.8 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(securities ) Tj ET Q q 0 0 0 rg BT 311.13 648.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 355.94 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 375.22 648.75 Td (mer) Tj ET Q q 0 0 0 rg BT 390.58 648.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 412.08 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 431.36 648.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 483.97 648.75 Td (services ) Tj ET Q q 0 0 0 rg BT 521.01 648.75 Td (in ) Tj ET Q q 0 0 0 rg BT 533.63 648.75 Td (Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 110.82 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.29 636.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 161.59 636.75 Td (England; ) Tj ET Q q 0 0 0 rg BT 202.38 636.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 244.86 636.75 Td (& ) Tj ET Q q 0 0 0 rg BT 257.33 636.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 300.91 636.75 Td (International ) Tj ET Q q 0 0 0 rg BT 356.69 636.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 393.04 636.75 Td (\("SCIL"\), ) Tj ET Q q 0 0 0 rg BT 436.73 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 445.86 636.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 467.76 636.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 511.34 636.75 Td (mer) Tj ET Q q 0 0 0 rg BT 526.71 636.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 548.06 636.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 98.96 624.75 Td (services ) Tj ET Q q 0 0 0 rg BT 132.86 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.33 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.24 624.75 Td (ener) Tj ET Q q 0 0 0 rg BT 173.27 624.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 184.96 624.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 219.43 624.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 277.75 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.84 624.75 Td (Aberdeen, ) Tj ET Q q 0 0 0 rg BT 329.90 624.75 Td (Scotland; ) Tj ET Q q 0 0 0 rg BT 368.99 624.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 407.90 624.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 448.74 624.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 465.70 624.75 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 501.94 624.75 Td (which ) Tj ET Q q 0 0 0 rg BT 528.07 624.75 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.97 612.75 Td (management ) Tj ET Q q 0 0 0 rg BT 128.09 612.75 Td (services ) Tj ET Q q 0 0 0 rg BT 164.32 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.13 612.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 220.69 612.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 260.81 612.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 302.33 612.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 349.67 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.14 612.75 Td (open-end ) Tj ET Q q 0 0 0 rg BT 409.38 612.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 435.63 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.10 612.75 Td (partnerships; ) Tj ET Q q 0 0 0 rg BT 509.78 612.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 612.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 612.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.56 600.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 122.74 600.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 142.14 600.75 Td (which ) Tj ET Q q 0 0 0 rg BT 168.21 600.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 201.50 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.46 600.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 241.97 600.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 282.49 600.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 326.31 600.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.38 600.75 Td (management ) Tj ET Q q 0 0 0 rg BT 400.10 600.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 436.71 600.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 459.45 600.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 470.93 600.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 488.66 600.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 527.50 600.75 Td (Products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 67.31 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.28 588.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 107.93 588.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 119.40 588.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 138.04 588.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 177.79 588.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 215.33 588.75 Td (II ) Tj ET Q q 0 0 0 rg BT 224.52 588.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 244.83 588.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 276.25 588.75 Td (that ) Tj ET Q q 0 0 0 rg BT 293.78 588.75 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 331.29 588.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 373.81 588.75 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 426.89 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.86 588.75 Td (other ) Tj ET Q q 0 0 0 rg BT 466.94 588.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 512.80 588.75 Td (subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.49 576.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.97 576.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.96 576.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.84 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.16 576.75 Td (its ) Tj ET Q q 0 0 0 rg BT 181.50 576.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 231.60 576.75 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 280.93 576.75 Td (, ) Tj ET Q q 0 0 0 rg BT 286.31 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.41 576.75 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 354.68 576.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 386.99 576.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 576.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 415.54 576.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 455.08 576.75 Td (segments: ) Tj ET Q q 0 0 0 rg BT 497.96 576.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 529.73 576.75 Td (Markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.89 564.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 90.61 564.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 147.26 564.75 Td (A) Tj ET Q q 0 0 0 rg BT 153.93 564.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.43 564.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 196.15 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.98 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.69 564.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 260.29 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.12 564.75 Td (each ) Tj ET Q q 0 0 0 rg BT 291.94 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.77 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.48 564.75 Td (Company) Tj ET Q q 0 0 0 rg BT 359.15 564.75 Td (s ) Tj ET Q q 0 0 0 rg BT 365.54 564.75 Td (business ) Tj ET Q q 0 0 0 rg BT 401.93 564.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 441.65 564.75 Td (is ) Tj ET Q q 0 0 0 rg BT 450.82 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 461.65 564.75 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 66.41 516.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 96.65 516.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 130.77 516.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 165.46 516.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 201.26 516.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 246.50 516.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 280.07 516.75 Td (services ) Tj ET Q q 0 0 0 rg BT 313.64 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.44 516.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 378.57 516.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 401.87 516.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 431.55 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.35 516.75 Td (research ) Tj ET Q q 0 0 0 rg BT 482.02 516.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 518.08 516.75 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.04 504.75 Td (services ) Tj ET Q q 0 0 0 rg BT 116.57 504.75 Td (include ) Tj ET Q q 0 0 0 rg BT 147.33 504.75 Td (management ) Tj ET Q q 0 0 0 rg BT 199.74 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.39 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.15 504.75 Td (participation ) Tj ET Q q 0 0 0 rg BT 277.01 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.12 504.75 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 345.49 504.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.79 504.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 417.55 504.75 Td (services ) Tj ET Q q 0 0 0 rg BT 451.08 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.84 504.75 Td (public ) Tj ET Q q 0 0 0 rg BT 493.16 504.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 523.91 504.75 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 90.66 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 105.14 492.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 146.29 492.75 Td (through ) Tj ET Q q 0 0 0 rg BT 179.68 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.17 492.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 223.66 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.27 492.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 270.98 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.70 492.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 327.75 492.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 348.63 492.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 399.24 492.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 423.46 492.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 454.06 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.78 492.75 Td (research ) Tj ET Q q 0 0 0 rg BT 506.37 492.75 Td (services ) Tj ET Q q 0 0 0 rg BT 540.85 492.75 Td (focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.94 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 480.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 107.36 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.13 480.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 145.56 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.44 480.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.43 480.75 Td (income ) Tj ET Q q 0 0 0 rg BT 217.30 480.75 Td (products ) Tj ET Q q 0 0 0 rg BT 254.18 480.75 Td (with ) Tj ET Q q 0 0 0 rg BT 274.39 480.75 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 323.78 480.75 Td (government ) Tj ET Q q 0 0 0 rg BT 373.99 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.86 480.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 433.85 480.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 467.67 480.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 508.99 480.75 Td (are ) Tj ET Q q 0 0 0 rg BT 523.63 480.75 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.55 468.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 138.73 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.11 468.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 178.50 468.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 208.10 468.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 237.69 468.75 Td (on ) Tj ET Q q 0 0 0 rg BT 250.63 468.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 278.57 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.96 468.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 319.45 468.75 Td (income ) Tj ET Q q 0 0 0 rg BT 351.83 468.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 402.55 468.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.94 468.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 466.48 468.75 Td (net ) Tj ET Q q 0 0 0 rg BT 481.65 468.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 468.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 552.51 468.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.95 456.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.83 456.75 Td (held ) Tj ET Q q 0 0 0 rg BT 142.17 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 153.07 456.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 190.75 456.75 Td (, ) Tj ET Q q 0 0 0 rg BT 196.37 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.93 456.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 243.16 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.73 456.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.74 456.75 Td (from ) Tj ET Q q 0 0 0 rg BT 310.30 456.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 341.75 456.75 Td (these ) Tj ET Q q 0 0 0 rg BT 365.42 456.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 408.12 456.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 432.63 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.97 456.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.98 456.75 Td (generates ) Tj ET Q q 0 0 0 rg BT 530.85 456.75 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (through ) Tj ET Q q 0 0 0 rg BT 84.48 444.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 122.23 444.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.42 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.74 444.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 213.27 444.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 255.75 444.75 Td (which ) Tj ET Q q 0 0 0 rg BT 284.06 444.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 309.59 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 323.46 444.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.11 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.76 444.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 430.63 444.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 460.89 444.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 482.55 444.75 Td (government ) Tj ET Q q 0 0 0 rg BT 534.18 444.75 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.65 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.97 432.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 150.05 432.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 185.15 432.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 224.14 432.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 265.35 432.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 293.23 432.75 Td (or ) Tj ET Q q 0 0 0 rg BT 304.45 432.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 324.55 432.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.20 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.86 432.75 Td (late ) Tj ET Q q 0 0 0 rg BT 403.18 432.75 Td (stage ) Tj ET Q q 0 0 0 rg BT 426.61 432.75 Td (private ) Tj ET Q q 0 0 0 rg BT 457.26 432.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 505.20 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 432.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (has ) Tj ET Q q 0 0 0 rg BT 65.36 420.75 Td (created ) Tj ET Q q 0 0 0 rg BT 96.75 420.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 141.48 420.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 163.45 420.75 Td (management ) Tj ET Q q 0 0 0 rg BT 217.07 420.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 241.82 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 252.13 420.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 291.87 420.75 Td (banking, ) Tj ET Q q 0 0 0 rg BT 329.11 420.75 Td (ener) Tj ET Q q 0 0 0 rg BT 346.14 420.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 358.67 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 375.64 420.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 402.61 420.75 Td (living ) Tj ET Q q 0 0 0 rg BT 428.47 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 438.78 420.75 Td (order ) Tj ET Q q 0 0 0 rg BT 462.41 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 472.72 420.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 499.14 420.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 518.89 420.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 548.07 420.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 408.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 93.37 408.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.52 408.75 Td (from ) Tj ET Q q 0 0 0 rg BT 144.46 408.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 175.85 408.75 Td (investors. ) Tj ET Q q 0 0 0 rg BT 216.78 408.75 Td (The ) Tj ET Q q 0 0 0 rg BT 234.82 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.21 408.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 311.46 408.75 Td (management ) Tj ET Q q 0 0 0 rg BT 365.05 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.99 408.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 435.01 408.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 453.61 408.75 Td (for ) Tj ET Q q 0 0 0 rg BT 467.77 408.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 509.71 408.75 Td (these ) Tj ET Q q 0 0 0 rg BT 532.75 408.75 Td (funds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 360.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 92.35 360.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.41 360.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 183.59 360.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 220.89 360.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 264.84 360.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 287.14 360.75 Td (management ) Tj ET Q q 0 0 0 rg BT 341.08 360.75 Td (services ) Tj ET Q q 0 0 0 rg BT 376.15 360.75 Td (with ) Tj ET Q q 0 0 0 rg BT 396.78 360.75 Td (product ) Tj ET Q q 0 0 0 rg BT 430.18 360.75 Td (of) Tj ET Q q 0 0 0 rg BT 438.33 360.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 468.96 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.59 360.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.44 360.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 548.06 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 565.00 360.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (master ) Tj ET Q q 0 0 0 rg BT 78.77 348.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 109.71 348.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 161.20 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.59 348.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 218.65 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.70 348.75 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 285.25 348.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 326.74 348.75 Td (are ) Tj ET Q q 0 0 0 rg BT 341.56 348.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 383.04 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 393.42 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.25 348.75 Td (form ) Tj ET Q q 0 0 0 rg BT 430.30 348.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.24 348.75 Td (management ) Tj ET Q q 0 0 0 rg BT 494.94 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.99 348.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 70.60 336.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 111.98 336.75 Td (are ) Tj ET Q q 0 0 0 rg BT 126.68 336.75 Td (also ) Tj ET Q q 0 0 0 rg BT 145.29 336.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 186.65 336.75 Td (through ) Tj ET Q q 0 0 0 rg BT 220.26 336.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.54 336.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.81 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.53 336.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 346.91 336.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.85 336.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.57 336.75 Td (that ) Tj ET Q q 0 0 0 rg BT 406.06 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.78 336.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 462.17 336.75 Td (manages.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 312.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 288.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 128.26 288.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.26 288.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.69 288.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.35 288.75 Td (have ) Tj ET Q q 0 0 0 rg BT 284.68 288.75 Td (been ) Tj ET Q q 0 0 0 rg BT 306.01 288.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 343.44 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.67 288.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 401.09 288.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.32 288.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.55 288.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.21 288.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 288.75 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 90.21 276.75 Td (\("U.S. ) Tj ET Q q 0 0 0 rg BT 116.67 276.75 Td (GAAP"\) ) Tj ET Q q 0 0 0 rg BT 152.58 276.75 Td (for ) Tj ET Q q 0 0 0 rg BT 165.52 276.75 Td (interim ) Tj ET Q q 0 0 0 rg BT 195.67 276.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 231.92 276.75 Td (information ) Tj ET Q q 0 0 0 rg BT 280.41 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.12 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.60 276.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 330.32 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 346.03 276.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 391.73 276.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.33 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.82 276.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 455.53 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.24 276.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 511.93 276.75 Td (Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (\("SEC"\). ) Tj ET Q q 0 0 0 rg BT 86.90 264.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 123.63 264.75 Td (to ) Tj ET Q q 0 0 0 rg BT 133.14 264.75 Td (this ) Tj ET Q q 0 0 0 rg BT 149.31 264.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 189.64 264.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 218.57 264.75 Td (information ) Tj ET Q q 0 0 0 rg BT 267.52 264.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.68 264.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 329.85 264.75 Td (have ) Tj ET Q q 0 0 0 rg BT 350.46 264.75 Td (been ) Tj ET Q q 0 0 0 rg BT 371.07 264.75 Td (omitted ) Tj ET Q q 0 0 0 rg BT 403.35 264.75 Td (that ) Tj ET Q q 0 0 0 rg BT 420.08 264.75 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 264.75 Td (included ) Tj ET Q q 0 0 0 rg BT 470.18 264.75 Td (within ) Tj ET Q q 0 0 0 rg BT 497.47 264.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 535.85 264.75 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.94 252.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.12 252.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 164.34 252.75 Td (as ) Tj ET Q q 0 0 0 rg BT 175.14 252.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 214.81 252.75 Td (herein, ) Tj ET Q q 0 0 0 rg BT 244.76 252.75 Td (there ) Tj ET Q q 0 0 0 rg BT 267.21 252.75 Td (have ) Tj ET Q q 0 0 0 rg BT 288.55 252.75 Td (been ) Tj ET Q q 0 0 0 rg BT 309.89 252.75 Td (no ) Tj ET Q q 0 0 0 rg BT 322.35 252.75 Td (material ) Tj ET Q q 0 0 0 rg BT 357.57 252.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 392.24 252.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.48 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.16 252.75 Td (information ) Tj ET Q q 0 0 0 rg BT 466.84 252.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 502.61 252.75 Td (in ) Tj ET Q q 0 0 0 rg BT 512.85 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 252.75 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 240.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.15 240.75 Td (related ) Tj ET Q q 0 0 0 rg BT 140.85 240.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 187.79 240.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.07 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.79 240.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 259.31 240.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 291.25 240.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.97 240.75 Td (on ) Tj ET Q q 0 0 0 rg BT 333.47 240.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 357.64 240.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 380.69 240.75 Td (for ) Tj ET Q q 0 0 0 rg BT 394.85 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.57 240.75 Td (year ) Tj ET Q q 0 0 0 rg BT 429.28 240.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 240.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 514.24 240.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.24 240.75 Td (. ) 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 68.21 216.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 121.91 216.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.05 216.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.42 216.75 Td (include ) Tj ET Q q 0 0 0 rg BT 238.01 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.39 216.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 291.53 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.02 216.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 327.29 216.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 338.77 216.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 358.03 216.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 408.68 216.75 Td (its ) Tj ET Q q 0 0 0 rg BT 421.29 216.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 452.22 216.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 482.04 216.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 534.92 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 552.52 216.75 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (other ) Tj ET Q q 0 0 0 rg BT 73.45 204.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 105.74 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.93 204.75 Td (which ) Tj ET Q q 0 0 0 rg BT 144.77 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.40 204.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.69 204.75 Td (has ) Tj ET Q q 0 0 0 rg BT 219.43 204.75 Td (a ) Tj ET Q q 0 0 0 rg BT 227.28 204.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 274.56 204.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.95 204.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 348.29 204.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 412.80 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 449.54 204.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 489.59 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.99 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 554.72 204.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.07 192.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 134.97 192.75 Td (that ) Tj ET Q q 0 0 0 rg BT 152.99 192.75 Td (are ) Tj ET Q q 0 0 0 rg BT 168.23 192.75 Td (not ) Tj ET Q q 0 0 0 rg BT 184.03 192.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 235.09 192.75 Td (either ) Tj ET Q q 0 0 0 rg BT 260.88 192.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 294.45 192.75 Td (or ) Tj ET Q q 0 0 0 rg BT 305.80 192.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 343.47 192.75 Td (, ) Tj ET Q q 0 0 0 rg BT 349.00 192.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.80 192.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 383.93 192.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 395.41 192.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 414.54 192.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 465.06 192.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 529.19 192.75 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (include ) Tj ET Q q 0 0 0 rg BT 81.59 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 96.46 180.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 133.56 180.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 161.21 180.75 Td (holders) Tj ET Q q 0 0 0 rg BT 193.24 180.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.90 180.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 252.42 180.75 Td (share ) Tj ET Q q 0 0 0 rg BT 276.18 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.17 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.04 180.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.69 180.75 Td (in ) Tj ET Q q 0 0 0 rg BT 340.13 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.00 180.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 402.23 180.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 447.09 180.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.18 180.75 Td (management ) Tj ET Q q 0 0 0 rg BT 522.93 180.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 549.72 180.75 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (material ) Tj ET Q q 0 0 0 rg BT 84.76 168.75 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 142.24 168.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 179.16 168.75 Td (have ) Tj ET Q q 0 0 0 rg BT 200.54 168.75 Td (been ) Tj ET Q q 0 0 0 rg BT 221.92 168.75 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.98 144.75 Td (is ) Tj ET Q q 0 0 0 rg BT 112.93 144.75 Td (required ) Tj ET Q q 0 0 0 rg BT 148.52 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 158.58 144.75 Td (make ) Tj ET Q q 0 0 0 rg BT 182.51 144.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 222.00 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 238.72 144.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 290.44 144.75 Td (that ) Tj ET Q q 0 0 0 rg BT 307.72 144.75 Td (af) Tj ET Q q 0 0 0 rg BT 315.30 144.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 332.57 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.06 144.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 382.65 144.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 418.82 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.43 144.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 455.03 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.75 144.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 511.25 144.75 Td (at ) Tj ET Q q 0 0 0 rg BT 520.74 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.23 144.75 Td (date ) Tj ET Q q 0 0 0 rg BT 554.17 144.75 Td (of ) 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 63.91 132.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 101.08 132.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.48 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.11 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.52 132.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 212.03 132.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 248.11 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.63 132.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 296.36 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.99 132.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 351.28 132.75 Td (during ) Tj ET Q q 0 0 0 rg BT 379.58 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.98 132.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 432.83 132.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 462.59 132.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 502.56 132.75 Td (these ) Tj ET Q q 0 0 0 rg BT 525.29 132.75 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 120.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 118.39 120.75 Td (are ) Tj ET Q q 0 0 0 rg BT 133.09 120.75 Td (based ) Tj ET Q q 0 0 0 rg BT 158.36 120.75 Td (on ) Tj ET Q q 0 0 0 rg BT 170.86 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.58 120.75 Td (best ) Tj ET Q q 0 0 0 rg BT 204.19 120.75 Td (information ) Tj ET Q q 0 0 0 rg BT 253.90 120.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 294.99 120.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 321.36 120.75 Td (results ) Tj ET Q q 0 0 0 rg BT 349.97 120.75 Td (could ) Tj ET Q q 0 0 0 rg BT 374.69 120.75 Td (dif) Tj ET Q q 0 0 0 rg BT 385.61 120.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 399.21 120.75 Td (from ) Tj ET Q q 0 0 0 rg BT 421.15 120.75 Td (those ) Tj ET Q q 0 0 0 rg BT 444.76 120.75 Td (estimates.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.99 708.75 Td (Accounting Policies and Pr) Tj ET Q q 0 0 0 rg BT 191.87 708.75 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.08 708.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Summary ) Tj ET Q q 0 0 0 rg BT 94.22 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.05 684.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 153.12 684.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 204.51 684.75 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (Refer ) Tj ET Q q 0 0 0 rg BT 73.48 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 83.02 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.01 660.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 142.97 660.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 174.18 660.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 203.16 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 214.93 660.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 238.37 660.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 260.69 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 274.12 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.10 660.75 Td (year ) Tj ET Q q 0 0 0 rg BT 307.08 660.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.73 660.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.58 660.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.58 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 412.35 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 425.78 660.75 Td (a ) Tj ET Q q 0 0 0 rg BT 431.99 660.75 Td (full ) Tj ET Q q 0 0 0 rg BT 447.64 660.75 Td (description ) Tj ET Q q 0 0 0 rg BT 493.84 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.94 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 660.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.21 648.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 140.58 648.75 Td (policies. ) Tj ET Q q 0 0 0 rg BT 176.69 648.75 Td (Changes ) Tj ET Q q 0 0 0 rg BT 213.63 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 223.90 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.62 648.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 285.70 648.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 330.41 648.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 376.79 648.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 410.39 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 425.10 648.75 Td (described ) Tj ET Q q 0 0 0 rg BT 465.91 648.75 Td (below) Tj ET Q q 0 0 0 rg BT 489.70 648.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 90.46 600.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 141.94 600.75 Td (Standards ) Tj ET Q q 0 0 0 rg BT 186.19 600.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 215.44 600.75 Td (\("F) Tj ET Q q 0 0 0 rg BT 227.68 600.75 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 258.29 600.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 309.77 600.75 Td (Standards ) Tj ET Q q 0 0 0 rg BT 354.02 600.75 Td (Codification ) Tj ET Q q 0 0 0 rg BT 408.48 600.75 Td (T) Tj ET Q q 0 0 0 rg BT 413.89 600.75 Td (opic ) Tj ET Q q 0 0 0 rg BT 435.92 600.75 Td (718, ) Tj ET Q q 0 0 0 rg BT 458.24 600.75 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 524.91 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 539.72 600.75 Td (Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 116.19 588.75 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 145.39 588.75 Td (718"\) ) Tj ET Q q 0 0 0 rg BT 170.14 588.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 204.69 588.75 Td (all ) Tj ET Q q 0 0 0 rg BT 217.02 588.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 266.56 588.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.44 588.75 Td (to ) Tj ET Q q 0 0 0 rg BT 334.55 588.75 Td (be ) Tj ET Q q 0 0 0 rg BT 346.33 588.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 385.87 588.75 Td (on ) Tj ET Q q 0 0 0 rg BT 398.21 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.76 588.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 465.64 588.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 510.19 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.85 588.75 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (based ) Tj ET Q q 0 0 0 rg BT 75.14 576.75 Td (on ) Tj ET Q q 0 0 0 rg BT 88.00 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.09 576.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 126.50 576.75 Td (date ) Tj ET Q q 0 0 0 rg BT 146.03 576.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 162.77 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 187.29 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.49 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.58 576.75 Td (award. ) Tj ET Q q 0 0 0 rg BT 243.37 576.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 304.01 576.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 339.09 576.75 Td (related ) Tj ET Q q 0 0 0 rg BT 369.16 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 379.80 576.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 429.88 576.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 461.07 576.75 Td (that ) Tj ET Q q 0 0 0 rg BT 478.93 576.75 Td (do ) Tj ET Q q 0 0 0 rg BT 491.80 576.75 Td (not ) Tj ET Q q 0 0 0 rg BT 507.44 576.75 Td (require ) Tj ET Q q 0 0 0 rg BT 538.63 576.75 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (service ) Tj ET Q q 0 0 0 rg BT 80.27 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 94.93 564.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 141.25 564.75 Td (in ) Tj ET Q q 0 0 0 rg BT 151.48 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.15 564.75 Td (year ) Tj ET Q q 0 0 0 rg BT 185.81 564.75 Td (in ) Tj ET Q q 0 0 0 rg BT 196.04 564.75 Td (which ) Tj ET Q q 0 0 0 rg BT 222.93 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 237.60 564.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 268.38 564.75 Td (were ) Tj ET Q q 0 0 0 rg BT 290.26 564.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 323.81 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 334.04 564.75 Td (be ) Tj ET Q q 0 0 0 rg BT 345.93 564.75 Td (earned. ) Tj ET Q q 0 0 0 rg BT 377.53 564.75 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 428.86 564.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 459.63 564.75 Td (that ) Tj ET Q q 0 0 0 rg BT 477.08 564.75 Td (require ) Tj ET Q q 0 0 0 rg BT 507.85 564.75 Td (future ) Tj ET Q q 0 0 0 rg BT 534.18 564.75 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.29 552.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 106.86 552.75 Td (over ) Tj ET Q q 0 0 0 rg BT 127.22 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.02 552.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 176.81 552.75 Td (service ) Tj ET Q q 0 0 0 rg BT 207.71 552.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 238.35 552.75 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 284.81 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.73 552.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 326.63 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 347.00 552.75 Td (service ) Tj ET Q q 0 0 0 rg BT 377.90 552.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 422.15 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 436.95 552.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 480.07 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 494.31 552.75 Td (when ) Tj ET Q q 0 0 0 rg BT 518.56 552.75 Td (they ) Tj ET Q q 0 0 0 rg BT 538.36 552.75 Td (occur) Tj ET Q q 0 0 0 rg BT 560.02 552.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 540.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 540.75 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.38 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.88 540.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.04 540.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.53 540.75 Td (information ) Tj ET Q q 0 0 0 rg BT 207.24 540.75 Td (on ) Tj ET Q q 0 0 0 rg BT 219.74 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.46 540.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 281.54 540.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 327.91 540.75 Td (for ) Tj ET Q q 0 0 0 rg BT 342.07 540.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 391.78 540.75 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 92.01 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.84 516.75 Td (New ) Tj ET Q q 0 0 0 rg BT 123.67 516.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 175.07 516.75 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 101.42 492.75 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.40 468.75 Td (March ) Tj ET Q q 0 0 0 rg BT 87.07 468.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 111.14 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.92 468.75 Td (F) Tj ET Q q 0 0 0 rg BT 129.74 468.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.77 468.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.99 468.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 225.22 468.75 Td (Standard ) Tj ET Q q 0 0 0 rg BT 262.33 468.75 Td (Update ) Tj ET Q q 0 0 0 rg BT 292.78 468.75 Td (\("ASU"\) ) Tj ET Q q 0 0 0 rg BT 329.18 468.75 Td (No. ) Tj ET Q q 0 0 0 rg BT 345.47 468.75 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 382.87 468.75 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 446.29 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 452.86 468.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 477.21 468.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 536.56 468.75 Td (\(T) Tj ET Q q 0 0 0 rg BT 545.30 468.75 Td (opic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (718\): ) Tj ET Q q 0 0 0 rg BT 72.31 456.75 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 131.77 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 141.25 456.75 Td (Employee ) Tj ET Q q 0 0 0 rg BT 183.49 456.75 Td (Share-Based ) Tj ET Q q 0 0 0 rg BT 235.72 456.75 Td (Payment ) Tj ET Q q 0 0 0 rg BT 272.04 456.75 Td (Accounting" ) Tj ET Q q 0 0 0 rg BT 324.47 456.75 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 353.59 456.75 Td (2016-09"\). ) Tj ET Q q 0 0 0 rg BT 398.16 456.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 419.86 456.75 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 454.89 456.75 Td (made ) Tj ET Q q 0 0 0 rg BT 478.24 456.75 Td (tar) Tj ET Q q 0 0 0 rg BT 488.61 456.75 Td (geted ) Tj ET Q q 0 0 0 rg BT 511.96 456.75 Td (amendments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.69 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.32 444.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 120.61 444.75 Td (for ) Tj ET Q q 0 0 0 rg BT 134.68 444.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 184.29 444.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 225.03 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 235.22 444.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 282.90 444.75 Td (It ) Tj ET Q q 0 0 0 rg BT 291.42 444.75 Td (became ) Tj ET Q q 0 0 0 rg BT 324.37 444.75 Td (ef) Tj ET Q q 0 0 0 rg BT 331.96 444.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 361.57 444.75 Td (for ) Tj ET Q q 0 0 0 rg BT 375.65 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.28 444.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.58 444.75 Td (as ) Tj ET Q q 0 0 0 rg BT 442.32 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 453.06 444.75 Td (January ) Tj ET Q q 0 0 0 rg BT 486.58 444.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 496.49 444.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 521.23 444.75 Td (There ) Tj ET Q q 0 0 0 rg BT 546.96 444.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 432.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 432.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 91.71 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.99 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 116.71 432.75 Td (Company) Tj ET Q q 0 0 0 rg BT 158.37 432.75 Td (s ) Tj ET Q q 0 0 0 rg BT 164.76 432.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 199.47 432.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 235.84 432.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 258.34 432.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 295.84 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.12 432.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 328.62 432.75 Td (2016-09. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 76.58 408.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 99.26 408.75 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 137.77 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.66 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.23 408.75 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 239.66 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.56 408.75 Td (income ) Tj ET Q q 0 0 0 rg BT 286.67 408.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.56 408.75 Td (ef) Tj ET Q q 0 0 0 rg BT 309.15 408.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 330.71 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 341.71 408.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 365.50 408.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 396.50 408.75 Td (in ) Tj ET Q q 0 0 0 rg BT 406.96 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 421.85 408.75 Td (income ) Tj ET Q q 0 0 0 rg BT 453.96 408.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 494.96 408.75 Td (when ) Tj ET Q q 0 0 0 rg BT 519.30 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.19 408.75 Td (awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 68.42 396.75 Td (or ) Tj ET Q q 0 0 0 rg BT 79.55 396.75 Td (are ) Tj ET Q q 0 0 0 rg BT 94.57 396.75 Td (settled. ) Tj ET Q q 0 0 0 rg BT 125.98 396.75 Td (In ) Tj ET Q q 0 0 0 rg BT 137.11 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.14 396.75 Td (first ) Tj ET Q q 0 0 0 rg BT 171.05 396.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 202.17 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 213.31 396.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 238.62 396.75 Td (this ) Tj ET Q q 0 0 0 rg BT 255.87 396.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 302.55 396.75 Td (change ) Tj ET Q q 0 0 0 rg BT 333.67 396.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 368.13 396.75 Td (in ) Tj ET Q q 0 0 0 rg BT 378.72 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.74 396.75 Td (recording ) Tj ET Q q 0 0 0 rg BT 434.86 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.00 396.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.25 396.75 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 473.55 396.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.44 396.75 Td ( ) Tj ET Q q 0 0 0 rg BT 505.25 396.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 520.27 396.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 550.84 396.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.02 384.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 105.76 384.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 138.06 384.75 Td (during ) Tj ET Q q 0 0 0 rg BT 167.59 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.22 384.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 214.68 384.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 238.10 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 249.29 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.92 384.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 303.33 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 315.08 384.75 Td (this ) Tj ET Q q 0 0 0 rg BT 332.19 384.75 Td (ASU, ) Tj ET Q q 0 0 0 rg BT 358.11 384.75 Td (this ) Tj ET Q q 0 0 0 rg BT 375.97 384.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 409.38 384.75 Td (would ) Tj ET Q q 0 0 0 rg BT 437.80 384.75 Td (have ) Tj ET Q q 0 0 0 rg BT 460.09 384.75 Td (been ) Tj ET Q q 0 0 0 rg BT 482.38 384.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 520.77 384.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 554.73 384.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.51 372.75 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 123.85 372.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 156.01 372.75 Td (In ) Tj ET Q q 0 0 0 rg BT 167.36 372.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 205.65 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.88 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.78 372.75 Td (has ) Tj ET Q q 0 0 0 rg BT 279.12 372.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 310.45 372.75 Td (to ) Tj ET Q q 0 0 0 rg BT 321.24 372.75 Td (account ) Tj ET Q q 0 0 0 rg BT 355.35 372.75 Td (for ) Tj ET Q q 0 0 0 rg BT 370.03 372.75 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 414.69 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.03 372.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 457.37 372.75 Td (with ) Tj ET Q q 0 0 0 rg BT 478.16 372.75 Td (service ) Tj ET Q q 0 0 0 rg BT 509.49 372.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 554.17 372.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (they ) Tj ET Q q 0 0 0 rg BT 69.16 360.75 Td (occur) Tj ET Q q 0 0 0 rg BT 90.81 360.75 Td (. ) Tj ET Q q 0 0 0 rg BT 95.58 360.75 Td (This ) Tj ET Q q 0 0 0 rg BT 115.80 360.75 Td (will ) Tj ET Q q 0 0 0 rg BT 133.80 360.75 Td (result ) Tj ET Q q 0 0 0 rg BT 158.45 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 168.67 360.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 210.00 360.75 Td (originally ) Tj ET Q q 0 0 0 rg BT 251.33 360.75 Td (char) Tj ET Q q 0 0 0 rg BT 268.35 360.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 285.23 360.75 Td (against ) Tj ET Q q 0 0 0 rg BT 316.00 360.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 350.64 360.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 386.96 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 401.06 360.75 Td (forfeited, ) Tj ET Q q 0 0 0 rg BT 440.43 360.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 478.42 360.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 528.06 360.75 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.06 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 90.09 348.75 Td (be ) Tj ET Q q 0 0 0 rg BT 101.77 348.75 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 149.54 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.57 348.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 217.35 348.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 251.80 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.82 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.28 348.75 Td (period ) Tj ET Q q 0 0 0 rg BT 304.08 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 314.10 348.75 Td (which ) Tj ET Q q 0 0 0 rg BT 340.78 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.24 348.75 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 395.24 348.75 Td (occurs. ) Tj ET Q q 0 0 0 rg BT 426.08 348.75 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 480.81 348.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.27 348.75 Td (impacts ) Tj ET Q q 0 0 0 rg BT 528.62 348.75 Td (from ) Tj ET Q q 0 0 0 rg BT 550.30 348.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 81.68 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.30 336.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 143.80 336.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 202.64 336.75 Td (are ) Tj ET Q q 0 0 0 rg BT 218.14 336.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 259.74 336.75 Td (as ) Tj ET Q q 0 0 0 rg BT 271.37 336.75 Td (an ) Tj ET Q q 0 0 0 rg BT 284.10 336.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 325.15 336.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 358.44 336.75 Td (on ) Tj ET Q q 0 0 0 rg BT 371.73 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.24 336.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 441.07 336.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 486.58 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.20 336.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 519.26 336.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 544.77 336.75 Td (on ) Tj ET Q q 0 0 0 rg BT 558.07 336.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (prospective ) Tj ET Q q 0 0 0 rg BT 98.09 324.75 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Futur) Tj ET Q q 0 0 0 rg BT 74.32 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 80.71 300.75 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 123.22 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.05 300.75 Td (New ) Tj ET Q q 0 0 0 rg BT 154.88 300.75 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 202.95 300.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.34 300.75 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.57 252.75 Td (May ) Tj ET Q q 0 0 0 rg BT 79.64 252.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 103.88 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.84 252.75 Td (F) Tj ET Q q 0 0 0 rg BT 122.66 252.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 143.85 252.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 170.21 252.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 191.96 252.75 Td (No. ) Tj ET Q q 0 0 0 rg BT 208.42 252.75 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 245.99 252.75 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 286.80 252.75 Td (from ) Tj ET Q q 0 0 0 rg BT 307.98 252.75 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.04 252.75 Td (with ) Tj ET Q q 0 0 0 rg BT 367.56 252.75 Td (Customers ) Tj ET Q q 0 0 0 rg BT 412.08 252.75 Td (\(T) Tj ET Q q 0 0 0 rg BT 420.82 252.75 Td (opic ) Tj ET Q q 0 0 0 rg BT 439.78 252.75 Td (606\)," ) Tj ET Q q 0 0 0 rg BT 466.43 252.75 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 495.59 252.75 Td (2014-09"\) ) Tj ET Q q 0 0 0 rg BT 538.07 252.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 95.63 240.75 Td (current ) Tj ET Q q 0 0 0 rg BT 126.76 240.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 161.22 240.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 209.57 240.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 250.97 240.75 Td (including ) Tj ET Q q 0 0 0 rg BT 291.56 240.75 Td (most ) Tj ET Q q 0 0 0 rg BT 313.82 240.75 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 383.83 240.75 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 424.62 240.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 447.43 240.75 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 483.58 240.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 518.59 240.75 Td (a ) Tj ET Q q 0 0 0 rg BT 525.84 240.75 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.31 228.75 Td (recognize ) Tj ET Q q 0 0 0 rg BT 102.21 228.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 136.88 228.75 Td (when ) Tj ET Q q 0 0 0 rg BT 161.58 228.75 Td (it ) Tj ET Q q 0 0 0 rg BT 170.16 228.75 Td (transfers ) Tj ET Q q 0 0 0 rg BT 207.63 228.75 Td (promised ) Tj ET Q q 0 0 0 rg BT 247.87 228.75 Td (goods ) Tj ET Q q 0 0 0 rg BT 274.80 228.75 Td (or ) Tj ET Q q 0 0 0 rg BT 286.16 228.75 Td (services ) Tj ET Q q 0 0 0 rg BT 321.40 228.75 Td (to ) Tj ET Q q 0 0 0 rg BT 332.21 228.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 375.79 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.60 228.75 Td (an ) Tj ET Q q 0 0 0 rg BT 399.07 228.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 432.10 228.75 Td (that ) Tj ET Q q 0 0 0 rg BT 450.13 228.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 482.58 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 228.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 554.73 228.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (which ) Tj ET Q q 0 0 0 rg BT 77.49 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.26 216.75 Td (company ) Tj ET Q q 0 0 0 rg BT 133.47 216.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 167.01 216.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.35 216.75 Td (be ) Tj ET Q q 0 0 0 rg BT 191.34 216.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 224.89 216.75 Td (in ) Tj ET Q q 0 0 0 rg BT 236.22 216.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 277.53 216.75 Td (for ) Tj ET Q q 0 0 0 rg BT 292.74 216.75 Td (those ) Tj ET Q q 0 0 0 rg BT 317.41 216.75 Td (goods ) Tj ET Q q 0 0 0 rg BT 344.85 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.84 216.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 401.11 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.10 216.75 Td (also ) Tj ET Q q 0 0 0 rg BT 438.76 216.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 474.52 216.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 518.07 216.75 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 90.72 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.84 204.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 136.23 204.75 Td (amount, ) Tj ET Q q 0 0 0 rg BT 171.63 204.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 200.65 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.99 204.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 265.88 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 277.11 204.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 311.66 204.75 Td (that ) Tj ET Q q 0 0 0 rg BT 329.56 204.75 Td (is ) Tj ET Q q 0 0 0 rg BT 339.13 204.75 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 388.19 204.75 Td (The ) Tj ET Q q 0 0 0 rg BT 406.64 204.75 Td (F) Tj ET Q q 0 0 0 rg BT 411.46 204.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 433.82 204.75 Td (has ) Tj ET Q q 0 0 0 rg BT 450.05 204.75 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 505.17 204.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 533.08 204.75 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 75.54 192.75 Td (which ) Tj ET Q q 0 0 0 rg BT 102.11 192.75 Td (amend ) Tj ET Q q 0 0 0 rg BT 130.91 192.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 164.14 192.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 186.81 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.28 192.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 235.52 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.96 192.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 267.10 192.75 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 304.92 192.75 Td (The ) Tj ET Q q 0 0 0 rg BT 322.60 192.75 Td (Company) Tj ET Q q 0 0 0 rg BT 364.27 192.75 Td (s ) Tj ET Q q 0 0 0 rg BT 370.30 192.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 435.20 192.75 Td (ef) Tj ET Q q 0 0 0 rg BT 442.79 192.75 Td (forts ) Tj ET Q q 0 0 0 rg BT 463.26 192.75 Td (include ) Tj ET Q q 0 0 0 rg BT 494.83 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.19 192.75 Td (identification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 180.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 93.64 180.75 Td (within ) Tj ET Q q 0 0 0 rg BT 121.28 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.58 180.75 Td (scope ) Tj ET Q q 0 0 0 rg BT 160.43 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.84 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.14 180.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 225.81 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.33 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.63 180.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 293.70 180.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 322.99 180.75 Td (on ) Tj ET Q q 0 0 0 rg BT 335.08 180.75 Td (its ) Tj ET Q q 0 0 0 rg BT 346.61 180.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 399.23 180.75 Td (results ) Tj ET Q q 0 0 0 rg BT 427.42 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 437.83 180.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 481.57 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 498.09 180.75 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 546.96 180.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (current ) Tj ET Q q 0 0 0 rg BT 80.67 168.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 109.63 168.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 136.90 168.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 172.54 168.75 Td (treatment ) Tj ET Q q 0 0 0 rg BT 213.15 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.34 168.75 Td (netting ) Tj ET Q q 0 0 0 rg BT 254.97 168.75 Td (deal ) Tj ET Q q 0 0 0 rg BT 274.48 168.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 313.43 168.75 Td (with ) Tj ET Q q 0 0 0 rg BT 334.07 168.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.80 168.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 415.88 168.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 456.77 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.84 168.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 500.81 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.99 168.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 63.35 156.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 110.54 156.75 Td (related ) Tj ET Q q 0 0 0 rg BT 139.38 156.75 Td (to ) Tj ET Q q 0 0 0 rg BT 148.81 156.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 200.99 156.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 244.84 156.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 265.92 156.75 Td (management ) Tj ET Q q 0 0 0 rg BT 318.65 156.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 351.68 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.76 156.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 385.50 156.75 Td (received ) Tj ET Q q 0 0 0 rg BT 421.01 156.75 Td (for ) Tj ET Q q 0 0 0 rg BT 434.32 156.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.96 156.75 Td (research ) Tj ET Q q 0 0 0 rg BT 495.91 156.75 Td (may ) Tj ET Q q 0 0 0 rg BT 514.77 156.75 Td (be ) Tj ET Q q 0 0 0 rg BT 525.85 156.75 Td (impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (by ) Tj ET Q q 0 0 0 rg BT 61.91 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.55 144.75 Td (new ) Tj ET Q q 0 0 0 rg BT 95.62 144.75 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 136.45 144.75 Td (The ) Tj ET Q q 0 0 0 rg BT 154.42 144.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.72 144.75 Td (is ) Tj ET Q q 0 0 0 rg BT 204.80 144.75 Td (also ) Tj ET Q q 0 0 0 rg BT 223.32 144.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 267.39 144.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 302.01 144.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 331.63 144.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.48 144.75 Td (management ) Tj ET Q q 0 0 0 rg BT 406.98 144.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 441.60 144.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 464.02 144.75 Td (can ) Tj ET Q q 0 0 0 rg BT 480.31 144.75 Td (be ) Tj ET Q q 0 0 0 rg BT 492.16 144.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 537.88 144.75 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 144.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.20 132.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 148.57 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.05 132.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.19 132.75 Td (position. ) Tj ET Q q 0 0 0 rg BT 235.85 132.75 Td (The ) Tj ET Q q 0 0 0 rg BT 254.55 132.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.59 132.75 Td (will ) Tj ET Q q 0 0 0 rg BT 315.31 132.75 Td (adopt ) Tj ET Q q 0 0 0 rg BT 340.68 132.75 Td (this ) Tj ET Q q 0 0 0 rg BT 358.29 132.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 397.54 132.75 Td (ef) Tj ET Q q 0 0 0 rg BT 405.12 132.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 435.48 132.75 Td (as ) Tj ET Q q 0 0 0 rg BT 446.97 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.46 132.75 Td (January ) Tj ET Q q 0 0 0 rg BT 492.71 132.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 503.37 132.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 528.80 132.75 Td (The ) Tj ET Q q 0 0 0 rg BT 547.50 132.75 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (permitted ) Tj ET Q q 0 0 0 rg BT 90.36 120.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 130.67 120.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 167.09 120.75 Td (under ) Tj ET Q q 0 0 0 rg BT 191.83 120.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 214.37 120.75 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 250.24 120.75 Td (are ) Tj ET Q q 0 0 0 rg BT 264.98 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.73 120.75 Td (full ) Tj ET Q q 0 0 0 rg BT 296.16 120.75 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 350.33 120.75 Td (method, ) Tj ET Q q 0 0 0 rg BT 385.36 120.75 Td (in ) Tj ET Q q 0 0 0 rg BT 395.68 120.75 Td (which ) Tj ET Q q 0 0 0 rg BT 422.65 120.75 Td (case ) Tj ET Q q 0 0 0 rg BT 442.39 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 457.15 120.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 493.56 120.75 Td (would ) Tj ET Q q 0 0 0 rg BT 521.09 120.75 Td (be ) Tj ET Q q 0 0 0 rg BT 533.07 120.75 Td (applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 108.75 Td (each ) Tj ET Q q 0 0 0 rg BT 80.23 108.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 101.98 108.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 140.96 108.75 Td (period ) Tj ET Q q 0 0 0 rg BT 168.82 108.75 Td (presented, ) Tj ET Q q 0 0 0 rg BT 211.95 108.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.60 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 237.13 108.75 Td (modified ) Tj ET Q q 0 0 0 rg BT 275.55 108.75 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 329.51 108.75 Td (method, ) Tj ET Q q 0 0 0 rg BT 364.32 108.75 Td (under ) Tj ET Q q 0 0 0 rg BT 389.41 108.75 Td (which ) Tj ET Q q 0 0 0 rg BT 416.16 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.70 108.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 477.44 108.75 Td (ef) Tj ET Q q 0 0 0 rg BT 485.03 108.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 502.33 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 512.98 108.75 Td (applying ) Tj ET Q q 0 0 0 rg BT 550.29 108.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 84.96 96.75 Td (would ) Tj ET Q q 0 0 0 rg BT 111.54 96.75 Td (be ) Tj ET Q q 0 0 0 rg BT 122.57 96.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 168.01 96.75 Td (at ) Tj ET Q q 0 0 0 rg BT 176.81 96.75 Td (the ) Tj ET Q q 0 0 0 rg BT 190.61 96.75 Td (date ) Tj ET Q q 0 0 0 rg BT 208.85 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.76 96.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 243.68 96.75 Td (application. ) Tj ET Q q 0 0 0 rg BT 292.08 96.75 Td (The ) Tj ET Q q 0 0 0 rg BT 309.21 96.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 349.68 96.75 Td (is ) Tj ET Q q 0 0 0 rg BT 357.93 96.75 Td (in ) Tj ET Q q 0 0 0 rg BT 367.29 96.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.09 96.75 Td (process ) Tj ET Q q 0 0 0 rg BT 412.67 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.58 96.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 472.48 96.75 Td (its ) Tj ET Q q 0 0 0 rg BT 483.51 96.75 Td (method ) Tj ET Q q 0 0 0 rg BT 515.09 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.01 96.75 Td (adoption, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (which ) Tj ET Q q 0 0 0 rg BT 76.44 84.75 Td (depends, ) Tj ET Q q 0 0 0 rg BT 114.21 84.75 Td (in ) Tj ET Q q 0 0 0 rg BT 124.49 84.75 Td (part, ) Tj ET Q q 0 0 0 rg BT 145.03 84.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 167.53 84.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.25 84.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 229.74 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 240.57 84.75 Td (further ) Tj ET Q q 0 0 0 rg BT 270.28 84.75 Td (analysis.) 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0 rg BT 106.38 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 117.17 672.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.30 672.60 Td (Assets ) Tj ET Q q 0 0 0 rg BT 184.87 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 201.76 672.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 241.43 672.60 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 288.52 672.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 318.39 672.60 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 363.92 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 381.92 672.60 Td (amendments ) Tj ET Q q 0 0 0 rg BT 434.92 672.60 Td (in ) Tj ET Q q 0 0 0 rg BT 444.61 672.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.07 672.60 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 502.86 672.60 Td (address ) Tj ET Q q 0 0 0 rg BT 535.31 672.60 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (aspects ) Tj ET Q q 0 0 0 rg BT 80.30 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 90.54 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.68 660.60 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 154.64 660.60 Td (measurement, ) Tj ET 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 90.88 468.60 Td (Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.60 468.60 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.60 468.60 Td ( ) Tj ET Q q 0 0 0 rg BT 148.10 468.60 Td (Cr) Tj ET Q q 0 0 0 rg BT 158.29 468.60 Td (edit ) Tj ET Q q 0 0 0 rg BT 175.79 468.60 Td (Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.71 444.60 Td (June ) Tj ET Q q 0 0 0 rg BT 81.93 444.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.31 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 122.41 444.60 Td (F) Tj ET Q q 0 0 0 rg BT 127.23 444.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 149.57 444.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.81 444.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 199.70 444.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.31 444.60 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 256.02 444.60 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 300.20 444.60 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 350.30 444.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.18 444.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 386.06 444.60 Td (Losses ) Tj ET Q q 0 0 0 rg BT 416.16 444.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 424.90 444.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 445.00 444.60 Td (326\): ) Tj ET Q q 0 0 0 rg BT 469.00 444.60 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 526.30 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 537.52 444.60 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (Losses ) Tj ET Q q 0 0 0 rg BT 78.89 432.60 Td (on ) Tj ET Q q 0 0 0 rg BT 91.07 432.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.45 432.60 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 183.92 432.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 213.51 432.60 Td (2016-13"\). ) Tj ET Q q 0 0 0 rg BT 258.77 432.60 Td (The ) Tj ET Q q 0 0 0 rg BT 276.49 432.60 Td (new ) Tj ET Q q 0 0 0 rg BT 295.32 432.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 333.59 432.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 367.97 432.60 Td (an ) Tj ET Q q 0 0 0 rg BT 379.58 432.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 404.53 432.60 Td (to ) Tj ET Q q 0 0 0 rg BT 414.48 432.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 449.97 432.60 Td (all ) Tj ET Q q 0 0 0 rg BT 462.14 432.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 499.84 432.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.78 432.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 550.84 432.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.12 420.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.08 420.60 Td (held ) Tj ET Q q 0 0 0 rg BT 135.94 420.60 Td (at ) Tj ET Q q 0 0 0 rg BT 146.79 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 162.64 420.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 202.94 420.60 Td (date ) Tj ET Q q 0 0 0 rg BT 223.23 420.60 Td (based ) Tj ET Q q 0 0 0 rg BT 249.63 420.60 Td (on ) Tj ET Q q 0 0 0 rg BT 263.27 420.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 304.12 420.60 Td (experience, ) Tj ET Q q 0 0 0 rg BT 353.56 420.60 Td (current ) Tj ET Q q 0 0 0 rg BT 385.51 420.60 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 433.31 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 451.39 420.60 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 497.78 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 515.85 420.60 Td (supportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 87.95 408.60 Td (as ) Tj ET Q q 0 0 0 rg BT 99.20 408.60 Td (opposed ) Tj ET Q q 0 0 0 rg BT 135.44 408.60 Td (to ) Tj ET Q q 0 0 0 rg BT 146.13 408.60 Td (delaying ) Tj ET Q q 0 0 0 rg BT 183.48 408.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 231.94 408.60 Td (until ) Tj ET Q q 0 0 0 rg BT 253.18 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 268.32 408.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.79 408.60 Td (was ) Tj ET Q q 0 0 0 rg BT 305.26 408.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 343.16 408.60 Td (of ) Tj ET Q q 0 0 0 rg BT 354.40 408.60 Td (occurring. ) Tj ET Q q 0 0 0 rg BT 397.49 408.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 420.41 408.60 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 456.65 408.60 Td (is ) Tj ET Q q 0 0 0 rg BT 466.23 408.60 Td (ef) Tj ET Q q 0 0 0 rg BT 473.82 408.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 503.94 408.60 Td (for ) Tj ET Q q 0 0 0 rg BT 518.51 408.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 548.08 408.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 81.28 396.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 113.62 396.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 156.51 396.60 Td (after ) Tj ET Q q 0 0 0 rg BT 177.72 396.60 Td (December ) Tj ET Q q 0 0 0 rg BT 221.70 396.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 237.10 396.60 Td (2019. ) Tj ET Q q 0 0 0 rg BT 262.50 396.60 Td (Early ) Tj ET Q q 0 0 0 rg BT 287.05 396.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 324.95 396.60 Td (is ) Tj ET Q q 0 0 0 rg BT 334.51 396.60 Td (permitted ) Tj ET Q q 0 0 0 rg BT 375.73 396.60 Td (for ) Tj ET Q q 0 0 0 rg BT 390.29 396.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 419.84 396.60 Td (and ) Tj ET Q q 0 0 0 rg BT 437.18 396.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 468.96 396.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 501.30 396.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 544.19 396.60 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (December ) Tj ET Q q 0 0 0 rg BT 93.39 384.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 108.70 384.60 Td (2018. ) Tj ET Q q 0 0 0 rg BT 133.81 384.60 Td (The ) Tj ET Q q 0 0 0 rg BT 152.16 384.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.86 384.60 Td (does ) Tj ET Q q 0 0 0 rg BT 215.00 384.60 Td (not ) Tj ET Q q 0 0 0 rg BT 230.59 384.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 259.49 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.52 384.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 312.32 384.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.84 384.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 345.65 384.60 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 381.79 384.60 Td (to ) Tj ET Q q 0 0 0 rg BT 392.38 384.60 Td (have ) Tj ET Q q 0 0 0 rg BT 414.06 384.60 Td (a ) Tj ET Q q 0 0 0 rg BT 421.31 384.60 Td (material ) Tj ET Q q 0 0 0 rg BT 456.88 384.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 486.90 384.60 Td (on ) Tj ET Q q 0 0 0 rg BT 499.71 384.60 Td (its ) Tj ET Q q 0 0 0 rg BT 511.97 384.60 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 372.60 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (Statement ) Tj ET Q q 0 0 0 rg BT 91.43 348.60 Td (of ) Tj ET Q q 0 0 0 rg BT 101.71 348.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 124.77 348.60 Td (Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (In ) Tj ET Q q 0 0 0 rg BT 59.10 324.60 Td (August ) Tj ET Q q 0 0 0 rg BT 89.61 324.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.73 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 127.57 324.60 Td (F) Tj ET Q q 0 0 0 rg BT 132.39 324.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.47 324.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.74 324.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 201.36 324.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.71 324.60 Td (2016-15, ) Tj ET Q q 0 0 0 rg BT 255.16 324.60 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 300.86 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 310.81 324.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 332.44 324.60 Td (Flows ) Tj ET Q q 0 0 0 rg BT 358.51 324.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 367.25 324.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 386.09 324.60 Td (230\): ) Tj ET Q q 0 0 0 rg BT 408.82 324.60 Td (Classification ) Tj ET Q q 0 0 0 rg BT 465.44 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 475.39 324.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 506.45 324.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 528.07 324.60 Td (Receipts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 312.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 87.45 312.60 Td (Payments" ) Tj ET Q q 0 0 0 rg BT 132.18 312.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 161.35 312.60 Td (2016-15"\). ) Tj ET Q q 0 0 0 rg BT 205.96 312.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 227.72 312.60 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 262.81 312.60 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 296.77 312.60 Td (how ) Tj ET Q q 0 0 0 rg BT 315.75 312.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.39 312.60 Td (should ) Tj ET Q q 0 0 0 rg BT 374.81 312.60 Td (classify ) Tj ET Q q 0 0 0 rg BT 407.12 312.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 436.08 312.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.60 312.60 Td (receipts ) Tj ET Q q 0 0 0 rg BT 488.45 312.60 Td (and ) Tj ET Q q 0 0 0 rg BT 504.65 312.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.17 312.60 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (on ) Tj ET Q q 0 0 0 rg BT 62.60 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 77.93 300.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 119.35 300.60 Td (of ) Tj ET Q q 0 0 0 rg BT 130.79 300.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 151.66 300.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 179.26 300.60 Td (The ) Tj ET Q q 0 0 0 rg BT 197.91 300.60 Td (amendments ) Tj ET Q q 0 0 0 rg BT 251.56 300.60 Td (in ) Tj ET Q q 0 0 0 rg BT 261.75 300.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 284.86 300.60 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 321.30 300.60 Td (are ) Tj ET Q q 0 0 0 rg BT 336.61 300.60 Td (ef) Tj ET Q q 0 0 0 rg BT 344.20 300.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.50 300.60 Td (for ) Tj ET Q q 0 0 0 rg BT 389.27 300.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 419.03 300.60 Td (and ) Tj ET Q q 0 0 0 rg BT 436.57 300.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 468.56 300.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 501.10 300.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 544.20 300.60 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (December ) Tj ET Q q 0 0 0 rg BT 93.04 288.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.00 288.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 130.46 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 147.36 288.60 Td (should ) Tj ET Q q 0 0 0 rg BT 176.48 288.60 Td (be ) Tj ET Q q 0 0 0 rg BT 188.38 288.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 220.27 288.60 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 279.04 288.60 Td (. ) Tj ET Q q 0 0 0 rg BT 284.00 288.60 Td (Early ) Tj ET Q q 0 0 0 rg BT 308.12 288.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 345.57 288.60 Td (is ) Tj ET Q q 0 0 0 rg BT 354.70 288.60 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 397.80 288.60 Td (The ) Tj ET Q q 0 0 0 rg BT 415.80 288.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 457.15 288.60 Td (expects ) Tj ET Q q 0 0 0 rg BT 489.59 288.60 Td (that ) Tj ET Q q 0 0 0 rg BT 507.05 288.60 Td (only ) Tj ET Q q 0 0 0 rg BT 527.28 288.60 Td (a ) Tj ET Q q 0 0 0 rg BT 534.18 288.60 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (number ) Tj ET Q q 0 0 0 rg BT 82.55 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 93.38 276.60 Td (amendments ) Tj ET Q q 0 0 0 rg BT 146.42 276.60 Td (will ) Tj ET Q q 0 0 0 rg BT 164.48 276.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 194.19 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 208.90 276.60 Td (presentation ) Tj ET Q q 0 0 0 rg BT 260.28 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 276.60 Td (its ) Tj ET Q q 0 0 0 rg BT 283.05 276.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 336.10 276.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 380.81 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.64 276.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.91 276.60 Td (flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (In ) Tj ET Q q 0 0 0 rg BT 59.45 252.60 Td (November ) Tj ET Q q 0 0 0 rg BT 103.27 252.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 127.38 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.21 252.60 Td (F) Tj ET Q q 0 0 0 rg BT 146.03 252.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.10 252.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 193.36 252.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 214.98 252.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.32 252.60 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 268.76 252.60 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 314.45 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 324.40 252.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.01 252.60 Td (Flows ) Tj ET Q q 0 0 0 rg BT 372.08 252.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 380.82 252.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 399.65 252.60 Td (230\): ) Tj ET Q q 0 0 0 rg BT 422.38 252.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 464.53 252.60 Td (Cash" ) Tj ET Q q 0 0 0 rg BT 490.23 252.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 519.26 252.60 Td (2016-18"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 76.72 240.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 99.58 240.60 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 138.27 240.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 178.33 240.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.95 240.60 Td (will ) Tj ET Q q 0 0 0 rg BT 217.37 240.60 Td (be ) Tj ET Q q 0 0 0 rg BT 229.67 240.60 Td (included ) Tj ET Q q 0 0 0 rg BT 266.96 240.60 Td (with ) Tj ET Q q 0 0 0 rg BT 287.59 240.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 308.22 240.60 Td (and ) Tj ET Q q 0 0 0 rg BT 325.52 240.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.14 240.60 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 394.54 240.60 Td (when ) Tj ET Q q 0 0 0 rg BT 419.06 240.60 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 466.90 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.97 240.60 Td (beginning-of-period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.27 228.60 Td (end-of-period ) Tj ET Q q 0 0 0 rg BT 123.57 228.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 159.78 228.60 Td (shown ) Tj ET Q q 0 0 0 rg BT 188.22 228.60 Td (on ) Tj ET Q q 0 0 0 rg BT 200.55 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 215.09 228.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 267.96 228.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 312.50 228.60 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 228.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 343.25 228.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 369.78 228.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 392.12 228.60 Td (2016-18 ) Tj ET Q q 0 0 0 rg BT 427.77 228.60 Td (is ) Tj ET Q q 0 0 0 rg BT 436.77 228.60 Td (ef) Tj ET Q q 0 0 0 rg BT 444.36 228.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 473.89 228.60 Td (for ) Tj ET Q q 0 0 0 rg BT 487.87 228.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 516.85 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 533.62 228.60 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.44 216.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 123.93 216.60 Td (after ) Tj ET Q q 0 0 0 rg BT 144.75 216.60 Td (December ) Tj ET Q q 0 0 0 rg BT 188.33 216.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 203.33 216.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 225.83 216.60 Td (and ) Tj ET Q q 0 0 0 rg BT 242.77 216.60 Td (should ) Tj ET Q q 0 0 0 rg BT 271.94 216.60 Td (be ) Tj ET Q q 0 0 0 rg BT 283.88 216.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 315.81 216.60 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 374.58 216.60 Td (. ) Tj ET Q q 0 0 0 rg BT 379.58 216.60 Td (Early ) Tj ET Q q 0 0 0 rg BT 403.74 216.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 441.23 216.60 Td (is ) Tj ET Q q 0 0 0 rg BT 450.40 216.60 Td (permitted.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 89.23 192.60 Td (Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.79 168.60 Td (January ) Tj ET Q q 0 0 0 rg BT 94.84 168.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 120.30 168.60 Td (the ) Tj ET Q q 0 0 0 rg BT 135.47 168.60 Td (F) Tj ET Q q 0 0 0 rg BT 140.29 168.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.70 168.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 190.00 168.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 212.96 168.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 230.64 168.60 Td (2017-04, ) Tj ET Q q 0 0 0 rg BT 269.42 168.60 Td ("Intangibles ) Tj ET Q q 0 0 0 rg BT 320.89 168.60 Td ( ) Tj ET Q q 0 0 0 rg BT 328.85 168.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 369.58 168.60 Td (and ) Tj ET Q q 0 0 0 rg BT 386.98 168.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 412.70 168.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 421.44 168.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 441.61 168.60 Td (350\): ) Tj ET Q q 0 0 0 rg BT 465.68 168.60 Td (Simplifying ) Tj ET Q q 0 0 0 rg BT 516.42 168.60 Td (the ) Tj ET Q q 0 0 0 rg BT 531.38 168.60 Td (T) Tj ET Q q 0 0 0 rg BT 536.79 168.60 Td (est ) Tj ET Q q 0 0 0 rg BT 550.85 168.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 89.39 156.60 Td (Impairment" ) Tj ET Q q 0 0 0 rg BT 142.24 156.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 171.77 156.60 Td (2017-04"\). ) Tj ET Q q 0 0 0 rg BT 216.67 156.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 238.79 156.60 Td (2017-04 ) Tj ET Q q 0 0 0 rg BT 274.23 156.60 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 317.45 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 331.78 156.60 Td (requirement ) Tj ET Q q 0 0 0 rg BT 382.21 156.60 Td (to ) Tj ET Q q 0 0 0 rg BT 392.10 156.60 Td (calculate ) Tj ET Q q 0 0 0 rg BT 429.74 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.07 156.60 Td (implied ) Tj ET Q q 0 0 0 rg BT 476.74 156.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.73 156.60 Td (value ) Tj ET Q q 0 0 0 rg BT 516.51 156.60 Td (of ) Tj ET Q q 0 0 0 rg BT 526.95 156.60 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 70.12 144.60 Td (perform ) Tj ET Q q 0 0 0 rg BT 104.89 144.60 Td (a ) Tj ET Q q 0 0 0 rg BT 111.90 144.60 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 163.89 144.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 202.00 144.60 Td (price ) Tj ET Q q 0 0 0 rg BT 224.55 144.60 Td (allocation\) ) Tj ET Q q 0 0 0 rg BT 269.88 144.60 Td (to ) Tj ET Q q 0 0 0 rg BT 280.23 144.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 316.11 144.60 Td (a ) Tj ET Q q 0 0 0 rg BT 323.12 144.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 361.24 144.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 409.91 144.60 Td (char) Tj ET Q q 0 0 0 rg BT 426.94 144.60 Td (ge. ) Tj ET Q q 0 0 0 rg BT 441.44 144.60 Td (Instead, ) Tj ET Q q 0 0 0 rg BT 475.39 144.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 506.84 144.60 Td (will ) Tj ET Q q 0 0 0 rg BT 524.96 144.60 Td (record ) Tj ET Q q 0 0 0 rg BT 553.07 144.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.03 132.60 Td (char) Tj ET Q q 0 0 0 rg BT 115.05 132.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 126.92 132.60 Td (based ) Tj ET Q q 0 0 0 rg BT 152.12 132.60 Td (on ) Tj ET Q q 0 0 0 rg BT 164.55 132.60 Td (the ) Tj ET Q q 0 0 0 rg BT 179.19 132.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 207.72 132.60 Td (of ) Tj ET Q q 0 0 0 rg BT 218.48 132.60 Td (a ) Tj ET Q q 0 0 0 rg BT 225.35 132.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 264.43 132.60 Td (unit) Tj ET Q q 0 0 0 rg BT 282.77 132.60 Td (s ) Tj ET Q q 0 0 0 rg BT 289.09 132.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 324.83 132.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 357.26 132.60 Td (over ) Tj ET Q q 0 0 0 rg BT 377.46 132.60 Td (its ) Tj ET Q q 0 0 0 rg BT 389.33 132.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 405.64 132.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 431.69 132.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 454.12 132.60 Td (2017-04 ) Tj ET Q q 0 0 0 rg BT 489.88 132.60 Td (is ) Tj ET Q q 0 0 0 rg BT 498.98 132.60 Td (ef) Tj ET Q q 0 0 0 rg BT 506.57 132.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 536.20 132.60 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 132.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 120.60 Td (s ) Tj ET Q q 0 0 0 rg BT 97.87 120.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 127.34 120.60 Td (and ) Tj ET Q q 0 0 0 rg BT 144.59 120.60 Td (any ) Tj ET Q q 0 0 0 rg BT 161.84 120.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 193.53 120.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 231.90 120.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 280.81 120.60 Td (tests ) Tj ET Q q 0 0 0 rg BT 301.40 120.60 Td (in ) Tj ET Q q 0 0 0 rg BT 312.00 120.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 336.46 120.60 Td (years ) Tj ET Q q 0 0 0 rg BT 360.37 120.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 403.18 120.60 Td (after ) Tj ET Q q 0 0 0 rg BT 424.31 120.60 Td (December ) Tj ET Q q 0 0 0 rg BT 468.21 120.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 483.52 120.60 Td (2019 ) Tj ET Q q 0 0 0 rg BT 506.33 120.60 Td (and ) Tj ET Q q 0 0 0 rg BT 523.58 120.60 Td (should ) Tj ET Q q 0 0 0 rg BT 553.06 120.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 81.07 108.60 Td (prospectively) Tj ET Q q 0 0 0 rg BT 134.29 108.60 Td (. ) Tj ET Q q 0 0 0 rg BT 138.93 108.60 Td (Early ) Tj ET Q q 0 0 0 rg BT 162.72 108.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 199.85 108.60 Td (is ) Tj ET Q q 0 0 0 rg BT 208.65 108.60 Td (permitted ) Tj ET Q q 0 0 0 rg BT 249.11 108.60 Td (for ) Tj ET Q q 0 0 0 rg BT 262.90 108.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 293.92 108.60 Td (and ) Tj ET Q q 0 0 0 rg BT 310.49 108.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 339.29 108.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 376.98 108.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 425.21 108.60 Td (testing ) Tj ET Q q 0 0 0 rg BT 454.01 108.60 Td (dates ) Tj ET Q q 0 0 0 rg BT 476.69 108.60 Td (after ) Tj ET Q q 0 0 0 rg BT 497.14 108.60 Td (January ) Tj ET Q q 0 0 0 rg BT 530.38 108.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 540.01 108.60 Td (2017.) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 708.75 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 708.75 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 127.54 708.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.82 708.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 176.43 708.75 Td (& ) Tj ET Q q 0 0 0 rg BT 186.71 708.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.54 708.75 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.32 708.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.82 708.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.57 684.75 Td (February26, ) Tj ET Q q 0 0 0 rg BT 116.51 684.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.51 684.75 Td (, ) Tj ET Q q 0 0 0 rg BT 140.86 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.93 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.66 684.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 239.16 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.22 684.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 298.95 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.13 684.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 348.76 684.75 Td (& ) Tj ET Q q 0 0 0 rg BT 358.39 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 399.12 684.75 Td (International ) Tj ET Q q 0 0 0 rg BT 452.06 684.75 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 509.02 684.75 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 684.75 Td (employee-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 77.79 672.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 123.31 672.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 144.38 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 160.45 672.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 188.18 672.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 214.24 672.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 246.97 672.75 Td (on ) Tj ET Q q 0 0 0 rg BT 258.61 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.46 672.75 Td (ener) Tj ET Q q 0 0 0 rg BT 289.48 672.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 301.12 672.75 Td (industry) Tj ET Q q 0 0 0 rg BT 333.25 672.75 Td (. ) Tj ET Q q 0 0 0 rg BT 337.26 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 354.44 672.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 394.95 672.75 Td (value ) Tj ET Q q 0 0 0 rg BT 418.23 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.20 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.05 672.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 487.56 672.75 Td (was ) Tj ET Q q 0 0 0 rg BT 504.75 672.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td ($140.0 ) Tj ET Q q 0 0 0 rg BT 79.50 660.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 660.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.10 636.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.04 636.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 144.52 636.75 Td (net ) Tj ET Q q 0 0 0 rg BT 158.79 636.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 184.17 636.75 Td (with ) Tj ET Q q 0 0 0 rg BT 204.00 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.49 636.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.42 636.75 Td (value ) Tj ET Q q 0 0 0 rg BT 250.13 636.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.52 636.75 Td ($1) Tj ET Q q 0 0 0 rg BT 270.14 636.75 Td (19.3 ) Tj ET Q q 0 0 0 rg BT 289.70 636.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.59 636.75 Td (. ) Tj ET Q q 0 0 0 rg BT 322.69 636.75 Td (As ) Tj ET Q q 0 0 0 rg BT 335.86 636.75 Td (part ) Tj ET Q q 0 0 0 rg BT 353.46 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.84 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 378.11 636.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 415.70 636.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 440.24 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.51 636.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 495.45 636.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.50 636.75 Td (1,149,340) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 88.23 624.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 114.74 624.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 142.92 624.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.66 624.75 Td ($48.2 ) Tj ET Q q 0 0 0 rg BT 175.69 624.75 Td 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170.88 552.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 176.29 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.82 552.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 232.10 552.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 255.30 552.75 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.63 552.75 Td ($1) Tj ET Q q 0 0 0 rg BT 268.25 552.75 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 282.84 552.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.73 552.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 317.15 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 330.89 552.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 368.52 552.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 408.66 552.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 468.51 552.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 502.81 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 532.09 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 552.75 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 104.78 540.75 Td (will ) Tj ET Q q 0 0 0 rg BT 121.75 540.75 Td (be ) Tj ET Q q 0 0 0 rg BT 132.60 540.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 173.99 540.75 Td (on ) Tj ET Q q 0 0 0 rg BT 185.41 540.75 Td (a ) Tj ET Q q 0 0 0 rg BT 191.26 540.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 240.99 540.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 262.41 540.75 Td (over ) Tj ET Q q 0 0 0 rg BT 281.59 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.22 540.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 331.06 540.75 Td (service ) Tj ET Q q 0 0 0 rg BT 360.79 540.75 Td (period ) Tj ET Q q 0 0 0 rg BT 387.75 540.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 540.75 Td (three ) Tj ET Q q 0 0 0 rg BT 418.90 540.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 540.75 Td (. ) Tj ET Q q 0 0 0 rg BT 443.60 540.75 Td (Additional ) Tj ET Q q 0 0 0 rg BT 487.78 540.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.97 540.75 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (may ) Tj ET Q q 0 0 0 rg BT 69.17 528.75 Td (be ) Tj ET Q q 0 0 0 rg BT 81.07 528.75 Td (available ) Tj ET Q q 0 0 0 rg BT 119.61 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 129.84 528.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 159.50 528.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.84 528.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 240.51 528.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 285.73 528.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 316.51 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.74 528.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 369.73 528.75 Td (an ) Tj ET Q q 0 0 0 rg BT 381.62 528.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 427.96 528.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 462.63 528.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 496.73 528.75 Td (threshold ) Tj ET Q q 0 0 0 rg BT 536.40 528.75 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.86 516.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.84 516.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.98 516.75 Td (year ) Tj ET Q q 0 0 0 rg BT 105.33 516.75 Td (post-acquisition ) Tj ET Q q 0 0 0 rg BT 171.35 516.75 Td (period ) Tj ET Q q 0 0 0 rg BT 199.04 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 208.96 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.31 516.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 249.89 516.75 Td (they ) Tj ET Q q 0 0 0 rg BT 269.24 516.75 Td (are ) Tj ET Q q 0 0 0 rg BT 283.59 516.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 325.17 516.75 Td (by ) Tj ET Q q 0 0 0 rg BT 337.31 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.66 516.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.69 516.75 Td (at ) Tj ET Q q 0 0 0 rg BT 402.05 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.40 516.75 Td (time ) Tj ET Q q 0 0 0 rg BT 436.32 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.79 516.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 485.39 516.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 524.20 516.75 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.58 504.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.32 504.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 104.72 504.75 Td (related ) Tj ET Q q 0 0 0 rg BT 134.22 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.30 504.75 Td (this ) Tj ET Q q 0 0 0 rg BT 161.05 504.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.88 504.75 Td (award ) Tj ET Q q 0 0 0 rg BT 240.61 504.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 260.13 504.75 Td (will ) Tj ET Q q 0 0 0 rg BT 277.99 504.75 Td (be ) Tj ET Q q 0 0 0 rg BT 289.73 504.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 327.00 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.64 504.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.48 504.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 429.99 504.75 Td (on ) Tj ET Q q 0 0 0 rg BT 442.29 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.81 504.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 509.66 504.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 554.17 504.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.13 492.75 Td (over ) Tj ET Q q 0 0 0 rg BT 114.87 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.07 492.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 167.47 492.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 220.97 492.75 Td (period ) Tj ET Q q 0 0 0 rg BT 249.49 492.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 492.75 Td (three ) Tj ET Q q 0 0 0 rg BT 283.76 492.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.86 492.75 Td (. ) Tj ET Q q 0 0 0 rg BT 309.68 492.75 Td (As ) Tj ET Q q 0 0 0 rg BT 323.77 492.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.07 492.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 379.14 492.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.14 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 404.62 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 419.81 492.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.67 492.75 Td (had ) Tj ET Q q 0 0 0 rg BT 479.09 492.75 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 492.75 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 533.62 492.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 480.75 Td (this ) Tj ET Q q 0 0 0 rg BT 106.43 480.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 159.45 480.75 Td (award ) Tj ET Q q 0 0 0 rg BT 186.38 480.75 Td (plan.) Tj ET Q 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 68.02 456.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 114.88 456.75 Td (was ) Tj ET Q q 0 0 0 rg BT 133.41 456.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 176.92 456.75 Td (for ) Tj ET Q q 0 0 0 rg BT 191.55 456.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 228.97 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.72 456.75 Td (F) Tj ET Q q 0 0 0 rg BT 244.54 456.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 266.31 456.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 315.95 456.75 Td (Standards ) Tj ET Q q 0 0 0 rg BT 358.36 456.75 Td (Codification ) Tj ET Q q 0 0 0 rg BT 411.11 456.75 Td (T) Tj ET Q q 0 0 0 rg BT 416.52 456.75 Td (opic ) Tj ET Q q 0 0 0 rg BT 436.71 456.75 Td (805, ) Tj ET Q q 0 0 0 rg BT 457.19 456.75 Td ("Business ) Tj ET Q q 0 0 0 rg BT 499.81 456.75 Td (Combinations." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 444.75 Td (, ) Tj ET Q q 0 0 0 rg BT 104.06 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.01 444.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 157.28 444.75 Td (price ) Tj ET Q q 0 0 0 rg BT 179.99 444.75 Td (was ) Tj ET Q q 0 0 0 rg BT 198.27 444.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 237.09 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.59 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.54 444.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 299.69 444.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 325.75 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.92 444.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 382.86 444.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 420.03 444.75 Td (based ) Tj ET Q q 0 0 0 rg BT 445.53 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 458.25 444.75 Td (their ) Tj ET Q q 0 0 0 rg BT 479.31 444.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 520.36 444.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.96 444.75 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.27 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 73.03 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 88.69 432.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 136.00 432.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 158.35 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 177.33 432.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 206.87 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.63 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.29 432.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.26 432.75 Td (price ) Tj ET Q q 0 0 0 rg BT 296.68 432.75 Td (over ) Tj ET Q q 0 0 0 rg BT 317.89 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 333.54 432.75 Td (net ) Tj ET Q q 0 0 0 rg BT 349.19 432.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 375.96 432.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 413.82 432.75 Td (was ) Tj ET Q q 0 0 0 rg BT 432.81 432.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 472.33 432.75 Td (between ) Tj ET Q q 0 0 0 rg BT 509.09 432.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 548.08 432.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.24 420.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.32 420.75 Td (within ) Tj ET Q q 0 0 0 rg BT 149.63 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.60 420.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 198.23 420.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 234.75 420.75 Td (segment. ) Tj ET Q q 0 0 0 rg BT 274.06 420.75 Td (The ) Tj ET Q q 0 0 0 rg BT 293.36 420.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 336.00 420.75 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.72 420.75 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 400.97 420.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.87 420.75 Td ( ) Tj ET Q q 0 0 0 rg BT 433.62 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 445.70 420.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 485.01 420.75 Td (on ) Tj ET Q q 0 0 0 rg BT 498.76 420.75 Td (its ) Tj ET Q q 0 0 0 rg BT 511.96 420.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.24 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.10 408.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.61 408.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 185.41 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.27 408.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.23 408.75 Td ($59.4 ) Tj ET Q q 0 0 0 rg BT 248.26 408.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 408.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.68 408.75 Td (is ) Tj ET Q q 0 0 0 rg BT 288.88 408.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 326.94 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.25 408.75 Td (be ) Tj ET Q q 0 0 0 rg BT 349.21 408.75 Td (deductible ) Tj ET Q q 0 0 0 rg BT 393.39 408.75 Td (for ) Tj ET Q q 0 0 0 rg BT 407.58 408.75 Td (income ) Tj ET Q q 0 0 0 rg BT 439.54 408.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.29 408.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 494.87 408.75 Td (In ) Tj ET Q q 0 0 0 rg BT 505.73 408.75 Td (management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 85.06 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 99.77 396.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 137.83 396.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 180.87 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.58 396.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 238.63 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 255.56 396.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 295.83 396.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 334.42 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.25 396.75 Td (Simmons.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 98.39 372.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 141.18 372.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 167.31 372.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 210.64 372.75 Td (by ) Tj ET Q q 0 0 0 rg BT 223.44 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.46 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.15 372.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 320.16 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.29 372.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 370.75 372.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 424.65 372.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.89 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.90 372.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 497.49 372.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 520.27 372.75 Td (name ) Tj ET Q q 0 0 0 rg BT 544.73 372.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 115.50 360.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.52 360.75 Td (values ) Tj ET Q q 0 0 0 rg BT 159.20 360.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 360.75 Td ($17.5 ) Tj ET Q q 0 0 0 rg BT 194.30 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.19 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.33 360.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.90 360.75 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 261.54 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.43 360.75 Td (, ) Tj ET Q q 0 0 0 rg BT 295.07 360.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 342.73 360.75 Td (. ) Tj ET Q q 0 0 0 rg BT 347.21 360.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.97 360.75 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 396.20 360.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 418.33 360.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 360.75 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 448.44 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.33 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 479.47 360.75 Td (were ) Tj ET Q q 0 0 0 rg BT 501.03 360.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 536.48 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 550.28 360.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (three ) Tj ET Q q 0 0 0 rg BT 72.73 348.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.17 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 105.41 348.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.53 348.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 176.87 348.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.87 348.75 Td (, ) Tj ET Q q 0 0 0 rg BT 202.61 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 220.29 348.75 Td (are ) Tj ET Q q 0 0 0 rg BT 235.73 348.75 Td (included ) Tj ET Q q 0 0 0 rg BT 273.41 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 284.42 348.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 338.76 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 356.44 348.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 403.00 348.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 426.24 348.75 Td (on ) Tj ET Q q 0 0 0 rg BT 439.48 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.93 348.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.71 348.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 554.17 348.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (Simmons) Tj ET Q q 0 0 0 rg BT 89.88 312.75 Td ( ) Tj ET Q q 0 0 0 rg BT 92.60 312.75 Td (results ) Tj ET Q q 0 0 0 rg BT 121.44 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.50 312.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.88 312.75 Td (have ) Tj ET Q q 0 0 0 rg BT 198.48 312.75 Td (been ) Tj ET Q q 0 0 0 rg BT 220.09 312.75 Td (included ) Tj ET Q q 0 0 0 rg BT 257.25 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 267.75 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.70 312.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 330.00 312.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 383.27 312.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.98 312.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 465.92 312.75 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 522.52 312.75 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.29 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.31 300.75 Td (date ) Tj ET Q q 0 0 0 rg BT 96.76 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.88 300.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 156.85 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 175.20 300.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 221.87 300.75 Td (has ) Tj ET Q q 0 0 0 rg BT 238.00 300.75 Td (been ) Tj ET Q q 0 0 0 rg BT 259.67 300.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 281.35 300.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 324.12 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 344.70 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 359.71 300.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 407.08 300.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 441.54 300.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 487.87 300.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 537.21 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 542.50 300.75 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.39 288.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 132.94 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.38 288.75 Td (net ) Tj ET Q q 0 0 0 rg BT 163.61 288.75 Td (income ) Tj ET Q q 0 0 0 rg BT 195.05 288.75 Td (are ) Tj ET Q q 0 0 0 rg BT 209.26 288.75 Td (not ) Tj ET Q q 0 0 0 rg BT 224.05 288.75 Td (discernible. ) Tj ET Q q 0 0 0 rg BT 272.29 288.75 Td (The ) Tj ET Q q 0 0 0 rg BT 289.84 288.75 Td (following ) Tj ET Q q 0 0 0 rg BT 330.74 288.75 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 372.18 288.75 Td (pro ) Tj ET Q q 0 0 0 rg BT 387.52 288.75 Td (forma ) Tj ET Q q 0 0 0 rg BT 413.40 288.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 450.39 288.75 Td (data ) Tj ET Q q 0 0 0 rg BT 469.05 288.75 Td (assumes ) Tj ET Q q 0 0 0 rg BT 504.39 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 288.75 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (had ) Tj ET Q q 0 0 0 rg BT 66.86 276.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 104.76 276.75 Td (on ) Tj ET Q q 0 0 0 rg BT 117.68 276.75 Td (January ) Tj ET Q q 0 0 0 rg BT 151.70 276.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 162.12 276.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 187.54 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.68 276.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 245.60 276.75 Td (of ) Tj ET Q q 0 0 0 rg BT 256.85 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.99 276.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 294.35 276.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 323.92 276.75 Td (period ) Tj ET Q q 0 0 0 rg BT 352.39 276.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.09 276.75 Td (which ) Tj ET Q q 0 0 0 rg BT 390.45 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.59 276.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 452.39 276.75 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 492.79 276.75 Td (Pro ) Tj ET Q q 0 0 0 rg BT 509.60 276.75 Td (forma ) Tj ET Q q 0 0 0 rg BT 536.40 276.75 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (have ) Tj ET Q q 0 0 0 rg BT 69.74 264.75 Td (been ) Tj ET Q q 0 0 0 rg BT 89.98 264.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 126.31 264.75 Td (by ) Tj ET Q q 0 0 0 rg BT 137.67 264.75 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 175.70 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.28 264.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 235.22 264.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 273.79 264.75 Td (results ) Tj ET Q q 0 0 0 rg BT 301.26 264.75 Td (to ) Tj ET Q q 0 0 0 rg BT 310.40 264.75 Td (include ) Tj ET Q q 0 0 0 rg BT 341.20 264.75 Td (Simmons' ) Tj ET Q q 0 0 0 rg BT 382.15 264.75 Td (results ) Tj ET Q q 0 0 0 rg BT 409.62 264.75 Td (of ) Tj ET Q q 0 0 0 rg BT 419.31 264.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 462.33 264.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 497.01 264.75 Td (for ) Tj ET Q q 0 0 0 rg BT 510.04 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 264.75 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (changes: ) Tj ET Q q 0 0 0 rg BT 86.98 252.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 140.00 252.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 174.70 252.75 Td (was ) Tj ET Q q 0 0 0 rg BT 192.74 252.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 228.56 252.75 Td (to ) Tj ET Q q 0 0 0 rg BT 238.83 252.75 Td (account ) Tj ET Q q 0 0 0 rg BT 272.41 252.75 Td (for ) Tj ET Q q 0 0 0 rg BT 286.56 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.27 252.75 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 367.63 252.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.99 252.75 Td (value ) Tj ET Q q 0 0 0 rg BT 408.14 252.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.96 252.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 461.44 252.75 Td (assets; ) Tj ET Q q 0 0 0 rg BT 490.04 252.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 548.07 252.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 83.72 240.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 122.37 240.75 Td (were ) Tj ET Q q 0 0 0 rg BT 144.36 240.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 180.25 240.75 Td (to ) Tj ET Q q 0 0 0 rg BT 190.59 240.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 218.68 240.75 Td (such ) Tj ET Q q 0 0 0 rg BT 239.57 240.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 278.23 240.75 Td (based ) Tj ET Q q 0 0 0 rg BT 303.56 240.75 Td (on ) Tj ET Q q 0 0 0 rg BT 316.12 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.89 240.75 Td (Company) Tj ET Q q 0 0 0 rg BT 372.56 240.75 Td (s ) Tj ET Q q 0 0 0 rg BT 379.01 240.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 437.11 240.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 493.53 240.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.53 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.31 240.75 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.01 228.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 100.41 228.75 Td (as ) Tj ET Q q 0 0 0 rg BT 111.14 228.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.53 228.75 Td (consideration; ) Tj ET Q q 0 0 0 rg BT 197.58 228.75 Td (and ) Tj ET Q q 0 0 0 rg BT 214.42 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.03 228.75 Td (income ) Tj ET Q q 0 0 0 rg BT 260.86 228.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 275.48 228.75 Td (ef) Tj ET Q q 0 0 0 rg BT 283.07 228.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 300.45 228.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.18 228.75 Td (applying ) Tj ET Q q 0 0 0 rg BT 348.58 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.19 228.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 410.17 228.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 447.56 228.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 462.18 228.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 483.46 228.75 Td (to ) Tj ET Q q 0 0 0 rg BT 493.63 228.75 Td (Simmons) Tj ET Q q 0 0 0 rg BT 534.01 228.75 Td ( ) Tj ET Q q 0 0 0 rg BT 536.41 228.75 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.83 216.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 105.84 216.75 Td (The ) Tj ET Q q 0 0 0 rg BT 123.39 216.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 169.97 216.75 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 211.40 216.75 Td (pro ) Tj ET Q q 0 0 0 rg BT 226.73 216.75 Td (forma ) Tj ET Q q 0 0 0 rg BT 252.60 216.75 Td (information ) Tj ET Q q 0 0 0 rg BT 301.82 216.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 342.13 216.75 Td (does ) Tj ET Q q 0 0 0 rg BT 362.46 216.75 Td (not ) Tj ET Q q 0 0 0 rg BT 377.24 216.75 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 423.66 216.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 451.19 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 465.41 216.75 Td (results ) Tj ET Q q 0 0 0 rg BT 493.52 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.85 216.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 547.50 216.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (would ) Tj ET Q q 0 0 0 rg BT 76.67 204.75 Td (have ) Tj ET Q q 0 0 0 rg BT 97.71 204.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 131.53 204.75 Td (had ) Tj ET Q q 0 0 0 rg BT 148.14 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.52 204.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 208.57 204.75 Td (been ) Tj ET Q q 0 0 0 rg BT 229.62 204.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 273.43 204.75 Td (at ) Tj ET Q q 0 0 0 rg BT 282.82 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.20 204.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 339.36 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.86 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.24 204.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 407.50 204.75 Td (period ) Tj ET Q q 0 0 0 rg BT 435.21 204.75 Td (presented, ) Tj ET Q q 0 0 0 rg BT 478.20 204.75 Td (does ) Tj ET Q q 0 0 0 rg BT 498.69 204.75 Td (not ) Tj ET Q q 0 0 0 rg BT 513.64 204.75 Td (contemplate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 95.87 192.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 143.35 192.75 Td (ef) Tj ET Q q 0 0 0 rg BT 150.94 192.75 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 191.75 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.58 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.29 192.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 259.23 192.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 293.11 192.75 Td (nor ) Tj ET Q q 0 0 0 rg BT 308.94 192.75 Td (does ) Tj ET Q q 0 0 0 rg BT 329.77 192.75 Td (it ) Tj ET Q q 0 0 0 rg BT 337.83 192.75 Td (indicate ) Tj ET Q q 0 0 0 rg BT 371.98 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.69 192.75 Td (results ) Tj ET Q q 0 0 0 rg BT 415.30 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.13 192.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 470.29 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 480.56 192.75 Td (future ) Tj ET Q q 0 0 0 rg BT 506.94 192.75 Td (periods.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 146.25 398.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 146.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 146.25 107.00 -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 455 158.25 m 562 158.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.50 172.98 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 162.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.90 160.98 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 148.87 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.50 148.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 148.87 Td (161,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 136.87 Td (Net loss applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 136.87 Td (\(656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 136.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 708.75 Td (Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 696.75 Td (Sold, but Not Y) Tj ET Q q 0 0 0 rg BT 140.65 696.75 Td (et Pur) Tj ET Q q 0 0 0 rg BT 164.99 696.75 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.76 696.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 638.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 638.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 638.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 638.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 614.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 614.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 614.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 614.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 590.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 590.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 590.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 566.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 566.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 566.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 566.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 542.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 542.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 542.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 542.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 518.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 518.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 518.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 494.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 494.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 494.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 494.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 470.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 470.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 470.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 446.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 446.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 446.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 446.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 422.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 422.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 398.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 374.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 350.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 350.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 326.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 326.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 326.25 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 650.25 m 484 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 650.25 m 562 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 494.25 m 484 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 494.25 m 562 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 458.25 m 484 458.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 447.25 m 484 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 445.25 m 484 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 458.25 m 562 458.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 447.25 m 562 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 445.25 m 562 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 350.25 m 484 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 350.25 m 562 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 314.25 m 484 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 303.25 m 484 303.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 301.25 m 484 301.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 314.25 m 562 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 303.25 m 562 303.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 301.25 m 562 301.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 664.98 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.40 664.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 654.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 652.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 652.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.87 Td (Financial instruments and other inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.87 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 616.87 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 616.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 616.98 Td (45,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 616.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 616.87 Td (6,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 604.87 Td (Convertible securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 604.98 Td (53,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 604.87 Td (103,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 592.87 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 592.98 Td (36,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 592.87 Td (21,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.87 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 568.87 Td (Taxable securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 568.98 Td (66,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.87 Td (63,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 556.87 Td (Tax-exempt securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 556.98 Td (380,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 556.87 Td (559,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 544.87 Td (Short-term securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 544.98 Td (62,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 544.87 Td (35,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 532.87 Td (Mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 532.98 Td (5,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 532.87 Td (5,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 520.87 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 520.98 Td (342,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 520.87 Td (205,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 508.87 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 508.98 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 508.87 Td (29,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.87 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 496.98 Td (24,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 496.87 Td (29,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 484.87 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 484.98 Td (1,018,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 484.87 Td (1,058,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.87 Td (Less noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 460.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 460.87 Td (\(57,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 460.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 448.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 448.98 Td (1,018,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 448.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 448.87 Td (1,001,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.87 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 52.50 412.87 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 400.87 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 400.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 400.98 Td (81,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 400.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 400.87 Td (89,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 388.87 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 388.98 Td (22,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 388.87 Td (17,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.87 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 376.98 Td (21,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 376.87 Td (6,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 364.87 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 364.98 Td (273,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 364.87 Td (180,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 352.87 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 352.98 Td (5,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 352.87 Td (5,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.87 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 447.65 340.98 Td (404,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 340.87 Td (299,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 316.87 Td (Less noncontrolling interests \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 316.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 316.87 Td (\(631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 316.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 304.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 304.98 Td (404,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 304.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 304.87 Td (298,726) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 287.75 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 287.75 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 287.75 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 287.75 Td (olling ) Tj ET Q q 0 0 0 rg BT 117.96 287.75 Td (inter) Tj ET Q q 0 0 0 rg BT 132.77 287.75 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.63 287.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 186.27 287.75 Td (to ) Tj ET Q q 0 0 0 rg BT 194.36 287.75 Td (thir) Tj ET Q q 0 0 0 rg BT 205.62 287.75 Td (d ) Tj ET Q q 0 0 0 rg BT 211.48 287.75 Td (party ) Tj ET Q q 0 0 0 rg BT 230.23 287.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 265.43 287.75 Td (in ) Tj ET Q q 0 0 0 rg BT 273.51 287.75 Td (a ) Tj ET Q q 0 0 0 rg BT 279.37 287.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 322.12 287.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 355.98 287.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 373.84 287.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 389.92 287.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 414.01 287.75 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.09 287.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 437.96 287.75 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.63 287.75 Td ( ) Tj ET Q q 0 0 0 rg BT 462.49 287.75 Td (of ) Tj ET Q q 0 0 0 rg BT 470.57 287.75 Td (taxable ) Tj ET Q q 0 0 0 rg BT 495.98 287.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 529.84 287.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 564.50 287.75 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 278.15 Td ($55.2 ) Tj ET Q q 0 0 0 rg BT 87.50 278.15 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 110.17 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 112.17 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 120.39 278.15 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 157.48 278.15 Td (municipal ) Tj ET Q q 0 0 0 rg BT 191.48 278.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 226.14 278.15 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.14 278.15 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 256.14 278.15 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.80 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 280.80 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 289.03 278.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 323.01 278.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 354.79 278.15 Td (as ) Tj ET Q q 0 0 0 rg BT 363.90 278.15 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.12 278.15 Td (December31, ) Tj ET Q q 0 0 0 rg BT 418.99 278.15 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.99 278.15 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 263.15 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 263.15 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 263.15 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 263.15 Td (olling ) Tj ET Q q 0 0 0 rg BT 117.49 263.15 Td (inter) Tj ET Q q 0 0 0 rg BT 132.30 263.15 Td (ests ) Tj ET Q q 0 0 0 rg BT 145.70 263.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 184.87 263.15 Td (to ) Tj ET Q q 0 0 0 rg BT 192.49 263.15 Td (thir) Tj ET Q q 0 0 0 rg BT 203.75 263.15 Td (d ) Tj ET Q q 0 0 0 rg BT 209.15 263.15 Td (party ) Tj ET Q q 0 0 0 rg BT 227.43 263.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 262.17 263.15 Td (in ) Tj ET Q q 0 0 0 rg BT 269.79 263.15 Td (a ) Tj ET Q q 0 0 0 rg BT 275.18 263.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 317.46 263.15 Td (municipal ) Tj ET Q q 0 0 0 rg BT 350.85 263.15 Td (bond ) Tj ET Q q 0 0 0 rg BT 368.25 263.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 383.87 263.15 Td (consist ) Tj ET Q q 0 0 0 rg BT 407.49 263.15 Td (of ) Tj ET Q q 0 0 0 rg BT 415.11 263.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 430.28 263.15 Td (government ) Tj ET Q q 0 0 0 rg BT 469.44 263.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.50 263.15 Td (as ) Tj ET Q q 0 0 0 rg BT 510.01 263.15 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.63 263.15 Td (December31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 253.55 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.50 253.55 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.55 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.17 229.55 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.93 229.55 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.93 229.55 Td ( ) Tj ET Q q 0 0 0 rg BT 128.60 229.55 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.70 229.55 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.45 229.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.45 229.55 Td (, ) Tj ET Q q 0 0 0 rg BT 229.62 229.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.26 229.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 316.59 229.55 Td (and ) Tj ET Q q 0 0 0 rg BT 333.70 229.55 Td (other ) Tj ET Q q 0 0 0 rg BT 356.91 229.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 397.90 229.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 436.69 229.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 466.01 229.55 Td (in ) Tj ET Q q 0 0 0 rg BT 476.46 229.55 Td (the ) Tj ET Q q 0 0 0 rg BT 491.34 229.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.00 229.55 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 229.55 Td ($451.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.55 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 217.55 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 217.55 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 217.55 Td ($594.4 ) Tj ET Q q 0 0 0 rg BT 127.83 217.55 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.72 217.55 Td (, ) Tj ET Q q 0 0 0 rg BT 161.72 217.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 209.38 217.55 Td (, ) Tj ET Q q 0 0 0 rg BT 214.38 217.55 Td (had ) Tj ET Q q 0 0 0 rg BT 231.32 217.55 Td (been ) Tj ET Q q 0 0 0 rg BT 252.70 217.55 Td (pledged ) Tj ET Q q 0 0 0 rg BT 286.85 217.55 Td (as ) Tj ET Q q 0 0 0 rg BT 297.68 217.55 Td (collateral ) Tj ET Q q 0 0 0 rg BT 337.38 217.55 Td (for ) Tj ET Q q 0 0 0 rg BT 351.54 217.55 Td (short-term ) Tj ET Q q 0 0 0 rg BT 395.70 217.55 Td (financings ) Tj ET Q q 0 0 0 rg BT 439.85 217.55 Td (and ) Tj ET Q q 0 0 0 rg BT 456.79 217.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 502.60 217.55 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.43 193.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.81 193.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.96 193.55 Td (other ) Tj ET Q q 0 0 0 rg BT 179.22 193.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.26 193.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 259.09 193.55 Td (sold, ) Tj ET Q q 0 0 0 rg BT 280.98 193.55 Td (but ) Tj ET Q q 0 0 0 rg BT 296.47 193.55 Td (not ) Tj ET Q q 0 0 0 rg BT 311.97 193.55 Td (yet ) Tj ET Q q 0 0 0 rg BT 326.90 193.55 Td (purchased ) Tj ET Q q 0 0 0 rg BT 370.15 193.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 409.51 193.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.67 193.55 Td (of ) Tj ET Q q 0 0 0 rg BT 467.71 193.55 Td (the ) Tj ET Q q 0 0 0 rg BT 482.64 193.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 524.25 193.55 Td (to ) Tj ET Q q 0 0 0 rg BT 534.74 193.55 Td (deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 63.85 181.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 102.08 181.55 Td (security ) Tj ET Q q 0 0 0 rg BT 135.87 181.55 Td (at ) Tj ET Q q 0 0 0 rg BT 145.22 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 159.57 181.55 Td (contracted ) Tj ET Q q 0 0 0 rg BT 203.34 181.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 227.96 181.55 Td (thereby ) Tj ET Q q 0 0 0 rg BT 260.08 181.55 Td (creating ) Tj ET Q q 0 0 0 rg BT 294.42 181.55 Td (a ) Tj ET Q q 0 0 0 rg BT 300.99 181.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 334.23 181.55 Td (to ) Tj ET Q q 0 0 0 rg BT 344.14 181.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.81 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 396.17 181.55 Td (security ) Tj ET Q q 0 0 0 rg BT 429.95 181.55 Td (in ) Tj ET Q q 0 0 0 rg BT 439.87 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 454.22 181.55 Td (market ) Tj ET Q q 0 0 0 rg BT 484.11 181.55 Td (at ) Tj ET Q q 0 0 0 rg BT 493.46 181.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 536.14 181.55 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.28 169.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.39 169.55 Td (is ) Tj ET Q q 0 0 0 rg BT 117.29 169.55 Td (obligated ) Tj ET Q q 0 0 0 rg BT 156.73 169.55 Td (to ) Tj ET Q q 0 0 0 rg BT 166.74 169.55 Td (acquire ) Tj ET Q q 0 0 0 rg BT 198.39 169.55 Td (the ) Tj ET Q q 0 0 0 rg BT 212.84 169.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.83 169.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 271.73 169.55 Td (short ) Tj ET Q q 0 0 0 rg BT 293.96 169.55 Td (at ) Tj ET Q q 0 0 0 rg BT 303.40 169.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 346.17 169.55 Td (market ) Tj ET Q q 0 0 0 rg BT 376.17 169.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 404.77 169.55 Td (which ) Tj ET Q q 0 0 0 rg BT 431.44 169.55 Td (may ) Tj ET Q q 0 0 0 rg BT 450.89 169.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 480.87 169.55 Td (the ) Tj ET Q q 0 0 0 rg BT 495.32 169.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.54 169.55 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.98 157.55 Td (the ) Tj ET Q q 0 0 0 rg BT 78.68 157.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.71 157.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.41 157.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.22 157.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.68 157.55 Td (condition. ) Tj ET Q q 0 0 0 rg BT 272.19 157.55 Td (The ) Tj ET Q q 0 0 0 rg BT 291.22 157.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.59 157.55 Td (economically ) Tj ET Q q 0 0 0 rg BT 390.94 157.55 Td (hedges ) Tj ET Q q 0 0 0 rg BT 422.19 157.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.89 157.55 Td (in ) Tj ET Q q 0 0 0 rg BT 469.15 157.55 Td (the ) Tj ET Q q 0 0 0 rg BT 484.85 157.55 Td (market ) Tj ET Q q 0 0 0 rg BT 516.10 157.55 Td (value ) Tj ET Q q 0 0 0 rg BT 541.24 157.55 Td (of ) Tj ET Q q 0 0 0 rg BT 553.05 157.55 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.90 145.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 137.99 145.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.85 145.55 Td (other ) Tj ET Q q 0 0 0 rg BT 179.82 145.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 221.57 145.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 261.11 145.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 291.19 145.55 Td (using ) Tj ET Q q 0 0 0 rg BT 316.29 145.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 358.04 145.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.58 145.55 Td (sold, ) Tj ET Q q 0 0 0 rg BT 420.17 145.55 Td (but ) Tj ET Q q 0 0 0 rg BT 436.37 145.55 Td (not ) Tj ET Q q 0 0 0 rg BT 452.57 145.55 Td (yet ) Tj ET Q q 0 0 0 rg BT 468.21 145.55 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 514.67 145.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.53 145.55 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.55 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 98.37 133.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 123.64 133.55 Td (default ) Tj ET Q q 0 0 0 rg BT 153.90 133.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 176.95 133.55 Td (index ) Tj ET Q q 0 0 0 rg BT 201.67 133.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 242.76 133.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 263.04 133.55 Td (treasury ) Tj ET Q q 0 0 0 rg BT 297.75 133.55 Td (bond ) Tj ET Q q 0 0 0 rg BT 320.25 133.55 Td (futures ) Tj ET Q q 0 0 0 rg BT 350.52 133.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.46 133.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 407.71 133.55 Td (traded ) Tj ET Q q 0 0 0 rg BT 435.20 133.55 Td (options.) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.42 708.75 Td (Contract ) Tj ET Q q 0 0 0 rg BT 137.24 708.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 179.75 708.75 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.36 684.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 130.80 684.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 163.45 684.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 181.65 684.75 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 211.81 684.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 244.46 684.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 262.66 684.75 Td (locks, ) Tj ET Q q 0 0 0 rg BT 289.48 684.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 315.46 684.75 Td (default ) Tj ET Q q 0 0 0 rg BT 346.44 684.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 370.21 684.75 Td (index ) Tj ET Q q 0 0 0 rg BT 395.64 684.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 437.45 684.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 458.45 684.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 493.87 684.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 517.09 684.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 548.07 684.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.67 672.75 Td (option ) Tj ET Q q 0 0 0 rg BT 104.41 672.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 142.68 672.75 Td (as ) Tj ET Q q 0 0 0 rg BT 153.19 672.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.81 672.75 Td (means ) Tj ET Q q 0 0 0 rg BT 187.54 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 197.49 672.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 230.77 672.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.95 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 257.90 672.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 287.28 672.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 327.79 672.75 Td (positions. ) Tj ET Q q 0 0 0 rg BT 368.43 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 386.15 672.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 427.22 672.75 Td (also ) Tj ET Q q 0 0 0 rg BT 445.51 672.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 471.56 672.75 Td (into ) Tj ET Q q 0 0 0 rg BT 489.30 672.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 520.91 672.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 538.08 672.75 Td (swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.01 660.75 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 97.71 660.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 137.10 660.75 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 189.89 660.75 Td (The ) Tj ET Q q 0 0 0 rg BT 208.17 660.75 Td (following ) Tj ET Q q 0 0 0 rg BT 249.79 660.75 Td (describes ) Tj ET Q q 0 0 0 rg BT 289.72 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.67 660.75 Td (Company) Tj ET Q q 0 0 0 rg BT 346.33 660.75 Td (s ) Tj ET Q q 0 0 0 rg BT 352.96 660.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 399.56 660.75 Td (by ) Tj ET Q q 0 0 0 rg BT 412.29 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.23 660.75 Td (type ) Tj ET Q q 0 0 0 rg BT 447.18 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.24 660.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 504.84 660.75 Td (or ) Tj ET Q q 0 0 0 rg BT 515.90 660.75 Td (security ) Tj ET Q q 0 0 0 rg BT 550.28 660.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.67 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 113.37 648.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 169.74 648.75 Td (hedging.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (Customer ) Tj ET Q q 0 0 0 rg BT 90.62 624.75 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 149.49 624.75 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.69 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 624.75 Td (The ) Tj ET Q q 0 0 0 rg BT 216.52 624.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.63 624.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 283.73 624.75 Td (into ) Tj ET Q q 0 0 0 rg BT 301.51 624.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.17 624.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.38 624.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.59 624.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 430.90 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 440.91 624.75 Td (a ) Tj ET Q q 0 0 0 rg BT 447.57 624.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 485.34 624.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 520.87 624.75 Td (as ) Tj ET Q q 0 0 0 rg BT 531.42 624.75 Td (a ) Tj ET Q q 0 0 0 rg BT 538.09 624.75 Td (dealer ) 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 59.69 612.75 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 88.20 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.83 612.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.21 612.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 165.39 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.13 612.75 Td (its ) Tj ET Q q 0 0 0 rg BT 187.98 612.75 Td (customers. ) Tj ET Q q 0 0 0 rg BT 233.26 612.75 Td (The ) Tj ET Q q 0 0 0 rg BT 251.22 612.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.51 612.75 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 355.47 612.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 381.75 612.75 Td (intoan ) Tj ET Q q 0 0 0 rg BT 411.66 612.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.50 612.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 460.89 612.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 503.28 612.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 537.89 612.75 Td (with ) Tj ET Q q 0 0 0 rg BT 558.07 612.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (third ) Tj ET Q q 0 0 0 rg BT 70.24 600.75 Td (party ) Tj ET Q q 0 0 0 rg BT 92.63 600.75 Td (for ) Tj ET Q q 0 0 0 rg BT 106.14 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 600.75 Td (same ) Tj ET Q q 0 0 0 rg BT 142.61 600.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 177.23 600.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 209.07 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 218.70 600.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 244.43 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.49 600.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.78 600.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 306.61 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.90 600.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.51 600.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 364.36 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.54 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.61 600.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 413.79 600.75 Td (client ) Tj ET Q q 0 0 0 rg BT 437.85 600.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 469.13 600.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 485.97 600.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.80 600.75 Td (contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.37 588.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.11 588.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 120.98 588.75 Td (instances, ) Tj ET Q q 0 0 0 rg BT 162.68 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.44 588.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.86 588.75 Td (has ) Tj ET Q q 0 0 0 rg BT 234.73 588.75 Td (only ) Tj ET Q q 0 0 0 rg BT 255.05 588.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 286.47 588.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.45 588.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.97 588.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.51 588.75 Td (with ) Tj ET Q q 0 0 0 rg BT 373.83 588.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.81 588.75 Td (third ) Tj ET Q q 0 0 0 rg BT 402.24 588.75 Td (party) Tj ET Q q 0 0 0 rg BT 422.13 588.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.17 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.15 588.75 Td (retains ) Tj ET Q q 0 0 0 rg BT 473.35 588.75 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 539.74 588.75 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.13 576.75 Td (as ) Tj ET Q q 0 0 0 rg BT 78.10 576.75 Td (described ) Tj ET Q q 0 0 0 rg BT 119.05 576.75 Td (below) Tj ET Q q 0 0 0 rg BT 142.83 576.75 Td (. ) Tj ET Q q 0 0 0 rg BT 147.78 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 165.96 576.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 215.26 576.75 Td (use ) Tj ET Q q 0 0 0 rg BT 231.22 576.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.29 576.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.80 576.75 Td (based ) Tj ET Q q 0 0 0 rg BT 310.20 576.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 332.83 576.75 Td (either ) Tj ET Q q 0 0 0 rg BT 358.23 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.08 576.75 Td (London ) Tj ET Q q 0 0 0 rg BT 406.82 576.75 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 447.77 576.75 Td (Of) Tj ET Q q 0 0 0 rg BT 458.14 576.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 471.87 576.75 Td (Rate ) Tj ET Q q 0 0 0 rg BT 492.83 576.75 Td (\("LIBOR"\) ) Tj ET Q q 0 0 0 rg BT 540.29 576.75 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 564.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 116.98 564.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 152.81 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.75 564.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 209.46 564.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 244.18 564.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 293.89 564.75 Td (\("SIFMA"\) ) Tj ET Q q 0 0 0 rg BT 341.79 564.75 Td (index.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.51 540.75 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.79 540.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 124.73 540.75 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.93 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.36 540.75 Td (The ) Tj ET Q q 0 0 0 rg BT 192.52 540.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 234.02 540.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 260.51 540.75 Td (into ) Tj ET Q q 0 0 0 rg BT 278.68 540.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.73 540.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 328.33 540.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 370.92 540.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 409.63 540.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.68 540.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 446.52 540.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.91 540.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 501.74 540.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 524.35 540.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 554.73 540.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.08 528.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.22 528.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.90 528.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.04 528.75 Td (market ) Tj ET Q q 0 0 0 rg BT 173.51 528.75 Td (value ) Tj ET Q q 0 0 0 rg BT 197.87 528.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 219.46 528.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 263.26 528.75 Td (with ) Tj ET Q q 0 0 0 rg BT 283.74 528.75 Td (its ) Tj ET Q q 0 0 0 rg BT 295.89 528.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 319.14 528.75 Td (income ) Tj ET Q q 0 0 0 rg BT 351.28 528.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 394.05 528.75 Td (These ) Tj ET Q q 0 0 0 rg BT 420.63 528.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 470.00 528.75 Td (use ) Tj ET Q q 0 0 0 rg BT 486.03 528.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 518.16 528.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 539.74 528.75 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.55 516.75 Td (either ) Tj ET Q q 0 0 0 rg BT 96.37 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.64 516.75 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 153.79 516.75 Td (Market ) Tj ET Q q 0 0 0 rg BT 184.72 516.75 Td (Data ) Tj ET Q q 0 0 0 rg BT 205.65 516.75 Td (\("MMD"\) ) Tj ET Q q 0 0 0 rg BT 247.53 516.75 Td (index, ) Tj ET Q q 0 0 0 rg BT 274.30 516.75 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 306.35 516.75 Td (or ) Tj ET Q q 0 0 0 rg BT 316.74 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.01 516.75 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 361.02 516.75 Td ( ) Tj ET Q q 0 0 0 rg BT 363.07 516.75 Td (index. ) Tj ET Q q 0 0 0 rg BT 389.69 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 407.29 516.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 448.23 516.75 Td (also ) Tj ET Q q 0 0 0 rg BT 466.39 516.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 492.32 516.75 Td (into ) Tj ET Q q 0 0 0 rg BT 509.93 516.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.75 516.75 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 72.38 504.75 Td (index ) Tj ET Q q 0 0 0 rg BT 96.93 504.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 135.35 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.46 504.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 171.67 504.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 196.76 504.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 214.10 504.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 257.52 504.75 Td (with ) Tj ET Q q 0 0 0 rg BT 277.63 504.75 Td (its ) Tj ET Q q 0 0 0 rg BT 289.41 504.75 Td (taxable ) Tj ET Q q 0 0 0 rg BT 320.61 504.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 343.49 504.75 Td (income ) Tj ET Q q 0 0 0 rg BT 375.25 504.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 415.35 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.11 504.75 Td (option ) Tj ET Q q 0 0 0 rg BT 460.00 504.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 498.43 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 508.54 504.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 534.74 504.75 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (value ) Tj ET Q q 0 0 0 rg BT 73.66 492.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.16 492.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 134.75 492.75 Td (with ) Tj ET Q q 0 0 0 rg BT 155.03 492.75 Td (its ) Tj ET Q q 0 0 0 rg BT 166.98 492.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 214.46 492.75 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 98.24 468.75 Td (are ) Tj ET Q q 0 0 0 rg BT 113.09 468.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 149.06 468.75 Td (on ) Tj ET Q q 0 0 0 rg BT 161.70 468.75 Td (a ) Tj ET Q q 0 0 0 rg BT 168.79 468.75 Td (net ) Tj ET Q q 0 0 0 rg BT 183.65 468.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.30 468.75 Td (by ) Tj ET Q q 0 0 0 rg BT 218.94 468.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 272.12 468.75 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 292.82 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.68 468.75 Td (net ) Tj ET Q q 0 0 0 rg BT 322.54 468.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 356.28 468.75 Td (or ) Tj ET Q q 0 0 0 rg BT 367.26 468.75 Td (receivable ) Tj ET Q q 0 0 0 rg BT 410.98 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 425.29 468.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.92 468.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.89 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.98 468.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 550.84 468.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.31 456.75 Td (given ) Tj ET Q q 0 0 0 rg BT 80.90 456.75 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 137.14 456.75 Td (when ) Tj ET Q q 0 0 0 rg BT 161.18 456.75 Td (a ) Tj ET Q q 0 0 0 rg BT 167.99 456.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 189.80 456.75 Td (right ) Tj ET Q q 0 0 0 rg BT 211.06 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.76 456.75 Td (of) Tj ET Q q 0 0 0 rg BT 229.91 456.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 246.73 456.75 Td (exists ) Tj ET Q q 0 0 0 rg BT 271.88 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.69 456.75 Td (on ) Tj ET Q q 0 0 0 rg BT 301.07 456.75 Td (a ) Tj ET Q q 0 0 0 rg BT 307.88 456.75 Td (net ) Tj ET Q q 0 0 0 rg BT 322.47 456.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 344.84 456.75 Td (by ) Tj ET Q q 0 0 0 rg BT 357.22 456.75 Td (cross ) Tj ET Q q 0 0 0 rg BT 380.15 456.75 Td (product ) Tj ET Q q 0 0 0 rg BT 413.07 456.75 Td (when ) Tj ET Q q 0 0 0 rg BT 437.10 456.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 480.56 456.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 524.61 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 539.19 456.75 Td (stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.20 444.75 Td (master ) Tj ET Q q 0 0 0 rg BT 89.77 444.75 Td (netting ) Tj ET Q q 0 0 0 rg BT 120.46 444.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 171.42 444.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 194.33 444.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 234.45 444.75 Td (received ) Tj ET Q q 0 0 0 rg BT 271.23 444.75 Td (or ) Tj ET Q q 0 0 0 rg BT 282.48 444.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 302.62 444.75 Td (is ) Tj ET Q q 0 0 0 rg BT 312.21 444.75 Td (netted ) Tj ET Q q 0 0 0 rg BT 339.56 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 352.48 444.75 Td (a ) Tj ET Q q 0 0 0 rg BT 359.83 444.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 413.29 444.75 Td (basis, ) Tj ET Q q 0 0 0 rg BT 438.70 444.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 477.17 444.75 Td (a ) Tj ET Q q 0 0 0 rg BT 484.53 444.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 506.88 444.75 Td (right ) Tj ET Q q 0 0 0 rg BT 528.69 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 539.93 444.75 Td (of) Tj ET Q q 0 0 0 rg BT 548.08 444.75 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (exists. ) Tj ET Q q 0 0 0 rg BT 77.14 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 95.23 432.75 Td (total ) Tj ET Q q 0 0 0 rg BT 115.54 432.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 151.41 432.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 186.73 432.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.47 432.75 Td (amount, ) Tj ET Q q 0 0 0 rg BT 256.51 432.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 308.48 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.24 432.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 359.11 432.75 Td (value ) Tj ET Q q 0 0 0 rg BT 383.30 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.18 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.94 432.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 428.15 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.02 432.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 462.68 432.75 Td (long ) Tj ET Q q 0 0 0 rg BT 483.00 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.98 432.75 Td (short ) Tj ET Q q 0 0 0 rg BT 522.52 432.75 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.48 420.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 127.31 420.75 Td (an ) Tj ET Q q 0 0 0 rg BT 139.14 420.75 Td (indication ) Tj ET Q q 0 0 0 rg BT 181.52 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 192.24 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.84 420.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 239.23 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.95 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.55 420.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.52 420.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 353.89 420.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 386.27 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 403.10 420.75 Td (does ) Tj ET Q q 0 0 0 rg BT 423.82 420.75 Td (not ) Tj ET Q q 0 0 0 rg BT 438.98 420.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 478.02 420.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 501.52 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.34 420.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 546.95 420.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (following ) Tj ET Q q 0 0 0 rg BT 90.65 408.75 Td (table ) Tj ET Q q 0 0 0 rg BT 112.35 408.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 147.39 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.87 408.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 185.25 408.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.39 408.75 Td (market ) Tj ET Q q 0 0 0 rg BT 231.42 408.75 Td (value ) Tj ET Q q 0 0 0 rg BT 255.34 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.04 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.53 408.75 Td (total ) Tj ET Q q 0 0 0 rg BT 306.57 408.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 342.16 408.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 377.20 408.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.66 408.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 443.92 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.52 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.00 408.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 515.85 408.75 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 91.98 396.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 143.65 396.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 165.58 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 175.86 396.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 228.89 396.75 Td (netting, ) Tj ET Q q 0 0 0 rg BT 261.67 396.75 Td (by ) Tj ET Q q 0 0 0 rg BT 274.17 396.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 296.11 396.75 Td (or ) Tj ET Q q 0 0 0 rg BT 306.94 396.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 340.54 396.75 Td (position:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.25 111.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.00 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 338.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 338.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 338.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 338.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 338.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 338.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 338.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 338.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 338.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 338.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.25 111.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.00 314.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 314.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 314.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 314.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 314.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 314.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 314.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 314.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 314.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 314.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 314.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 314.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.25 111.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.00 290.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 290.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 290.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 290.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 290.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 290.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 290.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 290.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 290.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 290.25 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 290.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 290.25 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 169 374.25 m 230 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 374.25 m 234 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 374.25 m 297 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 374.25 m 301 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 374.25 m 362 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 374.25 m 431 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 374.25 m 435 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 374.25 m 498 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 374.25 m 502 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 374.25 m 563 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 374.25 m 297 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 374.25 m 431 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 374.25 m 435 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 374.25 m 498 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 374.25 m 502 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 374.25 m 563 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 350.25 m 161 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 350.25 m 230 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 350.25 m 297 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 350.25 m 362 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 350.25 m 431 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 350.25 m 498 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 350.25 m 563 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 350.25 m 362 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 350.25 m 563 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 290.25 m 230 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 279.25 m 230 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 277.25 m 230 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 290.25 m 297 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 279.25 m 297 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 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Td (Liabilities \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.45 352.98 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.87 Td (Interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 328.87 Td (Customer matched-book) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.50 328.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.65 328.98 Td (276,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.50 328.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.65 328.98 Td (261,052) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 328.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.10 328.98 Td (3,314,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 328.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 328.87 Td (288,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 328.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 328.87 Td (272,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 328.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 328.87 Td (3,330,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 316.87 Td (Trading securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.65 316.98 Td (1,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 316.98 Td (4,011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 316.98 Td (402,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 316.87 Td (13,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 316.87 Td (1,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 316.87 Td (423,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 304.87 Td (Credit default swap index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 292.87 Td (Trading securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.15 292.98 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.15 292.98 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 292.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 292.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 292.87 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 292.87 Td (7,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.50 280.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.65 280.98 Td (278,414) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.50 280.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.65 280.98 Td (265,063) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 280.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.10 280.98 Td (3,717,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 280.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 280.87 Td (302,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 280.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 280.87 Td (274,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 280.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 280.87 Td (3,761,227) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 266.15 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 266.15 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 103.26 266.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.38 266.15 Td (ar) Tj ET Q q 0 0 0 rg BT 131.19 266.15 Td (e ) Tj ET Q q 0 0 0 rg BT 136.74 266.15 Td (included ) Tj ET Q q 0 0 0 rg BT 166.29 266.15 Td (within ) Tj ET Q q 0 0 0 rg BT 188.29 266.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.73 266.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 258.07 266.15 Td (and ) Tj ET Q q 0 0 0 rg BT 272.07 266.15 Td (other ) Tj ET Q q 0 0 0 rg BT 290.96 266.15 Td (inventory ) Tj ET Q q 0 0 0 rg BT 323.17 266.15 Td (positions ) Tj ET Q q 0 0 0 rg BT 354.06 266.15 Td (owned ) Tj ET Q q 0 0 0 rg BT 376.95 266.15 Td (on ) Tj ET Q q 0 0 0 rg BT 386.95 266.15 Td (the ) Tj ET Q q 0 0 0 rg BT 398.72 266.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 441.61 266.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 477.38 266.15 Td (of ) Tj ET Q q 0 0 0 rg BT 485.60 266.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.04 266.15 Td (condition.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 253.55 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 253.55 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 103.39 253.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 135.74 253.55 Td (ar) Tj ET Q q 0 0 0 rg BT 142.55 253.55 Td (e ) Tj ET Q q 0 0 0 rg BT 148.23 253.55 Td (included ) Tj ET Q q 0 0 0 rg BT 177.91 253.55 Td (within ) Tj ET Q q 0 0 0 rg BT 200.04 253.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.61 253.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 270.07 253.55 Td (and ) Tj ET Q q 0 0 0 rg BT 284.20 253.55 Td (other ) Tj ET Q q 0 0 0 rg BT 303.21 253.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 335.55 253.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 366.57 253.55 Td (sold, ) Tj ET Q q 0 0 0 rg BT 384.03 253.55 Td (but ) Tj ET Q q 0 0 0 rg BT 396.38 253.55 Td (not ) Tj ET Q q 0 0 0 rg BT 408.73 253.55 Td (yet ) Tj ET Q q 0 0 0 rg BT 420.18 253.55 Td (pur) Tj ET Q q 0 0 0 rg BT 431.00 253.55 Td (chased ) Tj ET Q q 0 0 0 rg BT 455.34 253.55 Td (on ) Tj ET Q q 0 0 0 rg BT 465.47 253.55 Td (the ) Tj ET Q q 0 0 0 rg BT 477.37 253.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.38 253.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 556.28 253.55 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 243.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 97.94 243.95 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.75 219.35 Td (Company) Tj ET Q q 0 0 0 rg BT 109.42 219.35 Td (s ) Tj ET Q q 0 0 0 rg BT 116.01 219.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 158.70 219.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 197.49 219.35 Td (do ) Tj ET Q q 0 0 0 rg BT 210.20 219.35 Td (not ) Tj ET Q q 0 0 0 rg BT 225.68 219.35 Td (qualify ) Tj ET Q q 0 0 0 rg BT 256.71 219.35 Td (for ) Tj ET Q q 0 0 0 rg BT 271.07 219.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 297.66 219.35 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 346.73 219.35 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 388.02 219.35 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 432.36 219.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 456.18 219.35 Td (and ) Tj ET Q q 0 0 0 rg BT 473.32 219.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 499.92 219.35 Td (are ) Tj ET Q q 0 0 0 rg BT 514.83 219.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 552.51 219.35 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.61 207.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.04 207.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 163.15 207.35 Td (of ) Tj ET Q q 0 0 0 rg BT 174.37 207.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 221.21 207.35 Td (The ) Tj ET Q q 0 0 0 rg BT 239.65 207.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 263.65 207.35 Td (and ) Tj ET Q q 0 0 0 rg BT 280.99 207.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 307.77 207.35 Td (on ) Tj ET Q q 0 0 0 rg BT 320.66 207.35 Td (the ) Tj ET Q q 0 0 0 rg BT 335.77 207.35 Td (related ) Tj ET Q q 0 0 0 rg BT 365.87 207.35 Td (economically ) Tj ET Q q 0 0 0 rg BT 422.63 207.35 Td (hedged ) Tj ET Q q 0 0 0 rg BT 454.40 207.35 Td (inventory ) Tj ET Q q 0 0 0 rg BT 495.62 207.35 Td (positions ) Tj ET Q q 0 0 0 rg BT 534.63 207.35 Td (are ) Tj ET Q q 0 0 0 rg BT 549.73 207.35 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.35 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 88.85 195.35 Td (below ) Tj ET Q q 0 0 0 rg BT 115.43 195.35 Td (as ) Tj ET Q q 0 0 0 rg BT 125.90 195.35 Td (they ) Tj ET Q q 0 0 0 rg BT 145.25 195.35 Td (are ) Tj ET Q q 0 0 0 rg BT 159.60 195.35 Td (not ) Tj ET Q q 0 0 0 rg BT 174.51 195.35 Td (in ) Tj ET Q q 0 0 0 rg BT 184.43 195.35 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 227.67 195.35 Td (hedging ) Tj ET Q q 0 0 0 rg BT 262.03 195.35 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 317.61 195.35 Td (The ) Tj ET Q q 0 0 0 rg BT 335.30 195.35 Td (following ) Tj ET Q q 0 0 0 rg BT 376.32 195.35 Td (table ) Tj ET Q q 0 0 0 rg BT 397.89 195.35 Td (presents ) Tj ET Q q 0 0 0 rg BT 432.80 195.35 Td (the ) Tj ET Q q 0 0 0 rg BT 447.15 195.35 Td (Company) Tj ET Q q 0 0 0 rg BT 488.82 195.35 Td (s ) Tj ET Q q 0 0 0 rg BT 494.85 195.35 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 538.63 195.35 Td (gains/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.35 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 82.55 183.35 Td (on ) Tj ET Q q 0 0 0 rg BT 95.05 183.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 137.53 183.35 Td (instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 136.85 172.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 136.85 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 136.85 172.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 136.85 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 136.85 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 136.85 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 136.85 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 112.85 172.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 112.85 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 112.85 172.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 112.85 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 112.85 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 112.85 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 112.85 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 79.85 172.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 79.85 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 79.85 172.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 79.85 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 79.85 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 79.85 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 79.85 75.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 148.85000000000002 m 483 148.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 148.85000000000002 m 489 148.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 148.85000000000002 m 564 148.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 136.85000000000002 m 222 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 136.85000000000002 m 402 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 148.85000000000002 m 483 148.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 136.85000000000002 m 483 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 148.85000000000002 m 564 148.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 136.85000000000002 m 564 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 136.85000000000002 m 483 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 136.85000000000002 m 564 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 79.85000000000002 m 483 79.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 67.85000000000002 m 483 67.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 65.85000000000002 m 483 65.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 79.85000000000002 m 564 79.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 67.85000000000002 m 564 67.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 65.85000000000002 m 564 65.85000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 163.58 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 152.80 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 151.58 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 139.58 Td (DerivativeCategory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.50 139.58 Td (OperationsCategory) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 139.58 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 139.58 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 127.47 Td (Interest rate derivative contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.50 127.47 Td (Investment banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.50 127.58 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.80 127.63 Td (\(292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 127.58 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 127.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 127.47 Td (\(1,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 127.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 115.47 Td (Interest rate derivative contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.50 115.47 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.30 115.63 Td (\(14,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 115.58 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 115.47 Td (1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 103.47 Td (Credit default swap index contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.50 103.47 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 103.58 Td (255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 103.47 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 91.42 Td (Futures and equity option derivative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 81.47 Td (contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.50 84.52 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 84.53 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 84.52 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.50 70.58 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.30 70.63 Td (\(14,775) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 70.58 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 70.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 70.42 Td (990) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 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0 0 0 rg BT 286.71 708.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.69 708.60 Td (that ) Tj ET Q q 0 0 0 rg BT 320.66 708.60 Td (a ) Tj ET Q q 0 0 0 rg BT 327.08 708.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 369.04 708.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 421.55 708.60 Td (will ) Tj ET Q q 0 0 0 rg BT 439.09 708.60 Td (not ) Tj ET Q q 0 0 0 rg BT 453.84 708.60 Td (perform ) Tj ET Q q 0 0 0 rg BT 488.03 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 497.79 708.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 544.73 708.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 66.62 696.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 93.74 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 106.97 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 124.09 696.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 170.08 696.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 214.96 696.60 Td (contract. ) Tj ET Q q 0 0 0 rg BT 254.56 696.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 284.46 696.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 325.46 696.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 371.45 696.60 Td (with ) Tj ET Q q 0 0 0 rg BT 394.13 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 411.25 696.60 Td (Company) Tj ET Q q 0 0 0 rg BT 452.92 696.60 Td (s ) Tj ET Q q 0 0 0 rg BT 461.71 696.60 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 510.48 696.60 Td (is ) Tj ET Q q 0 0 0 rg BT 522.05 696.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 552.50 696.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 114.61 684.60 Td (market ) Tj ET Q q 0 0 0 rg BT 143.63 684.60 Td (movements ) Tj ET Q q 0 0 0 rg BT 190.99 684.60 Td (in ) Tj ET Q q 0 0 0 rg BT 200.02 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 213.50 684.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.63 684.60 Td (value ) Tj ET Q q 0 0 0 rg BT 251.54 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 261.13 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.60 684.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 311.95 684.60 Td (with ) Tj ET Q q 0 0 0 rg BT 330.99 684.60 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 388.88 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 404.58 684.60 Td (is ) Tj ET Q q 0 0 0 rg BT 412.50 684.60 Td (monitored ) Tj ET Q q 0 0 0 rg BT 454.86 684.60 Td (regularly ) Tj ET Q q 0 0 0 rg BT 492.21 684.60 Td (by ) Tj ET Q q 0 0 0 rg BT 503.47 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 684.60 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 684.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.87 672.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 102.27 672.60 Td (committee. ) Tj ET Q q 0 0 0 rg BT 148.27 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 165.21 672.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.49 672.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 244.65 672.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 296.57 672.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 320.73 672.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 337.12 672.60 Td (in ) Tj ET Q q 0 0 0 rg BT 346.29 672.60 Td (determining ) Tj ET Q q 0 0 0 rg BT 396.01 672.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 437.38 672.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 470.98 672.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.25 672.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 511.69 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 528.63 672.60 Td (majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.56 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.51 660.60 Td (Company) Tj ET Q q 0 0 0 rg BT 117.17 660.60 Td (s ) Tj ET Q q 0 0 0 rg BT 123.79 660.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 166.50 660.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 205.33 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 220.26 660.60 Td (substantially ) Tj ET Q q 0 0 0 rg BT 273.54 660.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 330.13 660.60 Td (by ) Tj ET Q q 0 0 0 rg BT 342.85 660.60 Td (its ) Tj ET Q q 0 0 0 rg BT 355.03 660.60 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 416.90 660.60 Td (who ) Tj ET Q q 0 0 0 rg BT 436.85 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 451.79 660.60 Td (major ) Tj ET Q q 0 0 0 rg BT 477.84 660.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 660.60 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 648.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.65 648.60 Td (has ) Tj ET Q q 0 0 0 rg BT 125.83 648.60 Td (a ) Tj ET Q q 0 0 0 rg BT 133.13 648.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 164.31 648.60 Td (number ) Tj ET Q q 0 0 0 rg BT 197.72 648.60 Td (of ) Tj ET Q q 0 0 0 rg BT 208.90 648.60 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 268.40 648.60 Td (who ) Tj ET Q q 0 0 0 rg BT 288.48 648.60 Td (are ) Tj ET Q q 0 0 0 rg BT 303.54 648.60 Td (not ) Tj ET Q q 0 0 0 rg BT 319.18 648.60 Td (required ) Tj ET Q q 0 0 0 rg BT 355.35 648.60 Td (to ) Tj ET Q q 0 0 0 rg BT 365.98 648.60 Td (post ) Tj ET Q q 0 0 0 rg BT 385.51 648.60 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 428.06 648.60 Td (Based ) Tj ET Q q 0 0 0 rg BT 455.36 648.60 Td (on ) Tj ET Q q 0 0 0 rg BT 468.22 648.60 Td (market ) Tj ET Q q 0 0 0 rg BT 498.84 648.60 Td (movements, ) Tj ET Q q 0 0 0 rg BT 550.30 648.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 115.58 636.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 151.70 636.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 203.36 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 217.81 636.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 233.91 636.60 Td (value ) Tj ET Q q 0 0 0 rg BT 257.80 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.36 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 282.81 636.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 325.02 636.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 359.46 636.60 Td (can ) Tj ET Q q 0 0 0 rg BT 375.56 636.60 Td (become ) Tj ET Q q 0 0 0 rg BT 408.89 636.60 Td (material, ) Tj ET Q q 0 0 0 rg BT 446.38 636.60 Td (exposing ) Tj ET Q q 0 0 0 rg BT 484.72 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 499.17 636.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 540.29 636.60 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 636.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.42 624.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.58 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 102.08 624.60 Td (these ) Tj ET Q q 0 0 0 rg BT 124.78 624.60 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 185.61 624.60 Td (As ) Tj ET Q q 0 0 0 rg BT 198.88 624.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 624.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 252.63 624.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.63 624.60 Td (, ) Tj ET Q q 0 0 0 rg BT 277.29 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 291.67 624.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 332.72 624.60 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.32 624.60 Td ($22.1 ) Tj ET Q q 0 0 0 rg BT 373.98 624.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.87 624.60 Td ( ) Tj ET Q q 0 0 0 rg BT 405.03 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 415.52 624.60 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 481.53 624.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 506.46 624.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 544.72 624.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (these ) Tj ET Q q 0 0 0 rg BT 71.98 612.60 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 130.55 612.60 Td (\(notional ) Tj ET Q q 0 0 0 rg BT 168.58 612.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 202.72 612.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 234.64 612.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.91 612.60 Td ($183.1 ) Tj ET Q q 0 0 0 rg BT 274.34 612.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.23 612.60 Td (\), ) Tj ET Q q 0 0 0 rg BT 310.99 612.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.69 612.60 Td ($15.1 ) Tj ET Q q 0 0 0 rg BT 375.13 612.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.02 612.60 Td ( ) Tj ET Q q 0 0 0 rg BT 405.95 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 416.21 612.60 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 481.99 612.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 506.69 612.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 544.72 612.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (one ) Tj ET Q q 0 0 0 rg BT 66.44 600.60 Td (counterparty) Tj ET Q q 0 0 0 rg BT 116.32 600.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 576.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 576.60 Td (Fair V) Tj ET Q q 0 0 0 rg BT 104.77 576.60 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.37 576.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (Based ) Tj ET Q q 0 0 0 rg BT 76.55 552.60 Td (on ) Tj ET Q q 0 0 0 rg BT 89.16 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 103.98 552.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 131.58 552.60 Td (of ) Tj ET Q q 0 0 0 rg BT 142.52 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 157.34 552.60 Td (Company) Tj ET Q q 0 0 0 rg BT 199.01 552.60 Td (s ) Tj ET Q q 0 0 0 rg BT 205.51 552.60 Td (business ) Tj ET Q q 0 0 0 rg BT 242.01 552.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 552.60 Td (its ) Tj ET Q q 0 0 0 rg BT 271.11 552.60 Td (role ) Tj ET Q q 0 0 0 rg BT 289.27 552.60 Td (as ) Tj ET Q q 0 0 0 rg BT 300.21 552.60 Td (a ) Tj ET Q q 0 0 0 rg BT 307.25 552.60 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 342.45 552.60 Td (in ) Tj ET Q q 0 0 0 rg BT 352.84 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.66 552.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 408.04 552.60 Td (industry ) Tj ET Q q 0 0 0 rg BT 443.42 552.60 Td (or ) Tj ET Q q 0 0 0 rg BT 454.36 552.60 Td (as ) Tj ET Q q 0 0 0 rg BT 465.30 552.60 Td (a ) Tj ET Q q 0 0 0 rg BT 472.35 552.60 Td (manager ) Tj ET Q q 0 0 0 rg BT 509.38 552.60 Td (of ) Tj ET Q q 0 0 0 rg BT 520.32 552.60 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.56 540.60 Td (management ) Tj ET Q q 0 0 0 rg BT 127.27 540.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 155.62 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 171.46 540.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 188.96 540.60 Td (values ) Tj ET Q q 0 0 0 rg BT 218.13 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 230.08 540.60 Td (its ) Tj ET Q q 0 0 0 rg BT 243.15 540.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.76 540.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 332.04 540.60 Td (are ) Tj ET Q q 0 0 0 rg BT 347.87 540.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 396.48 540.60 Td (internally) Tj ET Q q 0 0 0 rg BT 434.15 540.60 Td (. ) Tj ET Q q 0 0 0 rg BT 440.01 540.60 Td (The ) Tj ET Q q 0 0 0 rg BT 459.18 540.60 Td (Company) Tj ET Q q 0 0 0 rg BT 500.84 540.60 Td (s ) Tj ET Q q 0 0 0 rg BT 508.36 540.60 Td (processes ) Tj ET Q q 0 0 0 rg BT 550.30 540.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (designed ) Tj ET Q q 0 0 0 rg BT 87.44 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 97.62 528.60 Td (ensure ) Tj ET Q q 0 0 0 rg BT 126.11 528.60 Td (that ) Tj ET Q q 0 0 0 rg BT 143.50 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 158.11 528.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 174.38 528.60 Td (values ) Tj ET Q q 0 0 0 rg BT 202.32 528.60 Td (used ) Tj ET Q q 0 0 0 rg BT 223.05 528.60 Td (for ) Tj ET Q q 0 0 0 rg BT 237.10 528.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.48 528.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 313.53 528.60 Td (are ) Tj ET Q q 0 0 0 rg BT 328.13 528.60 Td (based ) Tj ET Q q 0 0 0 rg BT 353.30 528.60 Td (on ) Tj ET Q q 0 0 0 rg BT 365.69 528.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 411.40 528.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 438.25 528.60 Td (wherever ) Tj ET Q q 0 0 0 rg BT 477.84 528.60 Td (possible. ) Tj ET Q q 0 0 0 rg BT 515.51 528.60 Td (In ) Tj ET Q q 0 0 0 rg BT 526.24 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 528.60 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (that ) Tj ET Q q 0 0 0 rg BT 66.48 516.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 111.78 516.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 138.21 516.60 Td (are ) Tj ET Q q 0 0 0 rg BT 152.40 516.60 Td (not ) Tj ET Q q 0 0 0 rg BT 167.16 516.60 Td (available, ) Tj ET Q q 0 0 0 rg BT 207.74 516.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 263.04 516.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 289.47 516.60 Td (are ) Tj ET Q q 0 0 0 rg BT 303.66 516.60 Td (developed ) Tj ET Q q 0 0 0 rg BT 346.74 516.60 Td (based ) Tj ET Q q 0 0 0 rg BT 371.49 516.60 Td (on ) Tj ET Q q 0 0 0 rg BT 383.47 516.60 Td (an ) Tj ET Q q 0 0 0 rg BT 394.90 516.60 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 438.53 516.60 Td (of ) Tj ET Q q 0 0 0 rg BT 448.84 516.60 Td (all ) Tj ET Q q 0 0 0 rg BT 460.82 516.60 Td (relevant ) Tj ET Q q 0 0 0 rg BT 495.01 516.60 Td (empirical ) Tj ET Q q 0 0 0 rg BT 534.75 516.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (data, ) Tj ET Q q 0 0 0 rg BT 70.14 504.60 Td (including ) Tj ET Q q 0 0 0 rg BT 109.40 504.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 134.76 504.60 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 176.78 504.60 Td (by ) Tj ET Q q 0 0 0 rg BT 188.26 504.60 Td (market ) Tj ET Q q 0 0 0 rg BT 217.51 504.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 269.26 504.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.17 504.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 323.04 504.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.28 504.60 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 381.26 504.60 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 424.96 504.60 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 504.60 Td (correlations ) Tj ET Q q 0 0 0 rg BT 489.57 504.60 Td (and ) Tj ET Q q 0 0 0 rg BT 505.49 504.60 Td (other ) Tj ET Q q 0 0 0 rg BT 527.52 504.60 Td (security-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 82.92 492.60 Td (information. ) Tj ET Q q 0 0 0 rg BT 134.79 492.60 Td (V) Tj ET Q q 0 0 0 rg BT 140.90 492.60 Td (aluation ) Tj ET Q q 0 0 0 rg BT 175.44 492.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 225.54 492.60 Td (related ) Tj ET Q q 0 0 0 rg BT 255.07 492.60 Td (to ) Tj ET Q q 0 0 0 rg BT 265.17 492.60 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 306.94 492.60 Td (or ) Tj ET Q q 0 0 0 rg BT 317.60 492.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 370.46 492.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.55 492.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.87 492.60 Td (are ) Tj ET Q q 0 0 0 rg BT 427.41 492.60 Td (also ) Tj ET Q q 0 0 0 rg BT 445.84 492.60 Td (considered. ) Tj ET Q q 0 0 0 rg BT 493.98 492.60 Td (In ) Tj ET Q q 0 0 0 rg BT 504.64 492.60 Td (estimating ) Tj ET Q q 0 0 0 rg BT 548.62 492.60 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (value, ) Tj ET Q q 0 0 0 rg BT 75.61 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 89.78 480.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.62 480.60 Td (may ) Tj ET Q q 0 0 0 rg BT 149.78 480.60 Td (utilize ) Tj ET Q q 0 0 0 rg BT 176.73 480.60 Td (information ) Tj ET Q q 0 0 0 rg BT 225.89 480.60 Td (provided ) Tj ET Q q 0 0 0 rg BT 263.39 480.60 Td (by ) Tj ET Q q 0 0 0 rg BT 275.34 480.60 Td (third ) Tj ET Q q 0 0 0 rg BT 296.18 480.60 Td (party ) Tj ET Q q 0 0 0 rg BT 318.68 480.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 348.96 480.60 Td (vendors ) Tj ET Q q 0 0 0 rg BT 382.57 480.60 Td (to ) Tj ET Q q 0 0 0 rg BT 392.30 480.60 Td (corroborate ) Tj ET Q q 0 0 0 rg BT 440.34 480.60 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 525.03 480.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 480.60 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 444.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.70 444.60 Td (employs ) Tj ET Q q 0 0 0 rg BT 146.47 444.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 180.44 444.60 Td (control ) Tj ET Q q 0 0 0 rg BT 211.65 444.60 Td (processes ) Tj ET Q q 0 0 0 rg BT 252.85 444.60 Td (to ) Tj ET Q q 0 0 0 rg BT 263.51 444.60 Td (determine ) Tj ET Q q 0 0 0 rg BT 306.38 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 321.48 444.60 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 384.33 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 395.55 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 444.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.40 444.60 Td (value ) Tj ET Q q 0 0 0 rg BT 451.94 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 463.15 444.60 Td (its ) Tj ET Q q 0 0 0 rg BT 475.49 444.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.35 444.60 Td (instruments. ) 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 67.20 432.60 Td (Company) Tj ET Q q 0 0 0 rg BT 108.87 432.60 Td (s ) Tj ET Q q 0 0 0 rg BT 114.91 432.60 Td (processes ) Tj ET Q q 0 0 0 rg BT 155.39 432.60 Td (are ) Tj ET Q q 0 0 0 rg BT 169.75 432.60 Td (designed ) Tj ET Q q 0 0 0 rg BT 207.45 432.60 Td (to ) Tj ET Q q 0 0 0 rg BT 217.38 432.60 Td (ensure ) Tj ET Q q 0 0 0 rg BT 245.64 432.60 Td (that ) Tj ET Q q 0 0 0 rg BT 262.79 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 277.16 432.60 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 359.29 432.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 375.32 432.60 Td (values ) Tj ET Q q 0 0 0 rg BT 403.02 432.60 Td (are ) Tj ET Q q 0 0 0 rg BT 417.38 432.60 Td (accurately ) Tj ET Q q 0 0 0 rg BT 460.61 432.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 497.74 432.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.34 432.60 Td (that ) Tj ET Q q 0 0 0 rg BT 531.49 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 545.86 432.60 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 75.31 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 91.11 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.69 420.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 143.26 420.60 Td (techniques ) Tj ET Q q 0 0 0 rg BT 187.39 420.60 Td (used ) Tj ET Q q 0 0 0 rg BT 207.08 420.60 Td (are ) Tj ET Q q 0 0 0 rg BT 220.65 420.60 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 270.05 420.60 Td (consistently ) Tj ET Q q 0 0 0 rg BT 319.18 420.60 Td (applied, ) Tj ET Q q 0 0 0 rg BT 352.48 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 368.28 420.60 Td (that ) Tj ET Q q 0 0 0 rg BT 384.64 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.22 420.60 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 449.03 420.60 Td (are ) Tj ET Q q 0 0 0 rg BT 462.60 420.60 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 506.71 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 522.51 420.60 Td (consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (with ) Tj ET Q q 0 0 0 rg BT 68.81 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 408.60 Td (objective ) Tj ET Q q 0 0 0 rg BT 120.75 408.60 Td (of ) Tj ET Q q 0 0 0 rg BT 130.61 408.60 Td (determining ) Tj ET Q q 0 0 0 rg BT 180.47 408.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.88 408.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 221.57 408.60 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 268.10 408.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 298.52 408.60 Td (of ) Tj ET Q q 0 0 0 rg BT 308.39 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 322.14 408.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.00 408.60 Td (departments ) Tj ET Q q 0 0 0 rg BT 402.40 408.60 Td (perform ) Tj ET Q q 0 0 0 rg BT 436.15 408.60 Td (independent ) Tj ET Q q 0 0 0 rg BT 486.55 408.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 516.41 408.60 Td (verification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (reviews ) Tj ET Q q 0 0 0 rg BT 83.23 396.60 Td (as ) Tj ET Q q 0 0 0 rg BT 94.19 396.60 Td (of ) Tj ET Q q 0 0 0 rg BT 105.14 396.60 Td (each ) Tj ET Q q 0 0 0 rg BT 126.09 396.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 165.37 396.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 186.97 396.60 Td (The ) Tj ET Q q 0 0 0 rg BT 205.14 396.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.66 396.60 Td (has ) Tj ET Q q 0 0 0 rg BT 262.61 396.60 Td (established ) Tj ET Q q 0 0 0 rg BT 309.68 396.60 Td (parameters ) Tj ET Q q 0 0 0 rg BT 356.17 396.60 Td (which ) Tj ET Q q 0 0 0 rg BT 383.23 396.60 Td (set ) Tj ET Q q 0 0 0 rg BT 396.97 396.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 419.04 396.60 Td (when ) Tj ET Q q 0 0 0 rg BT 443.33 396.60 Td (the ) Tj ET Q q 0 0 0 rg BT 458.17 396.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.68 396.60 Td (value ) Tj ET Q q 0 0 0 rg BT 498.96 396.60 Td (of ) Tj ET Q q 0 0 0 rg BT 509.92 396.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 396.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (independently ) Tj ET Q q 0 0 0 rg BT 109.05 384.60 Td (verified. ) Tj ET Q q 0 0 0 rg BT 145.34 384.60 Td (The ) Tj ET Q q 0 0 0 rg BT 163.79 384.60 Td (selection ) Tj ET Q q 0 0 0 rg BT 202.23 384.60 Td (parameters ) Tj ET Q q 0 0 0 rg BT 249.00 384.60 Td (are ) Tj ET Q q 0 0 0 rg BT 264.11 384.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.21 384.60 Td (based ) Tj ET Q q 0 0 0 rg BT 329.89 384.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.79 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 384.60 Td (type ) Tj ET Q q 0 0 0 rg BT 388.03 384.60 Td (of ) Tj ET Q q 0 0 0 rg BT 399.26 384.60 Td (security) Tj ET Q q 0 0 0 rg BT 430.27 384.60 Td (, ) Tj ET Q q 0 0 0 rg BT 435.67 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 450.79 384.60 Td (level ) Tj ET Q q 0 0 0 rg BT 473.13 384.60 Td (of ) Tj ET Q q 0 0 0 rg BT 484.36 384.60 Td (estimation ) Tj ET Q q 0 0 0 rg BT 528.92 384.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.82 384.60 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 384.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 372.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.94 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.09 372.60 Td (materiality ) Tj ET Q q 0 0 0 rg BT 147.34 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 158.61 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 173.76 372.60 Td (security ) Tj ET Q q 0 0 0 rg BT 208.35 372.60 Td (to ) Tj ET Q q 0 0 0 rg BT 219.06 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 234.21 372.60 Td (Company) Tj ET Q q 0 0 0 rg BT 275.88 372.60 Td (s ) Tj ET Q q 0 0 0 rg BT 282.70 372.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.62 372.60 Td (statements, ) Tj ET Q q 0 0 0 rg BT 368.26 372.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 403.41 372.60 Td (in ) Tj ET Q q 0 0 0 rg BT 414.12 372.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.93 372.60 Td (value ) Tj ET Q q 0 0 0 rg BT 455.52 372.60 Td (from ) Tj ET Q q 0 0 0 rg BT 477.89 372.60 Td (period ) Tj ET Q q 0 0 0 rg BT 506.38 372.60 Td (to ) Tj ET Q q 0 0 0 rg BT 517.09 372.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 548.07 372.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (other ) Tj ET Q q 0 0 0 rg BT 73.42 360.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 107.90 360.60 Td (facts ) Tj ET Q q 0 0 0 rg BT 130.15 360.60 Td (and ) Tj ET Q q 0 0 0 rg BT 147.97 360.60 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 207.99 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.29 360.60 Td (Company) Tj ET Q q 0 0 0 rg BT 276.95 360.60 Td (s ) Tj ET Q q 0 0 0 rg BT 284.22 360.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.37 360.60 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 366.24 360.60 Td (In ) Tj ET Q q 0 0 0 rg BT 377.95 360.60 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 422.97 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 438.57 360.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 465.28 360.60 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 548.63 360.60 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (values ) Tj ET Q q 0 0 0 rg BT 77.43 348.60 Td (made ) Tj ET Q q 0 0 0 rg BT 101.47 348.60 Td (by ) Tj ET Q q 0 0 0 rg BT 113.85 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 128.45 348.60 Td (Company) Tj ET Q q 0 0 0 rg BT 170.12 348.60 Td (s ) Tj ET Q q 0 0 0 rg BT 176.39 348.60 Td (traders, ) Tj ET Q q 0 0 0 rg BT 208.48 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 223.08 348.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 250.45 348.60 Td (and ) Tj ET Q q 0 0 0 rg BT 267.27 348.60 Td (complexity ) Tj ET Q q 0 0 0 rg BT 314.64 348.60 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 348.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.50 348.60 Td (involved ) Tj ET Q q 0 0 0 rg BT 402.88 348.60 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 425.53 348.60 Td (term, ) Tj ET Q q 0 0 0 rg BT 448.74 348.60 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 483.06 348.60 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 525.14 348.60 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 348.60 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (key ) Tj ET Q q 0 0 0 rg BT 66.21 336.60 Td (drivers ) Tj ET Q q 0 0 0 rg BT 96.25 336.60 Td (of ) Tj ET Q q 0 0 0 rg BT 106.85 336.60 Td (value\), ) Tj ET Q q 0 0 0 rg BT 136.60 336.60 Td (level ) Tj ET Q q 0 0 0 rg BT 158.30 336.60 Td (of ) Tj ET Q q 0 0 0 rg BT 168.90 336.60 Td (market ) Tj ET Q q 0 0 0 rg BT 198.94 336.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 231.20 336.60 Td (for ) Tj ET Q q 0 0 0 rg BT 245.13 336.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 287.66 336.60 Td (and ) Tj ET Q q 0 0 0 rg BT 304.37 336.60 Td (availability ) Tj ET Q q 0 0 0 rg BT 351.62 336.60 Td (of ) Tj ET Q q 0 0 0 rg BT 362.22 336.60 Td (market ) Tj ET Q q 0 0 0 rg BT 392.25 336.60 Td (data ) Tj ET Q q 0 0 0 rg BT 411.18 336.60 Td (are ) Tj ET Q q 0 0 0 rg BT 425.66 336.60 Td (considered. ) Tj ET Q q 0 0 0 rg BT 473.58 336.60 Td (The ) Tj ET Q q 0 0 0 rg BT 491.39 336.60 Td (independent ) Tj ET Q q 0 0 0 rg BT 542.54 336.60 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (verification ) Tj ET Q q 0 0 0 rg BT 99.88 324.60 Td (procedures ) Tj ET Q q 0 0 0 rg BT 148.03 324.60 Td (include, ) Tj ET Q q 0 0 0 rg BT 184.26 324.60 Td (but ) Tj ET Q q 0 0 0 rg BT 201.32 324.60 Td (are ) Tj ET Q q 0 0 0 rg BT 217.82 324.60 Td (not ) Tj ET Q q 0 0 0 rg BT 234.89 324.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 267.51 324.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 282.07 324.60 Td (analysis ) Tj ET Q q 0 0 0 rg BT 318.58 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 324.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 355.47 324.60 Td (data ) Tj ET Q q 0 0 0 rg BT 376.42 324.60 Td (\(both ) Tj ET Q q 0 0 0 rg BT 401.82 324.60 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.65 324.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.37 324.60 Td (external ) Tj ET Q q 0 0 0 rg BT 491.87 324.60 Td (where ) Tj ET Q q 0 0 0 rg BT 520.58 324.60 Td (available\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 107.24 312.60 Td (to ) Tj ET Q q 0 0 0 rg BT 118.34 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 312.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 174.41 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 312.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 225.50 312.60 Td (with ) Tj ET Q q 0 0 0 rg BT 246.60 312.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 277.69 312.60 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 340.70 312.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 362.91 312.60 Td (and ) Tj ET Q q 0 0 0 rg BT 380.67 312.60 Td (components, ) Tj ET Q q 0 0 0 rg BT 434.82 312.60 Td (or ) Tj ET Q q 0 0 0 rg BT 446.47 312.60 Td (comparison ) Tj ET Q q 0 0 0 rg BT 496.44 312.60 Td (to ) Tj ET Q q 0 0 0 rg BT 507.54 312.60 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 312.60 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.11 300.60 Td (source, ) Tj ET Q q 0 0 0 rg BT 113.00 300.60 Td (such ) Tj ET Q q 0 0 0 rg BT 134.61 300.60 Td (as ) Tj ET Q q 0 0 0 rg BT 146.23 300.60 Td (a ) Tj ET Q q 0 0 0 rg BT 153.95 300.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 200.56 300.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.62 300.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 243.24 300.60 Td (model. ) Tj ET Q q 0 0 0 rg BT 273.78 300.60 Td (The ) Tj ET Q q 0 0 0 rg BT 292.61 300.60 Td (Company) Tj ET Q q 0 0 0 rg BT 334.28 300.60 Td (s ) Tj ET Q q 0 0 0 rg BT 341.46 300.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 381.95 300.60 Td (committee, ) Tj ET Q q 0 0 0 rg BT 429.95 300.60 Td (comprised ) Tj ET Q q 0 0 0 rg BT 474.89 300.60 Td (of ) Tj ET Q q 0 0 0 rg BT 486.50 300.60 Td (members ) Tj ET Q q 0 0 0 rg BT 526.45 300.60 Td (of ) Tj ET Q q 0 0 0 rg BT 538.06 300.60 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.67 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 288.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.27 288.60 Td (management, ) Tj ET Q q 0 0 0 rg BT 191.94 288.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 228.46 288.60 Td (oversight ) Tj ET Q q 0 0 0 rg BT 267.76 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 284.28 288.60 Td (overall ) Tj ET Q q 0 0 0 rg BT 314.13 288.60 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 370.65 288.60 Td (for ) Tj ET Q q 0 0 0 rg BT 384.39 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 288.60 Td (internal ) Tj ET Q q 0 0 0 rg BT 431.31 288.60 Td (control ) Tj ET Q q 0 0 0 rg BT 461.72 288.60 Td (processes ) Tj ET Q q 0 0 0 rg BT 502.12 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 518.64 288.60 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 276.60 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 276.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.86 276.60 Td (value ) Tj ET Q q 0 0 0 rg BT 130.01 276.60 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 252.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 252.60 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 252.60 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 252.60 Td (description ) Tj ET Q q 0 0 0 rg BT 171.98 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 182.81 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 197.52 252.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 237.23 252.60 Td (techniques ) Tj ET Q q 0 0 0 rg BT 282.50 252.60 Td (used ) Tj ET Q q 0 0 0 rg BT 303.33 252.60 Td (to ) Tj ET Q q 0 0 0 rg BT 313.61 252.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 349.42 252.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.80 252.60 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.67 228.60 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.38 204.60 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 118.80 204.60 Td (include ) Tj ET Q q 0 0 0 rg BT 150.11 204.60 Td (highly ) Tj ET Q q 0 0 0 rg BT 177.54 204.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 202.75 204.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.41 204.60 Td (with ) Tj ET Q q 0 0 0 rg BT 272.06 204.60 Td (original ) Tj ET Q q 0 0 0 rg BT 305.04 204.60 Td (maturities ) Tj ET Q q 0 0 0 rg BT 346.91 204.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.12 204.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 204.60 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 204.60 Td (days ) Tj ET Q q 0 0 0 rg BT 389.20 204.60 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 204.60 Td (less. ) Tj ET Q q 0 0 0 rg BT 418.37 204.60 Td (Actively ) Tj ET Q q 0 0 0 rg BT 454.68 204.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 481.55 204.60 Td (money ) Tj ET Q q 0 0 0 rg BT 510.64 204.60 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 204.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 192.60 Td (measured ) Tj ET Q q 0 0 0 rg BT 105.02 192.60 Td (at ) Tj ET Q q 0 0 0 rg BT 114.74 192.60 Td (their ) Tj ET Q q 0 0 0 rg BT 135.56 192.60 Td (net ) Tj ET Q q 0 0 0 rg BT 150.28 192.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.22 192.60 Td (value ) Tj ET Q q 0 0 0 rg BT 196.38 192.60 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 192.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 253.58 192.60 Td (as ) Tj ET Q q 0 0 0 rg BT 264.41 192.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.67 192.60 Td (I.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.00 168.60 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 146.73 168.60 Td (and ) Tj ET Q q 0 0 0 rg BT 165.35 168.60 Td (Other) Tj ET Q q 0 0 0 rg BT 190.72 168.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 168.60 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 237.94 168.60 Td (Positions ) Tj ET Q q 0 0 0 rg BT 278.78 168.60 Td (Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 144.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.53 144.60 Td (records ) Tj ET Q q 0 0 0 rg BT 141.76 144.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.54 144.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 229.01 144.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.25 144.60 Td (other ) Tj ET Q q 0 0 0 rg BT 269.60 144.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 310.72 144.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.64 144.60 Td (owned ) Tj ET Q q 0 0 0 rg BT 379.10 144.60 Td (and ) Tj ET Q q 0 0 0 rg BT 396.34 144.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.12 144.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 483.58 144.60 Td (and ) Tj ET Q q 0 0 0 rg BT 500.82 144.60 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 144.60 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.02 132.60 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.59 132.60 Td (but ) Tj ET Q q 0 0 0 rg BT 124.77 132.60 Td (not ) Tj ET Q q 0 0 0 rg BT 139.95 132.60 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.57 132.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 197.51 132.60 Td (at ) Tj ET Q q 0 0 0 rg BT 207.13 132.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.41 132.60 Td (value ) Tj ET Q q 0 0 0 rg BT 247.47 132.60 Td (on ) Tj ET Q q 0 0 0 rg BT 259.87 132.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.49 132.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.43 132.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.05 132.60 Td (of ) Tj ET Q q 0 0 0 rg BT 382.78 132.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.16 132.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 460.34 132.60 Td (with ) Tj ET Q q 0 0 0 rg BT 480.52 132.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 524.56 132.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.07 132.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 120.60 Td (reflected ) Tj ET Q q 0 0 0 rg BT 113.36 120.60 Td (on ) Tj ET Q q 0 0 0 rg BT 125.86 120.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.58 120.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 193.62 120.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.33 120.60 Td (of ) Tj ET Q q 0 0 0 rg BT 249.16 120.60 Td (operations.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.05 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.83 708.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 126.27 708.60 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 168.15 708.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 195.58 708.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.03 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.24 708.60 Td (are ) Tj ET Q q 0 0 0 rg BT 277.89 708.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.00 708.60 Td (based ) Tj ET Q q 0 0 0 rg BT 332.21 708.60 Td (on ) Tj ET Q q 0 0 0 rg BT 344.66 708.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 374.33 708.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 400.65 708.60 Td (from ) Tj ET Q q 0 0 0 rg BT 422.54 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 437.21 708.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 477.41 708.60 Td (for ) Tj ET Q q 0 0 0 rg BT 491.52 708.60 Td (identical ) Tj ET Q q 0 0 0 rg BT 528.40 708.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.18 708.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.56 696.60 Td (as ) Tj ET Q q 0 0 0 rg BT 100.74 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 126.98 696.60 Td (period-end ) Tj ET Q q 0 0 0 rg BT 173.14 696.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 194.94 696.60 Td (T) Tj ET Q q 0 0 0 rg BT 200.35 696.60 Td (o ) Tj ET Q q 0 0 0 rg BT 208.20 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 223.26 696.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 250.54 696.60 Td (these ) Tj ET Q q 0 0 0 rg BT 273.93 696.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.54 696.60 Td (are ) Tj ET Q q 0 0 0 rg BT 329.60 696.60 Td (actively ) Tj ET Q q 0 0 0 rg BT 364.09 696.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 391.93 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 409.21 696.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.27 696.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 499.89 696.60 Td (are ) Tj ET Q q 0 0 0 rg BT 514.94 696.60 Td (not ) Tj ET Q q 0 0 0 rg BT 530.57 696.60 Td (applied, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (they ) Tj ET Q q 0 0 0 rg BT 70.29 684.60 Td (are ) Tj ET Q q 0 0 0 rg BT 86.06 684.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.71 684.60 Td (as ) Tj ET Q q 0 0 0 rg BT 147.61 684.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 173.94 684.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 183.34 684.60 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 245.21 684.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 273.76 684.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 302.33 684.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.66 684.60 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 393.88 684.60 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 423.56 684.60 Td (preferred ) Tj ET Q q 0 0 0 rg BT 463.76 684.60 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 508.42 684.60 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 684.60 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.30 672.60 Td (using ) Tj ET Q q 0 0 0 rg BT 113.56 672.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 142.25 672.60 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 189.00 672.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.47 672.60 Td (observed ) Tj ET Q q 0 0 0 rg BT 254.16 672.60 Td (for ) Tj ET Q q 0 0 0 rg BT 268.41 672.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 303.20 672.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 341.32 672.60 Td (market ) Tj ET Q q 0 0 0 rg BT 371.67 672.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 422.03 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 439.05 672.60 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 524.39 672.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 672.60 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.21 660.60 Td (based ) Tj ET Q q 0 0 0 rg BT 114.48 660.60 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 660.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 172.80 660.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 199.74 660.60 Td (and ) Tj ET Q q 0 0 0 rg BT 216.68 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 231.39 660.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 279.97 660.60 Td (within ) Tj ET Q q 0 0 0 rg BT 308.03 660.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 333.29 660.60 Td (II ) Tj ET Q q 0 0 0 rg BT 342.45 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 353.28 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 660.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 384.37 660.60 Td (value ) Tj ET Q q 0 0 0 rg BT 408.53 660.60 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 445.63 660.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 97.97 636.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.55 636.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.55 636.60 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 636.60 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.27 636.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 231.29 636.60 Td (are ) Tj ET Q q 0 0 0 rg BT 244.76 636.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 272.67 636.60 Td (based ) Tj ET Q q 0 0 0 rg BT 296.69 636.60 Td (on ) Tj ET Q q 0 0 0 rg BT 307.95 636.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 352.52 636.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 380.16 636.60 Td (when ) Tj ET Q q 0 0 0 rg BT 403.07 636.60 Td (available. ) Tj ET Q q 0 0 0 rg BT 442.64 636.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 491.98 636.60 Td (, ) Tj ET Q q 0 0 0 rg BT 495.73 636.60 Td (these ) Tj ET Q q 0 0 0 rg BT 517.54 636.60 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 624.60 Td (are ) Tj ET Q q 0 0 0 rg BT 104.47 624.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 153.05 624.60 Td (as ) Tj ET Q q 0 0 0 rg BT 163.88 624.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 189.14 624.60 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 93.22 600.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 114.70 600.60 Td (income ) Tj ET Q q 0 0 0 rg BT 145.63 600.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.00 600.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 600.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.05 600.60 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 217.88 600.60 Td (income ) Tj ET Q q 0 0 0 rg BT 249.37 600.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.18 600.60 Td (include ) Tj ET Q q 0 0 0 rg BT 320.66 600.60 Td (corporate ) Tj ET Q q 0 0 0 rg BT 360.47 600.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 386.41 600.60 Td (which ) Tj ET Q q 0 0 0 rg BT 412.90 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 427.15 600.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 455.86 600.60 Td (based ) Tj ET Q q 0 0 0 rg BT 480.68 600.60 Td (on ) Tj ET Q q 0 0 0 rg BT 492.73 600.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 526.98 600.60 Td (executed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (market ) Tj ET Q q 0 0 0 rg BT 79.09 588.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 128.67 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 138.83 588.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 187.29 588.60 Td (size, ) Tj ET Q q 0 0 0 rg BT 207.16 588.60 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 291.73 588.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.43 588.60 Td (value ) Tj ET Q q 0 0 0 rg BT 330.90 588.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.94 588.60 Td (based ) Tj ET Q q 0 0 0 rg BT 394.53 588.60 Td (on ) Tj ET Q q 0 0 0 rg BT 406.35 588.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 451.49 588.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 480.26 588.60 Td (or ) Tj ET Q q 0 0 0 rg BT 490.41 588.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 518.34 588.60 Td (quotations. ) 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 103.84 576.60 Td (these ) Tj ET Q q 0 0 0 rg BT 126.88 576.60 Td (corporate ) Tj ET Q q 0 0 0 rg BT 167.14 576.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 193.53 576.60 Td (are ) Tj ET Q q 0 0 0 rg BT 208.24 576.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 256.81 576.60 Td (as ) Tj ET Q q 0 0 0 rg BT 267.64 576.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 292.91 576.60 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 552.60 Td (axable ) Tj ET Q q 0 0 0 rg BT 83.16 552.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 125.51 552.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.20 552.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 552.60 Td ( ) Tj ET Q q 0 0 0 rg BT 173.39 552.60 Td (T) Tj ET Q q 0 0 0 rg BT 178.80 552.60 Td (axable ) Tj ET Q q 0 0 0 rg BT 207.25 552.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 249.60 552.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.73 552.60 Td (are ) Tj ET Q q 0 0 0 rg BT 304.29 552.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.31 552.60 Td (using ) Tj ET Q q 0 0 0 rg BT 357.34 552.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 391.90 552.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 429.79 552.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 475.47 552.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 501.70 552.60 Td (or ) Tj ET Q q 0 0 0 rg BT 512.39 552.60 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 552.60 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 93.04 540.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.35 540.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 147.31 540.60 Td (are ) Tj ET Q q 0 0 0 rg BT 161.38 540.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.46 540.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 248.41 540.60 Td (as ) Tj ET Q q 0 0 0 rg BT 258.61 540.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 283.25 540.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 294.28 540.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 325.59 540.60 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 356.35 540.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 387.10 540.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 428.96 540.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.60 540.60 Td (are ) Tj ET Q q 0 0 0 rg BT 482.68 540.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 511.20 540.60 Td (using ) Tj ET Q q 0 0 0 rg BT 534.75 540.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (data ) Tj ET Q q 0 0 0 rg BT 67.88 528.60 Td (for ) Tj ET Q q 0 0 0 rg BT 81.26 528.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 129.62 528.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.10 528.60 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 208.04 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.20 528.60 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 253.13 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 269.29 528.60 Td (management ) Tj ET Q q 0 0 0 rg BT 322.10 528.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 361.59 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 371.09 528.60 Td (infer ) Tj ET Q q 0 0 0 rg BT 391.69 528.60 Td (an ) Tj ET Q q 0 0 0 rg BT 402.85 528.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 450.10 528.60 Td (current ) Tj ET Q q 0 0 0 rg BT 480.14 528.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 501.85 528.60 Td (or ) Tj ET Q q 0 0 0 rg BT 511.90 528.60 Td (other ) Tj ET Q q 0 0 0 rg BT 534.17 528.60 Td (model-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (based ) Tj ET Q q 0 0 0 rg BT 75.33 516.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 115.61 516.60 Td (techniques ) Tj ET Q q 0 0 0 rg BT 161.44 516.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 195.59 516.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 244.19 516.60 Td (by ) Tj ET Q q 0 0 0 rg BT 257.25 516.60 Td (management ) Tj ET Q q 0 0 0 rg BT 311.41 516.60 Td (based ) Tj ET Q q 0 0 0 rg BT 337.24 516.60 Td (on ) Tj ET Q q 0 0 0 rg BT 350.30 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 365.58 516.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 399.74 516.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 427.79 516.60 Td (of ) Tj ET Q q 0 0 0 rg BT 439.19 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 454.47 516.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 498.08 516.60 Td (security ) Tj ET Q q 0 0 0 rg BT 532.80 516.60 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 516.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 88.08 504.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 136.66 504.60 Td (as ) Tj ET Q q 0 0 0 rg BT 147.49 504.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 172.76 504.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 480.60 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 97.04 480.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 138.85 480.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.98 480.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 480.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.66 480.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.07 480.60 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 235.09 480.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 276.89 480.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.46 480.60 Td (are ) Tj ET Q q 0 0 0 rg BT 330.48 480.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 358.95 480.60 Td (using ) Tj ET Q q 0 0 0 rg BT 382.43 480.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 416.44 480.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 453.79 480.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 498.92 480.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 524.60 480.60 Td (or ) Tj ET Q q 0 0 0 rg BT 534.75 480.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (price ) Tj ET Q q 0 0 0 rg BT 72.31 468.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 116.80 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 134.06 468.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 172.97 468.60 Td (are ) Tj ET Q q 0 0 0 rg BT 188.00 468.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.02 468.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 276.93 468.60 Td (as ) Tj ET Q q 0 0 0 rg BT 288.08 468.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 313.67 468.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 325.65 468.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 357.91 468.60 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 389.63 468.60 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 437.43 468.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 480.24 468.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.83 468.60 Td (are ) Tj ET Q q 0 0 0 rg BT 535.86 468.60 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (using ) Tj ET Q q 0 0 0 rg BT 73.45 456.60 Td (market ) Tj ET Q q 0 0 0 rg BT 103.49 456.60 Td (data ) Tj ET Q q 0 0 0 rg BT 122.43 456.60 Td (for ) Tj ET Q q 0 0 0 rg BT 136.37 456.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 185.29 456.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.33 456.60 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 264.83 456.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.55 456.60 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 311.03 456.60 Td (and ) Tj ET Q q 0 0 0 rg BT 327.75 456.60 Td (management ) Tj ET Q q 0 0 0 rg BT 381.12 456.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 421.17 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 431.23 456.60 Td (infer ) Tj ET Q q 0 0 0 rg BT 452.39 456.60 Td (an ) Tj ET Q q 0 0 0 rg BT 464.11 456.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 511.92 456.60 Td (current ) Tj ET Q q 0 0 0 rg BT 542.52 456.60 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (or ) Tj ET Q q 0 0 0 rg BT 61.15 444.60 Td (other ) Tj ET Q q 0 0 0 rg BT 85.03 444.60 Td (model-based ) Tj ET Q q 0 0 0 rg BT 139.44 444.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 179.98 444.60 Td (techniques ) Tj ET Q q 0 0 0 rg BT 226.07 444.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.49 444.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 309.34 444.60 Td (by ) Tj ET Q q 0 0 0 rg BT 322.67 444.60 Td (management ) Tj ET Q q 0 0 0 rg BT 377.08 444.60 Td (based ) Tj ET Q q 0 0 0 rg BT 403.17 444.60 Td (on ) Tj ET Q q 0 0 0 rg BT 416.50 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 444.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 466.46 444.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 494.76 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 506.42 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 444.60 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (security ) Tj ET Q q 0 0 0 rg BT 83.66 432.60 Td (and ) Tj ET Q q 0 0 0 rg BT 100.59 432.60 Td (are ) Tj ET Q q 0 0 0 rg BT 115.30 432.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 153.88 432.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 202.46 432.60 Td (as ) Tj ET Q q 0 0 0 rg BT 213.29 432.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 238.56 432.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 95.12 408.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 137.40 408.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.01 408.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.01 408.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.29 408.60 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 230.90 408.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 273.18 408.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.23 408.60 Td (include ) Tj ET Q q 0 0 0 rg BT 344.94 408.60 Td (auction ) Tj ET Q q 0 0 0 rg BT 376.66 408.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.93 408.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 436.48 408.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 470.97 408.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 488.24 408.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 522.18 408.60 Td (notes, ) Tj ET Q q 0 0 0 rg BT 548.07 408.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (other ) Tj ET Q q 0 0 0 rg BT 71.45 396.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 114.51 396.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 155.90 396.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 197.47 396.60 Td (V) Tj ET Q q 0 0 0 rg BT 203.58 396.60 Td (ariable ) Tj ET Q q 0 0 0 rg BT 232.19 396.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.58 396.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 281.64 396.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 304.15 396.60 Td (and ) Tj ET Q q 0 0 0 rg BT 319.99 396.60 Td (other ) Tj ET Q q 0 0 0 rg BT 341.94 396.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 385.00 396.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 426.40 396.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 465.56 396.60 Td (are ) Tj ET Q q 0 0 0 rg BT 479.17 396.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 507.23 396.60 Td (using ) Tj ET Q q 0 0 0 rg BT 530.31 396.60 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 87.49 384.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 133.27 384.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 159.61 384.60 Td (or ) Tj ET Q q 0 0 0 rg BT 170.40 384.60 Td (market ) Tj ET Q q 0 0 0 rg BT 200.63 384.60 Td (price ) Tj ET Q q 0 0 0 rg BT 223.08 384.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 267.21 384.60 Td (and ) Tj ET Q q 0 0 0 rg BT 284.11 384.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 322.65 384.60 Td (are ) Tj ET Q q 0 0 0 rg BT 337.32 384.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 376.99 384.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.53 384.60 Td (as ) Tj ET Q q 0 0 0 rg BT 436.32 384.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.55 384.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 472.63 384.60 Td (Auction ) Tj ET Q q 0 0 0 rg BT 507.31 384.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.75 384.60 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (with ) Tj ET Q q 0 0 0 rg BT 70.32 372.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.70 372.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 138.64 372.60 Td (are ) Tj ET Q q 0 0 0 rg BT 153.89 372.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 203.02 372.60 Td (as ) Tj ET Q q 0 0 0 rg BT 214.39 372.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 240.20 372.60 Td (III ) Tj ET Q q 0 0 0 rg BT 253.24 372.60 Td (and ) Tj ET Q q 0 0 0 rg BT 270.72 372.60 Td (are ) Tj ET Q q 0 0 0 rg BT 285.97 372.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 315.68 372.60 Td (using ) Tj ET Q q 0 0 0 rg BT 340.39 372.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 386.76 372.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.58 372.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 428.95 372.60 Td (models ) Tj ET Q q 0 0 0 rg BT 460.89 372.60 Td (with ) Tj ET Q q 0 0 0 rg BT 481.71 372.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 538.07 372.60 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 360.60 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 95.88 360.60 Td (Company) Tj ET Q q 0 0 0 rg BT 137.54 360.60 Td (s ) Tj ET Q q 0 0 0 rg BT 143.93 360.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 181.97 360.60 Td (recovery ) Tj ET Q q 0 0 0 rg BT 219.44 360.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 236.93 360.60 Td (on ) Tj ET Q q 0 0 0 rg BT 249.43 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.14 360.60 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 122.84 336.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.42 336.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.42 336.60 Td ( ) Tj ET Q q 0 0 0 rg BT 170.67 336.60 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 243.45 336.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.47 336.60 Td (are ) Tj ET Q q 0 0 0 rg BT 297.93 336.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 326.84 336.60 Td (using ) Tj ET Q q 0 0 0 rg BT 350.77 336.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 396.34 336.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 424.97 336.60 Td (when ) Tj ET Q q 0 0 0 rg BT 448.88 336.60 Td (available. ) Tj ET Q q 0 0 0 rg BT 489.73 336.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 521.42 336.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.10 324.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.15 324.60 Td (are ) Tj ET Q q 0 0 0 rg BT 137.64 324.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 167.58 324.60 Td (using ) Tj ET Q q 0 0 0 rg BT 192.54 324.60 Td (models ) Tj ET Q q 0 0 0 rg BT 224.71 324.60 Td (where ) Tj ET Q q 0 0 0 rg BT 252.42 324.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 280.16 324.60 Td (to ) Tj ET Q q 0 0 0 rg BT 291.22 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 306.72 324.60 Td (model ) Tj ET Q q 0 0 0 rg BT 335.00 324.60 Td (are ) Tj ET Q q 0 0 0 rg BT 350.49 324.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 384.32 324.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.92 324.60 Td (in ) Tj ET Q q 0 0 0 rg BT 441.99 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 457.49 324.60 Td (market, ) Tj ET Q q 0 0 0 rg BT 491.04 324.60 Td (or ) Tj ET Q q 0 0 0 rg BT 502.65 324.60 Td (can ) Tj ET Q q 0 0 0 rg BT 519.81 324.60 Td (be ) Tj ET Q q 0 0 0 rg BT 532.54 324.60 Td (derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 95.22 312.60 Td (from ) Tj ET Q q 0 0 0 rg BT 117.06 312.60 Td (or ) Tj ET Q q 0 0 0 rg BT 127.79 312.60 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 181.28 312.60 Td (by ) Tj ET Q q 0 0 0 rg BT 193.68 312.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 239.40 312.60 Td (market ) Tj ET Q q 0 0 0 rg BT 269.56 312.60 Td (data. ) Tj ET Q q 0 0 0 rg BT 290.94 312.60 Td (These ) Tj ET Q q 0 0 0 rg BT 317.22 312.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 389.03 312.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.20 312.60 Td (are ) Tj ET Q q 0 0 0 rg BT 443.81 312.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 492.29 312.60 Td (as ) Tj ET Q q 0 0 0 rg BT 503.02 312.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 528.18 312.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 539.75 312.60 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 122.70 300.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 166.76 300.60 Td (which ) Tj ET Q q 0 0 0 rg BT 194.99 300.60 Td (are ) Tj ET Q q 0 0 0 rg BT 210.99 300.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 258.10 300.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 315.75 300.60 Td (by ) Tj ET Q q 0 0 0 rg BT 329.54 300.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 374.99 300.60 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 422.93 300.60 Td (have ) Tj ET Q q 0 0 0 rg BT 445.60 300.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 497.70 300.60 Td (low ) Tj ET Q q 0 0 0 rg BT 516.49 300.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 554.17 300.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 86.84 288.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 136.41 288.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 173.21 288.60 Td (in ) Tj ET Q q 0 0 0 rg BT 182.80 288.60 Td (less ) Tj ET Q q 0 0 0 rg BT 199.60 288.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 244.72 288.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 290.40 288.60 Td (data. ) Tj ET Q q 0 0 0 rg BT 311.37 288.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 342.61 288.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 413.82 288.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 453.39 288.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 509.05 288.60 Td (by ) Tj ET Q q 0 0 0 rg BT 520.86 288.60 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 93.17 276.60 Td (are ) Tj ET Q q 0 0 0 rg BT 107.39 276.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 136.06 276.60 Td (using ) Tj ET Q q 0 0 0 rg BT 159.75 276.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.53 276.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 199.88 276.60 Td (models ) Tj ET Q q 0 0 0 rg BT 230.78 276.60 Td (that ) Tj ET Q q 0 0 0 rg BT 247.79 276.60 Td (utilize ) Tj ET Q q 0 0 0 rg BT 274.80 276.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 330.13 276.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 356.59 276.60 Td (including ) Tj ET Q q 0 0 0 rg BT 396.38 276.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 421.16 276.60 Td (default ) Tj ET Q q 0 0 0 rg BT 450.94 276.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 474.33 276.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 523.55 276.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 546.94 276.60 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (severity ) Tj ET Q q 0 0 0 rg BT 84.05 264.60 Td (and ) Tj ET Q q 0 0 0 rg BT 101.39 264.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 141.50 264.60 Td (yields. ) Tj ET Q q 0 0 0 rg BT 170.14 264.60 Td (As ) Tj ET Q q 0 0 0 rg BT 184.15 264.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 224.82 264.60 Td (is ) Tj ET Q q 0 0 0 rg BT 234.39 264.60 Td (used ) Tj ET Q q 0 0 0 rg BT 255.62 264.60 Td (to ) Tj ET Q q 0 0 0 rg BT 266.29 264.60 Td (determine ) Tj ET Q q 0 0 0 rg BT 309.17 264.60 Td (the ) Tj ET Q q 0 0 0 rg BT 324.28 264.60 Td (range ) Tj ET Q q 0 0 0 rg BT 349.39 264.60 Td (of ) Tj ET Q q 0 0 0 rg BT 360.61 264.60 Td (these ) Tj ET Q q 0 0 0 rg BT 384.06 264.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 413.90 264.60 Td (these ) Tj ET Q q 0 0 0 rg BT 437.35 264.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 509.65 264.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 264.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 98.08 252.60 Td (as ) Tj ET Q q 0 0 0 rg BT 108.91 252.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 134.17 252.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.05 228.60 Td (government ) Tj ET Q q 0 0 0 rg BT 118.59 228.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 149.23 228.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.89 228.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 197.21 228.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 217.33 228.60 Td (government ) Tj ET Q q 0 0 0 rg BT 267.42 228.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 298.06 228.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.16 228.60 Td (include ) Tj ET Q q 0 0 0 rg BT 369.92 228.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 400.56 228.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.11 228.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 446.33 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 463.10 228.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.19 228.60 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 531.40 228.60 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.63 216.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 96.43 216.60 Td (are ) Tj ET Q q 0 0 0 rg BT 111.55 216.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.11 216.60 Td (by ) Tj ET Q q 0 0 0 rg BT 154.02 216.60 Td (using ) Tj ET Q q 0 0 0 rg BT 178.60 216.60 Td (either ) Tj ET Q q 0 0 0 rg BT 204.28 216.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 229.95 216.60 Td (price ) Tj ET Q q 0 0 0 rg BT 252.84 216.60 Td (quotes ) Tj ET Q q 0 0 0 rg BT 281.86 216.60 Td (or ) Tj ET Q q 0 0 0 rg BT 293.10 216.60 Td (price ) Tj ET Q q 0 0 0 rg BT 316.00 216.60 Td (quotes ) Tj ET Q q 0 0 0 rg BT 345.02 216.60 Td (for ) Tj ET Q q 0 0 0 rg BT 359.59 216.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 409.14 216.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 432.05 216.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.72 216.60 Td (and ) Tj ET Q q 0 0 0 rg BT 490.07 216.60 Td (are ) Tj ET Q q 0 0 0 rg BT 505.19 216.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 554.18 216.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.22 204.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 85.33 204.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.16 204.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.00 204.60 Td (include ) Tj ET Q q 0 0 0 rg BT 183.39 204.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 209.24 204.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 241.73 204.60 Td (by ) Tj ET Q q 0 0 0 rg BT 253.68 204.60 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 299.79 204.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.50 204.60 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 393.12 204.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 435.33 204.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 465.60 204.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 521.41 204.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.97 192.60 Td (\("CMO"\) ) Tj ET Q q 0 0 0 rg BT 131.50 192.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.19 192.60 Td (and ) Tj ET Q q 0 0 0 rg BT 187.55 192.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 217.78 192.60 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 270.25 192.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 312.43 192.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 353.23 192.60 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 406.81 192.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 449.00 192.60 Td (CMO ) Tj ET Q q 0 0 0 rg BT 473.70 192.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.39 192.60 Td (and ) Tj ET Q q 0 0 0 rg BT 529.75 192.60 Td (interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.60 Td (only ) Tj ET Q q 0 0 0 rg BT 70.10 180.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.68 180.60 Td (are ) Tj ET Q q 0 0 0 rg BT 125.70 180.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 155.17 180.60 Td (using ) Tj ET Q q 0 0 0 rg BT 179.66 180.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 214.68 180.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 253.03 180.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 299.16 180.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 325.86 180.60 Td (or ) Tj ET Q q 0 0 0 rg BT 337.00 180.60 Td (other ) Tj ET Q q 0 0 0 rg BT 360.37 180.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 406.50 180.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.27 180.60 Td (such ) Tj ET Q q 0 0 0 rg BT 457.42 180.60 Td (as ) Tj ET Q q 0 0 0 rg BT 468.56 180.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 518.58 180.60 Td (speeds ) Tj ET Q q 0 0 0 rg BT 548.06 180.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 87.89 168.60 Td (are ) Tj ET Q q 0 0 0 rg BT 102.41 168.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 141.92 168.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 190.31 168.60 Td (as ) Tj ET Q q 0 0 0 rg BT 200.95 168.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 226.02 168.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 237.49 168.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 278.67 168.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 304.87 168.60 Td (are ) Tj ET Q q 0 0 0 rg BT 319.39 168.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 348.35 168.60 Td (using ) Tj ET Q q 0 0 0 rg BT 372.33 168.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 417.95 168.60 Td (market ) Tj ET Q q 0 0 0 rg BT 448.03 168.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 477.28 168.60 Td (such ) Tj ET Q q 0 0 0 rg BT 497.92 168.60 Td (as ) Tj ET Q q 0 0 0 rg BT 508.56 168.60 Td (market ) Tj ET Q q 0 0 0 rg BT 538.63 168.60 Td (yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.60 Td (ranging ) Tj ET Q q 0 0 0 rg BT 81.89 156.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.17 156.60 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.17 156.60 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 156.60 Td (573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 138.35 156.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 160.19 156.60 Td (points ) Tj ET Q q 0 0 0 rg BT 186.48 156.60 Td (\("bps"\) ) Tj ET Q q 0 0 0 rg BT 217.04 156.60 Td (on ) Tj ET Q q 0 0 0 rg BT 228.88 156.60 Td (spreads ) Tj ET Q q 0 0 0 rg BT 260.72 156.60 Td (over ) Tj ET Q q 0 0 0 rg BT 280.33 156.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 299.95 156.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 334.00 156.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 376.11 156.60 Td (or ) Tj ET Q q 0 0 0 rg BT 386.28 156.60 Td (models ) Tj ET Q q 0 0 0 rg BT 417.01 156.60 Td (based ) Tj ET Q q 0 0 0 rg BT 441.63 156.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.47 156.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 512.52 156.60 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (ranging ) Tj ET Q q 0 0 0 rg BT 82.55 144.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 144.60 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.82 144.60 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.15 144.60 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 141.98 144.60 Td (conditional ) Tj ET Q q 0 0 0 rg BT 189.47 144.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 239.17 144.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 256.65 144.60 Td (\("CPR"\). ) Tj ET Q q 0 0 0 rg BT 295.20 144.60 Td (These ) Tj ET Q q 0 0 0 rg BT 321.58 144.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 361.84 144.60 Td (are ) Tj ET Q q 0 0 0 rg BT 376.55 144.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.13 144.60 Td (as ) Tj ET Q q 0 0 0 rg BT 435.96 144.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.22 144.60 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 68.93 120.60 Td (government ) Tj ET Q q 0 0 0 rg BT 118.35 120.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.88 120.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 120.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.09 120.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 186.08 120.60 Td (government ) Tj ET Q q 0 0 0 rg BT 236.06 120.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.03 120.60 Td (include ) Tj ET Q q 0 0 0 rg BT 307.67 120.60 Td (highly ) Tj ET Q q 0 0 0 rg BT 335.44 120.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 360.98 120.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 380.98 120.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 415.39 120.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.37 120.60 Td (which ) Tj ET Q q 0 0 0 rg BT 482.01 120.60 Td (are ) Tj ET Q q 0 0 0 rg BT 496.43 120.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 535.84 120.60 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (using ) Tj ET Q q 0 0 0 rg BT 73.88 108.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 103.80 108.60 Td (market ) Tj ET Q q 0 0 0 rg BT 134.27 108.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 160.86 108.60 Td (and ) Tj ET Q q 0 0 0 rg BT 178.00 108.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 216.79 108.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 265.58 108.60 Td (as ) Tj ET Q q 0 0 0 rg BT 276.62 108.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 302.09 108.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 310.43 108.60 Td (The ) Tj ET Q q 0 0 0 rg BT 328.69 108.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.28 108.60 Td (does ) Tj ET Q q 0 0 0 rg BT 391.32 108.60 Td (not ) Tj ET Q q 0 0 0 rg BT 406.80 108.60 Td (transact ) Tj ET Q q 0 0 0 rg BT 440.61 108.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.09 108.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 491.56 108.60 Td (of ) Tj ET Q q 0 0 0 rg BT 502.60 108.60 Td (countries ) Tj ET Q q 0 0 0 rg BT 541.96 108.60 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.60 Td (than ) Tj ET Q q 0 0 0 rg BT 69.22 96.60 Td (the ) Tj ET Q q 0 0 0 rg BT 83.93 96.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.22 96.60 Td (government.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 97.53 708.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.53 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 104.47 708.60 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 148.60 708.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 186.63 708.60 Td (include ) Tj ET Q q 0 0 0 rg BT 218.00 708.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 249.37 708.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 266.29 708.60 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 295.17 708.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 326.54 708.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 343.46 708.60 Td (locks, ) Tj ET Q q 0 0 0 rg BT 369.01 708.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 393.71 708.60 Td (default ) Tj ET Q q 0 0 0 rg BT 423.41 708.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 445.90 708.60 Td (index ) Tj ET Q q 0 0 0 rg BT 470.05 708.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 510.58 708.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 530.30 708.60 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.00 696.60 Td (futures ) Tj ET Q q 0 0 0 rg BT 102.27 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.21 696.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.71 696.60 Td (option ) Tj ET Q q 0 0 0 rg BT 174.77 696.60 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 215.68 696.60 Td (These ) Tj ET Q q 0 0 0 rg BT 242.06 696.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 291.23 696.60 Td (derive ) Tj ET Q q 0 0 0 rg BT 318.71 696.60 Td (their ) Tj ET Q q 0 0 0 rg BT 339.54 696.60 Td (value ) Tj ET Q q 0 0 0 rg BT 363.70 696.60 Td (from ) Tj ET Q q 0 0 0 rg BT 385.64 696.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 431.46 696.60 Td (assets, ) Tj ET Q q 0 0 0 rg BT 459.79 696.60 Td (reference ) Tj ET Q q 0 0 0 rg BT 499.48 696.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 523.36 696.60 Td (indices ) Tj ET Q q 0 0 0 rg BT 554.18 696.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (a ) Tj ET Q q 0 0 0 rg BT 57.22 684.60 Td (combination ) Tj ET Q q 0 0 0 rg BT 110.50 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 122.11 684.60 Td (these ) Tj ET Q q 0 0 0 rg BT 145.94 684.60 Td (factors. ) Tj ET Q q 0 0 0 rg BT 178.69 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 197.52 684.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 245.39 684.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 273.67 684.60 Td (option ) Tj ET Q q 0 0 0 rg BT 302.51 684.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 345.77 684.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 385.15 684.60 Td (are ) Tj ET Q q 0 0 0 rg BT 400.64 684.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 430.58 684.60 Td (based ) Tj ET Q q 0 0 0 rg BT 456.63 684.60 Td (on ) Tj ET Q q 0 0 0 rg BT 469.91 684.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 500.42 684.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 527.58 684.60 Td (from ) Tj ET Q q 0 0 0 rg BT 550.30 684.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 89.50 672.60 Td (for ) Tj ET Q q 0 0 0 rg BT 103.40 672.60 Td (identical ) Tj ET Q q 0 0 0 rg BT 140.08 672.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.65 672.60 Td (or ) Tj ET Q q 0 0 0 rg BT 176.23 672.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.69 672.60 Td (as ) Tj ET Q q 0 0 0 rg BT 226.27 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 236.84 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.30 672.60 Td (period-end ) Tj ET Q q 0 0 0 rg BT 296.86 672.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 318.10 672.60 Td (T) Tj ET Q q 0 0 0 rg BT 323.51 672.60 Td (o ) Tj ET Q q 0 0 0 rg BT 330.76 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.22 672.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 371.90 672.60 Td (these ) Tj ET Q q 0 0 0 rg BT 394.69 672.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 433.03 672.60 Td (are ) Tj ET Q q 0 0 0 rg BT 447.48 672.60 Td (actively ) Tj ET Q q 0 0 0 rg BT 481.38 672.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 508.61 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 672.60 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 99.64 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 114.22 660.60 Td (not ) Tj ET Q q 0 0 0 rg BT 129.37 660.60 Td (applied, ) Tj ET Q q 0 0 0 rg BT 163.67 660.60 Td (they ) Tj ET Q q 0 0 0 rg BT 183.26 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 197.84 660.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 246.29 660.60 Td (as ) Tj ET Q q 0 0 0 rg BT 256.99 660.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 282.12 660.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 290.15 660.60 Td (The ) Tj ET Q q 0 0 0 rg BT 308.07 660.60 Td (Company) Tj ET Q q 0 0 0 rg BT 349.74 660.60 Td (s ) Tj ET Q q 0 0 0 rg BT 356.00 660.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 381.13 660.60 Td (default ) Tj ET Q q 0 0 0 rg BT 411.27 660.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 434.19 660.60 Td (index ) Tj ET Q q 0 0 0 rg BT 458.78 660.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 497.24 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 511.82 660.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 540.84 660.60 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (market ) Tj ET Q q 0 0 0 rg BT 79.64 648.60 Td (price ) Tj ET Q q 0 0 0 rg BT 102.00 648.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 146.05 648.60 Td (and ) Tj ET Q q 0 0 0 rg BT 162.86 648.60 Td (are ) Tj ET Q q 0 0 0 rg BT 177.45 648.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 217.59 648.60 Td (as ) Tj ET Q q 0 0 0 rg BT 228.30 648.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 253.44 648.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 264.81 648.60 Td (The ) Tj ET Q q 0 0 0 rg BT 282.73 648.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 318.99 648.60 Td (of ) Tj ET Q q 0 0 0 rg BT 329.70 648.60 Td (the ) Tj ET Q q 0 0 0 rg BT 344.29 648.60 Td (Company) Tj ET Q q 0 0 0 rg BT 385.96 648.60 Td (s ) Tj ET Q q 0 0 0 rg BT 392.23 648.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 424.04 648.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 441.40 648.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 483.76 648.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 524.73 648.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (both ) Tj ET Q q 0 0 0 rg BT 69.51 636.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.17 636.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 118.39 636.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 145.06 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 161.73 636.60 Td (interestrate ) Tj ET Q q 0 0 0 rg BT 210.88 636.60 Td (locks,arevalued ) Tj ET Q q 0 0 0 rg BT 280.58 636.60 Td (using ) Tj ET Q q 0 0 0 rg BT 304.48 636.60 Td (marketstandard ) Tj ET Q q 0 0 0 rg BT 370.85 636.60 Td (pricingmodels ) Tj ET Q q 0 0 0 rg BT 432.80 636.60 Td (basedon ) Tj ET Q q 0 0 0 rg BT 470.29 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 484.74 636.60 Td (net ) Tj ET Q q 0 0 0 rg BT 499.19 636.60 Td (present ) Tj ET Q q 0 0 0 rg BT 530.30 636.60 Td (value ) Tj ET Q q 0 0 0 rg BT 554.18 636.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.71 624.60 Td (future ) Tj ET Q q 0 0 0 rg BT 117.47 624.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.12 624.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 165.52 624.60 Td (The ) Tj ET Q q 0 0 0 rg BT 183.95 624.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 224.05 624.60 Td (models ) Tj ET Q q 0 0 0 rg BT 255.82 624.60 Td (used ) Tj ET Q q 0 0 0 rg BT 277.04 624.60 Td (do ) Tj ET Q q 0 0 0 rg BT 289.93 624.60 Td (not ) Tj ET Q q 0 0 0 rg BT 305.59 624.60 Td (involve ) Tj ET Q q 0 0 0 rg BT 338.47 624.60 Td (material ) Tj ET Q q 0 0 0 rg BT 374.12 624.60 Td (subjectivity ) Tj ET Q q 0 0 0 rg BT 423.66 624.60 Td (as ) Tj ET Q q 0 0 0 rg BT 434.88 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 449.98 624.60 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 511.75 624.60 Td (do ) Tj ET Q q 0 0 0 rg BT 524.63 624.60 Td (not ) Tj ET Q q 0 0 0 rg BT 540.30 624.60 Td (entail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.14 612.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 136.34 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 154.20 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.85 612.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 201.60 612.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 229.47 612.60 Td (are ) Tj ET Q q 0 0 0 rg BT 245.11 612.60 Td (market ) Tj ET Q q 0 0 0 rg BT 276.30 612.60 Td (observable, ) Tj ET Q q 0 0 0 rg BT 325.54 612.60 Td (including ) Tj ET Q q 0 0 0 rg BT 366.74 612.60 Td (contractual ) Tj ET Q q 0 0 0 rg BT 414.59 612.60 Td (terms, ) Tj ET Q q 0 0 0 rg BT 442.73 612.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 466.15 612.60 Td (curves ) Tj ET Q q 0 0 0 rg BT 495.68 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 513.54 612.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 554.18 612.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 84.96 600.60 Td (. ) Tj ET Q q 0 0 0 rg BT 90.16 600.60 Td (These ) Tj ET Q q 0 0 0 rg BT 116.94 600.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 166.51 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 181.63 600.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 222.30 600.60 Td (as ) Tj ET Q q 0 0 0 rg BT 233.54 600.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 259.21 600.60 Td (II ) Tj ET Q q 0 0 0 rg BT 268.78 600.60 Td (within ) Tj ET Q q 0 0 0 rg BT 297.24 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.37 600.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 329.15 600.60 Td (value ) Tj ET Q q 0 0 0 rg BT 353.71 600.60 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 390.82 600.60 Td (. ) Tj ET Q q 0 0 0 rg BT 396.23 600.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 428.57 600.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.91 600.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 478.80 600.60 Td (locks ) Tj ET Q q 0 0 0 rg BT 502.82 600.60 Td (transact ) Tj ET Q q 0 0 0 rg BT 536.82 600.60 Td (in ) Tj ET Q q 0 0 0 rg BT 547.51 600.60 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (active ) Tj ET Q q 0 0 0 rg BT 76.73 588.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 111.74 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.54 588.60 Td (were ) Tj ET Q q 0 0 0 rg BT 152.32 588.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 182.33 588.60 Td (using ) Tj ET Q q 0 0 0 rg BT 207.36 588.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 247.93 588.60 Td (models ) Tj ET Q q 0 0 0 rg BT 280.17 588.60 Td (that ) Tj ET Q q 0 0 0 rg BT 298.53 588.60 Td (included ) Tj ET Q q 0 0 0 rg BT 336.32 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 351.89 588.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 397.46 588.60 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 443.03 588.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 489.71 588.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 517.51 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 535.31 588.60 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 104.54 576.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 130.72 576.60 Td (that ) Tj ET Q q 0 0 0 rg BT 147.44 576.60 Td (required ) Tj ET Q q 0 0 0 rg BT 182.49 576.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 226.43 576.60 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 268.43 576.60 Td (such ) Tj ET Q q 0 0 0 rg BT 288.49 576.60 Td (as ) Tj ET Q q 0 0 0 rg BT 298.55 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.49 576.60 Td (premium ) Tj ET Q q 0 0 0 rg BT 350.33 576.60 Td (over ) Tj ET Q q 0 0 0 rg BT 369.82 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 383.77 576.60 Td (MMD ) Tj ET Q q 0 0 0 rg BT 410.50 576.60 Td (curve. ) Tj ET Q q 0 0 0 rg BT 436.81 576.60 Td (These ) Tj ET Q q 0 0 0 rg BT 462.42 576.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.81 576.60 Td (are ) Tj ET Q q 0 0 0 rg BT 524.75 576.60 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 564.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 85.59 564.60 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 516.60 Td (Company) Tj ET Q q 0 0 0 rg BT 109.42 516.60 Td (s ) Tj ET Q q 0 0 0 rg BT 116.02 516.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 166.50 516.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 195.87 516.60 Td (at ) Tj ET Q q 0 0 0 rg BT 205.79 516.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.38 516.60 Td (value ) Tj ET Q q 0 0 0 rg BT 246.74 516.60 Td (include ) Tj ET Q q 0 0 0 rg BT 278.89 516.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.59 516.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.07 516.60 Td (in ) Tj ET Q q 0 0 0 rg BT 367.56 516.60 Td (private ) Tj ET Q q 0 0 0 rg BT 398.03 516.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 443.51 516.60 Td (and ) Tj ET Q q 0 0 0 rg BT 460.65 516.60 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 514.74 516.60 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.56 504.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 101.26 504.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.31 504.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 158.31 504.60 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.02 504.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.62 504.60 Td (public ) Tj ET Q q 0 0 0 rg BT 232.90 504.60 Td (and ) Tj ET Q q 0 0 0 rg BT 249.61 504.60 Td (private ) Tj ET Q q 0 0 0 rg BT 279.65 504.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 324.70 504.60 Td (and ) Tj ET Q q 0 0 0 rg BT 341.41 504.60 Td (private ) Tj ET Q q 0 0 0 rg BT 371.45 504.60 Td (company ) Tj ET Q q 0 0 0 rg BT 410.39 504.60 Td (debt. ) Tj ET Q q 0 0 0 rg BT 432.38 504.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 482.98 504.60 Td (in ) Tj ET Q q 0 0 0 rg BT 493.04 504.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 534.74 504.60 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.87 492.60 Td (are ) Tj ET Q q 0 0 0 rg BT 90.23 492.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 120.03 492.60 Td (based ) Tj ET Q q 0 0 0 rg BT 145.95 492.60 Td (on ) Tj ET Q q 0 0 0 rg BT 159.10 492.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 189.47 492.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 216.49 492.60 Td (on ) Tj ET Q q 0 0 0 rg BT 229.64 492.60 Td (active ) Tj ET Q q 0 0 0 rg BT 256.66 492.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 291.47 492.60 Td (and ) Tj ET Q q 0 0 0 rg BT 309.06 492.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 349.97 492.60 Td (as ) Tj ET Q q 0 0 0 rg BT 361.45 492.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 387.36 492.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 396.34 492.60 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 468.37 492.60 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 508.45 492.60 Td (which ) Tj ET Q q 0 0 0 rg BT 536.03 492.60 Td (have ) Tj ET Q q 0 0 0 rg BT 558.06 492.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (cashless ) Tj ET Q q 0 0 0 rg BT 85.50 480.60 Td (exercise ) Tj ET Q q 0 0 0 rg BT 121.48 480.60 Td (option, ) Tj ET Q q 0 0 0 rg BT 152.76 480.60 Td (are ) Tj ET Q q 0 0 0 rg BT 168.19 480.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 198.07 480.60 Td (based ) Tj ET Q q 0 0 0 rg BT 224.07 480.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.30 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.74 480.60 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 323.73 480.60 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 384.17 480.60 Td (model ) Tj ET Q q 0 0 0 rg BT 412.39 480.60 Td (and ) Tj ET Q q 0 0 0 rg BT 430.05 480.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.48 480.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 517.03 480.60 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 546.97 480.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 89.90 468.60 Td (applies ) Tj ET Q q 0 0 0 rg BT 119.75 468.60 Td (a ) Tj ET Q q 0 0 0 rg BT 125.70 468.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 161.11 468.60 Td (discount ) Tj ET Q q 0 0 0 rg BT 196.52 468.60 Td (to ) Tj ET Q q 0 0 0 rg BT 205.81 468.60 Td (the ) Tj ET Q q 0 0 0 rg BT 219.55 468.60 Td (value ) Tj ET Q q 0 0 0 rg BT 242.72 468.60 Td (of ) Tj ET Q q 0 0 0 rg BT 252.57 468.60 Td (its ) Tj ET Q q 0 0 0 rg BT 263.53 468.60 Td (warrants ) Tj ET Q q 0 0 0 rg BT 299.48 468.60 Td (in ) Tj ET Q q 0 0 0 rg BT 308.78 468.60 Td (public ) Tj ET Q q 0 0 0 rg BT 335.29 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 351.24 468.60 Td (private ) Tj ET Q q 0 0 0 rg BT 380.53 468.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 427.31 468.60 Td (For ) Tj ET Q q 0 0 0 rg BT 442.72 468.60 Td (warrants ) Tj ET Q q 0 0 0 rg BT 478.66 468.60 Td (in ) Tj ET Q q 0 0 0 rg BT 487.96 468.60 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 468.60 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.42 456.60 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 142.40 456.60 Td (based ) Tj ET Q q 0 0 0 rg BT 167.87 456.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 190.58 456.60 Td (management) Tj ET Q q 0 0 0 rg BT 244.45 456.60 Td (s ) Tj ET Q q 0 0 0 rg BT 251.05 456.60 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 294.03 456.60 Td (are ) Tj ET Q q 0 0 0 rg BT 308.94 456.60 Td (made ) Tj ET Q q 0 0 0 rg BT 333.30 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 343.79 456.60 Td (account ) Tj ET Q q 0 0 0 rg BT 377.59 456.60 Td (for ) Tj ET Q q 0 0 0 rg BT 391.95 456.60 Td (dif) Tj ET Q q 0 0 0 rg BT 402.88 456.60 Td (ferences ) Tj ET Q q 0 0 0 rg BT 438.89 456.60 Td (between ) Tj ET Q q 0 0 0 rg BT 474.91 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 489.84 456.60 Td (measured ) Tj ET Q q 0 0 0 rg BT 530.86 456.60 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.86 444.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 104.32 444.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 142.78 444.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 172.33 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 444.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 232.01 444.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 279.62 444.60 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 350.85 444.60 Td (warrants ) Tj ET Q q 0 0 0 rg BT 387.63 444.60 Td (are ) Tj ET Q q 0 0 0 rg BT 402.19 444.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 437.85 444.60 Td (as ) Tj ET Q q 0 0 0 rg BT 448.54 444.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 473.65 444.60 Td (III ) Tj ET Q q 0 0 0 rg BT 485.99 444.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 514.17 444.60 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.71 432.60 Td (private ) Tj ET Q q 0 0 0 rg BT 89.91 432.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 135.11 432.60 Td (are ) Tj ET Q q 0 0 0 rg BT 149.75 432.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 178.84 432.60 Td (based ) Tj ET Q q 0 0 0 rg BT 204.04 432.60 Td (on ) Tj ET Q q 0 0 0 rg BT 216.48 432.60 Td (an ) Tj ET Q q 0 0 0 rg BT 228.35 432.60 Td (assessment ) Tj ET Q q 0 0 0 rg BT 275.22 432.60 Td (of ) Tj ET Q q 0 0 0 rg BT 285.98 432.60 Td (each ) Tj ET Q q 0 0 0 rg BT 306.73 432.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 352.49 432.60 Td (security) Tj ET Q q 0 0 0 rg BT 383.50 432.60 Td (, ) Tj ET Q q 0 0 0 rg BT 388.43 432.60 Td (considering ) Tj ET Q q 0 0 0 rg BT 437.52 432.60 Td (rounds ) Tj ET Q q 0 0 0 rg BT 467.18 432.60 Td (of ) Tj ET Q q 0 0 0 rg BT 477.94 432.60 Td (financing, ) Tj ET Q q 0 0 0 rg BT 520.64 432.60 Td (third ) Tj ET Q q 0 0 0 rg BT 541.96 432.60 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.97 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.12 420.60 Td (market-based ) Tj ET Q q 0 0 0 rg BT 176.70 420.60 Td (information, ) Tj ET Q q 0 0 0 rg BT 230.12 420.60 Td (including ) Tj ET Q q 0 0 0 rg BT 271.60 420.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 321.96 420.60 Td (company ) Tj ET Q q 0 0 0 rg BT 362.32 420.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 416.30 420.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 448.33 420.60 Td (multiples ) Tj ET Q q 0 0 0 rg BT 489.27 420.60 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 513.25 420.60 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.18 420.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.87 408.60 Td (and ) Tj ET Q q 0 0 0 rg BT 101.03 408.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 137.63 408.60 Td (before ) Tj ET Q q 0 0 0 rg BT 165.89 408.60 Td (interest, ) Tj ET Q q 0 0 0 rg BT 200.55 408.60 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 226.32 408.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 278.46 408.60 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 408.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 348.89 408.60 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 406.42 408.60 Td (and ) Tj ET Q q 0 0 0 rg BT 423.59 408.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 458.52 408.60 Td (in ) Tj ET Q q 0 0 0 rg BT 469.02 408.60 Td (market ) Tj ET Q q 0 0 0 rg BT 499.51 408.60 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 535.29 408.60 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 396.60 Td (factors. ) Tj ET Q q 0 0 0 rg BT 104.57 396.60 Td (These ) Tj ET Q q 0 0 0 rg BT 130.95 396.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.21 396.60 Td (are ) Tj ET Q q 0 0 0 rg BT 185.92 396.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 225.62 396.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 274.20 396.60 Td (as ) Tj ET Q q 0 0 0 rg BT 285.03 396.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 310.30 396.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.62 372.60 Td (V) Tj ET Q q 0 0 0 rg BT 74.62 372.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.18 372.60 Td (Option ) Tj ET Q q 0 0 0 rg BT 124.30 372.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.30 372.60 Td ( ) Tj ET Q q 0 0 0 rg BT 131.48 372.60 Td (The ) Tj ET Q q 0 0 0 rg BT 149.37 372.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.59 372.60 Td (value ) Tj ET Q q 0 0 0 rg BT 189.59 372.60 Td (option ) Tj ET Q q 0 0 0 rg BT 217.49 372.60 Td (permits ) Tj ET Q q 0 0 0 rg BT 249.83 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 372.60 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 311.70 372.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.92 372.60 Td (value ) Tj ET Q q 0 0 0 rg BT 351.92 372.60 Td (option ) Tj ET Q q 0 0 0 rg BT 379.82 372.60 Td (election ) Tj ET Q q 0 0 0 rg BT 413.82 372.60 Td (on ) Tj ET Q q 0 0 0 rg BT 426.16 372.60 Td (an ) Tj ET Q q 0 0 0 rg BT 437.94 372.60 Td (instrument-by-instrument ) Tj ET Q q 0 0 0 rg BT 542.49 372.60 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (at ) Tj ET Q q 0 0 0 rg BT 59.30 360.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 85.21 360.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 133.33 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 360.60 Td (an ) Tj ET Q q 0 0 0 rg BT 156.26 360.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.28 360.60 Td (or ) Tj ET Q q 0 0 0 rg BT 189.19 360.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 222.88 360.60 Td (or ) Tj ET Q q 0 0 0 rg BT 233.79 360.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 256.37 360.60 Td (an ) Tj ET Q q 0 0 0 rg BT 268.39 360.60 Td (event ) Tj ET Q q 0 0 0 rg BT 292.63 360.60 Td (that ) Tj ET Q q 0 0 0 rg BT 310.20 360.60 Td (gives ) Tj ET Q q 0 0 0 rg BT 333.89 360.60 Td (rise ) Tj ET Q q 0 0 0 rg BT 350.91 360.60 Td (to ) Tj ET Q q 0 0 0 rg BT 361.27 360.60 Td (a ) Tj ET Q q 0 0 0 rg BT 368.29 360.60 Td (new ) Tj ET Q q 0 0 0 rg BT 387.53 360.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 410.11 360.60 Td (of ) 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(Unobservable Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.35 664.83 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 664.83 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 652.83 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.67 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 630.72 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 618.72 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 598.77 Td (Tax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 598.77 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 606.67 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 596.72 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 598.77 Td (5 - 60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 598.77 Td (19.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 584.67 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 584.67 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 584.67 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 574.72 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 576.77 Td (66 - 94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 576.77 Td (91.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 562.72 Td (Mortgage-backed securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 550.67 Td (Collateralized by residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 540.72 Td (mortgages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 542.77 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 542.77 Td (Credit default rates \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 542.77 Td (0 - 6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 542.77 Td (0.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 528.72 Td (Prepayment rates \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 528.72 Td (1 - 35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 528.72 Td (17.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 516.72 Td (Loss severity \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 516.72 Td (0 - 100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 516.72 Td (21.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 504.72 Td (Valuation yields \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 504.72 Td (0 - 7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 504.72 Td (4.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 492.72 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 480.72 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 480.72 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 480.72 Td (Premium over the MMD curve \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 480.72 Td (2 - 5 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 480.72 Td (3.4 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 468.72 Td (Investments at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 456.67 Td (Equity securities in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 446.72 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 448.77 Td (Market approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 448.77 Td (Revenue multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.75 448.77 Td (2 - 5 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 448.77 Td (4.1 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 434.72 Td (EBITDA multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 434.72 Td (10 - 15 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 434.72 Td (12.2 times) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 410.83 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 397.77 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 387.77 Td (inventory positions sold, but) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 377.77 Td (not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 363.72 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 351.72 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 351.72 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 351.72 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 351.72 Td (1 - 49 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 351.72 Td (13.3 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 335.80 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 88.74 335.80 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 335.80 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 335.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.49 335.80 Td (value ) Tj ET Q q 0 0 0 rg BT 148.23 335.80 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 335.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.22 335.80 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 335.80 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.21 335.80 Td (inputs:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 320.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 320.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 320.80 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 320.80 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 320.80 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 320.80 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 320.80 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 320.80 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 320.80 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 320.80 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 320.80 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 320.80 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 320.80 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 320.80 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 320.80 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 320.80 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 320.80 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 320.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 320.80 Td (lower/\(higher\) ) Tj ET Q q 0 0 0 rg BT 476.46 320.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 320.80 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 320.80 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 320.80 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 305.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 305.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 305.80 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 305.80 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 305.80 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 305.80 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 305.80 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 305.80 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 305.80 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 305.80 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 305.80 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 305.80 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 305.80 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 305.80 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 305.80 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 305.80 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 305.80 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 305.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 305.80 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 476.46 305.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 305.80 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 305.80 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 305.80 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 290.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 290.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 290.80 Td (Significant ) Tj ET Q q 0 0 0 rg BT 107.96 290.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 138.92 290.80 Td (in ) Tj ET Q q 0 0 0 rg BT 147.39 290.80 Td (any ) Tj ET Q q 0 0 0 rg BT 161.85 290.80 Td (of ) Tj ET Q q 0 0 0 rg BT 170.31 290.80 Td (these ) Tj ET Q q 0 0 0 rg BT 190.27 290.80 Td (inputs ) Tj ET Q q 0 0 0 rg BT 213.74 290.80 Td (in ) Tj ET Q q 0 0 0 rg BT 222.21 290.80 Td (isolation ) Tj ET Q q 0 0 0 rg BT 255.18 290.80 Td (could ) Tj ET Q q 0 0 0 rg BT 276.64 290.80 Td (r) Tj ET Q q 0 0 0 rg BT 279.81 290.80 Td (esult ) Tj ET Q q 0 0 0 rg BT 298.27 290.80 Td (in ) Tj ET Q q 0 0 0 rg BT 306.74 290.80 Td (a ) Tj ET Q q 0 0 0 rg BT 312.70 290.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 358.66 290.80 Td (differ) Tj ET Q q 0 0 0 rg BT 377.83 290.80 Td (ent ) Tj ET Q q 0 0 0 rg BT 390.29 290.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.76 290.80 Td (value. ) Tj ET Q q 0 0 0 rg BT 427.96 290.80 Td (Generally) Tj ET Q q 0 0 0 rg BT 463.45 290.80 Td (, ) Tj ET Q q 0 0 0 rg BT 467.17 290.80 Td (a ) Tj ET Q q 0 0 0 rg BT 473.14 290.80 Td (change ) Tj ET Q q 0 0 0 rg BT 500.59 290.80 Td (in ) Tj ET Q q 0 0 0 rg BT 509.06 290.80 Td (the ) Tj ET Q q 0 0 0 rg BT 521.52 290.80 Td (assumption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 280.00 Td (used ) Tj ET Q q 0 0 0 rg BT 85.71 280.00 Td (for ) Tj ET Q q 0 0 0 rg BT 97.92 280.00 Td (cr) Tj ET Q q 0 0 0 rg BT 105.08 280.00 Td (edit ) Tj ET Q q 0 0 0 rg BT 120.28 280.00 Td (default ) Tj ET Q q 0 0 0 rg BT 146.99 280.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 166.70 280.00 Td (is ) Tj ET Q q 0 0 0 rg BT 174.41 280.00 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 224.10 280.00 Td (by ) Tj ET Q q 0 0 0 rg BT 234.30 280.00 Td (a ) Tj ET Q q 0 0 0 rg BT 240.51 280.00 Td (dir) Tj ET Q q 0 0 0 rg BT 250.68 280.00 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 287.88 280.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.09 280.00 Td (change ) Tj ET Q q 0 0 0 rg BT 342.79 280.00 Td (in ) Tj ET Q q 0 0 0 rg BT 351.50 280.00 Td (the ) Tj ET Q q 0 0 0 rg BT 364.20 280.00 Td (assumption ) Tj ET Q q 0 0 0 rg BT 406.91 280.00 Td (used ) Tj ET Q q 0 0 0 rg BT 425.12 280.00 Td (for ) Tj ET Q q 0 0 0 rg BT 437.33 280.00 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 280.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 465.75 280.00 Td (severity ) Tj ET Q q 0 0 0 rg BT 495.44 280.00 Td (and ) Tj ET Q q 0 0 0 rg BT 510.65 280.00 Td (a ) Tj ET Q q 0 0 0 rg BT 516.86 280.00 Td (dir) Tj ET Q q 0 0 0 rg BT 527.03 280.00 Td (ectionally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 269.20 Td (inverse ) Tj ET Q q 0 0 0 rg BT 95.74 269.20 Td (change ) Tj ET Q q 0 0 0 rg BT 123.98 269.20 Td (in ) Tj ET Q q 0 0 0 rg BT 133.23 269.20 Td (the ) Tj ET Q q 0 0 0 rg BT 146.47 269.20 Td (assumption ) Tj ET Q q 0 0 0 rg BT 189.73 269.20 Td (for ) Tj ET Q q 0 0 0 rg BT 202.48 269.20 Td (valuation ) Tj ET Q q 0 0 0 rg BT 238.73 269.20 Td (yields.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 254.20 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 254.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 254.20 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 254.20 Td (potential ) Tj ET Q q 0 0 0 rg BT 116.78 254.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.17 254.20 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 254.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.45 254.20 Td (in ) Tj ET Q q 0 0 0 rg BT 192.35 254.20 Td (pr) Tj ET Q q 0 0 0 rg BT 200.02 254.20 Td (epayment ) Tj ET Q q 0 0 0 rg BT 236.40 254.20 Td (rates ) Tj ET Q q 0 0 0 rg BT 256.29 254.20 Td (on ) Tj ET Q q 0 0 0 rg BT 267.18 254.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.08 254.20 Td (value ) Tj ET Q q 0 0 0 rg BT 303.46 254.20 Td (is ) Tj ET Q q 0 0 0 rg BT 311.36 254.20 Td (dependent ) Tj ET Q q 0 0 0 rg BT 350.24 254.20 Td (on ) Tj ET Q q 0 0 0 rg BT 361.13 254.20 Td (other ) Tj ET Q q 0 0 0 rg BT 382.03 254.20 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 442.89 254.20 Td (factors, ) Tj ET Q q 0 0 0 rg BT 472.04 254.20 Td (such ) Tj ET Q q 0 0 0 rg BT 490.43 254.20 Td (as ) Tj ET Q q 0 0 0 rg BT 500.33 254.20 Td (the ) Tj ET Q q 0 0 0 rg BT 513.22 254.20 Td (par ) Tj ET Q q 0 0 0 rg BT 527.61 254.20 Td (value ) Tj ET Q q 0 0 0 rg BT 549.00 254.20 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 243.40 Td (structur) Tj ET Q q 0 0 0 rg BT 95.67 243.40 Td (e. ) Tj ET Q q 0 0 0 rg BT 104.15 243.40 Td (Changes ) Tj ET Q q 0 0 0 rg BT 137.89 243.40 Td (in ) Tj ET Q q 0 0 0 rg BT 147.12 243.40 Td (the ) Tj ET Q q 0 0 0 rg BT 160.36 243.40 Td (pr) Tj ET Q q 0 0 0 rg BT 168.02 243.40 Td (epayment ) Tj ET Q q 0 0 0 rg BT 204.75 243.40 Td (rates ) Tj ET Q q 0 0 0 rg BT 224.98 243.40 Td (may ) Tj ET Q q 0 0 0 rg BT 242.21 243.40 Td (r) Tj ET Q q 0 0 0 rg BT 245.38 243.40 Td (esult ) Tj ET Q q 0 0 0 rg BT 264.62 243.40 Td (in ) Tj ET Q q 0 0 0 rg BT 273.85 243.40 Td (dir) Tj ET Q q 0 0 0 rg BT 284.02 243.40 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.75 243.40 Td (similar ) Tj ET Q q 0 0 0 rg BT 349.49 243.40 Td (or ) Tj ET Q q 0 0 0 rg BT 359.73 243.40 Td (dir) Tj ET Q q 0 0 0 rg BT 369.90 243.40 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 407.62 243.40 Td (inverse ) Tj ET Q q 0 0 0 rg BT 435.85 243.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 467.57 243.40 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 243.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.05 243.40 Td (value ) Tj ET Q q 0 0 0 rg BT 513.78 243.40 Td (depending ) Tj ET Q q 0 0 0 rg BT 553.50 243.40 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 232.60 Td (whether ) Tj ET Q q 0 0 0 rg BT 98.75 232.60 Td (the ) Tj ET Q q 0 0 0 rg BT 111.99 232.60 Td (security ) Tj ET Q q 0 0 0 rg BT 142.73 232.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 167.48 232.60 Td (at ) Tj ET Q q 0 0 0 rg BT 176.73 232.60 Td (a ) Tj ET Q q 0 0 0 rg BT 183.48 232.60 Td (pr) Tj ET Q q 0 0 0 rg BT 191.15 232.60 Td (emium ) Tj ET Q q 0 0 0 rg BT 217.39 232.60 Td (or ) Tj ET Q q 0 0 0 rg BT 227.65 232.60 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.39 232.60 Td (to ) Tj ET Q q 0 0 0 rg BT 269.64 232.60 Td (the ) Tj ET Q q 0 0 0 rg BT 282.89 232.60 Td (par ) Tj ET Q q 0 0 0 rg BT 297.64 232.60 Td (value.) 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308.65 508.72 Td (61,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 508.72 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 508.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 508.72 Td (62,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.72 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 496.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 496.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 496.72 Td (5,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 496.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 496.72 Td (5,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.72 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 484.72 Td (342,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 484.72 Td (342,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.72 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 472.72 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 472.72 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.72 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 460.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 460.72 Td (276,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 460.72 Td (1,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.72 Td (\(253,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.72 Td (24,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.67 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 438.67 Td (inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 438.77 Td (1,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.77 Td (1,262,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 438.77 Td (8,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.82 Td (\(253,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.77 Td (1,018,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.72 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 412.72 Td (1,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 412.72 Td (1,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.72 Td (Investments at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 388.72 Td (37,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 388.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 388.72 Td (110,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 390.05 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 388.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 388.72 Td (147,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.72 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 376.72 Td (39,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 376.72 Td (1,262,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 376.72 Td (119,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 376.72 Td (\(253,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 376.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 376.72 Td (1,167,131) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.83 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.67 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.67 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.67 Td (yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 306.72 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.72 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 294.72 Td (80,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 294.72 Td (912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 294.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 294.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 294.72 Td (81,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 282.72 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 282.72 Td (22,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 282.72 Td (22,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 270.72 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 270.72 Td (21,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 270.72 Td (21,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 258.72 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 258.72 Td (273,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 258.72 Td (273,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 246.72 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 246.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 246.72 Td (261,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 246.72 Td (3,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 246.72 Td (\(259,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 246.72 Td (5,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.67 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 224.67 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.67 Td (yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 214.77 Td (353,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.77 Td (306,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 214.77 Td (3,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.82 Td (\(259,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 214.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 214.77 Td (404,539) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 195.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 195.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 195.60 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 195.60 Td (esents ) Tj ET Q q 0 0 0 rg BT 109.31 195.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.45 195.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 166.10 195.60 Td (and ) Tj ET Q q 0 0 0 rg BT 182.25 195.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.89 195.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 223.04 195.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.69 195.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 260.33 195.60 Td (on ) Tj ET Q q 0 0 0 rg BT 271.98 195.60 Td (a ) Tj ET Q q 0 0 0 rg BT 279.13 195.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.27 195.60 Td (basis. ) Tj ET Q q 0 0 0 rg BT 351.68 195.60 Td (The ) Tj ET Q q 0 0 0 rg BT 367.83 195.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.97 195.60 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.12 195.60 Td (no) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.12 195.60 Td ( ) Tj ET Q q 0 0 0 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211.10000000000002 m 563 211.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 209.10000000000002 m 563 209.10000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.55 676.83 Td (Counterparty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.85 664.83 Td (and Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 652.83 Td (Collateral) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 642.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.10 640.83 Td (Level I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 640.83 Td (Level II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 640.83 Td (Level III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.05 640.83 Td (Netting \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.05 640.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 628.83 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.67 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 606.67 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 592.72 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 580.72 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 580.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 580.72 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 580.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 580.72 Td (6,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 580.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 580.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 580.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 580.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 580.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 580.72 Td (6,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 568.72 Td (Convertible securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 568.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 568.72 Td (103,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 568.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 568.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 568.72 Td (103,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 556.72 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 556.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 556.72 Td (21,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 556.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 556.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 556.72 Td (21,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 544.72 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 532.72 Td (Taxable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 532.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 532.72 Td (60,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 532.72 Td (2,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 532.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 532.72 Td (63,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 520.72 Td (Tax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 520.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 520.72 Td (558,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 520.72 Td (1,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 520.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 520.72 Td (559,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 508.72 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 508.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 508.72 Td (34,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 508.72 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 508.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 508.72 Td (35,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.72 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 496.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 496.72 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 496.72 Td (5,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 496.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 496.72 Td (5,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.72 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 484.72 Td (205,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 484.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 484.72 Td (205,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.72 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 472.72 Td (29,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 472.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 472.72 Td (29,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.72 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 460.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 460.72 Td (288,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 460.72 Td (13,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.72 Td (\(273,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.72 Td (29,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.67 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 438.67 Td (inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 438.77 Td (30,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.77 Td (1,278,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 438.77 Td (23,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.82 Td (\(273,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.77 Td (1,058,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.72 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 412.72 Td (768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 412.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 412.72 Td (768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.72 Td (Investments at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 388.72 Td (32,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 388.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 388.72 Td (123,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 390.05 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 388.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 388.72 Td (156,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.72 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 376.72 Td (63,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 376.72 Td (1,278,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 376.72 Td (147,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 376.72 Td (\(273,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 376.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 376.72 Td (1,215,841) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.83 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.67 Td (Financial instruments and 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64.50 282.72 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 282.72 Td (17,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 282.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 282.72 Td (17,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 270.72 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 270.72 Td (6,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 270.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 270.72 Td (6,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 258.72 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 258.72 Td (180,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 258.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 258.72 Td (180,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 246.72 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 246.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 246.72 Td (273,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 246.72 Td (1,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 246.72 Td (\(269,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 246.72 Td (5,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.67 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 224.67 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.67 Td (yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 214.77 Td (270,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.77 Td (297,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 214.77 Td (1,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.82 Td (\(269,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 214.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 214.77 Td (299,357) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 195.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 195.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 195.60 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 195.60 Td (esents ) Tj ET Q q 0 0 0 rg BT 109.31 195.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.45 195.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 166.10 195.60 Td (and ) Tj ET Q q 0 0 0 rg BT 182.25 195.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.89 195.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 223.04 195.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.69 195.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 260.33 195.60 Td (on ) Tj ET Q q 0 0 0 rg BT 271.98 195.60 Td (a ) Tj ET Q q 0 0 0 rg BT 279.13 195.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.27 195.60 Td (basis. ) Tj ET Q q 0 0 0 rg BT 351.68 195.60 Td (The ) Tj ET Q q 0 0 0 rg BT 367.83 195.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.97 195.60 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.12 195.60 Td (no) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.12 195.60 Td ( ) Tj ET Q q 0 0 0 rg BT 432.77 195.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 469.92 195.60 Td (posted ) Tj ET Q q 0 0 0 rg BT 496.06 195.60 Td (as ) Tj ET Q q 0 0 0 rg BT 506.72 195.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 544.36 195.60 Td (to ) Tj ET Q q 0 0 0 rg BT 554.01 195.60 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 184.80 Td (counterparties.) 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0.8 0.9333333333333333 1 rg /GS0 gs 453.00 469.10 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 469.10 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 445.10 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 445.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 445.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 445.10 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 445.10 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 445.10 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 445.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 445.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 445.10 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 445.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 445.10 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 397.10 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 397.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 397.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 397.10 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 397.10 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 397.10 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 397.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 397.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 397.10 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 397.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 397.10 59.00 -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 143 641.1 m 192 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 641.1 m 234 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 641.1 m 278 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 641.1 m 317 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 641.1 m 357 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 641.1 m 403 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 641.1 m 449 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 641.1 m 500 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 641.1 m 563 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 521.1 m 192 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 521.1 m 234 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 521.1 m 278 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 521.1 m 317 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 521.1 m 357 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 521.1 m 403 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 521.1 m 449 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 521.1 m 500 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 521.1 m 563 521.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 469.1 m 192 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 469.1 m 234 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 469.1 m 278 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 469.1 m 317 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 469.1 m 357 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 469.1 m 403 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 469.1 m 449 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 469.1 m 500 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 469.1 m 563 469.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 458.1 m 192 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 456.1 m 192 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 458.1 m 234 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 456.1 m 234 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 458.1 m 278 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 456.1 m 278 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 458.1 m 317 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 456.1 m 317 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 458.1 m 357 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 456.1 m 357 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 458.1 m 403 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 456.1 m 403 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 458.1 m 449 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 456.1 m 449 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 458.1 m 500 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 456.1 m 500 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 458.1 m 563 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 456.1 m 563 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 385.1 m 192 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 385.1 m 234 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 385.1 m 278 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 385.1 m 317 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 385.1 m 357 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 385.1 m 403 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 385.1 m 449 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 385.1 m 500 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 385.1 m 563 385.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 351.1 m 192 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 349.1 m 192 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 351.1 m 234 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 349.1 m 234 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 351.1 m 278 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 349.1 m 278 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 351.1 m 317 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 349.1 m 317 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 351.1 m 357 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 349.1 m 357 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 351.1 m 403 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 349.1 m 403 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 351.1 m 449 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 349.1 m 449 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 351.1 m 500 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 349.1 m 500 349.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 351.1 m 563 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 349.1 m 563 349.1 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.10 678.91 Td (Unrealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.60 669.91 Td (\(losses\) for assets/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 151.30 660.91 Td (Balance at) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 369.25 660.80 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 412.10 660.80 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.30 660.91 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.30 660.91 Td (liabilities held at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 146.65 651.91 Td (December 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.90 651.80 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 325.40 651.80 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 373.10 651.80 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 419.10 651.80 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.70 651.91 Td (March 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.70 651.91 Td (March 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 642.79 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 160.00 642.91 Td (2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 200.50 642.80 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.10 642.80 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 296.25 642.80 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.00 642.80 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 365.85 642.80 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 411.85 642.80 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 469.00 642.91 Td (2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 521.00 642.91 Td (2017 \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 633.18 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 621.05 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 613.05 Td (other inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 605.05 Td (owned:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 593.05 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 581.05 Td (Taxable securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 581.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 581.18 Td (2,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.10 581.05 Td (\(2,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 581.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 581.05 Td (716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.10 581.05 Td (\(699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 581.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 581.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 581.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 581.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 581.18 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 569.05 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 569.18 Td (1,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.75 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 569.05 Td (40) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 569.18 Td (1,117) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 569.18 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 557.05 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 557.18 Td (744) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 557.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.75 557.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 557.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 557.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 557.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 557.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 557.18 Td (744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 557.18 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 545.05 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 537.05 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 537.33 Td (5,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 537.35 Td (996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.10 537.35 Td (\(790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 537.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 537.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 537.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 537.35 Td (314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.10 537.35 Td (\(393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 537.35 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 537.33 Td (5,492) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.10 537.33 Td (\(71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 537.33 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 525.05 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 525.18 Td (13,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 525.05 Td (240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 525.05 Td (\(10,885) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 525.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 525.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 525.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 525.05 Td (10,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 525.05 Td (\(12,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 525.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 525.18 Td (1,633) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 525.18 Td (\(347) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 525.18 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 513.05 Td (Total financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 505.05 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 497.05 Td (positions owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 497.33 Td (23,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.80 497.35 Td (1,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 497.35 Td (\(14,378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 497.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 497.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 497.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 497.35 Td (11,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 497.35 Td (\(13,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 497.35 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 497.33 Td (8,986) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 497.33 Td (\(378) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 497.33 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 473.05 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 473.18 Td (123,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.80 473.05 Td (6,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 473.05 Td (\(24,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 473.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 473.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 473.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.75 473.05 Td (8,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 473.05 Td (\(3,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 473.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 473.18 Td (110,693) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 473.18 Td (6,493) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 461.05 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 461.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 461.18 Td (147,143) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.80 461.05 Td (7,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 461.05 Td (\(38,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 461.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 461.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 461.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 461.05 Td (20,331) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.50 461.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 461.05 Td (\(16,771) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 461.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 461.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 461.18 Td (119,679) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 461.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 461.18 Td (6,115) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 437.18 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 425.05 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 417.05 Td (other inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 409.05 Td (sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 401.05 Td (purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 389.05 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 389.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 389.18 Td (1,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.10 389.05 Td (\(719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 389.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.75 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 389.05 Td (719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.50 389.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.75 389.05 Td (2,419) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 389.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 389.18 Td (3,906) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 389.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 389.18 Td (3,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 377.05 Td (Total financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 369.05 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 361.05 Td (positions sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 353.05 Td (purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 354.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 354.33 Td (1,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.10 354.35 Td (\(719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 354.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.75 354.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 354.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 354.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 354.35 Td (719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.50 354.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.75 354.35 Td (2,419) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 354.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 354.33 Td (3,906) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 354.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 354.33 Td (3,061) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 338.00 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 338.00 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 338.00 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 338.00 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 338.00 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 338.00 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 338.00 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 338.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 338.00 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 338.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 338.00 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 338.00 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 338.00 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 338.00 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 338.00 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 338.00 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 338.00 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 338.00 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 338.00 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 338.00 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 338.00 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 338.00 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 338.00 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 338.00 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 328.40 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 328.40 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 328.40 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 328.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 328.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 328.40 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 328.40 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 328.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 328.40 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 328.40 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 328.40 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 328.40 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 328.40 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 328.40 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 328.40 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 328.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 328.40 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 328.40 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 328.40 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 328.40 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 328.40 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 328.40 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 318.80 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 318.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 318.80 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 318.80 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 318.80 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 318.80 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 318.80 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 318.80 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 318.80 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 318.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 318.80 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 318.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 318.80 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 318.80 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 318.80 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 318.80 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 318.80 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 318.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 318.80 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 318.80 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 318.80 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 318.80 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 318.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 318.80 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 318.80 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 309.20 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 309.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 309.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 309.20 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 309.20 Td (operations.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (22) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 658.00 93.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 658.00 49.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 658.00 36.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 658.00 40.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 658.00 36.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 658.00 36.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 658.00 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 658.00 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 658.00 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 658.00 47.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 377 m 356 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 379 m 402 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 377 m 402 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 379 m 448 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 377 m 448 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 379 m 499 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 377 m 499 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 379 m 563 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 377 m 563 377 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.60 707.81 Td (Unrealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.10 698.81 Td (\(losses\) for assets/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 151.30 689.81 Td (Balance at) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.25 689.70 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 411.10 689.70 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.30 689.81 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.80 689.81 Td (liabilities held at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 146.65 680.81 Td (December 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 284.40 680.70 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.40 680.70 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 372.10 680.70 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 418.10 680.70 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.70 680.81 Td (March 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.20 680.81 Td (March 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 671.69 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 160.00 671.81 Td (2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 199.50 671.70 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.10 671.70 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 294.75 671.70 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.00 671.70 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 364.85 671.70 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.85 671.70 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.00 671.81 Td (2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.50 671.81 Td (2016 \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 662.08 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 649.95 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 641.95 Td (other inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 633.95 Td (owned:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 621.95 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 609.95 Td (Taxable securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 610.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 610.08 Td (5,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 609.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.10 609.95 Td (\(611) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 609.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 609.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 609.95 Td (\(5,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.80 609.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 609.95 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 609.95 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 610.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 610.08 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 610.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 610.08 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 597.95 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 598.08 Td (1,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 597.95 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 598.08 Td (1,177) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 598.08 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 585.95 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 586.08 Td (720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 585.95 Td (28) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.80 586.08 Td (748) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 586.08 Td (28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 573.95 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 565.95 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 566.23 Td (121,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.80 566.25 Td (26,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.10 566.25 Td (\(27,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 566.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 566.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 566.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 566.25 Td (1,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 566.25 Td (\(3,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 566.25 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 566.23 Td (117,891) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 566.23 Td (\(730) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 566.23 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 553.95 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.80 554.08 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 553.95 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 554.08 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.80 554.08 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 541.95 Td (Total financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 533.95 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 525.95 Td (positions owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 525.23 Td (128,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.80 525.25 Td (26,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.10 525.25 Td (\(27,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 525.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 525.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 525.25 Td (\(5,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.80 525.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 525.25 Td (1,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 525.25 Td (\(3,573) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 525.25 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 525.23 Td (119,821) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 525.23 Td (\(697) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 525.23 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 500.95 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 501.08 Td (109,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.80 500.95 Td (14,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 500.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 500.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 500.95 Td (\(9,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.80 500.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 500.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 500.95 Td (2,354) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 501.08 Td (116,841) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 501.08 Td (2,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 488.95 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 489.08 Td (238,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.80 488.95 Td (40,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.10 488.95 Td (\(27,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 488.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 488.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.10 488.95 Td (\(14,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.80 488.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 488.95 Td (1,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 488.95 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 488.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 489.08 Td (236,662) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 489.08 Td (1,657) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 465.08 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 452.95 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 444.95 Td (other inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 436.95 Td (sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 428.95 Td (purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 416.95 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 417.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 417.08 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 416.95 Td (\(9,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 416.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 416.95 Td (9,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 416.95 Td (\(1,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 416.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 417.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 417.08 Td (5,408) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 417.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 417.08 Td (4,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 404.95 Td (Total financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 396.95 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 388.95 Td (positions sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 380.95 Td (purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 382.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 382.23 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 382.25 Td (\(9,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 382.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 382.25 Td (9,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 382.25 Td (\(1,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 382.25 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 382.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 382.23 Td (5,408) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 382.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 382.23 Td (4,534) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 365.90 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 365.90 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 365.90 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 365.90 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 365.90 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 365.90 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 365.90 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 365.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 365.90 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 365.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 365.90 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 365.90 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 365.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 365.90 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 365.90 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 365.90 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 365.90 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 365.90 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 365.90 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 365.90 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 365.90 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 365.90 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 356.30 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 356.30 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 356.30 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 356.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 356.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 356.30 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 356.30 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 356.30 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 356.30 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 356.30 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 356.30 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 356.30 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 356.30 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 356.30 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 356.30 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 356.30 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 356.30 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 356.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 356.30 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 356.30 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 356.30 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 356.30 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 346.70 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 346.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 346.70 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 346.70 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 346.70 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 346.70 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 346.70 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 346.70 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 346.70 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 346.70 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 346.70 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 346.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 346.70 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 346.70 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 346.70 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 346.70 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 346.70 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 346.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 346.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 346.70 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 346.70 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 346.70 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 346.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 346.70 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 346.70 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 337.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 337.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 337.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.80 313.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 101.87 313.10 Td (values ) Tj ET Q q 0 0 0 rg BT 129.17 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.25 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.22 313.10 Td (Company) Tj ET Q q 0 0 0 rg BT 194.88 313.10 Td (s ) Tj ET Q q 0 0 0 rg BT 200.52 313.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 222.54 313.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.06 313.10 Td (either ) Tj ET Q q 0 0 0 rg BT 286.58 313.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 328.87 313.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.95 313.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 357.37 313.10 Td (under ) Tj ET Q q 0 0 0 rg BT 381.89 313.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.17 313.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.70 313.10 Td (resell, ) Tj ET Q q 0 0 0 rg BT 464.61 313.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 511.33 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 313.10 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (either ) Tj ET Q q 0 0 0 rg BT 74.67 301.10 Td (from ) Tj ET Q q 0 0 0 rg BT 96.51 301.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.25 301.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.43 301.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 160.38 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.22 301.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 212.12 301.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 242.84 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.68 301.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 294.29 301.10 Td (or) Tj ET Q q 0 0 0 rg BT 302.44 301.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 350.39 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.23 301.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 411.29 301.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 455.35 301.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 507.73 301.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 524.02 301.10 Td (value ) Tj ET Q q 0 0 0 rg BT 548.08 301.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 289.10 Td (their ) Tj ET Q q 0 0 0 rg BT 80.60 289.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 106.44 289.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 289.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 161.42 289.10 Td (nature.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 708.75 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 708.75 Td (V) Tj ET Q q 0 0 0 rg BT 84.49 708.75 Td (ariable ) Tj ET Q q 0 0 0 rg BT 115.88 708.75 Td (Inter) Tj ET Q q 0 0 0 rg BT 134.94 708.75 Td (est ) Tj ET Q q 0 0 0 rg BT 148.55 708.75 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.10 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.60 708.75 Td (\("VIEs"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.05 684.75 Td (has ) Tj ET Q q 0 0 0 rg BT 126.44 684.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.27 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 188.11 684.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 216.72 684.75 Td (acts ) Tj ET Q q 0 0 0 rg BT 235.32 684.75 Td (as ) Tj ET Q q 0 0 0 rg BT 246.71 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 684.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 304.48 684.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 335.85 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.24 684.75 Td (various ) Tj ET Q q 0 0 0 rg BT 379.74 684.75 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 434.18 684.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 465.57 684.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 499.73 684.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 548.06 684.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.36 672.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.57 672.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 148.56 672.75 Td (These ) Tj ET Q q 0 0 0 rg BT 174.87 672.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 206.19 672.75 Td (were ) Tj ET Q q 0 0 0 rg BT 228.06 672.75 Td (established ) Tj ET Q q 0 0 0 rg BT 274.93 672.75 Td (for ) Tj ET Q q 0 0 0 rg BT 289.03 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 672.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 337.78 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.55 672.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 387.65 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 397.87 672.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 438.07 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 448.84 672.75 Td (public ) Tj ET Q q 0 0 0 rg BT 476.27 672.75 Td (or ) Tj ET Q q 0 0 0 rg BT 487.04 672.75 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 672.75 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.99 660.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 104.14 660.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 124.51 660.75 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 174.61 660.75 Td (or ) Tj ET Q q 0 0 0 rg BT 186.10 660.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 228.15 660.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 269.07 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.00 660.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 307.60 660.75 Td (living ) Tj ET Q q 0 0 0 rg BT 334.09 660.75 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 374.18 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.78 660.75 Td (were ) Tj ET Q q 0 0 0 rg BT 414.37 660.75 Td (initially ) Tj ET Q q 0 0 0 rg BT 448.63 660.75 Td (financed ) Tj ET Q q 0 0 0 rg BT 486.21 660.75 Td (through ) Tj ET Q q 0 0 0 rg BT 520.48 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.86 660.75 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 106.44 648.75 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 648.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 137.54 648.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 187.81 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.64 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.36 648.75 Td (members.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 71.97 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 86.09 624.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 116.89 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.59 624.75 Td (which ) Tj ET Q q 0 0 0 rg BT 152.95 624.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.86 624.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 217.89 624.75 Td (lack ) Tj ET Q q 0 0 0 rg BT 236.46 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.59 624.75 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 309.70 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.95 624.75 Td (a ) Tj ET Q q 0 0 0 rg BT 326.30 624.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 372.10 624.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.00 624.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.35 624.75 Td (or ) Tj ET Q q 0 0 0 rg BT 450.60 624.75 Td (do ) Tj ET Q q 0 0 0 rg BT 462.52 624.75 Td (not ) Tj ET Q q 0 0 0 rg BT 477.22 624.75 Td (have ) Tj ET Q q 0 0 0 rg BT 498.01 624.75 Td (suf) Tj ET Q q 0 0 0 rg BT 510.05 624.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 537.51 624.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (at ) Tj ET Q q 0 0 0 rg BT 58.87 612.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.02 612.75 Td (for ) Tj ET Q q 0 0 0 rg BT 89.83 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 612.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.12 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.05 612.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 170.63 612.75 Td (its ) Tj ET Q q 0 0 0 rg BT 182.22 612.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 222.82 612.75 Td (The ) Tj ET Q q 0 0 0 rg BT 240.52 612.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 298.20 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 308.69 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.61 612.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 352.97 612.75 Td (an ) Tj ET Q q 0 0 0 rg BT 364.56 612.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 389.49 612.75 Td (is ) Tj ET Q q 0 0 0 rg BT 398.31 612.75 Td (a ) Tj ET Q q 0 0 0 rg BT 404.74 612.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 423.55 612.75 Td (is ) Tj ET Q q 0 0 0 rg BT 432.37 612.75 Td (based ) Tj ET Q q 0 0 0 rg BT 457.29 612.75 Td (on ) Tj ET Q q 0 0 0 rg BT 469.44 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.81 612.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 520.95 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 537.54 612.75 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 600.75 Td (each ) Tj ET Q q 0 0 0 rg BT 80.46 600.75 Td (entity) Tj ET Q q 0 0 0 rg BT 102.58 600.75 Td (. ) Tj ET Q q 0 0 0 rg BT 107.08 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 124.78 600.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.83 600.75 Td (also ) Tj ET Q q 0 0 0 rg BT 184.09 600.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 224.01 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 246.72 600.75 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 306.06 600.75 Td (such ) Tj ET Q q 0 0 0 rg BT 326.55 600.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.03 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.40 600.75 Td (power ) Tj ET Q q 0 0 0 rg BT 378.55 600.75 Td (through ) Tj ET Q q 0 0 0 rg BT 411.81 600.75 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.53 600.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 464.46 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 474.95 600.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 504.88 600.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 529.81 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 600.75 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 588.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 102.82 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.65 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 125.58 588.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 150.86 588.75 Td (that ) Tj ET Q q 0 0 0 rg BT 168.35 588.75 Td (most ) Tj ET Q q 0 0 0 rg BT 190.30 588.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 242.79 588.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 272.50 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 287.22 588.75 Td (entity) Tj ET Q q 0 0 0 rg BT 312.77 588.75 Td (s ) Tj ET Q q 0 0 0 rg BT 319.16 588.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 360.54 588.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 413.56 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.50 588.75 Td (how ) Tj ET Q q 0 0 0 rg BT 450.22 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.93 588.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 490.21 588.75 Td (is ) Tj ET Q q 0 0 0 rg BT 499.38 588.75 Td (financed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.35 564.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.54 564.75 Td (is ) Tj ET Q q 0 0 0 rg BT 117.51 564.75 Td (required ) Tj ET Q q 0 0 0 rg BT 153.12 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 163.20 564.75 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 211.05 564.75 Td (all ) Tj ET Q q 0 0 0 rg BT 223.18 564.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 246.03 564.75 Td (for ) Tj ET Q q 0 0 0 rg BT 259.99 564.75 Td (which ) Tj ET Q q 0 0 0 rg BT 286.73 564.75 Td (it ) Tj ET Q q 0 0 0 rg BT 294.59 564.75 Td (is ) Tj ET Q q 0 0 0 rg BT 303.56 564.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 349.18 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.26 564.75 Td (be ) Tj ET Q q 0 0 0 rg BT 371.00 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.51 564.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 419.47 564.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 463.79 564.75 Td (. ) Tj ET Q q 0 0 0 rg BT 468.43 564.75 Td (The ) Tj ET Q q 0 0 0 rg BT 486.27 564.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 544.11 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 554.74 564.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.19 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.88 552.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.24 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 149.39 552.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 195.19 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.44 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 217.36 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.05 552.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 266.19 552.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 313.64 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 322.78 552.75 Td (based ) Tj ET Q q 0 0 0 rg BT 348.03 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 360.51 552.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 395.19 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.89 552.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.25 552.75 Td (has ) Tj ET Q q 0 0 0 rg BT 467.06 552.75 Td (both ) Tj ET Q q 0 0 0 rg BT 487.32 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.01 552.75 Td (power ) Tj ET Q q 0 0 0 rg BT 529.48 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 552.75 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.41 540.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 103.20 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.22 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.93 540.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 148.28 540.75 Td (that ) Tj ET Q q 0 0 0 rg BT 165.97 540.75 Td (most ) Tj ET Q q 0 0 0 rg BT 188.10 540.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 240.79 540.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 270.69 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.59 540.75 Td (entity) Tj ET Q q 0 0 0 rg BT 311.15 540.75 Td (s ) Tj ET Q q 0 0 0 rg BT 317.73 540.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.29 540.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.50 540.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.63 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.54 540.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 487.78 540.75 Td (to ) Tj ET Q q 0 0 0 rg BT 498.25 540.75 Td (absorb ) Tj ET Q q 0 0 0 rg BT 527.60 540.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 554.18 540.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 528.75 Td (right ) Tj ET Q q 0 0 0 rg BT 85.60 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.88 528.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 127.24 528.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 161.40 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.23 528.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.77 528.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 205.93 528.75 Td (that ) Tj ET Q q 0 0 0 rg BT 223.42 528.75 Td (could ) Tj ET Q q 0 0 0 rg BT 248.14 528.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 293.41 528.75 Td (be ) Tj ET Q q 0 0 0 rg BT 305.34 528.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.06 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 360.33 528.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.87 528.75 Td (VIE. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.94 504.75 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 480.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.07 480.75 Td (s ) Tj ET Q q 0 0 0 rg BT 115.32 480.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.05 480.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 190.97 480.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.54 480.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 244.00 480.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 480.75 Td ( ) Tj ET Q q 0 0 0 rg BT 266.36 480.75 Td (include ) Tj ET Q q 0 0 0 rg BT 298.15 480.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 327.72 480.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 372.27 480.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.07 480.75 Td (management ) Tj ET Q q 0 0 0 rg BT 447.52 480.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 472.10 480.75 Td (in ) Tj ET Q q 0 0 0 rg BT 482.24 480.75 Td (which ) Tj ET Q q 0 0 0 rg BT 509.04 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 480.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (has ) Tj ET Q q 0 0 0 rg BT 65.49 468.75 Td (an ) Tj ET Q q 0 0 0 rg BT 77.59 468.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 124.13 468.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 143.73 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 154.72 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.60 468.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 211.70 468.75 Td (partner) Tj ET Q q 0 0 0 rg BT 239.61 468.75 Td (, ) Tj ET Q q 0 0 0 rg BT 244.77 468.75 Td (is ) Tj ET Q q 0 0 0 rg BT 254.10 468.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 287.86 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 298.30 468.75 Td (have ) Tj ET Q q 0 0 0 rg BT 319.84 468.75 Td (both ) Tj ET Q q 0 0 0 rg BT 340.28 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.15 468.75 Td (power ) Tj ET Q q 0 0 0 rg BT 382.81 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.25 468.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 418.67 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.55 468.75 Td (most ) Tj ET Q q 0 0 0 rg BT 455.66 468.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 500.53 468.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 539.29 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 468.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.22 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.16 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.88 456.75 Td (right ) Tj ET Q q 0 0 0 rg BT 127.26 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 137.54 456.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 168.90 456.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 203.06 456.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 217.22 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.94 456.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 274.99 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 285.27 456.75 Td (absorb ) Tj ET Q q 0 0 0 rg BT 314.43 456.75 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 344.15 456.75 Td (that ) Tj ET Q q 0 0 0 rg BT 361.64 456.75 Td (could ) Tj ET Q q 0 0 0 rg BT 386.36 456.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 431.63 456.75 Td (be ) Tj ET Q q 0 0 0 rg BT 443.57 456.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 488.28 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 498.56 456.75 Td (these ) Tj ET Q q 0 0 0 rg BT 521.60 456.75 Td (funds. ) 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 67.47 432.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.79 432.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.65 432.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 165.84 432.75 Td (information ) Tj ET Q q 0 0 0 rg BT 215.48 432.75 Td (about ) Tj ET Q q 0 0 0 rg BT 240.13 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.77 432.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 290.51 432.75 Td (value ) Tj ET Q q 0 0 0 rg BT 314.59 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.99 432.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.75 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.62 432.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 422.26 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 433.02 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.48 432.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 470.46 432.75 Td (which ) Tj ET Q q 0 0 0 rg BT 497.33 432.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.96 432.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.47 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.65 420.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 119.51 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.92 420.75 Td (included ) Tj ET Q q 0 0 0 rg BT 174.32 420.75 Td (on ) Tj ET Q q 0 0 0 rg BT 187.29 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.47 420.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 255.98 420.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 301.17 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.46 420.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.41 420.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 391.16 420.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.34 420.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 445.41 420.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.41 420.75 Td (. ) Tj ET Q q 0 0 0 rg BT 470.66 420.75 Td (The ) Tj ET Q q 0 0 0 rg BT 489.18 420.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 515.48 420.75 Td (can ) Tj ET Q q 0 0 0 rg BT 532.32 420.75 Td (only ) Tj ET Q q 0 0 0 rg BT 553.07 420.75 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (used ) Tj ET Q q 0 0 0 rg BT 70.56 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 81.07 408.75 Td (settle ) Tj ET Q q 0 0 0 rg BT 104.90 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.85 408.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 159.80 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.86 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.81 408.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 228.87 408.75 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 250.77 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.94 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.88 408.75 Td (creditors ) Tj ET Q q 0 0 0 rg BT 320.60 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.66 408.75 Td (the 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396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 290.17 396.75 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 350.10 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.08 396.75 Td (thus ) Tj ET Q q 0 0 0 rg BT 388.30 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 396.28 396.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 428.72 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.59 396.75 Td (these ) Tj ET Q q 0 0 0 rg BT 464.69 396.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 491.56 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 509.55 396.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 550.31 396.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 94.21 384.75 Td (in ) Tj ET Q q 0 0 0 rg BT 104.49 384.75 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 163.37 384.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 338.25 410.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 338.25 95.00 -12.00 re f /GS0 gs 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0.9333333333333333 1 rg /GS0 gs 459.00 218.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 218.25 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 194.25 410.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 194.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 194.25 95.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 338.25 m 562 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 338.25 m 562 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 278.25 m 562 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 278.25 m 562 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 267.25 m 562 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 265.25 m 562 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 194.25 m 562 194.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 194.25 m 562 194.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 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292.87 Td (94,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 280.87 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 280.87 Td (6,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 268.87 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 268.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 268.87 Td (354,796) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 244.98 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 232.87 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 232.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 232.87 Td (101,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 220.87 Td (Payables to brokers, dealers and clearing organizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 220.87 Td (106,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 208.87 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 530.65 208.87 Td (20,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 196.87 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 196.87 Td (8,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 184.87 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 184.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 184.87 Td (236,868) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.31 158.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.46 158.75 Td (has ) Tj ET Q q 0 0 0 rg BT 124.06 158.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 174.10 158.75 Td (in ) Tj ET Q q 0 0 0 rg BT 184.14 158.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.85 158.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 221.99 158.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 242.03 158.75 Td (which ) Tj ET Q q 0 0 0 rg BT 268.74 158.75 Td (was ) Tj ET Q q 0 0 0 rg BT 286.56 158.75 Td (established ) Tj ET Q q 0 0 0 rg BT 333.25 158.75 Td (as ) Tj ET Q q 0 0 0 rg BT 343.85 158.75 Td (part ) Tj ET Q q 0 0 0 rg BT 361.66 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.26 158.75 Td (a ) Tj ET Q q 0 0 0 rg BT 378.96 158.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 431.77 158.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 467.34 158.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 525.15 158.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 546.97 158.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.51 146.75 Td (is ) Tj ET Q q 0 0 0 rg BT 99.31 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.65 146.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 147.43 146.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 194.53 146.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.98 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.32 146.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 250.33 146.75 Td (trust. ) Tj ET Q q 0 0 0 rg BT 272.26 146.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 321.60 146.75 Td (, ) Tj ET Q q 0 0 0 rg BT 326.22 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.57 146.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 366.02 146.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.58 146.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 421.93 146.75 Td (of ) Tj ET Q q 0 0 0 rg BT 432.38 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 446.73 146.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 477.73 146.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 497.63 146.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.96 146.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (by ) Tj ET Q q 0 0 0 rg BT 61.60 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.92 134.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 116.91 134.75 Td (on ) Tj ET Q q 0 0 0 rg BT 129.02 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.34 134.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 195.98 134.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 240.30 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.73 134.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.82 134.75 Td (condition. ) Tj ET Q q 0 0 0 rg BT 330.19 134.75 Td (See ) Tj ET Q 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Td (201,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 414.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 414.87 Td (13,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 402.87 Td (Payable to clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 402.98 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 402.87 Td (15,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.87 Td (Securities failed to receive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 390.98 Td (1,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 390.87 Td (3,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 378.87 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 378.98 Td (1,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 378.87 Td (7,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 366.87 Td (Total payables to brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 366.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 366.98 Td (204,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 366.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 366.87 Td (40,842) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 88.00 340.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 108.73 340.75 Td (for ) Tj ET Q q 0 0 0 rg BT 123.89 340.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 165.16 340.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 206.99 340.75 Td (approximate ) Tj ET Q q 0 0 0 rg BT 260.47 340.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.19 340.75 Td (market ) Tj ET Q q 0 0 0 rg BT 307.46 340.75 Td (value ) Tj ET Q q 0 0 0 rg BT 332.62 340.75 Td (of ) Tj ET Q q 0 0 0 rg BT 344.46 340.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.18 340.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 403.95 340.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 446.88 340.75 Td (failed ) Tj ET Q q 0 0 0 rg BT 473.15 340.75 Td (to ) Tj ET Q q 0 0 0 rg BT 484.44 340.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 515.71 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 533.65 340.75 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 88.65 328.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.36 328.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 138.06 328.75 Td (value ) Tj ET Q q 0 0 0 rg BT 162.22 328.75 Td (of ) Tj ET Q q 0 0 0 rg BT 173.05 328.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.31 328.75 Td (that ) Tj ET Q q 0 0 0 rg BT 230.81 328.75 Td (have ) Tj ET Q q 0 0 0 rg BT 252.19 328.75 Td (not ) Tj ET Q q 0 0 0 rg BT 267.46 328.75 Td (been ) Tj ET Q q 0 0 0 rg BT 288.84 328.75 Td (delivered ) Tj ET Q q 0 0 0 rg BT 328.54 328.75 Td (or ) Tj ET Q q 0 0 0 rg BT 339.37 328.75 Td (received ) Tj ET Q q 0 0 0 rg BT 375.74 328.75 Td (by ) Tj ET Q q 0 0 0 rg BT 388.24 328.75 Td (the ) Tj ET Q q 0 0 0 rg BT 402.95 328.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.34 328.75 Td (on ) Tj ET Q q 0 0 0 rg BT 456.84 328.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 500.44 328.75 Td (date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 304.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 304.75 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 186.16 304.75 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.83 304.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 280.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.27 280.75 Td (s ) Tj ET Q q 0 0 0 rg BT 115.71 280.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.03 280.75 Td (and ) Tj ET Q q 0 0 0 rg BT 173.03 280.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 212.24 280.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.56 280.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 291.21 280.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 323.76 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.53 280.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.97 280.75 Td (using ) Tj ET Q q 0 0 0 rg BT 404.20 280.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.52 280.75 Td (as ) Tj ET Q q 0 0 0 rg BT 455.40 280.75 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 497.66 280.75 Td (In ) Tj ET Q q 0 0 0 rg BT 508.54 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 280.75 Td (event ) Tj ET Q q 0 0 0 rg BT 547.52 280.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.83 268.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 118.48 268.75 Td (does ) Tj ET Q q 0 0 0 rg BT 139.93 268.75 Td (not ) Tj ET Q q 0 0 0 rg BT 155.82 268.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 178.37 268.75 Td (its ) Tj ET Q q 0 0 0 rg BT 190.94 268.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 238.48 268.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 282.14 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 293.04 268.75 Td (return ) Tj ET Q q 0 0 0 rg BT 320.03 268.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.91 268.75 Td (used ) Tj ET Q q 0 0 0 rg BT 382.36 268.75 Td (as ) Tj ET Q q 0 0 0 rg BT 393.81 268.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 434.12 268.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 457.51 268.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 495.06 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 505.96 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 521.29 268.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.62 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 558.07 268.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.18 256.75 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 145.03 256.75 Td (or ) Tj ET Q q 0 0 0 rg BT 155.74 256.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 198.67 256.75 Td (do ) Tj ET Q q 0 0 0 rg BT 211.04 256.75 Td (not ) Tj ET Q q 0 0 0 rg BT 226.20 256.75 Td (deposit ) Tj ET Q q 0 0 0 rg BT 257.46 256.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 299.83 256.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.97 256.75 Td (or ) Tj ET Q q 0 0 0 rg BT 350.68 256.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.83 256.75 Td (for ) Tj ET Q q 0 0 0 rg BT 384.87 256.75 Td (mar) Tj ET Q q 0 0 0 rg BT 400.23 256.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 415.39 256.75 Td (when ) Tj ET Q q 0 0 0 rg BT 439.43 256.75 Td (required, ) Tj ET Q q 0 0 0 rg BT 477.62 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.21 256.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.48 256.75 Td (may ) Tj ET Q q 0 0 0 rg BT 553.07 256.75 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 83.85 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 93.20 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 107.00 244.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.58 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.49 244.75 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 180.60 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 244.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 233.74 244.75 Td (or ) Tj ET Q q 0 0 0 rg BT 243.64 244.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 271.89 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.68 244.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.03 244.75 Td (at ) Tj ET Q q 0 0 0 rg BT 333.82 244.75 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 383.15 244.75 Td (market ) Tj ET Q q 0 0 0 rg BT 412.50 244.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.95 244.75 Td (in ) Tj ET Q q 0 0 0 rg BT 447.31 244.75 Td (order ) Tj ET Q q 0 0 0 rg BT 469.99 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 479.34 244.75 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 507.03 244.75 Td (its ) Tj ET Q q 0 0 0 rg BT 518.06 244.75 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 232.75 Td (its ) Tj ET Q q 0 0 0 rg BT 72.25 232.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 115.56 232.75 Td (or ) Tj ET Q q 0 0 0 rg BT 126.65 232.75 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 188.36 232.75 Td (The ) Tj ET Q q 0 0 0 rg BT 206.67 232.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.32 232.75 Td (seeks ) Tj ET Q q 0 0 0 rg BT 272.74 232.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.28 232.75 Td (control ) Tj ET Q q 0 0 0 rg BT 314.37 232.75 Td (this ) Tj ET Q q 0 0 0 rg BT 331.58 232.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 349.34 232.75 Td (by ) Tj ET Q q 0 0 0 rg BT 362.10 232.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 409.31 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.29 232.75 Td (market ) Tj ET Q q 0 0 0 rg BT 454.82 232.75 Td (value ) Tj ET Q q 0 0 0 rg BT 479.23 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.33 232.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.85 232.75 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.57 220.75 Td (used ) Tj ET Q q 0 0 0 rg BT 81.64 220.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.71 220.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 132.64 220.75 Td (on ) Tj ET Q q 0 0 0 rg BT 145.38 220.75 Td (a ) Tj ET Q q 0 0 0 rg BT 152.56 220.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 175.29 220.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 198.03 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.20 220.75 Td (requiring ) Tj ET Q q 0 0 0 rg BT 254.60 220.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 305.11 220.75 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.58 220.75 Td (event ) Tj ET Q q 0 0 0 rg BT 354.97 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 366.04 220.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 394.88 220.75 Td (market ) Tj ET Q q 0 0 0 rg BT 425.38 220.75 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 466.52 220.75 Td (The ) Tj ET Q q 0 0 0 rg BT 484.81 220.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.43 220.75 Td (also ) Tj ET Q q 0 0 0 rg BT 545.28 220.75 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 208.75 Td (filiated ) Tj ET Q q 0 0 0 rg BT 98.19 208.75 Td (third ) Tj ET Q q 0 0 0 rg BT 119.85 208.75 Td (party ) Tj ET Q q 0 0 0 rg BT 143.17 208.75 Td (custodians ) Tj ET Q q 0 0 0 rg BT 188.17 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.72 208.75 Td (administer ) Tj ET Q q 0 0 0 rg BT 243.71 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.71 208.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 304.81 208.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.78 208.75 Td (for ) Tj ET Q q 0 0 0 rg BT 359.22 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.22 208.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 410.88 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.98 208.75 Td (its ) Tj ET Q q 0 0 0 rg BT 434.21 208.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 478.64 208.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 519.18 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 529.74 208.75 Td (mitigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.75 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.04 172.75 Td (a ) Tj ET Q q 0 0 0 rg BT 66.68 172.75 Td (reverse ) Tj ET Q q 0 0 0 rg BT 97.76 172.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 143.27 172.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.12 172.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 172.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.63 172.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 284.27 172.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.46 172.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 370.33 172.75 Td (from ) Tj ET Q q 0 0 0 rg BT 391.98 172.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.62 172.75 Td (seller) Tj ET Q q 0 0 0 rg BT 419.88 172.75 Td (, ) Tj ET Q q 0 0 0 rg BT 424.58 172.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 461.78 172.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.77 172.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 511.73 172.75 Td (for ) Tj ET Q q 0 0 0 rg BT 525.59 172.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 548.07 172.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 77.68 160.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.11 160.75 Td (resell ) Tj ET Q q 0 0 0 rg BT 112.41 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.27 160.75 Td (same ) Tj ET Q q 0 0 0 rg BT 150.46 160.75 Td (or ) Tj ET Q q 0 0 0 rg BT 161.44 160.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 214.63 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.50 160.75 Td (same ) Tj ET Q q 0 0 0 rg BT 252.69 160.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.32 160.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 339.63 160.75 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 160.75 Td (seller ) Tj ET Q q 0 0 0 rg BT 389.21 160.75 Td (at ) Tj ET Q q 0 0 0 rg BT 399.08 160.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.16 160.75 Td (stated ) Tj ET Q q 0 0 0 rg BT 432.13 160.75 Td (price ) Tj ET Q q 0 0 0 rg BT 454.76 160.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 474.08 160.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 507.81 160.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 539.88 160.75 Td (in ) Tj ET Q q 0 0 0 rg BT 550.31 160.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.75 Td (future. ) Tj ET Q q 0 0 0 rg BT 78.03 148.75 Td (In ) Tj ET Q q 0 0 0 rg BT 88.50 148.75 Td (a ) Tj ET Q q 0 0 0 rg BT 95.09 148.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 140.54 148.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 186.83 148.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.20 148.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.23 148.75 Td (sells ) Tj ET Q q 0 0 0 rg BT 262.16 148.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.29 148.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.10 148.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.03 148.75 Td (a ) Tj ET Q q 0 0 0 rg BT 364.62 148.75 Td (buyer) Tj ET Q q 0 0 0 rg BT 386.99 148.75 Td (, ) Tj ET Q q 0 0 0 rg BT 391.63 148.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 428.77 148.75 Td (for ) Tj ET Q q 0 0 0 rg BT 442.58 148.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 465.00 148.75 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 148.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 509.27 148.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.20 148.75 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.77 136.75 Td (same ) Tj ET Q q 0 0 0 rg BT 86.37 136.75 Td (or ) Tj ET Q q 0 0 0 rg BT 96.75 136.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 149.35 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.62 136.75 Td (same ) Tj ET Q q 0 0 0 rg BT 186.22 136.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.26 136.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 271.97 136.75 Td (from ) Tj ET Q q 0 0 0 rg BT 293.46 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 136.75 Td (buyer ) Tj ET Q q 0 0 0 rg BT 332.55 136.75 Td (at ) Tj ET Q q 0 0 0 rg BT 341.82 136.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.31 136.75 Td (stated ) Tj ET Q q 0 0 0 rg BT 373.69 136.75 Td (price ) Tj ET Q q 0 0 0 rg BT 395.73 136.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 414.45 136.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 447.59 136.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 479.07 136.75 Td (at ) Tj ET Q q 0 0 0 rg BT 488.34 136.75 Td (a ) Tj ET Q q 0 0 0 rg BT 494.83 136.75 Td (future ) Tj ET Q q 0 0 0 rg BT 520.76 136.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 541.97 136.75 Td (Even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td (though ) Tj ET Q q 0 0 0 rg BT 80.13 124.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 126.30 124.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.59 124.75 Td (reverse ) Tj ET Q q 0 0 0 rg BT 175.32 124.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.48 124.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 269.87 124.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 302.72 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.79 124.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 340.08 124.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 373.47 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.66 124.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 429.18 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.36 124.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.20 124.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 530.22 124.75 Td (they ) Tj ET Q q 0 0 0 rg BT 550.30 124.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.37 112.75 Td (for ) Tj ET Q q 0 0 0 rg BT 106.37 112.75 Td (as ) Tj ET Q q 0 0 0 rg BT 117.04 112.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.14 112.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 213.34 112.75 Td (because ) Tj ET Q q 0 0 0 rg BT 247.33 112.75 Td (they ) Tj ET Q q 0 0 0 rg BT 266.88 112.75 Td (require ) Tj ET Q q 0 0 0 rg BT 297.54 112.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 112.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.41 112.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.42 112.75 Td (to ) Tj ET Q q 0 0 0 rg BT 408.53 112.75 Td (be ) Tj ET Q q 0 0 0 rg BT 420.31 112.75 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 470.96 112.75 Td (or ) Tj ET Q q 0 0 0 rg BT 481.62 112.75 Td (resold ) Tj ET Q q 0 0 0 rg BT 508.40 112.75 Td (at ) Tj ET Q q 0 0 0 rg BT 517.96 112.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 554.18 112.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 100.75 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.46 76.75 Td (a ) Tj ET Q q 0 0 0 rg BT 65.54 76.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 104.93 76.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 144.89 76.75 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 192.89 76.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.74 76.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.26 76.75 Td (borrows ) Tj ET Q q 0 0 0 rg BT 281.67 76.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.06 76.75 Td (from ) Tj ET Q q 0 0 0 rg BT 342.14 76.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.21 76.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 400.37 76.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.79 76.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 449.17 76.75 Td (for ) Tj ET Q q 0 0 0 rg BT 462.47 76.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 484.25 76.75 Td (When ) Tj ET Q q 0 0 0 rg BT 509.76 76.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 76.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 79.77 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 64.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 137.25 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.97 64.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 205.00 64.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 235.27 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 249.98 64.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 272.75 64.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.24 64.75 Td (is ) Tj ET Q q 0 0 0 rg BT 314.41 64.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 354.11 64.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 373.83 64.75 Td (periodically ) Tj ET Q q 0 0 0 rg BT 424.08 64.75 Td (over ) Tj ET Q q 0 0 0 rg BT 444.35 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 64.75 Td (life ) Tj ET Q q 0 0 0 rg BT 474.90 64.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.73 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.44 64.75 Td (transaction.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.43 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.25 708.60 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.18 708.60 Td (course ) Tj ET Q q 0 0 0 rg BT 134.89 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 145.82 708.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 184.82 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 199.64 708.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.13 708.60 Td (obtains ) Tj ET Q q 0 0 0 rg BT 272.62 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.99 708.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.13 708.60 Td (under ) Tj ET Q q 0 0 0 rg BT 381.50 708.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.64 708.60 Td (to ) Tj ET Q q 0 0 0 rg BT 440.02 708.60 Td (resell, ) Tj ET Q q 0 0 0 rg BT 466.78 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 507.15 708.60 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 548.07 708.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 696.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 79.49 696.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 126.86 696.60 Td (on ) Tj ET Q q 0 0 0 rg BT 138.71 696.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 162.77 696.60 Td (that ) Tj ET Q q 0 0 0 rg BT 179.60 696.60 Td (permit ) Tj ET Q q 0 0 0 rg BT 207.55 696.60 Td (it ) Tj ET Q q 0 0 0 rg BT 214.95 696.60 Td (to ) Tj ET Q q 0 0 0 rg BT 224.57 696.60 Td (repledge ) Tj ET Q q 0 0 0 rg BT 260.84 696.60 Td (or ) Tj ET Q q 0 0 0 rg BT 271.01 696.60 Td (resell ) Tj ET Q q 0 0 0 rg BT 294.51 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 696.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.18 696.60 Td (to ) Tj ET Q q 0 0 0 rg BT 357.80 696.60 Td (others, ) Tj ET Q q 0 0 0 rg BT 386.58 696.60 Td (typically ) Tj ET Q q 0 0 0 rg BT 423.42 696.60 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 459.70 696.60 Td (to ) Tj ET Q q 0 0 0 rg BT 469.32 696.60 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 696.60 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 684.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.77 684.60 Td (obtained ) Tj ET Q q 0 0 0 rg BT 147.13 684.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 187.81 684.60 Td (with ) Tj ET Q q 0 0 0 rg BT 208.51 684.60 Td (a ) Tj ET Q q 0 0 0 rg BT 215.87 684.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 232.66 684.60 Td (value ) Tj ET Q q 0 0 0 rg BT 257.24 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.49 684.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.17 684.60 Td ($273.6 ) Tj ET Q q 0 0 0 rg BT 359.59 684.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.48 684.60 Td ( ) Tj ET Q q 0 0 0 rg BT 391.40 684.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.76 684.60 Td ($192.2 ) Tj ET Q q 0 0 0 rg BT 439.18 684.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.07 684.60 Td ( ) Tj ET Q q 0 0 0 rg BT 470.99 684.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.13 684.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.14 684.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.14 684.60 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 684.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 109.55 672.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.55 672.60 Td (, ) Tj ET Q q 0 0 0 rg BT 136.01 672.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 183.67 672.60 Td (, ) Tj ET Q q 0 0 0 rg BT 190.13 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 202.42 672.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.82 672.60 Td ($260.1 ) Tj ET Q q 0 0 0 rg BT 262.29 672.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.18 672.60 Td ( ) Tj ET Q q 0 0 0 rg BT 295.14 672.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.54 672.60 Td ($185.2 ) Tj ET Q q 0 0 0 rg BT 345.00 672.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.89 672.60 Td (, ) Tj ET Q q 0 0 0 rg BT 380.35 672.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 428.02 672.60 Td (, ) Tj ET Q q 0 0 0 rg BT 434.48 672.60 Td (had ) Tj ET Q q 0 0 0 rg BT 452.88 672.60 Td (been ) Tj ET Q q 0 0 0 rg BT 475.72 672.60 Td (pledged ) Tj ET Q q 0 0 0 rg BT 511.33 672.60 Td (or ) Tj ET Q q 0 0 0 rg BT 523.63 672.60 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (transferred ) Tj ET Q q 0 0 0 rg BT 95.31 660.60 Td (to ) Tj ET Q q 0 0 0 rg BT 105.58 660.60 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 134.19 660.60 Td (its ) Tj ET Q q 0 0 0 rg BT 146.14 660.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 203.08 660.60 Td (under ) Tj ET Q q 0 0 0 rg BT 228.35 660.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.83 660.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 314.99 660.60 Td (and ) Tj ET Q q 0 0 0 rg BT 331.93 660.60 Td (other ) Tj ET Q q 0 0 0 rg BT 354.98 660.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 395.80 660.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 434.42 660.60 Td (sold, ) Tj ET Q q 0 0 0 rg BT 456.09 660.60 Td (but ) Tj ET Q q 0 0 0 rg BT 471.37 660.60 Td (not ) Tj ET Q q 0 0 0 rg BT 486.65 660.60 Td (yet ) Tj ET Q q 0 0 0 rg BT 501.37 660.60 Td (purchased.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.38 636.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.61 636.60 Td (is ) Tj ET Q q 0 0 0 rg BT 117.61 636.60 Td (a ) Tj ET Q q 0 0 0 rg BT 124.39 636.60 Td (summary ) Tj ET Q q 0 0 0 rg BT 163.94 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 174.61 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 189.16 636.60 Td (Company) Tj ET Q q 0 0 0 rg BT 230.83 636.60 Td (s ) Tj ET Q q 0 0 0 rg BT 237.05 636.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.15 636.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 296.16 636.60 Td (under ) Tj ET Q q 0 0 0 rg BT 321.27 636.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 369.13 636.60 Td (to ) Tj ET Q q 0 0 0 rg BT 379.25 636.60 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 424.89 636.60 Td (\("Repurchase ) Tj ET Q q 0 0 0 rg BT 481.28 636.60 Td (Liabilities"\), ) Tj ET Q q 0 0 0 rg BT 534.08 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 548.63 636.60 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (market ) Tj ET Q q 0 0 0 rg BT 80.06 624.60 Td (value ) Tj ET Q q 0 0 0 rg BT 104.51 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 115.64 624.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 155.64 624.60 Td (pledged ) Tj ET Q q 0 0 0 rg BT 190.09 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 207.33 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.34 624.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 254.57 624.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.36 624.60 Td (char) Tj ET Q q 0 0 0 rg BT 289.38 624.60 Td (ged ) Tj ET Q q 0 0 0 rg BT 306.62 624.60 Td (by ) Tj ET Q q 0 0 0 rg BT 319.42 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 334.43 624.60 Td (Company) Tj ET Q q 0 0 0 rg BT 376.10 624.60 Td (s ) Tj ET Q q 0 0 0 rg BT 382.79 624.60 Td (counterparty) Tj ET Q q 0 0 0 rg BT 432.67 624.60 Td (, ) Tj ET Q q 0 0 0 rg BT 437.97 624.60 Td (which ) Tj ET Q q 0 0 0 rg BT 465.20 624.60 Td (is ) Tj ET Q q 0 0 0 rg BT 474.67 624.60 Td (based ) Tj ET Q q 0 0 0 rg BT 500.24 624.60 Td (on ) Tj ET Q q 0 0 0 rg BT 513.04 624.60 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 545.83 624.60 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 612.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 105.03 612.60 Td (mar) Tj ET Q q 0 0 0 rg BT 120.39 612.60 Td (gin, ) Tj ET Q q 0 0 0 rg BT 138.17 612.60 Td (as ) Tj ET Q q 0 0 0 rg BT 149.00 612.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.83 612.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 203.43 612.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.43 612.60 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 578.10 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 578.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 578.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 578.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 578.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 578.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 554.10 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 554.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 554.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 554.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 554.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 554.10 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 320.5 578.1 m 395.5 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 578.1 m 478.5 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 578.1 m 561.5 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 542.1 m 395.5 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 531.1 m 395.5 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 529.1 m 395.5 529.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 542.1 m 478.5 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 531.1 m 478.5 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 529.1 m 478.5 529.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 592.83 Td (Repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.05 592.83 Td (Fair Market) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 582.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.10 580.83 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.45 580.83 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 580.83 Td (InterestRate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.83 Td (On demand maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 556.72 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 556.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 556.72 Td (5,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 556.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 556.72 Td (6,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 556.72 Td (1.30 - 1.40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 544.72 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 544.72 Td (10,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 544.72 Td (10,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 544.72 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 532.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 532.72 Td (16,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 532.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 532.72 Td (16,390) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 85.88 506.60 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 133.37 506.60 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 185.57 506.60 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 233.06 506.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 282.76 506.60 Td (and ) Tj ET Q q 0 0 0 rg BT 301.38 506.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.32 506.60 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 385.82 506.60 Td (and ) Tj ET Q q 0 0 0 rg BT 404.43 506.60 Td (loaned ) Tj ET Q q 0 0 0 rg BT 435.26 506.60 Td (are ) Tj ET Q q 0 0 0 rg BT 451.65 506.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 489.14 506.60 Td (on ) Tj ET Q q 0 0 0 rg BT 503.31 506.60 Td (a ) Tj ET Q q 0 0 0 rg BT 511.93 506.60 Td (net ) Tj ET Q q 0 0 0 rg BT 528.32 506.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 552.50 506.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.16 494.60 Td (when ) Tj ET Q q 0 0 0 rg BT 125.96 494.60 Td (a ) Tj ET Q q 0 0 0 rg BT 132.52 494.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 154.09 494.60 Td (right ) Tj ET Q q 0 0 0 rg BT 175.11 494.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.57 494.60 Td (of) Tj ET Q q 0 0 0 rg BT 193.72 494.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 210.29 494.60 Td (exists. ) Tj ET Q q 0 0 0 rg BT 237.54 494.60 Td (The ) Tj ET Q q 0 0 0 rg BT 255.22 494.60 Td (following ) Tj ET Q q 0 0 0 rg BT 296.24 494.60 Td (table ) Tj ET Q q 0 0 0 rg BT 317.81 494.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 354.38 494.60 Td (information ) Tj ET Q q 0 0 0 rg BT 403.72 494.60 Td (about ) Tj ET Q q 0 0 0 rg BT 428.07 494.60 Td (the ) Tj ET Q q 0 0 0 rg BT 442.42 494.60 Td (of) Tj ET Q q 0 0 0 rg BT 450.56 494.60 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 482.69 494.60 Td (of ) Tj ET Q q 0 0 0 rg BT 493.15 494.60 Td (these ) Tj ET Q q 0 0 0 rg BT 515.83 494.60 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 482.60 Td (related ) Tj ET Q q 0 0 0 rg BT 96.14 482.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 135.84 482.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 172.22 482.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.94 482.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 225.54 482.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.54 482.60 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 412.10 84.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 412.10 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.00 412.10 87.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 412.10 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 412.10 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 412.10 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 412.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 412.10 52.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 436.1 m 439 436.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 436.1 m 443 436.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 436.1 m 506 436.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 412.1 m 133 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 412.1 m 189 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 412.1 m 280 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 412.1 m 372 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 412.1 m 439 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 412.1 m 506 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 412.1 m 562 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 412.1 m 133 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 412.1 m 189 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 412.1 m 280 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 412.1 m 372 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 412.1 m 439 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 412.1 m 506 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 412.1 m 562 412.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.20 463.50 Td (Gross Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.35 463.50 Td (Net Amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.95 463.50 Td (Gross Amounts Not Offset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.25 451.50 Td (Offset on the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.55 451.50 Td (Presented on the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.85 451.50 Td (on the Consolidated Statements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 151.30 439.50 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.70 439.50 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.20 439.50 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.20 439.50 Td (of Financial Condition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 428.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.50 427.50 Td (Recognized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.75 427.50 Td ( Statements of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.25 427.50 Td ( Statements of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.95 427.50 Td (Financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.75 427.50 Td (Collateral) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 427.50 Td (Net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 415.50 Td (Description) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 150.50 415.50 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.60 415.50 Td (Financial Condition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.10 415.50 Td (Financial Condition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.35 415.50 Td ( Instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.35 415.50 Td (Received \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.70 415.50 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 400.56 Td (Reverse repurchase) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 391.56 Td (agreements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.25 391.56 Td (232,997) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.25 391.56 Td (\(5,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.50 391.56 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 391.56 Td (227,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 391.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 391.56 Td (\(227,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 391.56 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 391.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 391.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 375.56 Td (Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 366.56 Td (borrowed \(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 160.75 366.56 Td (38,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.50 366.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 366.56 Td (38,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 366.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 366.56 Td (\(38,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 366.56 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 366.56 Td () Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 292.10 84.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 292.10 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.00 292.10 87.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 292.10 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 292.10 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 292.10 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 292.10 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 292.10 52.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 316.1 m 439 316.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 316.1 m 443 316.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 316.1 m 506 316.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 292.1 m 133 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 292.1 m 189 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 292.1 m 280 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 292.1 m 372 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 292.1 m 439 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 292.1 m 506 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 292.1 m 562 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 292.1 m 189 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 292.1 m 280 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 292.1 m 372 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 292.1 m 439 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 292.1 m 506 292.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 292.1 m 562 292.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.20 343.50 Td (Gross Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.10 343.50 Td (Net Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.70 343.50 Td (Gross Amount Not Offset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.25 331.50 Td (Offset on the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.55 331.50 Td (Presented on the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.85 331.50 Td (on the Consolidated Statements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 151.30 319.50 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.70 319.50 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.20 319.50 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.20 319.50 Td (of Financial Condition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 308.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.50 307.50 Td (Recognized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.75 307.50 Td ( Statements of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.25 307.50 Td ( Statements of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.95 307.50 Td (Financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.75 307.50 Td (Collateral) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 307.50 Td (Net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 295.50 Td (Description) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.20 295.50 Td (Liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.60 295.50 Td (Financial Condition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.10 295.50 Td (Financial Condition) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.35 295.50 Td ( Instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.35 295.50 Td (Pledged \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.70 295.50 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 280.56 Td (Repurchase) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 271.56 Td (agreements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 160.75 271.56 Td (16,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.25 271.56 Td (\(5,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.50 271.56 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 271.56 Td (10,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 271.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 271.56 Td (\(10,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 271.56 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 271.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 271.56 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 255.00 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 255.00 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.61 255.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 129.28 255.00 Td (r) Tj ET Q q 0 0 0 rg BT 132.10 255.00 Td (eceived ) Tj ET Q q 0 0 0 rg BT 158.09 255.00 Td (by ) Tj ET Q q 0 0 0 rg BT 167.65 255.00 Td (the ) Tj ET Q q 0 0 0 rg BT 179.43 255.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.11 255.00 Td (fr) Tj ET Q q 0 0 0 rg BT 217.15 255.00 Td (om ) Tj ET Q q 0 0 0 rg BT 228.93 255.00 Td (the ) Tj ET Q q 0 0 0 rg BT 240.72 255.00 Td (counterparty) Tj ET Q q 0 0 0 rg BT 281.60 255.00 Td (. ) Tj ET Q q 0 0 0 rg BT 285.61 255.00 Td (These ) Tj ET Q q 0 0 0 rg BT 306.29 255.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.96 255.00 Td (ar) Tj ET Q q 0 0 0 rg BT 345.77 255.00 Td (e ) Tj ET Q q 0 0 0 rg BT 351.34 255.00 Td (not ) Tj ET Q q 0 0 0 rg BT 363.57 255.00 Td (included ) Tj ET Q q 0 0 0 rg BT 393.13 255.00 Td (on ) Tj ET Q q 0 0 0 rg BT 403.14 255.00 Td (the ) Tj ET Q q 0 0 0 rg BT 414.92 255.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 457.82 255.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 493.60 255.00 Td (of ) Tj ET Q q 0 0 0 rg BT 501.83 255.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 532.29 255.00 Td (condition ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 245.40 Td (unless ) Tj ET Q q 0 0 0 rg BT 89.50 245.40 Td (ther) Tj ET Q q 0 0 0 rg BT 102.09 245.40 Td (e ) Tj ET Q q 0 0 0 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0 0 rg BT 281.60 469.00 Td (. ) Tj ET Q q 0 0 0 rg BT 285.61 469.00 Td (These ) Tj ET Q q 0 0 0 rg BT 306.29 469.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.96 469.00 Td (ar) Tj ET Q q 0 0 0 rg BT 345.77 469.00 Td (e ) Tj ET Q q 0 0 0 rg BT 351.34 469.00 Td (not ) Tj ET Q q 0 0 0 rg BT 363.57 469.00 Td (included ) Tj ET Q q 0 0 0 rg BT 393.13 469.00 Td (on ) Tj ET Q q 0 0 0 rg BT 403.14 469.00 Td (the ) Tj ET Q q 0 0 0 rg BT 414.92 469.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 457.82 469.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 493.60 469.00 Td (of ) Tj ET Q q 0 0 0 rg BT 501.83 469.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 532.29 469.00 Td (condition ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 459.40 Td (unless ) Tj ET Q q 0 0 0 rg BT 89.50 459.40 Td (ther) Tj ET Q q 0 0 0 rg BT 102.09 459.40 Td (e ) Tj ET Q q 0 0 0 rg BT 107.64 459.40 Td (is ) Tj ET Q q 0 0 0 rg BT 114.98 459.40 Td (an ) Tj ET Q q 0 0 0 rg BT 124.98 459.40 Td (event ) Tj ET Q q 0 0 0 rg BT 143.85 459.40 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 459.40 Td (default.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 446.80 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 446.80 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.69 446.80 Td (the ) Tj ET Q q 0 0 0 rg BT 108.54 446.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 122.19 446.80 Td (value ) Tj ET Q q 0 0 0 rg BT 141.59 446.80 Td (of ) Tj ET Q q 0 0 0 rg BT 149.90 446.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.64 446.80 Td (pledged ) Tj ET Q q 0 0 0 rg BT 210.05 446.80 Td (by ) Tj ET Q q 0 0 0 rg BT 219.69 446.80 Td (the ) Tj ET Q q 0 0 0 rg BT 231.54 446.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.29 446.80 Td (to ) Tj ET Q q 0 0 0 rg BT 272.60 446.80 Td (the ) Tj ET Q q 0 0 0 rg BT 284.46 446.80 Td (counterparty) Tj ET Q q 0 0 0 rg BT 325.34 446.80 Td (. ) Tj ET Q q 0 0 0 rg BT 329.42 446.80 Td (These ) Tj ET Q q 0 0 0 rg BT 350.17 446.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.92 446.80 Td (ar) Tj ET Q q 0 0 0 rg BT 389.73 446.80 Td (e ) Tj ET Q q 0 0 0 rg BT 395.37 446.80 Td (included ) Tj ET Q q 0 0 0 rg BT 425.00 446.80 Td (on ) Tj ET Q q 0 0 0 rg BT 435.08 446.80 Td (the ) Tj ET Q q 0 0 0 rg BT 446.94 446.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.91 446.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 525.76 446.80 Td (of ) Tj ET Q q 0 0 0 rg BT 534.07 446.80 Td (financial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 437.20 Td (condition ) Tj ET Q q 0 0 0 rg BT 99.72 437.20 Td (unless ) Tj ET Q q 0 0 0 rg BT 121.72 437.20 Td (the ) Tj ET Q q 0 0 0 rg BT 133.49 437.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.16 437.20 Td (defaults.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 424.60 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 424.60 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 96.89 424.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 112.50 424.60 Td (for ) Tj ET Q q 0 0 0 rg BT 123.22 424.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.27 424.60 Td (borr) Tj ET Q q 0 0 0 rg BT 169.20 424.60 Td (owed ) Tj ET Q q 0 0 0 rg BT 187.47 424.60 Td (ar) Tj ET Q q 0 0 0 rg BT 194.29 424.60 Td (e ) Tj ET Q q 0 0 0 rg BT 199.22 424.60 Td (included ) Tj ET Q q 0 0 0 rg BT 228.16 424.60 Td (in ) Tj ET Q q 0 0 0 rg BT 235.77 424.60 Td (r) Tj ET Q q 0 0 0 rg BT 238.58 424.60 Td (eceivables ) Tj ET Q q 0 0 0 rg BT 273.28 424.60 Td (fr) Tj ET Q q 0 0 0 rg BT 278.32 424.60 Td (om ) Tj ET Q q 0 0 0 rg BT 289.48 424.60 Td (br) Tj ET Q q 0 0 0 rg BT 296.30 424.60 Td (okers, ) Tj ET Q q 0 0 0 rg BT 317.02 424.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 341.95 424.60 Td (and ) Tj ET Q q 0 0 0 rg BT 355.34 424.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 383.39 424.60 Td (or) Tj ET Q q 0 0 0 rg BT 390.20 424.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 428.48 424.60 Td (on ) Tj ET Q q 0 0 0 rg BT 437.87 424.60 Td (the ) Tj ET Q q 0 0 0 rg BT 449.03 424.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 491.30 424.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.46 424.60 Td (of ) Tj ET Q q 0 0 0 rg BT 534.07 424.60 Td (financial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 415.00 Td (condition. ) Tj ET Q q 0 0 0 rg BT 101.72 415.00 Td (See ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.82 415.00 Td (Note ) Tj ET Q q 0 0 0 rg BT 131.93 415.00 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 135.93 415.00 Td ( ) Tj ET Q q 0 0 0 rg BT 137.93 415.00 Td (for ) Tj ET Q q 0 0 0 rg BT 149.27 415.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 184.16 415.00 Td (information ) Tj ET Q q 0 0 0 rg BT 223.94 415.00 Td (on ) Tj ET Q q 0 0 0 rg BT 233.94 415.00 Td (r) Tj ET Q q 0 0 0 rg BT 236.75 415.00 Td (eceivables ) Tj ET Q q 0 0 0 rg BT 272.07 415.00 Td (fr) Tj ET Q q 0 0 0 rg BT 277.11 415.00 Td (om ) Tj ET Q q 0 0 0 rg BT 288.88 415.00 Td (br) Tj ET Q q 0 0 0 rg BT 295.70 415.00 Td (okers, ) Tj ET Q q 0 0 0 rg BT 317.03 415.00 Td (dealers ) Tj ET Q q 0 0 0 rg BT 342.58 415.00 Td (and ) Tj ET Q q 0 0 0 rg BT 356.58 415.00 Td (clearing ) Tj ET Q q 0 0 0 rg BT 385.24 415.00 Td (or) Tj ET Q q 0 0 0 rg BT 392.05 415.00 Td (ganizations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.86 391.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.56 391.00 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.81 391.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.81 391.00 Td ( ) Tj ET Q q 0 0 0 rg BT 139.63 391.00 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 189.11 391.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 229.68 391.00 Td (lending ) Tj ET Q q 0 0 0 rg BT 262.49 391.00 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 319.17 391.00 Td (as ) Tj ET Q q 0 0 0 rg BT 330.31 391.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.46 391.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 385.37 391.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.37 391.00 Td ( ) Tj ET Q q 0 0 0 rg BT 408.18 391.00 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.33 391.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 478.23 391.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.23 391.00 Td (. ) Tj ET Q q 0 0 0 rg BT 503.54 391.00 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.79 391.00 Td (Note ) Tj ET Q q 0 0 0 rg BT 543.05 391.00 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.05 391.00 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 391.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.00 Td (information ) Tj ET Q q 0 0 0 rg BT 99.21 379.00 Td (related ) Tj ET Q q 0 0 0 rg BT 128.91 379.00 Td (to ) Tj ET Q q 0 0 0 rg BT 139.19 379.00 Td (the ) Tj ET Q q 0 0 0 rg BT 153.91 379.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 200.99 379.00 Td (of) Tj ET Q q 0 0 0 rg BT 209.14 379.00 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 241.63 379.00 Td (of ) Tj ET Q q 0 0 0 rg BT 252.46 379.00 Td (derivative ) Tj ET Q q 0 0 0 rg BT 294.94 379.00 Td (contracts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.00 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 355.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 355.00 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.70 355.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.00 Td (The ) Tj ET Q q 0 0 0 rg BT 68.48 331.00 Td (Company) Tj ET Q q 0 0 0 rg BT 110.15 331.00 Td (s ) Tj ET Q q 0 0 0 rg BT 117.48 331.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 168.69 331.00 Td (include ) Tj ET Q q 0 0 0 rg BT 201.56 331.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.77 331.00 Td (in ) Tj ET Q q 0 0 0 rg BT 263.99 331.00 Td (private ) Tj ET Q q 0 0 0 rg BT 295.19 331.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 341.39 331.00 Td (and ) Tj ET Q q 0 0 0 rg BT 359.27 331.00 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 414.08 331.00 Td (registered ) Tj ET Q q 0 0 0 rg BT 456.94 331.00 Td (mutual ) Tj ET Q q 0 0 0 rg BT 488.15 331.00 Td (funds, ) Tj ET Q q 0 0 0 rg BT 516.31 331.00 Td (warrants ) Tj ET Q q 0 0 0 rg BT 554.18 331.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.00 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 93.93 319.00 Td (private ) Tj ET Q q 0 0 0 rg BT 124.20 319.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 169.46 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 186.40 319.00 Td (private ) Tj ET Q q 0 0 0 rg BT 216.66 319.00 Td (company ) Tj ET Q q 0 0 0 rg BT 255.82 319.00 Td (debt. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.50 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 272.50 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 272.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 272.50 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 248.50 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 248.50 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 248.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 248.50 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 224.50 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 224.50 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 224.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 224.50 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 403.5 284.5 m 478.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 284.5 m 561.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 248.5 m 478.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 248.5 m 561.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 212.5 m 478.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 212.5 m 561.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 201.5 m 478.5 201.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 199.5 m 478.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 201.5 m 561.5 201.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 199.5 m 561.5 199.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 299.23 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 299.23 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 288.45 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 287.23 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 287.23 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 275.12 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 275.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 275.23 Td (147,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 275.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 275.12 Td (156,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 263.12 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 263.23 Td (2,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 263.12 Td (2,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 251.12 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 251.23 Td (9,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 251.12 Td (9,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 239.12 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 239.23 Td (159,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 239.12 Td (168,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 215.12 Td (Less investments attributable to noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 215.28 Td (\(40,222) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 215.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 215.12 Td (\(45,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 215.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 203.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 203.23 Td (119,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 203.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 203.12 Td (122,934) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 188.40 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 188.40 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 188.40 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.09 188.40 Td (inter) Tj ET Q q 0 0 0 rg BT 132.91 188.40 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.91 188.40 Td (ar) Tj ET Q q 0 0 0 rg BT 153.72 188.40 Td (e ) Tj ET Q q 0 0 0 rg BT 159.27 188.40 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.05 188.40 Td (to ) Tj ET Q q 0 0 0 rg BT 207.27 188.40 Td (thir) Tj ET Q q 0 0 0 rg BT 218.54 188.40 Td (d ) Tj ET Q q 0 0 0 rg BT 224.54 188.40 Td (party ) Tj ET Q q 0 0 0 rg BT 243.42 188.40 Td (ownership ) Tj ET Q q 0 0 0 rg BT 278.76 188.40 Td (in ) Tj ET Q q 0 0 0 rg BT 286.98 188.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 329.86 188.40 Td (mer) Tj ET Q q 0 0 0 rg BT 342.01 188.40 Td (chant ) Tj ET Q q 0 0 0 rg BT 361.78 188.40 Td (banking ) Tj ET Q q 0 0 0 rg BT 389.55 188.40 Td (and ) Tj ET Q q 0 0 0 rg BT 403.55 188.40 Td (senior ) Tj ET Q q 0 0 0 rg BT 425.55 188.40 Td (living ) Tj ET Q q 0 0 0 rg BT 445.77 188.40 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.40 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.66 164.40 Td (March31, ) Tj ET Q q 0 0 0 rg BT 106.92 164.40 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.92 164.40 Td (, ) Tj ET Q q 0 0 0 rg BT 132.59 164.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.52 164.40 Td (carried ) Tj ET Q q 0 0 0 rg BT 214.44 164.40 Td (on ) Tj ET Q q 0 0 0 rg BT 227.60 164.40 Td (a ) Tj ET Q q 0 0 0 rg BT 235.21 164.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 254.48 164.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 277.64 164.40 Td (had ) Tj ET Q q 0 0 0 rg BT 295.24 164.40 Td (an ) Tj ET Q q 0 0 0 rg BT 307.84 164.40 Td (estimated ) Tj ET Q q 0 0 0 rg BT 349.33 164.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.37 164.40 Td (market ) Tj ET Q q 0 0 0 rg BT 397.29 164.40 Td (value ) Tj ET Q q 0 0 0 rg BT 422.11 164.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.61 164.40 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 454.27 164.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.16 164.40 Td (. ) Tj ET Q q 0 0 0 rg BT 488.82 164.40 Td (Because ) Tj ET Q q 0 0 0 rg BT 525.30 164.40 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.40 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.59 152.40 Td (were ) Tj ET Q q 0 0 0 rg BT 111.90 152.40 Td (based ) Tj ET Q q 0 0 0 rg BT 137.54 152.40 Td (upon ) Tj ET Q q 0 0 0 rg BT 160.42 152.40 Td (management) Tj ET Q q 0 0 0 rg BT 214.29 152.40 Td (s ) Tj ET Q q 0 0 0 rg BT 221.06 152.40 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 264.21 152.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 314.86 152.40 Td (carried ) Tj ET Q q 0 0 0 rg BT 345.49 152.40 Td (at ) Tj ET Q q 0 0 0 rg BT 355.58 152.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 374.57 152.40 Td (would ) Tj ET Q q 0 0 0 rg BT 402.45 152.40 Td (be ) Tj ET Q q 0 0 0 rg BT 414.76 152.40 Td (categorized ) Tj ET Q q 0 0 0 rg BT 463.72 152.40 Td (as ) Tj ET Q q 0 0 0 rg BT 474.93 152.40 Td (Level ) Tj ET Q q 0 0 0 rg BT 500.57 152.40 Td (III ) Tj ET Q q 0 0 0 rg BT 513.43 152.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.64 152.40 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 152.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 140.40 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 140.40 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 127.14 140.40 Td (, ) Tj ET Q q 0 0 0 rg BT 132.14 140.40 Td (if ) Tj ET Q q 0 0 0 rg BT 140.75 140.40 Td (they ) Tj ET Q q 0 0 0 rg BT 160.46 140.40 Td (were ) Tj ET Q q 0 0 0 rg BT 182.39 140.40 Td (carried ) Tj ET Q q 0 0 0 rg BT 212.64 140.40 Td (at ) Tj ET Q q 0 0 0 rg BT 222.36 140.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 238.74 140.40 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.40 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.23 116.40 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.17 116.40 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 116.40 Td (under ) Tj ET Q q 0 0 0 rg BT 182.40 116.40 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 116.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.42 116.40 Td (method ) Tj ET Q q 0 0 0 rg BT 256.82 116.40 Td (include ) Tj ET Q q 0 0 0 rg BT 288.66 116.40 Td (general ) Tj ET Q q 0 0 0 rg BT 320.48 116.40 Td (and ) Tj ET Q q 0 0 0 rg BT 337.33 116.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.06 116.40 Td (partnership ) Tj ET Q q 0 0 0 rg BT 415.45 116.40 Td (interests. ) Tj ET Q q 0 0 0 rg BT 453.51 116.40 Td (The ) Tj ET Q q 0 0 0 rg BT 471.46 116.40 Td (carrying ) Tj ET Q q 0 0 0 rg BT 507.18 116.40 Td (value ) Tj ET Q q 0 0 0 rg BT 531.23 116.40 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 116.40 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.63 104.40 Td (is ) Tj ET Q q 0 0 0 rg BT 108.66 104.40 Td (based ) Tj ET Q q 0 0 0 rg BT 133.79 104.40 Td (on ) Tj ET Q q 0 0 0 rg BT 146.15 104.40 Td (the ) Tj ET Q q 0 0 0 rg BT 160.72 104.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.96 104.40 Td (vehicle) Tj ET Q q 0 0 0 rg BT 238.61 104.40 Td (s ) Tj ET Q q 0 0 0 rg BT 244.86 104.40 Td (net ) Tj ET Q q 0 0 0 rg BT 259.44 104.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 281.23 104.40 Td (value. ) Tj ET Q q 0 0 0 rg BT 307.58 104.40 Td (The ) Tj ET Q q 0 0 0 rg BT 325.48 104.40 Td (net ) Tj ET Q q 0 0 0 rg BT 340.06 104.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.75 104.40 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 104.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.67 104.40 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 473.91 104.40 Td (consist ) Tj ET Q q 0 0 0 rg BT 504.05 104.40 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 104.40 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.40 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 92.40 Td (both ) Tj ET Q q 0 0 0 rg BT 79.86 92.40 Td (marketable ) Tj ET Q q 0 0 0 rg BT 126.68 92.40 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 92.40 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 208.67 92.40 Td (securities. ) Tj ET Q q 0 0 0 rg BT 251.17 92.40 Td (The ) Tj ET Q q 0 0 0 rg BT 269.12 92.40 Td (underlying ) Tj ET Q q 0 0 0 rg BT 314.84 92.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.02 92.40 Td (held ) Tj ET Q q 0 0 0 rg BT 384.64 92.40 Td (by ) Tj ET Q q 0 0 0 rg BT 397.04 92.40 Td (such ) Tj ET Q q 0 0 0 rg BT 417.77 92.40 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 469.05 92.40 Td (are ) Tj ET Q q 0 0 0 rg BT 483.66 92.40 Td (valued ) Tj ET Q q 0 0 0 rg BT 512.72 92.40 Td (based ) Tj ET Q q 0 0 0 rg BT 537.89 92.40 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 92.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.40 Td (estimated ) Tj ET Q q 0 0 0 rg BT 91.30 80.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 108.66 80.40 Td (value ) Tj ET Q q 0 0 0 rg BT 133.79 80.40 Td (determined ) Tj ET Q q 0 0 0 rg BT 182.25 80.40 Td (by ) Tj ET Q q 0 0 0 rg BT 195.73 80.40 Td (management ) Tj ET Q q 0 0 0 rg BT 250.30 80.40 Td (in ) Tj ET Q q 0 0 0 rg BT 261.55 80.40 Td (the ) Tj ET Q q 0 0 0 rg BT 277.25 80.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 325.31 80.40 Td (capacity ) Tj ET Q q 0 0 0 rg BT 362.10 80.40 Td (as ) Tj ET Q q 0 0 0 rg BT 373.91 80.40 Td (general ) Tj ET Q q 0 0 0 rg BT 406.81 80.40 Td (partner ) Tj ET Q q 0 0 0 rg BT 438.60 80.40 Td (or ) Tj ET Q q 0 0 0 rg BT 450.41 80.40 Td (investor ) Tj ET Q q 0 0 0 rg BT 486.11 80.40 Td (and, ) Tj ET Q q 0 0 0 rg BT 506.53 80.40 Td (in ) Tj ET Q q 0 0 0 rg BT 517.78 80.40 Td (the ) Tj ET Q q 0 0 0 rg BT 533.48 80.40 Td (case ) Tj ET Q q 0 0 0 rg BT 554.17 80.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.07 68.40 Td (in ) Tj ET Q q 0 0 0 rg BT 108.64 68.40 Td (unaf) Tj ET Q q 0 0 0 rg BT 126.22 68.40 Td (filiated ) Tj ET Q q 0 0 0 rg BT 156.34 68.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 202.01 68.40 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 255.18 68.40 Td (are ) Tj ET Q q 0 0 0 rg BT 269.18 68.40 Td (based ) Tj ET Q q 0 0 0 rg BT 293.74 68.40 Td (on ) Tj ET Q q 0 0 0 rg BT 305.53 68.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.30 68.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 386.31 68.40 Td (prepared ) Tj ET Q q 0 0 0 rg BT 423.07 68.40 Td (by ) Tj ET Q q 0 0 0 rg BT 434.87 68.40 Td (the ) Tj ET Q q 0 0 0 rg BT 448.88 68.40 Td (unaf) Tj ET Q q 0 0 0 rg BT 466.46 68.40 Td (filiated ) Tj ET Q q 0 0 0 rg BT 496.58 68.40 Td (general ) Tj ET Q q 0 0 0 rg BT 527.79 68.40 Td (partners.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (27) 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 (Other ) Tj ET Q q 0 0 0 rg BT 110.14 708.75 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.14 708.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 650.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 650.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 650.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 650.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 626.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 626.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 626.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 626.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 602.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 602.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 602.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 602.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 578.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 578.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 578.25 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 404 662.25 m 479 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 662.25 m 562 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 662.25 m 479 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 662.25 m 562 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 566.25 m 479 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 566.25 m 562 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 555.25 m 479 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 553.25 m 479 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 555.25 m 562 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 553.25 m 562 553.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 676.98 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 676.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 666.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 664.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 664.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 652.87 Td (Net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 652.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 652.98 Td (83,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 652.87 Td (97,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.87 Td (Income tax receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 640.98 Td (20,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 640.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.87 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 628.98 Td (17,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 628.87 Td (22,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.87 Td (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 616.98 Td (7,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 616.87 Td (9,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.87 Td (Forgivable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 604.98 Td (10,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 604.87 Td (9,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.87 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 592.98 Td (5,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 592.87 Td (6,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.87 Td (Secured loan receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 580.98 Td (2,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 580.87 Td (6,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 568.87 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 568.98 Td (14,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.87 Td (13,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 556.87 Td (Total other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 556.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 556.98 Td (163,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 556.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 556.87 Td (164,962) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 530.75 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.44 530.75 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 530.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.94 530.75 Td (Short-T) Tj ET Q q 0 0 0 rg BT 113.58 530.75 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.74 530.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 460.25 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 460.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 460.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 460.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 460.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 460.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 460.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 460.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 436.25 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 436.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 436.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 436.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 436.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 436.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 436.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 436.25 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 238 496.25 m 313 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 496.25 m 321 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 496.25 m 396 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 496.25 m 479 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 496.25 m 487 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 496.25 m 562 496.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 472.25 m 313 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 472.25 m 396 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 472.25 m 479 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 472.25 m 562 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 436.25 m 313 436.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 425.25 m 313 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 423.25 m 313 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 436.25 m 396 436.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 425.25 m 396 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 423.25 m 396 423.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 500.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.60 498.98 Td (OutstandingBalance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.75 498.98 Td (Weighted Average Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.15 486.98 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.90 486.98 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 486.98 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 486.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 476.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.00 474.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 474.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 474.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 474.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 462.87 Td (Commercial paper \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 462.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 462.98 Td (124,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 462.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 462.87 Td (147,021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 462.98 Td (2.49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 462.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 462.87 Td (2.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 462.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 450.87 Td (Prime broker arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 450.98 Td (101,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 450.87 Td (271,811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 450.98 Td (1.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 450.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 450.87 Td (1.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 450.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 438.87 Td (Bank lines \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 438.98 Td (71,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 438.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 438.98 Td (1.82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 438.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 438.87 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 426.87 Td (Total short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 426.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 426.98 Td (297,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 426.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 426.87 Td (418,832) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 400.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.99 400.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 136.90 400.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 170.47 400.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 220.69 400.75 Td (paper ) Tj ET Q q 0 0 0 rg BT 245.92 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 256.73 400.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 278.09 400.75 Td (a ) Tj ET Q q 0 0 0 rg BT 285.55 400.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.46 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.82 400.75 Td (its ) Tj ET Q q 0 0 0 rg BT 341.29 400.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.08 400.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 419.76 400.75 Td (. ) Tj ET Q q 0 0 0 rg BT 425.07 400.75 Td (The ) Tj ET Q q 0 0 0 rg BT 443.64 400.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 493.87 400.75 Td (paper ) Tj ET Q q 0 0 0 rg BT 519.10 400.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 543.23 400.75 Td (\("CP) Tj ET Q q 0 0 0 rg BT 562.51 400.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 82.00 388.75 Td (can ) Tj ET Q q 0 0 0 rg BT 97.63 388.75 Td (be ) Tj ET Q q 0 0 0 rg BT 108.82 388.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 135.57 388.75 Td (with ) Tj ET Q q 0 0 0 rg BT 155.10 388.75 Td (maturities ) Tj ET Q q 0 0 0 rg BT 196.84 388.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.93 388.75 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.93 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 218.68 388.75 Td (days ) Tj ET Q q 0 0 0 rg BT 238.76 388.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.29 388.75 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.29 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.05 388.75 Td (days ) Tj ET Q q 0 0 0 rg BT 285.13 388.75 Td (from ) Tj ET Q q 0 0 0 rg BT 306.32 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.29 388.75 Td (date ) Tj ET Q q 0 0 0 rg BT 338.70 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.78 388.75 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 386.79 388.75 Td (The ) Tj ET Q q 0 0 0 rg BT 404.09 388.75 Td (CP) Tj ET Q q 0 0 0 rg BT 415.95 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 417.70 388.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 442.78 388.75 Td (are ) Tj ET Q q 0 0 0 rg BT 456.74 388.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 483.49 388.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.02 388.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 529.75 388.75 Td (separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.75 Td (programs, ) Tj ET Q q 0 0 0 rg BT 92.19 376.75 Td (CP) Tj ET Q q 0 0 0 rg BT 104.05 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 106.47 376.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 132.80 376.75 Td (A, ) Tj ET Q q 0 0 0 rg BT 144.94 376.75 Td (CP) Tj ET Q q 0 0 0 rg BT 156.80 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 159.22 376.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 186.08 376.75 Td (II ) Tj ET Q q 0 0 0 rg BT 194.63 376.75 Td (A) Tj ET Q q 0 0 0 rg BT 201.30 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.72 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 220.58 376.75 Td (CP) Tj ET Q q 0 0 0 rg BT 232.44 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 234.87 376.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 261.73 376.75 Td (III ) Tj ET Q q 0 0 0 rg BT 273.60 376.75 Td (A, ) Tj ET Q q 0 0 0 rg BT 285.75 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 302.61 376.75 Td (are ) Tj ET Q q 0 0 0 rg BT 317.24 376.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 350.20 376.75 Td (by ) Tj ET Q q 0 0 0 rg BT 362.62 376.75 Td (dif) Tj ET Q q 0 0 0 rg BT 373.55 376.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 399.28 376.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 440.03 376.75 Td (classes. ) Tj ET Q q 0 0 0 rg BT 472.19 376.75 Td (As ) Tj ET Q q 0 0 0 rg BT 485.72 376.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.47 376.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 539.99 376.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.99 376.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 364.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 103.52 364.75 Td (average ) Tj ET Q q 0 0 0 rg BT 137.18 364.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 173.64 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.54 364.75 Td (CP) Tj ET Q q 0 0 0 rg BT 196.40 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.98 364.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 225.42 364.75 Td (A, ) Tj ET Q q 0 0 0 rg BT 237.72 364.75 Td (CP) Tj ET Q q 0 0 0 rg BT 249.58 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 252.15 364.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 279.17 364.75 Td (II ) Tj ET Q q 0 0 0 rg BT 287.83 364.75 Td (A) Tj ET Q q 0 0 0 rg BT 294.50 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 297.08 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.09 364.75 Td (CP) Tj ET Q q 0 0 0 rg BT 325.95 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 328.53 364.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 355.54 364.75 Td (III ) Tj ET Q q 0 0 0 rg BT 367.54 364.75 Td (A) Tj ET Q q 0 0 0 rg BT 374.21 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 376.78 364.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.91 364.75 Td (25 ) Tj ET Q q 0 0 0 rg BT 407.48 364.75 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.81 364.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.89 364.75 Td (9 ) Tj ET Q q 0 0 0 rg BT 438.46 364.75 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.79 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 459.37 364.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.38 364.75 Td (15 ) Tj ET Q q 0 0 0 rg BT 488.95 364.75 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.28 364.75 Td (, ) Tj ET Q q 0 0 0 rg BT 512.36 364.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.02 364.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.36 352.75 Td (CP) Tj ET Q q 0 0 0 rg BT 79.22 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.53 352.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 107.17 352.75 Td (are ) Tj ET Q q 0 0 0 rg BT 121.69 352.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 153.43 352.75 Td (bearing ) Tj ET Q q 0 0 0 rg BT 185.73 352.75 Td (or ) Tj ET Q q 0 0 0 rg BT 196.37 352.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 215.35 352.75 Td (at ) Tj ET Q q 0 0 0 rg BT 224.88 352.75 Td (a ) Tj ET Q q 0 0 0 rg BT 231.63 352.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 267.83 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 277.92 352.75 Td (par ) Tj ET Q q 0 0 0 rg BT 293.00 352.75 Td (with ) Tj ET Q q 0 0 0 rg BT 313.08 352.75 Td (an ) Tj ET Q q 0 0 0 rg BT 324.83 352.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 356.58 352.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 373.88 352.75 Td (based ) Tj ET Q q 0 0 0 rg BT 398.96 352.75 Td (on ) Tj ET Q q 0 0 0 rg BT 411.27 352.75 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 443.58 352.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 462.56 352.75 Td (an ) Tj ET Q q 0 0 0 rg BT 474.31 352.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 517.71 352.75 Td (mar) Tj ET Q q 0 0 0 rg BT 533.07 352.75 Td (gin. ) Tj ET Q q 0 0 0 rg BT 550.66 352.75 Td (CP) Tj ET Q q 0 0 0 rg BT 562.52 352.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.34 340.75 Td (III ) Tj ET Q q 0 0 0 rg BT 88.21 340.75 Td (A) Tj ET Q q 0 0 0 rg BT 94.88 340.75 Td ( ) Tj ET Q q 0 0 0 rg BT 97.29 340.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 133.02 340.75 Td (a ) Tj ET Q q 0 0 0 rg BT 139.86 340.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 178.36 340.75 Td (that ) Tj ET Q q 0 0 0 rg BT 195.76 340.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 230.38 340.75 Td (the ) Tj ET Q q 0 0 0 rg BT 245.00 340.75 Td (Company) Tj ET Q q 0 0 0 rg BT 286.67 340.75 Td (s ) Tj ET Q q 0 0 0 rg BT 292.96 340.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 313.15 340.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 341.66 340.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 368.49 340.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 412.00 340.75 Td (to ) Tj ET Q q 0 0 0 rg BT 422.19 340.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 459.58 340.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 488.09 340.75 Td (net ) Tj ET Q q 0 0 0 rg BT 502.71 340.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.77 340.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.50 340.75 Td ($120 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 328.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.33 304.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.50 304.75 Td (has ) Tj ET Q q 0 0 0 rg BT 121.12 304.75 Td (established ) Tj ET Q q 0 0 0 rg BT 166.84 304.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 221.99 304.75 Td (to ) Tj ET Q q 0 0 0 rg BT 231.05 304.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 257.33 304.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.38 304.75 Td (with ) Tj ET Q q 0 0 0 rg BT 315.45 304.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 340.06 304.75 Td (brokers ) Tj ET Q q 0 0 0 rg BT 371.33 304.75 Td (related ) Tj ET Q q 0 0 0 rg BT 399.82 304.75 Td (to ) Tj ET Q q 0 0 0 rg BT 408.88 304.75 Td (its ) Tj ET Q q 0 0 0 rg BT 419.62 304.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 460.89 304.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 482.18 304.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 501.80 304.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.52 304.75 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 91.60 292.75 Td (Financing ) Tj ET Q q 0 0 0 rg BT 133.44 292.75 Td (under ) Tj ET Q q 0 0 0 rg BT 158.05 292.75 Td (these ) Tj ET Q q 0 0 0 rg BT 180.44 292.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 236.14 292.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.65 292.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.70 292.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 316.08 292.75 Td (by ) Tj ET Q q 0 0 0 rg BT 327.92 292.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 369.75 292.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 411.86 292.75 Td (and ) Tj ET Q q 0 0 0 rg BT 428.14 292.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 467.18 292.75 Td (limitations ) Tj ET Q q 0 0 0 rg BT 511.79 292.75 Td (could ) Tj ET Q q 0 0 0 rg BT 535.85 292.75 Td (reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 280.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 97.35 280.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.50 280.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 142.43 280.75 Td (available ) Tj ET Q q 0 0 0 rg BT 181.34 280.75 Td (under ) Tj ET Q q 0 0 0 rg BT 206.93 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.96 280.75 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 281.15 280.75 Td (Prime ) Tj ET Q q 0 0 0 rg BT 307.85 280.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 336.77 280.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 377.35 280.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 416.27 280.75 Td (are ) Tj ET Q q 0 0 0 rg BT 431.30 280.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 469.09 280.75 Td (net ) Tj ET Q q 0 0 0 rg BT 484.13 280.75 Td (of ) Tj ET Q q 0 0 0 rg BT 495.28 280.75 Td (receivables ) Tj ET Q q 0 0 0 rg BT 543.07 280.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.33 268.75 Td (activity) Tj ET Q q 0 0 0 rg BT 109.67 268.75 Td (. ) Tj ET Q q 0 0 0 rg BT 114.49 268.75 Td (The ) Tj ET Q q 0 0 0 rg BT 132.53 268.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 166.14 268.75 Td (is ) Tj ET Q q 0 0 0 rg BT 175.31 268.75 Td (at ) Tj ET Q q 0 0 0 rg BT 185.03 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.74 268.75 Td (discretion ) Tj ET Q q 0 0 0 rg BT 241.68 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.51 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.22 268.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 293.05 268.75 Td (brokers ) Tj ET Q q 0 0 0 rg BT 325.54 268.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 356.37 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 366.64 268.75 Td (a ) Tj ET Q q 0 0 0 rg BT 373.58 268.75 Td (notice ) Tj ET Q q 0 0 0 rg BT 400.52 268.75 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.65 244.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.14 244.75 Td (has ) Tj ET Q q 0 0 0 rg BT 125.08 244.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 170.45 244.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 214.71 244.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 236.75 244.75 Td (line ) Tj ET Q q 0 0 0 rg BT 254.35 244.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 294.72 244.75 Td (available ) Tj ET Q q 0 0 0 rg BT 333.41 244.75 Td (on ) Tj ET Q q 0 0 0 rg BT 346.01 244.75 Td (a ) Tj ET Q q 0 0 0 rg BT 353.06 244.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 386.20 244.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 408.80 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.84 244.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 481.22 244.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 525.48 244.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 547.52 244.75 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 90.50 232.75 Td (available ) Tj ET Q q 0 0 0 rg BT 129.82 232.75 Td (on ) Tj ET Q q 0 0 0 rg BT 143.06 232.75 Td (both ) Tj ET Q q 0 0 0 rg BT 164.07 232.75 Td (a ) Tj ET Q q 0 0 0 rg BT 171.74 232.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 205.52 232.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.19 232.75 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 266.96 232.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 292.46 232.75 Td (The ) Tj ET Q q 0 0 0 rg BT 311.24 232.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.37 232.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 373.82 232.75 Td (these ) Tj ET Q q 0 0 0 rg BT 397.60 232.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 423.60 232.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 461.27 232.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.28 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.73 232.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 524.84 232.75 Td (course ) Tj ET Q q 0 0 0 rg BT 554.18 232.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (business ) Tj ET Q q 0 0 0 rg BT 86.05 220.75 Td (to ) Tj ET Q q 0 0 0 rg BT 96.50 220.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 117.49 220.75 Td (a ) Tj ET Q q 0 0 0 rg BT 124.59 220.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 156.14 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.13 220.75 Td (its ) Tj ET Q q 0 0 0 rg BT 179.24 220.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 201.90 220.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 246.22 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.32 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.20 220.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 310.86 220.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 351.84 220.75 Td (under ) Tj ET Q q 0 0 0 rg BT 377.27 220.75 Td (these ) Tj ET Q q 0 0 0 rg BT 400.48 220.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.91 220.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 463.00 220.75 Td (varies ) Tj ET Q q 0 0 0 rg BT 489.54 220.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 512.19 220.75 Td (based ) Tj ET Q q 0 0 0 rg BT 537.63 220.75 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 220.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 208.75 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 208.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 131.17 208.75 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.19 184.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.86 184.75 Td (s ) Tj ET Q q 0 0 0 rg BT 116.90 184.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 162.81 184.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 207.62 184.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 230.20 184.75 Td (line ) Tj ET Q q 0 0 0 rg BT 248.34 184.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 289.25 184.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 184.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 343.86 184.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.86 184.75 Td ( ) Tj ET Q q 0 0 0 rg BT 367.01 184.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 407.37 184.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 184.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.44 184.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.87 184.75 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.56 184.75 Td ($200 ) Tj ET Q q 0 0 0 rg BT 487.71 184.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.60 184.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.74 184.75 Td (committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 90.61 172.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.16 172.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 147.27 172.75 Td (with ) Tj ET Q q 0 0 0 rg BT 167.84 172.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.41 172.75 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 214.80 172.75 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 239.53 172.75 Td (which ) Tj ET Q q 0 0 0 rg BT 266.76 172.75 Td (was ) Tj ET Q q 0 0 0 rg BT 285.10 172.75 Td (renewed ) Tj ET Q q 0 0 0 rg BT 321.75 172.75 Td (in ) Tj ET Q q 0 0 0 rg BT 332.32 172.75 Td (December ) Tj ET Q q 0 0 0 rg BT 376.19 172.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 400.86 172.75 Td (Advances ) Tj ET Q q 0 0 0 rg BT 443.08 172.75 Td (under ) Tj ET Q q 0 0 0 rg BT 468.63 172.75 Td (this ) Tj ET Q q 0 0 0 rg BT 485.87 172.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.97 172.75 Td (are ) Tj ET Q q 0 0 0 rg BT 531.97 172.75 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.53 160.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.75 160.75 Td (marketable ) Tj ET Q q 0 0 0 rg BT 140.20 160.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 183.27 160.75 Td (The ) Tj ET Q q 0 0 0 rg BT 201.84 160.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 233.19 160.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 269.54 160.75 Td (a ) Tj ET Q q 0 0 0 rg BT 277.01 160.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 316.13 160.75 Td (that ) Tj ET Q q 0 0 0 rg BT 334.15 160.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 369.38 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.63 160.75 Td (Company) Tj ET Q q 0 0 0 rg BT 426.29 160.75 Td (s ) Tj ET Q q 0 0 0 rg BT 433.21 160.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 454.02 160.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 483.14 160.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 510.59 160.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 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0 0 0 rg BT 505.77 148.75 Td (will ) Tj ET Q q 0 0 0 rg BT 523.77 148.75 Td (be ) Tj ET Q q 0 0 0 rg BT 535.64 148.75 Td (due ) Tj ET Q q 0 0 0 rg BT 552.52 148.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (December16, ) Tj ET Q q 0 0 0 rg BT 107.45 136.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.45 136.75 Td (. ) Tj ET Q q 0 0 0 rg BT 131.69 136.75 Td (The ) Tj ET Q q 0 0 0 rg BT 149.10 136.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.86 136.75 Td (pays ) Tj ET Q q 0 0 0 rg BT 210.06 136.75 Td (a ) Tj ET Q q 0 0 0 rg BT 216.37 136.75 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 275.99 136.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 328.40 136.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 342.48 136.75 Td (on ) Tj ET Q q 0 0 0 rg BT 354.35 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.44 136.75 Td (unused ) Tj ET Q q 0 0 0 rg BT 398.64 136.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 429.39 136.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.59 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 453.68 136.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 483.87 136.75 Td (on ) Tj ET Q q 0 0 0 rg BT 495.73 136.75 Td (a ) Tj ET Q q 0 0 0 rg BT 502.04 136.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 540.01 136.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 565.01 136.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 124.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.60 124.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.60 124.75 Td (, ) Tj ET Q q 0 0 0 rg BT 130.60 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.32 124.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.70 124.75 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.64 124.75 Td ($46.0 ) Tj ET Q q 0 0 0 rg BT 228.64 124.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.53 124.75 Td ( ) Tj ET Q q 0 0 0 rg BT 260.03 124.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.31 124.75 Td (advances ) Tj ET Q q 0 0 0 rg BT 309.46 124.75 Td (against ) Tj ET Q q 0 0 0 rg BT 340.28 124.75 Td (this ) Tj ET Q q 0 0 0 rg BT 357.23 124.75 Td (line ) Tj ET Q q 0 0 0 rg BT 374.72 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 385.55 124.75 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 100.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.17 100.75 Td (s ) Tj ET Q q 0 0 0 rg BT 115.52 100.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 170.74 100.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 203.74 100.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 225.08 100.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.76 100.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.31 100.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.31 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 300.77 100.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.44 100.75 Td ($185 ) Tj ET Q q 0 0 0 rg BT 352.90 100.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.79 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 384.25 100.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.48 100.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.48 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.94 100.75 Td (banks ) Tj ET Q q 0 0 0 rg BT 447.73 100.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.62 100.75 Td (are ) Tj ET Q q 0 0 0 rg BT 479.29 100.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 522.84 100.75 Td (on ) Tj ET Q q 0 0 0 rg BT 535.30 100.75 Td (having ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 96.83 88.75 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 138.33 88.75 Td (as ) Tj ET Q q 0 0 0 rg BT 148.46 88.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 195.24 88.75 Td (by ) Tj ET Q q 0 0 0 rg BT 207.04 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.05 88.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 242.29 88.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 288.23 88.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.81 88.75 Td (secure ) Tj ET Q q 0 0 0 rg BT 325.14 88.75 Td (an ) Tj ET Q q 0 0 0 rg BT 336.38 88.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 370.94 88.75 Td (under ) Tj ET Q q 0 0 0 rg BT 395.50 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.52 88.75 Td (line. ) Tj ET Q q 0 0 0 rg BT 428.68 88.75 Td (The ) Tj ET Q q 0 0 0 rg BT 446.03 88.75 Td (availability ) Tj ET Q q 0 0 0 rg BT 492.81 88.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.94 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 88.75 Td (Company) Tj ET Q q 0 0 0 rg BT 558.63 88.75 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 105.73 76.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 128.08 76.75 Td (are ) Tj ET Q q 0 0 0 rg BT 143.75 76.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 175.53 76.75 Td (to ) Tj ET Q q 0 0 0 rg BT 186.77 76.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 225.22 76.75 Td (by ) Tj ET Q q 0 0 0 rg BT 238.68 76.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.36 76.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 298.37 76.75 Td (banks ) Tj ET Q q 0 0 0 rg BT 325.16 76.75 Td (each ) Tj ET Q q 0 0 0 rg BT 346.94 76.75 Td (time ) Tj ET Q q 0 0 0 rg BT 368.17 76.75 Td (an ) Tj ET Q q 0 0 0 rg BT 381.07 76.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 417.28 76.75 Td (is ) Tj ET Q q 0 0 0 rg BT 427.42 76.75 Td (requested ) Tj ET Q q 0 0 0 rg BT 469.19 76.75 Td (and ) Tj ET Q q 0 0 0 rg BT 487.09 76.75 Td (may ) Tj ET Q q 0 0 0 rg BT 507.77 76.75 Td (be ) Tj ET Q q 0 0 0 rg BT 520.67 76.75 Td (denied. ) Tj ET Q q 0 0 0 rg BT 552.52 76.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.10 64.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 64.75 Td (, ) Tj ET Q q 0 0 0 rg BT 118.10 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.82 64.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 174.20 64.75 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.14 64.75 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 216.14 64.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.03 64.75 Td ( ) Tj ET Q q 0 0 0 rg BT 247.53 64.75 Td (in ) Tj ET Q q 0 0 0 rg BT 257.81 64.75 Td (advances ) Tj ET Q q 0 0 0 rg BT 296.96 64.75 Td (against ) Tj ET Q q 0 0 0 rg BT 327.78 64.75 Td (these ) Tj ET Q q 0 0 0 rg BT 350.83 64.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 372.21 64.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.04 64.75 Td (credit.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 12) 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 (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg 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0 rg BT 49.50 672.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 672.75 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 142.21 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 160.25 672.75 Td (following ) Tj ET Q q 0 0 0 rg BT 201.64 672.75 Td (table ) Tj ET Q q 0 0 0 rg BT 223.57 672.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 258.84 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.56 672.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.72 672.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 355.75 672.75 Td (by ) Tj ET Q q 0 0 0 rg BT 368.25 672.75 Td (note ) Tj ET Q q 0 0 0 rg BT 387.97 672.75 Td (class:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 614.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 614.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 614.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 614.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 590.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 590.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 590.25 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 405 638.25 m 480 638.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 638.25 m 488 638.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 638.25 m 563 638.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 614.25 m 480 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 614.25 m 563 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 614.25 m 480 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 614.25 m 563 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 590.25 m 480 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 590.25 m 563 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 590.25 m 480 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 579.25 m 480 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 577.25 m 480 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 590.25 m 563 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 579.25 m 563 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 577.25 m 563 577.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.60 640.98 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 628.98 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 628.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 618.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 616.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 616.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.87 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 604.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 604.98 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 604.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 604.87 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.87 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 592.98 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 592.87 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 580.87 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 580.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 580.98 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 580.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 580.87 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.75 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.20 554.75 Td (October8, ) Tj ET Q q 0 0 0 rg BT 108.89 554.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.89 554.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.87 554.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.56 554.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.93 554.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 221.83 554.75 Td (into ) Tj ET Q q 0 0 0 rg BT 239.87 554.75 Td (a ) Tj ET Q q 0 0 0 rg BT 246.79 554.75 Td (second ) Tj ET Q q 0 0 0 rg BT 277.04 554.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 315.61 554.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.53 554.75 Td (restated ) Tj ET Q q 0 0 0 rg BT 366.10 554.75 Td (note ) Tj ET Q q 0 0 0 rg BT 385.80 554.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 423.81 554.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 467.93 554.75 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 506.72 554.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 548.07 554.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 86.99 542.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 109.48 542.75 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 147.95 542.75 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 202.84 542.75 Td (under ) Tj ET Q q 0 0 0 rg BT 228.66 542.75 Td (which ) Tj ET Q q 0 0 0 rg BT 256.15 542.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.42 542.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 313.36 542.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.41 542.75 Td ($125 ) Tj ET Q q 0 0 0 rg BT 364.46 542.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.35 542.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.40 542.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.79 542.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 431.39 542.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.42 542.75 Td (Class ) Tj ET Q q 0 0 0 rg BT 474.14 542.75 Td (C ) Tj ET Q q 0 0 0 rg BT 483.87 542.75 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 512.53 542.75 Td (The ) Tj ET Q q 0 0 0 rg BT 531.13 542.75 Td (Class ) Tj ET Q q 0 0 0 rg BT 555.85 542.75 Td (C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.69 530.75 Td (bear ) Tj ET Q q 0 0 0 rg BT 95.75 530.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.04 530.75 Td (at ) Tj ET Q q 0 0 0 rg BT 138.11 530.75 Td (an ) Tj ET Q q 0 0 0 rg BT 150.40 530.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 179.91 530.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 203.32 530.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 221.16 530.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.34 530.75 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 252.70 530.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.12 530.75 Td (, ) Tj ET Q q 0 0 0 rg BT 287.48 530.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 321.43 530.75 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 380.93 530.75 Td (and ) Tj ET Q q 0 0 0 rg BT 398.23 530.75 Td (mature ) Tj ET Q q 0 0 0 rg BT 428.85 530.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.70 530.75 Td (October9, ) Tj ET Q q 0 0 0 rg BT 486.76 530.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.76 530.75 Td (. ) Tj ET Q q 0 0 0 rg BT 511.91 530.75 Td (The ) Tj ET Q q 0 0 0 rg BT 530.31 530.75 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.48 518.75 Td (Class ) Tj ET Q q 0 0 0 rg BT 89.71 518.75 Td (A) Tj ET Q q 0 0 0 rg BT 96.38 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.38 518.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 123.71 518.75 Td (bear ) Tj ET Q q 0 0 0 rg BT 142.91 518.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.35 518.75 Td (at ) Tj ET Q q 0 0 0 rg BT 183.56 518.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.00 518.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.98 518.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 230.64 518.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.41 518.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.40 518.75 Td (-month ) Tj ET Q q 0 0 0 rg BT 291.28 518.75 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 323.28 518.75 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.95 518.75 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 361.45 518.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.87 518.75 Td (, ) Tj ET Q q 0 0 0 rg BT 395.37 518.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 430.69 518.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.13 518.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 480.22 518.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 518.32 518.75 Td (and ) Tj ET Q q 0 0 0 rg BT 534.75 518.75 Td (mature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.39 506.75 Td (May31, ) Tj ET Q q 0 0 0 rg BT 98.61 506.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.61 506.75 Td (. ) Tj ET Q q 0 0 0 rg BT 123.80 506.75 Td (The ) Tj ET Q q 0 0 0 rg BT 142.24 506.75 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 172.35 506.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 210.78 506.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 247.56 506.75 Td (are ) Tj ET Q q 0 0 0 rg BT 262.66 506.75 Td (due ) Tj ET Q q 0 0 0 rg BT 279.99 506.75 Td (in ) Tj ET Q q 0 0 0 rg BT 290.66 506.75 Td (full ) Tj ET Q q 0 0 0 rg BT 307.44 506.75 Td (on ) Tj ET Q q 0 0 0 rg BT 320.33 506.75 Td (the ) Tj ET Q q 0 0 0 rg BT 335.44 506.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 378.86 506.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 415.64 506.75 Td (dates ) Tj ET Q q 0 0 0 rg BT 439.08 506.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.41 506.75 Td (may ) Tj ET Q q 0 0 0 rg BT 476.51 506.75 Td (not ) Tj ET Q q 0 0 0 rg BT 492.19 506.75 Td (be ) Tj ET Q q 0 0 0 rg BT 504.52 506.75 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 537.39 506.75 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 506.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.75 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 494.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.91 470.75 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.58 470.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.32 470.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.62 470.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 195.92 470.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.22 470.75 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.55 470.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.84 470.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 340.03 470.75 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.55 470.75 Td (events ) Tj ET Q q 0 0 0 rg BT 412.96 470.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.15 470.75 Td (default ) Tj ET Q q 0 0 0 rg BT 454.78 470.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.08 470.75 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.93 470.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 535.29 470.75 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.75 Td (other ) Tj ET Q q 0 0 0 rg BT 73.03 458.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 102.96 458.75 Td (require ) Tj ET Q q 0 0 0 rg BT 134.26 458.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.46 458.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.33 458.75 Td (to ) Tj ET Q q 0 0 0 rg BT 202.09 458.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 240.06 458.75 Td (a ) Tj ET Q q 0 0 0 rg BT 247.48 458.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 289.35 458.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 342.88 458.75 Td (tangible ) Tj ET Q q 0 0 0 rg BT 378.07 458.75 Td (net ) Tj ET Q q 0 0 0 rg BT 393.27 458.75 Td (worth ) Tj ET Q q 0 0 0 rg BT 419.58 458.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.01 458.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 481.08 458.75 Td (net ) Tj ET Q q 0 0 0 rg BT 496.28 458.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 528.41 458.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 550.29 458.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.52 446.75 Td (leverage ) Tj ET Q q 0 0 0 rg BT 134.82 446.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 156.58 446.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.46 446.75 Td (require ) Tj ET Q q 0 0 0 rg BT 206.22 446.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.87 446.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.20 446.75 Td (to ) Tj ET Q q 0 0 0 rg BT 275.42 446.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 313.84 446.75 Td (a ) Tj ET Q q 0 0 0 rg BT 321.72 446.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 364.05 446.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 385.82 446.75 Td (of ) Tj ET Q q 0 0 0 rg BT 397.59 446.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 438.79 446.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 460.00 446.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 481.76 446.75 Td (to ) Tj ET Q q 0 0 0 rg BT 492.98 446.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 516.97 446.75 Td (char) Tj ET Q q 0 0 0 rg BT 533.99 446.75 Td (ges. ) Tj ET Q q 0 0 0 rg BT 552.50 446.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.10 434.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 434.75 Td (, ) Tj ET Q q 0 0 0 rg BT 118.10 434.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.82 434.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 174.20 434.75 Td (was ) Tj ET Q q 0 0 0 rg BT 192.25 434.75 Td (in ) Tj ET Q q 0 0 0 rg BT 202.53 434.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 251.12 434.75 Td (with ) Tj ET Q q 0 0 0 rg BT 271.40 434.75 Td (all ) Tj ET Q q 0 0 0 rg BT 283.89 434.75 Td (covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 410.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 96.23 410.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 120.71 410.75 Td (are ) Tj ET Q q 0 0 0 rg BT 136.28 410.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.63 410.75 Td (at ) Tj ET Q q 0 0 0 rg BT 185.22 410.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 228.57 410.75 Td (cost. ) Tj ET Q q 0 0 0 rg BT 249.80 410.75 Td (As ) Tj ET Q q 0 0 0 rg BT 264.29 410.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.99 410.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 320.46 410.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.46 410.75 Td (, ) Tj ET Q q 0 0 0 rg BT 346.33 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.91 410.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 398.60 410.75 Td (value ) Tj ET Q q 0 0 0 rg BT 423.63 410.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.33 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.91 410.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 486.49 410.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 504.84 410.75 Td (Class ) Tj ET Q q 0 0 0 rg BT 529.14 410.75 Td (A) Tj ET Q q 0 0 0 rg BT 535.81 410.75 Td ( ) Tj ET Q q 0 0 0 rg BT 539.18 410.75 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.75 Td (approximated ) Tj ET Q q 0 0 0 rg BT 106.97 398.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.34 398.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 149.43 398.75 Td (As ) Tj ET Q q 0 0 0 rg BT 163.04 398.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.86 398.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.45 398.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.45 398.75 Td (, ) Tj ET Q q 0 0 0 rg BT 242.44 398.75 Td (the ) Tj ET Q q 0 0 0 rg BT 257.14 398.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.51 398.75 Td (value ) Tj ET Q q 0 0 0 rg BT 297.66 398.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.48 398.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.18 398.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 346.22 398.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 363.70 398.75 Td (Class ) Tj ET Q q 0 0 0 rg BT 387.86 398.75 Td (C ) Tj ET Q q 0 0 0 rg BT 397.02 398.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 422.84 398.75 Td (was ) Tj ET Q q 0 0 0 rg BT 440.88 398.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.13 398.75 Td ($126.2 ) Tj ET Q q 0 0 0 rg BT 531.12 398.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 398.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 374.75 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 374.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 374.75 Td (Legal Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.98 374.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 350.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.73 350.75 Td (has ) Tj ET Q q 0 0 0 rg BT 124.46 350.75 Td (been ) Tj ET Q q 0 0 0 rg BT 145.73 350.75 Td (named ) Tj ET Q q 0 0 0 rg BT 174.78 350.75 Td (as ) Tj ET Q q 0 0 0 rg BT 185.51 350.75 Td (a ) Tj ET Q q 0 0 0 rg BT 192.35 350.75 Td (defendant ) Tj ET Q q 0 0 0 rg BT 234.17 350.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.34 350.75 Td (various ) Tj ET Q q 0 0 0 rg BT 276.18 350.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 298.01 350.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 331.23 350.75 Td (including ) Tj ET Q q 0 0 0 rg BT 371.40 350.75 Td (complaints ) Tj ET Q q 0 0 0 rg BT 417.68 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.52 350.75 Td (litigation ) Tj ET Q q 0 0 0 rg BT 473.03 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.86 350.75 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 533.91 350.75 Td (claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 79.14 338.75 Td (from ) Tj ET Q q 0 0 0 rg BT 100.99 338.75 Td (its ) Tj ET Q q 0 0 0 rg BT 112.86 338.75 Td (business ) Tj ET Q q 0 0 0 rg BT 149.17 338.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 190.19 338.75 Td (Such ) Tj ET Q q 0 0 0 rg BT 212.60 338.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 243.35 338.75 Td (include ) Tj ET Q q 0 0 0 rg BT 275.20 338.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 303.72 338.75 Td (related ) Tj ET Q q 0 0 0 rg BT 333.34 338.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.54 338.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.72 338.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 426.12 338.75 Td (and ) Tj ET Q q 0 0 0 rg BT 442.97 338.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 489.27 338.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.91 338.75 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.41 326.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.08 326.75 Td (class ) Tj ET Q q 0 0 0 rg BT 115.00 326.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 144.79 326.75 Td (that ) Tj ET Q q 0 0 0 rg BT 161.26 326.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 199.94 326.75 Td (allege ) Tj ET Q q 0 0 0 rg BT 225.29 326.75 Td (violations ) Tj ET Q q 0 0 0 rg BT 266.20 326.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.01 326.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.24 326.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 335.04 326.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.96 326.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 370.20 326.75 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 417.76 326.75 Td (damages, ) Tj ET Q q 0 0 0 rg BT 456.72 326.75 Td (which ) Tj ET Q q 0 0 0 rg BT 482.63 326.75 Td (could ) Tj ET Q q 0 0 0 rg BT 506.32 326.75 Td (be ) Tj ET Q q 0 0 0 rg BT 517.23 326.75 Td (substantial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 73.09 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.50 314.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.58 314.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.44 314.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 174.63 314.75 Td (from ) Tj ET Q q 0 0 0 rg BT 196.26 314.75 Td (time ) Tj ET Q q 0 0 0 rg BT 216.23 314.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.20 314.75 Td (time ) Tj ET Q q 0 0 0 rg BT 246.17 314.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.14 314.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 313.89 314.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.52 314.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 381.03 314.75 Td (by ) Tj ET Q q 0 0 0 rg BT 393.22 314.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 450.40 314.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 487.01 314.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.65 314.75 Td (self-regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.75 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 302.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 105.69 302.75 Td (\("SROs"\) ) Tj ET Q q 0 0 0 rg BT 146.36 302.75 Td (which ) Tj ET Q q 0 0 0 rg BT 173.30 302.75 Td (could ) Tj ET Q q 0 0 0 rg BT 198.02 302.75 Td (result ) Tj ET Q q 0 0 0 rg BT 222.73 302.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.01 302.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 266.05 302.75 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 312.71 302.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 358.81 302.75 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 399.35 302.75 Td (fines ) Tj ET Q q 0 0 0 rg BT 421.29 302.75 Td (or ) Tj ET Q q 0 0 0 rg BT 432.12 302.75 Td (other ) Tj ET Q q 0 0 0 rg BT 455.17 302.75 Td (relief.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 278.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.62 278.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.79 278.75 Td (established ) Tj ET Q q 0 0 0 rg BT 169.07 278.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.67 278.75 Td (for ) Tj ET Q q 0 0 0 rg BT 217.17 278.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 254.00 278.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 279.74 278.75 Td (that ) Tj ET Q q 0 0 0 rg BT 296.57 278.75 Td (are ) Tj ET Q q 0 0 0 rg BT 310.62 278.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 347.45 278.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.73 278.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.89 278.75 Td (estimable ) Tj ET Q q 0 0 0 rg BT 449.05 278.75 Td (that ) Tj ET Q q 0 0 0 rg BT 465.89 278.75 Td (may ) Tj ET Q q 0 0 0 rg BT 484.95 278.75 Td (result ) Tj ET Q q 0 0 0 rg BT 509.01 278.75 Td (from ) Tj ET Q q 0 0 0 rg BT 530.29 278.75 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 266.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 104.38 266.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 126.54 266.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 160.10 266.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 218.37 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.54 266.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.36 266.75 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 332.90 266.75 Td (Reasonably ) Tj ET Q q 0 0 0 rg BT 382.29 266.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 417.79 266.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 444.41 266.75 Td (in ) Tj ET Q q 0 0 0 rg BT 454.92 266.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 483.74 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.80 266.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 531.41 266.75 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.05 254.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 102.48 254.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.48 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.82 254.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.36 254.75 Td (not ) Tj ET Q q 0 0 0 rg BT 154.47 254.75 Td (material. ) Tj ET Q q 0 0 0 rg BT 192.06 254.75 Td (In ) Tj ET Q q 0 0 0 rg BT 202.73 254.75 Td (many ) Tj ET Q q 0 0 0 rg BT 227.28 254.75 Td (cases, ) Tj ET Q q 0 0 0 rg BT 253.21 254.75 Td (however) Tj ET Q q 0 0 0 rg BT 287.24 254.75 Td (, ) Tj ET Q q 0 0 0 rg BT 292.07 254.75 Td (it ) Tj ET Q q 0 0 0 rg BT 299.96 254.75 Td (is ) Tj ET Q q 0 0 0 rg BT 308.97 254.75 Td (inherently ) Tj ET Q q 0 0 0 rg BT 351.84 254.75 Td (dif) Tj ET Q q 0 0 0 rg BT 362.77 254.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 386.21 254.75 Td (to ) Tj ET Q q 0 0 0 rg BT 396.32 254.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 438.64 254.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 473.18 254.75 Td (any ) Tj ET Q q 0 0 0 rg BT 489.95 254.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 507.84 254.75 Td (is ) Tj ET Q q 0 0 0 rg BT 516.85 254.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 554.17 254.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (even ) Tj ET Q q 0 0 0 rg BT 70.99 242.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 106.39 242.75 Td (or ) Tj ET Q q 0 0 0 rg BT 117.34 242.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.73 242.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 163.67 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.50 242.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 211.12 242.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.06 242.75 Td (range ) Tj ET Q q 0 0 0 rg BT 246.89 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 257.83 242.75 Td (any ) Tj ET Q q 0 0 0 rg BT 274.89 242.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 312.50 242.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 333.18 242.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 381.88 242.75 Td (where ) Tj ET Q q 0 0 0 rg BT 408.93 242.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 459.86 242.75 Td (may ) Tj ET Q q 0 0 0 rg BT 479.70 242.75 Td (be ) Tj ET Q q 0 0 0 rg BT 491.75 242.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.15 242.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 542.52 242.75 Td (early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.75 Td (stages ) Tj ET Q q 0 0 0 rg BT 76.21 230.75 Td (or ) Tj ET Q q 0 0 0 rg BT 86.82 230.75 Td (where ) Tj ET Q q 0 0 0 rg BT 113.52 230.75 Td (plaintif) Tj ET Q q 0 0 0 rg BT 142.22 230.75 Td (fs ) Tj ET Q q 0 0 0 rg BT 151.72 230.75 Td (are ) Tj ET Q q 0 0 0 rg BT 166.20 230.75 Td (seeking ) Tj ET Q q 0 0 0 rg BT 199.02 230.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 244.07 230.75 Td (or ) Tj ET Q q 0 0 0 rg BT 254.67 230.75 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 311.92 230.75 Td (damages. ) Tj ET Q q 0 0 0 rg BT 351.68 230.75 Td (Matters ) Tj ET Q q 0 0 0 rg BT 384.50 230.75 Td (frequently ) Tj ET Q q 0 0 0 rg BT 427.87 230.75 Td (need ) Tj ET Q q 0 0 0 rg BT 449.02 230.75 Td (to ) Tj ET Q q 0 0 0 rg BT 459.08 230.75 Td (be ) Tj ET Q q 0 0 0 rg BT 470.79 230.75 Td (more ) Tj ET Q q 0 0 0 rg BT 493.61 230.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 536.98 230.75 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 218.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 74.50 218.75 Td (or ) Tj ET Q q 0 0 0 rg BT 85.33 218.75 Td (range ) Tj ET Q q 0 0 0 rg BT 110.04 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 218.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 138.93 218.75 Td (can ) Tj ET Q q 0 0 0 rg BT 155.31 218.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 201.12 218.75 Td (be ) Tj ET Q q 0 0 0 rg BT 213.06 218.75 Td (estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.75 Td (Given ) Tj ET Q q 0 0 0 rg BT 76.69 194.75 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 130.52 194.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 171.59 194.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.55 194.75 Td (timing, ) Tj ET Q q 0 0 0 rg BT 217.91 194.75 Td (scope, ) Tj ET Q q 0 0 0 rg BT 245.93 194.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 278.67 194.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.86 194.75 Td (outcome ) Tj ET Q q 0 0 0 rg BT 333.04 194.75 Td (of ) Tj ET Q q 0 0 0 rg BT 344.12 194.75 Td (pending ) Tj ET Q q 0 0 0 rg BT 379.08 194.75 Td (and ) Tj ET Q q 0 0 0 rg BT 396.27 194.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 434.01 194.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 456.19 194.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 489.76 194.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 548.06 194.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 92.31 182.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.34 182.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.49 182.75 Td (other ) Tj ET Q q 0 0 0 rg BT 180.76 182.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 212.18 182.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.11 182.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.71 182.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.76 182.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 306.23 182.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.39 182.75 Td (ranges ) Tj ET Q q 0 0 0 rg BT 350.20 182.75 Td (of ) Tj ET Q q 0 0 0 rg BT 360.25 182.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 405.28 182.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.77 182.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.38 182.75 Td (are ) Tj ET Q q 0 0 0 rg BT 479.30 182.75 Td (dif) Tj ET Q q 0 0 0 rg BT 490.23 182.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 513.05 182.75 Td (to ) Tj ET Q q 0 0 0 rg BT 522.54 182.75 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.14 170.75 Td (necessity ) Tj ET Q q 0 0 0 rg BT 117.73 170.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.00 170.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.71 170.75 Td (future ) Tj ET Q q 0 0 0 rg BT 186.53 170.75 Td (revision. ) Tj ET Q q 0 0 0 rg BT 224.18 170.75 Td (Subject ) Tj ET Q q 0 0 0 rg BT 257.11 170.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 170.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.98 170.75 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 327.30 170.75 Td (management ) Tj ET Q q 0 0 0 rg BT 381.32 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.59 170.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.74 170.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.57 170.75 Td (believes, ) Tj ET Q q 0 0 0 rg BT 487.77 170.75 Td (based ) Tj ET Q q 0 0 0 rg BT 513.47 170.75 Td (on ) Tj ET Q q 0 0 0 rg BT 526.41 170.75 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (available ) Tj ET Q q 0 0 0 rg BT 88.15 158.75 Td (information, ) Tj ET Q q 0 0 0 rg BT 140.42 158.75 Td (after ) Tj ET Q q 0 0 0 rg BT 161.29 158.75 Td (consultation ) Tj ET Q q 0 0 0 rg BT 212.73 158.75 Td (with ) Tj ET Q q 0 0 0 rg BT 233.06 158.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 264.51 158.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 286.50 158.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 319.60 158.75 Td (and ) Tj ET Q q 0 0 0 rg BT 336.60 158.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 364.15 158.75 Td (into ) Tj ET Q q 0 0 0 rg BT 382.27 158.75 Td (account ) Tj ET Q q 0 0 0 rg BT 415.92 158.75 Td (its ) Tj ET Q q 0 0 0 rg BT 427.92 158.75 Td (established ) Tj ET Q q 0 0 0 rg BT 474.92 158.75 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 512.73 158.75 Td (that ) Tj ET Q q 0 0 0 rg BT 530.29 158.75 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 72.56 146.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 107.02 146.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 166.20 146.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.27 146.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 228.99 146.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 280.93 146.75 Td (will ) Tj ET Q q 0 0 0 rg BT 300.12 146.75 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 146.75 Td (resolved ) Tj ET Q q 0 0 0 rg BT 350.69 146.75 Td (with ) Tj ET Q q 0 0 0 rg BT 372.10 146.75 Td (no ) Tj ET Q q 0 0 0 rg BT 385.73 146.75 Td (material ) Tj ET Q q 0 0 0 rg BT 422.12 146.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 456.29 146.75 Td (ef) Tj ET Q q 0 0 0 rg BT 463.87 146.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 482.49 146.75 Td (on ) Tj ET Q q 0 0 0 rg BT 496.12 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 146.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.40 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.43 134.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.10 134.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 186.06 134.75 Td (results ) Tj ET Q q 0 0 0 rg BT 214.86 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.89 134.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.23 134.75 Td (or ) Tj ET Q q 0 0 0 rg BT 281.25 134.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.72 134.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 326.63 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.65 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.56 134.75 Td (Company) Tj ET Q q 0 0 0 rg BT 390.80 134.75 Td (. ) Tj ET Q q 0 0 0 rg BT 395.99 134.75 Td (However) Tj ET Q q 0 0 0 rg BT 432.24 134.75 Td (, ) Tj ET Q q 0 0 0 rg BT 437.43 134.75 Td (if ) Tj ET Q q 0 0 0 rg BT 446.23 134.75 Td (during ) Tj ET Q q 0 0 0 rg BT 475.03 134.75 Td (any ) Tj ET Q q 0 0 0 rg BT 492.16 134.75 Td (period ) Tj ET Q q 0 0 0 rg BT 520.40 134.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.53 134.75 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 81.36 122.75 Td (contingency ) Tj ET Q q 0 0 0 rg BT 131.55 122.75 Td (should ) Tj ET Q q 0 0 0 rg BT 159.55 122.75 Td (become ) Tj ET Q q 0 0 0 rg BT 191.96 122.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 228.27 122.75 Td (or ) Tj ET Q q 0 0 0 rg BT 237.92 122.75 Td (resolved ) Tj ET Q q 0 0 0 rg BT 273.12 122.75 Td (for ) Tj ET Q q 0 0 0 rg BT 286.10 122.75 Td (an ) Tj ET Q q 0 0 0 rg BT 296.86 122.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 328.18 122.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.28 122.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 364.70 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.36 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.89 122.75 Td (established ) Tj ET Q q 0 0 0 rg BT 433.65 122.75 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 470.23 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.77 122.75 Td (results ) Tj ET Q q 0 0 0 rg BT 511.20 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.85 122.75 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.91 110.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 87.64 110.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 112.83 110.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.58 110.75 Td (that ) Tj ET Q q 0 0 0 rg BT 141.55 110.75 Td (period ) Tj ET Q q 0 0 0 rg BT 170.06 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.47 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.65 110.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.60 110.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 281.35 110.75 Td (as ) Tj ET Q q 0 0 0 rg BT 292.64 110.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.94 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.13 110.75 Td (end ) Tj ET Q q 0 0 0 rg BT 336.54 110.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.83 110.75 Td (that ) Tj ET Q q 0 0 0 rg BT 365.80 110.75 Td (period ) Tj ET Q q 0 0 0 rg BT 394.31 110.75 Td (could ) Tj ET Q q 0 0 0 rg BT 419.50 110.75 Td (be ) Tj ET Q q 0 0 0 rg BT 431.91 110.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 475.41 110.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 516.70 110.75 Td (af) Tj ET Q q 0 0 0 rg BT 524.29 110.75 Td (fected. ) Tj ET Q q 0 0 0 rg BT 554.18 110.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.89 98.75 Td (there ) Tj ET Q q 0 0 0 rg BT 110.98 98.75 Td (can ) Tj ET Q q 0 0 0 rg BT 127.97 98.75 Td (be ) Tj ET Q q 0 0 0 rg BT 140.52 98.75 Td (no ) Tj ET Q q 0 0 0 rg BT 153.63 98.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 195.61 98.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.72 98.75 Td (material ) Tj ET Q q 0 0 0 rg BT 249.59 98.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.59 98.75 Td (will ) Tj ET Q q 0 0 0 rg BT 295.26 98.75 Td (not ) Tj ET Q q 0 0 0 rg BT 311.15 98.75 Td (be ) Tj ET Q q 0 0 0 rg BT 323.70 98.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 360.13 98.75 Td (from ) Tj ET Q q 0 0 0 rg BT 382.68 98.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 411.90 98.75 Td (that ) Tj ET Q q 0 0 0 rg BT 430.00 98.75 Td (have ) Tj ET Q q 0 0 0 rg BT 451.99 98.75 Td (not ) Tj ET Q q 0 0 0 rg BT 467.88 98.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 483.21 98.75 Td (been ) Tj ET Q q 0 0 0 rg BT 505.20 98.75 Td (brought ) Tj ET Q q 0 0 0 rg BT 539.42 98.75 Td (to ) Tj ET Q q 0 0 0 rg BT 550.31 98.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.75 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 86.75 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 86.75 Td (attention ) Tj ET Q q 0 0 0 rg BT 135.05 86.75 Td (or ) Tj ET Q q 0 0 0 rg BT 145.88 86.75 Td (are ) Tj ET Q q 0 0 0 rg BT 160.58 86.75 Td (not ) Tj ET Q q 0 0 0 rg BT 175.86 86.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 190.58 86.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 238.06 86.75 Td (to ) Tj ET Q q 0 0 0 rg BT 248.34 86.75 Td (be ) Tj ET Q q 0 0 0 rg BT 260.28 86.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 306.09 86.75 Td (possible.) 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Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 626.25 412.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 626.25 101.00 -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 461 638.25 m 562 638.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 638.25 m 562 638.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 614.25 m 562 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 614.25 m 562 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 603.25 m 562 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 601.25 m 562 601.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.50 652.98 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 642.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.90 640.98 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 628.87 Td (Severance, benefits and outplacement costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 628.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 628.87 Td (5,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 616.87 Td (Contract termination costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 616.87 Td (604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 604.87 Td (Total pre-tax restructuring charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 604.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 604.87 Td (6,005) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 578.75 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 578.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 578.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 103.01 578.75 Td (eholders) Tj ET Q q 0 0 0 rg BT 139.67 578.75 Td ( Equity) Tj ET Q BT /F3 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 554.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 554.75 Td (e Repur) Tj ET Q q 0 0 0 rg BT 103.86 554.75 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.75 Td (Ef) Tj ET 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0 0 rg BT 537.53 530.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.08 518.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 145.33 518.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.33 518.75 Td (. ) Tj ET Q q 0 0 0 rg BT 171.30 518.75 Td (During ) Tj ET Q q 0 0 0 rg BT 203.11 518.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.80 518.75 Td (three ) Tj ET Q q 0 0 0 rg BT 242.26 518.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.71 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 275.19 518.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.54 518.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 347.12 518.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 518.75 Td (, ) Tj ET Q q 0 0 0 rg BT 373.09 518.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.79 518.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.15 518.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.93 518.75 Td (27,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.43 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 513.91 518.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.38 518.75 Td (at ) Tj ET Q q 0 0 0 rg BT 553.07 518.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.75 Td (average ) Tj ET Q q 0 0 0 rg BT 83.29 506.75 Td (price ) Tj ET Q q 0 0 0 rg BT 105.98 506.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.01 506.75 Td ($72.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.51 506.75 Td ( ) Tj ET Q q 0 0 0 rg BT 147.22 506.75 Td (per ) Tj ET Q q 0 0 0 rg BT 162.69 506.75 Td (share ) Tj ET Q q 0 0 0 rg BT 186.50 506.75 Td (for ) Tj ET Q q 0 0 0 rg BT 200.86 506.75 Td (an ) Tj ET Q q 0 0 0 rg BT 213.01 506.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 254.57 506.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 292.82 506.75 Td (price ) Tj ET Q q 0 0 0 rg BT 315.51 506.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.54 506.75 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 346.75 506.75 Td (million) Tj ET 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 458.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.36 458.75 Td (also ) Tj ET Q q 0 0 0 rg BT 126.68 458.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 168.32 458.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.53 458.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.07 458.75 Td (common ) Tj ET Q q 0 0 0 rg BT 243.28 458.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 266.60 458.75 Td (from ) Tj ET Q q 0 0 0 rg BT 288.25 458.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 327.67 458.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 350.99 458.75 Td (award ) Tj ET Q q 0 0 0 rg BT 377.63 458.75 Td (recipients ) Tj ET Q q 0 0 0 rg BT 418.72 458.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.93 458.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.36 458.75 Td (award ) Tj ET Q q 0 0 0 rg BT 482.00 458.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 513.10 458.75 Td (as ) Tj ET Q q 0 0 0 rg BT 523.65 458.75 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 65.22 446.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 92.04 446.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.65 446.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 122.91 446.75 Td (their ) Tj ET Q q 0 0 0 rg BT 143.07 446.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 194.89 446.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.94 446.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 257.58 446.75 Td (The ) Tj ET Q q 0 0 0 rg BT 274.96 446.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.68 446.75 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.04 446.75 Td (230,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.54 446.75 Td ( ) Tj ET Q q 0 0 0 rg BT 392.38 446.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.20 446.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.47 446.75 Td (169,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.97 446.75 Td ( ) Tj ET Q q 0 0 0 rg BT 469.80 446.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 499.12 446.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.28 446.75 Td ($17.8 ) Tj ET Q q 0 0 0 rg BT 533.61 446.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.23 434.75 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 88.02 434.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.91 434.75 Td ( ) Tj ET Q q 0 0 0 rg BT 120.20 434.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.82 434.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.33 434.75 Td (Company) Tj ET Q q 0 0 0 rg BT 189.00 434.75 Td (s ) Tj ET Q q 0 0 0 rg BT 196.18 434.75 Td (common ) Tj ET Q q 0 0 0 rg BT 234.47 434.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 258.87 434.75 Td (for ) Tj ET Q q 0 0 0 rg BT 273.82 434.75 Td (this ) Tj ET Q q 0 0 0 rg BT 291.56 434.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 326.51 434.75 Td (during ) Tj ET Q q 0 0 0 rg BT 355.91 434.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.41 434.75 Td (three ) Tj ET Q q 0 0 0 rg BT 394.69 434.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.14 434.75 Td ( ) Tj ET Q q 0 0 0 rg BT 427.43 434.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 434.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 498.99 434.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.99 434.75 Td ( ) Tj ET Q q 0 0 0 rg BT 522.28 434.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 434.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 434.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 422.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 398.75 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 88.67 398.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.50 398.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 119.89 398.75 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.94 374.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.72 374.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 133.50 374.75 Td (common ) Tj ET Q q 0 0 0 rg BT 170.39 374.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.27 374.75 Td (out ) Tj ET Q q 0 0 0 rg BT 211.94 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.16 374.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 256.26 374.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 279.26 374.75 Td (as ) Tj ET Q q 0 0 0 rg BT 289.49 374.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.82 374.75 Td (result ) Tj ET Q q 0 0 0 rg BT 319.92 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.15 374.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 370.91 374.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 410.01 374.75 Td (share ) Tj ET Q q 0 0 0 rg BT 433.00 374.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 463.77 374.75 Td (and ) Tj ET Q q 0 0 0 rg BT 480.11 374.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.75 374.75 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.75 Td (as ) Tj ET Q q 0 0 0 rg BT 59.54 362.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 99.58 362.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.07 362.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 130.22 362.75 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.22 362.75 Td (. ) Tj ET Q q 0 0 0 rg BT 144.43 362.75 Td (During ) Tj ET Q q 0 0 0 rg BT 174.47 362.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 362.75 Td (three ) Tj ET Q q 0 0 0 rg BT 210.09 362.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.54 362.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.25 362.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.84 362.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 309.65 362.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 362.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.36 362.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.51 362.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.51 362.75 Td (, ) Tj ET Q q 0 0 0 rg BT 371.72 362.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.65 362.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.24 362.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 362.75 Td (650,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.45 362.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.16 362.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 513.86 362.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.01 362.75 Td (476,062) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 79.49 350.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 127.15 350.75 Td (, ) Tj ET Q q 0 0 0 rg BT 132.15 350.75 Td (related ) Tj ET Q q 0 0 0 rg BT 161.85 350.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.13 350.75 Td (these ) Tj ET Q q 0 0 0 rg BT 195.18 350.75 Td (obligations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.75 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.75 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 92.93 302.75 Td (in ) Tj ET Q q 0 0 0 rg BT 102.48 302.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 126.74 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 140.73 302.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.38 302.75 Td (initiated ) Tj ET Q q 0 0 0 rg BT 215.92 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.90 302.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 266.10 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.20 302.75 Td (a ) Tj ET Q q 0 0 0 rg BT 282.40 302.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 320.26 302.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.80 302.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 376.56 302.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.10 302.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 417.31 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.40 302.75 Td (its ) Tj ET Q q 0 0 0 rg BT 438.62 302.75 Td (common ) Tj ET Q q 0 0 0 rg BT 475.38 302.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 500.63 302.75 Td (The ) Tj ET Q q 0 0 0 rg BT 517.94 302.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (board ) Tj ET Q q 0 0 0 rg BT 74.66 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 85.37 290.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 122.75 290.75 Td (determines ) Tj ET Q q 0 0 0 rg BT 169.01 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.61 290.75 Td (declaration ) Tj ET Q q 0 0 0 rg BT 230.42 290.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.24 290.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 284.07 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.78 290.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 336.06 290.75 Td (on ) Tj ET Q q 0 0 0 rg BT 348.45 290.75 Td (a ) Tj ET Q q 0 0 0 rg BT 355.27 290.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 393.75 290.75 Td (basis, ) Tj ET Q q 0 0 0 rg BT 418.64 290.75 Td (and ) Tj ET Q q 0 0 0 rg BT 435.47 290.75 Td (is ) Tj ET Q q 0 0 0 rg BT 444.52 290.75 Td (free ) Tj ET Q q 0 0 0 rg BT 462.45 290.75 Td (to ) Tj ET Q q 0 0 0 rg BT 472.62 290.75 Td (change ) Tj ET Q q 0 0 0 rg BT 503.32 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.92 290.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 87.00 278.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 114.49 278.75 Td (at ) Tj ET Q q 0 0 0 rg BT 124.21 278.75 Td (any ) Tj ET Q q 0 0 0 rg BT 141.15 278.75 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (On ) Tj ET Q q 0 0 0 rg BT 64.61 254.75 Td (February ) Tj ET Q q 0 0 0 rg BT 103.60 254.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 113.99 254.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 139.38 254.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.49 254.75 Td (board ) Tj ET Q q 0 0 0 rg BT 180.15 254.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.37 254.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 229.25 254.75 Td (declared ) Tj ET Q q 0 0 0 rg BT 266.00 254.75 Td (a ) Tj ET Q q 0 0 0 rg BT 273.33 254.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 293.99 254.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 331.87 254.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.09 254.75 Td ($0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.59 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 378.48 254.75 Td (per ) Tj ET Q q 0 0 0 rg BT 394.14 254.75 Td (share ) Tj ET Q q 0 0 0 rg BT 418.13 254.75 Td (that ) Tj ET Q q 0 0 0 rg BT 436.02 254.75 Td (was ) Tj ET Q q 0 0 0 rg BT 454.46 254.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 474.57 254.75 Td (on ) Tj ET Q q 0 0 0 rg BT 487.46 254.75 Td (March ) Tj ET Q q 0 0 0 rg BT 516.45 254.75 Td (13, ) Tj ET Q q 0 0 0 rg BT 531.84 254.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 554.73 254.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 102.54 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.37 242.75 Td (record ) Tj ET Q q 0 0 0 rg BT 141.40 242.75 Td (as ) Tj ET Q q 0 0 0 rg BT 152.23 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 163.06 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.78 242.75 Td (close ) Tj ET Q q 0 0 0 rg BT 200.83 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.66 242.75 Td (business ) Tj ET Q q 0 0 0 rg BT 248.05 242.75 Td (on ) Tj ET Q q 0 0 0 rg BT 260.55 242.75 Td (February ) Tj ET Q q 0 0 0 rg BT 299.15 242.75 Td (20, ) Tj ET Q q 0 0 0 rg BT 314.15 242.75 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.75 Td (On ) Tj ET Q q 0 0 0 rg BT 63.18 218.75 Td (April ) Tj ET Q q 0 0 0 rg BT 86.16 218.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 100.53 218.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 124.91 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.00 218.75 Td (board ) Tj ET Q q 0 0 0 rg BT 163.64 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 173.84 218.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 210.70 218.75 Td (declared ) Tj ET Q q 0 0 0 rg BT 246.43 218.75 Td (a ) Tj ET Q q 0 0 0 rg BT 252.74 218.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.39 218.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 309.25 218.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.46 218.75 Td ($0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.96 218.75 Td ( ) Tj ET Q q 0 0 0 rg BT 353.83 218.75 Td (per ) Tj ET Q q 0 0 0 rg BT 368.47 218.75 Td (share ) Tj ET Q q 0 0 0 rg BT 391.44 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.09 218.75 Td (be ) Tj ET Q q 0 0 0 rg BT 412.40 218.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 431.49 218.75 Td (on ) Tj ET Q q 0 0 0 rg BT 443.36 218.75 Td (June ) Tj ET Q q 0 0 0 rg BT 463.57 218.75 Td (15, ) Tj ET Q q 0 0 0 rg BT 477.94 218.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 502.31 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 511.96 218.75 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 206.75 Td (record ) Tj ET Q q 0 0 0 rg BT 88.37 206.75 Td (as ) Tj ET Q q 0 0 0 rg BT 99.20 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 206.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.74 206.75 Td (close ) Tj ET Q q 0 0 0 rg BT 147.79 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.62 206.75 Td (business ) Tj ET Q q 0 0 0 rg BT 195.01 206.75 Td (on ) Tj ET Q q 0 0 0 rg BT 207.51 206.75 Td (May ) Tj ET Q q 0 0 0 rg BT 228.34 206.75 Td (26, ) Tj ET Q q 0 0 0 rg BT 243.34 206.75 Td (2017. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 89.87 182.75 Td (olling ) Tj ET Q q 0 0 0 rg BT 116.27 182.75 Td (Inter) Tj ET Q q 0 0 0 rg BT 137.75 182.75 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.30 182.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 158.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.90 158.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.54 158.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.40 158.75 Td (include ) Tj ET Q q 0 0 0 rg BT 235.49 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.36 158.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.00 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 158.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 322.75 158.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 334.23 158.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 352.99 158.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 403.14 158.75 Td (its ) Tj ET Q q 0 0 0 rg BT 415.24 158.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 445.67 158.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 474.99 158.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 524.86 158.75 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 158.75 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 79.92 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 89.23 146.75 Td (which ) Tj ET Q q 0 0 0 rg BT 115.20 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.95 146.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.37 146.75 Td (has ) Tj ET Q q 0 0 0 rg BT 184.23 146.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.20 146.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 235.62 146.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.13 146.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 305.60 146.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 368.24 146.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.09 146.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 441.27 146.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.80 146.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.66 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 511.97 146.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 81.77 134.75 Td (that ) Tj ET Q q 0 0 0 rg BT 100.16 134.75 Td (are ) Tj ET Q q 0 0 0 rg BT 115.76 134.75 Td (not ) Tj ET Q q 0 0 0 rg BT 131.93 134.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 183.35 134.75 Td (either ) Tj ET Q q 0 0 0 rg BT 209.51 134.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 243.44 134.75 Td (or ) Tj ET Q q 0 0 0 rg BT 255.16 134.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 292.83 134.75 Td (, ) Tj ET Q q 0 0 0 rg BT 298.73 134.75 Td (to ) Tj ET Q q 0 0 0 rg BT 309.90 134.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 334.40 134.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.87 134.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 365.36 134.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 416.25 134.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 480.75 134.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.46 134.75 Td (include ) Tj ET Q q 0 0 0 rg BT 550.29 134.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 86.76 122.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 114.58 122.75 Td (holders) Tj ET Q q 0 0 0 rg BT 146.60 122.75 Td ( ) Tj ET Q q 0 0 0 rg BT 149.42 122.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 206.11 122.75 Td (share ) Tj ET Q q 0 0 0 rg BT 230.03 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 241.18 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.21 122.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.03 122.75 Td (in ) Tj ET Q q 0 0 0 rg BT 294.63 122.75 Td (a ) Tj ET Q q 0 0 0 rg BT 301.88 122.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 341.90 122.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 376.94 122.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 398.09 122.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.24 122.75 Td ($35.8 ) Tj ET Q q 0 0 0 rg BT 434.56 122.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.45 122.75 Td ( ) Tj ET Q q 0 0 0 rg BT 466.27 122.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.52 122.75 Td (a ) Tj ET Q q 0 0 0 rg BT 490.78 122.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 518.04 122.75 Td (living ) Tj ET Q q 0 0 0 rg BT 544.19 122.75 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.42 110.75 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 119.63 110.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.52 110.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.24 110.75 Td (as ) Tj ET Q q 0 0 0 rg BT 162.28 110.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.33 110.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.14 110.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.14 110.75 Td (. ) Tj ET Q q 0 0 0 rg BT 241.76 110.75 Td (As ) Tj ET Q q 0 0 0 rg BT 255.59 110.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.63 110.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 325.43 110.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.43 110.75 Td (, ) Tj ET Q q 0 0 0 rg BT 350.64 110.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 412.24 110.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 448.28 110.75 Td (included ) Tj ET Q q 0 0 0 rg BT 485.43 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.36 110.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 537.52 110.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (holders) Tj ET Q q 0 0 0 rg BT 81.53 98.75 Td ( ) Tj ET Q q 0 0 0 rg BT 84.62 98.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 141.59 98.75 Td (share ) Tj ET Q q 0 0 0 rg BT 165.79 98.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.22 98.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.53 98.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 220.63 98.75 Td (in ) Tj ET Q q 0 0 0 rg BT 231.50 98.75 Td (a ) Tj ET Q q 0 0 0 rg BT 239.04 98.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 279.34 98.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 314.66 98.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 336.08 98.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.51 98.75 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 373.11 98.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 98.75 Td (, ) Tj ET Q q 0 0 0 rg BT 407.60 98.75 Td (a ) Tj ET Q q 0 0 0 rg BT 415.14 98.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 458.23 98.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 481.32 98.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 502.75 98.75 Td (with ) Tj ET Q q 0 0 0 rg BT 523.63 98.75 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.11 86.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.94 86.75 Td ($9.2 ) Tj ET Q q 0 0 0 rg BT 118.94 86.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.83 86.75 Td ( ) Tj ET Q q 0 0 0 rg BT 150.33 86.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.27 86.75 Td (a ) Tj ET Q q 0 0 0 rg BT 174.21 86.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 201.15 86.75 Td (living ) Tj ET Q q 0 0 0 rg BT 226.98 86.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 247.81 86.75 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.51 86.75 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 322.51 86.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.40 86.75 Td (.) 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 441.82 Td (\(17,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 441.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 427.72 Td (Shares reserved/issued for director compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 427.72 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 427.72 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 427.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 427.72 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 415.72 Td (Other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 415.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 415.72 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 415.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 415.72 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 403.72 Td (Fund capital distributions, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 403.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 403.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 403.72 Td (\(16,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 403.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 403.72 Td (\(16,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 403.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 391.83 Td (Balance at March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.15 391.83 Td (12,784,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 391.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 391.83 Td (778,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 391.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 391.83 Td (43,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 391.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 391.83 Td (821,956) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 375.80 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 375.80 Td (Includes ) Tj ET Q q 0 0 0 rg BT 100.24 375.80 Td (amortization ) Tj ET Q q 0 0 0 rg BT 148.50 375.80 Td (of ) Tj ET Q q 0 0 0 rg BT 157.75 375.80 Td (r) Tj ET Q q 0 0 0 rg BT 160.91 375.80 Td (estricted ) Tj ET Q q 0 0 0 rg BT 194.15 375.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 214.90 375.80 Td (as ) Tj ET Q q 0 0 0 rg BT 225.15 375.80 Td (part ) Tj ET Q q 0 0 0 rg BT 242.40 375.80 Td (of ) Tj ET Q q 0 0 0 rg BT 251.65 375.80 Td (deal ) Tj ET Q q 0 0 0 rg BT 269.40 375.80 Td (consideration ) Tj ET Q q 0 0 0 rg BT 321.14 375.80 Td (for ) Tj ET Q q 0 0 0 rg BT 333.90 375.80 Td (the ) Tj ET Q q 0 0 0 rg BT 347.14 375.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 389.39 375.80 Td (of ) Tj ET Q q 0 0 0 rg BT 398.64 375.80 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 435.64 375.80 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.38 375.80 Td (Note ) Tj ET Q q 0 0 0 rg BT 469.63 375.80 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.13 375.80 Td ( ) Tj ET Q q 0 0 0 rg BT 476.38 375.80 Td (for ) Tj ET Q q 0 0 0 rg BT 489.13 375.80 Td (further ) Tj ET Q q 0 0 0 rg BT 516.38 375.80 Td (discussion.) 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0 rg BT 167.55 708.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Stock-Based Compensation Plans) 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 67.47 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.78 660.75 Td (maintains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.08 660.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 167.50 660.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 217.13 660.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 275.09 660.75 Td (plans, ) Tj ET Q q 0 0 0 rg BT 301.12 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.76 660.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 339.29 660.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 350.77 660.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 369.29 660.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 416.17 660.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 457.46 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 474.32 660.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 511.18 660.75 Td (2003 ) 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/F3 9.00 Tf ET q 0 0 0 rg BT 549.60 372.95 Td ( ) Tj ET Q q 0 0 0 rg BT 552.01 372.95 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 362.15 Td (further ) Tj ET Q q 0 0 0 rg BT 94.75 362.15 Td (discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 338.15 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 314.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 108.11 314.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 128.82 314.15 Td (permits ) Tj ET Q q 0 0 0 rg BT 161.74 314.15 Td (the ) Tj ET Q q 0 0 0 rg BT 176.89 314.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 200.36 314.15 Td (of ) Tj ET Q q 0 0 0 rg BT 211.62 314.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.55 314.15 Td (awards, ) Tj ET Q q 0 0 0 rg BT 273.30 314.15 Td (including ) Tj ET Q q 0 0 0 rg BT 314.00 314.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 354.13 314.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 380.67 314.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.80 314.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.84 314.15 Td (units ) Tj ET Q q 0 0 0 rg BT 467.22 314.15 Td (and ) Tj ET Q q 0 0 0 rg BT 484.59 314.15 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 541.39 314.15 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.15 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.40 302.15 Td (to ) Tj ET Q q 0 0 0 rg BT 95.14 302.15 Td (the ) Tj ET Q q 0 0 0 rg BT 110.31 302.15 Td (Company) Tj ET Q q 0 0 0 rg BT 151.98 302.15 Td (s ) Tj ET Q q 0 0 0 rg BT 158.82 302.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 204.54 302.15 Td (and ) Tj ET Q q 0 0 0 rg BT 221.94 302.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 259.88 302.15 Td (for ) Tj ET Q q 0 0 0 rg BT 274.49 302.15 Td (up ) Tj ET Q q 0 0 0 rg BT 287.45 302.15 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.18 302.15 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 313.64 302.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.53 302.15 Td ( ) Tj ET Q q 0 0 0 rg BT 345.48 302.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.43 302.15 Td (of ) Tj ET Q q 0 0 0 rg BT 384.72 302.15 Td (common ) Tj ET Q q 0 0 0 rg BT 422.67 302.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.73 302.15 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.06 302.15 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 465.52 302.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.41 302.15 Td ( ) Tj ET Q q 0 0 0 rg BT 497.36 302.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 525.31 302.15 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.15 Td (available ) Tj ET Q q 0 0 0 rg BT 88.12 290.15 Td (for ) Tj ET Q q 0 0 0 rg BT 102.31 290.15 Td (future ) Tj ET Q q 0 0 0 rg BT 128.72 290.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 165.13 290.15 Td (under ) Tj ET Q q 0 0 0 rg BT 190.43 290.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.17 290.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 244.91 290.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 265.21 290.15 Td (as ) Tj ET Q q 0 0 0 rg BT 276.08 290.15 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.94 290.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 330.57 290.15 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.57 290.15 Td (\). ) Tj ET Q q 0 0 0 rg BT 358.74 290.15 Td (The ) Tj ET Q q 0 0 0 rg BT 376.82 290.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 418.24 290.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 453.53 290.15 Td (that ) Tj ET Q q 0 0 0 rg BT 471.06 290.15 Td (such ) Tj ET Q q 0 0 0 rg BT 491.92 290.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 522.77 290.15 Td (help ) Tj ET Q q 0 0 0 rg BT 542.52 290.15 Td (align ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.51 278.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 100.63 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 111.76 278.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 157.31 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.55 278.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 212.33 278.15 Td (with ) Tj ET Q q 0 0 0 rg BT 232.90 278.15 Td (those ) Tj ET Q q 0 0 0 rg BT 256.80 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.93 278.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 321.26 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 338.49 278.15 Td (serve ) Tj ET Q q 0 0 0 rg BT 362.38 278.15 Td (as ) Tj ET Q q 0 0 0 rg BT 373.51 278.15 Td (an ) Tj ET Q q 0 0 0 rg BT 385.74 278.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 427.41 278.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 465.74 278.15 Td (tool. ) Tj ET Q q 0 0 0 rg BT 486.39 278.15 Td (The ) Tj ET Q q 0 0 0 rg BT 504.73 278.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 544.73 278.15 Td (Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.93 266.15 Td (for ) Tj ET Q q 0 0 0 rg BT 101.57 266.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 149.52 266.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 181.39 266.15 Td (of ) Tj ET Q q 0 0 0 rg BT 192.71 266.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 224.02 266.15 Td (if ) Tj ET Q q 0 0 0 rg BT 233.11 266.15 Td (there ) Tj ET Q q 0 0 0 rg BT 256.08 266.15 Td (is ) Tj ET Q q 0 0 0 rg BT 265.74 266.15 Td (a ) Tj ET Q q 0 0 0 rg BT 273.17 266.15 Td (severance ) Tj ET Q q 0 0 0 rg BT 315.57 266.15 Td (event, ) Tj ET Q q 0 0 0 rg BT 342.71 266.15 Td (a ) Tj ET Q q 0 0 0 rg BT 350.14 266.15 Td (change ) Tj ET Q q 0 0 0 rg BT 381.44 266.15 Td (in ) Tj ET Q q 0 0 0 rg BT 392.21 266.15 Td (control ) Tj ET Q q 0 0 0 rg BT 423.52 266.15 Td (of ) Tj ET Q q 0 0 0 rg BT 434.83 266.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 266.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 491.91 266.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 506.56 266.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 539.53 266.15 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 266.15 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 88.89 254.15 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 114.68 254.15 Td (in ) Tj ET Q q 0 0 0 rg BT 124.65 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 139.05 254.15 Td (event ) Tj ET Q q 0 0 0 rg BT 162.89 254.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.41 254.15 Td (a ) Tj ET Q q 0 0 0 rg BT 180.04 254.15 Td (participant) Tj ET Q q 0 0 0 rg BT 225.57 254.15 Td (s ) Tj ET Q q 0 0 0 rg BT 231.65 254.15 Td (death, ) Tj ET Q q 0 0 0 rg BT 257.99 254.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.62 254.15 Td (at ) Tj ET Q q 0 0 0 rg BT 284.02 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 298.42 254.15 Td (discretion ) Tj ET Q q 0 0 0 rg BT 340.04 254.15 Td (of ) Tj ET Q q 0 0 0 rg BT 350.56 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.96 254.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 422.69 254.15 Td (committee ) Tj ET Q q 0 0 0 rg BT 467.09 254.15 Td (of ) Tj ET Q q 0 0 0 rg BT 477.60 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.01 254.15 Td (Company) Tj ET Q q 0 0 0 rg BT 533.67 254.15 Td (s ) Tj ET Q q 0 0 0 rg BT 539.75 254.15 Td (board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 242.15 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 218.15 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 116.52 218.15 Td (A) Tj ET Q q 0 0 0 rg BT 122.07 218.15 Td (war) Tj ET Q q 0 0 0 rg BT 137.26 218.15 Td (ds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.15 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.16 194.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.38 194.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 141.93 194.15 Td (are ) Tj ET Q q 0 0 0 rg BT 156.25 194.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 185.02 194.15 Td (at ) Tj ET Q q 0 0 0 rg BT 194.35 194.15 Td (the ) Tj ET Q q 0 0 0 rg BT 208.68 194.15 Td (market ) Tj ET Q q 0 0 0 rg BT 238.56 194.15 Td (price ) Tj ET Q q 0 0 0 rg BT 260.66 194.15 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 194.15 Td (the ) Tj ET Q q 0 0 0 rg BT 285.44 194.15 Td (Company) Tj ET Q q 0 0 0 rg BT 327.10 194.15 Td (s ) Tj ET Q q 0 0 0 rg BT 333.11 194.15 Td (common ) Tj ET Q q 0 0 0 rg BT 370.22 194.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.44 194.15 Td (on ) Tj ET Q q 0 0 0 rg BT 405.55 194.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.89 194.15 Td (date ) Tj ET Q q 0 0 0 rg BT 438.66 194.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.10 194.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 471.76 194.15 Td (and ) Tj ET Q q 0 0 0 rg BT 488.31 194.15 Td (are ) Tj ET Q q 0 0 0 rg BT 502.63 194.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.73 194.15 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.15 Td (the ) Tj ET Q q 0 0 0 rg BT 63.37 182.15 Td (requisite ) Tj ET Q q 0 0 0 rg BT 99.45 182.15 Td (service ) Tj ET Q q 0 0 0 rg BT 129.41 182.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 158.99 182.15 Td (The ) Tj ET Q q 0 0 0 rg BT 176.19 182.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 216.72 182.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 242.81 182.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.45 182.15 Td (of ) Tj ET Q q 0 0 0 rg BT 279.43 182.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 318.28 182.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.04 182.15 Td (to ) Tj ET Q q 0 0 0 rg BT 350.47 182.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 394.88 182.15 Td (as ) Tj ET Q q 0 0 0 rg BT 404.86 182.15 Td (part ) Tj ET Q q 0 0 0 rg BT 422.06 182.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.04 182.15 Td (year) Tj ET Q q 0 0 0 rg BT 449.04 182.15 Td (-end ) Tj ET Q q 0 0 0 rg BT 468.46 182.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 525.65 182.15 Td (\("Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.15 Td (Grants"\) ) Tj ET Q q 0 0 0 rg BT 86.07 170.15 Td (and ) Tj ET Q q 0 0 0 rg BT 103.01 170.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 125.51 170.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 151.34 170.15 Td (hiring ) Tj ET Q q 0 0 0 rg BT 177.73 170.15 Td (or ) Tj ET Q q 0 0 0 rg BT 188.56 170.15 Td (as ) Tj ET Q q 0 0 0 rg BT 199.39 170.15 Td (a ) Tj ET Q q 0 0 0 rg BT 206.33 170.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 244.37 170.15 Td (award ) Tj ET Q q 0 0 0 rg BT 271.30 170.15 Td (\("Sign-on ) Tj ET Q q 0 0 0 rg BT 312.88 170.15 Td (Grants"\). ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 708.60 Td (Company) Tj ET Q q 0 0 0 rg BT 108.95 708.60 Td (s ) Tj ET Q q 0 0 0 rg BT 114.59 708.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 146.27 708.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 175.17 708.60 Td (are ) Tj ET Q q 0 0 0 rg BT 189.62 708.60 Td (made ) Tj ET Q q 0 0 0 rg BT 213.52 708.60 Td (each ) Tj ET Q q 0 0 0 rg BT 234.07 708.60 Td (year ) Tj ET Q q 0 0 0 rg BT 253.52 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 263.54 708.60 Td (February) Tj ET Q q 0 0 0 rg BT 298.99 708.60 Td (. ) Tj ET Q q 0 0 0 rg BT 303.24 708.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 334.92 708.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.82 708.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 382.17 708.60 Td (ratably ) Tj ET Q q 0 0 0 rg BT 412.17 708.60 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.18 708.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.17 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 454.41 708.60 Td (years ) Tj ET Q q 0 0 0 rg BT 477.75 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 487.77 708.60 Td (equal ) Tj ET Q q 0 0 0 rg BT 511.67 708.60 Td (installments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.43 696.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 97.64 696.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 126.07 696.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.39 696.60 Td (for ) Tj ET Q q 0 0 0 rg BT 171.82 696.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 213.02 696.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 243.68 696.60 Td (after ) Tj ET Q q 0 0 0 rg BT 263.77 696.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 311.64 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.74 696.60 Td (employment, ) Tj ET Q q 0 0 0 rg BT 376.00 696.60 Td (so ) Tj ET Q q 0 0 0 rg BT 386.67 696.60 Td (long ) Tj ET Q q 0 0 0 rg BT 406.22 696.60 Td (as ) Tj ET Q q 0 0 0 rg BT 416.32 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 430.31 696.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 470.95 696.60 Td (does ) Tj ET Q q 0 0 0 rg BT 491.05 696.60 Td (not ) Tj ET Q q 0 0 0 rg BT 505.60 696.60 Td (violatecertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 118.71 684.60 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.25 684.60 Td (set ) Tj ET Q q 0 0 0 rg BT 180.47 684.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 203.02 684.60 Td (in ) Tj ET Q q 0 0 0 rg BT 213.91 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 229.24 684.60 Td (award ) Tj ET Q q 0 0 0 rg BT 256.78 684.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 301.53 684.60 Td (or ) Tj ET Q q 0 0 0 rg BT 312.97 684.60 Td (any ) Tj ET Q q 0 0 0 rg BT 330.52 684.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 379.16 684.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 411.69 684.60 Td (into ) Tj ET Q q 0 0 0 rg BT 430.36 684.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.47 684.60 Td (termination. ) Tj ET Q q 0 0 0 rg BT 504.95 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 523.61 684.60 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.99 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 111.71 672.60 Td (service ) Tj ET Q q 0 0 0 rg BT 142.53 672.60 Td (inception ) Tj ET Q q 0 0 0 rg BT 182.25 672.60 Td (date ) Tj ET Q q 0 0 0 rg BT 201.42 672.60 Td (precedes ) Tj ET Q q 0 0 0 rg BT 238.90 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 253.62 672.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.68 672.60 Td (date ) Tj ET Q q 0 0 0 rg BT 295.84 672.60 Td (for ) Tj ET Q q 0 0 0 rg BT 310.01 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 324.18 672.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 356.12 672.60 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 387.79 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 404.74 672.60 Td (that ) Tj ET Q q 0 0 0 rg BT 422.24 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 436.96 672.60 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 505.57 672.60 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 552.51 672.60 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (not ) Tj ET Q q 0 0 0 rg BT 65.04 660.60 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.24 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.22 660.60 Td (criteria ) Tj ET Q q 0 0 0 rg BT 133.30 660.60 Td (for ) Tj ET Q q 0 0 0 rg BT 147.73 660.60 Td (an ) Tj ET Q q 0 0 0 rg BT 159.93 660.60 Td (in-substance ) Tj ET Q q 0 0 0 rg BT 212.68 660.60 Td (service ) Tj ET Q q 0 0 0 rg BT 243.76 660.60 Td (condition, ) Tj ET Q q 0 0 0 rg BT 286.80 660.60 Td (as ) Tj ET Q q 0 0 0 rg BT 297.89 660.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 330.64 660.60 Td (by ) Tj ET Q q 0 0 0 rg BT 342.80 660.60 Td (ASC ) Tj ET Q q 0 0 0 rg BT 365.02 660.60 Td (718. ) Tj ET Q q 0 0 0 rg BT 384.67 660.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 434.01 660.60 Td (, ) Tj ET Q q 0 0 0 rg BT 439.27 660.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 479.24 660.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 503.11 660.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.86 660.60 Td (as ) Tj ET Q q 0 0 0 rg BT 546.96 660.60 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 648.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.96 648.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 107.16 648.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 136.58 648.60 Td (is ) Tj ET Q q 0 0 0 rg BT 146.01 648.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 185.98 648.60 Td (in ) Tj ET Q q 0 0 0 rg BT 196.52 648.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.50 648.60 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.94 648.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 249.23 648.60 Td (period ) Tj ET Q q 0 0 0 rg BT 277.54 648.60 Td (in ) Tj ET Q q 0 0 0 rg BT 288.08 648.60 Td (which ) Tj ET Q q 0 0 0 rg BT 315.28 648.60 Td (those ) Tj ET Q q 0 0 0 rg BT 339.15 648.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 370.23 648.60 Td (are ) Tj ET Q q 0 0 0 rg BT 385.20 648.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 419.06 648.60 Td (to ) Tj ET Q q 0 0 0 rg BT 429.60 648.60 Td (be ) Tj ET Q q 0 0 0 rg BT 441.80 648.60 Td (earned, ) Tj ET Q q 0 0 0 rg BT 473.70 648.60 Td (which ) Tj ET Q q 0 0 0 rg BT 500.90 648.60 Td (is ) Tj ET Q q 0 0 0 rg BT 510.33 648.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 550.30 648.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (calendar ) Tj ET Q q 0 0 0 rg BT 85.47 636.60 Td (year ) Tj ET Q q 0 0 0 rg BT 104.79 636.60 Td (preceding ) Tj ET Q q 0 0 0 rg BT 146.32 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 160.65 636.60 Td (February ) Tj ET Q q 0 0 0 rg BT 198.86 636.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 221.51 636.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 242.78 636.60 Td (For ) Tj ET Q q 0 0 0 rg BT 258.78 636.60 Td (example, ) Tj ET Q q 0 0 0 rg BT 297.26 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 311.58 636.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.58 636.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.55 636.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 456.20 636.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 490.52 636.60 Td (during ) Tj ET Q q 0 0 0 rg BT 518.74 636.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 542.50 636.60 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (for ) Tj ET Q q 0 0 0 rg BT 63.82 624.60 Td (its ) Tj ET Q q 0 0 0 rg BT 75.94 624.60 Td (February ) Tj ET Q q 0 0 0 rg BT 114.70 624.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 136.77 624.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 168.88 624.60 Td (Grant. ) Tj ET Q q 0 0 0 rg BT 196.81 624.60 Td (If ) Tj ET Q q 0 0 0 rg BT 206.13 624.60 Td (an ) Tj ET Q q 0 0 0 rg BT 218.23 624.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 245.89 624.60 Td (award ) Tj ET Q q 0 0 0 rg BT 272.98 624.60 Td (related ) Tj ET Q q 0 0 0 rg BT 302.85 624.60 Td (to ) Tj ET Q q 0 0 0 rg BT 313.29 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 327.58 624.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 359.69 624.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 389.01 624.60 Td (is ) Tj ET Q q 0 0 0 rg BT 398.34 624.60 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 435.43 624.60 Td (as ) Tj ET Q q 0 0 0 rg BT 446.42 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 453.53 624.60 Td (result ) Tj ET Q q 0 0 0 rg BT 478.41 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 489.40 624.60 Td (violating ) Tj ET Q q 0 0 0 rg BT 527.62 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 542.50 624.60 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 97.85 612.60 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 147.03 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.50 612.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 186.52 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 197.10 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 211.57 612.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.70 612.60 Td (value ) Tj ET Q q 0 0 0 rg BT 251.60 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 262.19 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 276.65 612.60 Td (award ) Tj ET Q q 0 0 0 rg BT 303.33 612.60 Td (at ) Tj ET Q q 0 0 0 rg BT 312.80 612.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 335.60 612.60 Td (date ) Tj ET Q q 0 0 0 rg BT 354.50 612.60 Td (or ) Tj ET Q q 0 0 0 rg BT 365.09 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 379.55 612.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.68 612.60 Td (value ) Tj ET Q q 0 0 0 rg BT 419.59 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 430.17 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.64 612.60 Td (award ) Tj ET Q q 0 0 0 rg BT 471.32 612.60 Td (at ) Tj ET Q q 0 0 0 rg BT 480.78 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 495.25 612.60 Td (date ) Tj ET Q q 0 0 0 rg BT 514.16 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 524.74 612.60 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 600.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.15 600.60 Td (within ) Tj ET Q q 0 0 0 rg BT 124.20 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 138.92 600.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.96 600.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 236.67 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 247.50 600.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 291.66 600.60 Td (as ) Tj ET Q q 0 0 0 rg BT 302.49 600.60 Td (a ) Tj ET Q q 0 0 0 rg BT 309.43 600.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 343.57 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 354.40 600.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 412.44 600.60 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (Sign-on ) Tj ET Q q 0 0 0 rg BT 84.28 576.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 114.05 576.60 Td (are ) Tj ET Q q 0 0 0 rg BT 129.37 576.60 Td (used ) Tj ET Q q 0 0 0 rg BT 150.81 576.60 Td (as ) Tj ET Q q 0 0 0 rg BT 162.26 576.60 Td (a ) Tj ET Q q 0 0 0 rg BT 169.81 576.60 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 211.79 576.60 Td (tool ) Tj ET Q q 0 0 0 rg BT 230.46 576.60 Td (for ) Tj ET Q q 0 0 0 rg BT 245.23 576.60 Td (new ) Tj ET Q q 0 0 0 rg BT 265.00 576.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 310.88 576.60 Td (and ) Tj ET Q q 0 0 0 rg BT 328.43 576.60 Td (are ) Tj ET Q q 0 0 0 rg BT 343.75 576.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 371.86 576.60 Td (to ) Tj ET Q q 0 0 0 rg BT 382.75 576.60 Td (current ) Tj ET Q q 0 0 0 rg BT 414.18 576.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 460.05 576.60 Td (as ) Tj ET Q q 0 0 0 rg BT 471.49 576.60 Td (a ) Tj ET Q q 0 0 0 rg BT 479.04 576.60 Td (retention ) Tj ET Q q 0 0 0 rg BT 517.70 576.60 Td (tool. ) Tj ET Q q 0 0 0 rg BT 538.64 576.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.03 564.60 Td (have ) Tj ET Q q 0 0 0 rg BT 101.12 564.60 Td (both ) Tj ET Q q 0 0 0 rg BT 121.10 564.60 Td (clif) Tj ET Q q 0 0 0 rg BT 134.25 564.60 Td (f ) Tj ET Q q 0 0 0 rg BT 139.79 564.60 Td (and ) Tj ET Q q 0 0 0 rg BT 156.44 564.60 Td (ratable ) Tj ET Q q 0 0 0 rg BT 185.85 564.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 216.94 564.60 Td (terms, ) Tj ET Q q 0 0 0 rg BT 243.87 564.60 Td (and ) Tj ET Q q 0 0 0 rg BT 260.52 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.94 564.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 319.92 564.60 Td (must ) Tj ET Q q 0 0 0 rg BT 341.58 564.60 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 366.56 564.60 Td (service ) Tj ET Q q 0 0 0 rg BT 397.08 564.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 451.49 564.60 Td (in ) Tj ET Q q 0 0 0 rg BT 461.48 564.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 501.45 564.60 Td (for ) Tj ET Q q 0 0 0 rg BT 515.32 564.60 Td (rights ) Tj ET Q q 0 0 0 rg BT 540.30 564.60 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 564.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (awards. ) Tj ET Q q 0 0 0 rg BT 82.32 552.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 142.09 552.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 176.29 552.60 Td (is ) Tj ET Q q 0 0 0 rg BT 184.96 552.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 226.94 552.60 Td (on ) Tj ET Q q 0 0 0 rg BT 238.93 552.60 Td (a ) Tj ET Q q 0 0 0 rg BT 245.37 552.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 295.69 552.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 317.68 552.60 Td (from ) Tj ET Q q 0 0 0 rg BT 339.12 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 353.33 552.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 375.88 552.60 Td (date ) Tj ET Q q 0 0 0 rg BT 394.53 552.60 Td (over ) Tj ET Q q 0 0 0 rg BT 414.29 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 428.51 552.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 464.94 552.60 Td (service ) Tj ET Q q 0 0 0 rg BT 495.25 552.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 525.30 552.60 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 540.60 Td ( ) Tj ET Q q 0 0 0 rg BT 66.38 540.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.60 540.60 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.15 540.60 Td ( ) Tj ET Q q 0 0 0 rg BT 94.60 540.60 Td (years. ) Tj ET Q q 0 0 0 rg BT 120.64 540.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 167.52 540.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 194.94 540.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 232.94 540.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.37 540.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.81 540.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 331.36 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 342.13 540.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 394.56 540.60 Td (and ) Tj ET Q q 0 0 0 rg BT 411.45 540.60 Td (a ) Tj ET Q q 0 0 0 rg BT 418.33 540.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 452.42 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 463.19 540.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 521.18 540.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.83 540.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (Annually) Tj ET Q q 0 0 0 rg BT 86.07 504.60 Td (, ) Tj ET Q q 0 0 0 rg BT 90.57 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.79 504.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 145.68 504.60 Td (grants ) Tj ET Q q 0 0 0 rg BT 172.12 504.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.23 504.60 Td (to ) Tj ET Q q 0 0 0 rg BT 205.02 504.60 Td (its ) Tj ET Q q 0 0 0 rg BT 216.47 504.60 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 275.67 504.60 Td (directors. ) Tj ET Q q 0 0 0 rg BT 315.02 504.60 Td (The ) Tj ET Q q 0 0 0 rg BT 332.57 504.60 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 381.78 504.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 439.32 504.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 458.54 504.60 Td (to ) Tj ET Q q 0 0 0 rg BT 468.33 504.60 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 527.53 504.60 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 492.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 80.06 492.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 119.76 492.60 Td (on ) Tj ET Q q 0 0 0 rg BT 132.26 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 146.98 492.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 170.03 492.60 Td (date ) Tj ET Q q 0 0 0 rg BT 189.18 492.60 Td (and ) Tj ET Q q 0 0 0 rg BT 206.12 492.60 Td (included ) Tj ET Q q 0 0 0 rg BT 243.05 492.60 Td (within ) Tj ET Q q 0 0 0 rg BT 271.11 492.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 302.50 492.60 Td (services ) Tj ET Q q 0 0 0 rg BT 337.21 492.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 371.91 492.60 Td (on ) Tj ET Q q 0 0 0 rg BT 384.41 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 399.13 492.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.17 492.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 496.88 492.60 Td (of ) Tj ET Q q 0 0 0 rg BT 507.71 492.60 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (The Company grants restricted stock units to its leadership team \("Leadership Grants"\).) 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 49.5 419.2669921875 m 141.6923828125 419.2669921875 l s q 0 0 0 rg BT 49.50 420.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.00 420.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 118.92 420.60 Td (Grant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.43 396.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.93 396.60 Td (units ) Tj ET Q q 0 0 0 rg BT 137.77 396.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 170.14 396.60 Td (in ) Tj ET Q q 0 0 0 rg BT 180.31 396.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 202.70 396.60 Td (will ) Tj ET Q q 0 0 0 rg BT 220.65 396.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 239.15 396.60 Td (and ) Tj ET Q q 0 0 0 rg BT 255.98 396.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 288.35 396.60 Td (to ) Tj ET Q q 0 0 0 rg BT 298.52 396.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 325.90 396.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.62 396.60 Td (common ) Tj ET Q q 0 0 0 rg BT 374.01 396.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 397.51 396.60 Td (at ) Tj ET Q q 0 0 0 rg BT 407.11 396.60 Td (the ) Tj ET Q q 0 0 0 rg BT 421.72 396.60 Td (end ) Tj ET Q q 0 0 0 rg BT 438.55 396.60 Td (of ) Tj ET Q q 0 0 0 rg BT 449.27 396.60 Td (the ) Tj ET Q q 0 0 0 rg BT 463.88 396.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.79 396.60 Td (period ) Tj ET Q q 0 0 0 rg BT 544.72 396.60 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (if ) Tj ET Q q 0 0 0 rg BT 57.27 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 71.14 384.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.68 384.60 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 145.56 384.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 204.96 384.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.14 384.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 284.34 384.60 Td (market ) Tj ET Q q 0 0 0 rg BT 313.76 384.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 357.09 384.60 Td (over ) Tj ET Q q 0 0 0 rg BT 376.51 384.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.39 384.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.39 384.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 430.93 384.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 483.11 384.60 Td (period ) Tj ET Q q 0 0 0 rg BT 510.31 384.60 Td (from ) Tj ET Q q 0 0 0 rg BT 531.41 384.60 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 58.97 372.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 80.95 372.60 Td (through ) Tj ET Q q 0 0 0 rg BT 114.03 372.60 Td (December ) Tj ET Q q 0 0 0 rg BT 157.08 372.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.56 372.60 Td (2019. ) Tj ET Q q 0 0 0 rg BT 196.03 372.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 222.99 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 237.18 372.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 261.37 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 271.67 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 285.86 372.60 Td (award, ) Tj ET Q q 0 0 0 rg BT 314.76 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 328.95 372.60 Td (number ) Tj ET Q q 0 0 0 rg BT 361.47 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 371.78 372.60 Td (units ) Tj ET Q q 0 0 0 rg BT 393.20 372.60 Td (that ) Tj ET Q q 0 0 0 rg BT 410.16 372.60 Td (will ) Tj ET Q q 0 0 0 rg BT 427.69 372.60 Td (actually ) Tj ET Q q 0 0 0 rg BT 461.32 372.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 479.40 372.60 Td (and ) Tj ET Q q 0 0 0 rg BT 495.81 372.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 527.77 372.60 Td (to ) Tj ET Q q 0 0 0 rg BT 537.52 372.60 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (will ) Tj ET Q q 0 0 0 rg BT 67.07 360.60 Td (be ) Tj ET Q q 0 0 0 rg BT 78.52 360.60 Td (based ) Tj ET Q q 0 0 0 rg BT 103.30 360.60 Td (on ) Tj ET Q q 0 0 0 rg BT 115.31 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 129.54 360.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 155.98 360.60 Td (to ) Tj ET Q q 0 0 0 rg BT 165.77 360.60 Td (which ) Tj ET Q q 0 0 0 rg BT 192.22 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 206.45 360.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.35 360.60 Td (achieves ) Tj ET Q q 0 0 0 rg BT 283.79 360.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 321.89 360.60 Td (tar) Tj ET Q q 0 0 0 rg BT 332.26 360.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 350.38 360.60 Td (during ) Tj ET Q q 0 0 0 rg BT 378.50 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.73 360.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 445.26 360.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 475.17 360.60 Td (The ) Tj ET Q q 0 0 0 rg BT 492.73 360.60 Td (maximum ) Tj ET Q q 0 0 0 rg BT 535.30 360.60 Td (payout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (leverage ) Tj ET Q q 0 0 0 rg BT 85.86 348.60 Td (under ) Tj ET Q q 0 0 0 rg BT 111.13 348.60 Td (this ) Tj ET Q q 0 0 0 rg BT 128.08 348.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 151.13 348.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.30 348.60 Td (150 ) Tj ET Q q 0 0 0 rg BT 177.80 348.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.22 348.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 64.41 324.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.88 324.60 Td (75 ) Tj ET Q q 0 0 0 rg BT 87.56 324.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.99 324.60 Td ( ) Tj ET Q q 0 0 0 rg BT 119.68 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 130.69 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 324.60 Td (award ) Tj ET Q q 0 0 0 rg BT 172.72 324.60 Td (can ) Tj ET Q q 0 0 0 rg BT 189.28 324.60 Td (be ) Tj ET Q q 0 0 0 rg BT 201.41 324.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 230.74 324.60 Td (based ) Tj ET Q q 0 0 0 rg BT 256.20 324.60 Td (on ) Tj ET Q q 0 0 0 rg BT 268.88 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 283.79 324.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.36 324.60 Td (achieving ) Tj ET Q q 0 0 0 rg BT 366.92 324.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 396.81 324.60 Td (average ) Tj ET Q q 0 0 0 rg BT 430.59 324.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 466.60 324.60 Td (return ) Tj ET Q q 0 0 0 rg BT 493.16 324.60 Td (on ) Tj ET Q q 0 0 0 rg BT 505.85 324.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 533.54 324.60 Td (tar) Tj ET Q q 0 0 0 rg BT 543.90 324.60 Td (gets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.47 312.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 93.09 312.60 Td (in ) Tj ET Q q 0 0 0 rg BT 103.50 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 118.35 312.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 143.21 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 154.17 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.02 312.60 Td (award ) Tj ET Q q 0 0 0 rg BT 196.09 312.60 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 242.67 312.60 Td (The ) Tj ET Q q 0 0 0 rg BT 260.86 312.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.37 312.60 Td (value ) Tj ET Q q 0 0 0 rg BT 301.66 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 312.63 312.60 Td (this ) Tj ET Q q 0 0 0 rg BT 329.71 312.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 361.23 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 372.20 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 387.05 312.60 Td (award ) Tj ET Q q 0 0 0 rg BT 414.12 312.60 Td (was ) Tj ET Q q 0 0 0 rg BT 432.30 312.60 Td (based ) Tj ET Q q 0 0 0 rg BT 457.71 312.60 Td (on ) Tj ET Q q 0 0 0 rg BT 470.34 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.20 312.60 Td (closing ) Tj ET Q q 0 0 0 rg BT 516.72 312.60 Td (price ) Tj ET Q q 0 0 0 rg BT 539.34 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.31 312.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.38 300.60 Td (common ) Tj ET Q q 0 0 0 rg BT 133.68 300.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.09 300.60 Td (on ) Tj ET Q q 0 0 0 rg BT 169.40 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.92 300.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 206.77 300.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 228.23 300.60 Td (If ) Tj ET Q q 0 0 0 rg BT 237.19 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.71 300.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.90 300.60 Td (determines ) Tj ET Q q 0 0 0 rg BT 339.08 300.60 Td (that ) Tj ET Q q 0 0 0 rg BT 356.38 300.60 Td (it ) Tj ET Q q 0 0 0 rg BT 364.24 300.60 Td (is ) Tj ET Q q 0 0 0 rg BT 373.21 300.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 410.50 300.60 Td (that ) Tj ET Q q 0 0 0 rg BT 427.80 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 442.32 300.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 495.15 300.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 535.22 300.60 Td (will ) Tj ET Q q 0 0 0 rg BT 553.08 300.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 89.79 288.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 147.59 288.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 182.05 288.60 Td (is ) Tj ET Q q 0 0 0 rg BT 190.98 288.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 233.22 288.60 Td (on ) Tj ET Q q 0 0 0 rg BT 245.48 288.60 Td (a ) Tj ET Q q 0 0 0 rg BT 252.17 288.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 302.75 288.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.01 288.60 Td (over ) Tj ET Q q 0 0 0 rg BT 345.03 288.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.51 288.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.51 288.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 400.65 288.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 453.43 288.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 483.57 288.60 Td (The ) Tj ET Q q 0 0 0 rg BT 501.38 288.60 Td (probability ) Tj ET Q q 0 0 0 rg BT 547.51 288.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.45 276.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 117.71 276.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 158.22 276.60 Td (will ) Tj ET Q q 0 0 0 rg BT 176.51 276.60 Td (be ) Tj ET Q q 0 0 0 rg BT 188.68 276.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 226.95 276.60 Td (is ) Tj ET Q q 0 0 0 rg BT 236.35 276.60 Td (reevaluated ) Tj ET Q q 0 0 0 rg BT 285.16 276.60 Td (each ) Tj ET Q q 0 0 0 rg BT 306.21 276.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 345.60 276.60 Td (period ) Tj ET Q q 0 0 0 rg BT 373.88 276.60 Td (with ) Tj ET Q q 0 0 0 rg BT 394.40 276.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 429.34 276.60 Td (in ) Tj ET Q q 0 0 0 rg BT 439.85 276.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 480.91 276.60 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 521.97 276.60 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (for ) Tj ET Q q 0 0 0 rg BT 65.62 264.60 Td (using ) Tj ET Q q 0 0 0 rg BT 91.75 264.60 Td (a ) Tj ET Q q 0 0 0 rg BT 100.65 264.60 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 149.54 264.60 Td (ef) Tj ET Q q 0 0 0 rg BT 157.13 264.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 176.58 264.60 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 224.92 264.60 Td (to ) Tj ET Q q 0 0 0 rg BT 237.16 264.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 297.16 264.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 336.33 264.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 398.57 264.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 435.24 264.60 Td (will ) Tj ET Q q 0 0 0 rg BT 455.25 264.60 Td (be ) Tj ET Q q 0 0 0 rg BT 469.15 264.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 517.48 264.60 Td (only ) Tj ET Q q 0 0 0 rg BT 539.72 264.60 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 264.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 103.44 252.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 144.62 252.60 Td (is ) Tj ET Q q 0 0 0 rg BT 154.71 252.60 Td (met. ) Tj ET Q q 0 0 0 rg BT 175.61 252.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 223.46 252.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 251.86 252.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 290.82 252.60 Td (share ) Tj ET Q q 0 0 0 rg BT 315.33 252.60 Td (units ) Tj ET Q q 0 0 0 rg BT 338.19 252.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 361.60 252.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 411.12 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 422.86 252.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 476.26 252.60 Td (with ) Tj ET Q q 0 0 0 rg BT 497.45 252.60 Td (a ) Tj ET Q q 0 0 0 rg BT 505.31 252.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 83.12 240.60 Td (of ) Tj ET Q q 0 0 0 rg BT 93.43 240.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 150.95 240.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 187.19 240.60 Td (As ) Tj ET Q q 0 0 0 rg BT 200.28 240.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.59 240.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 253.67 240.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.67 240.60 Td (, ) Tj ET Q q 0 0 0 rg BT 278.14 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 292.34 240.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.20 240.60 Td (has ) Tj ET Q q 0 0 0 rg BT 348.51 240.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 395.46 240.60 Td (that ) Tj ET Q q 0 0 0 rg BT 412.43 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 426.63 240.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 479.13 240.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 518.88 240.60 Td (is ) Tj ET Q q 0 0 0 rg BT 527.52 240.60 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 228.60 Td (achieving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.70 228.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 114.20 228.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.63 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 146.13 228.60 Td (of ) Tj ET Q q 0 0 0 rg BT 156.96 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 171.67 228.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 194.72 228.60 Td (award. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 63.31 204.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.67 204.60 Td (75 ) Tj ET Q q 0 0 0 rg BT 84.26 204.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.68 204.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.27 204.60 Td (of ) Tj ET Q q 0 0 0 rg BT 125.18 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 138.99 204.60 Td (award ) Tj ET Q q 0 0 0 rg BT 165.00 204.60 Td (can ) Tj ET Q q 0 0 0 rg BT 180.46 204.60 Td (be ) Tj ET Q q 0 0 0 rg BT 191.49 204.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 219.72 204.60 Td (based ) Tj ET Q q 0 0 0 rg BT 244.07 204.60 Td (on ) Tj ET Q q 0 0 0 rg BT 255.66 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 269.46 204.60 Td (Company) Tj ET Q q 0 0 0 rg BT 311.13 204.60 Td (s ) Tj ET Q q 0 0 0 rg BT 316.61 204.60 Td (total ) Tj ET Q q 0 0 0 rg BT 335.96 204.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 384.20 204.60 Td (return ) Tj ET Q q 0 0 0 rg BT 409.66 204.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 441.23 204.60 Td (to ) Tj ET Q q 0 0 0 rg BT 450.59 204.60 Td (members ) Tj ET Q q 0 0 0 rg BT 488.83 204.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.75 204.60 Td (a ) Tj ET Q q 0 0 0 rg BT 504.77 204.60 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (peer ) Tj ET Q q 0 0 0 rg BT 69.53 192.60 Td (group. ) Tj ET Q q 0 0 0 rg BT 97.97 192.60 Td (The ) Tj ET Q q 0 0 0 rg BT 116.34 192.60 Td (market ) Tj ET Q q 0 0 0 rg BT 146.92 192.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 187.52 192.60 Td (must ) Tj ET Q q 0 0 0 rg BT 209.78 192.60 Td (be ) Tj ET Q q 0 0 0 rg BT 222.04 192.60 Td (met ) Tj ET Q q 0 0 0 rg BT 239.86 192.60 Td (for ) Tj ET Q q 0 0 0 rg BT 254.34 192.60 Td (the ) Tj ET Q q 0 0 0 rg BT 269.37 192.60 Td (award ) Tj ET Q q 0 0 0 rg BT 296.62 192.60 Td (to ) Tj ET Q q 0 0 0 rg BT 307.22 192.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 326.15 192.60 Td (and ) Tj ET Q q 0 0 0 rg BT 343.41 192.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 401.77 192.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 420.70 192.60 Td (will ) Tj ET Q q 0 0 0 rg BT 439.07 192.60 Td (be ) Tj ET Q q 0 0 0 rg BT 451.33 192.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 498.01 192.60 Td (regardless ) Tj ET Q q 0 0 0 rg BT 541.37 192.60 Td (if ) Tj ET Q q 0 0 0 rg BT 550.30 192.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.60 Td (market ) Tj ET Q q 0 0 0 rg BT 80.64 180.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 121.78 180.60 Td (is ) Tj ET Q q 0 0 0 rg BT 131.83 180.60 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 171.02 180.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 232.17 180.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 267.75 180.60 Td (is ) Tj ET Q q 0 0 0 rg BT 277.79 180.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 321.15 180.60 Td (on ) Tj ET Q q 0 0 0 rg BT 334.52 180.60 Td (a ) Tj ET Q q 0 0 0 rg BT 342.33 180.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 394.03 180.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 417.40 180.60 Td (over ) Tj ET Q q 0 0 0 rg BT 438.54 180.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.13 180.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.13 180.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 496.39 180.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 534.20 180.60 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.22 168.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 127.33 168.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 154.98 168.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 193.20 168.60 Td (share ) Tj ET Q q 0 0 0 rg BT 216.97 168.60 Td (units ) Tj ET Q q 0 0 0 rg BT 239.09 168.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 261.77 168.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 310.54 168.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.54 168.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 374.20 168.60 Td (with ) Tj ET Q q 0 0 0 rg BT 394.65 168.60 Td (a ) Tj ET Q q 0 0 0 rg BT 401.76 168.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 461.64 168.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 495.96 168.60 Td (of ) Tj ET Q q 0 0 0 rg BT 506.96 168.60 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 86.90 156.60 Td (For ) Tj ET Q q 0 0 0 rg BT 103.48 156.60 Td (this ) Tj ET Q q 0 0 0 rg BT 120.63 156.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.21 156.60 Td (of ) Tj ET Q q 0 0 0 rg BT 163.23 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 178.14 156.60 Td (award, ) Tj ET Q q 0 0 0 rg BT 207.76 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.67 156.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.24 156.60 Td (value ) Tj ET Q q 0 0 0 rg BT 263.59 156.60 Td (on ) Tj ET Q q 0 0 0 rg BT 276.28 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 291.19 156.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 314.43 156.60 Td (date ) Tj ET Q q 0 0 0 rg BT 333.78 156.60 Td (was ) Tj ET Q q 0 0 0 rg BT 352.02 156.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 399.70 156.60 Td (using ) Tj ET Q q 0 0 0 rg BT 424.06 156.60 Td (a ) Tj ET Q q 0 0 0 rg BT 431.19 156.60 Td (Monte ) Tj ET Q q 0 0 0 rg BT 459.99 156.60 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 484.90 156.60 Td (simulation ) Tj ET Q q 0 0 0 rg BT 529.81 156.60 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 156.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (following ) Tj ET Q q 0 0 0 rg BT 90.89 144.60 Td (assumptions: ) Tj ET Q q 0 0 0 rg BT 145.61 144.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 110.10 298.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 110.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 110.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 110.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 110.10 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 50.5 110.10000000000002 m 348.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 110.10000000000002 m 454.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 110.10000000000002 m 560.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 110.10000000000002 m 348.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 110.10000000000002 m 454.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 110.10000000000002 m 560.5 110.10000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.35 124.83 Td (Risk-free) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 124.83 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 112.83 Td (Grant Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 112.83 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.20 112.83 Td (Price Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.72 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.05 100.72 Td (1.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.05 100.72 Td (35.9%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.50 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 100.40 708.60 Td (market ) Tj ET Q q 0 0 0 rg BT 130.84 708.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 171.30 708.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 202.87 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 213.88 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 228.78 708.60 Td (award ) Tj ET Q q 0 0 0 rg BT 255.89 708.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 287.46 708.60 Td (depends ) Tj ET Q q 0 0 0 rg BT 322.91 708.60 Td (on ) Tj ET Q q 0 0 0 rg BT 335.59 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 350.49 708.60 Td (Company) Tj ET Q q 0 0 0 rg BT 392.15 708.60 Td (s ) Tj ET Q q 0 0 0 rg BT 398.73 708.60 Td (total ) Tj ET Q q 0 0 0 rg BT 419.18 708.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 468.51 708.60 Td (return ) Tj ET Q q 0 0 0 rg BT 495.07 708.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 527.73 708.60 Td (to ) Tj ET Q q 0 0 0 rg BT 538.19 708.60 Td (a ) Tj ET Q q 0 0 0 rg BT 545.31 708.60 Td (peer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (group, ) Tj ET Q q 0 0 0 rg BT 78.42 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 93.73 696.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 134.03 696.60 Td (modeled ) Tj ET Q q 0 0 0 rg BT 171.56 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 186.86 696.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 240.48 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 251.90 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.21 696.60 Td (peer ) Tj ET Q q 0 0 0 rg BT 287.50 696.60 Td (group ) Tj ET Q q 0 0 0 rg BT 313.92 696.60 Td (as ) Tj ET Q q 0 0 0 rg BT 325.34 696.60 Td (well ) Tj ET Q q 0 0 0 rg BT 345.65 696.60 Td (as ) Tj ET Q q 0 0 0 rg BT 357.07 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 372.38 696.60 Td (correlation ) Tj ET Q q 0 0 0 rg BT 418.78 696.60 Td (between ) Tj ET Q q 0 0 0 rg BT 455.19 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 696.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 512.47 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 530.00 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 545.31 696.60 Td (peer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (group. ) Tj ET Q q 0 0 0 rg BT 78.06 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 96.56 684.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.04 684.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 159.09 684.60 Td (price ) Tj ET Q q 0 0 0 rg BT 182.02 684.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 221.08 684.60 Td (assumption ) Tj ET Q q 0 0 0 rg BT 269.58 684.60 Td (was ) Tj ET Q q 0 0 0 rg BT 288.08 684.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 336.01 684.60 Td (using ) Tj ET Q q 0 0 0 rg BT 360.63 684.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 400.78 684.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 436.24 684.60 Td (, ) Tj ET Q q 0 0 0 rg BT 441.69 684.60 Td (as ) Tj ET Q q 0 0 0 rg BT 452.97 684.60 Td (correlation ) Tj ET Q q 0 0 0 rg BT 499.22 684.60 Td (coef) Tj ET Q q 0 0 0 rg BT 516.25 684.60 Td (ficients ) Tj ET Q q 0 0 0 rg BT 548.63 684.60 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (only ) Tj ET Q q 0 0 0 rg BT 69.98 672.60 Td (be ) Tj ET Q q 0 0 0 rg BT 82.13 672.60 Td (developed ) Tj ET Q q 0 0 0 rg BT 125.92 672.60 Td (through ) Tj ET Q q 0 0 0 rg BT 159.74 672.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 199.65 672.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 235.11 672.60 Td (. ) Tj ET Q q 0 0 0 rg BT 240.12 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 258.37 672.60 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 294.94 672.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.08 672.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 344.77 672.60 Td (was ) Tj ET Q q 0 0 0 rg BT 363.02 672.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 410.71 672.60 Td (based ) Tj ET Q q 0 0 0 rg BT 436.18 672.60 Td (on ) Tj ET Q q 0 0 0 rg BT 448.89 672.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.81 672.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.79 672.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 507.03 672.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 527.32 672.60 Td (T) Tj ET Q q 0 0 0 rg BT 533.08 672.60 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.00 660.60 Td (yield.) 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 49.5 635.2669921875 m 178.3623046875 635.2669921875 l s q 0 0 0 rg BT 49.50 636.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 96.42 636.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 125.58 636.60 Td (Prior ) Tj ET Q q 0 0 0 rg BT 148.08 636.60 Td (to ) Tj ET Q q 0 0 0 rg BT 158.36 636.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.23 612.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.52 612.60 Td (units ) Tj ET Q q 0 0 0 rg BT 137.15 612.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 169.32 612.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 190.95 612.60 Td (to ) Tj ET Q q 0 0 0 rg BT 200.91 612.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 223.10 612.60 Td (contain ) Tj ET Q q 0 0 0 rg BT 254.71 612.60 Td (market ) Tj ET Q q 0 0 0 rg BT 284.66 612.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 324.62 612.60 Td (criteria ) Tj ET Q q 0 0 0 rg BT 355.12 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 371.74 612.60 Td (will ) Tj ET Q q 0 0 0 rg BT 389.48 612.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 407.78 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 424.40 612.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 456.57 612.60 Td (to ) Tj ET Q q 0 0 0 rg BT 466.53 612.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.71 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 504.22 612.60 Td (common ) Tj ET Q q 0 0 0 rg BT 541.40 612.60 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (at ) Tj ET Q q 0 0 0 rg BT 58.24 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 71.97 600.60 Td (end ) Tj ET Q q 0 0 0 rg BT 87.93 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 97.78 600.60 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.61 600.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.61 600.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 158.02 600.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.06 600.60 Td (period ) Tj ET Q q 0 0 0 rg BT 237.12 600.60 Td (only ) Tj ET Q q 0 0 0 rg BT 256.42 600.60 Td (if ) Tj ET Q q 0 0 0 rg BT 264.05 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 277.78 600.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 323.88 600.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.51 600.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 398.55 600.60 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 432.28 600.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 491.55 600.60 Td (market ) Tj ET Q q 0 0 0 rg BT 520.83 600.60 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (over ) Tj ET Q q 0 0 0 rg BT 69.68 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.30 588.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 137.23 588.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 167.69 588.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 195.09 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 209.71 588.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 234.34 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 245.08 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 259.70 588.60 Td (grants, ) Tj ET Q q 0 0 0 rg BT 289.05 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 588.60 Td (number ) Tj ET Q q 0 0 0 rg BT 336.63 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.37 588.60 Td (units ) Tj ET Q q 0 0 0 rg BT 369.23 588.60 Td (that ) Tj ET Q q 0 0 0 rg BT 386.63 588.60 Td (will ) Tj ET Q q 0 0 0 rg BT 404.60 588.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 423.11 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 439.96 588.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 472.35 588.60 Td (to ) Tj ET Q q 0 0 0 rg BT 482.54 588.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 509.94 588.60 Td (will ) Tj ET Q q 0 0 0 rg BT 527.91 588.60 Td (be ) Tj ET Q q 0 0 0 rg BT 539.75 588.60 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (on ) Tj ET Q q 0 0 0 rg BT 63.32 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.36 576.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 127.76 576.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 152.69 576.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.03 576.60 Td (achieving ) Tj ET Q q 0 0 0 rg BT 249.72 576.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 289.64 576.60 Td (tar) Tj ET Q q 0 0 0 rg BT 300.01 576.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 319.93 576.60 Td (during ) Tj ET Q q 0 0 0 rg BT 349.86 576.60 Td (each ) Tj ET Q q 0 0 0 rg BT 372.00 576.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 426.34 576.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 458.21 576.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 519.81 576.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.83 576.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.86 564.60 Td (over ) Tj ET Q q 0 0 0 rg BT 116.13 564.60 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.95 564.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.95 564.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 178.33 564.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.36 564.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 65.55 540.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.16 540.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 90.99 540.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.41 540.60 Td ( ) Tj ET Q q 0 0 0 rg BT 124.24 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 136.40 540.60 Td (these ) Tj ET Q q 0 0 0 rg BT 160.77 540.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 192.92 540.60 Td (can ) Tj ET Q q 0 0 0 rg BT 210.63 540.60 Td (be ) Tj ET Q q 0 0 0 rg BT 223.89 540.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 254.37 540.60 Td (based ) Tj ET Q q 0 0 0 rg BT 280.97 540.60 Td (on ) Tj ET Q q 0 0 0 rg BT 294.79 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 310.84 540.60 Td (Company) Tj ET Q q 0 0 0 rg BT 352.50 540.60 Td (s ) Tj ET Q q 0 0 0 rg BT 360.22 540.60 Td (total ) Tj ET Q q 0 0 0 rg BT 381.83 540.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 432.30 540.60 Td (return ) Tj ET Q q 0 0 0 rg BT 460.01 540.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 493.82 540.60 Td (to ) Tj ET Q q 0 0 0 rg BT 505.42 540.60 Td (members ) Tj ET Q q 0 0 0 rg BT 545.91 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 540.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 109.51 528.60 Td (peer ) Tj ET Q q 0 0 0 rg BT 128.98 528.60 Td (group ) Tj ET Q q 0 0 0 rg BT 154.58 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 171.28 528.60 Td (up ) Tj ET Q q 0 0 0 rg BT 183.54 528.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.58 528.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 205.85 528.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.27 528.60 Td ( ) Tj ET Q q 0 0 0 rg BT 237.53 528.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.61 528.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 293.19 528.60 Td (can ) Tj ET Q q 0 0 0 rg BT 309.33 528.60 Td (be ) Tj ET Q q 0 0 0 rg BT 321.03 528.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 349.94 528.60 Td (based ) Tj ET Q q 0 0 0 rg BT 374.97 528.60 Td (on ) Tj ET Q q 0 0 0 rg BT 387.23 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 401.71 528.60 Td (Company) Tj ET Q q 0 0 0 rg BT 443.38 528.60 Td (s ) Tj ET Q q 0 0 0 rg BT 449.53 528.60 Td (total ) Tj ET Q q 0 0 0 rg BT 469.57 528.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 518.48 528.60 Td (return. ) Tj ET Q q 0 0 0 rg BT 546.96 528.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 516.60 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 516.60 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 115.58 516.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 146.40 516.60 Td (on ) Tj ET Q q 0 0 0 rg BT 158.90 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 173.62 516.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 196.66 516.60 Td (date ) Tj ET Q q 0 0 0 rg BT 215.82 516.60 Td (was ) Tj ET Q q 0 0 0 rg BT 233.87 516.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 281.35 516.60 Td (using ) Tj ET Q q 0 0 0 rg BT 305.52 516.60 Td (a ) Tj ET Q q 0 0 0 rg BT 312.46 516.60 Td (Monte ) Tj ET Q q 0 0 0 rg BT 341.07 516.60 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 365.78 516.60 Td (simulation ) Tj ET Q q 0 0 0 rg BT 410.51 516.60 Td (with ) Tj ET Q q 0 0 0 rg BT 430.78 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 445.50 516.60 Td (following ) Tj ET Q q 0 0 0 rg BT 486.89 516.60 Td (assumptions: ) Tj ET Q q 0 0 0 rg BT 541.61 516.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 482.10 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 482.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 482.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 482.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 482.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 458.10 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 458.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 458.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 458.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 458.10 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 49.5 482.1 m 349.5 482.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 482.1 m 455.5 482.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 482.1 m 561.5 482.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.35 496.83 Td (Risk-free) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 496.83 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 484.83 Td (Grant Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 484.83 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.20 484.83 Td (Price Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.72 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 472.72 Td (0.98%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 472.72 Td (34.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.72 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 460.72 Td (0.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 460.72 Td (29.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.72 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 448.72 Td (0.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 448.72 Td (41.3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.22 422.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 104.93 422.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 128.22 422.60 Td (price ) Tj ET Q q 0 0 0 rg BT 150.38 422.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 188.67 422.60 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 240.29 422.60 Td (were ) Tj ET Q q 0 0 0 rg BT 261.90 422.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 309.05 422.60 Td (using ) Tj ET Q q 0 0 0 rg BT 332.90 422.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 372.29 422.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 407.75 422.60 Td (, ) Tj ET Q q 0 0 0 rg BT 412.42 422.60 Td (as ) Tj ET Q q 0 0 0 rg BT 422.93 422.60 Td (correlation ) Tj ET Q q 0 0 0 rg BT 468.42 422.60 Td (coef) Tj ET Q q 0 0 0 rg BT 485.44 422.60 Td (ficients ) Tj ET Q q 0 0 0 rg BT 517.05 422.60 Td (can ) Tj ET Q q 0 0 0 rg BT 533.11 422.60 Td (only ) Tj ET Q q 0 0 0 rg BT 553.06 422.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.60 Td (developed ) Tj ET Q q 0 0 0 rg BT 92.54 410.60 Td (through ) Tj ET Q q 0 0 0 rg BT 125.59 410.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 164.75 410.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 200.21 410.60 Td (. ) Tj ET Q q 0 0 0 rg BT 204.52 410.60 Td (The ) Tj ET Q q 0 0 0 rg BT 222.01 410.60 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 257.82 410.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.20 410.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 310.02 410.60 Td (were ) Tj ET Q q 0 0 0 rg BT 331.40 410.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 378.32 410.60 Td (based ) Tj ET Q q 0 0 0 rg BT 403.04 410.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.98 410.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.97 410.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 457.45 410.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 477.04 410.60 Td (T) Tj ET Q q 0 0 0 rg BT 482.80 410.60 Td (reasury ) Tj ET Q q 0 0 0 rg BT 514.17 410.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 536.12 410.60 Td (yields.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 386.60 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.82 362.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.49 362.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 154.48 362.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 187.24 362.60 Td (options ) Tj ET Q q 0 0 0 rg BT 219.46 362.60 Td (to ) Tj ET Q q 0 0 0 rg BT 230.02 362.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 268.33 362.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 292.21 362.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.69 362.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 322.57 362.60 Td (Companies ) Tj ET Q q 0 0 0 rg BT 370.34 362.60 Td (common ) Tj ET Q q 0 0 0 rg BT 408.11 362.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 432.00 362.60 Td (to ) Tj ET Q q 0 0 0 rg BT 442.55 362.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 488.09 362.60 Td (and ) Tj ET Q q 0 0 0 rg BT 505.30 362.60 Td (non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.48 350.60 Td (in ) Tj ET Q q 0 0 0 rg BT 96.25 350.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 119.90 350.60 Td (years ) Tj ET Q q 0 0 0 rg BT 142.99 350.60 Td (2004 ) Tj ET Q q 0 0 0 rg BT 164.98 350.60 Td (through ) Tj ET Q q 0 0 0 rg BT 198.08 350.60 Td (2008. ) Tj ET Q q 0 0 0 rg BT 222.57 350.60 Td (Employee ) Tj ET Q q 0 0 0 rg BT 265.11 350.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.54 350.60 Td (director ) Tj ET Q q 0 0 0 rg BT 314.62 350.60 Td (options ) Tj ET Q q 0 0 0 rg BT 346.06 350.60 Td (were ) Tj ET Q q 0 0 0 rg BT 367.48 350.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 406.68 350.60 Td (by ) Tj ET Q q 0 0 0 rg BT 418.67 350.60 Td (the ) Tj ET Q q 0 0 0 rg BT 432.88 350.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.76 350.60 Td (on ) Tj ET Q q 0 0 0 rg BT 485.75 350.60 Td (a ) Tj ET Q q 0 0 0 rg BT 492.19 350.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 542.50 350.60 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.60 Td (over ) Tj ET Q q 0 0 0 rg BT 69.50 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 83.94 338.60 Td (required ) Tj ET Q q 0 0 0 rg BT 119.48 338.60 Td (service ) Tj ET Q q 0 0 0 rg BT 150.03 338.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 180.30 338.60 Td (based ) Tj ET Q q 0 0 0 rg BT 205.30 338.60 Td (on ) Tj ET Q q 0 0 0 rg BT 217.53 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 231.97 338.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 272.52 338.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.63 338.60 Td (value ) Tj ET Q q 0 0 0 rg BT 312.51 338.60 Td (of ) Tj ET Q q 0 0 0 rg BT 323.07 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 337.51 338.60 Td (award ) Tj ET Q q 0 0 0 rg BT 364.17 338.60 Td (on ) Tj ET Q q 0 0 0 rg BT 376.40 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 390.84 338.60 Td (date ) Tj ET Q q 0 0 0 rg BT 409.73 338.60 Td (of ) Tj ET Q q 0 0 0 rg BT 420.28 338.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 443.06 338.60 Td (using ) Tj ET Q q 0 0 0 rg BT 466.96 338.60 Td (a ) Tj ET Q q 0 0 0 rg BT 473.62 338.60 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 533.61 338.60 Td (option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.47 326.60 Td (model. ) Tj ET Q q 0 0 0 rg BT 111.80 326.60 Td (As ) Tj ET Q q 0 0 0 rg BT 126.56 326.60 Td (described ) Tj ET Q q 0 0 0 rg BT 168.52 326.60 Td (above ) Tj ET Q q 0 0 0 rg BT 196.04 326.60 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 240.23 326.60 Td (to ) Tj ET Q q 0 0 0 rg BT 251.65 326.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.51 326.60 Td (Company) Tj ET Q q 0 0 0 rg BT 309.18 326.60 Td (s ) Tj ET Q q 0 0 0 rg BT 315.91 326.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 348.99 326.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 379.29 326.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.27 326.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 432.11 326.60 Td (shares, ) Tj ET Q q 0 0 0 rg BT 463.25 326.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 488.00 326.60 Td (options ) Tj ET Q q 0 0 0 rg BT 521.09 326.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.72 326.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.81 314.60 Td (were ) Tj ET Q q 0 0 0 rg BT 116.78 314.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 156.52 314.60 Td (in ) Tj ET Q q 0 0 0 rg BT 166.84 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 181.60 314.60 Td (calendar ) Tj ET Q q 0 0 0 rg BT 218.01 314.60 Td (year ) Tj ET Q q 0 0 0 rg BT 237.75 314.60 Td (preceding ) Tj ET Q q 0 0 0 rg BT 279.72 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 314.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 323.67 314.60 Td (February ) Tj ET Q q 0 0 0 rg BT 362.31 314.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 385.40 314.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 407.10 314.60 Td (For ) Tj ET Q q 0 0 0 rg BT 423.53 314.60 Td (example, ) Tj ET Q q 0 0 0 rg BT 462.45 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 477.21 314.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.63 314.60 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.60 302.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.36 302.60 Td (during ) Tj ET Q q 0 0 0 rg BT 171.03 302.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 195.24 302.60 Td (2007 ) Tj ET Q q 0 0 0 rg BT 217.79 302.60 Td (for ) Tj ET Q q 0 0 0 rg BT 232.01 302.60 Td (its ) Tj ET Q q 0 0 0 rg BT 244.01 302.60 Td (February ) Tj ET Q q 0 0 0 rg BT 282.67 302.60 Td (2008 ) Tj ET Q q 0 0 0 rg BT 305.23 302.60 Td (option ) Tj ET Q q 0 0 0 rg BT 333.34 302.60 Td (grant. ) Tj ET Q q 0 0 0 rg BT 358.76 302.60 Td (The ) Tj ET Q q 0 0 0 rg BT 376.86 302.60 Td (maximum ) Tj ET Q q 0 0 0 rg BT 419.97 302.60 Td (term ) Tj ET Q q 0 0 0 rg BT 440.85 302.60 Td (of ) Tj ET Q q 0 0 0 rg BT 451.73 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 466.51 302.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.17 302.60 Td (options ) Tj ET Q q 0 0 0 rg BT 522.18 302.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.72 302.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.12 290.60 Td (and ) Tj ET Q q 0 0 0 rg BT 110.42 290.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 147.27 290.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.68 290.60 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.89 290.60 Td ( ) Tj ET Q q 0 0 0 rg BT 178.75 290.60 Td (years. ) Tj ET Q q 0 0 0 rg BT 204.08 290.60 Td (The ) Tj ET Q q 0 0 0 rg BT 221.48 290.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.23 290.60 Td (has ) Tj ET Q q 0 0 0 rg BT 277.42 290.60 Td (not ) Tj ET Q q 0 0 0 rg BT 292.06 290.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 323.90 290.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.87 290.60 Td (options ) Tj ET Q q 0 0 0 rg BT 378.18 290.60 Td (since ) Tj ET Q q 0 0 0 rg BT 400.58 290.60 Td (2008, ) Tj ET Q q 0 0 0 rg BT 424.94 290.60 Td (and ) Tj ET Q q 0 0 0 rg BT 441.24 290.60 Td (all ) Tj ET Q q 0 0 0 rg BT 453.09 290.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 483.27 290.60 Td (have ) Tj ET Q q 0 0 0 rg BT 504.01 290.60 Td (been ) Tj ET Q q 0 0 0 rg BT 524.75 290.60 Td (exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 278.60 Td (expired ) Tj ET Q q 0 0 0 rg BT 92.82 278.60 Td (as ) Tj ET Q q 0 0 0 rg BT 103.65 278.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.48 278.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 158.07 278.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.07 278.60 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 254.60 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 101.45 254.60 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 230.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.58 230.60 Td (established ) Tj ET Q q 0 0 0 rg BT 158.33 230.60 Td (the ) Tj ET Q q 0 0 0 rg BT 173.87 230.60 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 224.40 230.60 Td (Plan ) Tj ET Q q 0 0 0 rg BT 245.50 230.60 Td (in ) Tj ET Q q 0 0 0 rg BT 256.60 230.60 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 307.13 230.60 Td (with ) Tj ET Q q 0 0 0 rg BT 328.23 230.60 Td (the ) Tj ET Q q 0 0 0 rg BT 343.77 230.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 390.97 230.60 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 230.60 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 445.99 230.60 Td (The ) Tj ET Q q 0 0 0 rg BT 464.86 230.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.07 230.60 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.38 230.60 Td ($1) Tj ET Q q 0 0 0 rg BT 550.01 230.60 Td (1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 218.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.31 218.60 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.64 218.60 Td (286,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.14 218.60 Td ( ) Tj ET Q q 0 0 0 rg BT 120.06 218.60 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 151.30 218.60 Td (in ) Tj ET Q q 0 0 0 rg BT 162.00 218.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 202.12 218.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.15 218.60 Td (under ) Tj ET Q q 0 0 0 rg BT 251.84 218.60 Td (the ) Tj ET Q q 0 0 0 rg BT 266.98 218.60 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 317.10 218.60 Td (Plan ) Tj ET Q q 0 0 0 rg BT 337.80 218.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.72 218.60 Td (May15, ) Tj ET Q q 0 0 0 rg BT 386.97 218.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.97 218.60 Td (. ) Tj ET Q q 0 0 0 rg BT 412.17 218.60 Td (These ) Tj ET Q q 0 0 0 rg BT 438.97 218.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 466.88 218.60 Td (clif) Tj ET Q q 0 0 0 rg BT 480.03 218.60 Td (f ) Tj ET Q q 0 0 0 rg BT 486.28 218.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 505.30 218.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 218.60 Td (three ) Tj ET Q q 0 0 0 rg BT 538.91 218.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 218.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.60 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 98.50 206.60 Td (Plan ) Tj ET Q q 0 0 0 rg BT 118.07 206.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 148.19 206.60 Td (are ) Tj ET Q q 0 0 0 rg BT 162.20 206.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 203.97 206.60 Td (as ) Tj ET Q q 0 0 0 rg BT 214.10 206.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 271.44 206.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 305.44 206.60 Td (on ) Tj ET Q q 0 0 0 rg BT 317.24 206.60 Td (a ) Tj ET Q q 0 0 0 rg BT 323.47 206.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 373.59 206.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 395.39 206.60 Td (over ) Tj ET Q q 0 0 0 rg BT 414.95 206.60 Td (the ) Tj ET Q q 0 0 0 rg BT 428.97 206.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 459.65 206.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 489.50 206.60 Td ( ) Tj ET Q q 0 0 0 rg BT 491.29 206.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 537.52 206.60 Td (forfeit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 87.55 194.60 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 137.25 194.60 Td (Plan ) Tj ET Q q 0 0 0 rg BT 157.53 194.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 185.02 194.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 207.52 194.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 256.12 194.60 Td (of ) Tj ET Q q 0 0 0 rg BT 266.95 194.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 319.44 194.60 Td (and ) Tj ET Q q 0 0 0 rg BT 336.38 194.60 Td (a ) Tj ET Q q 0 0 0 rg BT 343.31 194.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 377.46 194.60 Td (of ) Tj ET Q q 0 0 0 rg BT 388.29 194.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 446.33 194.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.04 194.60 Td (is ) Tj ET Q q 0 0 0 rg BT 490.21 194.60 Td (recorded.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 170.60 Td (Stock-Based Compensation ) Tj ET Q q 0 0 0 rg BT 164.70 170.60 Td (Activity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.52 146.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.88 146.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 143.00 146.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 201.01 146.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 235.69 146.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.17 146.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 268.14 146.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.03 146.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.50 146.60 Td (and ) Tj ET Q q 0 0 0 rg BT 316.42 146.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 353.87 146.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.88 146.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 446.56 146.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.36 146.60 Td ($10.0 ) Tj ET Q q 0 0 0 rg BT 482.34 146.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.23 146.60 Td ( ) Tj ET Q q 0 0 0 rg BT 513.70 146.60 Td (for ) Tj ET Q q 0 0 0 rg BT 527.83 146.60 Td (the ) Tj ET Q q 0 0 0 rg BT 542.52 146.60 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.60 Td (months ) Tj ET Q q 0 0 0 rg BT 82.71 134.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.35 134.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 155.21 134.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.21 134.60 Td ( ) Tj ET Q q 0 0 0 rg BT 178.97 134.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 134.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.17 134.60 Td (, ) Tj ET Q q 0 0 0 rg BT 223.43 134.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 271.09 134.60 Td (, ) Tj ET Q q 0 0 0 rg BT 277.36 134.60 Td (related ) Tj ET Q q 0 0 0 rg BT 308.32 134.60 Td (to ) Tj ET Q q 0 0 0 rg BT 319.86 134.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 362.49 134.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 403.46 134.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.33 134.60 Td (and ) Tj ET Q q 0 0 0 rg BT 446.53 134.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 487.49 134.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 512.36 134.60 Td (unit ) Tj ET Q q 0 0 0 rg BT 531.68 134.60 Td (awards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.60 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 96.10 122.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.25 122.60 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 138.47 122.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.36 122.60 Td ( ) Tj ET Q q 0 0 0 rg BT 170.08 122.60 Td (for ) Tj ET Q q 0 0 0 rg BT 184.46 122.60 Td (the ) Tj ET Q q 0 0 0 rg BT 199.40 122.60 Td (three ) Tj ET Q q 0 0 0 rg BT 222.11 122.60 Td (months ) Tj ET Q q 0 0 0 rg BT 254.28 122.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 122.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 324.70 122.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.70 122.60 Td ( ) Tj ET Q q 0 0 0 rg BT 347.42 122.60 Td (and ) Tj ET Q q 0 0 0 rg BT 364.58 122.60 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 410.61 122.60 Td (for ) Tj ET Q q 0 0 0 rg BT 424.99 122.60 Td (the ) Tj ET Q q 0 0 0 rg BT 439.93 122.60 Td (three ) Tj ET Q q 0 0 0 rg BT 462.64 122.60 Td (months ) Tj ET Q q 0 0 0 rg BT 494.81 122.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 122.60 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 110.60 Td (. ) Tj ET Q q 0 0 0 rg BT 75.40 110.60 Td (The ) Tj ET Q q 0 0 0 rg BT 94.60 110.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 110.48 110.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 141.91 110.60 Td (related ) Tj ET Q q 0 0 0 rg BT 172.77 110.60 Td (to ) Tj ET Q q 0 0 0 rg BT 184.21 110.60 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 235.08 110.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 294.28 110.60 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 110.60 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 346.32 110.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.21 110.60 Td ( ) Tj ET Q q 0 0 0 rg BT 378.87 110.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.97 110.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 418.13 110.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.02 110.60 Td ( ) Tj ET Q q 0 0 0 rg BT 450.68 110.60 Td (for ) Tj ET Q q 0 0 0 rg BT 466.00 110.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.88 110.60 Td (three ) Tj ET Q q 0 0 0 rg BT 505.53 110.60 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 110.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.10 98.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 98.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.60 98.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 98.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 98.60 Td (, ) Tj ET Q q 0 0 0 rg BT 157.54 98.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 205.20 98.60 Td (.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 708.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 708.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 708.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 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84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.10 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 614.10 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 614.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 614.10 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 385.5 662.1 m 469.5 662.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 662.1 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 385.5 662.1 m 469.5 662.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 614.1 m 469.5 614.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 688.83 Td (Unvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 688.83 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.85 676.83 Td (Restricted Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 676.83 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.85 664.83 Td (\(in Shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 664.83 Td (FairValue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 652.83 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 652.83 Td (2,874,117) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 652.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 652.83 Td (43.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.72 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 640.72 Td (203,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 640.72 Td (81.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.72 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 628.72 Td (\(623,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 628.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 628.72 Td (45.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.72 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 616.72 Td (\(125,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 616.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 616.72 Td (42.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 604.83 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 604.83 Td (2,328,507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 604.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 604.83 Td (45.92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 578.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 578.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 578.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 578.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 578.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 578.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 578.60 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 578.60 Td (Company) Tj ET Q q 0 0 0 rg BT 297.21 578.60 Td (s ) Tj ET Q q 0 0 0 rg BT 303.61 578.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 341.65 578.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 381.36 578.60 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0 i [] 0 d 0 J 0 j 3 M 385.5 532.1 m 469.5 532.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 532.1 m 561.5 532.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 532.1 m 469.5 532.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 484.1 m 469.5 484.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 558.83 Td (Unvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 558.83 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.05 546.83 Td (Restricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 546.83 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.40 534.83 Td (StockUnits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 534.83 Td (FairValue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 522.83 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 522.83 Td (374,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 522.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 522.83 Td (21.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 510.72 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 510.72 Td (35,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 510.72 Td (84.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 498.72 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 498.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 498.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 486.72 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 486.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 486.72 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 474.83 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 474.83 Td (410,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 474.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 474.83 Td (27.11) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.20 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(restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.11 436.60 Td (units ) Tj ET Q q 0 0 0 rg BT 95.06 436.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.09 436.60 Td (to ) Tj ET Q q 0 0 0 rg BT 143.37 436.60 Td (be ) Tj ET Q q 0 0 0 rg BT 155.31 436.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 201.67 436.60 Td (over ) Tj ET Q q 0 0 0 rg BT 221.94 436.60 Td (a ) Tj ET Q q 0 0 0 rg BT 228.88 436.60 Td (weighted ) Tj ET Q q 0 0 0 rg BT 268.03 436.60 Td (average ) Tj ET Q q 0 0 0 rg BT 301.61 436.60 Td (period ) Tj ET Q q 0 0 0 rg BT 329.66 436.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.49 436.60 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 355.49 436.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.59 436.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 412.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 412.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 412.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 412.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 412.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 412.60 Td (Company) Tj ET Q q 0 0 0 rg BT 297.21 412.60 Td (s ) Tj ET Q q 0 0 0 rg BT 303.61 412.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 352.77 412.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 376.38 412.60 Td (options:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 354.10 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 354.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 354.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 354.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 354.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 354.10 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 354.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 354.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 330.10 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 330.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 330.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 330.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 330.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 330.10 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 330.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 330.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 306.10 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 306.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 306.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 306.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 306.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 306.10 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 306.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 306.10 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 243 354.1 m 313 354.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 354.1 m 391 354.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 354.1 m 483 354.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 354.1 m 561 354.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 354.1 m 313 354.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 294.1 m 313 294.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.85 392.83 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.20 380.83 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 380.83 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 368.83 Td (Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.10 368.83 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 368.83 Td (Contractual Term) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 368.83 Td (Aggregate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.80 356.83 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 356.83 Td (ExercisePrice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.95 356.83 Td (\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.95 356.83 Td (Intrinsic Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 344.83 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 344.83 Td (30,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 344.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 344.83 Td (65.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 344.83 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 344.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 344.83 Td (203,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 332.72 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 332.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 332.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 320.72 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 320.72 Td (\(26,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 320.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 320.72 Td (65.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 308.72 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 308.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 308.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 296.72 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 296.72 Td (\(4,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 296.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 296.72 Td (70.13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 284.83 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 284.83 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 284.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 284.83 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 284.83 Td (0.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 284.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 284.83 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.60 Td (As ) Tj ET Q q 0 0 0 rg BT 62.46 258.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.64 258.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 115.59 258.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.59 258.60 Td (, ) Tj ET Q q 0 0 0 rg BT 139.93 258.60 Td (there ) Tj ET Q q 0 0 0 rg BT 161.77 258.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.17 258.60 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.17 258.60 Td ( ) Tj ET Q q 0 0 0 rg BT 191.02 258.60 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 246.73 258.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 304.12 258.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 322.07 258.60 Td (related ) Tj ET Q q 0 0 0 rg BT 351.12 258.60 Td (to ) Tj ET Q q 0 0 0 rg BT 360.75 258.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 383.71 258.60 Td (options ) Tj ET Q q 0 0 0 rg BT 415.00 258.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 452.38 258.60 Td (to ) Tj ET Q q 0 0 0 rg BT 462.01 258.60 Td (be ) Tj ET Q q 0 0 0 rg BT 473.30 258.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 519.01 258.60 Td (over ) Tj ET Q q 0 0 0 rg BT 538.62 258.60 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.60 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.00 246.60 Td (The ) Tj ET Q q 0 0 0 rg BT 92.59 246.60 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 127.42 246.60 Td (value ) Tj ET Q q 0 0 0 rg BT 151.12 246.60 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 246.60 Td (options ) Tj ET Q q 0 0 0 rg BT 192.99 246.60 Td (exercised ) Tj ET Q q 0 0 0 rg BT 232.80 246.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.40 246.60 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 269.95 246.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.84 246.60 Td ( ) Tj ET Q q 0 0 0 rg BT 300.89 246.60 Td (and ) Tj ET Q q 0 0 0 rg BT 317.37 246.60 Td (the ) Tj ET Q q 0 0 0 rg BT 331.64 246.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 368.68 246.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 382.95 246.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 412.76 246.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 446.45 246.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.05 246.60 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 483.60 246.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.49 246.60 Td ( ) Tj ET Q q 0 0 0 rg BT 514.54 246.60 Td (for ) Tj ET Q q 0 0 0 rg BT 528.24 246.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 246.60 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.60 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 234.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 234.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 234.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 151.42 234.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 234.60 Td (. ) Tj ET Q q 0 0 0 rg BT 176.24 234.60 Td (There ) Tj ET Q q 0 0 0 rg BT 202.06 234.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.99 234.60 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.99 234.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.49 234.60 Td (options ) Tj ET Q q 0 0 0 rg BT 268.44 234.60 Td (exercised ) Tj ET Q q 0 0 0 rg BT 308.69 234.60 Td (during ) Tj ET Q q 0 0 0 rg BT 337.30 234.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.01 234.60 Td (three ) Tj ET Q q 0 0 0 rg BT 374.50 234.60 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.95 234.60 Td ( ) Tj ET Q q 0 0 0 rg BT 406.45 234.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.83 234.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 476.42 234.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.42 234.60 Td (.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Deferr) Tj ET Q q 0 0 0 rg BT 77.63 708.75 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.13 708.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 154.30 708.75 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.93 684.75 Td (maintains ) Tj ET Q q 0 0 0 rg BT 150.32 684.75 Td (various ) Tj ET Q q 0 0 0 rg BT 182.25 684.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 218.06 684.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.10 684.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 332.46 684.75 Td (for ) Tj ET Q q 0 0 0 rg BT 346.62 684.75 Td (employees.) 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 67.76 660.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 121.02 660.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 157.04 660.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 215.30 660.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 235.23 660.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.61 660.75 Td (an ) Tj ET Q q 0 0 0 rg BT 256.77 660.75 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 297.25 660.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 317.18 660.75 Td (which ) Tj ET Q q 0 0 0 rg BT 344.33 660.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 373.16 660.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 403.07 660.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.35 660.75 Td (compensated ) Tj ET Q q 0 0 0 rg BT 486.26 660.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 534.24 660.75 Td (at ) Tj ET Q q 0 0 0 rg BT 544.17 660.75 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (election, ) Tj ET Q q 0 0 0 rg BT 85.81 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.74 648.75 Td (defer ) Tj ET Q q 0 0 0 rg BT 118.43 648.75 Td (a ) Tj ET Q q 0 0 0 rg BT 125.03 648.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 170.48 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.97 648.75 Td (their ) Tj ET Q q 0 0 0 rg BT 201.45 648.75 Td (base ) Tj ET Q q 0 0 0 rg BT 221.38 648.75 Td (salary) Tj ET Q q 0 0 0 rg BT 244.60 648.75 Td (, ) Tj ET Q q 0 0 0 rg BT 249.26 648.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 303.64 648.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 331.34 648.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.27 648.75 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 387.99 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 405.69 648.75 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 442.82 648.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 461.09 648.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 513.23 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.82 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 544.19 648.75 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (forfeitable. ) Tj ET Q q 0 0 0 rg BT 95.97 636.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.03 636.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 150.42 636.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.24 636.75 Td (under ) Tj ET Q q 0 0 0 rg BT 211.52 636.75 Td (this ) Tj ET Q q 0 0 0 rg BT 228.47 636.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 248.20 636.75 Td (are ) Tj ET Q q 0 0 0 rg BT 262.92 636.75 Td (held ) Tj ET Q q 0 0 0 rg BT 282.64 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 292.93 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 299.88 636.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 331.27 636.75 Td (trust. ) Tj ET Q q 0 0 0 rg BT 353.87 636.75 Td (The ) Tj ET Q q 0 0 0 rg BT 371.93 636.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.33 636.75 Td (invests, ) Tj ET Q q 0 0 0 rg BT 446.12 636.75 Td (as ) Tj ET Q q 0 0 0 rg BT 456.96 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 463.90 636.75 Td (principal, ) Tj ET Q q 0 0 0 rg BT 504.46 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 514.74 636.75 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 58.86 624.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 114.31 624.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 139.78 624.75 Td (its ) Tj ET Q q 0 0 0 rg BT 150.81 624.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 192.94 624.75 Td (under ) Tj ET Q q 0 0 0 rg BT 217.30 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.10 624.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 283.23 624.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.12 624.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.24 624.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 396.54 624.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 446.45 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 455.82 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.62 624.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 500.08 624.75 Td (trust, ) Tj ET Q q 0 0 0 rg BT 521.94 624.75 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 612.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 92.29 612.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 120.35 612.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.91 612.75 Td ($28.4 ) Tj ET Q q 0 0 0 rg BT 176.75 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.64 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.98 612.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.76 612.75 Td ($24.4 ) Tj ET Q q 0 0 0 rg BT 252.61 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 284.84 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 296.51 612.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.18 612.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 352.63 612.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.63 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.97 612.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.75 612.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 453.17 612.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.17 612.75 Td (, ) Tj ET Q q 0 0 0 rg BT 479.02 612.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 526.68 612.75 Td (, ) Tj ET Q q 0 0 0 rg BT 532.52 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 612.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (included ) Tj ET Q q 0 0 0 rg BT 86.97 600.75 Td (in ) Tj ET Q q 0 0 0 rg BT 97.79 600.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.60 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 161.64 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.90 600.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 230.48 600.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.73 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 600.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.12 600.75 Td (condition. ) Tj ET Q q 0 0 0 rg BT 368.22 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 386.80 600.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.38 600.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 481.73 600.75 Td (by ) Tj ET Q q 0 0 0 rg BT 494.77 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 510.02 600.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 555.83 600.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 88.85 588.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.78 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.14 588.75 Td (period ) Tj ET Q q 0 0 0 rg BT 140.84 588.75 Td (earned. ) Tj ET Q q 0 0 0 rg BT 171.98 588.75 Td (The ) Tj ET Q q 0 0 0 rg BT 189.67 588.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 225.12 588.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.81 588.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 316.07 588.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.77 588.75 Td ($28.4 ) Tj ET Q q 0 0 0 rg BT 358.42 588.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.31 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 389.46 588.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 588.75 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 430.69 588.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.58 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 461.73 588.75 Td (as ) Tj ET Q q 0 0 0 rg BT 472.21 588.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.68 588.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.93 588.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.93 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 588.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.14 576.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.14 576.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.20 576.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 180.86 576.75 Td (. ) Tj ET Q q 0 0 0 rg BT 185.92 576.75 Td (Changes ) Tj ET Q q 0 0 0 rg BT 222.91 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.25 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 248.02 576.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.46 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 288.67 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 299.56 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.33 576.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.67 576.75 Td (made ) Tj ET Q q 0 0 0 rg BT 388.88 576.75 Td (by ) Tj ET Q q 0 0 0 rg BT 401.44 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.21 576.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 457.65 576.75 Td (are ) Tj ET Q q 0 0 0 rg BT 472.42 576.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 508.29 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.63 576.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (income ) Tj ET Q q 0 0 0 rg BT 81.46 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 98.42 564.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.16 564.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.46 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.20 564.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 217.94 564.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 253.77 564.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 311.84 564.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 345.47 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 360.20 564.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 397.70 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 408.56 564.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 466.62 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.59 564.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 517.77 564.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 552.50 564.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 552.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.26 552.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 161.97 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.80 552.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.43 528.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 90.93 528.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 102.41 528.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 120.89 528.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 168.27 528.75 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 199.54 528.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 222.49 528.75 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 265.42 528.75 Td (Share ) Tj ET Q q 0 0 0 rg BT 290.57 528.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 337.39 528.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 357.55 528.75 Td (is ) Tj ET Q q 0 0 0 rg BT 366.61 528.75 Td (a ) Tj ET Q q 0 0 0 rg BT 373.43 528.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 394.70 528.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 424.86 528.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.55 528.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 518.47 528.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 538.08 528.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 77.96 516.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.31 516.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 155.42 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.55 516.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 186.78 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 196.91 516.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 228.13 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 234.92 516.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 266.16 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.84 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.41 516.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.42 516.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 388.31 516.75 Td (they ) Tj ET Q q 0 0 0 rg BT 407.88 516.75 Td (would ) Tj ET Q q 0 0 0 rg BT 435.24 516.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 476.47 516.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 507.68 516.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.82 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.39 516.75 Td (form ) Tj ET Q q 0 0 0 rg BT 554.18 516.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.63 504.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 116.16 504.75 Td (instead ) Tj ET Q q 0 0 0 rg BT 147.41 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.12 504.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 198.25 504.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 228.95 504.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 250.20 504.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.12 504.75 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 314.50 504.75 Td (A) Tj ET Q q 0 0 0 rg BT 320.80 504.75 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 355.02 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 366.28 504.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.09 504.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 440.73 504.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 469.70 504.75 Td (A) Tj ET Q q 0 0 0 rg BT 476.00 504.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 502.81 504.75 Td (are ) Tj ET Q q 0 0 0 rg BT 517.94 504.75 Td (awarded ) Tj ET Q q 0 0 0 rg BT 554.74 504.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 93.44 492.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 139.05 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 149.66 492.75 Td (February ) Tj ET Q q 0 0 0 rg BT 188.60 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.77 492.75 Td (each ) Tj ET Q q 0 0 0 rg BT 220.93 492.75 Td (year) Tj ET Q q 0 0 0 rg BT 237.73 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 243.07 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.35 492.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 299.83 492.75 Td (a ) Tj ET Q q 0 0 0 rg BT 307.11 492.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 338.84 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 350.01 492.75 Td (their ) Tj ET Q q 0 0 0 rg BT 371.17 492.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 429.55 492.75 Td (for ) Tj ET Q q 0 0 0 rg BT 444.05 492.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 497.42 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 508.03 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.09 492.75 Td (preceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (year ) Tj ET Q q 0 0 0 rg BT 69.45 480.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 99.96 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.48 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.43 480.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 172.15 480.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 204.33 480.75 Td (Grants. ) Tj ET Q q 0 0 0 rg BT 236.22 480.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 265.04 480.75 Td (A) Tj ET Q q 0 0 0 rg BT 271.35 480.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 297.97 480.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 316.82 480.75 Td (ratably ) Tj ET Q q 0 0 0 rg BT 347.32 480.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.83 480.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.81 480.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.55 480.75 Td (years ) Tj ET Q q 0 0 0 rg BT 414.39 480.75 Td (in ) Tj ET Q q 0 0 0 rg BT 424.91 480.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 449.30 480.75 Td (installments ) Tj ET Q q 0 0 0 rg BT 500.37 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.55 480.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.83 480.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 91.42 468.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 122.80 468.75 Td (after ) Tj ET Q q 0 0 0 rg BT 143.60 468.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 192.19 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.00 468.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 255.48 468.75 Td (so ) Tj ET Q q 0 0 0 rg BT 266.86 468.75 Td (long ) Tj ET Q q 0 0 0 rg BT 287.13 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 297.94 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.65 468.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 354.01 468.75 Td (does ) Tj ET Q q 0 0 0 rg BT 374.83 468.75 Td (not ) Tj ET Q q 0 0 0 rg BT 390.09 468.75 Td (violate ) Tj ET Q q 0 0 0 rg BT 419.79 468.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.48 468.75 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 518.07 468.75 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (set ) Tj ET Q q 0 0 0 rg BT 64.21 456.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 87.26 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.64 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.46 456.75 Td (award ) Tj ET Q q 0 0 0 rg BT 142.50 456.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.74 456.75 Td (or ) Tj ET Q q 0 0 0 rg BT 199.68 456.75 Td (any ) Tj ET Q q 0 0 0 rg BT 217.72 456.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 262.97 456.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 295.99 456.75 Td (into ) Tj ET Q q 0 0 0 rg BT 315.16 456.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.76 456.75 Td (termination. ) Tj ET Q q 0 0 0 rg BT 390.96 456.75 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 438.45 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 454.26 456.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.84 456.75 Td (as ) Tj ET Q q 0 0 0 rg BT 504.77 456.75 Td (a ) Tj ET Q q 0 0 0 rg BT 512.82 456.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 554.19 456.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.53 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.46 444.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 161.60 444.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 197.29 444.75 Td (within ) Tj ET Q q 0 0 0 rg BT 226.34 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.04 444.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 296.07 444.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 341.77 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 353.59 444.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 401.23 444.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 430.64 444.75 Td (A) Tj ET Q q 0 0 0 rg BT 436.94 444.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 464.31 444.75 Td (are ) Tj ET Q q 0 0 0 rg BT 480.00 444.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 510.15 444.75 Td (by ) Tj ET Q q 0 0 0 rg BT 523.64 444.75 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (recipients ) Tj ET Q q 0 0 0 rg BT 90.52 432.75 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 124.32 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.25 432.75 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 199.14 432.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 230.18 432.75 Td (restrictions\) ) Tj ET Q q 0 0 0 rg BT 280.09 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.68 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 307.15 432.75 Td (such ) Tj ET Q q 0 0 0 rg BT 327.63 432.75 Td (are ) Tj ET Q q 0 0 0 rg BT 341.99 432.75 Td (not ) Tj ET Q q 0 0 0 rg BT 356.91 432.75 Td (included ) Tj ET Q q 0 0 0 rg BT 393.49 432.75 Td (on ) Tj ET Q q 0 0 0 rg BT 405.64 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.00 432.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.69 432.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 517.05 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 432.75 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 396.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.23 396.75 Td (has ) Tj ET Q q 0 0 0 rg BT 123.71 396.75 Td (also ) Tj ET Q q 0 0 0 rg BT 141.97 396.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.10 396.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 202.46 396.75 Td (A) Tj ET Q q 0 0 0 rg BT 208.76 396.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 234.79 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 244.72 396.75 Td (new ) Tj ET Q q 0 0 0 rg BT 263.53 396.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 308.44 396.75 Td (as ) Tj ET Q q 0 0 0 rg BT 318.92 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 325.51 396.75 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 366.53 396.75 Td (tool. ) Tj ET Q q 0 0 0 rg BT 386.73 396.75 Td (Employees ) Tj ET Q q 0 0 0 rg BT 433.31 396.75 Td (must ) Tj ET Q q 0 0 0 rg BT 454.91 396.75 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 479.83 396.75 Td (service ) Tj ET Q q 0 0 0 rg BT 510.30 396.75 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.38 384.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 101.24 384.75 Td (for ) Tj ET Q q 0 0 0 rg BT 116.01 384.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 141.89 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 152.78 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.10 384.75 Td (awards. ) Tj ET Q q 0 0 0 rg BT 202.02 384.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 262.90 384.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 298.22 384.75 Td (from ) Tj ET Q q 0 0 0 rg BT 320.76 384.75 Td (these ) Tj ET Q q 0 0 0 rg BT 344.41 384.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 375.84 384.75 Td (are ) Tj ET Q q 0 0 0 rg BT 391.15 384.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 434.24 384.75 Td (on ) Tj ET Q q 0 0 0 rg BT 447.34 384.75 Td (a ) Tj ET Q q 0 0 0 rg BT 454.89 384.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 506.31 384.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 529.42 384.75 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 384.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.43 372.75 Td (service ) Tj ET Q q 0 0 0 rg BT 117.25 372.75 Td (period ) Tj ET Q q 0 0 0 rg BT 145.30 372.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 372.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.13 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 372.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 372.75 Td (five ) Tj ET Q q 0 0 0 rg BT 201.95 372.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.05 372.75 Td (. ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 17) 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 (Earnings Per Shar) Tj ET Q q 0 0 0 rg BT 159.12 708.75 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.56 708.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.87 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.59 684.75 Td (calculates ) Tj ET Q q 0 0 0 rg BT 148.83 684.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 184.53 684.75 Td (per ) Tj ET Q q 0 0 0 rg BT 199.13 684.75 Td (share ) Tj ET Q q 0 0 0 rg BT 222.05 684.75 Td (using ) Tj ET Q q 0 0 0 rg BT 245.55 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 259.59 684.75 Td (two-class ) Tj ET Q q 0 0 0 rg BT 299.19 684.75 Td (method. ) Tj ET Q q 0 0 0 rg BT 333.51 684.75 Td (Basic ) Tj ET Q q 0 0 0 rg BT 357.55 684.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 393.25 684.75 Td (per ) Tj ET Q q 0 0 0 rg BT 407.85 684.75 Td (common ) Tj ET Q q 0 0 0 rg BT 444.67 684.75 Td (share ) Tj ET Q q 0 0 0 rg BT 467.60 684.75 Td (is ) Tj ET Q q 0 0 0 rg BT 476.09 684.75 Td (computed ) Tj ET Q q 0 0 0 rg BT 517.35 684.75 Td (by ) Tj ET Q q 0 0 0 rg BT 529.18 684.75 Td (dividing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (net ) Tj ET Q q 0 0 0 rg BT 64.96 672.75 Td (income ) Tj ET Q q 0 0 0 rg BT 97.63 672.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 141.97 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 152.99 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 177.34 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 188.82 672.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 208.16 672.75 Td (Companies) Tj ET Q q 0 0 0 rg BT 255.74 672.75 Td ( ) Tj ET Q q 0 0 0 rg BT 258.98 672.75 Td (common ) Tj ET Q q 0 0 0 rg BT 297.22 672.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 351.00 672.75 Td (by ) Tj ET Q q 0 0 0 rg BT 364.24 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.70 672.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 419.60 672.75 Td (average ) Tj ET Q q 0 0 0 rg BT 453.92 672.75 Td (number ) Tj ET Q q 0 0 0 rg BT 487.71 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 499.29 672.75 Td (common ) Tj ET Q q 0 0 0 rg BT 537.52 672.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 100.01 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.52 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.58 660.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 163.47 660.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 181.76 660.75 Td (income ) Tj ET Q q 0 0 0 rg BT 215.04 660.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 259.97 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 271.59 660.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.55 660.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 308.03 660.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 327.97 660.75 Td (Companies) Tj ET Q q 0 0 0 rg BT 375.55 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 379.40 660.75 Td (common ) Tj ET Q q 0 0 0 rg BT 418.24 660.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 472.62 660.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 517.01 660.75 Td (net ) Tj ET Q q 0 0 0 rg BT 533.07 660.75 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 92.83 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 102.84 648.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 126.19 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.67 648.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.01 648.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 203.24 648.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 237.13 648.75 Td (by ) Tj ET Q q 0 0 0 rg BT 249.37 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 263.82 648.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 305.49 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.06 648.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 352.17 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.19 648.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 414.97 648.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 457.47 648.75 Td (Losses ) Tj ET Q q 0 0 0 rg BT 486.93 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 501.38 648.75 Td (not ) Tj ET Q q 0 0 0 rg BT 516.39 648.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 554.72 648.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 101.67 636.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 143.21 636.75 Td (All ) Tj ET Q q 0 0 0 rg BT 157.62 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.58 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.43 636.75 Td (Company) Tj ET Q q 0 0 0 rg BT 223.09 636.75 Td (s ) Tj ET Q q 0 0 0 rg BT 228.62 636.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 265.80 636.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 304.63 636.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 331.25 636.75 Td (are ) Tj ET Q q 0 0 0 rg BT 345.09 636.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 377.82 636.75 Td (to ) Tj ET Q q 0 0 0 rg BT 387.23 636.75 Td (be ) Tj ET Q q 0 0 0 rg BT 398.30 636.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 450.47 636.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 489.86 636.75 Td (as ) Tj ET Q q 0 0 0 rg BT 499.83 636.75 Td (they ) Tj ET Q q 0 0 0 rg BT 518.68 636.75 Td (are ) Tj ET Q q 0 0 0 rg BT 532.52 636.75 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.04 624.75 Td (share ) Tj ET Q q 0 0 0 rg BT 81.89 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 91.43 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.40 624.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 133.26 624.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 155.29 624.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 185.91 624.75 Td (dividends\) ) Tj ET Q q 0 0 0 rg BT 229.88 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 239.97 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.94 624.75 Td (Company) Tj ET Q q 0 0 0 rg BT 292.18 624.75 Td (. ) Tj ET Q q 0 0 0 rg BT 296.31 624.75 Td (The ) Tj ET Q q 0 0 0 rg BT 313.61 624.75 Td (Company) Tj ET Q q 0 0 0 rg BT 355.28 624.75 Td (s ) Tj ET Q q 0 0 0 rg BT 360.93 624.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 399.89 624.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 422.75 624.75 Td (units ) Tj ET Q q 0 0 0 rg BT 443.96 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 457.92 624.75 Td (not ) Tj ET Q q 0 0 0 rg BT 472.46 624.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 524.75 624.75 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.60 612.75 Td (they ) Tj ET Q q 0 0 0 rg BT 80.59 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 95.56 612.75 Td (not ) Tj ET Q q 0 0 0 rg BT 111.11 612.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 143.87 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 154.42 612.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 186.05 612.75 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 230.21 612.75 Td (or ) Tj ET Q q 0 0 0 rg BT 241.31 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.30 612.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 297.95 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 312.93 612.75 Td (forfeitable ) Tj ET Q q 0 0 0 rg BT 357.34 612.75 Td (until ) Tj ET Q q 0 0 0 rg BT 378.45 612.75 Td (vested. ) Tj ET Q q 0 0 0 rg BT 409.26 612.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 442.03 612.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 478.68 612.75 Td (per ) Tj ET Q q 0 0 0 rg BT 494.21 612.75 Td (common ) Tj ET Q q 0 0 0 rg BT 531.98 612.75 Td (share ) Tj ET Q q 0 0 0 rg BT 555.85 612.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 92.17 600.75 Td (by ) Tj ET Q q 0 0 0 rg BT 104.32 600.75 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 143.13 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.49 600.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 196.29 600.75 Td (average ) Tj ET Q q 0 0 0 rg BT 229.52 600.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 278.33 600.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 305.46 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.39 600.75 Td (assume ) Tj ET Q q 0 0 0 rg BT 346.97 600.75 Td (conversion ) Tj ET Q q 0 0 0 rg BT 392.99 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.47 600.75 Td (all ) Tj ET Q q 0 0 0 rg BT 415.61 600.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 460.52 600.75 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 493.22 600.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 516.47 600.75 Td (options ) Tj ET Q q 0 0 0 rg BT 548.06 600.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.20 588.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 112.81 588.75 Td (units. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 564.75 Td (computation ) Tj ET Q q 0 0 0 rg BT 120.04 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.87 564.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.24 564.75 Td (per ) Tj ET Q q 0 0 0 rg BT 182.51 564.75 Td (share ) Tj ET Q q 0 0 0 rg BT 206.11 564.75 Td (is ) Tj ET Q q 0 0 0 rg BT 215.28 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 226.11 564.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 518.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 518.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 518.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 518.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 494.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 494.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 494.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 494.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 470.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 470.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 470.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 470.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 446.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 446.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 446.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 446.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 422.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 422.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 422.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 422.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 398.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 398.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 398.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 398.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 374.25 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 374.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 374.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 374.25 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 404 530.25 m 479 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 530.25 m 487 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 530.25 m 562 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 530.25 m 479 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 518.25 m 479 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 530.25 m 562 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 518.25 m 562 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 518.25 m 479 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 518.25 m 562 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 494.25 m 479 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 494.25 m 562 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 483.25 m 479 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 481.25 m 479 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 483.25 m 562 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 481.25 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 404 422.25 m 479 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 422.25 m 562 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 422.25 m 479 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 410.25 m 479 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 422.25 m 562 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 410.25 m 562 410.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 544.98 Td (Three Months Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 534.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 532.98 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 522.20 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 520.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 520.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 508.87 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 508.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 508.98 Td (20,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 508.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 508.87 Td (2,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 496.87 Td (Earnings allocated to participating securities \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 497.03 Td (\(3,447) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 496.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 496.87 Td (\(313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 496.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 484.87 Td (Net income applicable to Piper Jaffray Companies common shareholders \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 484.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 484.98 Td (16,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 484.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 484.87 Td (2,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 460.87 Td (Shares for basic and diluted calculations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 448.87 Td (Average shares used in basic computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 448.98 Td (12,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 448.87 Td (13,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 436.87 Td (Stock options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 436.98 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 436.87 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 424.87 Td (Restricted stock units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 424.98 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 424.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 412.87 Td (Average shares used in diluted computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 412.98 Td (12,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 412.87 Td (13,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 388.87 Td (Earnings per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 376.87 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 376.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 376.98 Td (1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 376.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 376.87 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 364.87 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 364.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 364.98 Td (1.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 364.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 364.87 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 347.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 347.75 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 347.75 Td (esents ) Tj ET Q q 0 0 0 rg BT 108.23 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.80 347.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 158.88 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.45 347.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 200.53 347.75 Td (to ) Tj ET Q q 0 0 0 rg BT 209.11 347.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 257.68 347.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 296.00 347.75 Td (Losses ) Tj ET Q q 0 0 0 rg BT 321.59 347.75 Td (ar) Tj ET Q q 0 0 0 rg BT 329.26 347.75 Td (e ) Tj ET Q q 0 0 0 rg BT 334.83 347.75 Td (not ) Tj ET Q q 0 0 0 rg BT 347.90 347.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 382.97 347.75 Td (to ) Tj ET Q q 0 0 0 rg BT 391.55 347.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 440.13 347.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 478.44 347.75 Td (Participating ) Tj ET Q q 0 0 0 rg BT 528.02 347.75 Td (securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 336.95 Td (include ) Tj ET Q q 0 0 0 rg BT 95.15 336.95 Td (all ) Tj ET Q q 0 0 0 rg BT 105.82 336.95 Td (of ) Tj ET Q q 0 0 0 rg BT 113.99 336.95 Td (the ) Tj ET Q q 0 0 0 rg BT 126.15 336.95 Td (Company) Tj ET Q q 0 0 0 rg BT 162.48 336.95 Td (s ) Tj ET Q q 0 0 0 rg BT 167.15 336.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 199.80 336.95 Td (r) Tj ET Q q 0 0 0 rg BT 202.97 336.95 Td (estricted ) Tj ET Q q 0 0 0 rg BT 235.12 336.95 Td (shar) Tj ET Q q 0 0 0 rg BT 250.79 336.95 Td (es. ) Tj ET Q q 0 0 0 rg BT 261.70 336.95 Td (The ) Tj ET Q q 0 0 0 rg BT 276.37 336.95 Td (weighted ) Tj ET Q q 0 0 0 rg BT 310.03 336.95 Td (average ) Tj ET Q q 0 0 0 rg BT 340.18 336.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 388.34 336.95 Td (shar) Tj ET Q q 0 0 0 rg BT 404.01 336.95 Td (es ) Tj ET Q q 0 0 0 rg BT 412.67 336.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 456.34 336.95 Td (wer) Tj ET Q q 0 0 0 rg BT 469.51 336.95 Td (e ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.67 336.95 Td (2,630,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.67 336.95 Td ( ) Tj ET Q q 0 0 0 rg BT 511.83 336.95 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.50 336.95 Td (1,938,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 562.50 336.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 326.15 Td (for ) Tj ET Q q 0 0 0 rg BT 80.25 326.15 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.50 326.15 Td (thr) Tj ET Q q 0 0 0 rg BT 103.67 326.15 Td (ee ) Tj ET Q q 0 0 0 rg BT 113.91 326.15 Td (months) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.91 326.15 Td ( ) Tj ET Q q 0 0 0 rg BT 142.16 326.15 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.90 326.15 Td (Mar) Tj ET Q q 0 0 0 rg BT 181.06 326.15 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 205.31 326.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.31 326.15 Td ( ) Tj ET Q q 0 0 0 rg BT 225.56 326.15 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.31 326.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.31 326.15 Td (, ) Tj ET Q q 0 0 0 rg BT 263.81 326.15 Td (r) Tj ET Q q 0 0 0 rg BT 266.98 326.15 Td (espectively) Tj ET Q q 0 0 0 rg BT 305.95 326.15 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 311.15 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 311.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 311.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 81.89 311.15 Td (income ) Tj ET Q q 0 0 0 rg BT 109.77 311.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 149.65 311.15 Td (to ) Tj ET Q q 0 0 0 rg BT 158.54 311.15 Td (Piper ) Tj ET Q q 0 0 0 rg BT 180.42 311.15 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 207.80 311.15 Td (Companies) Tj ET Q q 0 0 0 rg BT 250.30 311.15 Td ( ) Tj ET Q q 0 0 0 rg BT 252.19 311.15 Td (common ) Tj ET Q q 0 0 0 rg BT 284.58 311.15 Td (shar) Tj ET Q q 0 0 0 rg BT 300.25 311.15 Td (eholders ) Tj ET Q q 0 0 0 rg BT 333.13 311.15 Td (for ) Tj ET Q q 0 0 0 rg BT 345.52 311.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 372.41 311.15 Td (and ) Tj ET Q q 0 0 0 rg BT 387.80 311.15 Td (basic ) Tj ET Q q 0 0 0 rg BT 408.69 311.15 Td (EPS ) Tj ET Q q 0 0 0 rg BT 426.07 311.15 Td (may ) Tj ET Q q 0 0 0 rg BT 442.96 311.15 Td (differ ) Tj ET Q q 0 0 0 rg BT 464.34 311.15 Td (under ) Tj ET Q q 0 0 0 rg BT 487.23 311.15 Td (the ) Tj ET Q q 0 0 0 rg BT 500.12 311.15 Td (two-class ) Tj ET Q q 0 0 0 rg BT 536.01 311.15 Td (method ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 300.35 Td (as ) Tj ET Q q 0 0 0 rg BT 77.33 300.35 Td (a ) Tj ET Q q 0 0 0 rg BT 83.67 300.35 Td (r) Tj ET Q q 0 0 0 rg BT 86.84 300.35 Td (esult ) Tj ET Q q 0 0 0 rg BT 105.67 300.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.50 300.35 Td (adding ) Tj ET Q q 0 0 0 rg BT 141.33 300.35 Td (the ) Tj ET Q q 0 0 0 rg BT 154.16 300.35 Td (effect ) Tj ET Q q 0 0 0 rg BT 175.48 300.35 Td (of ) Tj ET Q q 0 0 0 rg BT 184.31 300.35 Td (the ) Tj ET Q q 0 0 0 rg BT 197.14 300.35 Td (assumed ) Tj ET Q q 0 0 0 rg BT 229.97 300.35 Td (exer) Tj ET Q q 0 0 0 rg BT 245.12 300.35 Td (cise ) Tj ET Q q 0 0 0 rg BT 260.95 300.35 Td (of ) Tj ET Q q 0 0 0 rg BT 269.78 300.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 290.10 300.35 Td (options ) Tj ET Q q 0 0 0 rg BT 318.44 300.35 Td (and ) Tj ET Q q 0 0 0 rg BT 333.77 300.35 Td (r) Tj ET Q q 0 0 0 rg BT 336.94 300.35 Td (estricted ) Tj ET Q q 0 0 0 rg BT 369.76 300.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 390.09 300.35 Td (units ) Tj ET Q q 0 0 0 rg BT 409.43 300.35 Td (to ) Tj ET Q q 0 0 0 rg BT 418.26 300.35 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 447.08 300.35 Td (shar) Tj ET Q q 0 0 0 rg BT 462.75 300.35 Td (es ) Tj ET Q q 0 0 0 rg BT 472.08 300.35 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 518.67 300.35 Td (which ) Tj ET Q q 0 0 0 rg BT 542.00 300.35 Td (alters ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 289.55 Td (the ) Tj ET Q q 0 0 0 rg BT 79.88 289.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 98.76 289.55 Td (used ) Tj ET Q q 0 0 0 rg BT 116.64 289.55 Td (to ) Tj ET Q q 0 0 0 rg BT 125.03 289.55 Td (allocate ) Tj ET Q q 0 0 0 rg BT 155.40 289.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 188.28 289.55 Td (to ) Tj ET Q q 0 0 0 rg BT 196.66 289.55 Td (Piper ) Tj ET Q q 0 0 0 rg BT 218.04 289.55 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 244.92 289.55 Td (Companies) Tj ET Q q 0 0 0 rg BT 287.42 289.55 Td ( ) Tj ET Q q 0 0 0 rg BT 288.80 289.55 Td (common ) Tj ET Q q 0 0 0 rg BT 320.67 289.55 Td (shar) Tj ET Q q 0 0 0 rg BT 336.34 289.55 Td (eholders ) Tj ET Q q 0 0 0 rg BT 368.72 289.55 Td (and ) Tj ET Q q 0 0 0 rg BT 383.60 289.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 431.99 289.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 467.86 289.55 Td (for ) Tj ET Q q 0 0 0 rg BT 479.75 289.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 513.63 289.55 Td (of ) Tj ET Q q 0 0 0 rg BT 522.01 289.55 Td (calculating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 278.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 94.75 278.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.50 278.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 131.74 278.75 Td (EPS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 254.75 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 118.25 254.75 Td (ef) Tj ET Q q 0 0 0 rg BT 125.83 254.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 146.87 254.75 Td (from ) Tj ET Q q 0 0 0 rg BT 168.47 254.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 191.74 254.75 Td (options ) Tj ET Q q 0 0 0 rg BT 223.35 254.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.95 254.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 279.31 254.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 302.58 254.75 Td (units ) Tj ET Q q 0 0 0 rg BT 324.19 254.75 Td (were ) Tj ET Q q 0 0 0 rg BT 345.78 254.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 391.25 254.75 Td (for ) Tj ET Q q 0 0 0 rg BT 405.07 254.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.45 254.75 Td (three ) Tj ET Q q 0 0 0 rg BT 441.60 254.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.05 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 473.21 254.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.24 254.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.50 254.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 242.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 242.75 Td (, ) Tj ET Q q 0 0 0 rg BT 91.44 242.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 139.10 242.75 Td (.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 51.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.75 Td (Segment Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.86 708.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Basis for) Tj ET Q q 0 0 0 rg BT 86.82 684.75 Td ( Pr) Tj ET Q q 0 0 0 rg BT 99.69 684.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.01 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.86 660.75 Td (structures ) Tj ET Q q 0 0 0 rg BT 148.70 660.75 Td (its ) Tj ET Q q 0 0 0 rg BT 160.12 660.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 199.30 660.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 238.47 660.75 Td (based ) Tj ET Q q 0 0 0 rg BT 263.21 660.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 285.17 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 299.35 660.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 326.30 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.60 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.78 660.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.72 660.75 Td (products ) Tj ET Q q 0 0 0 rg BT 424.13 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.53 660.75 Td (services ) Tj ET Q q 0 0 0 rg BT 474.70 660.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 512.21 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 521.95 660.75 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.18 648.75 Td (Company) Tj ET Q q 0 0 0 rg BT 123.85 648.75 Td (s ) Tj ET Q q 0 0 0 rg BT 130.75 648.75 Td (management ) Tj ET Q q 0 0 0 rg BT 184.86 648.75 Td (or) Tj ET Q q 0 0 0 rg BT 193.01 648.75 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 239.95 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 258.51 648.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 300.42 648.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 340.63 648.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 394.17 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.62 648.75 Td (allocates ) Tj ET Q q 0 0 0 rg BT 449.62 648.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 490.39 648.75 Td (based ) Tj ET Q q 0 0 0 rg BT 516.17 648.75 Td (on ) Tj ET Q q 0 0 0 rg BT 529.19 648.75 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 81.06 636.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.08 636.75 Td (income ) Tj ET Q q 0 0 0 rg BT 154.76 636.75 Td (or ) Tj ET Q q 0 0 0 rg BT 166.34 636.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 185.15 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.83 636.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 239.41 636.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 270.97 636.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 311.98 636.75 Td (mar) Tj ET Q q 0 0 0 rg BT 327.35 636.75 Td (gin. ) Tj ET Q q 0 0 0 rg BT 345.88 636.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 388.00 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.69 636.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 445.04 636.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 478.83 636.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 523.17 636.75 Td (with ) Tj ET Q q 0 0 0 rg BT 544.20 636.75 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 91.61 624.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 126.51 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 140.30 624.75 Td (included ) Tj ET Q q 0 0 0 rg BT 176.31 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 185.66 624.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 235.56 624.75 Td (their ) Tj ET Q q 0 0 0 rg BT 255.46 624.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 294.80 624.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 324.99 624.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 349.33 624.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 386.45 624.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.46 624.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 440.14 624.75 Td (that ) Tj ET Q q 0 0 0 rg BT 456.71 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 470.50 624.75 Td (not ) Tj ET Q q 0 0 0 rg BT 484.85 624.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 516.97 624.75 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 612.75 Td (a ) Tj ET Q q 0 0 0 rg BT 67.43 612.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 108.60 612.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 144.79 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 159.85 612.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 198.80 612.75 Td (based ) Tj ET Q q 0 0 0 rg BT 224.43 612.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.29 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.36 612.75 Td (Company) Tj ET Q q 0 0 0 rg BT 304.03 612.75 Td (s ) Tj ET Q q 0 0 0 rg BT 310.78 612.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 353.07 612.75 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 417.31 612.75 Td (including ) Tj ET Q q 0 0 0 rg BT 457.94 612.75 Td (each ) Tj ET Q q 0 0 0 rg BT 479.11 612.75 Td (segment) Tj ET Q q 0 0 0 rg BT 515.22 612.75 Td (s ) Tj ET Q q 0 0 0 rg BT 521.97 612.75 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (net ) Tj ET Q q 0 0 0 rg BT 63.76 600.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 103.84 600.75 Td (use ) Tj ET Q q 0 0 0 rg BT 119.22 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 600.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 157.74 600.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 200.04 600.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 243.18 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 253.55 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 276.15 600.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 310.39 600.75 Td (measures. ) Tj ET Q q 0 0 0 rg BT 352.15 600.75 Td (Segment ) Tj ET Q q 0 0 0 rg BT 389.19 600.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.56 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 428.81 600.75 Td (based ) Tj ET Q q 0 0 0 rg BT 453.63 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 465.67 600.75 Td (those ) Tj ET Q q 0 0 0 rg BT 488.82 600.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 521.41 600.75 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (with ) Tj ET Q q 0 0 0 rg BT 69.12 588.75 Td (each ) Tj ET Q q 0 0 0 rg BT 89.28 588.75 Td (segment, ) Tj ET Q q 0 0 0 rg BT 126.95 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.23 588.75 Td (include ) Tj ET Q q 0 0 0 rg BT 174.51 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 185.79 588.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 227.06 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 237.23 588.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 266.28 588.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 291.45 588.75 Td (based ) Tj ET Q q 0 0 0 rg BT 316.06 588.75 Td (on ) Tj ET Q q 0 0 0 rg BT 327.91 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.97 588.75 Td (most ) Tj ET Q q 0 0 0 rg BT 363.26 588.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 397.31 588.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 436.36 588.75 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 481.79 588.75 Td (including ) Tj ET Q q 0 0 0 rg BT 521.40 588.75 Td (headcount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 576.75 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 576.75 Td (factors. ) Tj ET Q q 0 0 0 rg BT 121.51 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 139.56 576.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 184.83 576.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 221.21 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.04 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 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405 206.25 m 480 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 206.25 m 563 206.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 532.98 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 520.98 Td (March 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 432.00 508.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 508.98 Td (2016) 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 407.50 448.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 448.98 Td (23,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 448.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 448.87 Td (6,566) 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 442.00 436.98 Td (16,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 436.87 Td (15,972) 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 442.00 424.98 Td (92,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 424.87 Td (81,629) 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 437.00 412.98 Td (132,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 412.87 Td (104,167) 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 442.00 376.98 Td (20,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 376.87 Td (19,669) 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 442.00 364.98 Td (23,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 364.87 Td (17,054) 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 442.00 352.98 Td (43,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 352.87 Td (36,723) 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 447.00 328.98 Td (1,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 328.87 Td (965) 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 442.00 304.98 Td (10,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 304.87 Td (2,086) 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 443.65 280.98 Td (\(2,238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 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pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 184.98 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 184.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 184.87 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 184.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 160.86 Td (Continued on next page) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 51.60 Td (38) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 690 m 480 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 690 m 488 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 690 m 563 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 690 m 480 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 678 m 480 678 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 690 m 563 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678 m 563 678 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 704.73 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 692.73 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 681.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 680.73 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 680.73 Td (2016) Tj ET Q 0.8 0.9333333333333333 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8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 522.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 498.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 498.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 498.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 498.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 474.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 474.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 474.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 474.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 450.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 450.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 450.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 426.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 426.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 426.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 426.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 402.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 402.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 402.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 402.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 378.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 378.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 378.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 378.00 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 405 618 m 480 618 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 618 m 563 618 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 582 m 480 582 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 582 m 563 582 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 534 m 480 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 534 m 563 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 510 m 480 510 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 510 m 563 510 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 414 m 480 414 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 414 m 563 414 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 391 m 480 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 389 m 480 389 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 391 m 563 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 389 m 563 389 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 656.73 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 644.62 Td (Management and performance fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 632.62 Td (Management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 632.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 632.73 Td (14,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 632.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 632.62 Td (12,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 620.62 Td (Performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 620.73 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 620.62 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 608.61 Td (Total management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 608.73 Td (14,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 608.62 Td (12,883) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 584.61 Td (Investment income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.50 584.73 Td (234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 584.62 Td (\(976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 584.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 560.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 560.73 Td (14,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 560.62 Td (11,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 536.62 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 536.73 Td (13,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 536.62 Td (11,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 512.62 Td (Segment pre-tax operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 512.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.50 512.73 Td (584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 512.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 512.62 Td (648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 488.62 Td (Segment pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 488.73 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 488.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 488.62 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 488.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 452.73 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 440.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 440.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 440.73 Td (200,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 440.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 440.62 Td (153,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 416.62 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 416.73 Td (177,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 416.62 Td (150,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 392.62 Td (Pre-tax operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 392.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 392.73 Td (22,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 392.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 392.62 Td (3,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 368.62 Td (Pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 368.73 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 368.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 368.62 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 368.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 351.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 351.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 351.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 106.75 351.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 140.98 351.50 Td (include ) Tj ET Q q 0 0 0 rg BT 169.72 351.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 208.47 351.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 228.72 351.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 276.97 351.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 307.71 351.50 Td (as ) Tj ET Q q 0 0 0 rg BT 317.96 351.50 Td (set ) Tj ET Q q 0 0 0 rg BT 330.21 351.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 349.96 351.50 Td (in ) Tj ET Q q 0 0 0 rg BT 359.21 351.50 Td (the ) Tj ET Q q 0 0 0 rg BT 372.45 351.50 Td (table ) Tj ET Q q 0 0 0 rg BT 392.70 351.50 Td (below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.44 351.50 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 308.00 337.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 308.00 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 308.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 308.00 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 286.00 337.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 286.00 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 286.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 286.00 75.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 319 m 480 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 319 m 488 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 319 m 563 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 319 m 480 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 308 m 480 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 319 m 488 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 319 m 563 319 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 308 m 563 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 308 m 480 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 308 m 563 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 286 m 480 286 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 276 m 480 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 274 m 480 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 286 m 563 286 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 276 m 563 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 274 m 563 274 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.55 332.45 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.80 321.45 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 310.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 310.45 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 310.45 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 299.31 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.50 299.45 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 299.45 Td (2,544) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 299.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 299.31 Td (1,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 288.31 Td (Asset Management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 288.45 Td (1,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 288.31 Td (1,387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 277.31 Td (Total intangible asset amortization expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.50 277.45 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 277.45 Td (3,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 277.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 277.31 Td (3,296) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.50 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 251.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 251.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.53 251.50 Td (are ) Tj ET Q q 0 0 0 rg BT 172.23 251.50 Td (as ) Tj ET Q q 0 0 0 rg BT 183.06 251.50 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 217.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 217.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 217.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 217.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 193.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 193.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 193.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 193.00 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 405 217 m 480 217 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 217 m 563 217 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 193 m 480 193 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 193 m 563 193 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 182 m 480 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 180 m 480 180 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 182 m 563 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 180 m 563 180 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 231.73 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 231.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 220.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 219.73 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 219.73 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 207.62 Td (Capital Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 207.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 207.73 Td (1,925,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 207.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 207.62 Td (1,934,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 195.62 Td (Asset Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 195.73 Td (187,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 195.62 Td (190,975) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 183.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 183.73 Td (2,113,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 183.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 183.62 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 205.30 742.60 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.75 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 160.23 708.75 Td (ements and Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.87 708.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.14 684.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.61 684.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.24 684.75 Td (is ) Tj ET Q q 0 0 0 rg BT 112.44 684.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 154.39 684.75 Td (as ) Tj ET Q q 0 0 0 rg BT 165.24 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 172.21 684.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.50 684.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 241.13 684.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 268.08 684.75 Td (with ) Tj ET Q q 0 0 0 rg BT 288.38 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.13 684.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 323.99 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 340.96 684.75 Td (is ) Tj ET Q q 0 0 0 rg BT 350.15 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 357.12 684.75 Td (member ) Tj ET Q q 0 0 0 rg BT 392.41 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.27 684.75 Td (various ) Tj ET Q q 0 0 0 rg BT 435.23 684.75 Td (SROs ) Tj ET Q q 0 0 0 rg BT 461.10 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.07 684.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.36 684.75 Td (exchanges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 672.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 107.97 672.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 144.16 672.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 190.81 672.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 229.05 672.75 Td (, ) Tj ET Q q 0 0 0 rg BT 234.41 672.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 252.53 672.75 Td (\("FINRA"\) ) Tj ET Q q 0 0 0 rg BT 300.22 672.75 Td (serves ) Tj ET Q q 0 0 0 rg BT 328.06 672.75 Td (as ) Tj ET Q q 0 0 0 rg BT 339.25 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 363.21 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 374.69 672.75 Td (fray) Tj ET Q q 0 0 0 rg BT 393.57 672.75 Td (s ) Tj ET Q q 0 0 0 rg BT 400.31 672.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 434.82 672.75 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 459.63 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 483.60 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 495.08 672.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 514.03 672.75 Td (is ) Tj ET Q q 0 0 0 rg BT 523.56 672.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.74 672.75 Td (to ) 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 64.22 660.75 Td (uniform ) Tj ET Q q 0 0 0 rg BT 98.94 660.75 Td (net ) Tj ET Q q 0 0 0 rg BT 113.65 660.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 142.81 660.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 160.85 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 171.69 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.40 660.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 207.25 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.19 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.90 660.75 Td (net ) Tj ET Q q 0 0 0 rg BT 253.62 660.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 282.77 660.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 300.82 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.65 660.75 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 346.66 660.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 370.27 660.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 381.75 660.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 400.35 660.75 Td (has ) Tj ET Q q 0 0 0 rg BT 416.18 660.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 446.99 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 457.27 660.75 Td (use ) Tj ET Q q 0 0 0 rg BT 473.10 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.82 660.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 532.52 660.75 Td (method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (permitted ) Tj ET Q q 0 0 0 rg BT 91.09 648.75 Td (by ) Tj ET Q q 0 0 0 rg BT 104.37 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.86 648.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 141.47 648.75 Td (rule, ) Tj ET Q q 0 0 0 rg BT 162.79 648.75 Td (which ) Tj ET Q q 0 0 0 rg BT 190.51 648.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 225.99 648.75 Td (that ) Tj ET Q q 0 0 0 rg BT 244.26 648.75 Td (it ) Tj ET Q q 0 0 0 rg BT 253.09 648.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 291.35 648.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 333.52 648.75 Td (net ) Tj ET Q q 0 0 0 rg BT 349.01 648.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.93 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 390.54 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.03 648.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 437.05 648.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.66 648.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 469.43 648.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.32 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 501.60 648.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 648.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 521.48 648.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 648.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.62 636.75 Td (debit ) Tj ET Q q 0 0 0 rg BT 112.87 636.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 149.55 636.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 179.02 636.75 Td (from ) Tj ET Q q 0 0 0 rg BT 200.71 636.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 239.62 636.75 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 292.14 636.75 Td (as ) Tj ET Q q 0 0 0 rg BT 302.72 636.75 Td (such ) Tj ET Q q 0 0 0 rg BT 323.31 636.75 Td (term ) Tj ET Q q 0 0 0 rg BT 343.89 636.75 Td (is ) Tj ET Q q 0 0 0 rg BT 352.81 636.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 385.05 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 395.09 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.56 636.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 430.15 636.75 Td (rule. ) Tj ET Q q 0 0 0 rg BT 450.46 636.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 477.70 636.75 Td (its ) Tj ET Q q 0 0 0 rg BT 489.40 636.75 Td (rules, ) Tj ET Q q 0 0 0 rg BT 513.60 636.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 543.05 636.75 Td ( ) Tj ET Q q 0 0 0 rg BT 545.31 636.75 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 83.96 624.75 Td (a ) Tj ET Q q 0 0 0 rg BT 91.19 624.75 Td (member ) Tj ET Q q 0 0 0 rg BT 126.75 624.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 146.76 624.75 Td (from ) Tj ET Q q 0 0 0 rg BT 168.99 624.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 213.44 624.75 Td (its ) Tj ET Q q 0 0 0 rg BT 225.69 624.75 Td (business ) Tj ET Q q 0 0 0 rg BT 262.37 624.75 Td (or ) Tj ET Q q 0 0 0 rg BT 273.50 624.75 Td (paying ) Tj ET Q q 0 0 0 rg BT 303.51 624.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 345.19 624.75 Td (if ) Tj ET Q q 0 0 0 rg BT 354.09 624.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 391.88 624.75 Td (net ) Tj ET Q q 0 0 0 rg BT 406.89 624.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.34 624.75 Td (would ) Tj ET Q q 0 0 0 rg BT 464.13 624.75 Td (be ) Tj ET Q q 0 0 0 rg BT 476.37 624.75 Td (less ) Tj ET Q q 0 0 0 rg BT 494.16 624.75 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.17 624.75 Td (5 ) Tj ET Q q 0 0 0 rg BT 521.97 624.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.39 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 624.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.30 612.75 Td (debit ) Tj ET Q q 0 0 0 rg BT 112.23 612.75 Td (balances. ) Tj ET Q q 0 0 0 rg BT 150.67 612.75 Td (Advances ) Tj ET Q q 0 0 0 rg BT 192.03 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.75 612.75 Td (af) Tj ET Q q 0 0 0 rg BT 209.34 612.75 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 240.99 612.75 Td (repayment ) Tj ET Q q 0 0 0 rg BT 285.13 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.39 612.75 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 348.99 612.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 370.64 612.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 407.57 612.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 447.83 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.21 612.75 Td (other ) Tj ET Q q 0 0 0 rg BT 486.70 612.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.63 612.75 Td (withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 600.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 85.61 600.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 97.09 600.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 115.69 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 130.39 600.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 161.22 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.50 600.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 201.20 600.75 Td (notification ) Tj ET Q q 0 0 0 rg BT 249.80 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.74 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 289.78 600.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 333.95 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 344.78 600.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 365.62 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.56 600.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 412.01 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.51 600.75 Td (rules. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.70 576.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.00 576.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 576.75 Td (, ) Tj ET Q q 0 0 0 rg BT 129.69 576.75 Td (net ) Tj ET Q q 0 0 0 rg BT 144.11 576.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.96 576.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 215.69 576.75 Td (under ) Tj ET Q q 0 0 0 rg BT 240.65 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.07 576.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 275.61 576.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 293.35 576.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.10 576.75 Td ($208.4 ) Tj ET Q q 0 0 0 rg BT 340.80 576.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.69 576.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.39 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.03 576.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 430.42 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.84 576.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 485.93 576.75 Td (net ) Tj ET Q q 0 0 0 rg BT 500.34 576.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.19 576.75 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.49 564.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 110.33 564.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 128.37 564.75 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.87 564.75 Td ($207.4 ) Tj ET Q q 0 0 0 rg BT 170.87 564.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.76 564.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 540.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.80 540.75 Td (s ) Tj ET Q q 0 0 0 rg BT 116.78 540.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 162.64 540.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 207.39 540.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 233.24 540.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 264.65 540.75 Td (and ) Tj ET Q q 0 0 0 rg BT 282.18 540.75 Td (its ) Tj ET Q q 0 0 0 rg BT 294.72 540.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 322.25 540.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 346.44 540.75 Td (include ) Tj ET Q q 0 0 0 rg BT 378.97 540.75 Td (covenants ) Tj ET Q q 0 0 0 rg BT 422.04 540.75 Td (requiring ) Tj ET Q q 0 0 0 rg BT 461.79 540.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 485.99 540.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 497.46 540.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 516.65 540.75 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 540.75 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 91.57 528.75 Td (net ) Tj ET Q q 0 0 0 rg BT 106.96 528.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 136.78 528.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.29 528.75 Td ($120 ) Tj ET Q q 0 0 0 rg BT 171.47 528.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.36 528.75 Td (. ) Tj ET Q q 0 0 0 rg BT 206.03 528.75 Td (CP) Tj ET Q q 0 0 0 rg BT 217.89 528.75 Td ( ) Tj ET Q q 0 0 0 rg BT 221.07 528.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 247.57 528.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 275.75 528.75 Td (under ) Tj ET Q q 0 0 0 rg BT 301.69 528.75 Td (CP) Tj ET Q q 0 0 0 rg BT 313.55 528.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.73 528.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 344.34 528.75 Td (III ) Tj ET Q q 0 0 0 rg BT 356.81 528.75 Td (A) Tj ET Q q 0 0 0 rg BT 363.48 528.75 Td ( ) Tj ET Q q 0 0 0 rg BT 366.65 528.75 Td (include ) Tj ET Q q 0 0 0 rg BT 399.26 528.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.87 528.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 446.14 528.75 Td (that ) Tj ET Q q 0 0 0 rg BT 464.31 528.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 499.70 528.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 523.98 528.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.46 528.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 528.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 86.99 516.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 115.59 516.75 Td (net ) Tj ET Q q 0 0 0 rg BT 130.31 516.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.46 516.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.29 516.75 Td ($120 ) Tj ET Q q 0 0 0 rg BT 192.79 516.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.68 516.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.12 492.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.60 492.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.22 492.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 122.12 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.08 492.75 Td (SCIL, ) Tj ET Q q 0 0 0 rg BT 165.76 492.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 194.38 492.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 221.32 492.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 271.05 492.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 312.99 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 323.28 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.02 492.75 Td (United ) Tj ET Q q 0 0 0 rg BT 367.75 492.75 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 410.54 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 425.27 492.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 456.11 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 466.40 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.14 492.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.30 492.75 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.02 480.75 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 118.61 480.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 164.43 480.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 205.80 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 222.73 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 237.43 480.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 277.13 480.75 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 312.96 480.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 351.19 480.75 Td (. ) Tj ET Q q 0 0 0 rg BT 356.18 480.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 379.78 480.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 391.26 480.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 409.84 480.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 434.55 480.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 459.26 480.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 493.40 480.75 Td (is ) Tj ET Q q 0 0 0 rg BT 502.56 480.75 Td (licensed ) Tj ET Q q 0 0 0 rg BT 537.81 480.75 Td (by ) Tj ET Q q 0 0 0 rg BT 550.30 480.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 74.25 468.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 99.01 468.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 140.98 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 157.95 468.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 190.48 468.75 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 246.08 468.75 Td (which ) Tj ET Q q 0 0 0 rg BT 273.05 468.75 Td (is ) Tj ET Q q 0 0 0 rg BT 282.26 468.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 313.11 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.43 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.18 468.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 364.04 468.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 393.23 468.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 447.96 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.83 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.58 468.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 515.54 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.51 468.75 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 92.54 456.75 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 139.47 456.75 Td (Rule ) Tj ET Q q 0 0 0 rg BT 160.86 456.75 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 213.90 456.75 Td (under ) Tj ET Q q 0 0 0 rg BT 239.17 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.88 456.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 295.82 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.76 456.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 345.26 456.75 Td (Ordinance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 432.75 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 432.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 432.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 116.42 432.75 Td (T) Tj ET Q q 0 0 0 rg BT 121.06 432.75 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.83 432.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.91 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.67 408.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 147.51 408.75 Td (an ) Tj ET Q q 0 0 0 rg BT 159.81 408.75 Td (income ) Tj ET Q q 0 0 0 rg BT 192.11 408.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.20 408.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 237.83 408.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.02 408.75 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 269.39 408.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.28 408.75 Td ( ) Tj ET Q q 0 0 0 rg BT 301.15 408.75 Td (for ) Tj ET Q q 0 0 0 rg BT 315.67 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.75 408.75 Td (three ) Tj ET Q q 0 0 0 rg BT 353.61 408.75 Td (months ) Tj ET Q q 0 0 0 rg BT 385.92 408.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 412.66 408.75 Td (March ) Tj ET Q q 0 0 0 rg BT 441.63 408.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.00 408.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 482.36 408.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 515.21 408.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.30 408.75 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (was ) Tj ET Q q 0 0 0 rg BT 67.61 396.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 101.82 396.75 Td (by ) Tj ET Q q 0 0 0 rg BT 114.38 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 121.39 396.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.17 396.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 166.49 396.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.38 396.75 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 197.45 396.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.34 396.75 Td ( ) Tj ET Q q 0 0 0 rg BT 228.90 396.75 Td (related ) Tj ET Q q 0 0 0 rg BT 258.67 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 269.01 396.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 318.78 396.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 376.88 396.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 407.76 396.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 439.21 396.75 Td (at ) Tj ET Q q 0 0 0 rg BT 448.99 396.75 Td (values ) Tj ET Q q 0 0 0 rg BT 477.10 396.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 507.42 396.75 Td (than ) Tj ET Q q 0 0 0 rg BT 527.20 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 541.98 396.75 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (price. ) Tj ET Q q 0 0 0 rg BT 74.49 384.75 Td (See ) Tj ET Q q 0 0 0 rg BT 91.42 384.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 113.36 384.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 120.86 384.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 161.68 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.39 384.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 213.89 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.17 384.75 Td (ASU ) Tj ET Q q 0 0 0 rg BT 246.67 384.75 Td (2016-09.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 360.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.46 360.75 Td (had ) Tj ET Q q 0 0 0 rg BT 126.67 360.75 Td (income ) Tj ET Q q 0 0 0 rg BT 158.87 360.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 173.85 360.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 208.82 360.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.92 360.75 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 240.18 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.07 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.84 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 286.26 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.24 360.75 Td (three ) Tj ET Q q 0 0 0 rg BT 324.00 360.75 Td (months ) Tj ET Q q 0 0 0 rg BT 356.21 360.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 382.85 360.75 Td (March ) Tj ET Q q 0 0 0 rg BT 411.71 360.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.98 360.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 452.24 360.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 490.00 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.55 360.75 Td (an ) Tj ET Q q 0 0 0 rg BT 512.75 360.75 Td (ef) Tj ET Q q 0 0 0 rg BT 520.34 360.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 550.31 360.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 565.02 360.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (rate, ) Tj ET Q q 0 0 0 rg BT 69.39 348.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 111.24 348.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 172.53 348.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 210.76 348.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 348.75 Td (9.5 ) Tj ET Q q 0 0 0 rg BT 236.41 348.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.83 348.75 Td (. ) Tj ET Q q 0 0 0 rg BT 270.57 348.75 Td (The ) Tj ET Q q 0 0 0 rg BT 288.52 348.75 Td (ef) Tj ET Q q 0 0 0 rg BT 296.11 348.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 325.72 348.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 340.35 348.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 357.74 348.75 Td (was ) Tj ET Q q 0 0 0 rg BT 375.70 348.75 Td (low ) Tj ET Q q 0 0 0 rg BT 393.11 348.75 Td (due ) Tj ET Q q 0 0 0 rg BT 409.96 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.14 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.77 348.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 464.39 348.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.13 348.75 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 522.52 348.75 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 336.75 Td (income ) Tj ET Q q 0 0 0 rg BT 113.37 336.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 165.29 336.75 Td (a ) Tj ET Q q 0 0 0 rg BT 172.23 336.75 Td (lar) Tj ET Q q 0 0 0 rg BT 182.60 336.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 197.86 336.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 242.58 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.41 336.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 284.23 336.75 Td (income.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (ITEM 2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 731.25 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 249.28 731.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 272.52 731.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 298.82 731.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 336.16 731.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 393.30 731.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 454.60 731.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 510.26 731.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 538.14 731.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 719.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 136.29 719.25 Td (TIONS.) 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119.28 683.25 Td (exhibits ) Tj ET Q q 0 0 0 rg BT 153.29 683.25 Td (included ) Tj ET Q q 0 0 0 rg BT 190.06 683.25 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 232.38 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.50 683.25 Td (this ) Tj ET Q q 0 0 0 rg BT 259.29 683.25 Td (report. ) Tj ET Q q 0 0 0 rg BT 288.01 683.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 319.79 683.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 364.34 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.46 683.25 Td (this ) Tj ET Q q 0 0 0 rg BT 391.25 683.25 Td (report ) Tj ET Q q 0 0 0 rg BT 417.47 683.25 Td (may ) Tj ET Q q 0 0 0 rg BT 437.03 683.25 Td (be ) Tj ET Q q 0 0 0 rg BT 448.82 683.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 494.47 683.25 Td (forward-looking. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 97.41 671.25 Td (that ) Tj ET Q q 0 0 0 rg BT 116.43 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 132.66 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 149.46 671.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 190.70 671.25 Td (or ) Tj ET Q q 0 0 0 rg BT 203.06 671.25 Td (current ) Tj ET Q q 0 0 0 rg BT 235.40 671.25 Td (facts, ) Tj ET Q q 0 0 0 rg BT 260.80 671.25 Td (including ) Tj ET Q q 0 0 0 rg BT 302.60 671.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 348.84 671.25 Td (about ) Tj ET Q q 0 0 0 rg BT 375.08 671.25 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 405.76 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.22 671.25 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 480.73 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 496.96 671.25 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 98.32 659.25 Td (These ) Tj ET Q q 0 0 0 rg BT 126.63 659.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 196.60 659.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 243.24 659.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 279.61 659.25 Td (among ) Tj ET Q q 0 0 0 rg BT 311.26 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 336.23 659.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 367.61 659.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.26 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 439.23 659.25 Td (than ) Tj ET Q q 0 0 0 rg BT 460.88 659.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 502.52 659.25 Td (information ) Tj ET Q q 0 0 0 rg BT 554.17 659.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.97 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.55 647.25 Td (current ) Tj ET Q q 0 0 0 rg BT 138.13 647.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 179.15 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.85 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 217.32 647.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 242.78 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.81 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.40 647.25 Td (future ) Tj ET Q q 0 0 0 rg BT 297.53 647.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 321.90 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.59 647.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 383.39 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.08 647.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 432.95 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.64 647.25 Td (also ) Tj ET Q q 0 0 0 rg BT 470.01 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 490.48 647.25 Td (include ) Tj ET Q q 0 0 0 rg BT 523.17 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.75 647.25 Td (belief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 90.06 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.51 635.25 Td (ef) Tj ET Q q 0 0 0 rg BT 112.10 635.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 129.33 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.90 635.25 Td (various ) Tj ET Q q 0 0 0 rg BT 171.58 635.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 193.25 635.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 246.31 635.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.88 635.25 Td (set ) Tj ET Q q 0 0 0 rg BT 270.23 635.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 291.91 635.25 Td (under ) Tj ET Q q 0 0 0 rg BT 316.92 635.25 Td ("Legal ) Tj ET Q q 0 0 0 rg BT 346.01 635.25 Td (Proceedings" ) Tj ET Q q 0 0 0 rg BT 401.21 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.23 635.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 429.58 635.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 437.65 635.25 Td (Item3 ) Tj ET Q q 0 0 0 rg BT 465.72 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.29 635.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.36 635.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 523.04 635.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 552.50 635.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 73.55 623.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 96.48 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 110.52 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.12 623.25 Td (year ) Tj ET Q q 0 0 0 rg BT 144.71 623.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.96 623.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.43 623.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.43 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.81 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.63 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 278.79 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 294.50 623.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 341.32 623.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 371.47 623.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 392.17 623.25 Td (with ) Tj ET Q q 0 0 0 rg BT 412.33 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.93 623.25 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 450.15 623.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 520.30 623.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 81.33 611.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 115.92 611.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 136.65 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.92 611.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 208.34 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.61 611.25 Td (important ) Tj ET Q q 0 0 0 rg BT 265.33 611.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 294.37 611.25 Td (could ) Tj ET Q q 0 0 0 rg BT 318.41 611.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 342.45 611.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 368.16 611.25 Td (results ) Tj ET Q q 0 0 0 rg BT 396.10 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.71 611.25 Td (dif) Tj ET Q q 0 0 0 rg BT 416.64 611.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 429.57 611.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 471.94 611.25 Td (from ) Tj ET Q q 0 0 0 rg BT 493.21 611.25 Td (those ) Tj ET Q q 0 0 0 rg BT 516.15 611.25 Td (anticipated, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.85 599.25 Td (those ) Tj ET Q q 0 0 0 rg BT 113.54 599.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 143.33 599.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 184.24 599.25 Td (below ) Tj ET Q q 0 0 0 rg BT 211.26 599.25 Td (under ) Tj ET Q q 0 0 0 rg BT 236.61 599.25 Td ("External ) Tj ET Q q 0 0 0 rg BT 277.14 599.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 309.16 599.25 Td (Impacting ) Tj ET Q q 0 0 0 rg BT 352.29 599.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 370.42 599.25 Td (Business" ) Tj ET Q q 0 0 0 rg BT 412.64 599.25 Td (as ) Tj ET Q q 0 0 0 rg BT 423.55 599.25 Td (well ) Tj ET Q q 0 0 0 rg BT 443.35 599.25 Td (as ) Tj ET Q q 0 0 0 rg BT 454.26 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.06 599.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 498.85 599.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 539.75 599.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 74.66 587.25 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 110.92 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.44 587.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 140.29 587.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 148.86 587.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 181.36 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.10 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.17 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.64 587.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 242.81 587.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 272.77 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 285.51 587.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 309.92 587.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 333.22 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 347.62 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.57 587.25 Td (year ) Tj ET Q q 0 0 0 rg BT 382.52 587.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.14 587.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 467.96 587.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.96 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 493.21 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 504.28 587.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 538.67 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 587.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 96.27 575.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 126.36 575.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.02 575.25 Td (with ) Tj ET Q q 0 0 0 rg BT 167.12 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.67 575.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 202.34 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.10 575.25 Td (under ) Tj ET Q q 0 0 0 rg BT 244.20 575.25 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 268.95 575.25 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 304.80 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.90 575.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 333.34 575.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 344.83 575.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 365.48 575.25 Td (1A) Tj ET Q q 0 0 0 rg BT 377.15 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.48 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.14 575.25 Td (this ) Tj ET Q q 0 0 0 rg BT 406.92 575.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 447.56 575.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 477.10 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.43 575.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 513.43 575.25 Td (10-Q. ) Tj ET Q q 0 0 0 rg BT 538.64 575.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 78.98 563.25 Td (are ) Tj ET Q q 0 0 0 rg BT 92.91 563.25 Td (available ) Tj ET Q q 0 0 0 rg BT 130.71 563.25 Td (at ) Tj ET Q q 0 0 0 rg BT 139.64 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 154.56 563.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.20 563.25 Td (eb ) Tj ET Q q 0 0 0 rg BT 174.36 563.25 Td (site ) Tj ET Q q 0 0 0 rg BT 189.96 563.25 Td (at ) Tj ET Q q 0 0 0 rg BT 198.89 563.25 Td (www) Tj ET Q q 0 0 0 rg BT 219.91 563.25 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 253.32 563.25 Td (fray) Tj ET Q q 0 0 0 rg BT 268.77 563.25 Td (.com ) Tj ET Q q 0 0 0 rg BT 290.20 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.35 563.25 Td (at ) Tj ET Q q 0 0 0 rg BT 315.29 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.22 563.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 349.15 563.25 Td (W) Tj ET Q q 0 0 0 rg BT 357.79 563.25 Td (eb ) Tj ET Q q 0 0 0 rg BT 368.94 563.25 Td (site ) Tj ET Q q 0 0 0 rg BT 384.54 563.25 Td (at ) Tj ET Q q 0 0 0 rg BT 393.47 563.25 Td (www) Tj ET Q q 0 0 0 rg BT 414.49 563.25 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 446.61 563.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.82 563.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 520.31 563.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (speak ) Tj ET Q q 0 0 0 rg BT 75.41 551.25 Td (only ) Tj ET Q q 0 0 0 rg BT 96.34 551.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.81 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.29 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.65 551.25 Td (date ) Tj ET Q q 0 0 0 rg BT 154.45 551.25 Td (they ) Tj ET Q q 0 0 0 rg BT 174.81 551.25 Td (are ) Tj ET Q q 0 0 0 rg BT 190.16 551.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 217.46 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.04 551.25 Td (we ) Tj ET Q q 0 0 0 rg BT 249.85 551.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 292.42 551.25 Td (no ) Tj ET Q q 0 0 0 rg BT 305.56 551.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 349.26 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.18 551.25 Td (update ) Tj ET Q q 0 0 0 rg BT 389.98 551.25 Td (them ) Tj ET Q q 0 0 0 rg BT 413.12 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.04 551.25 Td (light ) Tj ET Q q 0 0 0 rg BT 445.52 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.00 551.25 Td (new ) Tj ET Q q 0 0 0 rg BT 476.80 551.25 Td (information ) Tj ET Q q 0 0 0 rg BT 527.16 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 538.63 551.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (Explanation of Non-GAAP) Tj ET Q q 0 0 0 rg BT 163.96 515.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 241.56 515.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.06 491.25 Td (have ) Tj ET Q q 0 0 0 rg BT 88.42 491.25 Td (included ) Tj ET Q q 0 0 0 rg BT 126.33 491.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.79 491.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.48 491.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.96 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.65 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 255.91 491.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 294.36 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.62 491.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 354.07 491.25 Td (with ) Tj ET Q q 0 0 0 rg BT 375.33 491.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.59 491.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.27 491.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 475.73 491.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 523.08 491.25 Td (principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (\("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 95.26 479.25 Td (These ) Tj ET Q q 0 0 0 rg BT 120.45 479.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 165.64 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 479.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.23 479.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 241.75 479.25 Td (include ) Tj ET Q q 0 0 0 rg BT 272.49 479.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 321.57 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.66 479.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 363.06 479.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 376.03 479.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 412.88 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.62 479.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 466.03 479.25 Td (related ) Tj ET Q q 0 0 0 rg BT 494.54 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.63 479.25 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 88.68 467.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 103.70 467.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 157.60 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.29 467.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 212.64 467.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 239.33 467.25 Td (related ) Tj ET Q q 0 0 0 rg BT 269.89 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.03 467.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 334.66 467.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 349.68 467.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 408.58 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.38 467.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 503.61 467.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 543.07 467.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 127.50 455.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 176.62 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.65 455.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 209.90 455.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 264.58 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.61 455.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 330.08 455.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 376.99 455.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 402.82 455.25 Td (These ) Tj ET Q q 0 0 0 rg BT 430.29 455.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 481.65 455.25 Td (af) Tj ET Q q 0 0 0 rg BT 489.24 455.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 507.81 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 455.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.71 443.25 Td (measures: ) Tj ET Q q 0 0 0 rg BT 130.92 443.25 Td (net ) Tj ET Q q 0 0 0 rg BT 146.37 443.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 187.64 443.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 246.41 443.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 288.23 443.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 365.34 443.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 407.16 443.25 Td (net ) Tj ET Q q 0 0 0 rg BT 422.61 443.25 Td (income ) Tj ET Q q 0 0 0 rg BT 455.27 443.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 499.59 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.60 443.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.93 443.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.41 443.25 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 99.43 431.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 135.73 431.25 Td (per ) Tj ET Q q 0 0 0 rg BT 150.93 431.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 181.14 431.25 Td (common ) Tj ET Q q 0 0 0 rg BT 218.56 431.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 244.59 431.25 Td (return ) Tj ET Q q 0 0 0 rg BT 270.90 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 283.33 431.25 Td (average ) Tj ET Q q 0 0 0 rg BT 316.84 431.25 Td (common ) Tj ET Q q 0 0 0 rg BT 354.27 431.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 409.04 431.25 Td (equity) Tj ET Q q 0 0 0 rg BT 433.39 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.32 431.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 474.07 431.25 Td (net ) Tj ET Q q 0 0 0 rg BT 488.72 431.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 529.19 431.25 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 88.81 419.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 128.96 419.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 163.84 419.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 193.70 419.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 233.02 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 264.00 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.99 419.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 314.87 419.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 344.73 419.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.05 419.25 Td (mar) Tj ET Q q 0 0 0 rg BT 399.41 419.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 416.24 419.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 469.99 419.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 504.31 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 520.85 419.25 Td (presenting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.92 407.25 Td (results ) Tj ET Q q 0 0 0 rg BT 101.91 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.23 407.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 159.31 407.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.19 407.25 Td (an ) Tj ET Q q 0 0 0 rg BT 184.50 407.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 220.71 407.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 243.58 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.24 407.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 304.33 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 324.98 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.08 407.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 400.16 407.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 420.82 407.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 447.68 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.56 407.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 490.64 407.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 527.96 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.05 407.25 Td (most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 97.92 395.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 120.81 395.25 Td (for ) Tj ET Q q 0 0 0 rg BT 135.35 395.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 184.89 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.10 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 212.31 395.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.96 395.25 Td (results ) Tj ET Q q 0 0 0 rg BT 281.95 395.25 Td (across ) Tj ET Q q 0 0 0 rg BT 309.82 395.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 344.64 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.96 395.25 Td (enhances ) Tj ET Q q 0 0 0 rg BT 401.49 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.59 395.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 447.24 395.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 506.77 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 517.99 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.20 395.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.40 383.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 138.84 383.25 Td (by ) Tj ET Q q 0 0 0 rg BT 150.76 383.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 192.11 383.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 221.23 383.25 Td (items ) Tj ET Q q 0 0 0 rg BT 244.82 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 261.73 383.25 Td (may ) Tj ET Q q 0 0 0 rg BT 280.87 383.25 Td (not ) Tj ET Q q 0 0 0 rg BT 295.56 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 306.92 383.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 348.27 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.52 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 373.77 383.25 Td (core ) Tj ET Q q 0 0 0 rg BT 392.89 383.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 432.58 383.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 462.96 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 480.43 383.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 525.62 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 527.54 383.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 89.44 371.25 Td (should ) Tj ET Q q 0 0 0 rg BT 118.84 371.25 Td (be ) Tj ET Q q 0 0 0 rg BT 131.01 371.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 177.05 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.56 371.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 223.07 371.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 236.08 371.25 Td (not ) Tj ET Q q 0 0 0 rg BT 251.59 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 262.65 371.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.82 371.25 Td (substitute ) Tj ET Q q 0 0 0 rg BT 310.88 371.25 Td (for) Tj ET Q q 0 0 0 rg BT 322.14 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 327.37 371.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 367.31 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.37 371.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.08 371.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 469.34 371.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 507.04 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.55 371.25 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 359.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 90.06 359.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 116.18 359.25 Td (.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Executive Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.86 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 102.57 707.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 147.70 707.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 181.18 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.32 707.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 232.02 707.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 277.71 707.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 314.24 707.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 363.83 707.25 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 408.12 707.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.37 707.25 Td (management ) Tj ET Q q 0 0 0 rg BT 482.27 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.52 707.25 Td (related ) Tj ET Q q 0 0 0 rg BT 527.53 707.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (services ) Tj ET Q q 0 0 0 rg BT 84.38 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.84 695.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 150.00 695.25 Td (private ) Tj ET Q q 0 0 0 rg BT 180.44 695.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 208.12 695.25 Td (groups, ) Tj ET Q q 0 0 0 rg BT 240.51 695.25 Td (public ) Tj ET Q q 0 0 0 rg BT 268.19 695.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 302.25 695.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 345.47 695.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 377.03 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.15 695.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 444.60 695.25 Td (investors ) Tj ET 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Tf ET q 0 0 0 rg BT 332.50 476.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 476.48 Td (196,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 476.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 476.37 Td (152,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 476.37 Td (29.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 476.37 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 464.66 Td (Adjusted compensation and benefits expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 464.48 Td (126,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 464.37 Td (101,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 464.37 Td (25.1) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 452.66 Td (Adjusted non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 452.48 Td (38,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 452.37 Td (35,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 452.37 Td (9.9) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 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BT 425.45 366.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.45 366.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 354.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 127.43 354.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.02 354.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 177.83 354.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 216.08 354.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.99 354.25 Td (28.7 ) Tj ET Q q 0 0 0 rg BT 275.65 354.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.07 354.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.23 354.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 348.81 354.25 Td (with ) Tj ET Q q 0 0 0 rg BT 368.74 354.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.11 354.25 Td (prior) Tj ET Q q 0 0 0 rg BT 402.35 354.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 425.04 354.25 Td (period ) Tj ET Q q 0 0 0 rg BT 452.74 354.25 Td (due ) Tj ET Q q 0 0 0 rg BT 469.34 354.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.27 354.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 506.97 354.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 342.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 106.10 342.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 135.82 342.25 Td (from ) Tj ET Q q 0 0 0 rg BT 157.75 342.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 198.01 342.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 238.54 342.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.38 342.25 Td (well ) Tj ET Q q 0 0 0 rg BT 269.09 342.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.92 342.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 307.97 342.25 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 384.88 342.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 442.92 342.25 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 330.25 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 147.29 330.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 187.09 330.25 Td (were ) Tj ET Q q 0 0 0 rg BT 210.21 330.25 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.13 330.25 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 252.33 330.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.76 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.45 330.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 328.57 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.05 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.97 330.25 Td (year) Tj ET Q q 0 0 0 rg BT 372.97 330.25 Td (-ago ) Tj ET Q q 0 0 0 rg BT 394.44 330.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 426.18 330.25 Td (In ) Tj ET Q q 0 0 0 rg BT 438.21 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.13 330.25 Td (first ) Tj ET Q q 0 0 0 rg BT 473.93 330.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 505.94 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 517.97 330.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 544.17 330.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 318.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 126.29 318.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 165.64 318.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.32 318.25 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 224.07 318.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.21 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.79 318.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 322.14 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.82 318.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 386.39 318.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 409.64 318.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 450.10 318.25 Td (related ) Tj ET Q q 0 0 0 rg BT 480.56 318.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.58 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.05 318.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 554.18 318.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 306.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 107.55 306.25 Td (& ) Tj ET Q q 0 0 0 rg BT 117.59 306.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.73 306.25 Td (International ) Tj ET Q q 0 0 0 rg BT 212.08 306.25 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 269.45 306.25 Td (which ) Tj ET Q q 0 0 0 rg BT 296.15 306.25 Td (we ) Tj ET Q q 0 0 0 rg BT 310.07 306.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 346.75 306.25 Td (on ) Tj ET Q q 0 0 0 rg BT 359.01 306.25 Td (February ) Tj ET Q q 0 0 0 rg BT 397.37 306.25 Td (26, ) Tj ET Q q 0 0 0 rg BT 412.13 306.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 436.89 306.25 Td (Incremental ) Tj ET Q q 0 0 0 rg BT 486.90 306.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 525.26 306.25 Td (related ) Tj ET Q q 0 0 0 rg BT 554.72 306.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 294.25 Td (our ) Tj ET Q q 0 0 0 rg BT 83.50 294.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 130.05 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.05 294.25 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 184.01 294.25 Td (as ) Tj ET Q q 0 0 0 rg BT 195.01 294.25 Td (well ) Tj ET Q q 0 0 0 rg BT 214.90 294.25 Td (as ) Tj ET Q q 0 0 0 rg BT 225.90 294.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 254.12 294.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 285.68 294.25 Td (services ) Tj ET Q q 0 0 0 rg BT 320.56 294.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 361.83 294.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 397.82 294.25 Td (of) Tj ET Q q 0 0 0 rg BT 405.97 294.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 423.08 294.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.96 294.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 463.40 294.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 517.17 294.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 539.84 294.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 294.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 282.25 Td (current ) Tj ET Q q 0 0 0 rg BT 98.32 282.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 126.08 282.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 270.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.88 270.25 Td (first ) Tj ET Q q 0 0 0 rg BT 104.81 270.25 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.96 270.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.96 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.78 270.25 Td (results ) Tj ET Q q 0 0 0 rg BT 187.72 270.25 Td (include ) Tj ET Q q 0 0 0 rg BT 219.98 270.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.25 270.25 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 247.57 270.25 Td (million ) Tj ET Q q 0 0 0 rg BT 279.29 270.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.34 270.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 324.93 270.25 Td (related ) Tj ET Q q 0 0 0 rg BT 354.96 270.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.56 270.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 405.59 270.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 429.53 270.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 461.24 270.25 Td (at ) Tj ET Q q 0 0 0 rg BT 471.28 270.25 Td (values ) Tj ET Q q 0 0 0 rg BT 499.66 270.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 530.24 270.25 Td (than ) Tj ET Q q 0 0 0 rg BT 550.28 270.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 258.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 90.55 258.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 115.35 258.25 Td (The ) Tj ET Q q 0 0 0 rg BT 133.40 258.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 148.12 258.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 178.38 258.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 218.63 258.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 255.01 258.25 Td (per ) Tj ET Q q 0 0 0 rg BT 270.28 258.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 300.55 258.25 Td (common ) Tj ET Q q 0 0 0 rg BT 338.05 258.25 Td (share ) Tj ET Q q 0 0 0 rg BT 361.65 258.25 Td (by ) Tj ET Q q 0 0 0 rg BT 374.15 258.25 Td ($0.45 ) Tj ET Q q 0 0 0 rg BT 399.15 258.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.42 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.14 258.25 Td (first ) Tj ET Q q 0 0 0 rg BT 442.75 258.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.56 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 484.39 258.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 509.39 258.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.89 258.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 246.25 Td (For ) Tj ET Q q 0 0 0 rg BT 83.76 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.34 246.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 127.37 246.25 Td (months ) Tj ET Q q 0 0 0 rg BT 159.18 246.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.43 246.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 228.90 246.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.90 246.25 Td (, ) Tj ET Q q 0 0 0 rg BT 253.76 246.25 Td (our ) Tj ET Q q 0 0 0 rg BT 269.46 246.25 Td (rolling ) Tj ET Q q 0 0 0 rg BT 298.50 246.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 327.52 246.25 Td (month ) Tj ET Q q 0 0 0 rg BT 355.44 246.25 Td (return ) Tj ET Q q 0 0 0 rg BT 381.69 246.25 Td (on ) Tj ET Q q 0 0 0 rg BT 394.06 246.25 Td (average ) Tj ET Q q 0 0 0 rg BT 427.51 246.25 Td (common ) Tj ET Q q 0 0 0 rg BT 464.87 246.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 519.58 246.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.94 246.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 234.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.13 234.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.18 234.25 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 124.87 234.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.29 234.25 Td (, ) Tj ET Q q 0 0 0 rg BT 158.98 234.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 200.59 234.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.56 234.25 Td (4.7 ) Tj ET Q q 0 0 0 rg BT 235.24 234.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.67 234.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.85 234.25 Td (for ) Tj ET Q q 0 0 0 rg BT 280.70 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.10 234.25 Td (rolling ) Tj ET Q q 0 0 0 rg BT 323.95 234.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 352.80 234.25 Td (months ) Tj ET Q q 0 0 0 rg BT 384.43 234.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.49 234.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 453.78 234.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.78 234.25 Td (. ) Tj ET Q q 0 0 0 rg BT 478.47 234.25 Td (On ) Tj ET Q q 0 0 0 rg BT 492.87 234.25 Td (an ) Tj ET Q q 0 0 0 rg BT 504.50 234.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 540.01 234.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 222.25 Td (we ) Tj ET Q q 0 0 0 rg BT 81.51 222.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 122.72 222.25 Td (a ) Tj ET Q q 0 0 0 rg BT 129.50 222.25 Td (rolling ) Tj ET Q q 0 0 0 rg BT 158.52 222.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 187.52 222.25 Td (month ) Tj ET Q q 0 0 0 rg BT 215.42 222.25 Td (return ) Tj ET Q q 0 0 0 rg BT 241.65 222.25 Td (on ) Tj ET Q q 0 0 0 rg BT 254.00 222.25 Td (average ) Tj ET Q q 0 0 0 rg BT 287.43 222.25 Td (common ) Tj ET Q q 0 0 0 rg BT 324.77 222.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 379.46 222.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 406.80 222.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.48 222.25 Td (1) Tj ET Q q 0 0 0 rg BT 422.11 222.25 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 436.95 222.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 466.38 226.78 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.48 222.25 Td (for ) Tj ET Q q 0 0 0 rg BT 489.49 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.05 222.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 533.06 222.25 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 210.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.88 210.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.48 210.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.48 210.25 Td (, ) Tj ET Q q 0 0 0 rg BT 162.48 210.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 204.40 210.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.68 210.25 Td (7.2 ) Tj ET Q q 0 0 0 rg BT 239.68 210.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 269.10 214.78 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.68 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.18 210.25 Td (for ) Tj ET Q q 0 0 0 rg BT 293.34 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.06 210.25 Td (rolling ) Tj ET Q q 0 0 0 rg BT 337.22 210.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 366.38 210.25 Td (months ) Tj ET Q q 0 0 0 rg BT 398.32 210.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.70 210.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 468.30 210.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 210.25 Td (. ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 732.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 732.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 732.45 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 116.15 732.45 Td (of ) Tj ET Q q 0 0 0 rg BT 124.38 732.45 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 140.15 732.45 Td (GAAP) Tj ET Q q 0 0 0 rg BT 160.45 732.45 Td ( ) Tj ET Q q 0 0 0 rg BT 162.45 732.45 Td (to ) Tj ET Q q 0 0 0 rg BT 170.67 732.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 199.78 732.45 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 234.73 732.45 Td ( ) Tj ET Q q 0 0 0 rg BT 236.73 732.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.18 732.45 Td (information) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 691.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 691.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 691.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 691.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 671.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 671.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 671.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 671.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 651.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 651.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 651.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 651.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 631.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 631.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 631.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 631.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 611.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 611.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 611.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 611.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 591.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 591.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 591.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 591.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 571.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 571.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 571.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 571.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 551.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 551.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 551.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 551.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 531.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 531.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 531.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 531.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 511.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 511.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 511.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 511.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 491.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 491.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 491.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 491.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 471.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 471.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 471.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 471.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 451.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 451.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 451.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 451.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 431.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 431.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 431.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 431.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 411.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 411.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 411.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 411.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 391.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 391.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 391.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 391.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 371.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 371.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 371.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 371.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 351.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 351.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 351.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 351.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 331.95 337.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 331.95 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 331.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 331.95 75.00 -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 404 701.95 m 479 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 701.95 m 487 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 701.95 m 562 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 701.95 m 479 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 691.95 m 479 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 701.95 m 487 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 701.95 m 562 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 691.95 m 562 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 651.95 m 479 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 642.95 m 479 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 640.95 m 479 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 651.95 m 562 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 642.95 m 562 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 640.95 m 562 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 591.95 m 479 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 591.95 m 562 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 591.95 m 479 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 582.95 m 479 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 580.95 m 479 580.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 591.95 m 562 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 582.95 m 562 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 580.95 m 562 580.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 501.95 m 562 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 501.95 m 479 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 492.95 m 479 492.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 490.95 m 479 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 501.95 m 562 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 492.95 m 562 492.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 490.95 m 562 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 411.95 m 479 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 411.95 m 562 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 411.95 m 479 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 402.95 m 479 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 400.95 m 479 400.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 411.95 m 562 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 402.95 m 562 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 400.95 m 562 400.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 331.95 m 479 331.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 322.95 m 479 322.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 320.95 m 479 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 331.95 m 562 331.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 322.95 m 562 322.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 320.95 m 562 320.95 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 447.35 714.08 Td (Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.35 704.08 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.50 693.95 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 433.00 694.08 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.00 694.08 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 684.08 Td ( Net revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 673.95 Td (Net revenues U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 674.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.80 674.08 Td (200,529) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 673.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 673.95 Td (153,556) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 663.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 653.95 Td (Revenue related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.10 654.08 Td (\(3,897) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.80 654.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 653.95 Td (\(1,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 653.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 643.95 Td (Adjusted net revenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 644.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.80 644.08 Td (196,632) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 643.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 643.95 Td (152,207) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 624.08 Td (Compensation and benefits:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 613.95 Td (Compensation and benefits U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 614.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.80 614.08 Td (134,378) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 613.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 613.95 Td (104,436) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 603.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 593.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.10 594.08 Td (\(7,901) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.80 594.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 593.95 Td (\(3,306) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 593.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 583.95 Td (Adjusted compensation and benefits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 584.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.80 584.08 Td (126,477) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 583.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 583.95 Td (101,130) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 564.08 Td (Non-compensation expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 553.95 Td (Non-compensation expenses U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 554.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.80 554.08 Td (43,342) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 553.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 553.95 Td (45,678) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 543.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 533.95 Td (Non-compensation expenses related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.10 534.08 Td (\(968) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.80 534.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.45 533.95 Td (\(600) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 533.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 523.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.80 524.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 523.95 Td (\(6,773) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 523.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 513.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.10 514.08 Td (\(3,822) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.80 514.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 513.95 Td (\(3,296) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 513.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 503.95 Td (Non-compensation expenses from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.10 504.08 Td (\(86) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.80 504.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 550.15 504.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 493.95 Td (Adjusted non-compensation expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 494.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.80 494.08 Td (38,466) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 493.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 493.95 Td (35,009) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 474.08 Td (Net income applicable to Piper Jaffray Companies:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 463.95 Td (Net income applicable to Piper Jaffray Companies U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 464.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.80 464.08 Td (20,275) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 463.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 463.95 Td (2,437) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 453.95 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 443.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.80 444.08 Td (4,806) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 443.95 Td (2,020) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 433.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.80 434.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 433.95 Td (4,138) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 423.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.80 424.08 Td (2,347) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 423.95 Td (2,014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 413.95 Td (Non-compensation expenses fr) Tj ET Q q 0 0 0 rg BT 179.41 413.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 232.22 413.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 264.58 413.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.80 414.08 Td (53) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 413.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 403.95 Td (Adjusted net income applicable to Piper Jaffray Companies) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 404.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.80 404.08 Td (27,481) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 403.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 403.95 Td (10,609) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 384.08 Td (Earnings per diluted common share:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 373.95 Td ( Earnings per diluted common share U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 374.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 374.08 Td (1.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 373.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 373.95 Td (0.16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 363.95 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 353.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 354.08 Td (0.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 353.95 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 343.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.80 344.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 343.95 Td (0.27) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 333.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 334.08 Td (0.15) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 333.95 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 323.95 Td ( Adjusted earnings per diluted common share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 406.50 324.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 324.08 Td (1.77) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 323.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 323.95 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 309.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 309.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 309.85 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.39 309.85 Td (r) Tj ET Q q 0 0 0 rg BT 100.21 309.85 Td (eturn ) Tj ET Q q 0 0 0 rg BT 119.00 309.85 Td (on ) Tj ET Q q 0 0 0 rg BT 128.89 309.85 Td (average ) Tj ET Q q 0 0 0 rg BT 156.56 309.85 Td (common ) Tj ET Q q 0 0 0 rg BT 185.56 309.85 Td (shar) Tj ET Q q 0 0 0 rg BT 199.49 309.85 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 230.65 309.85 Td (equity) Tj ET Q q 0 0 0 rg BT 249.76 309.85 Td (, ) Tj ET Q q 0 0 0 rg BT 253.66 309.85 Td (a ) Tj ET Q q 0 0 0 rg BT 259.55 309.85 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 294.51 309.85 Td ( ) Tj ET Q q 0 0 0 rg BT 296.41 309.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.75 309.85 Td (measur) Tj ET Q q 0 0 0 rg BT 350.01 309.85 Td (e, ) Tj ET Q q 0 0 0 rg BT 357.46 309.85 Td (is ) Tj ET Q q 0 0 0 rg BT 364.69 309.85 Td (computed ) Tj ET Q q 0 0 0 rg BT 397.69 309.85 Td (by ) Tj ET Q q 0 0 0 rg BT 407.14 309.85 Td (dividing ) Tj ET Q q 0 0 0 rg BT 435.26 309.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 464.27 309.85 Td (net ) Tj ET Q q 0 0 0 rg BT 475.94 309.85 Td (income ) Tj ET Q q 0 0 0 rg BT 500.94 309.85 Td (applicable ) Tj ET Q q 0 0 0 rg BT 536.61 309.85 Td (to ) Tj ET Q q 0 0 0 rg BT 544.73 309.85 Td (Piper ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 300.25 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 92.31 300.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 130.45 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 141.94 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.86 300.25 Td (last ) Tj ET Q q 0 0 0 rg BT 167.56 300.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 177.71 300.25 Td (months ) Tj ET Q q 0 0 0 rg BT 202.97 300.25 Td (by ) Tj ET Q q 0 0 0 rg BT 212.66 300.25 Td (average ) Tj ET Q q 0 0 0 rg BT 240.58 300.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 268.50 300.25 Td (common ) Tj ET Q q 0 0 0 rg BT 297.75 300.25 Td (shar) Tj ET Q q 0 0 0 rg BT 311.68 300.25 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 343.09 300.25 Td (equity) Tj ET Q q 0 0 0 rg BT 362.19 300.25 Td (. ) Tj ET Q q 0 0 0 rg BT 366.34 300.25 Td (For ) Tj ET Q q 0 0 0 rg BT 380.48 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.63 300.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 414.55 300.25 Td (explanation ) Tj ET Q q 0 0 0 rg BT 454.46 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.83 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.75 300.25 Td (components ) Tj ET Q q 0 0 0 rg BT 515.11 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.48 300.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 552.74 300.25 Td (net ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 290.65 Td (income, ) Tj ET Q q 0 0 0 rg BT 94.60 290.65 Td (see ) Tj ET Q q 0 0 0 rg BT 106.82 290.65 Td ("Reconciliation ) Tj ET Q q 0 0 0 rg BT 158.83 290.65 Td (of ) Tj ET Q q 0 0 0 rg BT 167.05 290.65 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 182.83 290.65 Td (GAAP) Tj ET Q q 0 0 0 rg BT 203.12 290.65 Td ( ) Tj ET Q q 0 0 0 rg BT 205.12 290.65 Td (to ) Tj ET Q q 0 0 0 rg BT 213.34 290.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 242.45 290.65 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 277.41 290.65 Td ( ) Tj ET Q q 0 0 0 rg BT 279.41 290.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.85 290.65 Td (information" ) Tj ET Q q 0 0 0 rg BT 352.99 290.65 Td (in ) Tj ET Q q 0 0 0 rg BT 361.21 290.65 Td (footnote ) Tj ET Q q 0 0 0 rg BT 389.43 290.65 Td (\(1\).) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (External Factors Impacting Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.04 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.27 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.94 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.38 707.25 Td (services ) Tj ET Q q 0 0 0 rg BT 195.04 707.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.27 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.50 707.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.39 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.51 707.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 308.39 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 316.51 707.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 343.52 707.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 384.95 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.18 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 707.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 437.07 707.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 470.74 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.52 707.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.85 707.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.29 695.25 Td (market ) Tj ET Q q 0 0 0 rg BT 137.74 695.25 Td (activity) Tj ET Q q 0 0 0 rg BT 167.08 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 173.27 695.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 206.94 695.25 Td (market ) Tj ET Q q 0 0 0 rg BT 238.39 695.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 283.74 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 299.63 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.75 695.25 Td (product ) Tj ET Q q 0 0 0 rg BT 341.99 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.00 695.25 Td (many ) Tj ET Q q 0 0 0 rg BT 379.90 695.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 413.30 695.25 Td (which ) Tj ET Q q 0 0 0 rg BT 441.42 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 457.31 695.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 490.44 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.45 695.25 Td (control, ) Tj ET Q q 0 0 0 rg BT 541.96 695.25 Td (often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 106.32 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.15 683.25 Td (at ) Tj ET Q q 0 0 0 rg BT 132.77 683.25 Td (times ) Tj ET Q q 0 0 0 rg BT 156.83 683.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 199.77 683.25 Td (volatile. ) Tj ET Q q 0 0 0 rg BT 234.48 683.25 Td (These ) Tj ET Q q 0 0 0 rg BT 260.76 683.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 290.36 683.25 Td (may ) Tj ET Q q 0 0 0 rg BT 309.98 683.25 Td (af) Tj ET Q q 0 0 0 rg BT 317.56 683.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.95 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.56 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.94 683.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 426.55 683.25 Td (made ) Tj ET Q q 0 0 0 rg BT 450.61 683.25 Td (by ) Tj ET Q q 0 0 0 rg BT 463.00 683.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 504.01 683.25 Td (including ) Tj ET Q q 0 0 0 rg BT 544.18 683.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (level ) Tj ET Q q 0 0 0 rg BT 71.82 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.03 671.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 136.45 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.11 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.21 671.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.08 671.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 237.11 671.25 Td (In ) Tj ET Q q 0 0 0 rg BT 248.33 671.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 269.82 671.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.25 671.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 333.35 671.25 Td (may ) Tj ET Q q 0 0 0 rg BT 353.45 671.25 Td (af) Tj ET Q q 0 0 0 rg BT 361.04 671.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 378.91 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 395.12 671.25 Td (business ) Tj ET Q q 0 0 0 rg BT 431.90 671.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 463.18 671.25 Td (W) Tj ET Q q 0 0 0 rg BT 472.22 671.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 485.66 671.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 516.85 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 671.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.75 659.25 Td (activity) Tj ET Q q 0 0 0 rg BT 110.09 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 116.07 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.88 659.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 184.13 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.29 659.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 232.77 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.03 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.95 659.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 283.19 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.01 659.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 328.20 659.25 Td (including ) Tj ET Q q 0 0 0 rg BT 369.45 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.15 659.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 420.29 659.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.44 659.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.80 659.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 518.50 659.25 Td (services ) Tj ET Q q 0 0 0 rg BT 554.19 659.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 86.65 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 98.83 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.23 647.25 Td (number ) Tj ET Q q 0 0 0 rg BT 145.96 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.58 647.25 Td (size ) Tj ET Q q 0 0 0 rg BT 180.31 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.82 647.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 218.00 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.62 647.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 254.02 647.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 297.85 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.47 647.25 Td (mer) Tj ET Q q 0 0 0 rg BT 329.84 647.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 344.79 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.41 647.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 407.47 647.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 459.92 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.32 647.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 512.61 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.12 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.52 647.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 635.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 90.94 635.25 Td (income ) Tj ET Q q 0 0 0 rg BT 123.61 635.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 160.99 635.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.43 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.43 635.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 240.10 635.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 262.20 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.87 635.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 305.86 635.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 339.08 635.25 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 385.62 635.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 409.40 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.06 635.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 462.50 635.25 Td (changes\), ) Tj ET Q q 0 0 0 rg BT 503.76 635.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 534.75 635.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 623.25 Td (, ) Tj ET Q q 0 0 0 rg BT 87.65 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.28 623.25 Td (level ) Tj ET Q q 0 0 0 rg BT 124.13 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.98 623.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 166.16 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.90 623.25 Td (various ) Tj ET Q q 0 0 0 rg BT 208.75 623.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 231.16 623.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 262.17 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.80 623.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 309.21 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.06 623.25 Td (value ) Tj ET Q q 0 0 0 rg BT 350.13 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.87 623.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 391.60 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.79 623.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 444.47 623.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 474.65 623.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.05 623.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 548.07 623.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 611.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 98.37 611.25 Td (for ) Tj ET Q q 0 0 0 rg BT 112.53 611.25 Td (active ) Tj ET Q q 0 0 0 rg BT 138.90 611.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 160.84 611.25 Td (management ) Tj ET Q q 0 0 0 rg BT 214.43 611.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.08 587.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.21 587.25 Td (dif) Tj ET Q q 0 0 0 rg BT 109.14 587.25 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 149.03 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.50 587.25 Td (business ) Tj ET Q q 0 0 0 rg BT 200.53 587.25 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.59 587.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.71 587.25 Td (services ) Tj ET Q q 0 0 0 rg BT 314.05 587.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.97 587.25 Td (also ) Tj ET Q q 0 0 0 rg BT 367.22 587.25 Td (may ) Tj ET Q q 0 0 0 rg BT 386.58 587.25 Td (af) Tj ET Q q 0 0 0 rg BT 394.17 587.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.29 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.76 587.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.88 587.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 494.63 587.25 Td (For ) Tj ET Q q 0 0 0 rg BT 510.66 587.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 549.17 587.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.23 575.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 113.97 575.25 Td (business ) Tj ET Q q 0 0 0 rg BT 150.94 575.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 184.01 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.09 575.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 231.26 575.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 267.12 575.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 297.97 575.25 Td (while ) Tj ET Q q 0 0 0 rg BT 323.27 575.25 Td (serving ) Tj ET Q q 0 0 0 rg BT 355.78 575.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 402.18 575.25 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 464.13 575.25 Td (clientele. ) Tj ET Q q 0 0 0 rg BT 503.58 575.25 Td (If ) Tj ET Q q 0 0 0 rg BT 513.32 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.62 575.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 103.19 563.25 Td (for ) Tj ET Q q 0 0 0 rg BT 117.99 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.46 563.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 159.27 563.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 190.18 563.25 Td (is ) Tj ET Q q 0 0 0 rg BT 199.99 563.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 239.79 563.25 Td (adversely) Tj ET Q q 0 0 0 rg BT 277.45 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 283.10 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.57 563.25 Td (business ) Tj ET Q q 0 0 0 rg BT 336.60 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.19 563.25 Td (results ) Tj ET Q q 0 0 0 rg BT 383.44 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.91 563.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 439.71 563.25 Td (could ) Tj ET Q q 0 0 0 rg BT 465.07 563.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 493.75 563.25 Td (these ) Tj ET Q q 0 0 0 rg BT 517.44 563.25 Td (impacts. ) Tj ET Q q 0 0 0 rg BT 554.18 563.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.31 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.17 551.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 142.10 551.25 Td (with ) Tj ET Q q 0 0 0 rg BT 162.41 551.25 Td (its ) Tj ET Q q 0 0 0 rg BT 174.39 551.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 208.02 551.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 231.09 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.96 551.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 266.15 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 551.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 332.04 551.25 Td (may ) Tj ET Q q 0 0 0 rg BT 351.79 551.25 Td (not ) Tj ET Q q 0 0 0 rg BT 367.10 551.25 Td (track ) Tj ET Q q 0 0 0 rg BT 389.62 551.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 419.92 551.25 Td (market ) Tj ET Q q 0 0 0 rg BT 450.22 551.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 479.69 551.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 506.66 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.41 551.25 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.96 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.30 539.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.07 539.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 136.85 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.42 539.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.31 539.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 240.15 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 255.61 539.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 291.61 539.25 Td (may ) Tj ET Q q 0 0 0 rg BT 310.96 539.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 348.06 539.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 400.18 539.25 Td (from ) Tj ET Q q 0 0 0 rg BT 421.74 539.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.41 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.32 539.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 489.49 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.05 539.25 Td (results ) Tj ET Q q 0 0 0 rg BT 534.29 539.25 Td (for ) Tj ET Q q 0 0 0 rg BT 548.07 539.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.55 527.25 Td (period ) Tj ET Q q 0 0 0 rg BT 120.60 527.25 Td (should ) Tj ET Q q 0 0 0 rg BT 149.77 527.25 Td (not ) Tj ET Q q 0 0 0 rg BT 165.05 527.25 Td (be ) Tj ET Q q 0 0 0 rg BT 176.99 527.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 222.80 527.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 264.73 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.56 527.25 Td (future ) Tj ET Q q 0 0 0 rg BT 301.94 527.25 Td (results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (Outlook for the remainder of 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 479.25 Td (upward ) Tj ET Q q 0 0 0 rg BT 101.84 479.25 Td (momentum ) Tj ET Q q 0 0 0 rg BT 150.80 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.98 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.60 479.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 212.65 479.25 Td (following ) Tj ET Q q 0 0 0 rg BT 254.94 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.56 479.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 291.75 479.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 341.80 479.25 Td (election ) Tj ET Q q 0 0 0 rg BT 376.85 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.03 479.25 Td (November ) Tj ET Q q 0 0 0 rg BT 433.64 479.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 457.04 479.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 488.20 479.25 Td (into ) Tj ET Q q 0 0 0 rg BT 507.16 479.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 533.06 479.25 Td (Factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (contributing ) Tj ET Q q 0 0 0 rg BT 102.17 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.73 467.25 Td (this ) Tj ET Q q 0 0 0 rg BT 131.96 467.25 Td (market ) Tj ET Q q 0 0 0 rg BT 163.51 467.25 Td (dynamic ) Tj ET Q q 0 0 0 rg BT 201.72 467.25 Td (include ) Tj ET Q q 0 0 0 rg BT 234.94 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.94 467.25 Td (belief ) Tj ET Q q 0 0 0 rg BT 277.49 467.25 Td (that ) Tj ET Q q 0 0 0 rg BT 296.27 467.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 357.26 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 375.48 467.25 Td (legislative ) Tj ET Q q 0 0 0 rg BT 420.36 467.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 457.75 467.25 Td (including ) Tj ET Q q 0 0 0 rg BT 499.31 467.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 540.85 467.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (spending, ) Tj ET Q q 0 0 0 rg BT 89.97 455.25 Td (deregulation ) Tj ET Q q 0 0 0 rg BT 141.82 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.12 455.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 172.20 455.25 Td (reform, ) Tj ET Q q 0 0 0 rg BT 203.77 455.25 Td (may ) Tj ET Q q 0 0 0 rg BT 222.85 455.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.26 455.25 Td (catalysts ) Tj ET Q q 0 0 0 rg BT 291.56 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.21 455.25 Td (propel ) Tj ET Q q 0 0 0 rg BT 328.62 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.70 455.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 381.22 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.86 455.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 415.22 455.25 Td (However) Tj ET Q q 0 0 0 rg BT 451.47 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.84 455.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 502.68 455.25 Td (over ) Tj ET Q q 0 0 0 rg BT 522.32 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 455.25 Td (details ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.58 443.25 Td (these ) Tj ET Q q 0 0 0 rg BT 83.88 443.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 120.23 443.25 Td (their ) Tj ET Q q 0 0 0 rg BT 141.31 443.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 172.67 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 443.25 Td (probability ) Tj ET Q q 0 0 0 rg BT 234.27 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.35 443.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 310.87 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.05 443.25 Td (their ) Tj ET Q q 0 0 0 rg BT 349.13 443.25 Td (transition, ) Tj ET Q q 0 0 0 rg BT 392.15 443.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.23 443.25 Td (well ) Tj ET Q q 0 0 0 rg BT 423.20 443.25 Td (as ) Tj ET Q q 0 0 0 rg BT 434.28 443.25 Td (political ) Tj ET Q q 0 0 0 rg BT 469.80 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 480.88 443.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 522.50 443.25 Td (instability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 107.17 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 112.26 431.25 Td (may ) Tj ET Q q 0 0 0 rg BT 132.08 431.25 Td (inject ) Tj ET Q q 0 0 0 rg BT 156.89 431.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 188.92 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.85 431.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 238.56 431.25 Td (into ) Tj ET Q q 0 0 0 rg BT 256.71 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.53 431.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 291.91 431.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 319.50 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.54 431.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 356.35 431.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 392.92 431.25 Td (The ) Tj ET Q q 0 0 0 rg BT 411.06 431.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 431.44 431.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 464.02 431.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 498.83 431.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 539.18 431.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (term ) Tj ET Q q 0 0 0 rg BT 69.72 419.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.04 419.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 121.81 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.48 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.59 419.25 Td (first ) Tj ET Q q 0 0 0 rg BT 163.59 419.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 193.79 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.01 419.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 225.90 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 237.80 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.90 419.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 273.79 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.02 419.25 Td (stronger ) Tj ET Q q 0 0 0 rg BT 318.68 419.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.44 419.25 Td (growth. ) Tj ET Q q 0 0 0 rg BT 392.02 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 400.66 419.25 Td (e ) Tj ET Q q 0 0 0 rg BT 406.99 419.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 447.75 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 464.64 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 478.74 419.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 498.42 419.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 530.29 419.25 Td (Reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (will ) Tj ET Q q 0 0 0 rg BT 67.86 407.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 101.75 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.33 407.25 Td (a ) Tj ET Q q 0 0 0 rg BT 119.57 407.25 Td (gradual ) Tj ET Q q 0 0 0 rg BT 152.36 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.60 407.25 Td (steady ) Tj ET Q q 0 0 0 rg BT 197.95 407.25 Td (path ) Tj ET Q q 0 0 0 rg BT 217.97 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.55 407.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 246.34 407.25 Td (normalization, ) Tj ET Q q 0 0 0 rg BT 307.17 407.25 Td (absent ) Tj ET Q q 0 0 0 rg BT 335.52 407.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 380.54 407.25 Td (shifts ) Tj ET Q q 0 0 0 rg BT 405.01 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.59 407.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 430.61 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.85 407.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 488.41 407.25 Td (policy) Tj ET Q q 0 0 0 rg BT 512.76 407.25 Td (. ) Tj ET Q q 0 0 0 rg BT 518.06 407.25 Td (Exogenous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 96.04 395.25 Td (however) Tj ET Q q 0 0 0 rg BT 130.06 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 134.93 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 154.52 395.25 Td (trigger ) Tj ET Q q 0 0 0 rg BT 183.55 395.25 Td (episodes ) Tj ET Q q 0 0 0 rg BT 220.36 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.06 395.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 269.54 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 289.69 395.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 320.37 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.52 395.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 362.32 395.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 385.55 395.25 Td (A) Tj ET Q q 0 0 0 rg BT 392.22 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.59 395.25 Td (rising ) Tj ET Q q 0 0 0 rg BT 419.74 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.44 395.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 462.80 395.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.60 395.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 511.96 395.25 Td (environment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 90.59 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 97.53 383.25 Td (mixed ) Tj ET Q q 0 0 0 rg BT 125.03 383.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 154.74 383.25 Td (on ) Tj ET Q q 0 0 0 rg BT 167.24 383.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.94 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.77 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 223.60 383.25 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 359.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.18 359.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.88 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.70 359.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.30 359.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 170.56 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.94 359.25 Td (be ) Tj ET Q q 0 0 0 rg BT 192.98 359.25 Td (constructive ) Tj ET Q q 0 0 0 rg BT 244.46 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.84 359.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 277.44 359.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.38 359.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 308.77 359.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 350.24 359.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 381.18 359.25 Td (results ) Tj ET Q q 0 0 0 rg BT 409.89 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.27 359.25 Td (improving ) Tj ET Q q 0 0 0 rg BT 464.54 359.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 508.25 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 359.25 Td (sustained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (CEO ) Tj ET Q q 0 0 0 rg BT 71.79 347.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 117.94 347.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 145.89 347.25 Td (These ) Tj ET Q q 0 0 0 rg BT 172.06 347.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 216.01 347.25 Td (favor ) Tj ET Q q 0 0 0 rg BT 239.40 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 255.02 347.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.31 347.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.25 347.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 340.76 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.48 347.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 394.21 347.25 Td (services ) Tj ET Q q 0 0 0 rg BT 428.71 347.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 475.72 347.25 Td (Low ) Tj ET Q q 0 0 0 rg BT 496.34 347.25 Td (market ) Tj ET Q q 0 0 0 rg BT 526.40 347.25 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (led ) Tj ET Q q 0 0 0 rg BT 64.22 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 74.50 335.25 Td (an ) Tj ET Q q 0 0 0 rg BT 86.45 335.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 121.71 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.99 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.71 335.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 179.21 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.05 335.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 217.55 335.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 246.70 335.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 276.42 335.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 308.92 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.20 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.92 335.25 Td (first ) Tj ET Q q 0 0 0 rg BT 352.54 335.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 383.36 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.19 335.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 416.70 335.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 458.63 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 468.91 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.63 335.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 505.57 335.25 Td (year ) Tj ET Q q 0 0 0 rg BT 525.29 335.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 555.84 335.25 Td (If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.00 323.25 Td (current ) Tj ET Q q 0 0 0 rg BT 92.60 323.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 132.75 323.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 164.59 323.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 197.52 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.58 323.25 Td (place, ) Tj ET Q q 0 0 0 rg BT 231.46 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 244.40 323.25 Td (would ) Tj ET Q q 0 0 0 rg BT 270.68 323.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 298.06 323.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 337.10 323.25 Td (conducive ) Tj ET Q q 0 0 0 rg BT 379.48 323.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 422.42 323.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.36 323.25 Td (steady ) Tj ET Q q 0 0 0 rg BT 462.19 323.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 490.13 323.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 518.62 323.25 Td (throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.55 311.25 Td (year) Tj ET Q q 0 0 0 rg BT 81.36 311.25 Td (, ) Tj ET Q q 0 0 0 rg BT 86.69 311.25 Td (absent ) Tj ET Q q 0 0 0 rg BT 115.07 311.25 Td (any ) Tj ET Q q 0 0 0 rg BT 132.35 311.25 Td (episodes ) Tj ET Q q 0 0 0 rg BT 169.62 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.78 311.25 Td (heightened ) Tj ET Q q 0 0 0 rg BT 227.49 311.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 266.43 311.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.60 311.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 322.64 311.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 358.24 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 368.86 311.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 396.69 311.25 Td (market ) Tj ET Q q 0 0 0 rg BT 427.28 311.25 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 473.52 311.25 Td (While ) Tj ET Q q 0 0 0 rg BT 500.78 311.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 526.39 311.25 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 83.67 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.52 299.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 128.69 299.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 158.43 299.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 197.34 299.25 Td (it ) Tj ET Q q 0 0 0 rg BT 205.42 299.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 246.25 299.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 279.88 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.73 299.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 323.24 299.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 345.20 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.16 299.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 393.00 299.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 431.91 299.25 Td (If ) Tj ET Q q 0 0 0 rg BT 441.09 299.25 Td (we ) Tj ET Q q 0 0 0 rg BT 455.27 299.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 501.09 299.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 540.83 299.25 Td (bouts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 287.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 89.29 287.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 128.35 287.25 Td (or ) Tj ET Q q 0 0 0 rg BT 139.64 287.25 Td (material ) Tj ET Q q 0 0 0 rg BT 175.35 287.25 Td (market ) Tj ET Q q 0 0 0 rg BT 206.07 287.25 Td (correction, ) Tj ET Q q 0 0 0 rg BT 252.06 287.25 Td (however) Tj ET Q q 0 0 0 rg BT 286.09 287.25 Td (, ) Tj ET Q q 0 0 0 rg BT 291.54 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 307.83 287.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 335.78 287.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 378.71 287.25 Td (business ) Tj ET Q q 0 0 0 rg BT 415.56 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 435.73 287.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 466.45 287.25 Td (while ) Tj ET Q q 0 0 0 rg BT 491.62 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.91 287.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 535.86 287.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 79.03 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.78 275.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 132.54 275.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 177.07 275.25 Td (would ) Tj ET Q q 0 0 0 rg BT 204.39 275.25 Td (suf) Tj ET Q q 0 0 0 rg BT 216.43 275.25 Td (fer) Tj ET Q q 0 0 0 rg BT 226.98 275.25 Td (. ) Tj ET Q q 0 0 0 rg BT 231.62 275.25 Td (W) Tj ET Q q 0 0 0 rg BT 240.26 275.25 Td (e ) Tj ET Q q 0 0 0 rg BT 247.01 275.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 278.20 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.84 275.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 330.60 275.25 Td (services ) Tj ET Q q 0 0 0 rg BT 365.12 275.25 Td (business ) Tj ET Q q 0 0 0 rg BT 401.32 275.25 Td (will ) Tj ET Q q 0 0 0 rg BT 419.20 275.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 455.94 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 466.04 275.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 500.56 275.25 Td (well ) Tj ET Q q 0 0 0 rg BT 520.09 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.18 275.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 552.50 275.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.52 263.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 97.54 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.67 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 122.81 263.25 Td (market ) Tj ET Q q 0 0 0 rg BT 152.37 263.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 188.90 263.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 215.13 263.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 267.21 263.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 296.77 263.25 Td (available ) Tj ET Q q 0 0 0 rg BT 334.67 263.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 363.12 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.36 263.25 Td (a ) Tj ET Q q 0 0 0 rg BT 385.60 263.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 437.40 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.53 263.25 Td (high ) Tj ET Q q 0 0 0 rg BT 467.11 263.25 Td (CEO ) Tj ET Q q 0 0 0 rg BT 488.91 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.16 263.25 Td (small ) Tj ET Q q 0 0 0 rg BT 528.62 263.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 96.36 251.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 124.53 251.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 164.75 251.25 Td (services ) Tj ET Q q 0 0 0 rg BT 199.96 251.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 238.50 251.25 Td (for ) Tj ET Q q 0 0 0 rg BT 253.16 251.25 Td (any ) Tj ET Q q 0 0 0 rg BT 270.60 251.25 Td (given ) Tj ET Q q 0 0 0 rg BT 295.82 251.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.14 251.25 Td (are ) Tj ET Q q 0 0 0 rg BT 342.35 251.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 382.00 251.25 Td (by ) Tj ET Q q 0 0 0 rg BT 395.00 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.22 251.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 439.34 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.78 251.25 Td (size ) Tj ET Q q 0 0 0 rg BT 475.33 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.66 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.88 251.25 Td (deals' ) Tj ET Q q 0 0 0 rg BT 527.23 251.25 Td (closings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.44 239.25 Td (can ) Tj ET Q q 0 0 0 rg BT 92.82 239.25 Td (result ) Tj ET Q q 0 0 0 rg BT 117.53 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.81 239.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 177.52 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.80 239.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 225.84 239.25 Td (period ) Tj ET Q q 0 0 0 rg BT 253.88 239.25 Td (over ) Tj ET Q q 0 0 0 rg BT 274.15 239.25 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (While ) Tj ET Q q 0 0 0 rg BT 77.30 215.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 106.22 215.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 139.02 215.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 161.27 215.25 Td (would ) Tj ET Q q 0 0 0 rg BT 189.64 215.25 Td (be ) Tj ET Q q 0 0 0 rg BT 202.44 215.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 243.57 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.71 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 271.41 215.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 295.33 215.25 Td (income ) Tj ET Q q 0 0 0 rg BT 328.13 215.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 379.28 215.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 422.63 215.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 462.39 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.97 215.25 Td (move ) Tj ET Q q 0 0 0 rg BT 503.56 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.71 215.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 543.62 215.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 565.00 215.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.15 203.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 123.58 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.24 203.25 Td (public ) Tj ET Q q 0 0 0 rg BT 166.57 203.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 198.33 203.25 Td (business ) Tj ET Q q 0 0 0 rg BT 234.55 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.66 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.21 203.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 303.19 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 313.86 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.40 203.25 Td (level ) Tj ET Q q 0 0 0 rg BT 350.17 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.83 203.25 Td (refunding ) Tj ET Q q 0 0 0 rg BT 402.04 203.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 434.36 203.25 Td (abates ) Tj ET Q q 0 0 0 rg BT 461.68 203.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 483.45 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.56 203.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 523.64 203.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 80.58 191.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 124.42 191.25 Td (new ) Tj ET Q q 0 0 0 rg BT 143.82 191.25 Td (money ) Tj ET Q q 0 0 0 rg BT 173.79 191.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 210.41 191.25 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 249.35 191.25 Td (W) Tj ET Q q 0 0 0 rg BT 257.98 191.25 Td (e ) Tj ET Q q 0 0 0 rg BT 265.17 191.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 316.22 191.25 Td (this ) Tj ET Q q 0 0 0 rg BT 333.41 191.25 Td (dynamic ) Tj ET Q q 0 0 0 rg BT 370.59 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 381.12 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.08 191.25 Td (first ) Tj ET Q q 0 0 0 rg BT 414.93 191.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 446.00 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.07 191.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 479.82 191.25 Td (as ) Tj ET Q q 0 0 0 rg BT 490.90 191.25 Td (refunding ) Tj ET Q q 0 0 0 rg BT 532.52 191.25 Td (activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (declined ) Tj ET Q q 0 0 0 rg BT 86.21 179.25 Td (due ) Tj ET Q q 0 0 0 rg BT 103.48 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.09 179.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 142.47 179.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.74 179.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 196.45 179.25 Td (over ) Tj ET Q q 0 0 0 rg BT 217.06 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.11 179.25 Td (past ) Tj ET Q q 0 0 0 rg BT 251.05 179.25 Td (several ) Tj ET Q q 0 0 0 rg BT 282.20 179.25 Td (months ) Tj ET Q q 0 0 0 rg BT 314.48 179.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 347.30 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.91 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.96 179.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 410.23 179.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 458.06 179.25 Td (low ) Tj ET Q q 0 0 0 rg BT 475.89 179.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 499.90 179.25 Td (W) Tj ET Q q 0 0 0 rg BT 508.54 179.25 Td (e ) Tj ET Q q 0 0 0 rg BT 515.81 179.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 547.52 179.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.42 167.25 Td (level ) Tj ET Q q 0 0 0 rg BT 84.55 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.59 167.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 136.28 167.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 155.20 167.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 208.55 167.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 240.24 167.25 Td (will ) Tj ET Q q 0 0 0 rg BT 257.50 167.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 288.08 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.56 167.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 319.26 167.25 Td (after ) Tj ET Q q 0 0 0 rg BT 339.28 167.25 Td (record ) Tj ET Q q 0 0 0 rg BT 366.51 167.25 Td (market ) Tj ET Q q 0 0 0 rg BT 395.98 167.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 431.56 167.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 467.15 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.63 167.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 500.83 167.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 518.08 167.25 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (range, ) Tj ET Q q 0 0 0 rg BT 75.83 155.25 Td (product ) Tj ET Q q 0 0 0 rg BT 108.00 155.25 Td (capabilities, ) Tj ET Q q 0 0 0 rg BT 157.66 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.72 155.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 208.13 155.25 Td (expertise ) Tj ET Q q 0 0 0 rg BT 245.84 155.25 Td (should ) Tj ET Q q 0 0 0 rg BT 274.14 155.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 296.86 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.26 155.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 340.65 155.25 Td (somewhat ) Tj ET Q q 0 0 0 rg BT 382.82 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.66 155.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 425.50 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.45 155.25 Td (less ) Tj ET Q q 0 0 0 rg BT 452.08 155.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 491.45 155.25 Td (market ) Tj ET Q q 0 0 0 rg BT 520.84 155.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 143.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 129.74 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.57 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.40 143.25 Td (public ) Tj ET Q q 0 0 0 rg BT 183.89 143.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 215.82 143.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (Increased ) Tj ET Q q 0 0 0 rg BT 90.14 119.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 131.36 119.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 162.02 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.80 119.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 206.69 119.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 250.13 119.25 Td (will ) Tj ET Q q 0 0 0 rg BT 268.03 119.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 298.13 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.80 119.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 335.57 119.25 Td (management ) Tj ET Q q 0 0 0 rg BT 389.00 119.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 427.56 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 436.20 119.25 Td (e ) Tj ET Q q 0 0 0 rg BT 442.98 119.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 479.75 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.87 119.25 Td (monitor) Tj ET Q q 0 0 0 rg BT 521.13 119.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.97 119.25 Td (however) Tj ET Q q 0 0 0 rg BT 560.00 119.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.48 107.25 Td (trend ) Tj ET Q q 0 0 0 rg BT 85.79 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.89 107.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 133.76 107.25 Td (shifting ) Tj ET Q q 0 0 0 rg BT 166.08 107.25 Td (from ) Tj ET Q q 0 0 0 rg BT 187.29 107.25 Td (active ) Tj ET Q q 0 0 0 rg BT 212.93 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.47 107.25 Td (passive ) Tj ET Q q 0 0 0 rg BT 253.67 107.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 299.32 107.25 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 336.22 107.25 Td (While ) Tj ET Q q 0 0 0 rg BT 362.42 107.25 Td (it ) Tj ET Q q 0 0 0 rg BT 369.74 107.25 Td (is ) Tj ET Q q 0 0 0 rg BT 378.18 107.25 Td (dif) Tj ET Q q 0 0 0 rg BT 389.10 107.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 411.97 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.52 107.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 462.15 107.25 Td (which ) Tj ET Q q 0 0 0 rg BT 488.35 107.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 510.65 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.75 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.73 107.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 95.25 Td (attract ) Tj ET Q q 0 0 0 rg BT 95.04 95.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 129.75 95.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 164.19 95.25 Td (we ) Tj ET Q q 0 0 0 rg BT 178.35 95.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 215.28 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 95.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 256.94 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.77 95.25 Td (product ) Tj ET Q q 0 0 0 rg BT 305.81 95.25 Td (of) Tj ET Q q 0 0 0 rg BT 313.96 95.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 344.23 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.51 95.25 Td (broaden ) Tj ET Q q 0 0 0 rg BT 389.22 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.05 95.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 443.65 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.92 95.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 476.96 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.79 95.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 522.51 95.25 Td (interest.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (Financial Summary for the three months ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.69 707.25 Td (March31, 2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 313.98 707.25 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 334.54 707.25 Td (March31, 2016) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.68 683.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.20 683.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.27 683.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 168.34 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 175.41 683.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 215.26 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.22 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.07 683.25 Td (results ) Tj ET Q q 0 0 0 rg BT 269.82 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.78 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 296.74 683.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 341.03 683.25 Td (on ) Tj ET Q q 0 0 0 rg BT 353.66 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.74 683.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 381.15 683.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 408.01 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 410.64 683.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 433.27 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.35 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.20 683.25 Td (results ) Tj ET Q q 0 0 0 rg BT 493.94 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.90 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.87 683.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 671.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 113.07 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.90 671.25 Td (net ) Tj ET Q q 0 0 0 rg BT 138.62 671.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 176.65 671.25 Td (for ) Tj ET Q q 0 0 0 rg BT 190.81 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.53 671.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 237.47 671.25 Td (indicated.) 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w 0 i [] 0 d 0 J 0 j 3 M 303 612.75 m 307 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 612.75 m 367 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 612.75 m 371 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 612.75 m 431 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 612.75 m 499 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 612.75 m 503 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 612.75 m 563 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 588.75 m 303 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 588.75 m 367 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 588.75 m 431 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 588.75 m 499 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 588.75 m 563 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 516.75 m 303 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 516.75 m 367 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 516.75 m 431 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 516.75 m 499 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 516.75 m 563 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 480.75 m 303 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 480.75 m 367 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 480.75 m 431 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 480.75 m 499 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 480.75 m 563 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 456.75 m 303 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 456.75 m 367 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 456.75 m 431 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 456.75 m 499 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 456.75 m 563 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 312.75 m 303 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 312.75 m 367 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 312.75 m 431 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 312.75 m 499 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 312.75 m 563 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 300.75 m 303 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 300.75 m 367 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 300.75 m 431 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 300.75 m 499 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 300.75 m 563 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 252.75 m 303 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 252.75 m 367 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 252.75 m 431 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 252.75 m 499 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 252.75 m 563 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 194.75 m 303 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 194.75 m 367 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 194.75 m 431 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 194.75 m 499 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 194.75 m 563 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 161.75 m 303 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 159.75 m 303 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 161.75 m 367 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 159.75 m 367 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 161.75 m 431 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 159.75 m 431 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 161.75 m 499 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 159.75 m 499 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 161.75 m 563 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 159.75 m 563 159.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 651.48 Td (As a Percentage of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 639.48 Td (Net Revenues for the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 627.48 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 627.48 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 615.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 615.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 603.48 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 592.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.50 591.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.50 591.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 591.48 Td (v2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 591.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.50 591.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 579.48 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 567.37 Td (Investment banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.50 567.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 567.48 Td (132,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 567.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 567.37 Td (103,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 567.37 Td (27.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 567.37 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 567.48 Td (66.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.50 567.48 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 567.37 Td (67.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 567.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 555.37 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 555.48 Td (39,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 555.37 Td (32,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 555.37 Td (22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 555.48 Td (19.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 555.37 Td (20.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 543.37 Td (Asset management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 543.48 Td (16,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 543.37 Td (13,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 543.37 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 543.48 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 543.37 Td (9.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 531.37 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 531.48 Td (7,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 531.37 Td (8,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 531.37 Td (\(12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 531.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 531.48 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 531.37 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 519.37 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 519.48 Td (10,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 519.37 Td (937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 519.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 519.48 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 519.37 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 507.37 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 507.48 Td (205,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 507.37 Td (159,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 507.37 Td (28.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.00 507.48 Td (102.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 507.37 Td (103.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 483.37 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 483.48 Td (4,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 483.37 Td (6,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 483.37 Td (\(18.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 483.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 483.48 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 483.37 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 459.37 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 459.48 Td (200,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 459.37 Td (153,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 459.37 Td (30.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.00 459.48 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 459.37 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 435.48 Td (Non-interest expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 423.37 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 423.48 Td (134,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 423.37 Td (104,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 423.37 Td (28.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 423.48 Td (67.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 423.37 Td (68.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 411.37 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 411.48 Td (10,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 411.37 Td (8,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 411.37 Td (22.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 411.48 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 411.37 Td (5.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 399.37 Td (Occupancy and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 399.48 Td (8,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 399.37 Td (7,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 399.37 Td (9.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 399.48 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 399.37 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 387.37 Td (Communications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 387.48 Td (7,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 387.37 Td (7,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 387.37 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 387.48 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 387.37 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 375.37 Td (Marketing and business development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 375.48 Td (7,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 375.37 Td (7,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 375.37 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 375.48 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 375.37 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 363.37 Td (Trade execution and clearance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 363.48 Td (1,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 363.37 Td (1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 363.37 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 363.48 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 363.37 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 351.37 Td (Restructuring and integration costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 351.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 351.37 Td (6,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 351.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 351.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 351.37 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 339.37 Td (Intangible asset amortization expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 339.48 Td (3,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 339.37 Td (3,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 339.37 Td (16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 339.48 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 339.37 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 327.37 Td (Back office conversion costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.15 327.48 Td (866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 327.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 327.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 327.48 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 327.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 315.37 Td (Other operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 315.48 Td (2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 315.37 Td (3,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 315.37 Td (\(13.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 315.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 315.48 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 315.37 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 303.37 Td (Total non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 303.48 Td (177,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 303.37 Td (150,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 303.37 Td (18.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 303.48 Td (88.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 303.37 Td (97.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.48 Td (Income before income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 279.48 Td (22,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 279.37 Td (3,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 279.37 Td (562.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 279.48 Td (11.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 279.37 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 255.37 Td (Income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.80 255.48 Td (\(395) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 255.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 255.37 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 255.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 255.48 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.50 255.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 255.37 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 231.48 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 231.48 Td (23,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 231.37 Td (3,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 231.37 Td (628.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 231.48 Td (11.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 231.37 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 207.32 Td (Net income applicable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 197.37 Td (interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 199.43 Td (2,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 199.42 Td (749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 199.42 Td (291.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 199.43 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 199.42 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 173.48 Td (Net income applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 163.48 Td (Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.50 165.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 165.43 Td (20,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 165.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 165.42 Td (2,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 165.42 Td (732.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 165.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 165.43 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.50 165.43 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 165.42 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 165.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 145.65 Td (N/M ) Tj ET Q q 0 0 0 rg BT 65.72 145.65 Td ( ) Tj ET Q q 0 0 0 rg BT 71.72 145.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 85.28 145.65 Td (meaningful) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.05 Td (For ) Tj ET Q q 0 0 0 rg BT 65.63 121.05 Td (the ) Tj ET Q q 0 0 0 rg BT 80.08 121.05 Td (three ) Tj ET Q q 0 0 0 rg BT 102.30 121.05 Td (months ) Tj ET Q q 0 0 0 rg BT 133.99 121.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.10 121.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 203.44 121.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.44 121.05 Td (, ) Tj ET Q q 0 0 0 rg BT 228.17 121.05 Td (we ) Tj ET Q q 0 0 0 rg BT 242.07 121.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 279.28 121.05 Td (net ) Tj ET Q q 0 0 0 rg BT 293.73 121.05 Td (income ) Tj ET Q q 0 0 0 rg BT 325.40 121.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 368.73 121.05 Td (to ) Tj ET Q q 0 0 0 rg BT 378.74 121.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 402.09 121.05 Td (Jaf) Tj ET Q q 0 0 0 rg BT 413.57 121.05 Td (fray ) Tj ET Q q 0 0 0 rg BT 431.90 121.05 Td (Companies ) Tj ET Q q 0 0 0 rg BT 479.13 121.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.70 121.05 Td ($20.3 ) Tj ET Q q 0 0 0 rg BT 514.44 121.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.33 121.05 Td (. ) Tj ET Q q 0 0 0 rg BT 548.06 121.05 Td (Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.42 109.05 Td (for ) Tj ET Q q 0 0 0 rg BT 101.47 109.05 Td (the ) Tj ET Q q 0 0 0 rg BT 116.08 109.05 Td (three ) Tj ET Q q 0 0 0 rg BT 138.45 109.05 Td (months ) Tj ET Q q 0 0 0 rg BT 170.29 109.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.55 109.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 240.04 109.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.04 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 262.42 109.05 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.24 109.05 Td ($200.5 ) Tj ET Q q 0 0 0 rg BT 314.13 109.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.02 109.05 Td (, ) Tj ET Q q 0 0 0 rg BT 347.91 109.05 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.73 109.05 Td (30.6 ) Tj ET Q q 0 0 0 rg BT 374.62 109.05 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.05 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 406.43 109.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 441.58 109.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.39 109.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.55 109.05 Td ($153.6 ) Tj ET Q q 0 0 0 rg BT 523.44 109.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.33 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 109.05 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.05 Td (the ) Tj ET Q q 0 0 0 rg BT 63.72 97.05 Td (year) Tj ET Q q 0 0 0 rg BT 80.73 97.05 Td (-ago ) Tj ET Q q 0 0 0 rg BT 100.50 97.05 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.55 97.05 Td (In ) Tj ET Q q 0 0 0 rg BT 140.89 97.05 Td (the ) Tj ET Q q 0 0 0 rg BT 155.11 97.05 Td (first ) Tj ET Q q 0 0 0 rg BT 173.22 97.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 203.54 97.05 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.87 97.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.88 97.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.88 97.05 Td (, ) Tj ET Q q 0 0 0 rg BT 238.38 97.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 284.27 97.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 318.49 97.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 356.03 97.05 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.46 97.05 Td ($132.3 ) Tj ET Q q 0 0 0 rg BT 406.97 97.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.86 97.05 Td (, ) Tj ET Q q 0 0 0 rg BT 440.36 97.05 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.37 97.05 Td (27.2 ) Tj ET Q q 0 0 0 rg BT 471.87 97.05 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.29 97.05 Td ( ) Tj ET Q q 0 0 0 rg BT 503.30 97.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 97.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.05 Td ($103.9 ) Tj ET Q q 0 0 0 rg BT 79.64 85.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.53 85.05 Td ( ) Tj ET Q q 0 0 0 rg BT 111.16 85.05 Td (in ) Tj ET Q q 0 0 0 rg BT 121.58 85.05 Td (the ) Tj ET Q q 0 0 0 rg BT 136.43 85.05 Td (prior) Tj ET Q q 0 0 0 rg BT 155.67 85.05 Td (-year ) Tj ET Q q 0 0 0 rg BT 178.84 85.05 Td (period, ) Tj ET Q q 0 0 0 rg BT 209.52 85.05 Td (as ) Tj ET Q q 0 0 0 rg BT 220.49 85.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 248.67 85.05 Td (advisory ) Tj ET Q q 0 0 0 rg BT 285.75 85.05 Td (services ) Tj ET Q q 0 0 0 rg BT 320.59 85.05 Td (and ) Tj ET Q q 0 0 0 rg BT 337.66 85.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 365.29 85.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 405.69 85.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 443.87 85.05 Td (were ) Tj ET Q q 0 0 0 rg BT 465.93 85.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 501.89 85.05 Td (of) Tj ET Q q 0 0 0 rg BT 510.04 85.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 527.11 85.05 Td (by ) Tj ET Q q 0 0 0 rg BT 539.75 85.05 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.29 73.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 109.63 73.05 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 150.25 73.05 Td (For ) Tj ET Q q 0 0 0 rg BT 166.72 73.05 Td (the ) Tj ET Q q 0 0 0 rg BT 181.51 73.05 Td (three ) Tj ET Q q 0 0 0 rg BT 204.07 73.05 Td (months ) Tj ET Q q 0 0 0 rg BT 236.10 73.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.55 73.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 306.23 73.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.23 73.05 Td (, ) Tj ET Q q 0 0 0 rg BT 331.31 73.05 Td (institutional ) Tj ET Q q 0 0 0 rg BT 381.66 73.05 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 424.21 73.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 462.33 73.05 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.66 73.05 Td (22.1 ) Tj ET Q q 0 0 0 rg BT 522.74 73.05 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.16 73.05 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 73.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.05 Td ($39.1 ) Tj ET Q q 0 0 0 rg BT 75.14 61.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.03 61.05 Td (, ) Tj ET Q q 0 0 0 rg BT 109.66 61.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 152.22 61.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.14 61.05 Td ($32.0 ) Tj ET Q q 0 0 0 rg BT 198.77 61.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 61.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.80 61.05 Td (in ) Tj ET Q q 0 0 0 rg BT 241.72 61.05 Td (the ) Tj ET Q q 0 0 0 rg BT 257.07 61.05 Td (first ) Tj ET Q q 0 0 0 rg BT 276.31 61.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.77 61.05 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.10 61.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.23 61.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.23 61.05 Td (, ) Tj ET Q q 0 0 0 rg BT 344.87 61.05 Td (driven ) Tj ET Q q 0 0 0 rg BT 373.55 61.05 Td (by ) Tj ET Q q 0 0 0 rg BT 386.69 61.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 415.37 61.05 Td (fixed ) Tj ET Q q 0 0 0 rg BT 439.05 61.05 Td (income ) Tj ET Q q 0 0 0 rg BT 471.62 61.05 Td (institutional ) Tj ET Q q 0 0 0 rg BT 522.54 61.05 Td (brokerage ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.93 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.66 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.27 731.10 Td (first ) Tj ET Q q 0 0 0 rg BT 133.77 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 164.48 731.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.81 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.20 731.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 200.10 731.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.93 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 275.41 731.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 293.90 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.63 731.10 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 329.52 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.41 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.81 731.10 Td (were ) Tj ET Q q 0 0 0 rg BT 382.63 731.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.02 731.10 Td (15.6 ) Tj ET Q q 0 0 0 rg BT 414.92 731.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.34 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.74 731.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 488.55 731.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.73 731.10 Td ($13.8 ) Tj ET Q q 0 0 0 rg BT 533.62 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 58.95 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.85 719.10 Td (first ) Tj ET Q q 0 0 0 rg BT 90.63 719.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 120.62 719.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.63 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.63 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.31 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.31 719.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 189.54 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 242.30 719.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 260.08 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 281.19 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.20 719.10 Td (master ) Tj ET Q q 0 0 0 rg BT 324.53 719.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 354.54 719.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 401.20 719.10 Td (\("MLP"\) ) Tj ET Q q 0 0 0 rg BT 438.26 719.10 Td (product ) Tj ET Q q 0 0 0 rg BT 470.48 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 478.63 719.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 508.08 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 529.18 719.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 707.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.37 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 88.65 707.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 114.70 707.10 Td (management ) Tj ET Q q 0 0 0 rg BT 169.07 707.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 188.45 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 211.17 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.78 707.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 256.06 707.10 Td (product ) Tj ET Q q 0 0 0 rg BT 289.89 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 298.04 707.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 331.58 707.10 Td (For ) Tj ET Q q 0 0 0 rg BT 348.76 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.26 707.10 Td (three ) Tj ET Q q 0 0 0 rg BT 387.52 707.10 Td (months ) Tj ET Q q 0 0 0 rg BT 420.25 707.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.41 707.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 491.79 707.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.79 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.57 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 533.07 707.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.18 695.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.99 695.10 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 118.74 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.63 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.38 695.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 194.62 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 214.65 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.12 695.10 Td (prior) Tj ET Q q 0 0 0 rg BT 248.36 695.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 271.14 695.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.44 695.10 Td (In ) Tj ET Q q 0 0 0 rg BT 312.02 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.49 695.10 Td (first ) Tj ET Q q 0 0 0 rg BT 344.84 695.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 375.41 695.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.74 695.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.99 695.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.99 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 410.74 695.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.87 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 488.56 695.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.36 695.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 531.11 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 695.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.26 683.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.37 683.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 131.20 683.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.09 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.43 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.54 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.09 683.10 Td (prior) Tj ET Q q 0 0 0 rg BT 206.33 683.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 229.20 683.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 259.58 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 276.35 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.46 683.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 314.34 683.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 337.78 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.11 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.78 683.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 411.99 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.76 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.31 683.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 504.53 683.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 540.18 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 88.86 671.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.24 671.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 143.73 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.89 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.71 671.10 Td (manage. ) Tj ET Q q 0 0 0 rg BT 209.98 671.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 233.54 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.48 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.85 671.10 Td (current ) Tj ET Q q 0 0 0 rg BT 288.33 671.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 316.24 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.91 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 334.73 671.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 371.86 671.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 395.13 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 407.29 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.67 671.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.60 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.54 671.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 523.13 671.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 547.51 671.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 62.98 659.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 95.90 659.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 123.27 659.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 148.99 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.59 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.63 659.10 Td (prior) Tj ET Q q 0 0 0 rg BT 191.87 659.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 214.23 659.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 244.10 659.10 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 295.90 659.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 333.83 659.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.08 659.10 Td ($177.7 ) Tj ET Q q 0 0 0 rg BT 384.40 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.29 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.11 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.60 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.64 659.10 Td (three ) Tj ET Q q 0 0 0 rg BT 464.45 659.10 Td (months ) Tj ET Q q 0 0 0 rg BT 495.72 659.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 659.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 75.06 647.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.11 647.10 Td (18.4 ) Tj ET Q q 0 0 0 rg BT 108.67 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.09 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.15 647.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 183.63 647.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.47 647.10 Td ($150.1 ) Tj ET Q q 0 0 0 rg BT 225.02 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.91 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.97 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.81 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.08 647.10 Td (prior) Tj ET Q q 0 0 0 rg BT 302.32 647.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 325.91 647.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 357.01 647.10 Td (due ) Tj ET Q q 0 0 0 rg BT 374.51 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.34 647.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 426.16 647.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 484.75 647.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 523.91 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 552.51 647.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 76.99 635.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 116.97 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.24 635.10 Td (well ) Tj ET Q q 0 0 0 rg BT 146.40 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.67 635.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 184.16 635.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 222.20 635.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 259.14 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 280.52 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.79 635.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 341.62 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.89 635.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 391.62 635.10 Td (at ) Tj ET Q q 0 0 0 rg BT 400.78 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.94 635.10 Td (end ) Tj ET Q q 0 0 0 rg BT 431.32 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.59 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.75 635.10 Td (first ) Tj ET Q q 0 0 0 rg BT 473.80 635.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 504.06 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.33 635.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 538.63 635.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 88.59 623.10 Td (were ) Tj ET Q q 0 0 0 rg BT 110.46 623.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 146.22 623.10 Td (of) Tj ET Q q 0 0 0 rg BT 154.37 623.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 171.25 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.70 623.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 208.91 623.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 262.44 623.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 287.39 623.10 Td (In ) Tj ET Q q 0 0 0 rg BT 298.16 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.82 623.10 Td (first ) Tj ET Q q 0 0 0 rg BT 331.37 623.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 362.13 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.90 623.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 397.85 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.95 623.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.37 623.10 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 469.31 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.64 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.42 623.10 Td (restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 611.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 112.26 611.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.76 611.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 174.47 611.10 Td (related ) Tj ET Q q 0 0 0 rg BT 204.17 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.45 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.17 611.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 275.55 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.38 611.10 Td (Simmons. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (Consolidated Non-Interest Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 110.47 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.67 563.10 Td (Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.88 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.07 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.26 563.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 233.23 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.86 563.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 285.71 563.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 327.50 563.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.13 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.54 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.95 563.10 Td (lar) Tj ET Q q 0 0 0 rg BT 396.31 563.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 415.61 563.10 Td (component ) Tj ET Q q 0 0 0 rg BT 463.24 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.76 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 491.29 563.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 533.08 563.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (salaries, ) Tj ET Q q 0 0 0 rg BT 84.91 551.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 124.49 551.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 185.46 551.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 222.54 551.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 272.67 551.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 333.64 551.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 386.56 551.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 412.53 551.10 Td (income ) Tj ET Q q 0 0 0 rg BT 444.89 551.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 488.91 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.61 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.76 551.10 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 539.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 112.42 539.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 171.65 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.78 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 214.02 539.10 Td (employee-related ) Tj ET Q q 0 0 0 rg BT 287.11 539.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 312.49 539.10 Td (A) Tj ET Q q 0 0 0 rg BT 319.16 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.85 539.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 355.42 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.45 539.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 426.68 539.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 462.58 539.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.94 539.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 518.28 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.30 539.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 88.29 527.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 146.79 527.10 Td (including ) Tj ET Q q 0 0 0 rg BT 186.69 527.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 241.03 527.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 279.82 527.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 340.00 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.35 527.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 386.48 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.95 527.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.52 527.10 Td (fluctuates ) Tj ET Q q 0 0 0 rg BT 464.53 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.45 527.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 518.80 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.71 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 527.10 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.20 515.10 Td (business ) Tj ET Q q 0 0 0 rg BT 96.47 515.10 Td (activity) Tj ET Q q 0 0 0 rg BT 125.81 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.68 515.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 174.15 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.30 515.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 222.22 515.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 260.13 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.94 515.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 317.08 515.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 348.06 515.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 373.20 515.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 431.12 515.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 455.99 515.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 495.57 515.10 Td (base ) Tj ET Q q 0 0 0 rg BT 515.72 515.10 Td (salaries ) Tj ET Q q 0 0 0 rg BT 548.07 515.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 85.36 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.26 503.10 Td (more ) Tj ET Q q 0 0 0 rg BT 121.51 503.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 143.76 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.24 503.10 Td (nature. ) Tj ET Q q 0 0 0 rg BT 182.30 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 199.55 503.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 227.36 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.39 503.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 275.74 503.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 332.99 503.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 375.51 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 401.65 503.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 440.55 503.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 464.46 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.94 503.10 Td (February) Tj ET Q q 0 0 0 rg BT 509.39 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.59 503.10 Td (has ) Tj ET Q q 0 0 0 rg BT 528.62 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.76 503.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.70 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 90.68 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.00 491.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 125.75 491.10 Td (position ) Tj ET Q q 0 0 0 rg BT 159.96 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.38 491.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 212.26 491.10 Td (than ) Tj ET Q q 0 0 0 rg BT 231.46 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.12 491.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 277.07 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.06 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.37 491.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 356.90 491.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 401.10 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.41 491.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 457.41 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 466.05 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 472.47 491.10 Td (have ) Tj ET Q q 0 0 0 rg BT 493.33 491.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 525.30 491.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.06 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 93.30 479.10 Td (service ) Tj ET Q q 0 0 0 rg BT 124.07 479.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 168.19 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.98 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.87 479.10 Td (component ) Tj ET Q q 0 0 0 rg BT 232.76 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.55 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.33 479.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 305.67 479.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 324.78 479.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 383.61 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 410.51 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.63 479.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 462.07 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.30 479.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.30 479.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (over ) Tj ET Q q 0 0 0 rg BT 69.77 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.49 467.10 Td (service ) Tj ET Q q 0 0 0 rg BT 115.30 467.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.56 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.94 443.10 Td (three ) Tj ET Q q 0 0 0 rg BT 105.09 443.10 Td (months ) Tj ET Q q 0 0 0 rg BT 137.70 443.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.74 443.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 209.00 443.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.67 443.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 293.37 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.97 443.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 345.79 443.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 385.06 443.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 425.97 443.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.92 443.10 Td ($134.4 ) Tj ET Q q 0 0 0 rg BT 467.58 443.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.47 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.14 443.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.72 443.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td ($104.4 ) Tj ET Q q 0 0 0 rg BT 79.96 431.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.85 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.81 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.55 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.73 431.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 197.90 431.10 Td (period ) Tj ET Q q 0 0 0 rg BT 226.41 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.70 431.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.70 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.16 431.10 Td (due ) Tj ET Q q 0 0 0 rg BT 280.56 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.30 431.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 319.81 431.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 358.31 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.60 431.10 Td (well ) Tj ET Q q 0 0 0 rg BT 389.78 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.07 431.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 429.58 431.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 506.95 431.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.42 419.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 112.55 419.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 150.47 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 172.83 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.96 419.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 228.67 419.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 275.47 419.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 320.04 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.74 419.10 Td (February ) Tj ET Q q 0 0 0 rg BT 369.76 419.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 395.18 419.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 455.87 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.23 419.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 507.81 419.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 546.82 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.07 419.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 95.37 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.27 407.10 Td (net ) Tj ET Q q 0 0 0 rg BT 121.06 407.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 159.16 407.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.29 407.10 Td (67.0 ) Tj ET Q q 0 0 0 rg BT 197.36 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.78 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.35 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.70 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.48 407.10 Td (first ) Tj ET Q q 0 0 0 rg BT 273.16 407.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 304.05 407.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.38 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.95 407.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.95 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.02 407.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 382.01 407.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.36 407.10 Td (68.0 ) Tj ET Q q 0 0 0 rg BT 422.43 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.85 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.42 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.77 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.56 407.10 Td (first ) Tj ET Q q 0 0 0 rg BT 498.24 407.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 529.12 407.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.45 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 407.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 407.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 395.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 108.88 395.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 166.63 395.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 187.16 395.10 Td (was ) Tj ET Q q 0 0 0 rg BT 204.92 395.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 252.67 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.65 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 274.30 395.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 314.26 395.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 348.12 395.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 370.60 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 397.24 395.10 Td (was ) Tj ET Q q 0 0 0 rg BT 415.00 395.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 450.53 395.10 Td (of) Tj ET Q q 0 0 0 rg BT 458.68 395.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 475.33 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 487.54 395.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 515.29 395.10 Td (acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 383.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 137.24 383.10 Td (costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (Outside ) Tj ET Q q 0 0 0 rg BT 83.58 359.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 119.88 359.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.88 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.85 359.10 Td (Outside ) Tj ET Q q 0 0 0 rg BT 161.94 359.10 Td (services ) Tj ET Q q 0 0 0 rg BT 197.12 359.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.19 359.10 Td (include ) Tj ET Q q 0 0 0 rg BT 268.60 359.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 309.34 359.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 355.09 359.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 396.66 359.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 443.52 359.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 490.93 359.10 Td (functions, ) Tj ET Q q 0 0 0 rg BT 533.62 359.10 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 70.76 347.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 91.19 347.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.35 347.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.28 347.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 192.21 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.81 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.97 347.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 279.35 347.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 323.37 347.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.64 347.10 Td (management ) Tj ET Q q 0 0 0 rg BT 397.56 347.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 421.61 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.88 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 460.26 347.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 510.96 347.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 531.39 347.10 Td (Outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (services ) Tj ET Q q 0 0 0 rg BT 86.02 335.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 126.44 335.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.51 335.10 Td (22.2 ) Tj ET Q q 0 0 0 rg BT 190.33 335.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.07 335.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.16 335.10 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 262.98 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.87 335.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.18 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.28 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.81 335.10 Td (first ) Tj ET Q q 0 0 0 rg BT 345.24 335.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 377.87 335.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.20 335.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.52 335.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.52 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.33 335.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 461.07 335.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.17 335.10 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 504.98 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.88 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.19 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 335.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 108.10 323.10 Td (period ) Tj ET Q q 0 0 0 rg BT 135.04 323.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.77 323.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.77 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.66 323.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 211.16 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.77 323.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 255.05 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.77 323.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 302.27 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.10 323.10 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 383.36 323.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 409.75 323.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 444.47 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.65 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.37 323.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.31 323.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.44 311.10 Td (management ) Tj ET Q q 0 0 0 rg BT 125.03 311.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 152.25 311.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 183.64 311.10 Td (services ) Tj ET Q q 0 0 0 rg BT 218.34 311.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 256.94 311.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.20 311.10 Td (15.3 ) Tj ET Q q 0 0 0 rg BT 317.20 311.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.62 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.12 311.10 Td (due ) Tj ET Q q 0 0 0 rg BT 366.06 311.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 405.77 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.05 311.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 444.09 311.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 466.03 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.97 311.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 534.34 311.10 Td (fees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 96.03 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.59 287.10 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 157.48 287.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.48 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.04 287.10 Td (For ) Tj ET Q q 0 0 0 rg BT 179.49 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.26 287.10 Td (three ) Tj ET Q q 0 0 0 rg BT 214.81 287.10 Td (months ) Tj ET Q q 0 0 0 rg BT 245.82 287.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.25 287.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 313.91 287.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.91 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.97 287.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 382.28 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.28 287.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 442.05 287.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 479.71 287.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.02 287.10 Td (9.6 ) Tj ET Q q 0 0 0 rg BT 533.08 287.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.69 275.10 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 79.61 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.41 275.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 155.25 275.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.44 275.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 195.36 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.25 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.67 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 240.74 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.37 275.10 Td (three ) Tj ET Q q 0 0 0 rg BT 277.77 275.10 Td (months ) Tj ET Q q 0 0 0 rg BT 309.63 275.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.93 275.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 379.44 275.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.44 275.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.18 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 422.14 275.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 457.31 275.10 Td (was ) Tj ET Q q 0 0 0 rg BT 475.28 275.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 514.90 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.53 275.10 Td (result ) Tj ET Q q 0 0 0 rg BT 554.16 275.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 99.20 263.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 144.45 263.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 183.05 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.99 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.82 263.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 267.20 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.03 263.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 318.32 263.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 362.47 263.10 Td (during ) Tj ET Q q 0 0 0 rg BT 391.08 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.79 263.10 Td (first ) Tj ET Q q 0 0 0 rg BT 424.40 263.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 455.22 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.05 263.10 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 119.64 239.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.64 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.01 239.10 Td (Communication ) Tj ET Q q 0 0 0 rg BT 193.81 239.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 232.28 239.10 Td (include ) Tj ET Q q 0 0 0 rg BT 264.08 239.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 286.44 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.47 239.10 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 379.48 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.28 239.10 Td (data ) Tj ET Q q 0 0 0 rg BT 415.30 239.10 Td (communication, ) Tj ET Q q 0 0 0 rg BT 482.37 239.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.95 239.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.26 227.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 96.78 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.87 227.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 149.07 227.10 Td (third ) Tj ET Q q 0 0 0 rg BT 169.39 227.10 Td (party ) Tj ET Q q 0 0 0 rg BT 191.36 227.10 Td (market ) Tj ET Q q 0 0 0 rg BT 220.55 227.10 Td (data ) Tj ET Q q 0 0 0 rg BT 238.63 227.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 289.77 227.10 Td (For ) Tj ET Q q 0 0 0 rg BT 305.09 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.73 227.10 Td (three ) Tj ET Q q 0 0 0 rg BT 340.15 227.10 Td (months ) Tj ET Q q 0 0 0 rg BT 371.02 227.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.33 227.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 438.85 227.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.85 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 462.78 227.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 526.41 227.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.65 215.10 Td (3.9 ) Tj ET Q q 0 0 0 rg BT 106.55 215.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.97 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.37 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 215.10 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 171.44 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.33 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 206.22 215.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 249.04 215.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.22 215.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 291.11 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.01 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.40 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 338.46 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.07 215.10 Td (three ) Tj ET Q q 0 0 0 rg BT 377.45 215.10 Td (months ) Tj ET Q q 0 0 0 rg BT 410.30 215.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.57 215.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 482.06 215.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.06 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.96 215.10 Td (due ) Tj ET Q q 0 0 0 rg BT 525.79 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.97 215.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 114.21 203.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 152.81 203.10 Td (related ) Tj ET Q q 0 0 0 rg BT 182.51 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.79 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.50 203.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 249.99 203.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 293.59 203.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 337.18 203.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.46 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.29 203.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 419.67 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.50 203.10 Td (Simmons. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 94.14 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 179.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 150.10 179.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 205.84 179.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.82 179.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 258.46 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.88 179.10 Td (business ) Tj ET Q q 0 0 0 rg BT 312.75 179.10 Td (development ) Tj ET Q q 0 0 0 rg BT 367.39 179.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 406.47 179.10 Td (include ) Tj ET Q q 0 0 0 rg BT 438.88 179.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 464.63 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.05 179.10 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 540.01 179.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 565.01 179.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 97.18 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.87 167.10 Td (third ) Tj ET Q q 0 0 0 rg BT 137.01 167.10 Td (party ) Tj ET Q q 0 0 0 rg BT 160.81 167.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 204.60 167.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 226.45 167.10 Td (For ) Tj ET Q q 0 0 0 rg BT 243.59 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.06 167.10 Td (three ) Tj ET Q q 0 0 0 rg BT 282.30 167.10 Td (months ) Tj ET Q q 0 0 0 rg BT 315.00 167.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.13 167.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 386.48 167.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.48 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.23 167.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 456.02 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.71 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 510.85 167.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.69 155.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.53 155.10 Td (7.8 ) Tj ET Q q 0 0 0 rg BT 142.12 155.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.54 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 155.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 155.10 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 203.09 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.98 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 236.57 155.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 278.08 155.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.95 155.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 317.54 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.43 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.52 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.38 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.69 155.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 431.99 155.10 Td (period ) Tj ET Q q 0 0 0 rg BT 459.62 155.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.04 155.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.04 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.48 155.10 Td (The ) Tj ET Q q 0 0 0 rg BT 512.11 155.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 546.96 155.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 77.55 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 90.05 143.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 118.09 143.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 143.36 143.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 184.46 143.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 220.28 143.10 Td (of) Tj ET Q q 0 0 0 rg BT 228.43 143.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 245.36 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 257.86 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.80 143.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 296.17 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.45 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 329.50 143.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 372.54 143.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.51 119.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 75.12 119.10 Td (Execution ) Tj ET Q q 0 0 0 rg BT 117.37 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.65 119.10 Td (Clearance ) Tj ET Q q 0 0 0 rg BT 178.58 119.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.58 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.85 119.10 Td (For ) Tj ET Q q 0 0 0 rg BT 202.02 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.51 119.10 Td (three ) Tj ET Q q 0 0 0 rg BT 238.77 119.10 Td (months ) Tj ET Q q 0 0 0 rg BT 270.50 119.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 119.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 340.02 119.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.02 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.80 119.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 387.06 119.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 428.21 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.92 119.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 484.93 119.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 523.31 119.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 119.10 Td ($1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.39 107.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 99.22 107.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 141.14 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 161.42 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.14 107.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 235.84 107.10 Td (period ) Tj ET Q q 0 0 0 rg BT 263.89 107.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.72 107.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.72 107.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 106.85 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.21 83.10 Td (Integration ) Tj ET Q q 0 0 0 rg BT 171.56 83.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.79 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.15 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.50 83.10 Td (In ) Tj ET Q q 0 0 0 rg BT 214.19 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.76 83.10 Td (first ) Tj ET Q q 0 0 0 rg BT 247.22 83.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 277.90 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.58 83.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 313.44 83.10 Td (we ) Tj ET Q q 0 0 0 rg BT 327.45 83.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 364.79 83.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 418.24 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.03 83.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 480.71 83.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 503.06 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.75 83.10 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 533.60 83.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.21 71.10 Td (related ) Tj ET Q q 0 0 0 rg BT 118.91 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.19 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.91 71.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 190.29 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.12 71.10 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 243.72 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.77 71.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 300.37 71.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 340.08 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.91 71.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 370.91 71.10 Td (million ) Tj ET Q q 0 0 0 rg BT 402.30 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.13 71.10 Td (severance, ) Tj ET Q q 0 0 0 rg BT 457.54 71.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 491.70 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.63 71.10 Td (outplacement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 74.50 59.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 94.50 59.10 Td (million ) Tj ET Q q 0 0 0 rg BT 125.89 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.72 59.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 183.09 59.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 208.09 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.03 59.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 245.03 59.10 Td (million ) Tj ET Q q 0 0 0 rg BT 276.42 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.25 59.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 321.96 59.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 370.55 59.10 Td (costs.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 91.89 731.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 114.29 731.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 167.91 731.10 Td (Expense ) Tj ET Q q 0 0 0 rg BT 202.62 731.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.62 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.01 731.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 250.94 731.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.77 731.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 323.70 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 357.29 731.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 392.01 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 731.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 457.54 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.26 731.10 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 522.52 731.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.27 719.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 118.26 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.03 719.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 168.12 719.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 221.67 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.54 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.20 719.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 293.42 719.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 315.85 719.10 Td (name. ) Tj ET Q q 0 0 0 rg BT 342.44 719.10 Td (For ) Tj ET Q q 0 0 0 rg BT 358.77 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.42 719.10 Td (three ) Tj ET Q q 0 0 0 rg BT 395.85 719.10 Td (months ) Tj ET Q q 0 0 0 rg BT 427.73 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.05 719.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 497.58 719.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.58 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.52 719.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.03 707.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 123.67 707.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 157.97 707.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.62 707.10 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 195.22 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.70 707.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 270.22 707.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.10 707.10 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 309.69 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.59 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.68 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.56 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.87 707.10 Td (three ) Tj ET Q q 0 0 0 rg BT 386.95 707.10 Td (months ) Tj ET Q q 0 0 0 rg BT 418.50 707.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.47 707.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 487.66 707.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.66 707.10 Td (. ) Tj ET Q q 0 0 0 rg BT 512.11 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 529.75 707.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 81.42 695.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 131.12 695.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 173.61 695.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 195.55 695.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 248.59 695.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 283.29 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 313.00 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.27 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.99 695.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 384.37 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.20 695.10 Td (Simmons.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (Back ) Tj ET Q q 0 0 0 rg BT 71.39 671.10 Td (Office ) Tj ET Q q 0 0 0 rg BT 97.73 671.10 Td (Conversion ) Tj ET Q q 0 0 0 rg BT 145.74 671.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.97 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.88 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.78 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 187.01 671.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 211.42 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.98 671.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 265.75 671.10 Td (migrating ) Tj ET Q q 0 0 0 rg BT 306.54 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.88 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 334.23 671.10 Td (self ) Tj ET Q q 0 0 0 rg BT 350.57 671.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 384.68 671.10 Td (model ) Tj ET Q q 0 0 0 rg BT 411.58 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.26 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.60 671.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 448.39 671.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 487.51 671.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 516.91 671.10 Td (Back ) Tj ET Q q 0 0 0 rg BT 539.36 671.10 Td (of) Tj ET Q q 0 0 0 rg BT 547.51 671.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 95.68 659.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 117.99 659.10 Td (include ) Tj ET Q q 0 0 0 rg BT 149.72 659.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 172.03 659.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 207.65 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.73 659.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 257.81 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.89 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.64 659.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 295.83 659.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 335.35 659.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 369.86 659.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 399.66 659.10 Td (such ) Tj ET Q q 0 0 0 rg BT 420.29 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 430.93 659.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 465.43 659.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 513.84 659.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 534.74 659.10 Td (vendor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (migration ) Tj ET Q q 0 0 0 rg BT 91.62 647.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 113.46 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 137.24 647.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 189.35 647.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 211.19 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.87 647.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 271.52 647.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 306.41 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.31 647.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 361.19 647.10 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 405.81 647.10 Td (For ) Tj ET Q q 0 0 0 rg BT 422.94 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.39 647.10 Td (three ) Tj ET Q q 0 0 0 rg BT 461.61 647.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.30 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 647.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.33 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.33 635.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 123.98 635.10 Td (back ) Tj ET Q q 0 0 0 rg BT 145.19 635.10 Td (of) Tj ET Q q 0 0 0 rg BT 153.34 635.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 170.66 635.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 216.87 635.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 239.20 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.87 635.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 269.70 635.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 303.26 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 311.90 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 318.67 635.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 347.10 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.21 635.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 396.19 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 412.97 635.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 459.19 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.30 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.85 635.10 Td (second ) Tj ET Q q 0 0 0 rg BT 513.95 635.10 Td (half ) Tj ET Q q 0 0 0 rg BT 531.83 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.50 635.10 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.20 623.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 89.00 623.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 111.26 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.85 623.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 181.87 623.10 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 201.63 623.10 Td (million ) Tj ET Q q 0 0 0 rg BT 232.78 623.10 Td (between ) Tj ET Q q 0 0 0 rg BT 268.36 623.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 290.62 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.32 623.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 332.08 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.67 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 369.37 623.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 389.13 623.10 Td (million ) Tj ET Q q 0 0 0 rg BT 420.28 623.10 Td (was ) Tj ET Q q 0 0 0 rg BT 438.09 623.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 473.66 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.70 623.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 508.30 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.94 623.10 Td (e ) Tj ET Q q 0 0 0 rg BT 523.63 623.10 Td (anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 611.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 104.48 611.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 144.74 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.02 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.85 611.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 193.34 611.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 228.04 611.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 266.64 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 279.14 611.10 Td (moving ) Tj ET Q q 0 0 0 rg BT 312.20 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.47 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.41 611.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 350.80 611.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 390.52 611.10 Td (model.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.46 587.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 119.20 587.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 159.03 587.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.03 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.66 587.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 192.06 587.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 232.45 587.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 271.18 587.10 Td (include ) Tj ET Q q 0 0 0 rg BT 303.24 587.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 344.18 587.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 369.31 587.10 Td (license ) Tj ET Q q 0 0 0 rg BT 399.70 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.77 587.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 464.94 587.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 486.17 587.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 524.89 587.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.72 587.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.40 575.10 Td (charitable ) Tj ET Q q 0 0 0 rg BT 107.39 575.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 135.51 575.10 Td (program ) Tj ET Q q 0 0 0 rg BT 171.96 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.96 575.10 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 258.17 575.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 299.34 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 326.35 575.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 356.69 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.59 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.38 575.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 418.83 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.06 575.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 464.50 575.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 492.61 575.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 509.62 575.10 Td (out ) Tj ET Q q 0 0 0 rg BT 524.96 575.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.73 575.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 71.29 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.09 563.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 131.54 563.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 165.83 563.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 190.96 563.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.08 563.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 269.54 563.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.33 563.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 311.18 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.08 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.43 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.57 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.15 563.10 Td (first ) Tj ET Q q 0 0 0 rg BT 385.61 563.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 416.29 563.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.62 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.98 563.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.98 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.83 563.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 493.62 563.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 563.10 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 533.61 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 551.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.10 551.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.92 551.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.25 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.75 551.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 551.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.46 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.11 527.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.88 527.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.41 527.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.41 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.94 527.10 Td (For ) Tj ET Q q 0 0 0 rg BT 130.37 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.12 527.10 Td (three ) Tj ET Q q 0 0 0 rg BT 167.64 527.10 Td (months ) Tj ET Q q 0 0 0 rg BT 199.62 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.03 527.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 269.67 527.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.67 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 294.70 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.56 527.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 340.86 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 362.83 527.10 Td (income ) Tj ET Q q 0 0 0 rg BT 394.80 527.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 417.88 527.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.97 527.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 456.00 527.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.93 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 500.79 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.54 527.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 527.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.80 515.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 84.26 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 97.89 515.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 134.83 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.23 515.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 160.70 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 191.55 515.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 205.74 515.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 235.46 515.10 Td (related ) Tj ET Q q 0 0 0 rg BT 264.63 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.38 515.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 323.55 515.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 381.06 515.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 411.34 515.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 442.19 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 451.38 515.10 Td (values ) Tj ET Q q 0 0 0 rg BT 478.89 515.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 508.61 515.10 Td (than ) Tj ET Q q 0 0 0 rg BT 527.79 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.97 515.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 74.38 503.10 Td (As ) Tj ET Q q 0 0 0 rg BT 88.57 503.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 129.98 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.83 503.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 163.35 503.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 173.92 503.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.01 503.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 227.74 503.10 Td (Policies ) Tj ET Q q 0 0 0 rg BT 262.48 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.99 503.10 Td (Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 503.10 Td (" ) Tj ET Q q 0 0 0 rg BT 353.81 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.66 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.95 503.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 404.14 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.99 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.40 503.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 473.91 503.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.53 503.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.01 491.10 Td (included ) Tj ET Q q 0 0 0 rg BT 130.74 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.81 491.10 Td (this ) Tj ET Q q 0 0 0 rg BT 157.55 491.10 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 198.16 491.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 227.67 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.97 491.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 263.93 491.10 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 289.28 491.10 Td (ef) Tj ET Q q 0 0 0 rg BT 296.87 491.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 326.37 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.99 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.62 491.10 Td (January ) Tj ET Q q 0 0 0 rg BT 381.01 491.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 390.80 491.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 415.60 491.10 Td (new ) Tj ET Q q 0 0 0 rg BT 434.55 491.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 480.72 491.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 519.11 491.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 553.61 491.10 Td (us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.25 479.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 100.09 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.29 479.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.70 479.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 159.89 479.10 Td (ef) Tj ET Q q 0 0 0 rg BT 167.48 479.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 188.33 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.64 479.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 247.82 479.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 305.34 479.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 335.64 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.39 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.59 479.10 Td (income ) Tj ET Q q 0 0 0 rg BT 391.00 479.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 431.29 479.10 Td (when ) Tj ET Q q 0 0 0 rg BT 454.93 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.12 479.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 499.42 479.10 Td (vest, ) Tj ET Q q 0 0 0 rg BT 520.00 479.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 545.30 479.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.21 467.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 102.57 467.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 133.28 467.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 164.63 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 182.56 467.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.93 467.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 261.17 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.32 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.92 467.10 Td (income ) Tj ET Q q 0 0 0 rg BT 317.73 467.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 358.42 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.58 467.10 Td (future ) Tj ET Q q 0 0 0 rg BT 394.83 467.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 426.65 467.10 Td (may ) Tj ET Q q 0 0 0 rg BT 446.24 467.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 466.39 467.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 510.42 467.10 Td (upon, ) Tj ET Q q 0 0 0 rg BT 535.30 467.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 71.95 455.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 100.80 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.92 455.10 Td (number ) Tj ET Q q 0 0 0 rg BT 147.38 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.61 455.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 196.72 455.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 223.61 455.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 254.40 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.75 455.10 Td (their ) Tj ET Q q 0 0 0 rg BT 290.97 455.10 Td (change ) Tj ET Q q 0 0 0 rg BT 321.19 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.88 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 354.44 455.10 Td (since ) Tj ET Q q 0 0 0 rg BT 376.89 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.01 455.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 413.46 455.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 434.38 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 443.02 455.10 Td (e ) Tj ET Q q 0 0 0 rg BT 449.36 455.10 Td (would ) Tj ET Q q 0 0 0 rg BT 476.27 455.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 504.26 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 521.16 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.29 455.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.12 443.10 Td (this ) Tj ET Q q 0 0 0 rg BT 76.85 443.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 115.23 443.10 Td (will ) Tj ET Q q 0 0 0 rg BT 133.08 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.81 443.10 Td (more ) Tj ET Q q 0 0 0 rg BT 167.64 443.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 215.47 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.54 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.04 443.10 Td (first ) Tj ET Q q 0 0 0 rg BT 258.44 443.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 289.04 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.66 443.10 Td (each ) Tj ET Q q 0 0 0 rg BT 320.26 443.10 Td (year ) Tj ET Q q 0 0 0 rg BT 339.75 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.37 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.88 443.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 401.05 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.66 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.28 443.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 466.77 443.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.17 443.10 Td (vestings ) Tj ET Q q 0 0 0 rg BT 525.23 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.72 443.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.96 431.10 Td (employees' ) Tj ET Q q 0 0 0 rg BT 111.66 431.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 150.44 431.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 208.11 431.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 236.34 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.25 431.10 Td (February) Tj ET Q q 0 0 0 rg BT 281.70 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 286.33 431.10 Td (For ) Tj ET Q q 0 0 0 rg BT 302.36 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.70 431.10 Td (three ) Tj ET Q q 0 0 0 rg BT 338.82 431.10 Td (months ) Tj ET Q q 0 0 0 rg BT 370.40 431.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 396.41 431.10 Td (March ) Tj ET Q q 0 0 0 rg BT 424.64 431.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.27 431.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 463.90 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.36 431.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 519.27 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 533.06 431.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 72.69 419.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.88 419.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 111.01 419.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.90 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.54 419.10 Td (equating ) Tj ET Q q 0 0 0 rg BT 179.61 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.03 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 202.11 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 209.70 419.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 239.54 419.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 254.39 419.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 274.51 419.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 316.59 419.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 378.11 419.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 416.57 419.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.54 419.10 Td (9.5 ) Tj ET Q q 0 0 0 rg BT 442.68 419.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 419.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.05 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 495.23 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 502.82 419.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 532.66 419.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.52 419.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 407.10 Td (low ) Tj ET Q q 0 0 0 rg BT 85.05 407.10 Td (due ) Tj ET Q q 0 0 0 rg BT 101.99 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.27 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.99 407.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 156.70 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.53 407.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 215.01 407.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 246.94 407.10 Td (income ) Tj ET Q q 0 0 0 rg BT 278.88 407.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 330.80 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.74 407.10 Td (lar) Tj ET Q q 0 0 0 rg BT 348.10 407.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 363.37 407.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 408.09 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.92 407.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 449.73 407.10 Td (income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (Segment Performance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 359.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.34 359.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 99.42 359.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.17 359.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.46 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.23 359.10 Td (business ) Tj ET Q q 0 0 0 rg BT 235.89 359.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 273.48 359.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 290.80 359.10 Td (two ) Tj ET Q q 0 0 0 rg BT 307.56 359.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 349.86 359.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 388.84 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 402.82 359.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 433.47 359.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 468.00 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.82 359.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.81 359.10 Td (Management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 347.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.41 347.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.22 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 139.60 347.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 180.64 347.10 Td (based ) Tj ET Q q 0 0 0 rg BT 207.24 347.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 231.08 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.12 347.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 275.94 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.10 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 347.10 Td (products ) Tj ET Q q 0 0 0 rg BT 381.23 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.50 347.10 Td (services ) Tj ET Q q 0 0 0 rg BT 435.54 347.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 474.92 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.52 347.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 530.90 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 347.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 335.10 Td (or) Tj ET Q q 0 0 0 rg BT 112.14 335.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 159.70 335.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 198.09 335.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 229.81 335.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 270.98 335.10 Td (income ) Tj ET Q q 0 0 0 rg BT 303.82 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.66 335.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 358.39 335.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 390.11 335.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.27 335.10 Td (mar) Tj ET Q q 0 0 0 rg BT 446.64 335.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 462.82 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.43 335.10 Td (used ) Tj ET Q q 0 0 0 rg BT 500.16 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.35 335.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 548.06 335.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.40 323.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.31 323.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.42 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 191.00 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.92 323.10 Td (chief ) Tj ET Q q 0 0 0 rg BT 231.49 323.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.84 323.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 309.75 323.10 Td (maker ) Tj ET Q q 0 0 0 rg BT 338.32 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.69 323.10 Td (deciding ) Tj ET Q q 0 0 0 rg BT 387.70 323.10 Td (how ) Tj ET Q q 0 0 0 rg BT 408.51 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.88 323.10 Td (allocate ) Tj ET Q q 0 0 0 rg BT 454.55 323.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 495.89 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.92 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.28 323.10 Td (assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.25 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.26 311.10 Td (relation ) Tj ET Q q 0 0 0 rg BT 145.04 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.61 311.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 222.55 311.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.66 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.33 311.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 318.66 311.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 351.43 311.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 394.76 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 414.77 311.10 Td (each ) Tj ET Q q 0 0 0 rg BT 435.32 311.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 478.08 311.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 513.64 311.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.07 311.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.55 299.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 112.15 299.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 148.75 299.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 189.79 299.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 221.67 299.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.83 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.54 299.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.91 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 339.18 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 354.67 299.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.72 299.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 404.54 299.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 453.35 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.40 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.12 299.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 513.70 299.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 550.30 299.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.91 287.10 Td (based ) Tj ET Q q 0 0 0 rg BT 115.01 287.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 138.33 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.98 287.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 197.74 287.10 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 262.44 287.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.97 287.10 Td (based ) Tj ET Q q 0 0 0 rg BT 329.06 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 342.39 287.10 Td (each ) Tj ET Q q 0 0 0 rg BT 364.03 287.10 Td (segment) Tj ET Q q 0 0 0 rg BT 400.13 287.10 Td (s ) Tj ET Q q 0 0 0 rg BT 407.35 287.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 451.20 287.10 Td (net ) Tj ET Q q 0 0 0 rg BT 466.74 287.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 508.10 287.10 Td (use ) Tj ET Q q 0 0 0 rg BT 524.76 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 287.10 Td (shared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (resources, ) Tj ET Q q 0 0 0 rg BT 92.26 275.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 135.85 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 146.68 275.10 Td (other ) Tj ET Q q 0 0 0 rg BT 169.73 275.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 204.43 275.10 Td (measures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 99.56 251.10 Td (this ) Tj ET Q q 0 0 0 rg BT 116.85 251.10 Td (section, ) Tj ET Q q 0 0 0 rg BT 150.51 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.01 251.10 Td (have ) Tj ET Q q 0 0 0 rg BT 186.73 251.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 227.89 251.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 264.05 251.10 Td (results ) Tj ET Q q 0 0 0 rg BT 293.00 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 305.84 251.10 Td (both ) Tj ET Q q 0 0 0 rg BT 326.46 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.74 251.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.37 251.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.22 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.06 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.34 251.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 446.53 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.37 251.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 474.71 251.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.75 251.10 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.61 239.10 Td (presenting ) Tj ET Q q 0 0 0 rg BT 110.39 239.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 145.83 239.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.27 239.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 211.71 239.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.59 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 283.14 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 239.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 335.14 239.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 370.58 239.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 401.02 239.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.90 239.10 Td (mar) Tj ET Q q 0 0 0 rg BT 456.27 239.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.16 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.06 239.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 530.39 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 239.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.27 227.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.12 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.11 227.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 140.30 227.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 177.72 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.14 227.10 Td (more ) Tj ET Q q 0 0 0 rg BT 208.67 227.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 257.20 227.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 280.18 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.82 227.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 344.46 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.77 227.10 Td (its ) Tj ET Q q 0 0 0 rg BT 368.21 227.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.95 227.10 Td (results ) Tj ET Q q 0 0 0 rg BT 438.04 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.47 227.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 501.78 227.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 529.20 227.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.90 Td (periods) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 78.94 213.90 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.69 213.90 Td ( ) Tj ET Q q 0 0 0 rg BT 84.18 213.90 Td (and ) Tj ET Q q 0 0 0 rg BT 101.12 213.90 Td (enhances ) Tj ET Q q 0 0 0 rg BT 140.25 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 154.97 213.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 185.22 213.90 Td (understanding ) Tj ET Q q 0 0 0 rg BT 244.37 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 255.20 213.90 Td (our ) Tj ET Q q 0 0 0 rg BT 271.02 213.90 Td (current ) Tj ET Q q 0 0 0 rg BT 301.83 213.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.31 213.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.32 213.90 Td (by ) Tj ET Q q 0 0 0 rg BT 404.82 213.90 Td (excluding ) Tj ET Q q 0 0 0 rg BT 446.74 213.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 476.44 213.90 Td (items ) Tj ET Q q 0 0 0 rg BT 500.60 213.90 Td (that ) Tj ET Q q 0 0 0 rg BT 518.09 213.90 Td (may ) Tj ET Q q 0 0 0 rg BT 537.80 213.90 Td (not ) Tj ET Q q 0 0 0 rg BT 553.07 213.90 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.90 Td (indicative ) Tj ET Q q 0 0 0 rg BT 91.78 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 201.90 Td (our ) Tj ET Q q 0 0 0 rg BT 119.16 201.90 Td (core ) Tj ET Q q 0 0 0 rg BT 139.22 201.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 179.84 201.90 Td (results. ) Tj ET Q q 0 0 0 rg BT 211.09 201.90 Td (The ) Tj ET Q q 0 0 0 rg BT 229.50 201.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 274.68 201.90 Td ( ) Tj ET Q q 0 0 0 rg BT 277.54 201.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 313.72 201.90 Td (results ) Tj ET Q q 0 0 0 rg BT 342.68 201.90 Td (should ) Tj ET Q q 0 0 0 rg BT 372.21 201.90 Td (be ) Tj ET Q q 0 0 0 rg BT 384.50 201.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.67 201.90 Td (in ) Tj ET Q q 0 0 0 rg BT 441.31 201.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 476.94 201.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 490.07 201.90 Td (not ) Tj ET Q q 0 0 0 rg BT 505.70 201.90 Td (as ) Tj ET Q q 0 0 0 rg BT 516.89 201.90 Td (a ) Tj ET Q q 0 0 0 rg BT 524.18 201.90 Td (substitute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.90 Td (for) Tj ET Q q 0 0 0 rg BT 60.76 189.90 Td (, ) Tj ET Q q 0 0 0 rg BT 65.76 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.48 189.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 116.30 189.90 Td (results ) Tj ET Q q 0 0 0 rg BT 144.91 189.90 Td (prepared ) Tj ET Q q 0 0 0 rg BT 182.39 189.90 Td (in ) Tj ET Q q 0 0 0 rg BT 192.66 189.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 240.13 189.90 Td (with ) Tj ET Q q 0 0 0 rg BT 260.40 189.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 280.69 189.90 Td (GAAP) Tj ET Q q 0 0 0 rg BT 306.80 189.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.54 165.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.79 165.90 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.03 165.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.72 165.90 Td (income ) Tj ET Q q 0 0 0 rg BT 229.08 165.90 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 165.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.70 165.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 318.95 165.90 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 350.20 165.90 Td (operating ) 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0.9333333333333333 1 rg /GS0 gs 459.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 401.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 401.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 381.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 381.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 381.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 381.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 381.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 381.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 381.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 381.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 381.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 381.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 381.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 361.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 361.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 361.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 361.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 361.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 361.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 361.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 361.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 361.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 361.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 361.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 331.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 331.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 331.60 58.00 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 674.6 m 185 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 674.6 m 243 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 674.6 m 247 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 674.6 m 297 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 674.6 m 301 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 674.6 m 347 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 674.6 m 352 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 674.6 m 397 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 674.6 m 401 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 674.6 m 459 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 674.6 m 463 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 674.6 m 513 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 674.6 m 517 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 674.6 m 563 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 664.6 m 181 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 664.6 m 185 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 664.6 m 243 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 664.6 m 247 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 664.6 m 297 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 664.6 m 301 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 664.6 m 347 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 664.6 m 397 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 664.6 m 401 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 664.6 m 459 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 664.6 m 463 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 664.6 m 513 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 664.6 m 517 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 664.6 m 563 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 653.6 m 243 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 653.6 m 247 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 653.6 m 297 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 653.6 m 459 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 653.6 m 463 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 653.6 m 513 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 633.6 m 181 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 633.6 m 243 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 633.6 m 297 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 633.6 m 347 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 633.6 m 397 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 633.6 m 459 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 633.6 m 513 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 633.6 m 563 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 583.6 m 181 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 583.6 m 243 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 583.6 m 297 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 583.6 m 347 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 583.6 m 397 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 583.6 m 459 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 583.6 m 513 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 583.6 m 563 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 513.6 m 181 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 513.6 m 243 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 513.6 m 297 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 513.6 m 347 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 513.6 m 397 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 513.6 m 459 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 513.6 m 513 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 513.6 m 563 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 411.6 m 181 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 411.6 m 243 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 411.6 m 297 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 411.6 m 347 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 411.6 m 397 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 411.6 m 459 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 411.6 m 513 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 411.6 m 563 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 371.6 m 181 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 371.6 m 243 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 371.6 m 297 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 371.6 m 347 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 371.6 m 397 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 371.6 m 459 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 371.6 m 513 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 371.6 m 563 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 342.6 m 181 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 340.6 m 181 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 342.6 m 243 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 340.6 m 243 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 342.6 m 297 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 340.6 m 297 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 342.6 m 347 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 340.6 m 347 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 342.6 m 397 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 340.6 m 397 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 342.6 m 459 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 340.6 m 459 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 342.6 m 513 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 340.6 m 513 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 342.6 m 563 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 340.6 m 563 340.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.10 676.73 Td (Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 666.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 666.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.05 656.68 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.05 656.68 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.25 645.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 645.73 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.35 645.73 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.35 645.73 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.25 645.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 645.73 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.35 645.73 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.35 645.73 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 635.60 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.40 635.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.65 635.73 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.70 635.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.35 635.73 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.40 635.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.65 635.73 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.70 635.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.35 635.73 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 625.60 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 615.60 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 605.60 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 605.60 Td (23,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 605.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 605.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 605.60 Td (23,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 605.60 Td (6,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 605.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 605.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 605.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 605.60 Td (6,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 595.60 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 595.60 Td (16,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 595.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 595.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 595.60 Td (16,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 595.60 Td (15,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 595.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 595.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 595.60 Td (15,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 585.60 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 585.60 Td (92,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 585.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 585.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 585.60 Td (92,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 585.60 Td (81,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 585.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 585.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 585.60 Td (81,629) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 575.55 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 567.55 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.75 567.85 Td (132,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 567.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 567.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.75 567.85 Td (132,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 567.85 Td (104,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 567.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 567.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.75 567.85 Td (104,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 545.55 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 537.55 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 525.60 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 525.60 Td (20,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 525.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 525.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 525.60 Td (20,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 525.60 Td (19,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 525.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 525.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 525.60 Td (19,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 515.60 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 515.60 Td (23,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 515.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 515.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 515.60 Td (23,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 515.60 Td (17,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 515.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 515.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 515.60 Td (17,054) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 505.55 Td (Total institutional sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 497.55 Td (and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 497.85 Td (43,346) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 497.85 Td (43,346) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 497.85 Td (36,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 497.85 Td (36,723) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 475.55 Td (Management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 467.55 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 467.85 Td (1,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 467.85 Td (1,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 467.85 Td (965) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 467.85 Td (965) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 445.55 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 445.55 Td (6,611) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.80 445.55 Td (3,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 445.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 445.55 Td (10,508) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 445.55 Td (737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 445.55 Td (1,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 445.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 445.55 Td (2,086) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 423.55 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 415.55 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.10 415.85 Td (\(2,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 415.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 415.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.10 415.85 Td (\(2,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.80 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.10 415.85 Td (\(2,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 415.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 415.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.10 415.85 Td (\(2,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 393.60 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.75 393.60 Td (182,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.80 393.60 Td (3,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 393.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.75 393.60 Td (186,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 393.60 Td (140,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 393.60 Td (1,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 393.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.75 393.60 Td (141,649) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 373.60 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.75 373.60 Td (152,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 373.60 Td (968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.75 373.60 Td (10,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.75 373.60 Td (164,060) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 373.60 Td (126,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 373.60 Td (600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 373.60 Td (11,979) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.75 373.60 Td (138,855) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 353.55 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 345.55 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 345.85 Td (29,827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.80 345.85 Td (2,929) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.10 345.85 Td (\(10,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 345.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 345.85 Td (22,225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 345.85 Td (14,024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 345.85 Td (749) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 345.85 Td (\(11,979) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.80 345.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 345.85 Td (2,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 323.55 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 315.55 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 315.85 Td (16.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 315.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.75 315.85 Td (11.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.80 315.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 315.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 315.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.75 315.85 Td (2.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 315.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 299.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 299.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 299.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.94 299.50 Td (following ) Tj ET Q q 0 0 0 rg BT 114.61 299.50 Td (is ) Tj ET Q q 0 0 0 rg BT 122.38 299.50 Td (a ) Tj ET Q q 0 0 0 rg BT 128.82 299.50 Td (summary ) Tj ET Q q 0 0 0 rg BT 160.59 299.50 Td (of ) Tj ET Q q 0 0 0 rg BT 169.25 299.50 Td (the ) Tj ET Q q 0 0 0 rg BT 181.47 299.50 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 222.13 299.50 Td (needed ) Tj ET Q q 0 0 0 rg BT 247.22 299.50 Td (to ) Tj ET Q q 0 0 0 rg BT 255.88 299.50 Td (r) Tj ET Q q 0 0 0 rg BT 258.70 299.50 Td (econcile ) Tj ET Q q 0 0 0 rg BT 287.79 299.50 Td (our ) Tj ET Q q 0 0 0 rg BT 301.34 299.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 344.66 299.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 360.88 299.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.17 299.50 Td ( ) Tj ET Q q 0 0 0 rg BT 383.61 299.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 412.27 299.50 Td (pr) Tj ET Q q 0 0 0 rg BT 419.08 299.50 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 437.51 299.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.06 299.50 Td (income ) Tj ET Q q 0 0 0 rg BT 496.60 299.50 Td (and ) Tj ET Q q 0 0 0 rg BT 511.04 299.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 539.69 299.50 Td (pr) Tj ET Q q 0 0 0 rg BT 546.51 299.50 Td (e-tax ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 289.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 100.61 289.90 Td (mar) Tj ET Q q 0 0 0 rg BT 113.20 289.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 125.43 289.90 Td (to ) Tj ET Q q 0 0 0 rg BT 133.65 289.90 Td (the ) Tj ET Q q 0 0 0 rg BT 145.42 289.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 174.53 289.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 202.75 289.90 Td (pr) Tj ET Q q 0 0 0 rg BT 209.56 289.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 227.55 289.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.66 289.90 Td (income ) Tj ET Q q 0 0 0 rg BT 285.76 289.90 Td (and ) Tj ET Q q 0 0 0 rg BT 299.76 289.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.87 289.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.09 289.90 Td (pr) Tj ET Q q 0 0 0 rg BT 363.90 289.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.89 289.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.00 289.90 Td (mar) Tj ET Q q 0 0 0 rg BT 427.59 289.90 Td (gin: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 277.30 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 277.30 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.58 277.30 Td (inter) Tj ET Q q 0 0 0 rg BT 133.39 277.30 Td (ests ) Tj ET Q q 0 0 0 rg BT 147.87 277.30 Td ( ) Tj ET Q q 0 0 0 rg BT 154.36 277.30 Td (The ) Tj ET Q q 0 0 0 rg BT 168.84 277.30 Td (impacts ) Tj ET Q q 0 0 0 rg BT 196.21 277.30 Td (of ) Tj ET Q q 0 0 0 rg BT 204.92 277.30 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 250.95 277.30 Td (noncontr) Tj ET Q q 0 0 0 rg BT 279.54 277.30 Td (olling ) Tj ET Q q 0 0 0 rg BT 300.70 277.30 Td (inter) Tj ET Q q 0 0 0 rg BT 315.51 277.30 Td (ests ) Tj ET Q q 0 0 0 rg BT 329.99 277.30 Td (in ) Tj ET Q q 0 0 0 rg BT 338.70 277.30 Td (our ) Tj ET Q q 0 0 0 rg BT 352.29 277.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 389.43 277.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 407.92 277.30 Td (management ) Tj ET Q q 0 0 0 rg BT 451.28 277.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 471.10 277.30 Td (ar) Tj ET Q q 0 0 0 rg BT 477.92 277.30 Td (e ) Tj ET Q q 0 0 0 rg BT 483.95 277.30 Td (not ) Tj ET Q q 0 0 0 rg BT 496.66 277.30 Td (included ) Tj ET Q q 0 0 0 rg BT 526.69 277.30 Td (in ) Tj ET Q q 0 0 0 rg BT 535.39 277.30 Td (adjusted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 267.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 95.71 267.70 Td (pr) Tj ET Q q 0 0 0 rg BT 102.53 267.70 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 120.52 267.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.63 267.70 Td (income ) Tj ET Q q 0 0 0 rg BT 178.73 267.70 Td (and ) Tj ET Q q 0 0 0 rg BT 192.73 267.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 221.84 267.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 250.05 267.70 Td (pr) Tj ET Q q 0 0 0 rg BT 256.87 267.70 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 274.86 267.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 307.97 267.70 Td (mar) Tj ET Q q 0 0 0 rg BT 320.56 267.70 Td (gin. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 255.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.44 255.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 126.94 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.22 255.10 Td (The ) Tj ET Q q 0 0 0 rg BT 145.50 255.10 Td (following ) Tj ET Q q 0 0 0 rg BT 177.00 255.10 Td (table ) Tj ET Q q 0 0 0 rg BT 194.27 255.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 207.55 255.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.39 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.44 255.10 Td (items ) Tj ET Q q 0 0 0 rg BT 253.60 255.10 Td (not ) Tj ET Q q 0 0 0 rg BT 265.10 255.10 Td (included ) Tj ET Q q 0 0 0 rg BT 293.93 255.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.43 255.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 329.81 255.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.30 255.10 Td (pr) Tj ET Q q 0 0 0 rg BT 364.12 255.10 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.39 255.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.77 255.10 Td (income ) Tj ET Q q 0 0 0 rg BT 438.15 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.43 255.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.82 255.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.31 255.10 Td (pr) Tj ET Q q 0 0 0 rg BT 514.13 255.10 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 255.10 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 245.50 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 245.50 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 245.50 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 245.50 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 245.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 245.50 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 245.50 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 215.00 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 215.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 215.00 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 215.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 195.00 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 195.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 195.00 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 195.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 175.00 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 175.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 175.00 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 175.00 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 412 225 m 482 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 225 m 493 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 225 m 563 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 215 m 482 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 215 m 563 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 215 m 482 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 215 m 563 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 175 m 482 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 166 m 482 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 164 m 482 164 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 175 m 563 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 166 m 563 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 164 m 563 164 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 433.75 227.13 Td (Three Months Ended March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 217.00 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 217.00 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 217.00 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 217.13 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 217.13 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 207.00 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 207.00 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 207.00 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 207.00 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 207.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 207.00 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 207.00 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 207.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 207.00 Td (7,901) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 207.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 207.00 Td (3,306) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 197.00 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 197.00 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 197.00 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 197.00 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.65 197.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 197.00 Td (6,764) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 187.00 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 187.00 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 187.00 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 187.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 187.00 Td (r) Tj ET Q q 0 0 0 rg BT 181.02 187.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 187.00 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 187.00 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 187.00 Td (2,544) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 187.00 Td (1,909) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 177.00 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 132.94 177.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 163.37 177.00 Td (fr) Tj ET Q q 0 0 0 rg BT 168.41 177.00 Td (om ) Tj ET Q q 0 0 0 rg BT 180.18 177.00 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 221.22 177.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 242.77 177.00 Td (agr) Tj ET Q q 0 0 0 rg BT 253.58 177.00 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.80 177.00 Td (86) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 177.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 167.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 167.00 Td (10,531) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 167.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.80 167.00 Td (11,979) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.50 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.93 141.50 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.26 141.50 Td (net ) Tj ET Q q 0 0 0 rg BT 131.03 141.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 169.12 141.50 Td (on ) Tj ET Q q 0 0 0 rg BT 181.67 141.50 Td (a ) Tj ET Q q 0 0 0 rg BT 188.66 141.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.00 141.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 235.85 141.50 Td ( ) Tj ET Q q 0 0 0 rg BT 238.40 141.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 260.96 141.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.94 141.50 Td ($186.3 ) Tj ET Q q 0 0 0 rg BT 312.99 141.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.88 141.50 Td ( ) Tj ET Q q 0 0 0 rg BT 344.43 141.50 Td (for ) Tj ET Q q 0 0 0 rg BT 358.65 141.50 Td (the ) Tj ET Q q 0 0 0 rg BT 373.42 141.50 Td (three ) Tj ET Q q 0 0 0 rg BT 395.96 141.50 Td (months ) Tj ET Q q 0 0 0 rg BT 427.96 141.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.39 141.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 498.04 141.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.04 141.50 Td (, ) Tj ET Q q 0 0 0 rg BT 523.09 141.50 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.61 129.50 Td ($141.6 ) Tj ET Q q 0 0 0 rg BT 101.44 129.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.33 129.50 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 129.50 Td (in ) Tj ET Q q 0 0 0 rg BT 144.78 129.50 Td (the ) Tj ET Q q 0 0 0 rg BT 160.33 129.50 Td (prior) Tj ET Q q 0 0 0 rg BT 179.57 129.50 Td (-year ) Tj ET Q q 0 0 0 rg BT 203.44 129.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 234.81 129.50 Td (For ) Tj ET Q q 0 0 0 rg BT 252.04 129.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.59 129.50 Td (three ) Tj ET Q q 0 0 0 rg BT 290.91 129.50 Td (months ) Tj ET Q q 0 0 0 rg BT 323.69 129.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.90 129.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 395.33 129.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.33 129.50 Td (, ) Tj ET Q q 0 0 0 rg BT 421.16 129.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 457.82 129.50 Td (net ) Tj ET Q q 0 0 0 rg BT 473.37 129.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 512.24 129.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 129.50 Td ($182.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 117.50 Td (, ) Tj ET Q q 0 0 0 rg BT 83.71 117.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 125.96 117.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.56 117.50 Td ($140.3 ) Tj ET Q q 0 0 0 rg BT 176.88 117.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.77 117.50 Td ( ) Tj ET Q q 0 0 0 rg BT 208.60 117.50 Td (in ) Tj ET Q q 0 0 0 rg BT 219.20 117.50 Td (the ) Tj ET Q q 0 0 0 rg BT 234.24 117.50 Td (first ) Tj ET Q q 0 0 0 rg BT 253.17 117.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 284.30 117.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.46 117.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.46 117.50 Td (. ) Tj ET Q q 0 0 0 rg BT 320.58 117.50 Td (The ) Tj ET Q q 0 0 0 rg BT 338.94 117.50 Td (variance ) Tj ET Q q 0 0 0 rg BT 375.63 117.50 Td (explanations ) Tj ET Q q 0 0 0 rg BT 428.99 117.50 Td (for ) Tj ET Q q 0 0 0 rg BT 443.48 117.50 Td (net ) Tj ET Q q 0 0 0 rg BT 458.51 117.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 496.87 117.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.13 117.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 550.28 117.50 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.54 105.50 Td (are ) Tj ET Q q 0 0 0 rg BT 102.24 105.50 Td (consistent ) Tj ET Q q 0 0 0 rg BT 144.74 105.50 Td (on ) Tj ET Q q 0 0 0 rg BT 157.24 105.50 Td (both ) Tj ET Q q 0 0 0 rg BT 177.52 105.50 Td (a ) Tj ET Q q 0 0 0 rg BT 184.46 105.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.74 105.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 231.59 105.50 Td ( ) Tj ET Q q 0 0 0 rg BT 234.09 105.50 Td (and ) Tj ET Q q 0 0 0 rg BT 251.03 105.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 296.22 105.50 Td ( ) Tj ET Q q 0 0 0 rg BT 298.72 105.50 Td (basis.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.22 731.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 132.73 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.55 731.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 211.50 731.10 Td (all ) Tj ET Q q 0 0 0 rg BT 224.78 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.90 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 290.73 731.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 332.88 731.10 Td (through ) Tj ET Q q 0 0 0 rg BT 367.28 731.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 395.56 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.29 731.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.79 731.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 474.85 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.57 731.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.30 731.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 91.40 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 119.14 719.10 Td (include ) Tj ET Q q 0 0 0 rg BT 151.87 719.10 Td (mer) Tj ET Q q 0 0 0 rg BT 167.24 719.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 187.20 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.94 719.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 258.51 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 286.81 719.10 Td (private ) Tj ET Q q 0 0 0 rg BT 317.87 719.10 Td (placements, ) Tj ET Q q 0 0 0 rg BT 368.66 719.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 389.17 719.10 Td (advisory) Tj ET Q q 0 0 0 rg BT 422.96 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.76 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.50 719.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 489.79 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 528.07 719.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 101.80 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 107.21 707.10 Td (o ) Tj ET Q q 0 0 0 rg BT 114.41 707.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 141.05 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.46 707.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 205.42 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.95 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.03 707.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 298.94 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 312.80 707.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 353.86 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.94 707.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 434.35 707.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 452.64 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 472.62 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.03 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 501.44 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 533.07 707.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 695.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 95.04 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 138.63 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 158.91 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 181.96 695.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.09 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.56 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 92.93 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.50 671.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.83 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.09 671.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.09 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.84 671.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.98 671.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 239.46 671.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 277.25 671.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.26 671.10 Td (27.4 ) Tj ET Q q 0 0 0 rg BT 337.02 671.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.44 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.70 671.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.74 671.10 Td ($132.7 ) Tj ET Q q 0 0 0 rg BT 408.50 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.39 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 442.14 671.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.83 671.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.86 671.10 Td ($104.2 ) Tj ET Q q 0 0 0 rg BT 533.62 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.59 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.13 659.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 133.65 659.10 Td (period ) Tj ET Q q 0 0 0 rg BT 161.51 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.16 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.69 659.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 208.45 659.10 Td (year) Tj ET Q q 0 0 0 rg BT 225.10 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.92 659.10 Td (For ) Tj ET Q q 0 0 0 rg BT 246.12 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.66 659.10 Td (three ) Tj ET Q q 0 0 0 rg BT 282.96 659.10 Td (months ) Tj ET Q q 0 0 0 rg BT 314.72 659.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.92 659.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 384.33 659.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.33 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.15 659.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 445.90 659.10 Td (services ) Tj ET Q q 0 0 0 rg BT 480.42 659.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 518.28 659.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 659.10 Td ($92.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.02 647.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.14 647.10 Td (13.8 ) Tj ET Q q 0 0 0 rg BT 114.76 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.19 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.31 647.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 187.86 647.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.76 647.10 Td ($81.6 ) Tj ET Q q 0 0 0 rg BT 222.39 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.28 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.40 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.30 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.64 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 295.88 647.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 326.32 647.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.77 647.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.77 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.24 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.91 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 413.79 647.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 445.34 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.79 647.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 503.46 647.10 Td (into ) Tj ET Q q 0 0 0 rg BT 521.14 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.48 647.10 Td (ener) Tj ET Q q 0 0 0 rg BT 552.51 647.10 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 75.43 635.10 Td (over ) Tj ET Q q 0 0 0 rg BT 95.26 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.53 635.10 Td (past ) Tj ET Q q 0 0 0 rg BT 127.70 635.10 Td (year) Tj ET Q q 0 0 0 rg BT 144.51 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.06 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 159.45 635.10 Td (well ) Tj ET Q q 0 0 0 rg BT 178.72 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 189.11 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.50 635.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 231.56 635.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 284.14 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.97 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 310.48 635.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 336.41 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.25 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.52 635.10 Td (first ) Tj ET Q q 0 0 0 rg BT 378.69 635.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 409.06 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.44 635.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 443.85 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.49 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 458.99 635.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.69 635.10 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.69 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.75 635.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.16 623.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.48 623.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 124.22 623.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 166.53 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 191.06 623.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.27 623.10 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 222.65 623.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.77 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.31 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.41 623.10 Td (first ) Tj ET Q q 0 0 0 rg BT 296.39 623.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.59 623.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.92 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 623.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 623.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.18 623.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 406.49 623.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 623.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.03 623.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 490.67 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 511.33 623.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.65 623.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 91.10 611.10 Td (value ) Tj ET Q q 0 0 0 rg BT 114.92 611.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.42 611.10 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 145.10 611.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.21 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.38 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.33 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.72 611.10 Td (first ) Tj ET Q q 0 0 0 rg BT 216.00 611.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 246.49 611.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.82 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.99 611.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.99 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.66 611.10 Td (For ) Tj ET Q q 0 0 0 rg BT 297.73 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.11 611.10 Td (three ) Tj ET Q q 0 0 0 rg BT 334.27 611.10 Td (months ) Tj ET Q q 0 0 0 rg BT 365.89 611.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.94 611.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 435.21 611.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.21 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 459.88 611.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.05 611.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 526.99 611.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.62 599.10 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 96.82 599.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.71 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.91 599.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 173.03 599.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 599.10 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 213.69 599.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.59 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.28 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.75 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.67 599.10 Td (prior) Tj ET Q q 0 0 0 rg BT 289.91 599.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 313.14 599.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 343.88 599.10 Td (Low ) Tj ET Q q 0 0 0 rg BT 364.91 599.10 Td (market ) Tj ET Q q 0 0 0 rg BT 395.36 599.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 434.17 599.10 Td (led ) Tj ET Q q 0 0 0 rg BT 449.08 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.55 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.69 599.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 507.14 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.61 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.52 599.10 Td (volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.12 587.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 87.40 587.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 116.34 587.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 145.85 587.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 178.13 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.20 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.70 587.10 Td (first ) Tj ET Q q 0 0 0 rg BT 221.10 587.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 251.70 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.32 587.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 284.61 587.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 326.32 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.39 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.90 587.10 Td (trough ) Tj ET Q q 0 0 0 rg BT 379.29 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.36 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.87 587.10 Td (market ) Tj ET Q q 0 0 0 rg BT 433.92 587.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 457.30 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 471.25 587.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 521.84 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.91 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.42 587.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.34 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.19 575.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 116.22 575.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.29 575.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 172.35 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.65 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.39 575.10 Td (current ) Tj ET Q q 0 0 0 rg BT 228.23 575.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 259.07 575.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 287.13 575.10 Td (broad-based ) Tj ET Q q 0 0 0 rg BT 338.52 575.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 393.81 575.10 Td (across ) Tj ET Q q 0 0 0 rg BT 421.33 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.18 575.10 Td (sectors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.97 575.10 Td (During ) Tj ET Q q 0 0 0 rg BT 500.83 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.57 575.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.20 575.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.42 563.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.42 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 85.51 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 99.76 563.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 563.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.00 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.59 563.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 184.18 563.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 230.92 563.10 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.73 563.10 Td ($6.2 ) Tj ET Q q 0 0 0 rg BT 280.82 563.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.93 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.52 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.77 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.70 563.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 370.89 563.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 412.90 563.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.27 563.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.27 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.86 563.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.45 563.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 515.19 563.10 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 563.10 Td ($1.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.69 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.42 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.82 551.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 139.00 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.85 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.14 551.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 214.85 551.10 Td (year) Tj ET Q q 0 0 0 rg BT 231.86 551.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 252.70 551.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 283.82 551.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 306.33 551.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 347.17 551.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 385.78 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.51 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.80 551.10 Td (three ) Tj ET Q q 0 0 0 rg BT 438.86 551.10 Td (months ) Tj ET Q q 0 0 0 rg BT 471.38 551.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.33 551.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.50 551.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.37 539.10 Td ($16.4 ) Tj ET Q q 0 0 0 rg BT 98.32 539.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.21 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.15 539.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.60 539.10 Td (2.7 ) Tj ET Q q 0 0 0 rg BT 162.54 539.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.97 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.41 539.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 238.28 539.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 539.10 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 285.45 539.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.34 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.79 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.01 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.67 539.10 Td (year) Tj ET Q q 0 0 0 rg BT 361.68 539.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 382.89 539.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.38 539.10 Td (During ) Tj ET Q q 0 0 0 rg BT 446.16 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.82 539.10 Td (first ) Tj ET Q q 0 0 0 rg BT 481.37 539.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 513.13 539.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.46 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.91 539.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.91 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 539.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.61 527.10 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.61 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.07 527.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 155.17 527.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 197.62 527.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 223.97 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.21 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.10 527.10 Td (total ) Tj ET Q q 0 0 0 rg BT 271.33 527.10 Td (par ) Tj ET Q q 0 0 0 rg BT 286.56 527.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.67 527.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.46 527.10 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 341.42 527.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.53 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.49 527.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 414.37 527.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.60 527.10 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.06 527.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 496.17 527.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 538.62 527.10 Td (issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 76.72 515.10 Td (total ) Tj ET Q q 0 0 0 rg BT 96.99 515.10 Td (par ) Tj ET Q q 0 0 0 rg BT 112.26 515.10 Td (value ) Tj ET Q q 0 0 0 rg BT 136.41 515.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.24 515.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 167.24 515.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.36 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.86 515.10 Td (during ) Tj ET Q q 0 0 0 rg BT 224.47 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.18 515.10 Td (prior) Tj ET Q q 0 0 0 rg BT 258.42 515.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 281.46 515.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 99.21 491.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 120.03 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.85 491.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.55 491.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 491.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.50 491.10 Td (all ) Tj ET Q q 0 0 0 rg BT 251.88 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 491.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.10 491.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 352.34 491.10 Td (through ) Tj ET Q q 0 0 0 rg BT 384.83 491.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.53 491.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.51 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.33 491.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.49 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 491.10 Td (facilitating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.09 479.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 116.39 479.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 157.20 479.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 206.34 479.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 248.26 479.10 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 305.74 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.10 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.37 479.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.17 479.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 403.43 479.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 441.46 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.17 479.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 493.09 479.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.41 479.10 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.65 467.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 123.24 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.51 467.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.12 467.10 Td (government ) Tj ET Q q 0 0 0 rg BT 214.71 467.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 246.86 467.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 290.68 467.10 Td (T) Tj ET Q q 0 0 0 rg BT 296.09 467.10 Td (o ) Tj ET Q q 0 0 0 rg BT 304.92 467.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 333.19 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.24 467.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 400.84 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.00 467.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.60 467.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 508.41 467.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 550.84 467.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 89.96 455.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 139.34 455.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 180.92 455.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.06 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.44 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.26 455.10 Td (net ) Tj ET Q q 0 0 0 rg BT 265.08 455.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.11 455.10 Td (income ) Tj ET Q q 0 0 0 rg BT 327.15 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.08 455.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 370.89 455.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.58 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 432.96 455.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 474.83 455.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 530.30 455.10 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.68 443.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 97.98 443.10 Td (long ) Tj ET Q q 0 0 0 rg BT 117.50 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.57 443.10 Td (short ) Tj ET Q q 0 0 0 rg BT 149.31 443.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 189.37 443.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 229.73 443.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 247.02 443.10 Td (results ) Tj ET Q q 0 0 0 rg BT 274.87 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 293.83 443.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 313.34 443.10 Td (from ) Tj ET Q q 0 0 0 rg BT 334.52 443.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.58 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.09 443.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 404.15 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.22 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.40 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 444.36 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.43 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.38 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.90 443.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 527.96 443.10 Td (mar) Tj ET Q q 0 0 0 rg BT 543.33 443.10 Td (gins, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.33 431.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 103.93 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.87 431.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 149.76 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 164.48 431.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.41 431.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 231.40 431.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 262.23 431.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 298.62 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.55 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.27 431.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 358.88 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.71 431.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 419.98 431.10 Td (based ) Tj ET Q q 0 0 0 rg BT 445.25 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.75 431.10 Td (market ) Tj ET Q q 0 0 0 rg BT 488.01 431.10 Td (opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.68 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.19 407.10 Td (three ) Tj ET Q q 0 0 0 rg BT 105.46 407.10 Td (months ) Tj ET Q q 0 0 0 rg BT 138.20 407.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.37 407.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 209.76 407.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.76 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.55 407.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 286.62 407.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 329.88 407.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 368.71 407.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.43 407.10 Td ($43.3 ) Tj ET Q q 0 0 0 rg BT 417.22 407.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.11 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.90 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.63 407.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 500.67 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.29 407.10 Td (18.0 ) Tj ET Q q 0 0 0 rg BT 533.08 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 90.64 395.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.13 395.10 Td ($36.7 ) Tj ET Q q 0 0 0 rg BT 134.35 395.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.96 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.45 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.39 395.10 Td (prior) Tj ET Q q 0 0 0 rg BT 207.63 395.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 229.88 395.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 259.64 395.10 Td (due ) Tj ET Q q 0 0 0 rg BT 275.80 395.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.72 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.22 395.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 351.48 395.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 373.75 395.10 Td (income ) Tj ET Q q 0 0 0 rg BT 404.90 395.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 454.39 395.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 496.08 395.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 535.84 395.10 Td (Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.38 383.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 141.46 383.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.10 383.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.63 383.10 Td ($20.1 ) Tj ET Q q 0 0 0 rg BT 225.24 383.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.13 383.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.23 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.11 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.43 383.10 Td (first ) Tj ET Q q 0 0 0 rg BT 298.65 383.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 329.07 383.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.40 383.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.50 383.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.10 383.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 405.63 383.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.51 383.10 Td ($19.7 ) Tj ET Q q 0 0 0 rg BT 450.12 383.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.01 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.11 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.99 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 383.10 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.90 371.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.08 371.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.08 371.10 Td (. ) Tj ET Q q 0 0 0 rg BT 114.43 371.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 146.16 371.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 182.90 371.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 219.62 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 240.25 371.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 265.87 371.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 304.83 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.46 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.53 371.10 Td (first ) Tj ET Q q 0 0 0 rg BT 349.49 371.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 380.66 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.84 371.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 417.19 371.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 458.92 371.10 Td (were ) Tj ET Q q 0 0 0 rg BT 481.20 371.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 497.38 371.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 539.65 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 371.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (first ) Tj ET Q q 0 0 0 rg BT 67.52 359.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 97.75 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 359.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 129.92 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 140.16 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.41 359.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 197.87 359.10 Td (into ) Tj ET Q q 0 0 0 rg BT 215.34 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.47 359.10 Td (ener) Tj ET Q q 0 0 0 rg BT 246.50 359.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 258.42 359.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 284.21 359.10 Td (of) Tj ET Q q 0 0 0 rg BT 292.36 359.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 308.71 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.84 359.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 351.97 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.22 359.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 386.90 359.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 417.14 359.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 455.44 359.10 Td (For ) Tj ET Q q 0 0 0 rg BT 471.25 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.38 359.10 Td (three ) Tj ET Q q 0 0 0 rg BT 507.28 359.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.65 359.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.93 347.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.93 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.76 347.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 140.64 347.10 Td (income ) Tj ET Q q 0 0 0 rg BT 172.41 347.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 222.52 347.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 264.82 347.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 302.69 347.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.45 347.10 Td ($23.2 ) Tj ET Q q 0 0 0 rg BT 349.28 347.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.17 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.01 347.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.34 347.10 Td (36.3 ) Tj ET Q q 0 0 0 rg BT 415.17 347.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.59 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.92 347.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 488.68 347.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.79 347.10 Td ($17.1 ) Tj ET Q q 0 0 0 rg BT 533.62 347.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.95 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.84 335.10 Td (prior) Tj ET Q q 0 0 0 rg BT 96.08 335.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 120.29 335.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 152.01 335.10 Td (due ) Tj ET Q q 0 0 0 rg BT 170.13 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.58 335.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 210.80 335.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 242.80 335.10 Td (gains. ) Tj ET Q q 0 0 0 rg BT 270.08 335.10 Td (Customer ) Tj ET Q q 0 0 0 rg BT 312.64 335.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 334.65 335.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 368.31 335.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 409.19 335.10 Td (constrained ) Tj ET Q q 0 0 0 rg BT 458.96 335.10 Td (during ) Tj ET Q q 0 0 0 rg BT 488.74 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.63 335.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 536.62 335.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.73 335.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 102.49 323.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 142.71 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.82 323.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 193.71 323.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 222.83 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.06 323.10 Td (future ) Tj ET Q q 0 0 0 rg BT 258.84 323.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 272.95 323.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 308.46 323.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 339.79 323.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 356.68 323.10 Td (direction ) Tj ET Q q 0 0 0 rg BT 394.12 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.46 323.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 451.23 323.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 483.97 323.10 Td (Challenging ) Tj ET Q q 0 0 0 rg BT 534.75 323.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.67 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.94 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.66 311.10 Td (first ) Tj ET Q q 0 0 0 rg BT 137.27 311.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 168.08 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.91 311.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 201.41 311.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 245.56 311.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 284.71 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.54 311.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 331.37 311.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 389.14 311.10 Td (which ) Tj ET Q q 0 0 0 rg BT 416.08 311.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 450.23 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.06 311.10 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.60 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.93 287.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 175.35 287.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 194.34 287.10 Td (include ) Tj ET Q q 0 0 0 rg BT 226.67 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.78 287.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 260.77 287.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 302.53 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 324.86 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.09 287.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 381.18 287.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 418.79 287.10 Td (ener) Tj ET Q q 0 0 0 rg BT 435.82 287.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 448.72 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.05 287.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 493.38 287.10 Td (living ) Tj ET Q q 0 0 0 rg BT 519.61 287.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 544.73 287.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 81.05 275.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 122.32 275.10 Td (For ) Tj ET Q q 0 0 0 rg BT 138.87 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.75 275.10 Td (three ) Tj ET Q q 0 0 0 rg BT 176.40 275.10 Td (months ) Tj ET Q q 0 0 0 rg BT 208.51 275.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.05 275.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.81 275.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.81 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.98 275.10 Td (management ) Tj ET Q q 0 0 0 rg BT 357.73 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.83 275.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 428.01 275.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 446.77 275.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.87 275.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 489.03 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.92 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 275.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 263.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 89.78 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.67 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.17 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.45 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.17 263.10 Td (prior) Tj ET Q q 0 0 0 rg BT 165.40 263.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 188.44 263.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 218.99 263.10 Td (due ) Tj ET Q q 0 0 0 rg BT 235.93 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.20 263.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 274.25 263.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 327.27 263.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 345.87 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 367.81 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.64 263.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 423.34 263.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 458.06 263.10 Td (fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.18 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 133.85 239.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 172.42 239.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 209.30 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.98 239.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 275.87 239.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 302.22 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.90 239.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 351.03 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.28 239.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 421.79 239.10 Td (including ) Tj ET Q q 0 0 0 rg BT 464.81 239.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 503.94 239.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.72 239.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.41 227.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 148.26 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.06 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.42 227.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 212.64 227.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 246.89 227.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 269.74 227.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 296.21 227.10 Td (living ) Tj ET Q q 0 0 0 rg BT 321.57 227.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 344.42 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.89 227.10 Td (other ) Tj ET Q q 0 0 0 rg BT 383.46 227.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 402.70 227.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 455.00 227.10 Td (For ) Tj ET Q q 0 0 0 rg BT 470.92 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.16 227.10 Td (three ) Tj ET Q q 0 0 0 rg BT 507.17 227.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 227.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.85 215.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.85 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.61 215.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.74 215.10 Td (income ) Tj ET Q q 0 0 0 rg BT 195.43 215.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.23 215.10 Td ($10.5 ) Tj ET Q q 0 0 0 rg BT 237.99 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.88 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.63 215.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 313.31 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.34 215.10 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 343.09 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.99 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.24 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.27 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.74 215.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 458.20 215.10 Td (period ) Tj ET Q q 0 0 0 rg BT 486.00 215.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.58 215.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.58 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.34 215.10 Td (In ) Tj ET Q q 0 0 0 rg BT 531.92 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.39 215.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 79.56 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.64 203.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 113.88 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 127.29 203.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 164.01 203.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 191.30 203.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 214.16 203.10 Td (from ) Tj ET Q q 0 0 0 rg BT 235.34 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.30 203.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 288.25 203.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 322.21 203.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 342.29 203.10 Td (that ) Tj ET Q q 0 0 0 rg BT 359.03 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.43 203.10 Td (manage. ) Tj ET Q q 0 0 0 rg BT 407.77 203.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 450.62 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.59 203.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.54 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.62 203.10 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 87.83 191.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 123.65 191.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 170.03 191.10 Td (income ) Tj ET Q q 0 0 0 rg BT 201.97 191.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.02 191.10 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 240.02 191.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.91 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.41 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.57 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.29 191.10 Td (three ) Tj ET Q q 0 0 0 rg BT 322.77 191.10 Td (months ) Tj ET Q q 0 0 0 rg BT 354.72 191.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.10 191.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 424.70 191.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.70 191.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 94.70 167.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.91 167.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 173.45 167.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 213.10 167.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 252.19 167.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.06 167.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 303.72 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.16 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.93 167.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 358.81 167.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 384.86 167.10 Td (For ) Tj ET Q q 0 0 0 rg BT 401.19 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.84 167.10 Td (three ) Tj ET Q q 0 0 0 rg BT 438.27 167.10 Td (months ) Tj ET Q q 0 0 0 rg BT 470.16 167.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.48 167.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 540.02 167.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 167.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 91.43 155.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 131.70 155.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 170.30 155.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 212.21 155.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 244.71 155.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.99 155.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 274.99 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.88 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 308.88 155.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.82 155.10 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 350.82 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.71 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.21 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.49 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.21 155.10 Td (prior) Tj ET Q q 0 0 0 rg BT 426.45 155.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 449.49 155.10 Td (period.) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.95 731.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.29 731.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 152.19 731.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 183.07 731.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.41 731.10 Td (mar) Tj ET Q q 0 0 0 rg BT 238.77 731.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 254.12 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.35 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.14 731.10 Td (three ) Tj ET Q q 0 0 0 rg BT 305.70 731.10 Td (months ) Tj ET Q q 0 0 0 rg BT 337.72 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.17 731.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 407.83 731.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.83 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.41 731.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.53 731.10 Td (1) Tj ET Q q 0 0 0 rg BT 453.16 731.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 468.23 731.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.72 731.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.72 731.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 64.17 719.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.59 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.76 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.60 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.98 719.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 183.36 719.10 Td (period ) Tj ET Q q 0 0 0 rg BT 211.08 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.58 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.58 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 246.25 719.10 Td (Pre-tax ) Tj ET Q q 0 0 0 rg BT 277.30 719.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 317.23 719.10 Td (mar) Tj ET Q q 0 0 0 rg BT 332.60 719.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 347.54 719.10 Td (was ) Tj ET Q q 0 0 0 rg BT 365.27 719.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.98 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.93 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.32 719.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.60 719.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.08 719.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.41 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.58 719.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.58 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.76 719.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 540.35 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (prior) Tj ET Q q 0 0 0 rg BT 68.74 707.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 91.52 707.10 Td (period ) Tj ET Q q 0 0 0 rg BT 119.30 707.10 Td (due ) Tj ET Q q 0 0 0 rg BT 135.98 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.00 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.68 707.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 177.69 707.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 253.80 707.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 274.37 707.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 302.15 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.39 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 326.07 707.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 361.07 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.08 707.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 408.86 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.54 707.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 450.55 707.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 476.11 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.68 707.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 540.02 707.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.32 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 695.10 Td (year) Tj ET Q q 0 0 0 rg BT 94.03 695.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 115.29 695.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 146.82 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.97 695.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.44 695.10 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 221.43 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.32 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.81 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.63 695.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 320.21 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.14 695.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 384.94 695.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 408.43 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 449.13 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 479.82 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.09 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.80 695.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 554.17 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 92.08 683.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 131.13 683.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 167.39 683.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 198.65 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.35 683.10 Td (mar) Tj ET Q q 0 0 0 rg BT 254.72 683.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 270.43 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.03 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.19 683.10 Td (three ) Tj ET Q q 0 0 0 rg BT 323.11 683.10 Td (months ) Tj ET Q q 0 0 0 rg BT 355.50 683.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.32 683.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 426.36 683.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.36 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.30 683.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 683.10 Td (16.4 ) Tj ET Q q 0 0 0 rg BT 488.23 683.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.09 683.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.17 671.10 Td (10.0 ) Tj ET Q q 0 0 0 rg BT 88.57 671.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.99 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.89 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.44 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.55 671.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 206.65 671.10 Td (period ) Tj ET Q q 0 0 0 rg BT 234.09 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.32 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.32 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 268.30 671.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 306.30 671.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 336.51 671.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 376.17 671.10 Td (mar) Tj ET Q q 0 0 0 rg BT 391.53 671.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 406.21 671.10 Td (was ) Tj ET Q q 0 0 0 rg BT 423.65 671.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 451.09 671.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 492.41 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.08 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.20 671.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.23 659.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.23 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.62 659.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 125.23 659.10 Td (due ) Tj ET Q q 0 0 0 rg BT 143.06 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.23 659.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 195.39 659.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 232.65 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 244.38 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.21 659.10 Td (result ) Tj ET Q q 0 0 0 rg BT 277.82 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.55 659.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 318.49 659.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 359.17 659.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 398.67 659.10 Td (net ) Tj ET Q q 0 0 0 rg BT 414.29 659.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.22 659.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.37 659.10 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 515.26 659.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.69 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 659.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 86.15 647.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 127.24 647.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 166.66 647.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 647.10 Td (20.8 ) Tj ET Q q 0 0 0 rg BT 228.57 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.99 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.32 647.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 304.07 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.17 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.71 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 350.14 647.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.46 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.79 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.44 647.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.44 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.27 647.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 460.90 647.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 501.99 647.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 539.18 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.83 635.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 137.54 635.10 Td (discipline. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Asset Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 587.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.73 587.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.57 587.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 151.97 587.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.81 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.67 587.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 215.29 587.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 270.90 587.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 307.62 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.00 587.10 Td (results ) Tj ET Q q 0 0 0 rg BT 375.51 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.35 587.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 444.52 587.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 486.79 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.97 587.10 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 538.01 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 587.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 575.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 122.83 575.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 149.68 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.18 575.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 183.00 575.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.26 575.10 Td (income ) Tj ET Q q 0 0 0 rg BT 255.19 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.13 575.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 302.95 575.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.21 575.10 Td (mar) Tj ET Q q 0 0 0 rg BT 358.58 575.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 373.86 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.02 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.73 575.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 434.67 575.10 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 510.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 510.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 510.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 510.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 510.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 510.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 510.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 510.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 510.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 510.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 510.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 490.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 490.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 490.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 490.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 490.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 490.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 490.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 490.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 490.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 490.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 469.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 469.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 469.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 469.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 469.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 469.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 469.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 469.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 469.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 469.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 449.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 449.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 449.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 449.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 449.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 449.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 449.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 449.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 449.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 449.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 449.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 429.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 429.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 429.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 429.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 429.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 429.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 429.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 429.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 429.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 429.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 409.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 409.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 409.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 409.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 409.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 409.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 409.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 409.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 409.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 409.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 379.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 379.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 379.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 379.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 379.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 379.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 379.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 379.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 379.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 379.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 359.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 359.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 359.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 359.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 359.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 359.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 359.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 359.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 359.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 359.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 339.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 339.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 339.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 339.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 339.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 339.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 339.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 339.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 339.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 339.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 339.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 319.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 319.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 319.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 319.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 319.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 319.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 319.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 319.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 319.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 319.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 319.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 289.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 289.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 289.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 289.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 289.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 289.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 289.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 289.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 289.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 289.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 289.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 259.60 86.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 259.60 45.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 259.60 58.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 259.60 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 259.60 46.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 259.60 5.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 259.60 45.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 259.60 58.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 259.60 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 259.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 259.60 46.00 -34.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 551.6 m 181 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 551.6 m 185 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 551.6 m 243 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 551.6 m 247 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 551.6 m 297 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 551.6 m 301 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 551.6 m 347 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 551.6 m 352 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 551.6 m 397 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 551.6 m 401 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 551.6 m 459 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 551.6 m 463 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 551.6 m 513 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 551.6 m 517 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 551.6 m 563 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 541.6 m 181 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 541.6 m 185 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 541.6 m 243 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 541.6 m 247 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 541.6 m 297 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 541.6 m 301 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 541.6 m 347 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 541.6 m 397 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 541.6 m 401 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 541.6 m 459 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 541.6 m 463 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 541.6 m 513 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 541.6 m 517 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 541.6 m 563 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 530.6 m 243 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 530.6 m 247 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 530.6 m 297 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 530.6 m 459 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 530.6 m 463 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 530.6 m 513 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 510.6 m 181 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 510.6 m 243 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 510.6 m 297 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 510.6 m 347 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 510.6 m 397 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 510.6 m 459 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 510.6 m 513 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 510.6 m 563 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 480.6 m 181 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 480.6 m 243 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 480.6 m 297 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 480.6 m 347 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 480.6 m 397 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 480.6 m 459 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 480.6 m 513 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 480.6 m 563 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 429.6 m 181 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 429.6 m 243 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 429.6 m 297 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 429.6 m 347 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 429.6 m 397 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 429.6 m 459 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 429.6 m 513 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 429.6 m 181 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 429.6 m 243 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 429.6 m 297 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 429.6 m 347 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 429.6 m 397 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 429.6 m 459 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 429.6 m 513 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 369.6 m 181 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 369.6 m 243 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 369.6 m 297 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 369.6 m 347 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 369.6 m 397 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 369.6 m 459 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 369.6 m 513 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 369.6 m 563 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 329.6 m 181 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 329.6 m 243 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 329.6 m 297 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 329.6 m 347 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 329.6 m 397 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 329.6 m 459 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 329.6 m 513 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 329.6 m 563 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 300.6 m 181 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 298.6 m 181 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 300.6 m 243 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 298.6 m 243 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 300.6 m 297 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 298.6 m 297 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 300.6 m 347 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 298.6 m 347 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 300.6 m 397 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 298.6 m 397 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 300.6 m 459 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 298.6 m 459 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 300.6 m 513 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 298.6 m 513 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 300.6 m 563 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 298.6 m 563 298.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.10 553.73 Td (Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 543.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 543.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.05 533.68 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.05 533.68 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.25 522.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 522.73 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.35 522.73 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.35 522.73 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.25 522.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 522.73 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.35 522.73 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.35 522.73 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 512.60 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.40 512.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.65 512.73 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.70 512.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.35 512.73 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.40 512.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.65 512.73 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.70 512.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.35 512.73 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 502.60 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 492.60 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 492.60 Td (6,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 492.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 492.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 492.60 Td (6,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 492.60 Td (7,713) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 492.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 492.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 492.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 492.60 Td (7,713) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 482.60 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 482.60 Td (7,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 482.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 482.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 482.60 Td (7,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 482.60 Td (5,170) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 482.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 482.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 482.60 Td (5,170) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 472.55 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 472.55 Td (14,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 472.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 472.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 472.55 Td (14,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 472.55 Td (12,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 472.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 472.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 472.55 Td (12,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 451.60 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 441.60 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 441.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 431.60 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 431.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 431.60 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 421.60 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 421.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 421.60 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 401.55 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 393.55 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 393.85 Td (14,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 393.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 393.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 393.85 Td (14,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 393.85 Td (12,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 393.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 393.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 393.85 Td (12,883) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 371.60 Td (Investment income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 371.60 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 371.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 371.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.75 371.60 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 371.60 Td (\(976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 371.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 371.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 371.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.10 371.60 Td (\(976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 371.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 351.60 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 351.60 Td (14,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 351.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 351.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 351.60 Td (14,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 351.60 Td (11,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 351.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 351.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 351.60 Td (11,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 331.60 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 331.60 Td (12,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 331.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.75 331.60 Td (1,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 331.60 Td (13,660) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 331.60 Td (9,863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 331.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 331.60 Td (1,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 331.60 Td (11,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 311.55 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 303.55 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 303.85 Td (1,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 303.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.10 303.85 Td (\(1,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 303.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.75 303.85 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 303.85 Td (2,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 303.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 303.85 Td (\(1,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.80 303.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 303.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 303.85 Td (648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 281.55 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 273.55 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 273.85 Td (13.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.75 273.85 Td (4.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.80 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 273.85 Td (17.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.75 273.85 Td (5.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 251.55 Td (Adjusted segment pre-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 243.55 Td (tax operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 235.55 Td (excluding investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 227.60 Td (income/\(loss\) \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 229.85 Td (11.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 229.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 229.85 Td (23.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 229.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 213.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 213.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.04 213.50 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 129.17 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 135.19 213.50 Td (Primarily ) Tj ET Q q 0 0 0 rg BT 168.32 213.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 195.68 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 203.92 213.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 246.83 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 255.08 213.50 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 296.11 213.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 317.68 213.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 352.14 213.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.27 213.50 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.52 213.50 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 397.54 213.50 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.21 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 422.23 213.50 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 213.50 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 452.27 213.50 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.94 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 476.96 213.50 Td (for ) Tj ET Q q 0 0 0 rg BT 488.31 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 500.11 213.50 Td (thr) Tj ET Q q 0 0 0 rg BT 509.15 213.50 Td (ee ) Tj ET Q q 0 0 0 rg BT 518.27 213.50 Td (months ) Tj ET Q q 0 0 0 rg BT 543.40 213.50 Td (ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 203.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 80.98 203.90 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 102.53 203.90 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 118.53 203.90 Td ( ) Tj ET Q q 0 0 0 rg BT 120.53 203.90 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 134.53 203.90 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.53 203.90 Td (, ) Tj ET Q q 0 0 0 rg BT 154.53 203.90 Td (r) Tj ET Q q 0 0 0 rg BT 157.35 203.90 Td (espectively) Tj ET Q q 0 0 0 rg BT 191.99 203.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 191.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 191.30 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 191.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 111.53 191.30 Td (believes ) Tj ET Q q 0 0 0 rg BT 139.56 191.30 Td (that ) Tj ET Q q 0 0 0 rg BT 154.28 191.30 Td (pr) Tj ET Q q 0 0 0 rg BT 161.09 191.30 Td (esenting ) Tj ET Q q 0 0 0 rg BT 190.02 191.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 219.40 191.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 247.88 191.30 Td (pr) Tj ET Q q 0 0 0 rg BT 254.70 191.30 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 272.96 191.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.34 191.30 Td (mar) Tj ET Q q 0 0 0 rg BT 318.93 191.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 331.42 191.30 Td (excluding ) Tj ET Q q 0 0 0 rg BT 364.79 191.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.27 191.30 Td (income/\(loss\), ) Tj ET Q q 0 0 0 rg BT 448.64 191.30 Td (a ) Tj ET Q q 0 0 0 rg BT 454.91 191.30 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 489.86 191.30 Td ( ) Tj ET Q q 0 0 0 rg BT 492.13 191.30 Td (measur) Tj ET Q q 0 0 0 rg BT 515.39 191.30 Td (e, ) Tj ET Q q 0 0 0 rg BT 523.21 191.30 Td (pr) Tj ET Q q 0 0 0 rg BT 530.02 191.30 Td (ovides ) Tj ET Q q 0 0 0 rg BT 552.73 191.30 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 181.70 Td (most ) Tj ET Q q 0 0 0 rg BT 84.61 181.70 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 122.61 181.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 141.06 181.70 Td (for ) Tj ET Q q 0 0 0 rg BT 152.39 181.70 Td (comparison ) Tj ET Q q 0 0 0 rg BT 192.17 181.70 Td (of ) Tj ET Q q 0 0 0 rg BT 200.25 181.70 Td (Asset ) Tj ET Q q 0 0 0 rg BT 219.14 181.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 262.90 181.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 296.01 181.70 Td (r) Tj ET Q q 0 0 0 rg BT 298.83 181.70 Td (esults ) Tj ET Q q 0 0 0 rg BT 319.05 181.70 Td (acr) Tj ET Q q 0 0 0 rg BT 329.42 181.70 Td (oss ) Tj ET Q q 0 0 0 rg BT 341.64 181.70 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.80 157.70 Td (and ) Tj ET Q q 0 0 0 rg BT 120.33 157.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.95 157.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 187.25 157.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 224.88 157.70 Td (comprise ) Tj ET Q q 0 0 0 rg BT 263.63 157.70 Td (the ) Tj ET Q q 0 0 0 rg BT 277.94 157.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 315.57 157.70 Td (generated ) Tj ET Q q 0 0 0 rg BT 356.53 157.70 Td (from ) Tj ET Q q 0 0 0 rg BT 378.06 157.70 Td (management ) Tj ET Q q 0 0 0 rg BT 431.25 157.70 Td (and ) Tj ET Q q 0 0 0 rg BT 447.78 157.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.76 157.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.29 157.70 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.70 Td (performed ) Tj ET Q q 0 0 0 rg BT 93.58 145.70 Td (for ) Tj ET Q q 0 0 0 rg BT 107.67 145.70 Td (separately ) Tj ET Q q 0 0 0 rg BT 150.64 145.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 189.16 145.70 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 229.08 145.70 Td (registered ) Tj ET Q q 0 0 0 rg BT 270.94 145.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.59 145.70 Td (and ) Tj ET Q q 0 0 0 rg BT 312.47 145.70 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 366.28 145.70 Td (Client ) Tj ET Q q 0 0 0 rg BT 393.15 145.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 415.02 145.70 Td (inflows ) Tj ET Q q 0 0 0 rg BT 447.46 145.70 Td (and ) Tj ET Q q 0 0 0 rg BT 464.33 145.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 501.76 145.70 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 145.70 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 101.99 133.70 Td (have ) Tj ET Q q 0 0 0 rg BT 122.83 133.70 Td (a ) Tj ET Q q 0 0 0 rg BT 129.24 133.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.97 133.70 Td (ef) Tj ET Q q 0 0 0 rg BT 161.56 133.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 178.51 133.70 Td (on ) Tj ET Q q 0 0 0 rg BT 190.48 133.70 Td (management ) Tj ET Q q 0 0 0 rg BT 243.53 133.70 Td (and ) Tj ET Q q 0 0 0 rg BT 259.94 133.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.43 133.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 326.60 133.70 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 366.60 133.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 420.77 133.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 438.84 133.70 Td (are ) Tj ET Q q 0 0 0 rg BT 453.01 133.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.18 133.70 Td (based ) Tj ET Q q 0 0 0 rg BT 516.92 133.70 Td (on ) Tj ET Q q 0 0 0 rg BT 528.88 133.70 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 133.70 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 121.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.96 121.70 Td (under ) Tj ET Q q 0 0 0 rg BT 111.13 121.70 Td (management ) Tj ET Q q 0 0 0 rg BT 164.62 121.70 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 205.18 121.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 245.90 121.70 Td (monthly ) Tj ET Q q 0 0 0 rg BT 281.64 121.70 Td (or ) Tj ET Q q 0 0 0 rg BT 292.37 121.70 Td (quarterly) Tj ET Q q 0 0 0 rg BT 327.81 121.70 Td (, ) Tj ET Q q 0 0 0 rg BT 332.71 121.70 Td (and ) Tj ET Q q 0 0 0 rg BT 349.55 121.70 Td (an ) Tj ET Q q 0 0 0 rg BT 361.39 121.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 396.55 121.70 Td (or ) Tj ET Q q 0 0 0 rg BT 407.28 121.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.45 121.70 Td (in ) Tj ET Q q 0 0 0 rg BT 457.09 121.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 485.33 121.70 Td (due ) Tj ET Q q 0 0 0 rg BT 502.17 121.70 Td (to ) Tj ET Q q 0 0 0 rg BT 512.35 121.70 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 121.70 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 99.34 109.70 Td (or ) Tj ET Q q 0 0 0 rg BT 110.30 109.70 Td (net ) Tj ET Q q 0 0 0 rg BT 125.15 109.70 Td (client ) Tj ET Q q 0 0 0 rg BT 149.99 109.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.06 109.70 Td (flows, ) Tj ET Q q 0 0 0 rg BT 199.42 109.70 Td (will ) Tj ET Q q 0 0 0 rg BT 217.60 109.70 Td (result ) Tj ET Q q 0 0 0 rg BT 242.45 109.70 Td (in ) Tj ET Q q 0 0 0 rg BT 252.86 109.70 Td (a ) Tj ET Q q 0 0 0 rg BT 259.93 109.70 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 319.77 109.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 355.15 109.70 Td (or ) Tj ET Q q 0 0 0 rg BT 366.11 109.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 403.16 109.70 Td (in ) Tj ET Q q 0 0 0 rg BT 413.57 109.70 Td (management ) Tj ET Q q 0 0 0 rg BT 467.29 109.70 Td (fees. ) Tj ET Q q 0 0 0 rg BT 488.52 109.70 Td (Fees ) Tj ET Q q 0 0 0 rg BT 509.48 109.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 529.88 109.70 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 109.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.70 Td (type ) Tj ET Q q 0 0 0 rg BT 69.45 97.70 Td (of ) Tj ET Q q 0 0 0 rg BT 80.51 97.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.57 97.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 145.39 97.70 Td (and ) Tj ET Q q 0 0 0 rg BT 162.56 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 97.70 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 209.11 97.70 Td (in ) Tj ET Q q 0 0 0 rg BT 219.62 97.70 Td (which ) Tj ET Q q 0 0 0 rg BT 246.79 97.70 Td (they ) Tj ET Q q 0 0 0 rg BT 266.74 97.70 Td (are ) Tj ET Q q 0 0 0 rg BT 281.68 97.70 Td (managed. ) Tj ET Q q 0 0 0 rg BT 323.00 97.70 Td (Performance ) Tj ET Q q 0 0 0 rg BT 376.82 97.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 395.65 97.70 Td (are ) Tj ET Q q 0 0 0 rg BT 410.59 97.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 439.96 97.70 Td (when ) Tj ET Q q 0 0 0 rg BT 464.35 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 479.30 97.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.91 97.70 Td (return ) Tj ET Q q 0 0 0 rg BT 552.52 97.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.30 85.70 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 113.41 85.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.07 85.70 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 193.96 85.70 Td (tar) Tj ET Q q 0 0 0 rg BT 204.32 85.70 Td (gets ) Tj ET Q q 0 0 0 rg BT 224.89 85.70 Td (or ) Tj ET Q q 0 0 0 rg BT 237.69 85.70 Td (other ) Tj ET Q q 0 0 0 rg BT 262.69 85.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 317.68 85.70 Td (tar) Tj ET Q q 0 0 0 rg BT 328.05 85.70 Td (gets ) Tj ET Q q 0 0 0 rg BT 348.62 85.70 Td (over ) Tj ET Q q 0 0 0 rg BT 370.85 85.70 Td (a ) Tj ET Q q 0 0 0 rg BT 379.75 85.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 420.30 85.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 478.08 85.70 Td (period. ) Tj ET Q q 0 0 0 rg BT 510.26 85.70 Td (The ) Tj ET Q q 0 0 0 rg BT 530.27 85.70 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 85.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.39 73.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 120.85 73.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 149.86 73.70 Td (can ) Tj ET Q q 0 0 0 rg BT 166.10 73.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 186.23 73.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 238.58 73.70 Td (from ) Tj ET Q q 0 0 0 rg BT 260.38 73.70 Td (period ) Tj ET Q q 0 0 0 rg BT 288.29 73.70 Td (to ) Tj ET Q q 0 0 0 rg BT 298.44 73.70 Td (period ) Tj ET Q q 0 0 0 rg BT 326.35 73.70 Td (and ) Tj ET Q q 0 0 0 rg BT 343.15 73.70 Td (these ) Tj ET Q q 0 0 0 rg BT 366.06 73.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 384.52 73.70 Td (may ) Tj ET Q q 0 0 0 rg BT 404.10 73.70 Td (not ) Tj ET Q q 0 0 0 rg BT 419.24 73.70 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 466.03 73.70 Td (be ) Tj ET Q q 0 0 0 rg BT 477.83 73.70 Td (correlated ) Tj ET Q q 0 0 0 rg BT 520.16 73.70 Td (to ) Tj ET Q q 0 0 0 rg BT 530.31 73.70 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.70 Td (in ) Tj ET Q q 0 0 0 rg BT 59.94 61.70 Td (total ) Tj ET Q q 0 0 0 rg BT 79.79 61.70 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 108.10 61.70 Td (The ) Tj ET Q q 0 0 0 rg BT 126.31 61.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 162.86 61.70 Td (of ) Tj ET Q q 0 0 0 rg BT 173.85 61.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 227.04 61.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 248.31 61.70 Td (if ) Tj ET Q q 0 0 0 rg BT 257.08 61.70 Td (earned, ) Tj ET Q q 0 0 0 rg BT 288.89 61.70 Td (are ) Tj ET Q q 0 0 0 rg BT 303.76 61.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 343.63 61.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 381.27 61.70 Td (in ) Tj ET Q q 0 0 0 rg BT 391.71 61.70 Td (the ) Tj ET Q q 0 0 0 rg BT 406.59 61.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 433.70 61.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 464.68 61.70 Td (of ) Tj ET Q q 0 0 0 rg BT 475.67 61.70 Td (the ) Tj ET Q q 0 0 0 rg BT 490.56 61.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 534.31 61.70 Td (year ) Tj ET Q q 0 0 0 rg BT 554.18 61.70 Td (or ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.24 731.10 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 119.97 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.04 731.10 Td (client ) Tj ET Q q 0 0 0 rg BT 156.00 731.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 183.97 731.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.71 731.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 240.55 731.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.55 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 265.80 731.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 731.10 Td (four ) Tj ET Q q 0 0 0 rg BT 345.70 731.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.13 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.87 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.94 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.41 731.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 430.49 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 448.78 731.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 481.52 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.04 731.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 511.99 731.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.23 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.28 695.10 Td (three ) Tj ET Q q 0 0 0 rg BT 101.09 695.10 Td (months ) Tj ET Q q 0 0 0 rg BT 132.38 695.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.09 695.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 201.02 695.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.02 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.35 695.10 Td (management ) Tj ET Q q 0 0 0 rg BT 278.27 695.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 296.21 695.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.47 695.10 Td ($14.0 ) Tj ET Q q 0 0 0 rg BT 341.80 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.69 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.03 695.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.30 695.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 420.89 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.05 695.10 Td (8.7 ) Tj ET Q q 0 0 0 rg BT 445.38 695.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.81 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 479.14 695.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 520.40 695.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 695.10 Td ($12.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.15 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.69 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.67 683.10 Td (prior) Tj ET Q q 0 0 0 rg BT 128.91 683.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 153.21 683.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 185.01 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.10 683.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 226.41 683.10 Td (management ) Tj ET Q q 0 0 0 rg BT 281.26 683.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 301.12 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 324.32 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.41 683.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 361.60 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.36 683.10 Td (product ) Tj ET Q q 0 0 0 rg BT 399.67 683.10 Td (of) Tj ET Q q 0 0 0 rg BT 407.82 683.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 439.35 683.10 Td (were ) Tj ET Q q 0 0 0 rg BT 462.54 683.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 499.62 683.10 Td (of) Tj ET Q q 0 0 0 rg BT 507.77 683.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 525.97 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 539.73 683.10 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (management ) Tj ET Q q 0 0 0 rg BT 102.96 671.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 121.43 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 143.24 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.94 671.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 186.30 671.10 Td (product ) Tj ET Q q 0 0 0 rg BT 219.22 671.10 Td (of) Tj ET Q q 0 0 0 rg BT 227.37 671.10 Td (ferings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.01 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 270.71 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.30 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 303.78 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 334.46 671.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.79 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.16 671.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.16 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.03 671.10 Td (management ) Tj ET Q q 0 0 0 rg BT 423.49 671.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 441.96 671.10 Td (related ) Tj ET Q q 0 0 0 rg BT 471.54 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.69 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.39 671.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.75 671.10 Td (strategies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.28 659.10 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 91.13 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.02 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 124.87 659.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.44 659.10 Td (13.6 ) Tj ET Q q 0 0 0 rg BT 169.29 659.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.71 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.06 659.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 242.83 659.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 659.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 272.81 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.70 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.05 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.17 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.74 659.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 388.29 659.10 Td (period ) Tj ET Q q 0 0 0 rg BT 416.19 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.87 659.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.87 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.72 659.10 Td (due ) Tj ET Q q 0 0 0 rg BT 468.50 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.63 659.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 503.75 659.10 Td (average ) Tj ET Q q 0 0 0 rg BT 536.66 659.10 Td (AUM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.44 647.10 Td (well ) Tj ET Q q 0 0 0 rg BT 80.27 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 91.21 647.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 116.59 647.10 Td (average ) Tj ET Q q 0 0 0 rg BT 150.29 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 157.87 647.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 187.69 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 221.94 647.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 244.55 647.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 282.16 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 304.21 647.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 339.03 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.42 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.36 647.10 Td (product ) Tj ET Q q 0 0 0 rg BT 398.51 647.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 418.99 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 437.15 647.10 Td (average ) Tj ET Q q 0 0 0 rg BT 470.85 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 478.44 647.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 508.25 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 542.51 647.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 72.99 635.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 118.69 635.10 Td (management ) Tj ET Q q 0 0 0 rg BT 172.17 635.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 190.66 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 201.38 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.21 635.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 253.90 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.61 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.33 635.10 Td (average ) Tj ET Q q 0 0 0 rg BT 313.81 635.10 Td (month-end ) Tj ET Q q 0 0 0 rg BT 358.99 635.10 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 388.05 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.10 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.82 635.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 445.20 635.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 485.35 635.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.29 635.10 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.29 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.68 635.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 538.07 635.10 Td (points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.74 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.53 623.10 Td (first ) Tj ET Q q 0 0 0 rg BT 97.21 623.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.10 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.01 623.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 164.08 623.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 206.08 623.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.44 623.10 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.44 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.01 623.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 261.59 623.10 Td (points ) Tj ET Q q 0 0 0 rg BT 288.61 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 302.85 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.64 623.10 Td (prior) Tj ET Q q 0 0 0 rg BT 336.88 623.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 359.99 623.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 390.62 623.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 445.39 623.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 464.07 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.08 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.99 623.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 522.18 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.75 623.10 Td (strategies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.20 611.10 Td (42.1 ) Tj ET Q q 0 0 0 rg BT 110.64 611.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.06 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.00 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.72 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.88 611.10 Td (first ) Tj ET Q q 0 0 0 rg BT 187.93 611.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 219.19 611.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.52 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.46 611.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.46 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.40 611.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.12 611.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 284.57 611.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.46 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 318.90 611.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 361.27 611.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.99 611.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 402.43 611.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.32 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.26 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.98 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.14 611.10 Td (first ) Tj ET Q q 0 0 0 rg BT 479.19 611.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 510.45 611.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.78 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.72 611.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.72 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 546.95 611.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 84.75 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.03 599.10 Td (management ) Tj ET Q q 0 0 0 rg BT 148.62 599.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 167.22 599.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 201.38 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 223.31 599.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 250.81 599.10 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 279.14 599.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 307.19 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 319.69 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 334.41 599.10 Td (market ) Tj ET Q q 0 0 0 rg BT 364.67 599.10 Td (appreciation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.98 575.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 152.46 575.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 187.83 575.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 210.98 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.47 575.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.41 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 274.89 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.27 575.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 340.09 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.91 575.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 391.38 575.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.65 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 575.10 Td (private ) Tj ET Q q 0 0 0 rg BT 461.94 575.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.21 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.58 575.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 547.51 575.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.04 563.10 Td (manage. ) Tj ET Q q 0 0 0 rg BT 98.51 563.10 Td (For ) Tj ET Q q 0 0 0 rg BT 114.28 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.37 563.10 Td (three ) Tj ET Q q 0 0 0 rg BT 150.23 563.10 Td (months ) Tj ET Q q 0 0 0 rg BT 181.56 563.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.31 563.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 250.29 563.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.29 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.67 563.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 320.43 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 351.74 563.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.17 563.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 388.55 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.44 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.31 563.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 460.62 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 480.27 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 486.59 563.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 504.03 563.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.23 563.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 533.61 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 551.10 Td (prior) Tj ET Q q 0 0 0 rg BT 97.62 551.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 120.65 551.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 87.26 527.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 118.34 527.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.87 527.10 Td (mar) Tj ET Q q 0 0 0 rg BT 174.24 527.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 189.78 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.20 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.19 527.10 Td (three ) Tj ET Q q 0 0 0 rg BT 241.94 527.10 Td (months ) Tj ET Q q 0 0 0 rg BT 274.15 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.79 527.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 344.66 527.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.66 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.42 527.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.74 527.10 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 401.00 527.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.43 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.69 527.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.88 527.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.42 527.10 Td (5.4 ) Tj ET Q q 0 0 0 rg BT 503.69 527.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.11 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 535.88 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (three ) Tj ET Q q 0 0 0 rg BT 73.14 515.10 Td (months ) Tj ET Q q 0 0 0 rg BT 106.24 515.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.77 515.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 178.52 515.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.52 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.67 515.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 249.43 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 296.96 515.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 355.05 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.70 515.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 389.57 515.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 419.87 515.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 456.85 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.28 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.26 515.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 529.18 515.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.73 503.10 Td (mar) Tj ET Q q 0 0 0 rg BT 105.10 503.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 120.34 503.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 156.69 503.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.59 503.10 Td (23.4 ) Tj ET Q q 0 0 0 rg BT 198.56 503.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.98 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.45 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.70 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.38 503.10 Td (first ) Tj ET Q q 0 0 0 rg BT 273.96 503.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 304.74 503.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.07 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.54 503.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.54 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.01 503.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.26 503.10 Td (1) Tj ET Q q 0 0 0 rg BT 352.89 503.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 367.85 503.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.28 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.75 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.99 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.68 503.10 Td (first ) Tj ET Q q 0 0 0 rg BT 443.25 503.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.04 503.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.37 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.84 503.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.84 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.81 503.10 Td (due ) Tj ET Q q 0 0 0 rg BT 526.71 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 503.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 125.67 491.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 164.07 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.81 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 192.55 491.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 227.61 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.69 491.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 259.99 491.10 Td (related ) Tj ET Q q 0 0 0 rg BT 289.49 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.57 491.10 Td (business ) Tj ET Q q 0 0 0 rg BT 335.76 491.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 378.61 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 389.24 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 403.21 491.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 437.71 491.10 Td (hired ) Tj ET Q q 0 0 0 rg BT 460.56 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 467.30 491.10 Td (new ) Tj ET Q q 0 0 0 rg BT 486.26 491.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 532.44 491.10 Td (team ) Tj ET Q q 0 0 0 rg BT 554.18 491.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (part ) Tj ET Q q 0 0 0 rg BT 67.55 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.38 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 94.21 479.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 129.49 479.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 163.64 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.92 479.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 211.97 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.80 479.10 Td (product ) Tj ET Q q 0 0 0 rg BT 260.84 479.10 Td (platform. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 455.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 455.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 455.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 455.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.11 455.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.95 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.11 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 455.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 342.76 455.10 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 396.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 396.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 396.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 396.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 396.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 396.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 372.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 372.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 372.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 372.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 372.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 372.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 348.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 348.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 348.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 348.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 348.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 348.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 324.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 324.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 324.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 324.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 324.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 324.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 300.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 300.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 300.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 300.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 300.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 300.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 276.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 276.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 276.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 276.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 276.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 276.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 252.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 252.60 75.00 -12.00 re f /GS0 gs 0.8 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(industry) Tj ET Q q 0 0 0 rg BT 495.07 647.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.43 647.25 Td (The ) Tj ET Q q 0 0 0 rg BT 516.98 647.25 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 635.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 96.97 635.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 141.26 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.11 635.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 199.28 635.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.13 635.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 245.99 635.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.07 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.58 635.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 299.44 635.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 337.05 635.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 371.33 635.25 Td (us ) Tj ET Q q 0 0 0 rg BT 382.30 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.16 635.25 Td (make ) Tj ET Q q 0 0 0 rg BT 415.89 635.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 455.18 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 635.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 523.22 635.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.30 635.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.24 623.25 Td (af) Tj ET Q q 0 0 0 rg BT 99.83 623.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 117.02 623.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.12 623.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 188.64 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.63 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.16 623.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.91 623.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.10 623.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 351.02 623.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 383.22 623.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 429.29 623.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 462.61 623.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.02 623.25 Td (those ) Tj ET Q q 0 0 0 rg BT 500.33 623.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 533.65 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 623.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.07 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.54 611.25 Td (be ) Tj ET Q q 0 0 0 rg BT 103.67 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.58 611.25 Td (most ) Tj ET Q q 0 0 0 rg BT 140.73 611.25 Td (important ) Tj ET Q q 0 0 0 rg BT 182.30 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.77 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 611.25 Td (portrayal ) Tj ET Q q 0 0 0 rg BT 246.47 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.50 611.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.52 611.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.20 611.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 351.67 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.80 611.25 Td (results ) Tj ET Q q 0 0 0 rg BT 397.60 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.63 611.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 452.97 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.11 611.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.80 611.25 Td (require ) Tj ET Q q 0 0 0 rg BT 518.81 611.25 Td (us ) Tj ET Q q 0 0 0 rg BT 530.39 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.87 611.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.86 599.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.00 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.36 599.25 Td (dif) Tj ET Q q 0 0 0 rg BT 134.29 599.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 161.04 599.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 204.73 599.25 Td (or ) Tj ET Q q 0 0 0 rg BT 216.21 599.25 Td (complex. ) Tj ET Q q 0 0 0 rg BT 256.29 599.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 280.00 599.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 327.02 599.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 361.27 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.63 599.25 Td (not ) Tj ET Q q 0 0 0 rg BT 392.55 599.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 439.02 599.25 Td (by ) Tj ET Q q 0 0 0 rg BT 452.17 599.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.21 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.13 599.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 599.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 518.63 599.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 86.40 587.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 119.68 587.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 150.18 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.68 587.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 212.29 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.37 587.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 274.98 587.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 310.48 587.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.11 587.25 Td (not ) Tj ET Q q 0 0 0 rg BT 338.18 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.92 587.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 374.21 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.17 587.25 Td (critical, ) Tj ET Q q 0 0 0 rg BT 417.72 587.25 Td (including ) Tj ET Q q 0 0 0 rg BT 458.79 587.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.29 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.81 587.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.31 587.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.07 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.20 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.77 575.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.66 575.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.00 575.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.56 575.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 277.57 575.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.25 575.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.05 575.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 324.34 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.91 575.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 366.25 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.93 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.50 575.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 433.57 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.14 575.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 476.04 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.17 575.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 516.29 575.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 550.30 575.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 88.92 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 108.91 563.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.67 563.25 Td (information ) Tj ET Q q 0 0 0 rg BT 181.10 563.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 203.58 563.25 Td (third ) Tj ET Q q 0 0 0 rg BT 224.68 563.25 Td (party ) Tj ET Q q 0 0 0 rg BT 247.43 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 257.98 563.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 309.06 563.25 Td (sources\), ) Tj ET Q q 0 0 0 rg BT 347.09 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.52 563.25 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 404.85 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.39 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.82 563.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 469.24 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.23 563.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 513.65 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.64 563.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.67 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.60 551.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 145.31 551.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 190.01 551.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 236.38 551.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 272.77 551.25 Td (may ) Tj ET Q q 0 0 0 rg BT 292.48 551.25 Td (be ) Tj ET Q q 0 0 0 rg BT 304.42 551.25 Td (used ) Tj ET Q q 0 0 0 rg BT 325.25 551.25 Td (under ) Tj ET Q q 0 0 0 rg BT 350.52 551.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 376.64 551.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 527.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 527.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.45 527.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.94 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.77 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.60 527.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 185.32 527.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 231.69 527.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 267.79 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.51 527.25 Td (following ) Tj ET Q q 0 0 0 rg BT 323.89 527.25 Td (are ) Tj ET Q q 0 0 0 rg BT 338.60 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.43 527.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 384.69 527.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 431.06 527.25 Td (policies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 503.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 503.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 503.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 126.33 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.16 503.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.87 503.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 491.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 491.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 125.78 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.72 491.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 185.21 491.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 479.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 479.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 145.77 479.25 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 467.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 467.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 117.80 467.25 Td (T) Tj ET Q q 0 0 0 rg BT 123.21 467.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (See ) Tj ET Q q 0 0 0 rg BT 67.21 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.70 443.25 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 119.33 443.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 169.26 443.25 Td (Policies" ) Tj ET Q q 0 0 0 rg BT 208.28 443.25 Td (section ) Tj ET Q q 0 0 0 rg BT 239.88 443.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.59 443.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 280.30 443.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.30 443.25 Td (, ) Tj ET Q q 0 0 0 rg BT 291.07 443.25 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.16 443.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 337.32 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.92 443.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 395.35 443.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 445.28 443.25 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 443.25 Td (" ) Tj ET Q q 0 0 0 rg BT 484.30 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.36 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 443.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.83 431.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.39 431.25 Td (included ) Tj ET Q q 0 0 0 rg BT 168.18 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.30 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.47 431.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 225.25 431.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 254.82 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 267.17 431.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 291.19 431.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 314.09 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 328.10 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.67 431.25 Td (year ) Tj ET Q q 0 0 0 rg BT 362.23 431.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 388.45 431.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.89 431.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 469.24 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 483.25 431.25 Td (further ) Tj ET Q q 0 0 0 rg BT 512.81 431.25 Td (information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (See ) Tj ET Q q 0 0 0 rg BT 65.36 419.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 419.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 103.75 419.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.75 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 112.67 419.25 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.75 419.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 164.82 419.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 197.91 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.77 419.25 Td (Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.42 419.25 Td (" ) Tj ET Q q 0 0 0 rg BT 285.92 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.12 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.76 419.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 331.29 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.48 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.23 419.25 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 396.09 419.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.05 419.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.45 419.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 528.08 419.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.58 407.25 Td (this ) Tj ET Q q 0 0 0 rg BT 76.34 407.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 116.96 407.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 146.48 407.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.78 407.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 182.76 407.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 205.61 407.25 Td (for ) Tj ET Q q 0 0 0 rg BT 219.58 407.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 254.09 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.17 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.81 407.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 324.32 407.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 370.50 407.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 406.41 407.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.04 407.25 Td (well ) Tj ET Q q 0 0 0 rg BT 436.57 407.25 Td (as ) Tj ET Q q 0 0 0 rg BT 447.20 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.72 407.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 491.24 407.25 Td (from ) Tj ET Q q 0 0 0 rg BT 512.98 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.50 407.25 Td (adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 395.25 Td (new ) Tj ET Q q 0 0 0 rg BT 79.49 395.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 125.86 395.25 Td (standards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 88.97 371.25 Td (, Funding and Capital Resour) Tj ET Q q 0 0 0 rg BT 215.76 371.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 88.53 347.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.00 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.14 347.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 136.70 347.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 183.49 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 347.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.77 347.25 Td (given ) Tj ET Q q 0 0 0 rg BT 227.79 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.82 347.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.61 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.74 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.88 347.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 332.08 347.25 Td (Insuf) Tj ET Q q 0 0 0 rg BT 352.45 347.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.79 347.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.49 347.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.29 347.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.54 347.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 505.88 347.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (contributes ) Tj ET Q q 0 0 0 rg BT 96.33 335.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 109.01 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.85 335.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.47 335.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.31 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.92 335.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 196.53 335.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 209.76 335.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.14 335.25 Td (institution ) Tj ET Q q 0 0 0 rg BT 290.10 335.25 Td (failure. ) Tj ET Q q 0 0 0 rg BT 320.56 335.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 369.90 335.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.80 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 388.86 335.25 Td (regularly ) Tj ET Q q 0 0 0 rg BT 427.35 335.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 461.42 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.15 335.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 513.44 335.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.07 335.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.18 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 323.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 130.88 323.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 165.22 323.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 203.45 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.91 323.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 242.69 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.71 323.25 Td (business ) Tj ET Q q 0 0 0 rg BT 295.29 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.75 323.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 342.87 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.33 323.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 385.44 323.25 Td (even ) Tj ET Q q 0 0 0 rg BT 407.00 323.25 Td (under ) Tj ET Q q 0 0 0 rg BT 432.46 323.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 465.68 323.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 527.51 323.25 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (there ) Tj ET Q q 0 0 0 rg BT 71.99 311.25 Td (can ) Tj ET Q q 0 0 0 rg BT 88.36 311.25 Td (be ) Tj ET Q q 0 0 0 rg BT 100.30 311.25 Td (no ) Tj ET Q q 0 0 0 rg BT 112.80 311.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 154.17 311.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.66 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.49 311.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 221.65 311.25 Td (will ) Tj ET Q q 0 0 0 rg BT 239.71 311.25 Td (be ) Tj ET Q q 0 0 0 rg BT 251.64 311.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 295.24 311.25 Td (under ) Tj ET Q q 0 0 0 rg BT 320.51 311.25 Td (all ) Tj ET Q q 0 0 0 rg BT 333.01 311.25 Td (circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 287.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 106.13 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.05 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.98 287.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 170.79 287.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.72 287.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 229.10 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.03 287.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.96 287.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 299.32 287.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.90 287.25 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 287.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.92 287.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.73 287.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 482.00 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.03 287.25 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 287.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.79 275.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 116.61 275.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.99 275.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 156.48 275.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.87 275.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.91 275.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.74 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.34 275.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.72 275.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 276.09 275.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 306.02 275.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 352.61 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 275.25 Td (most ) Tj ET Q q 0 0 0 rg BT 384.17 275.25 Td (market ) Tj ET Q q 0 0 0 rg BT 414.10 275.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 460.43 275.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 510.91 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 275.25 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.87 263.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 104.96 263.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.87 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 263.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 187.70 263.25 Td (or) Tj ET Q q 0 0 0 rg BT 195.85 263.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.98 263.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 275.46 263.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 299.16 263.25 Td (within ) Tj ET Q q 0 0 0 rg BT 327.31 263.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.34 263.25 Td (few ) Tj ET Q q 0 0 0 rg BT 351.93 263.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 374.78 263.25 Td (As ) Tj ET Q q 0 0 0 rg BT 388.49 263.25 Td (part ) Tj ET Q q 0 0 0 rg BT 406.63 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.48 263.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 469.96 263.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 500.97 263.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.06 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.32 263.25 Td (emphasize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (diversification ) Tj ET Q q 0 0 0 rg BT 110.39 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.86 251.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 156.10 251.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 189.22 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.13 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 251.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.05 251.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 278.96 251.25 Td (while ) Tj ET Q q 0 0 0 rg BT 304.32 251.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 354.10 251.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 377.79 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.36 251.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 417.10 251.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.79 251.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.25 251.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 251.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 515.15 251.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.28 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 544.75 251.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.19 239.25 Td (from ) Tj ET Q q 0 0 0 rg BT 96.09 239.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 142.72 239.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.18 239.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 201.80 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.70 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.50 239.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 268.08 239.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 326.73 239.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.74 239.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 394.42 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.67 239.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 424.90 239.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 449.59 239.25 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 239.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.73 239.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.29 239.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.46 227.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.08 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.28 227.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 144.69 227.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.87 227.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.39 227.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.25 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.00 227.25 Td (various ) Tj ET Q q 0 0 0 rg BT 292.85 227.25 Td (businesses.One ) Tj ET Q q 0 0 0 rg BT 359.15 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.90 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.65 227.25 Td (most ) Tj ET Q q 0 0 0 rg BT 407.52 227.25 Td (important ) Tj ET Q q 0 0 0 rg BT 448.82 227.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.24 227.25 Td (management ) Tj ET Q q 0 0 0 rg BT 519.74 227.25 Td (disciplines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 74.10 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 101.96 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.04 215.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 145.44 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.95 215.25 Td (size ) Tj ET Q q 0 0 0 rg BT 177.80 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 215.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 246.29 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.55 215.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.39 215.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 330.57 215.25 Td (While ) Tj ET Q q 0 0 0 rg BT 357.31 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 215.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.68 215.25 Td (base ) Tj ET Q q 0 0 0 rg BT 414.75 215.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.26 215.25 Td (due ) Tj ET Q q 0 0 0 rg BT 466.00 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.08 215.25 Td (client ) Tj ET Q q 0 0 0 rg BT 500.60 215.25 Td (activity) Tj ET Q q 0 0 0 rg BT 529.94 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.74 215.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 98.83 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 203.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.40 203.25 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 208.80 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 203.25 Td (size ) Tj ET Q q 0 0 0 rg BT 240.80 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 203.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 308.93 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.38 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.83 203.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.48 203.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 390.15 203.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 417.80 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.25 203.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 463.14 203.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 480.26 203.25 Td (tolerance, ) Tj ET Q q 0 0 0 rg BT 521.52 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 203.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 191.25 Td (access ) Tj ET Q q 0 0 0 rg BT 87.82 191.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 113.64 191.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 147.25 191.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 179.74 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.39 191.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 243.89 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.72 191.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.21 191.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.37 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.53 191.25 Td (hold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.60 167.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.03 167.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 156.36 167.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.91 167.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.79 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 167.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 254.23 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 167.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 322.22 167.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 363.51 167.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 402.83 167.25 Td (us ) Tj ET Q q 0 0 0 rg BT 414.39 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.83 167.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 445.28 167.25 Td (lar) Tj ET Q q 0 0 0 rg BT 455.65 167.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 471.08 167.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 512.07 167.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.86 167.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 155.25 Td (than ) Tj ET Q q 0 0 0 rg BT 97.26 155.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.30 155.25 Td (or ) Tj ET Q q 0 0 0 rg BT 146.13 155.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 185.28 155.25 Td (us ) Tj ET Q q 0 0 0 rg BT 196.67 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.95 155.25 Td (take ) Tj ET Q q 0 0 0 rg BT 226.11 155.25 Td (other ) Tj ET Q q 0 0 0 rg BT 249.15 155.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 279.98 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.47 155.25 Td (may ) Tj ET Q q 0 0 0 rg BT 317.19 155.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 358.01 155.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.72 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.55 155.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.80 131.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 103.65 131.25 Td (component ) Tj ET Q q 0 0 0 rg BT 150.72 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.68 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.64 131.25 Td (employees) Tj ET Q q 0 0 0 rg BT 222.99 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.63 131.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.80 131.25 Td (is ) Tj ET Q q 0 0 0 rg BT 293.11 131.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 312.96 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.37 131.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.66 131.25 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 407.49 131.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 446.77 131.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 507.26 131.25 Td (The ) Tj ET Q q 0 0 0 rg BT 525.44 131.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.19 131.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.45 119.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 111.50 119.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 169.45 119.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 212.68 119.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.52 119.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.13 119.25 Td (are ) Tj ET Q q 0 0 0 rg BT 293.74 119.25 Td (made ) Tj ET Q q 0 0 0 rg BT 317.80 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.98 119.25 Td (February) Tj ET Q q 0 0 0 rg BT 363.43 119.25 Td (, ) Tj ET Q q 0 0 0 rg BT 368.33 119.25 Td (has ) Tj ET Q q 0 0 0 rg BT 384.07 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.91 119.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 435.52 119.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.14 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.54 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 119.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.45 119.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.08 119.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 107.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 93.51 83.25 Td (in ) Tj ET Q q 0 0 0 rg BT 103.63 83.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 128.48 83.25 Td (we ) Tj ET Q q 0 0 0 rg BT 142.48 83.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 177.60 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.16 83.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 228.94 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.61 83.25 Td (a ) Tj ET Q q 0 0 0 rg BT 246.40 83.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 284.84 83.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 304.95 83.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 342.29 83.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.41 83.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 384.20 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.87 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 410.55 83.25 Td (common ) Tj ET Q q 0 0 0 rg BT 447.89 83.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 473.84 83.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 491.74 83.25 Td (board ) Tj ET Q q 0 0 0 rg BT 516.85 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 83.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 95.87 71.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.59 71.25 Td (declaration ) Tj ET Q q 0 0 0 rg BT 157.51 71.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.45 71.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 211.38 71.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.21 71.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 263.60 71.25 Td (on ) Tj ET Q q 0 0 0 rg BT 276.10 71.25 Td (a ) Tj ET Q q 0 0 0 rg BT 283.04 71.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 321.63 71.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 346.63 71.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.57 71.25 Td (is ) Tj ET Q q 0 0 0 rg BT 372.74 71.25 Td (free ) Tj ET Q q 0 0 0 rg BT 390.77 71.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.05 71.25 Td (change ) Tj ET Q q 0 0 0 rg BT 431.87 71.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.70 71.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 485.19 71.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 512.69 71.25 Td (at ) Tj ET Q q 0 0 0 rg BT 522.41 71.25 Td (any ) Tj ET Q q 0 0 0 rg BT 539.34 71.25 Td (time. ) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.14 731.10 Td (February ) Tj ET Q q 0 0 0 rg BT 100.66 731.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 109.57 731.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.49 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.24 731.10 Td (board ) Tj ET Q q 0 0 0 rg BT 172.42 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.17 731.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 218.57 731.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 253.85 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.71 731.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 296.12 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.87 731.10 Td ($0.3125 ) Tj ET Q q 0 0 0 rg BT 339.79 731.10 Td (per ) Tj ET Q q 0 0 0 rg BT 353.97 731.10 Td (share ) Tj ET Q q 0 0 0 rg BT 376.49 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 392.90 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 409.87 731.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 428.51 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.92 731.10 Td (March ) Tj ET Q q 0 0 0 rg BT 467.44 731.10 Td (13, ) Tj ET Q q 0 0 0 rg BT 481.36 731.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 502.77 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.97 731.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 719.10 Td (record ) Tj ET Q q 0 0 0 rg BT 88.37 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.20 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.74 719.10 Td (close ) Tj ET Q q 0 0 0 rg BT 147.79 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.62 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 195.01 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.51 719.10 Td (February ) Tj ET Q q 0 0 0 rg BT 246.11 719.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 261.11 719.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.54 695.10 Td (April ) Tj ET Q q 0 0 0 rg BT 86.97 695.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 101.80 695.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 126.63 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.29 695.10 Td (board ) Tj ET Q q 0 0 0 rg BT 167.38 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.04 695.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 215.35 695.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 251.55 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.31 695.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 295.64 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.29 695.10 Td ($0.3125 ) Tj ET Q q 0 0 0 rg BT 341.12 695.10 Td (per ) Tj ET Q q 0 0 0 rg BT 356.22 695.10 Td (share ) Tj ET Q q 0 0 0 rg BT 379.65 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.75 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 401.52 695.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 421.06 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 433.39 695.10 Td (June ) Tj ET Q q 0 0 0 rg BT 454.05 695.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 468.88 695.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 491.21 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.31 695.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 554.18 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (record ) Tj ET Q q 0 0 0 rg BT 77.54 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 88.37 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.20 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.91 683.10 Td (close ) Tj ET Q q 0 0 0 rg BT 136.96 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.79 683.10 Td (business ) Tj ET Q q 0 0 0 rg BT 184.18 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 196.68 683.10 Td (May ) Tj ET Q q 0 0 0 rg BT 217.51 683.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 232.51 683.10 Td (2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 659.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.21 659.10 Td (August ) Tj ET Q q 0 0 0 rg BT 119.98 659.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 135.37 659.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 160.75 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.96 659.10 Td (board ) Tj ET Q q 0 0 0 rg BT 202.61 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.83 659.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 251.70 659.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 296.78 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.88 659.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 358.07 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.28 659.10 Td (up ) Tj ET Q q 0 0 0 rg BT 382.17 659.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.83 659.10 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 423.21 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.99 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.65 659.10 Td (common ) Tj ET Q q 0 0 0 rg BT 503.53 659.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.40 659.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 109.95 647.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.95 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.14 647.10 Td (During ) Tj ET Q q 0 0 0 rg BT 166.16 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.07 647.10 Td (three ) Tj ET Q q 0 0 0 rg BT 203.74 647.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.19 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.88 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 647.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 306.24 647.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.24 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 331.42 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 345.77 647.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.77 647.10 Td (27,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.27 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.96 647.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 454.64 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.66 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.68 647.10 Td (common ) Tj ET Q q 0 0 0 rg BT 519.36 647.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 543.16 647.10 Td (at ) Tj ET Q q 0 0 0 rg BT 553.07 647.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (average ) Tj ET Q q 0 0 0 rg BT 83.74 635.10 Td (price ) Tj ET Q q 0 0 0 rg BT 106.88 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.37 635.10 Td ($72.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.87 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.02 635.10 Td (per ) Tj ET Q q 0 0 0 rg BT 164.95 635.10 Td (share ) Tj ET Q q 0 0 0 rg BT 189.20 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.02 635.10 Td (an ) Tj ET Q q 0 0 0 rg BT 216.61 635.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 258.63 635.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 297.32 635.10 Td (price ) Tj ET Q q 0 0 0 rg BT 320.46 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.95 635.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 352.60 635.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.65 635.10 Td (related ) Tj ET Q q 0 0 0 rg BT 415.01 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.94 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 443.55 635.10 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 501.73 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.37 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 517.97 635.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 635.10 Td ($69.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 623.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 123.93 623.10 Td (under ) Tj ET Q q 0 0 0 rg BT 149.20 623.10 Td (this ) Tj ET Q q 0 0 0 rg BT 166.15 623.10 Td (authorization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 599.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 599.10 Td (also ) Tj ET Q q 0 0 0 rg BT 83.55 599.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 121.52 599.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.94 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.70 599.10 Td (common ) Tj ET Q q 0 0 0 rg BT 197.13 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.67 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 242.54 599.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 282.17 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 305.71 599.10 Td (award ) Tj ET Q q 0 0 0 rg BT 332.57 599.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 373.88 599.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 396.31 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 599.10 Td (award ) Tj ET Q q 0 0 0 rg BT 437.82 599.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 469.13 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.90 599.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 521.20 599.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 537.52 599.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.85 587.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.86 587.10 Td (their ) Tj ET Q q 0 0 0 rg BT 102.75 587.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 155.32 587.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.11 587.10 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.62 587.10 Td (During ) Tj ET Q q 0 0 0 rg BT 250.52 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.31 587.10 Td (first ) Tj ET Q q 0 0 0 rg BT 283.99 587.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 314.88 587.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.78 587.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.78 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.86 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 365.09 587.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.20 587.10 Td (230,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.70 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.27 587.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 470.83 587.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.73 587.10 Td ($17.8 ) Tj ET Q q 0 0 0 rg BT 506.81 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.27 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 587.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 575.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 114.49 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 128.65 575.10 Td (this ) Tj ET Q q 0 0 0 rg BT 145.59 575.10 Td (purpose. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (Leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 527.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.55 527.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.30 527.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.37 527.10 Td (total ) Tj ET Q q 0 0 0 rg BT 190.46 527.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 219.60 527.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 256.23 527.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 285.37 527.10 Td (total ) Tj ET Q q 0 0 0 rg BT 306.45 527.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 359.58 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.89 527.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.19 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.94 527.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.46 527.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 497.59 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.90 527.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 529.20 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 515.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 123.36 515.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 148.07 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.90 515.10 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 468.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 468.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 468.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 468.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 444.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 444.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 444.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 444.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 420.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 420.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 420.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 420.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 396.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 396.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 396.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 396.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 372.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 372.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 372.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 372.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 348.60 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 348.60 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 348.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 348.60 71.00 -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 411.5 480.6 m 482.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 480.6 m 561.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 444.6 m 482.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 444.6 m 561.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 433.6 m 482.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 431.6 m 482.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 433.6 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 490.5 431.6 m 561.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 384.6 m 482.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 384.6 m 561.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 373.6 m 482.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 371.6 m 482.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 373.6 m 561.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 371.6 m 561.5 371.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 495.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 495.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 484.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 483.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 483.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 471.22 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 471.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 471.33 Td (2,113,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 471.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 471.22 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 459.22 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 459.38 Td (\(229,630) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 459.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 459.22 Td (\(233,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 459.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 447.22 Td (Deduct: Assets from noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 447.38 Td (\(46,364) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 447.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 447.22 Td (\(109,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 447.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 435.22 Td (Adjusted assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 435.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 435.33 Td (1,837,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 435.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 435.22 Td (1,782,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.22 Td (Total shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 411.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 411.33 Td (821,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 411.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 411.22 Td (816,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 399.22 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 399.38 Td (\(229,630) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 399.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 399.22 Td (\(233,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 399.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 387.22 Td (Deduct: Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 387.38 Td (\(43,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 387.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 387.22 Td (\(57,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 387.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.22 Td (Tangible common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 375.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 375.33 Td (548,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 375.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 375.22 Td (525,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 351.22 Td (Leverage ratio \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 351.33 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 351.22 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 327.22 Td (Adjusted leverage ratio \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 327.33 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 327.22 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 310.10 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 99.27 310.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.82 310.10 Td (equals ) Tj ET Q q 0 0 0 rg BT 139.71 310.10 Td (total ) Tj ET Q q 0 0 0 rg BT 156.38 310.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.49 310.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 203.04 310.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.59 310.10 Td (total ) Tj ET Q q 0 0 0 rg BT 229.26 310.10 Td (shar) Tj ET Q q 0 0 0 rg BT 243.19 310.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 272.52 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.52 310.10 Td (equity) Tj ET Q q 0 0 0 rg BT 293.62 310.10 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 295.10 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 295.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.50 295.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.04 295.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 144.59 295.10 Td (equals ) Tj ET Q q 0 0 0 rg BT 167.48 295.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 196.59 295.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.70 295.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 243.25 295.10 Td (by ) Tj ET Q q 0 0 0 rg BT 252.80 295.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 281.02 295.10 Td (common ) Tj ET Q q 0 0 0 rg BT 310.13 295.10 Td (shar) Tj ET Q q 0 0 0 rg BT 324.05 295.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 353.38 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.38 295.10 Td (equity) Tj ET Q q 0 0 0 rg BT 374.49 295.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.87 271.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.47 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.17 271.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 164.65 271.10 Td (common ) Tj ET Q q 0 0 0 rg BT 201.91 271.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 255.04 271.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.30 271.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.56 271.10 Td (are ) Tj ET Q q 0 0 0 rg BT 299.04 271.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 344.22 271.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.49 271.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.73 271.10 Td (measures. ) Tj ET Q q 0 0 0 rg BT 425.71 271.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 465.75 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.45 271.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 524.71 271.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 550.31 271.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 92.26 259.10 Td (from ) Tj ET Q q 0 0 0 rg BT 113.37 259.10 Td (total ) Tj ET Q q 0 0 0 rg BT 132.81 259.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.80 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.91 259.10 Td (total ) Tj ET Q q 0 0 0 rg BT 193.35 259.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 246.47 259.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.14 259.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.80 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.24 259.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 334.23 259.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 369.22 259.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.22 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.32 259.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.20 259.10 Td (common ) Tj ET Q q 0 0 0 rg BT 480.86 259.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 533.99 259.10 Td ( ) Tj ET Q q 0 0 0 rg BT 535.66 259.10 Td (equity) Tj ET Q q 0 0 0 rg BT 560.00 259.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 247.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.81 247.10 Td (as ) Tj ET Q q 0 0 0 rg BT 112.29 247.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.10 247.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 157.12 247.10 Td (that ) Tj ET Q q 0 0 0 rg BT 174.26 247.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 211.97 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.55 247.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 270.69 247.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.17 247.10 Td (do ) Tj ET Q q 0 0 0 rg BT 308.32 247.10 Td (not ) Tj ET Q q 0 0 0 rg BT 323.25 247.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 364.28 247.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.19 247.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.67 247.10 Td (which ) Tj ET Q q 0 0 0 rg BT 456.25 247.10 Td (can ) Tj ET Q q 0 0 0 rg BT 472.28 247.10 Td (be ) Tj ET Q q 0 0 0 rg BT 483.87 247.10 Td (deployed ) Tj ET Q q 0 0 0 rg BT 522.67 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.60 247.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 247.10 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (manner) Tj ET Q q 0 0 0 rg BT 78.93 235.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.75 235.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 121.10 235.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 161.11 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 235.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 231.14 235.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.15 235.10 Td (are ) Tj ET Q q 0 0 0 rg BT 280.05 235.10 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 322.83 235.10 Td (from ) Tj ET Q q 0 0 0 rg BT 343.95 235.10 Td (total ) Tj ET Q q 0 0 0 rg BT 363.41 235.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.43 235.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 235.10 Td (total ) Tj ET Q q 0 0 0 rg BT 424.01 235.10 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 478.04 235.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.72 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 235.10 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 84.62 223.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.75 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.98 223.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 159.99 223.10 Td (common ) Tj ET Q q 0 0 0 rg BT 196.79 223.10 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 250.92 223.10 Td (equity) Tj ET Q q 0 0 0 rg BT 275.27 223.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.56 223.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.22 223.10 Td (, ) Tj ET Q q 0 0 0 rg BT 331.52 223.10 Td (as ) Tj ET Q q 0 0 0 rg BT 341.65 223.10 Td (they ) Tj ET Q q 0 0 0 rg BT 360.66 223.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 399.10 223.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.23 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.47 223.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.26 223.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.38 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.96 223.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.27 211.10 Td (that ) Tj ET Q q 0 0 0 rg BT 97.14 211.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 211.10 Td (not ) Tj ET Q q 0 0 0 rg BT 125.90 211.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 175.82 211.10 Td (either ) Tj ET Q q 0 0 0 rg BT 200.47 211.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 232.89 211.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 211.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 280.78 211.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.16 211.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.82 211.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 317.81 211.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 329.29 211.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 347.28 211.10 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 396.52 211.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.16 211.10 Td (e ) Tj ET Q q 0 0 0 rg BT 411.48 211.10 Td (view ) Tj ET Q q 0 0 0 rg BT 432.80 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.90 211.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 483.78 211.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.98 211.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 211.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.88 199.10 Td (also ) Tj ET Q q 0 0 0 rg BT 108.01 199.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 199.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 160.66 199.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.68 199.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.68 199.10 Td (measure, ) Tj ET Q q 0 0 0 rg BT 240.52 199.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.87 199.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.33 199.10 Td (more ) Tj ET Q q 0 0 0 rg BT 282.90 199.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 318.12 199.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 354.46 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 199.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.81 199.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.83 199.10 Td (when ) Tj ET Q q 0 0 0 rg BT 446.52 199.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 492.30 199.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 199.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (companies.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (53) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Funding and Capital Resources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 707.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 102.06 707.25 Td (goal ) Tj ET Q q 0 0 0 rg BT 121.95 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.96 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 148.97 707.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 182.75 707.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 221.53 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 230.87 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.33 707.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 270.11 707.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 308.31 707.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 342.10 707.25 Td (over ) Tj ET Q q 0 0 0 rg BT 362.55 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 369.66 707.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 391.78 707.25 Td (range ) Tj ET Q q 0 0 0 rg BT 416.66 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.67 707.25 Td (market ) Tj ET Q q 0 0 0 rg BT 458.11 707.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 504.95 707.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 532.07 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.96 707.25 Td (mix ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.97 695.25 Td (business ) Tj ET Q q 0 0 0 rg BT 113.77 695.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 155.27 695.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 189.29 695.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 244.39 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 259.50 695.25 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 294.62 695.25 Td (through ) Tj ET Q q 0 0 0 rg BT 328.64 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 335.98 695.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 381.65 695.25 Td (range ) Tj ET Q q 0 0 0 rg BT 406.76 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.00 695.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 462.56 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.90 695.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 522.24 695.25 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 683.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.07 683.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 97.55 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 683.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 136.40 683.25 Td (that ) Tj ET Q q 0 0 0 rg BT 153.89 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 683.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 191.63 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.45 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.27 683.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 262.42 683.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 302.13 683.25 Td (equals ) Tj ET Q q 0 0 0 rg BT 330.17 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 340.99 683.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 375.13 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.83 683.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 427.85 683.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 460.90 683.25 Td (period ) Tj ET Q q 0 0 0 rg BT 488.94 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.76 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.47 683.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 540.29 683.25 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (financed. ) Tj ET Q q 0 0 0 rg BT 88.54 671.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.21 671.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.87 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.77 671.25 Td (support ) Tj ET Q q 0 0 0 rg BT 175.88 671.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 214.65 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.54 671.25 Td (total ) Tj ET Q q 0 0 0 rg BT 244.43 671.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.87 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 278.66 671.25 Td (lar) Tj ET Q q 0 0 0 rg BT 289.03 671.25 Td (gely ) Tj ET Q q 0 0 0 rg BT 308.36 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.91 671.25 Td (function ) Tj ET Q q 0 0 0 rg BT 350.35 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.80 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 671.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 403.91 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.81 671.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 440.92 671.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 474.14 671.25 Td (from ) Tj ET Q q 0 0 0 rg BT 495.70 671.25 Td (external ) Tj ET Q q 0 0 0 rg BT 530.01 671.25 Td (sources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (Access ) Tj ET Q q 0 0 0 rg BT 79.28 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 659.25 Td (these ) Tj ET Q q 0 0 0 rg BT 110.54 659.25 Td (external ) Tj ET Q q 0 0 0 rg BT 144.20 659.25 Td (sources, ) Tj ET Q q 0 0 0 rg BT 178.16 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.95 659.25 Td (well ) Tj ET Q q 0 0 0 rg BT 206.63 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 216.43 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 659.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 247.68 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.47 659.25 Td (that ) Tj ET Q q 0 0 0 rg BT 273.93 659.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 315.66 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 323.79 659.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 366.35 659.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 387.81 659.25 Td (various ) Tj ET Q q 0 0 0 rg BT 418.72 659.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 449.89 659.25 Td (including ) Tj ET Q q 0 0 0 rg BT 489.13 659.25 Td (market ) Tj ET Q q 0 0 0 rg BT 518.35 659.25 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 647.25 Td (general ) Tj ET Q q 0 0 0 rg BT 97.53 647.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.71 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.23 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.19 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.82 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.78 647.25 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 259.45 647.25 Td (W) Tj ET Q q 0 0 0 rg BT 268.09 647.25 Td (e ) Tj ET Q q 0 0 0 rg BT 275.72 647.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.01 647.25 Td (do ) Tj ET Q q 0 0 0 rg BT 328.20 647.25 Td (not ) Tj ET Q q 0 0 0 rg BT 344.18 647.25 Td (have ) Tj ET Q q 0 0 0 rg BT 366.25 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.88 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.84 647.25 Td (rating, ) Tj ET Q q 0 0 0 rg BT 428.85 647.25 Td (which ) Tj ET Q q 0 0 0 rg BT 456.49 647.25 Td (could ) Tj ET Q q 0 0 0 rg BT 481.90 647.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 523.40 647.25 Td (af) Tj ET Q q 0 0 0 rg BT 530.99 647.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.17 647.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.54 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.14 635.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.50 635.25 Td (position ) Tj ET Q q 0 0 0 rg BT 185.88 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 198.03 635.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 241.28 635.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.76 635.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.68 635.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 318.83 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.42 635.25 Td (limiting ) Tj ET Q q 0 0 0 rg BT 369.25 635.25 Td (access ) Tj ET Q q 0 0 0 rg BT 396.94 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.87 635.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 439.01 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 449.50 635.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 485.54 635.25 Td (that ) Tj ET Q q 0 0 0 rg BT 502.69 635.25 Td (require ) Tj ET Q q 0 0 0 rg BT 533.16 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 539.75 635.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (rating ) Tj ET Q q 0 0 0 rg BT 75.33 623.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.16 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 93.09 623.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 133.37 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 623.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 185.03 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 623.25 Td (funds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.19 575.25 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 112.65 575.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 145.90 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.48 575.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 198.52 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 207.33 575.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 243.91 575.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.26 575.25 Td (through ) Tj ET Q q 0 0 0 rg BT 316.51 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.87 575.25 Td (use ) Tj ET Q q 0 0 0 rg BT 346.34 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.82 575.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 406.16 575.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 430.51 575.25 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 469.03 575.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 575.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 565.01 575.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 74.67 563.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 102.61 563.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 152.48 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.76 563.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 190.04 563.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 210.76 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.94 563.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 248.04 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.32 563.25 Td (is ) Tj ET Q q 0 0 0 rg BT 272.83 563.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 309.66 563.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 365.35 563.25 Td (by ) Tj ET Q q 0 0 0 rg BT 377.20 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 392.37 563.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.97 563.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 469.65 563.25 Td (. ) Tj ET Q q 0 0 0 rg BT 473.85 563.25 Td (These ) Tj ET Q q 0 0 0 rg BT 499.57 563.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 532.52 563.25 Td (sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.99 551.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 96.04 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.10 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.71 551.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 152.55 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 551.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 196.32 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.05 551.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 235.11 551.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 272.79 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 278.57 551.25 Td (which ) Tj ET Q q 0 0 0 rg BT 306.30 551.25 Td (is ) Tj ET Q q 0 0 0 rg BT 316.25 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 323.97 551.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 366.13 551.25 Td (part ) Tj ET Q q 0 0 0 rg BT 384.96 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.57 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.19 551.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.25 551.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 507.51 551.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 546.95 551.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 86.89 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.73 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.57 539.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 157.40 539.25 Td (is ) Tj ET Q q 0 0 0 rg BT 167.58 539.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 194.42 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.37 539.25 Td (is ) Tj ET Q q 0 0 0 rg BT 222.55 539.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 262.14 539.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 293.42 539.25 Td (by ) Tj ET Q q 0 0 0 rg BT 306.92 539.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 352.09 539.25 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 392.52 539.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 425.47 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.31 539.25 Td (these ) Tj ET Q q 0 0 0 rg BT 461.36 539.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 506.52 539.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 544.46 539.25 Td (\(i.e., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 93.84 527.25 Td (line ) Tj ET Q q 0 0 0 rg BT 110.40 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.41 527.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 175.18 527.25 Td (paper\) ) Tj ET Q q 0 0 0 rg BT 202.29 527.25 Td (have ) Tj ET Q q 0 0 0 rg BT 222.73 527.25 Td (been ) Tj ET Q q 0 0 0 rg BT 243.18 527.25 Td (established ) Tj ET Q q 0 0 0 rg BT 289.18 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.53 527.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 332.87 527.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 366.65 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 375.99 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.78 527.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 425.24 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.14 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 450.04 527.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 489.94 527.25 Td (based ) Tj ET Q q 0 0 0 rg BT 514.28 527.25 Td (on ) Tj ET Q q 0 0 0 rg BT 525.85 527.25 Td (changing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.48 515.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 127.85 515.25 Td (In ) Tj ET Q q 0 0 0 rg BT 139.39 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.82 515.25 Td (case ) Tj ET Q q 0 0 0 rg BT 175.24 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.78 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.33 515.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 249.31 515.25 Td (line, ) Tj ET Q q 0 0 0 rg BT 270.01 515.25 Td (it ) Tj ET Q q 0 0 0 rg BT 278.78 515.25 Td (is ) Tj ET Q q 0 0 0 rg BT 288.66 515.25 Td (available ) Tj ET Q q 0 0 0 rg BT 327.96 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.96 515.25 Td (us ) Tj ET Q q 0 0 0 rg BT 351.06 515.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 394.81 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.35 515.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 441.77 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.76 515.25 Td (market ) Tj ET Q q 0 0 0 rg BT 483.73 515.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 520.84 515.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (through ) Tj ET Q q 0 0 0 rg BT 82.93 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.47 503.25 Td (end ) Tj ET Q q 0 0 0 rg BT 114.23 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.88 503.25 Td (its ) Tj ET Q q 0 0 0 rg BT 136.65 503.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 159.79 503.25 Td (although ) Tj ET Q q 0 0 0 rg BT 197.11 503.25 Td (there ) Tj ET Q q 0 0 0 rg BT 219.41 503.25 Td (may ) Tj ET Q q 0 0 0 rg BT 238.95 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 250.71 503.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 295.81 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 308.13 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.67 503.25 Td (type ) Tj ET Q q 0 0 0 rg BT 342.21 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.86 503.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 392.94 503.25 Td (available ) Tj ET Q q 0 0 0 rg BT 431.35 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 503.25 Td (pledge. ) Tj ET Q q 0 0 0 rg BT 472.93 503.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 490.80 503.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 540.32 503.25 Td (paper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (program ) Tj ET Q q 0 0 0 rg BT 86.34 491.25 Td (helps ) Tj ET Q q 0 0 0 rg BT 110.41 491.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 146.14 491.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 181.30 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.04 491.25 Td (market ) Tj ET Q q 0 0 0 rg BT 222.77 491.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 259.62 491.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 304.24 491.25 Td (given ) Tj ET Q q 0 0 0 rg BT 329.42 491.25 Td (it ) Tj ET Q q 0 0 0 rg BT 337.94 491.25 Td (is ) Tj ET Q q 0 0 0 rg BT 347.57 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 363.31 491.25 Td (an ) Tj ET Q q 0 0 0 rg BT 375.71 491.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 416.99 491.25 Td (facility) Tj ET Q q 0 0 0 rg BT 444.66 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 450.12 491.25 Td (but ) Tj ET Q q 0 0 0 rg BT 465.86 491.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 503.26 491.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 537.33 491.25 Td (with ) Tj ET Q q 0 0 0 rg BT 558.07 491.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (term ) Tj ET Q q 0 0 0 rg BT 70.71 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.92 479.25 Td (27 ) Tj ET Q q 0 0 0 rg BT 94.80 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.46 479.25 Td (270 ) Tj ET Q q 0 0 0 rg BT 123.35 479.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 147.06 479.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 165.49 479.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 199.48 479.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 232.35 479.25 Td (are ) Tj ET Q q 0 0 0 rg BT 247.44 479.25 Td (also ) Tj ET Q q 0 0 0 rg BT 266.44 479.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 310.41 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 323.29 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.39 479.25 Td (types ) Tj ET Q q 0 0 0 rg BT 362.38 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 479.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 414.80 479.25 Td (that ) Tj ET Q q 0 0 0 rg BT 432.68 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.89 479.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 508.42 479.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.51 479.25 Td (willing ) Tj ET Q q 0 0 0 rg BT 554.72 479.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (accept ) Tj ET Q q 0 0 0 rg BT 77.06 467.25 Td (as ) Tj ET Q q 0 0 0 rg BT 87.41 467.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 126.64 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.10 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.34 467.25 Td (number ) Tj ET Q q 0 0 0 rg BT 189.91 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 467.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 258.94 467.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 299.55 467.25 Td (Funding ) Tj ET Q q 0 0 0 rg BT 334.92 467.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.61 467.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.84 467.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 419.30 467.25 Td (at ) Tj ET Q q 0 0 0 rg BT 428.54 467.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 449.44 467.25 Td (based ) Tj ET Q q 0 0 0 rg BT 474.24 467.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 496.26 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.50 467.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 540.28 467.25 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 455.25 Td (or ) Tj ET Q q 0 0 0 rg BT 77.82 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 455.25 Td (London ) Tj ET Q q 0 0 0 rg BT 126.14 455.25 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 166.96 455.25 Td (Of) Tj ET Q q 0 0 0 rg BT 177.33 455.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 190.93 455.25 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 49.5 429.9169921875 m 161.0849609375 429.9169921875 l s q 0 0 0 rg BT 49.50 431.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 101.40 431.25 Td (Paper ) Tj ET Q q 0 0 0 rg BT 126.65 431.25 Td (Program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.56 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.03 431.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.06 431.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.32 431.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.89 431.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 264.79 431.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 305.25 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 310.22 431.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 333.81 431.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.29 431.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 374.14 431.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 393.28 431.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 419.65 431.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.66 431.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 502.33 431.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 527.01 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 537.27 431.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 558.07 431.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 80.52 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.98 419.25 Td (its ) Tj ET Q q 0 0 0 rg BT 102.56 419.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 142.46 419.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 180.14 419.25 Td (. ) Tj ET Q q 0 0 0 rg BT 184.61 419.25 Td (This ) Tj ET Q q 0 0 0 rg BT 204.53 419.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 253.86 419.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 278.20 419.25 Td (is ) Tj ET Q q 0 0 0 rg BT 287.00 419.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 314.13 419.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.03 419.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.02 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.15 419.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 396.04 419.25 Td (programs, ) Tj ET Q q 0 0 0 rg BT 438.44 419.25 Td (CP) Tj ET Q q 0 0 0 rg BT 450.30 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.43 419.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.53 419.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 490.39 419.25 Td (CP) Tj ET Q q 0 0 0 rg BT 502.25 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 504.38 419.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 530.95 419.25 Td (II ) Tj ET Q q 0 0 0 rg BT 539.27 419.25 Td (A) Tj ET Q q 0 0 0 rg BT 545.94 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (CP) Tj ET Q q 0 0 0 rg BT 61.36 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.46 407.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 89.99 407.25 Td (III ) Tj ET Q q 0 0 0 rg BT 101.62 407.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 113.44 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.97 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.74 407.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 171.37 407.25 Td (by ) Tj ET Q q 0 0 0 rg BT 183.47 407.25 Td (dif) Tj ET Q q 0 0 0 rg BT 194.40 407.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 219.81 407.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 260.23 407.25 Td (classes, ) Tj ET Q q 0 0 0 rg BT 292.60 407.25 Td (which ) Tj ET Q q 0 0 0 rg BT 319.13 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 327.90 407.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 364.97 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.85 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 407.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.69 407.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.77 407.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 457.09 407.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.18 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.50 407.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 526.13 407.25 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 395.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 108.85 395.25 Td (can ) Tj ET Q q 0 0 0 rg BT 125.74 395.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 148.76 395.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 198.97 395.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 224.20 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 244.99 395.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 288.00 395.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.34 395.25 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.34 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 312.36 395.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.16 395.25 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.16 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.17 395.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 365.02 395.25 Td (CP) Tj ET Q q 0 0 0 rg BT 376.88 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.90 395.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 407.35 395.25 Td (III ) Tj ET Q q 0 0 0 rg BT 419.69 395.25 Td (A) Tj ET Q q 0 0 0 rg BT 426.36 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 429.38 395.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 465.72 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.18 395.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 512.29 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 530.30 395.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.51 383.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 83.99 383.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 112.28 383.25 Td (Co. ) Tj ET Q q 0 0 0 rg BT 128.35 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.04 383.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 174.93 383.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 202.94 383.25 Td (net ) Tj ET Q q 0 0 0 rg BT 217.06 383.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 245.62 383.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.85 383.25 Td ($120 ) Tj ET Q q 0 0 0 rg BT 277.76 383.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 383.25 Td (. ) Tj ET Q q 0 0 0 rg BT 310.92 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 328.37 383.25 Td (following ) Tj ET Q q 0 0 0 rg BT 369.16 383.25 Td (table ) Tj ET Q q 0 0 0 rg BT 390.50 383.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 426.84 383.25 Td (information ) Tj ET Q q 0 0 0 rg BT 475.96 383.25 Td (about ) Tj ET Q q 0 0 0 rg BT 500.08 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 515.32 383.25 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 74.21 371.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 114.48 371.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.19 371.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 167.79 371.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.79 371.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 348.75 218.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 348.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 348.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 348.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 348.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 348.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 348.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 324.75 218.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 324.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 324.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 324.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 324.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 324.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 324.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.75 218.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 300.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 300.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 300.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 300.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 300.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 300.75 90.00 -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 275.5 348.75 m 365.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 348.75 m 463.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 348.75 m 561.5 348.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 352.70 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.25 351.48 Td (CP Series A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.10 351.48 Td (CP Series II A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 351.48 Td (CP Series III A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 339.37 Td (Maximum amount that may be issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 339.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 339.37 Td (300.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 339.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 339.37 Td (150.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 339.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 339.37 Td (125.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 327.37 Td (Amount outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 327.37 Td (40.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 327.37 Td (20.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 327.37 Td (64.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 303.37 Td (Weighted average maturity, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 303.37 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 303.37 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.00 303.37 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 291.37 Td (Weighted average maturity at issuance, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 291.37 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 291.37 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.00 291.37 Td (31) 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 49.5 263.9169921875 m 161.830078125 263.9169921875 l s q 0 0 0 rg BT 49.50 265.25 Td (Prime ) Tj ET Q q 0 0 0 rg BT 75.65 265.25 Td (Broker ) Tj ET Q q 0 0 0 rg BT 105.18 265.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 265.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.09 265.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.20 265.25 Td (W) Tj ET Q q 0 0 0 rg BT 179.83 265.25 Td (e ) Tj ET Q q 0 0 0 rg BT 186.54 265.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.68 265.25 Td (established ) Tj ET Q q 0 0 0 rg BT 254.38 265.25 Td (an ) Tj ET Q q 0 0 0 rg BT 266.08 265.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 318.31 265.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.36 265.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 355.62 265.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 396.21 265.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 436.24 265.25 Td (by ) Tj ET Q q 0 0 0 rg BT 448.50 265.25 Td (a ) Tj ET Q q 0 0 0 rg BT 455.20 265.25 Td (single ) Tj ET Q q 0 0 0 rg BT 481.35 265.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 506.94 265.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 535.31 265.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.07 253.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.06 253.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 129.72 253.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.84 253.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 201.73 253.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.30 253.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 257.08 253.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 300.30 253.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 350.20 253.25 Td (, ) Tj ET Q q 0 0 0 rg BT 356.49 253.25 Td (we ) Tj ET Q q 0 0 0 rg BT 371.94 253.25 Td (have ) Tj ET Q q 0 0 0 rg BT 394.61 253.25 Td (established ) Tj ET Q q 0 0 0 rg BT 442.83 253.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.06 253.25 Td (second ) Tj ET Q q 0 0 0 rg BT 482.62 253.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 524.74 253.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 102.33 241.25 Td (with ) Tj ET Q q 0 0 0 rg BT 122.97 241.25 Td (another ) Tj ET Q q 0 0 0 rg BT 155.82 241.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 184.78 241.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 212.06 241.25 Td (related ) Tj ET Q q 0 0 0 rg BT 242.13 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.77 241.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.96 241.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 316.80 241.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 357.42 241.25 Td (inventories. ) Tj ET Q q 0 0 0 rg BT 407.22 241.25 Td (Financing ) Tj ET Q q 0 0 0 rg BT 450.08 241.25 Td (under ) Tj ET Q q 0 0 0 rg BT 475.71 241.25 Td (these ) Tj ET Q q 0 0 0 rg BT 499.11 241.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 555.84 241.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 82.18 229.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.54 229.25 Td (by ) Tj ET Q q 0 0 0 rg BT 133.68 229.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 176.09 229.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.67 229.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 232.01 229.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 276.93 229.25 Td (could ) Tj ET Q q 0 0 0 rg BT 301.29 229.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 330.08 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.44 229.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.58 229.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.05 229.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 420.31 229.25 Td (available ) Tj ET Q q 0 0 0 rg BT 458.54 229.25 Td (under ) Tj ET Q q 0 0 0 rg BT 483.45 229.25 Td (these ) Tj ET Q q 0 0 0 rg BT 506.14 229.25 Td (arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.52 217.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 93.31 217.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 121.87 217.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 162.10 217.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 200.66 217.25 Td (are ) Tj ET Q q 0 0 0 rg BT 215.33 217.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.77 217.25 Td (net ) Tj ET Q q 0 0 0 rg BT 267.46 217.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.25 217.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 325.69 217.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.59 217.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 378.38 217.25 Td (activity) Tj ET Q q 0 0 0 rg BT 407.72 217.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.51 217.25 Td (The ) Tj ET Q q 0 0 0 rg BT 430.52 217.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 464.09 217.25 Td (is ) Tj ET Q q 0 0 0 rg BT 473.23 217.25 Td (at ) Tj ET Q q 0 0 0 rg BT 482.91 217.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.59 217.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 539.49 217.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 217.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 75.10 205.25 Td (brokers ) Tj ET Q q 0 0 0 rg BT 107.37 205.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.09 205.25 Td (could ) Tj ET Q q 0 0 0 rg BT 148.59 205.25 Td (be ) Tj ET Q q 0 0 0 rg BT 160.31 205.25 Td (denied ) Tj ET Q q 0 0 0 rg BT 189.24 205.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 219.84 205.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.90 205.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.62 205.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 263.33 205.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 293.16 205.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.44 205.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 348.81 205.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.81 205.25 Td (, ) Tj ET Q q 0 0 0 rg BT 373.59 205.25 Td (we ) Tj ET Q q 0 0 0 rg BT 387.53 205.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.25 205.25 Td ($101.3 ) Tj ET Q q 0 0 0 rg BT 434.03 205.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.92 205.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.20 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.81 205.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 515.85 205.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 193.25 Td (these ) Tj ET Q q 0 0 0 rg BT 97.82 193.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 123.64 193.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 152.24 193.25 Td (arrangements. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 167.9169921875 m 119.5087890625 167.9169921875 l s q 0 0 0 rg BT 49.50 169.25 Td (Committed ) Tj ET Q q 0 0 0 rg BT 97.29 169.25 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.51 169.25 Td ( ) Tj ET Q q 0 0 0 rg BT 122.30 169.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.89 169.25 Td (W) Tj ET Q q 0 0 0 rg BT 138.53 169.25 Td (e ) Tj ET Q q 0 0 0 rg BT 145.76 169.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 176.86 169.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.43 169.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 224.64 169.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.76 169.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 286.32 169.25 Td (line ) Tj ET Q q 0 0 0 rg BT 304.11 169.25 Td (from ) Tj ET Q q 0 0 0 rg BT 326.34 169.25 Td ($250 ) Tj ET Q q 0 0 0 rg BT 349.13 169.25 Td (million ) Tj ET Q q 0 0 0 rg BT 380.81 169.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.38 169.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.61 169.25 Td (one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.38 169.25 Td ($200 ) Tj ET Q q 0 0 0 rg BT 459.17 169.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.07 169.25 Td ( ) Tj ET Q q 0 0 0 rg BT 490.86 169.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 531.97 169.25 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.01 157.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 104.08 157.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.60 157.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 135.34 157.25 Td (based ) Tj ET Q q 0 0 0 rg BT 159.86 157.25 Td (on ) Tj ET Q q 0 0 0 rg BT 171.60 157.25 Td (our ) Tj ET Q q 0 0 0 rg BT 186.68 157.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 222.32 157.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 246.83 157.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.02 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.98 157.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 314.26 157.25 Td (back ) Tj ET Q q 0 0 0 rg BT 334.88 157.25 Td (of) Tj ET Q q 0 0 0 rg BT 343.03 157.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 359.76 157.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 405.38 157.25 Td (which ) Tj ET Q q 0 0 0 rg BT 431.57 157.25 Td (will ) Tj ET Q q 0 0 0 rg BT 448.87 157.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 481.16 157.25 Td (us ) Tj ET Q q 0 0 0 rg BT 491.80 157.25 Td (with ) Tj ET Q q 0 0 0 rg BT 511.32 157.25 Td (an ) Tj ET Q q 0 0 0 rg BT 522.51 157.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 83.68 145.25 Td (source. ) Tj ET Q q 0 0 0 rg BT 115.12 145.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.76 145.25 Td (e ) Tj ET Q q 0 0 0 rg BT 131.26 145.25 Td (use ) Tj ET Q q 0 0 0 rg BT 147.66 145.25 Td (this ) Tj ET Q q 0 0 0 rg BT 165.18 145.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 191.01 145.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 222.40 145.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.24 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.53 145.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 285.47 145.25 Td (course ) Tj ET Q q 0 0 0 rg BT 314.64 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.04 145.25 Td (business ) Tj ET Q q 0 0 0 rg BT 363.00 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.84 145.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 395.24 145.25 Td (a ) Tj ET Q q 0 0 0 rg BT 402.75 145.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 434.70 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.10 145.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.50 145.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 485.56 145.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 532.79 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 145.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.17 133.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 123.16 133.25 Td (under ) Tj ET Q q 0 0 0 rg BT 148.59 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.48 133.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 194.47 133.25 Td (varies ) Tj ET Q q 0 0 0 rg BT 221.02 133.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 243.68 133.25 Td (based ) Tj ET Q q 0 0 0 rg BT 269.12 133.25 Td (on ) Tj ET Q q 0 0 0 rg BT 281.79 133.25 Td (our ) Tj ET Q q 0 0 0 rg BT 297.79 133.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 331.57 133.25 Td (needs. ) Tj ET Q q 0 0 0 rg BT 358.92 133.25 Td (Advances ) Tj ET Q q 0 0 0 rg BT 401.02 133.25 Td (under ) Tj ET Q q 0 0 0 rg BT 426.46 133.25 Td (this ) Tj ET Q q 0 0 0 rg BT 443.57 133.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 474.56 133.25 Td (are ) Tj ET Q q 0 0 0 rg BT 489.44 133.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 522.65 133.25 Td (by ) Tj ET Q q 0 0 0 rg BT 535.32 133.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 96.23 121.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 138.63 121.25 Td (The ) Tj ET Q q 0 0 0 rg BT 156.49 121.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 187.12 121.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 222.76 121.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.50 121.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 267.91 121.25 Td (that ) Tj ET Q q 0 0 0 rg BT 285.21 121.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 319.73 121.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 343.15 121.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 354.63 121.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 383.31 121.25 Td (Co. ) Tj ET Q q 0 0 0 rg BT 399.79 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 409.88 121.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 447.18 121.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 488.38 121.25 Td (net ) Tj ET Q q 0 0 0 rg BT 502.91 121.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.87 121.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 121.25 Td ($120 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 109.25 Td (, ) Tj ET Q q 0 0 0 rg BT 83.25 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.05 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.63 109.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 144.21 109.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 182.11 109.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.47 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.16 109.25 Td (all ) Tj ET Q q 0 0 0 rg BT 237.51 109.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 276.52 109.25 Td (under ) Tj ET Q q 0 0 0 rg BT 301.65 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.23 109.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 346.91 109.25 Td (will ) Tj ET Q q 0 0 0 rg BT 364.82 109.25 Td (be ) Tj ET Q q 0 0 0 rg BT 376.62 109.25 Td (due ) Tj ET Q q 0 0 0 rg BT 393.42 109.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.78 109.25 Td (December16, ) Tj ET Q q 0 0 0 rg BT 464.23 109.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.23 109.25 Td (. ) Tj ET Q q 0 0 0 rg BT 488.92 109.25 Td (This ) Tj ET Q q 0 0 0 rg BT 509.06 109.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.18 109.25 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (has ) Tj ET Q q 0 0 0 rg BT 65.64 97.25 Td (been ) Tj ET Q q 0 0 0 rg BT 87.33 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.92 97.25 Td (place ) Tj ET Q q 0 0 0 rg BT 121.83 97.25 Td (since ) Tj ET Q q 0 0 0 rg BT 145.19 97.25 Td (2008 ) Tj ET Q q 0 0 0 rg BT 168.00 97.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.25 97.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.72 97.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 236.40 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.43 97.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 282.57 97.25 Td (for ) Tj ET Q q 0 0 0 rg BT 297.04 97.25 Td (another ) Tj ET Q q 0 0 0 rg BT 329.84 97.25 Td (one-year ) Tj ET Q q 0 0 0 rg BT 367.63 97.25 Td (term ) Tj ET Q q 0 0 0 rg BT 388.76 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.35 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.38 97.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 441.63 97.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.76 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.90 97.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 508.60 97.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 97.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 85.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 85.25 Td (we ) Tj ET Q q 0 0 0 rg BT 88.66 85.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.60 85.25 Td ($46.0 ) Tj ET Q q 0 0 0 rg BT 130.60 85.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.49 85.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.99 85.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.27 85.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 211.41 85.25 Td (against ) Tj ET Q q 0 0 0 rg BT 242.24 85.25 Td (this ) Tj ET Q q 0 0 0 rg BT 259.19 85.25 Td (line ) Tj ET Q q 0 0 0 rg BT 276.68 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.51 85.25 Td (credit.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (54) 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 49.5 729.7669921875 m 129.1376953125 729.7669921875 l s q 0 0 0 rg BT 49.50 731.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 106.92 731.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.14 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.57 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.82 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.46 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 154.33 731.10 Td (use ) Tj ET Q q 0 0 0 rg BT 170.09 731.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 225.29 731.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 246.61 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.82 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.46 731.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 307.77 731.10 Td (course ) Tj ET Q q 0 0 0 rg BT 336.30 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 731.10 Td (business ) Tj ET Q q 0 0 0 rg BT 383.38 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.59 731.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 414.35 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.22 731.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.54 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.30 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.06 731.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 501.49 731.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 548.07 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.10 719.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.47 719.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 137.17 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 162.32 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.03 719.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 233.18 719.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 254.45 719.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 280.71 719.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 303.08 719.10 Td (based ) Tj ET Q q 0 0 0 rg BT 328.23 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.32 719.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 389.81 719.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 417.46 719.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.39 719.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 490.54 719.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 523.46 719.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 544.72 719.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 71.89 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.78 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 707.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 707.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.34 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.73 707.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 166.45 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.27 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.87 707.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 241.35 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.74 707.10 Td (having ) Tj ET Q q 0 0 0 rg BT 283.35 707.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 331.27 707.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 373.36 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.07 707.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 431.44 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.44 707.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 480.27 707.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 526.80 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 707.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.32 695.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.46 695.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.61 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 695.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 156.09 695.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 197.90 695.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 243.06 695.10 Td (could ) Tj ET Q q 0 0 0 rg BT 267.66 695.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 296.69 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.29 695.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.67 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.38 695.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 387.87 695.10 Td (available ) Tj ET Q q 0 0 0 rg BT 426.34 695.10 Td (under ) Tj ET Q q 0 0 0 rg BT 451.49 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.42 695.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 507.34 695.10 Td (lines. ) Tj ET Q q 0 0 0 rg BT 530.94 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.58 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 695.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.14 683.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.33 683.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 138.86 683.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 182.16 683.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 213.24 683.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.77 683.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.97 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.06 683.10 Td (these ) Tj ET Q q 0 0 0 rg BT 285.36 683.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 313.34 683.10 Td (All ) Tj ET Q q 0 0 0 rg BT 328.88 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.97 683.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.28 683.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 418.80 683.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 440.45 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.41 683.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 510.38 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.57 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.54 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 558.08 683.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 101.61 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.17 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.94 671.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 147.94 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.28 671.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 189.38 671.10 Td (an ) Tj ET Q q 0 0 0 rg BT 200.38 671.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 234.69 671.10 Td (under ) Tj ET Q q 0 0 0 rg BT 259.02 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.80 671.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 291.85 671.10 Td (More ) Tj ET Q q 0 0 0 rg BT 315.07 671.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 360.51 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.57 671.10 Td (these ) Tj ET Q q 0 0 0 rg BT 386.67 671.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 407.12 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.89 671.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 450.77 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.11 671.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 496.65 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 508.21 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.99 671.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 71.06 659.10 Td (each ) Tj ET Q q 0 0 0 rg BT 91.50 659.10 Td (time ) Tj ET Q q 0 0 0 rg BT 111.40 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 122.96 659.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 157.83 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.63 659.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 207.07 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.63 659.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 262.40 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.74 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 293.30 659.10 Td (denied, ) Tj ET Q q 0 0 0 rg BT 324.58 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 351.14 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 370.48 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.04 659.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 430.25 659.10 Td (true ) Tj ET Q q 0 0 0 rg BT 447.92 659.10 Td (during ) Tj ET Q q 0 0 0 rg BT 476.15 659.10 Td (times ) Tj ET Q q 0 0 0 rg BT 499.94 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.39 659.10 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 659.10 Td (stress ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.27 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 90.47 647.10 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 139.00 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.76 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.53 647.10 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 210.28 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.92 647.10 Td (e ) Tj ET Q q 0 0 0 rg BT 225.79 647.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 259.32 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.09 647.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 328.63 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.85 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.50 647.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 389.27 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 406.70 647.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 439.68 647.10 Td (these ) Tj ET Q q 0 0 0 rg BT 462.66 647.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 517.87 647.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 554.73 647.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (order ) Tj ET Q q 0 0 0 rg BT 73.19 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.55 635.10 Td (have ) Tj ET Q q 0 0 0 rg BT 105.02 635.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 153.14 635.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 179.05 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.97 635.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 223.67 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.91 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.83 635.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 292.24 635.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.83 635.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 348.51 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.51 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.60 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.85 635.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.88 635.10 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 429.96 635.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.86 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.44 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.81 635.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 511.04 635.10 Td (against ) Tj ET Q q 0 0 0 rg BT 541.96 635.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 70.89 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.72 623.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 599.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.42 599.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 133.99 599.10 Td (present ) Tj ET Q q 0 0 0 rg BT 165.11 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.57 599.10 Td (average ) Tj ET Q q 0 0 0 rg BT 212.90 599.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 249.57 599.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 298.47 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.38 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.95 599.10 Td (various ) Tj ET Q q 0 0 0 rg BT 359.63 599.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 403.53 599.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 436.89 599.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 469.12 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.36 599.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 511.92 599.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.83 599.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.83 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 599.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 587.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 122.16 587.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 540.60 135.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 540.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 540.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 540.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 540.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 540.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 540.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 540.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 540.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 540.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 516.60 135.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 516.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 516.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 516.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 516.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 516.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 516.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 516.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 516.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 516.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 492.60 135.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 492.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 492.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 492.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 492.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 492.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 492.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 492.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 492.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 492.60 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 332 564.6 m 339 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 564.6 m 409 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 564.6 m 416 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 564.6 m 486 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 564.6 m 255 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 552.6 m 255 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 564.6 m 262 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 564.6 m 332 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 552.6 m 332 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 564.6 m 339 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 564.6 m 409 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 552.6 m 409 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 564.6 m 416 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 564.6 m 486 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 552.6 m 486 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 564.6 m 493 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 564.6 m 563 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 552.6 m 563 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 492.6 m 255 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 492.6 m 332 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 492.6 m 409 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 492.6 m 486 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 492.6 m 563 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 481.6 m 255 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 479.6 m 255 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 481.6 m 332 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 479.6 m 332 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 492.6 m 409 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 481.6 m 409 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 479.6 m 409 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 481.6 m 486 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 479.6 m 486 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 481.6 m 563 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 479.6 m 563 479.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.80 567.33 Td (Average Balance for the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 556.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.50 555.33 Td (Mar. 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.45 555.33 Td (Dec. 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.05 555.33 Td (Sept. 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.45 555.33 Td (June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.50 555.33 Td (Mar. 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 543.33 Td (Funding source:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 531.22 Td (Repurchase agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 531.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.15 531.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.50 531.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 531.22 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 531.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 531.22 Td (14.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 531.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 531.22 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 531.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 531.22 Td (30.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 519.22 Td (Commercial paper) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 519.33 Td (137.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 519.22 Td (165.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 519.22 Td (235.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 519.22 Td (279.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 519.22 Td (279.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 507.22 Td (Prime broker arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 507.33 Td (127.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 507.22 Td (225.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 507.22 Td (200.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 507.22 Td (169.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 507.22 Td (159.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 495.22 Td (Short-term bank loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.65 495.33 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 495.22 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 495.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 495.22 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 495.22 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 483.22 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 483.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 483.33 Td (267.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.50 483.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 483.22 Td (400.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 483.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 483.22 Td (451.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 483.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 483.22 Td (484.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 483.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 483.22 Td (469.5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.78 457.10 Td (average ) Tj ET Q q 0 0 0 rg BT 101.60 457.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.45 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.96 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.92 457.10 Td (first ) Tj ET Q q 0 0 0 rg BT 179.76 457.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 210.82 457.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 457.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.88 457.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.88 457.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.62 457.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.03 457.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.77 457.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.29 457.10 Td ($267.4 ) Tj ET Q q 0 0 0 rg BT 327.52 457.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.41 457.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.65 457.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.81 457.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.33 457.10 Td ($469.5 ) Tj ET Q q 0 0 0 rg BT 454.56 457.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.46 457.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.19 457.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.37 457.10 Td ($400.2 ) Tj ET Q q 0 0 0 rg BT 533.60 457.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 457.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.04 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.68 445.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.22 445.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.09 445.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 154.96 445.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.27 445.10 Td (s ) Tj ET Q q 0 0 0 rg BT 189.59 445.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.35 445.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.35 445.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.28 445.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 272.94 445.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.87 445.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.63 445.10 Td (we ) Tj ET Q q 0 0 0 rg BT 302.72 445.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 344.58 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.79 445.10 Td (use ) Tj ET Q q 0 0 0 rg BT 370.55 445.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 399.08 445.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 419.28 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.48 445.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 458.56 445.10 Td (funding. ) Tj ET Q q 0 0 0 rg BT 494.06 445.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 517.88 445.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.75 445.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 433.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 96.15 433.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 126.98 433.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 165.57 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.85 433.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 218.34 433.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.61 433.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 300.52 433.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 340.78 433.10 Td (through ) Tj ET Q q 0 0 0 rg BT 374.39 433.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 400.22 433.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 428.82 433.10 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 409.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 409.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 409.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 409.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 223.90 409.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 246.40 409.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 280.01 409.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.50 409.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.00 409.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 355.82 409.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.98 409.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.98 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 409.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.42 409.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.42 409.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.42 409.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 482.08 409.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 386.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 386.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 386.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 386.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 362.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 362.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 362.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 362.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 362.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 386.6 m 485 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 386.6 m 563 386.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 390.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 389.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 389.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 377.22 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 377.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 377.22 Td (271.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 377.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 377.22 Td (576.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 365.22 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 365.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 365.22 Td (669.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 353.22 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 353.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 353.22 Td (525.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 341.22 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 341.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 341.22 Td (274.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 291.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.28 291.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.86 291.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 115.99 291.10 Td (into ) Tj ET Q q 0 0 0 rg BT 133.25 291.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 167.15 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 291.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 205.54 291.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.23 291.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.37 291.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 271.18 291.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.67 291.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.57 291.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 350.16 291.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 382.41 291.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.11 291.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 423.58 291.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.71 291.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 523.62 291.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 100.82 279.10 Td (The ) Tj ET Q q 0 0 0 rg BT 118.87 279.10 Td (following ) Tj ET Q q 0 0 0 rg BT 160.25 279.10 Td (table ) Tj ET Q q 0 0 0 rg BT 182.19 279.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 217.45 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.17 279.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 281.34 279.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 314.37 279.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.87 279.10 Td (note ) Tj ET Q q 0 0 0 rg BT 346.58 279.10 Td (class:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 232.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 232.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 232.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 232.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 208.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 208.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 208.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 208.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 256.6 m 480 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 256.6 m 488 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 256.6 m 563 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 232.60000000000002 m 480 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 232.60000000000002 m 563 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 232.60000000000002 m 480 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 232.60000000000002 m 563 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 208.60000000000002 m 480 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 208.60000000000002 m 563 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 208.60000000000002 m 480 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 197.60000000000002 m 480 197.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 195.60000000000002 m 480 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 208.60000000000002 m 563 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 197.60000000000002 m 563 197.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 195.60000000000002 m 563 195.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.60 259.33 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 247.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 247.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 236.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 235.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 235.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 223.22 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 223.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 223.33 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 223.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 223.22 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 211.22 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 211.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 211.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 199.22 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 199.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 199.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 199.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 199.22 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 731.10 Td (October8, ) Tj ET Q q 0 0 0 rg BT 109.49 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.76 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.20 731.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 181.40 731.10 Td (into ) Tj ET Q q 0 0 0 rg BT 199.74 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.96 731.10 Td (second ) Tj ET Q q 0 0 0 rg BT 237.50 731.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 276.38 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.59 731.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 327.46 731.10 Td (note ) Tj ET Q q 0 0 0 rg BT 347.46 731.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.77 731.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 430.19 731.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 469.21 731.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 510.86 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.08 731.10 Td (Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.54 719.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 109.66 719.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 164.09 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 189.46 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 216.49 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.75 719.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.34 719.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 280.94 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.83 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0 rg BT 340.94 443.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 370.41 443.10 Td (rule, ) Tj ET Q q 0 0 0 rg BT 391.27 443.10 Td (which ) Tj ET Q q 0 0 0 rg BT 418.52 443.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 453.54 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.35 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 485.83 443.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 523.63 443.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.75 431.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 94.44 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.80 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.05 431.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 151.84 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.21 431.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 183.74 431.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.63 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.67 431.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.03 431.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 235.07 431.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.49 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.52 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.89 431.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 320.79 431.10 Td (debit ) Tj ET Q q 0 0 0 rg BT 343.82 431.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 381.27 431.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 411.53 431.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.00 431.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 473.69 431.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 526.99 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 538.35 431.10 Td (this ) Tj ET Q q 0 0 0 rg BT 555.84 431.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.16 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.60 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.49 419.10 Td (rule. ) Tj ET Q q 0 0 0 rg BT 128.21 419.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 157.66 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.33 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 180.22 419.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 214.55 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.66 419.10 Td (member ) Tj ET Q q 0 0 0 rg BT 257.09 419.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 276.98 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 299.09 419.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 343.41 419.10 Td (its ) Tj ET Q q 0 0 0 rg BT 355.53 419.10 Td (business ) Tj ET Q q 0 0 0 rg BT 392.09 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.09 419.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 432.98 419.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 474.54 419.10 Td (if ) Tj ET Q q 0 0 0 rg BT 483.32 419.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 520.98 419.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.87 419.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.27 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 89.47 407.10 Td (less ) Tj ET Q q 0 0 0 rg BT 107.24 407.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.22 407.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 134.99 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.41 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.18 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.27 407.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.90 407.10 Td (debit ) Tj ET Q q 0 0 0 rg BT 242.66 407.10 Td (balances. ) Tj ET Q q 0 0 0 rg BT 281.74 407.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 323.94 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.48 407.10 Td (af) Tj ET Q q 0 0 0 rg BT 342.07 407.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 374.55 407.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 419.51 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.61 407.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 485.03 407.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 527.52 407.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 89.53 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.67 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 127.92 395.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 154.62 395.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 205.20 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.11 395.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 249.14 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.62 395.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 287.52 395.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 330.60 395.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 382.30 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.44 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 420.69 395.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 464.06 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.09 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.01 395.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 521.93 395.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.85 395.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 73.91 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.55 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 89.65 383.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 118.41 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 136.07 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 159.29 383.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 203.62 383.10 Td (will ) Tj ET Q q 0 0 0 rg BT 221.85 383.10 Td (not ) Tj ET Q q 0 0 0 rg BT 237.29 383.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 267.17 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.16 383.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 311.38 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.83 383.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 343.93 383.10 Td (current ) Tj ET Q q 0 0 0 rg BT 374.91 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.01 383.10 Td (future ) Tj ET Q q 0 0 0 rg BT 418.56 383.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 467.58 383.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.24 383.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 524.01 383.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.01 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.17 383.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.88 371.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 92.68 371.10 Td (under ) Tj ET Q q 0 0 0 rg BT 117.61 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.99 371.10 Td (SEC) Tj ET Q q 0 0 0 rg BT 153.10 371.10 Td (s ) Tj ET Q q 0 0 0 rg BT 159.15 371.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 193.53 371.10 Td (net ) Tj ET Q q 0 0 0 rg BT 207.90 371.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 236.71 371.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 254.42 371.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.13 371.10 Td ($208.4 ) Tj ET Q q 0 0 0 rg BT 301.79 371.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.68 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.33 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.93 371.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 391.28 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.66 371.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 446.71 371.10 Td (net ) Tj ET Q q 0 0 0 rg BT 461.08 371.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 489.89 371.10 Td (required ) Tj ET Q q 0 0 0 rg BT 525.36 371.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.29 371.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 70.34 359.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 88.39 359.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 359.10 Td ($207.4 ) Tj ET Q q 0 0 0 rg BT 130.89 359.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.78 359.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.75 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.89 335.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.79 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 156.04 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.95 335.10 Td (level ) Tj ET Q q 0 0 0 rg BT 184.86 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 335.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.36 335.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.48 335.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 292.51 335.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 322.74 335.10 Td (than ) Tj ET Q q 0 0 0 rg BT 342.43 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.12 335.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 398.49 335.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 442.07 335.10 Td (established ) Tj ET Q q 0 0 0 rg BT 488.98 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.45 335.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 530.90 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.38 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 335.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 72.84 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.78 323.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.05 323.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.32 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.98 323.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.13 323.10 Td (would ) Tj ET Q q 0 0 0 rg BT 248.63 323.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 276.67 323.10 Td (many ) Tj ET Q q 0 0 0 rg BT 301.38 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 323.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.43 323.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 394.70 323.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.84 323.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 471.89 323.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.09 299.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 113.90 299.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 158.59 299.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 184.39 299.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 215.75 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.23 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.60 299.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 277.08 299.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 301.22 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 322.04 299.10 Td (PIMCO ) Tj ET Q q 0 0 0 rg BT 356.75 299.10 Td (include ) Tj ET Q q 0 0 0 rg BT 389.22 299.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 432.25 299.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 471.94 299.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 496.09 299.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 507.57 299.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 526.71 299.10 Td (& ) Tj ET Q q 0 0 0 rg BT 537.52 299.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 554.73 299.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 86.36 287.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 127.11 287.10 Td (net ) Tj ET Q q 0 0 0 rg BT 141.19 287.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 169.71 287.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.91 287.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 201.77 287.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.66 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 235.03 287.10 Td (CP) Tj ET Q q 0 0 0 rg BT 246.89 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.75 287.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 273.95 287.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 300.81 287.10 Td (under ) Tj ET Q q 0 0 0 rg BT 325.45 287.10 Td (CP) Tj ET Q q 0 0 0 rg BT 337.31 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.17 287.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 365.48 287.10 Td (III ) Tj ET Q q 0 0 0 rg BT 376.92 287.10 Td (A) Tj ET Q q 0 0 0 rg BT 383.59 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.46 287.10 Td (include ) Tj ET Q q 0 0 0 rg BT 416.75 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.06 287.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 461.02 287.10 Td (that ) Tj ET Q q 0 0 0 rg BT 477.88 287.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 511.95 287.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 287.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 287.10 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (& ) Tj ET Q q 0 0 0 rg BT 59.78 275.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 76.45 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.73 275.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 124.22 275.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 152.82 275.10 Td (net ) Tj ET Q q 0 0 0 rg BT 167.53 275.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.68 275.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.51 275.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 230.01 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.90 275.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.13 251.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 83.61 251.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 101.22 251.10 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 119.13 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.09 251.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 174.39 251.10 Td (& ) Tj ET Q q 0 0 0 rg BT 183.69 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 224.09 251.10 Td (International ) Tj ET Q q 0 0 0 rg BT 276.70 251.10 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 312.38 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.23 251.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 354.85 251.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 380.79 251.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 429.52 251.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 470.47 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.76 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.50 251.10 Td (United ) Tj ET Q q 0 0 0 rg BT 522.23 251.10 Td (Kingdom, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.88 239.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 94.38 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.33 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.71 239.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.54 239.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 201.91 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.41 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.80 239.10 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 270.08 239.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 315.65 239.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 356.71 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.32 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.71 239.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.09 239.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 462.67 239.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 503.73 239.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 540.34 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 239.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 88.25 227.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 123.32 227.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 139.29 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.16 227.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 173.19 227.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 195.83 227.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 207.31 227.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 224.95 227.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 248.70 227.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 272.46 227.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 305.66 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 313.86 227.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 348.16 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 359.69 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.44 227.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 397.20 227.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 420.96 227.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 461.93 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.90 227.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 509.43 227.10 Td (Commission, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.03 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.79 215.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 115.20 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.07 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.37 215.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 164.80 215.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.54 215.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 247.83 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.25 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.55 215.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 314.07 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.60 215.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 362.69 215.10 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 405.32 215.10 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 451.84 215.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 472.81 215.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 525.45 215.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.30 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.43 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.37 203.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 140.87 203.10 Td (Ordinance. ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.93 731.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.54 707.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 110.67 707.25 Td (course ) Tj ET Q q 0 0 0 rg BT 139.02 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.60 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 185.74 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.64 707.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 221.88 707.25 Td (into ) Tj ET 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rg BT 255.90 695.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 312.26 695.25 Td (for ) Tj ET Q q 0 0 0 rg BT 326.42 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.14 695.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 373.07 695.25 Td (presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 651.75 102.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.00 651.75 46.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 651.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 651.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 651.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 651.75 43.00 -22.00 re f /GS0 gs 0.8 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3 M 248 673.75 m 291 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 673.75 m 295 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 673.75 m 338 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 673.75 m 342 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 673.75 m 385 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 673.75 m 389 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 673.75 m 434 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 673.75 m 498 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 673.75 m 502 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 673.75 m 562 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 673.75 m 197 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 673.75 m 201 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 673.75 m 244 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 673.75 m 248 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 673.75 m 291 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 673.75 m 295 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 673.75 m 338 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 673.75 m 342 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 673.75 m 385 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 673.75 m 389 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 673.75 m 434 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 673.75 m 498 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 673.75 m 502 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 673.75 m 562 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 651.75 m 197 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 651.75 m 244 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 651.75 m 291 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 651.75 m 338 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 651.75 m 385 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 651.75 m 434 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 651.75 m 498 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 651.75 m 562 651.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 676.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.70 676.83 Td (Expiration Per) Tj ET Q q 0 0 0 rg BT 276.44 676.83 Td ( Period at December) Tj ET Q q 0 0 0 rg BT 346.26 676.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.30 676.83 Td (TotalContractualAmount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 665.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.00 665.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 665.83 Td (March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.25 665.83 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 51.50 655.39 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 654.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.00 654.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.00 654.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 654.83 Td (- 2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.65 654.83 Td (- 2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 654.83 Td (Later) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.50 654.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 654.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.00 Td (Customer matched-book) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 634.00 Td (derivative contracts\(1\)\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.75 634.00 Td (40,950) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.80 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 634.00 Td (34,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.75 634.00 Td (42,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.75 634.00 Td (163,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.75 634.00 Td (3,033,230) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.50 633.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.75 633.98 Td (3,314,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 634.00 Td (3,330,207) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 620.00 Td (Trading securities derivative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 612.00 Td (contracts\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.75 612.00 Td (365,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.75 612.00 Td (7,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 612.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.80 612.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.80 612.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.75 612.00 Td (29,750) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.80 611.98 Td (402,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 612.00 Td (423,550) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 598.00 Td (Credit default swap index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 590.00 Td (contracts\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.80 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.80 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.80 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.80 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.80 590.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 589.98 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 590.00 Td (7,470) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.70 Td (Investment commitments\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.80 577.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.80 577.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 577.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.80 577.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.80 577.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.80 577.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 577.83 Td (19,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 577.70 Td (22,776) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 559.25 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 559.25 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.28 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.15 559.25 Td (inter) Tj ET Q q 0 0 0 rg BT 118.97 559.25 Td (est ) Tj ET Q q 0 0 0 rg BT 129.51 559.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 144.05 559.25 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 167.27 559.25 Td (W) Tj ET Q q 0 0 0 rg BT 173.20 559.25 Td (e ) Tj ET Q q 0 0 0 rg BT 178.40 559.25 Td (have ) Tj ET Q q 0 0 0 rg BT 195.16 559.25 Td (minimal ) Tj ET Q q 0 0 0 rg BT 223.04 559.25 Td (market ) Tj ET Q q 0 0 0 rg BT 246.91 559.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.56 559.25 Td (r) Tj ET Q q 0 0 0 rg BT 263.38 559.25 Td (elated ) Tj ET Q q 0 0 0 rg BT 284.58 559.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.46 559.25 Td (these ) Tj ET Q q 0 0 0 rg BT 310.55 559.25 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 357.53 559.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.17 559.25 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 425.26 559.25 Td (however) Tj ET Q q 0 0 0 rg BT 451.47 559.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.13 559.25 Td (we ) Tj ET Q q 0 0 0 rg BT 465.67 559.25 Td (do ) Tj ET Q q 0 0 0 rg BT 475.33 559.25 Td (have ) Tj ET Q q 0 0 0 rg BT 492.08 559.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 535.06 559.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 548.72 559.25 Td (with ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 549.65 Td (one ) Tj ET Q q 0 0 0 rg BT 81.30 549.65 Td (major ) Tj ET Q q 0 0 0 rg BT 102.67 549.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 133.36 549.65 Td (institution, ) Tj ET Q q 0 0 0 rg BT 170.06 549.65 Td (which ) Tj ET Q q 0 0 0 rg BT 191.42 549.65 Td (is ) Tj ET Q q 0 0 0 rg BT 199.01 549.65 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 231.48 549.65 Td (by ) Tj ET Q q 0 0 0 rg BT 241.28 549.65 Td (collateral ) Tj ET Q q 0 0 0 rg BT 274.63 549.65 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 305.11 549.65 Td (In ) Tj ET Q q 0 0 0 rg BT 314.02 549.65 Td (addition, ) Tj ET Q q 0 0 0 rg BT 344.94 549.65 Td (we ) Tj ET Q q 0 0 0 rg BT 356.08 549.65 Td (have ) Tj ET Q q 0 0 0 rg BT 373.43 549.65 Td (a ) Tj ET Q q 0 0 0 rg BT 379.68 549.65 Td (limited ) Tj ET Q q 0 0 0 rg BT 404.15 549.65 Td (number ) Tj ET Q q 0 0 0 rg BT 430.84 549.65 Td (of ) Tj ET Q q 0 0 0 rg BT 439.32 549.65 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 488.23 549.65 Td (\(contractual ) Tj ET Q q 0 0 0 rg BT 530.03 549.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.28 549.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 540.05 Td ($183.1 ) Tj ET Q q 0 0 0 rg BT 90.75 540.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.42 540.05 Td ( ) Tj ET Q q 0 0 0 rg BT 114.67 540.05 Td (at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 122.14 540.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 135.62 540.05 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 156.43 540.05 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 172.43 540.05 Td (\) ) Tj ET Q q 0 0 0 rg BT 176.34 540.05 Td (who ) Tj ET Q q 0 0 0 rg BT 190.93 540.05 Td (ar) Tj ET Q q 0 0 0 rg BT 197.74 540.05 Td (e ) Tj ET Q q 0 0 0 rg BT 202.55 540.05 Td (not ) Tj ET Q q 0 0 0 rg BT 214.02 540.05 Td (r) Tj ET Q q 0 0 0 rg BT 216.84 540.05 Td (equir) Tj ET Q q 0 0 0 rg BT 233.43 540.05 Td (ed ) Tj ET Q q 0 0 0 rg BT 242.23 540.05 Td (to ) Tj ET Q q 0 0 0 rg BT 249.70 540.05 Td (post ) Tj ET Q q 0 0 0 rg BT 264.29 540.05 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 298.64 540.05 Td (The ) Tj ET Q q 0 0 0 rg BT 311.90 540.05 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 365.14 540.05 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 395.50 540.05 Td (r) Tj ET Q q 0 0 0 rg BT 398.32 540.05 Td (epr) Tj ET Q q 0 0 0 rg BT 408.69 540.05 Td (esenting ) Tj ET Q q 0 0 0 rg BT 436.60 540.05 Td (the ) Tj ET Q q 0 0 0 rg BT 447.62 540.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.43 540.05 Td (value ) Tj ET Q q 0 0 0 rg BT 479.01 540.05 Td (of ) Tj ET Q q 0 0 0 rg BT 486.48 540.05 Td (the ) Tj ET Q q 0 0 0 rg BT 497.50 540.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 530.74 540.05 Td (contracts, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 530.45 Td (expose ) Tj ET Q q 0 0 0 rg BT 91.38 530.45 Td (us ) Tj ET Q q 0 0 0 rg BT 100.61 530.45 Td (to ) Tj ET Q q 0 0 0 rg BT 108.94 530.45 Td (the ) Tj ET Q q 0 0 0 rg BT 120.83 530.45 Td (cr) Tj ET Q q 0 0 0 rg BT 127.20 530.45 Td (edit ) Tj ET Q q 0 0 0 rg BT 141.31 530.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 155.42 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 163.76 530.45 Td (these ) Tj ET Q q 0 0 0 rg BT 182.31 530.45 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 232.93 530.45 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.16 530.45 Td (Mar) Tj ET Q q 0 0 0 rg BT 255.64 530.45 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 277.30 530.45 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.30 530.45 Td (, ) Tj ET Q q 0 0 0 rg BT 297.42 530.45 Td (we ) Tj ET Q q 0 0 0 rg BT 308.42 530.45 Td (had ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.53 530.45 Td ($22.1 ) Tj ET Q q 0 0 0 rg BT 342.65 530.45 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.31 530.45 Td ( ) Tj ET Q q 0 0 0 rg BT 367.43 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 375.77 530.45 Td (cr) Tj ET Q q 0 0 0 rg BT 382.13 530.45 Td (edit ) Tj ET Q q 0 0 0 rg BT 396.24 530.45 Td (exposur) Tj ET Q q 0 0 0 rg BT 421.27 530.45 Td (e ) Tj ET Q q 0 0 0 rg BT 426.94 530.45 Td (with ) Tj ET Q q 0 0 0 rg BT 442.84 530.45 Td (these ) Tj ET Q q 0 0 0 rg BT 461.39 530.45 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 512.16 530.45 Td (including ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.49 530.45 Td ($15.1 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 520.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.17 520.85 Td ( ) Tj ET Q q 0 0 0 rg BT 92.17 520.85 Td (of ) Tj ET Q q 0 0 0 rg BT 100.39 520.85 Td (cr) Tj ET Q q 0 0 0 rg BT 106.76 520.85 Td (edit ) Tj ET Q q 0 0 0 rg BT 120.75 520.85 Td (exposur) Tj ET Q q 0 0 0 rg BT 145.79 520.85 Td (e ) Tj ET Q q 0 0 0 rg BT 151.34 520.85 Td (with ) Tj ET Q q 0 0 0 rg BT 167.12 520.85 Td (one ) Tj ET Q q 0 0 0 rg BT 180.67 520.85 Td (counterparty) Tj ET Q q 0 0 0 rg BT 221.55 520.85 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 505.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 505.85 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 505.85 Td (W) Tj ET Q q 0 0 0 rg BT 73.43 505.85 Td (e ) Tj ET Q q 0 0 0 rg BT 79.40 505.85 Td (believe ) Tj ET Q q 0 0 0 rg BT 104.47 505.85 Td (the ) Tj ET Q q 0 0 0 rg BT 116.66 505.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.64 505.85 Td (value ) Tj ET Q q 0 0 0 rg BT 150.38 505.85 Td (of ) Tj ET Q q 0 0 0 rg BT 159.03 505.85 Td (these ) Tj ET Q q 0 0 0 rg BT 177.88 505.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 212.29 505.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 244.48 505.85 Td (is ) Tj ET Q q 0 0 0 rg BT 252.24 505.85 Td (a ) Tj ET Q q 0 0 0 rg BT 258.66 505.85 Td (mor) Tj ET Q q 0 0 0 rg BT 271.25 505.85 Td (e ) Tj ET Q q 0 0 0 rg BT 277.22 505.85 Td (r) Tj ET Q q 0 0 0 rg BT 280.04 505.85 Td (elevant ) Tj ET Q q 0 0 0 rg BT 305.56 505.85 Td (measur) Tj ET Q q 0 0 0 rg BT 328.81 505.85 Td (e ) Tj ET Q q 0 0 0 rg BT 334.79 505.85 Td (of ) Tj ET Q q 0 0 0 rg BT 343.43 505.85 Td (the ) Tj ET Q q 0 0 0 rg BT 355.62 505.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 394.04 505.85 Td (because ) Tj ET Q q 0 0 0 rg BT 422.23 505.85 Td (we ) Tj ET Q q 0 0 0 rg BT 433.54 505.85 Td (believe ) Tj ET Q q 0 0 0 rg BT 458.61 505.85 Td (the ) Tj ET Q q 0 0 0 rg BT 470.80 505.85 Td (notional ) Tj ET Q q 0 0 0 rg BT 499.89 505.85 Td (or ) Tj ET Q q 0 0 0 rg BT 509.42 505.85 Td (contract ) Tj ET Q q 0 0 0 rg BT 538.50 505.85 Td (amount ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 496.25 Td (overstates ) Tj ET Q q 0 0 0 rg BT 101.87 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.57 496.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 143.48 496.25 Td (payout. ) Tj ET Q q 0 0 0 rg BT 169.04 496.25 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 178.08 496.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 191.56 496.25 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 213.04 496.25 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 229.04 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 230.97 496.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.90 496.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 291.70 496.25 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.70 496.25 Td (, ) Tj ET Q q 0 0 0 rg BT 311.63 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.33 496.25 Td (net ) Tj ET Q q 0 0 0 rg BT 335.04 496.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 348.52 496.25 Td (value ) Tj ET Q q 0 0 0 rg BT 367.78 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.93 496.25 Td (these ) Tj ET Q q 0 0 0 rg BT 394.30 496.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 428.21 496.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 459.92 496.25 Td (appr) Tj ET Q q 0 0 0 rg BT 474.73 496.25 Td (oximated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.99 496.25 Td ($19.0 ) Tj ET Q q 0 0 0 rg BT 525.92 496.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.58 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 550.51 496.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 486.65 Td ($24.0 ) Tj ET Q q 0 0 0 rg BT 87.50 486.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 110.17 486.65 Td (, ) Tj ET Q q 0 0 0 rg BT 114.17 486.65 Td (r) Tj ET Q q 0 0 0 rg BT 116.98 486.65 Td (espectively) Tj ET Q q 0 0 0 rg BT 151.63 486.65 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 471.65 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 471.65 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 471.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.50 471.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.71 471.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 161.93 471.65 Td (have ) Tj ET Q q 0 0 0 rg BT 179.03 471.65 Td (no ) Tj ET Q q 0 0 0 rg BT 189.03 471.65 Td (specified ) Tj ET Q q 0 0 0 rg BT 219.46 471.65 Td (call ) Tj ET Q q 0 0 0 rg BT 233.46 471.65 Td (dates. ) Tj ET Q q 0 0 0 rg BT 254.34 471.65 Td (The ) Tj ET Q q 0 0 0 rg BT 268.34 471.65 Td (timing ) Tj ET Q q 0 0 0 rg BT 290.79 471.65 Td (of ) Tj ET Q q 0 0 0 rg BT 299.01 471.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.23 471.65 Td (calls ) Tj ET Q q 0 0 0 rg BT 340.34 471.65 Td (is ) Tj ET Q q 0 0 0 rg BT 347.68 471.65 Td (based ) Tj ET Q q 0 0 0 rg BT 368.34 471.65 Td (on ) Tj ET Q q 0 0 0 rg BT 378.34 471.65 Td (market ) Tj ET Q q 0 0 0 rg BT 402.55 471.65 Td (conditions ) Tj ET Q q 0 0 0 rg BT 437.89 471.65 Td (and ) Tj ET Q q 0 0 0 rg BT 451.89 471.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.10 471.65 Td (opportunities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 447.65 Td (Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.65 Td (Derivatives) Tj ET Q q 0 0 0 rg BT 98.18 423.65 Td ( ) Tj ET Q q 0 0 0 rg BT 101.75 423.65 Td (notional ) Tj ET Q q 0 0 0 rg BT 138.08 423.65 Td (or ) Tj ET Q q 0 0 0 rg BT 149.98 423.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 185.74 423.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 223.19 423.65 Td (are ) Tj ET Q q 0 0 0 rg BT 238.96 423.65 Td (not ) Tj ET Q q 0 0 0 rg BT 255.30 423.65 Td (reflected ) Tj ET Q q 0 0 0 rg BT 293.84 423.65 Td (as ) Tj ET Q q 0 0 0 rg BT 305.73 423.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.63 423.65 Td (or ) Tj ET Q q 0 0 0 rg BT 344.52 423.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.30 423.65 Td (on ) Tj ET Q q 0 0 0 rg BT 398.86 423.65 Td (our ) Tj ET Q q 0 0 0 rg BT 415.76 423.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.86 423.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.64 423.65 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 423.65 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.65 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.50 411.65 Td (Rather) Tj ET Q q 0 0 0 rg BT 118.76 411.65 Td (, ) Tj ET Q q 0 0 0 rg BT 123.98 411.65 Td (the ) Tj ET Q q 0 0 0 rg BT 138.93 411.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 155.53 411.65 Td (value ) Tj ET Q q 0 0 0 rg BT 179.91 411.65 Td (of ) Tj ET Q q 0 0 0 rg BT 190.97 411.65 Td (the ) Tj ET Q q 0 0 0 rg BT 205.91 411.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 248.62 411.65 Td (transactions ) Tj ET Q q 0 0 0 rg BT 299.11 411.65 Td (are ) Tj ET Q q 0 0 0 rg BT 314.05 411.65 Td (reported ) Tj ET Q q 0 0 0 rg BT 350.09 411.65 Td (on ) Tj ET Q q 0 0 0 rg BT 362.82 411.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.76 411.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 431.03 411.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 475.97 411.65 Td (of ) Tj ET Q q 0 0 0 rg BT 487.02 411.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.73 411.65 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.65 Td (as ) Tj ET Q q 0 0 0 rg BT 60.23 399.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.97 399.65 Td (or ) Tj ET Q q 0 0 0 rg BT 96.70 399.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 136.33 399.65 Td (in ) Tj ET Q q 0 0 0 rg BT 146.51 399.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.89 399.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.96 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 249.81 399.65 Td (other ) Tj ET Q q 0 0 0 rg BT 272.76 399.65 Td (inventory ) Tj ET Q q 0 0 0 rg BT 313.49 399.65 Td (positions ) Tj ET Q q 0 0 0 rg BT 352.01 399.65 Td (owned ) Tj ET Q q 0 0 0 rg BT 381.08 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 397.92 399.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.31 399.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 484.38 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 501.22 399.65 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 399.65 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.65 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.03 387.65 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.62 387.65 Td (but ) Tj ET Q q 0 0 0 rg BT 124.81 387.65 Td (not ) Tj ET Q q 0 0 0 rg BT 140.01 387.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.64 387.65 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 200.09 387.65 Td (as ) Tj ET Q q 0 0 0 rg BT 210.84 387.65 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 256.85 387.65 Td (For ) Tj ET Q q 0 0 0 rg BT 273.15 387.65 Td (a ) Tj ET Q q 0 0 0 rg BT 280.01 387.65 Td (complete ) Tj ET Q q 0 0 0 rg BT 319.07 387.65 Td (discussion ) Tj ET Q q 0 0 0 rg BT 363.16 387.65 Td (of ) Tj ET Q q 0 0 0 rg BT 373.91 387.65 Td (our ) Tj ET Q q 0 0 0 rg BT 389.65 387.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 428.17 387.65 Td (related ) Tj ET Q q 0 0 0 rg BT 457.79 387.65 Td (to ) Tj ET Q q 0 0 0 rg BT 467.98 387.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 510.38 387.65 Td (products, ) Tj ET Q q 0 0 0 rg BT 549.73 387.65 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.65 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.89 375.65 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.89 375.65 Td (, ) Tj ET Q q 0 0 0 rg BT 82.34 375.65 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.42 375.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 126.59 375.65 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 176.76 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 194.15 375.65 Td (Other ) Tj ET Q q 0 0 0 rg BT 219.87 375.65 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 261.69 375.65 Td (Positions ) Tj ET Q q 0 0 0 rg BT 301.33 375.65 Td (Owned ) Tj ET Q q 0 0 0 rg BT 333.16 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 350.55 375.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 390.71 375.65 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 440.88 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 458.27 375.65 Td (Other ) Tj ET Q q 0 0 0 rg BT 483.99 375.65 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 525.82 375.65 Td (Positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.65 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 72.84 363.65 Td (but ) Tj ET Q q 0 0 0 rg BT 88.12 363.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 105.25 363.65 Td (Y) Tj ET Q q 0 0 0 rg BT 111.47 363.65 Td (et ) Tj ET Q q 0 0 0 rg BT 121.18 363.65 Td (Purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.28 363.65 Td (," ) Tj ET Q q 0 0 0 rg BT 171.37 363.65 Td (in ) Tj ET Q q 0 0 0 rg BT 181.64 363.65 Td (the ) Tj ET Q q 0 0 0 rg BT 196.36 363.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 219.97 363.65 Td (to ) Tj ET Q q 0 0 0 rg BT 230.25 363.65 Td (our ) Tj ET Q q 0 0 0 rg BT 246.08 363.65 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 288.01 363.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 341.05 363.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.53 363.65 Td (statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 339.65 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 339.65 Td (Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.65 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 315.65 Td (e ) Tj ET Q q 0 0 0 rg BT 64.62 315.65 Td (have ) Tj ET Q q 0 0 0 rg BT 85.53 315.65 Td (investments, ) Tj ET Q q 0 0 0 rg BT 137.85 315.65 Td (including ) Tj ET Q q 0 0 0 rg BT 177.66 315.65 Td (those ) Tj ET Q q 0 0 0 rg BT 200.81 315.65 Td (made ) Tj ET Q q 0 0 0 rg BT 224.50 315.65 Td (as ) Tj ET Q q 0 0 0 rg BT 234.87 315.65 Td (part ) Tj ET Q q 0 0 0 rg BT 252.46 315.65 Td (of ) Tj ET Q q 0 0 0 rg BT 262.83 315.65 Td (our ) Tj ET Q q 0 0 0 rg BT 278.20 315.65 Td (merchant ) Tj ET Q q 0 0 0 rg BT 317.44 315.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 351.70 315.65 Td (activities, ) Tj ET Q q 0 0 0 rg BT 392.34 315.65 Td (in ) Tj ET Q q 0 0 0 rg BT 402.16 315.65 Td (various ) Tj ET Q q 0 0 0 rg BT 433.64 315.65 Td (limited ) Tj ET Q q 0 0 0 rg BT 464.01 315.65 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 514.92 315.65 Td (that ) Tj ET Q q 0 0 0 rg BT 531.96 315.65 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.15 303.65 Td (or ) Tj ET Q q 0 0 0 rg BT 99.36 303.65 Td (make ) Tj ET Q q 0 0 0 rg BT 122.90 303.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 172.56 303.65 Td (in ) Tj ET Q q 0 0 0 rg BT 182.22 303.65 Td (private ) Tj ET Q q 0 0 0 rg BT 211.87 303.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.75 303.65 Td (companies. ) Tj ET Q q 0 0 0 rg BT 285.76 303.65 Td (W) Tj ET Q q 0 0 0 rg BT 294.40 303.65 Td (e ) Tj ET Q q 0 0 0 rg BT 300.72 303.65 Td (commit ) Tj ET Q q 0 0 0 rg BT 333.15 303.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.69 303.65 Td (and/or ) Tj ET Q q 0 0 0 rg BT 389.12 303.65 Td (act ) Tj ET Q q 0 0 0 rg BT 402.66 303.65 Td (as ) Tj ET Q q 0 0 0 rg BT 412.87 303.65 Td (the ) Tj ET Q q 0 0 0 rg BT 426.97 303.65 Td (managing ) Tj ET Q q 0 0 0 rg BT 468.29 303.65 Td (partner ) Tj ET Q q 0 0 0 rg BT 498.49 303.65 Td (of ) Tj ET Q q 0 0 0 rg BT 508.70 303.65 Td (these ) Tj ET Q q 0 0 0 rg BT 531.13 303.65 Td (entities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.65 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 279.65 Td (e ) Tj ET Q q 0 0 0 rg BT 64.68 279.65 Td (have ) Tj ET Q q 0 0 0 rg BT 85.66 279.65 Td (committed ) Tj ET Q q 0 0 0 rg BT 130.53 279.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.28 279.65 Td (to ) Tj ET Q q 0 0 0 rg BT 169.16 279.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 198.46 279.65 Td (entities ) Tj ET Q q 0 0 0 rg BT 229.45 279.65 Td (and ) Tj ET Q q 0 0 0 rg BT 245.99 279.65 Td (these ) Tj ET Q q 0 0 0 rg BT 268.64 279.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.18 279.65 Td (generally ) Tj ET Q q 0 0 0 rg BT 364.48 279.65 Td (have ) Tj ET Q q 0 0 0 rg BT 385.46 279.65 Td (no ) Tj ET Q q 0 0 0 rg BT 397.56 279.65 Td (specified ) Tj ET Q q 0 0 0 rg BT 435.76 279.65 Td (call ) Tj ET Q q 0 0 0 rg BT 452.30 279.65 Td (dates. ) Tj ET Q q 0 0 0 rg BT 477.29 279.65 Td (W) Tj ET Q q 0 0 0 rg BT 485.93 279.65 Td (e ) Tj ET Q q 0 0 0 rg BT 492.47 279.65 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.01 279.65 Td ($19.2 ) Tj ET Q q 0 0 0 rg BT 533.61 279.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.65 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 267.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.26 267.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 167.92 267.65 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.14 267.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 222.23 267.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.23 267.65 Td (, ) Tj ET Q q 0 0 0 rg BT 247.73 267.65 Td (of ) Tj ET Q q 0 0 0 rg BT 259.06 267.65 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.49 267.65 Td ($1) Tj ET Q q 0 0 0 rg BT 296.12 267.65 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 311.62 267.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.51 267.65 Td ( ) Tj ET Q q 0 0 0 rg BT 343.51 267.65 Td (relate ) Tj ET Q q 0 0 0 rg BT 368.71 267.65 Td (to ) Tj ET Q q 0 0 0 rg BT 379.48 267.65 Td (an ) Tj ET Q q 0 0 0 rg BT 391.92 267.65 Td (af) Tj ET Q q 0 0 0 rg BT 399.51 267.65 Td (filiated ) Tj ET Q q 0 0 0 rg BT 430.82 267.65 Td (merchant ) Tj ET Q q 0 0 0 rg BT 471.02 267.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 506.24 267.65 Td (fund ) Tj ET Q q 0 0 0 rg BT 527.56 267.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 267.65 Td ($3.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 255.65 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 255.65 Td (relate ) Tj ET Q q 0 0 0 rg BT 105.59 255.65 Td (to ) Tj ET Q q 0 0 0 rg BT 115.87 255.65 Td (an ) Tj ET Q q 0 0 0 rg BT 127.81 255.65 Td (af) Tj ET Q q 0 0 0 rg BT 135.40 255.65 Td (filiated ) Tj ET Q q 0 0 0 rg BT 166.22 255.65 Td (fund, ) Tj ET Q q 0 0 0 rg BT 189.55 255.65 Td (which ) Tj ET Q q 0 0 0 rg BT 216.49 255.65 Td (provides ) Tj ET Q q 0 0 0 rg BT 253.43 255.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 293.69 255.65 Td (for ) Tj ET Q q 0 0 0 rg BT 307.85 255.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 334.79 255.65 Td (living ) Tj ET Q q 0 0 0 rg BT 360.62 255.65 Td (facilities.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Risk Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.34 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 79.51 707.25 Td (an ) Tj ET Q q 0 0 0 rg BT 91.45 707.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 126.71 707.25 Td (part ) Tj ET Q q 0 0 0 rg BT 144.75 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.58 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.41 707.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 210.12 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 228.17 707.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 266.21 707.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 287.60 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.76 707.25 Td (face ) Tj ET Q q 0 0 0 rg BT 320.90 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.18 707.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 371.44 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.27 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 423.66 707.25 Td (include: ) Tj ET Q q 0 0 0 rg BT 458.37 707.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 494.75 707.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 514.74 707.25 Td (market ) Tj ET Q q 0 0 0 rg BT 545.01 707.25 Td (risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 86.51 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 107.12 695.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.00 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 153.62 695.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 201.71 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 222.33 695.25 Td (human ) Tj ET Q q 0 0 0 rg BT 252.66 695.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 282.42 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 303.04 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.59 695.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 343.14 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 695.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 404.91 695.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 429.19 695.25 Td (The ) Tj ET Q q 0 0 0 rg BT 447.85 695.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 475.40 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.29 695.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.85 695.25 Td (we ) Tj ET Q q 0 0 0 rg BT 528.62 695.25 Td (properly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 83.48 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.79 683.25 Td (ef) Tj ET Q q 0 0 0 rg BT 108.38 683.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 146.24 683.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 180.21 683.25 Td (each ) Tj ET Q q 0 0 0 rg BT 201.40 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.61 683.25 Td (these ) Tj ET Q q 0 0 0 rg BT 236.03 683.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 257.80 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 267.34 683.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 297.98 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 308.63 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.84 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.69 683.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 403.34 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.66 683.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 467.78 683.25 Td (. ) Tj ET Q q 0 0 0 rg BT 472.94 683.25 Td (W) Tj ET Q q 0 0 0 rg BT 481.58 683.25 Td (e ) Tj ET Q q 0 0 0 rg BT 488.90 683.25 Td (have ) Tj ET Q q 0 0 0 rg BT 510.65 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 517.96 683.25 Td (formal ) Tj ET Q q 0 0 0 rg BT 547.50 683.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.74 671.25 Td (process ) Tj ET Q q 0 0 0 rg BT 136.88 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 147.80 671.25 Td (identify) Tj ET Q q 0 0 0 rg BT 178.26 671.25 Td (, ) Tj ET Q q 0 0 0 rg BT 183.91 671.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 211.50 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.08 671.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 263.90 671.25 Td (each ) Tj ET Q q 0 0 0 rg BT 285.36 671.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.51 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.10 671.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 365.35 671.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 400.72 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.65 671.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 459.75 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 480.68 671.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.82 671.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 548.07 671.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 97.77 659.25 Td (The ) Tj ET Q q 0 0 0 rg BT 115.36 659.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 132.40 659.25 Td (management ) Tj ET Q q 0 0 0 rg BT 185.54 659.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 224.80 659.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.05 659.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 289.97 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.35 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.72 659.25 Td (business ) Tj ET Q q 0 0 0 rg BT 351.66 659.25 Td (lines. ) Tj ET Q q 0 0 0 rg BT 375.09 659.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 392.69 659.25 Td (management ) Tj ET Q q 0 0 0 rg BT 445.83 659.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 468.42 659.25 Td (an ) Tj ET Q q 0 0 0 rg BT 479.90 659.25 Td (active ) Tj ET Q q 0 0 0 rg BT 505.82 659.25 Td (role ) Tj ET Q q 0 0 0 rg BT 523.41 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 533.24 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.50 659.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.09 647.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 138.08 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.02 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.73 647.25 Td (results ) Tj ET Q q 0 0 0 rg BT 198.34 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 213.05 647.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 248.87 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 259.14 647.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 286.08 647.25 Td (management ) Tj ET Q q 0 0 0 rg BT 339.67 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.61 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.33 647.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 398.26 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.09 647.25 Td (Directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.67 623.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 90.28 623.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 135.11 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.06 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 623.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 187.96 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.91 623.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 238.74 623.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 275.79 623.25 Td (management) Tj ET Q q 0 0 0 rg BT 329.66 623.25 Td (s ) Tj ET Q q 0 0 0 rg BT 336.17 623.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 377.11 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.39 623.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 437.90 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.96 623.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 499.23 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 515.18 623.25 Td (major ) Tj ET Q q 0 0 0 rg BT 541.12 623.25 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.99 611.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 115.51 611.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 161.30 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.65 611.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 215.10 611.25 Td (employed ) Tj ET Q q 0 0 0 rg BT 256.46 611.25 Td (by ) Tj ET Q q 0 0 0 rg BT 268.37 611.25 Td (management ) Tj ET Q q 0 0 0 rg BT 321.38 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.08 611.25 Td (govern ) Tj ET Q q 0 0 0 rg BT 360.76 611.25 Td (its ) Tj ET Q q 0 0 0 rg BT 372.13 611.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 389.05 611.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 435.40 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.76 611.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 468.68 611.25 Td (management ) Tj ET Q q 0 0 0 rg BT 521.69 611.25 Td (processes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 599.25 Td (nominating ) Tj ET Q q 0 0 0 rg BT 115.77 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.79 599.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 181.46 599.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 226.25 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.97 599.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 278.99 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.90 599.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 329.70 599.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 366.71 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.51 599.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 408.53 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.45 599.25 Td (Directors) Tj ET Q q 0 0 0 rg BT 459.24 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.83 599.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 506.62 599.25 Td (structures ) Tj ET Q q 0 0 0 rg BT 548.08 599.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 89.85 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.32 587.25 Td (they ) Tj ET Q q 0 0 0 rg BT 121.67 587.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 147.00 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.92 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.27 587.25 Td (various ) Tj ET Q q 0 0 0 rg BT 205.84 587.25 Td (committees) Tj ET Q q 0 0 0 rg BT 254.53 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.66 587.25 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 321.35 587.25 Td (with ) Tj ET Q q 0 0 0 rg BT 342.26 587.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 373.71 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.63 587.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 424.98 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.44 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.91 587.25 Td (major ) Tj ET Q q 0 0 0 rg BT 479.37 587.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 497.50 587.25 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 542.90 587.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.94 587.25 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.21 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.37 575.25 Td (these ) Tj ET Q q 0 0 0 rg BT 113.31 575.25 Td (major ) Tj ET Q q 0 0 0 rg BT 139.03 575.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.42 575.25 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 201.30 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.90 575.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 238.29 575.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 282.89 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 291.95 575.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 339.88 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 353.93 575.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 399.64 575.25 Td (management) Tj ET Q q 0 0 0 rg BT 453.51 575.25 Td (s ) Tj ET Q q 0 0 0 rg BT 459.79 575.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 506.62 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.45 575.25 Td (control ) Tj ET Q q 0 0 0 rg BT 554.17 575.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.44 563.25 Td (major ) Tj ET Q q 0 0 0 rg BT 91.37 563.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 108.97 563.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 151.57 563.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 184.72 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.10 563.25 Td (market ) Tj ET Q q 0 0 0 rg BT 225.47 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 245.58 563.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 270.95 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 291.06 563.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.56 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 347.66 563.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 369.70 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 386.75 563.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 430.45 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 450.55 563.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 498.14 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 518.25 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.29 563.25 Td (human ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.73 551.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.32 551.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 132.44 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.80 551.25 Td (misconduct, ) Tj ET Q q 0 0 0 rg BT 195.99 551.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 223.17 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.19 551.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 264.21 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.23 551.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.90 551.25 Td (matters. ) Tj ET Q q 0 0 0 rg BT 367.42 551.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 386.55 551.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.68 551.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 491.47 551.25 Td (is ) Tj ET Q q 0 0 0 rg BT 501.72 551.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.85 551.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 95.24 539.25 Td (management) Tj ET Q q 0 0 0 rg BT 149.10 539.25 Td (s ) Tj ET Q q 0 0 0 rg BT 155.42 539.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 202.28 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.14 539.25 Td (control ) Tj ET Q q 0 0 0 rg BT 249.89 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.64 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.39 539.25 Td (major ) Tj ET Q q 0 0 0 rg BT 302.13 539.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 319.55 539.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 361.97 539.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 394.93 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.13 539.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 465.59 539.25 Td (or) Tj ET Q q 0 0 0 rg BT 473.74 539.25 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 525.03 539.25 Td (structure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.21 527.25 Td (succession. ) Tj ET Q q 0 0 0 rg BT 115.75 527.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.58 527.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 162.29 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.89 527.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.37 527.25 Td (is ) Tj ET Q q 0 0 0 rg BT 224.31 527.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 273.13 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 288.07 527.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 334.66 527.25 Td (management) Tj ET Q q 0 0 0 rg BT 388.52 527.25 Td (s ) Tj ET Q q 0 0 0 rg BT 395.69 527.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 443.40 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.12 527.25 Td (control ) Tj ET Q q 0 0 0 rg BT 492.71 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.32 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.92 527.25 Td (major ) Tj ET Q q 0 0 0 rg BT 547.52 527.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 91.31 515.25 Td (related ) Tj ET Q q 0 0 0 rg BT 120.34 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.94 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.10 515.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 184.67 515.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 215.68 515.25 Td (. ) Tj ET Q q 0 0 0 rg BT 220.00 515.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 237.38 515.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 261.42 515.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 303.22 515.25 Td (Of) Tj ET Q q 0 0 0 rg BT 313.59 515.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 333.73 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.00 515.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 374.04 515.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 413.07 515.25 Td (Of) Tj ET Q q 0 0 0 rg BT 423.44 515.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 443.58 515.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 464.84 515.25 Td (with ) Tj ET Q q 0 0 0 rg BT 484.44 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.48 515.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 520.30 515.25 Td (committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.77 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.48 503.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 106.84 503.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 129.11 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.16 503.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 170.33 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.93 503.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 218.46 503.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 251.70 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.47 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.18 503.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 294.89 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.59 503.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 354.96 503.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 378.62 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.33 503.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 428.15 503.25 Td (updates ) Tj ET Q q 0 0 0 rg BT 460.96 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.01 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.50 503.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 512.21 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.81 503.25 Td (Directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 72.00 491.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 119.20 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.14 491.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 194.18 491.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 238.89 491.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 285.81 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.53 491.25 Td (other ) Tj ET Q q 0 0 0 rg BT 323.58 491.25 Td (major ) Tj ET Q q 0 0 0 rg BT 349.40 491.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 366.90 491.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 409.39 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.89 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 428.83 491.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 459.65 491.25 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 467.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.70 467.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.15 467.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 112.82 467.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.04 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.94 467.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 194.73 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.63 467.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 247.30 467.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.43 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.99 467.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 309.21 467.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.33 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.78 467.25 Td (business ) Tj ET Q q 0 0 0 rg BT 377.80 467.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 416.02 467.25 Td (are ) Tj ET Q q 0 0 0 rg BT 430.35 467.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 466.35 467.25 Td (assessed, ) Tj ET Q q 0 0 0 rg BT 504.85 467.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 548.08 467.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (managed. ) Tj ET Q q 0 0 0 rg BT 91.16 455.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.77 455.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.81 455.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 165.88 455.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 215.04 455.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 249.20 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 265.59 455.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 298.92 455.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 335.87 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.37 455.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 379.20 455.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 403.65 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.15 455.25 Td (oversee ) Tj ET Q q 0 0 0 rg BT 454.75 455.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 472.82 455.25 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 455.25 Td (practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (related ) Tj ET Q q 0 0 0 rg BT 80.39 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.86 443.25 Td (these ) Tj ET Q q 0 0 0 rg BT 116.10 443.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 141.18 443.25 Td (including ) Tj ET Q q 0 0 0 rg BT 182.65 443.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 219.67 443.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 265.54 443.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 284.24 443.25 Td (tolerances ) Tj ET Q q 0 0 0 rg BT 328.46 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.59 443.25 Td (approving ) Tj ET Q q 0 0 0 rg BT 390.83 443.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 409.52 443.25 Td (management ) Tj ET Q q 0 0 0 rg BT 464.30 443.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 501.59 443.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 555.83 443.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 92.90 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 431.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 129.15 431.25 Td (leadership, ) Tj ET Q q 0 0 0 rg BT 174.48 431.25 Td (including ) Tj ET Q q 0 0 0 rg BT 213.99 431.25 Td (but ) Tj ET Q q 0 0 0 rg BT 228.51 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 243.03 431.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 273.10 431.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 285.12 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.19 431.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 324.15 431.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 365.87 431.25 Td (Of) Tj ET Q q 0 0 0 rg BT 376.24 431.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 394.16 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 398.40 431.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 422.36 431.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.31 431.25 Td (Of) Tj ET Q q 0 0 0 rg BT 471.68 431.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 489.60 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 493.84 431.25 Td (General ) Tj ET Q q 0 0 0 rg BT 527.22 431.25 Td (Counsel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 419.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 87.05 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 92.32 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 116.18 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.27 419.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 158.91 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.12 419.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 203.88 419.25 Td (Risk, ) Tj ET Q q 0 0 0 rg BT 227.48 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 251.34 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.43 419.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 290.75 419.25 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 327.67 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 351.54 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.63 419.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 388.17 419.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 420.92 419.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 457.56 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.76 419.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 496.98 419.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 548.06 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 407.25 Td (rading, ) Tj ET Q q 0 0 0 rg BT 86.01 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.16 407.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 126.96 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.00 407.25 Td (Equities. ) Tj ET Q q 0 0 0 rg BT 175.98 407.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 201.45 407.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 250.26 407.25 Td (that ) Tj ET Q q 0 0 0 rg BT 267.96 407.25 Td (help ) Tj ET Q q 0 0 0 rg BT 287.88 407.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 323.90 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.04 407.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 375.42 407.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 393.12 407.25 Td (include ) Tj ET Q q 0 0 0 rg BT 425.26 407.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 482.12 407.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 525.92 407.25 Td (team ) Tj ET Q q 0 0 0 rg BT 548.06 407.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.89 395.25 Td (committees. ) Tj ET Q q 0 0 0 rg BT 140.92 395.25 Td (These ) Tj ET Q q 0 0 0 rg BT 167.42 395.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 216.14 395.25 Td (help ) Tj ET Q q 0 0 0 rg BT 235.98 395.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 269.69 395.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 287.31 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 299.94 395.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 337.00 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.61 395.25 Td (business ) Tj ET Q q 0 0 0 rg BT 391.13 395.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 429.85 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 444.68 395.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 481.18 395.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 519.89 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.95 395.25 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 55.94 383.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 87.94 383.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 112.71 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.05 383.25 Td (activity) Tj ET Q q 0 0 0 rg BT 152.39 383.25 Td (. ) Tj ET Q q 0 0 0 rg BT 156.89 383.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 174.45 383.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 213.67 383.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 260.38 383.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 304.04 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.38 383.25 Td (members ) Tj ET Q q 0 0 0 rg BT 353.04 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.38 383.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 389.82 383.25 Td (management ) Tj ET Q q 0 0 0 rg BT 442.91 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.36 383.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 476.36 383.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 531.96 383.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 91.35 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.43 371.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 142.83 371.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 201.91 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 218.21 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.06 371.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 270.24 371.25 Td (control ) Tj ET Q q 0 0 0 rg BT 303.20 371.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 346.16 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.23 371.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 413.74 371.25 Td (related ) Tj ET Q q 0 0 0 rg BT 445.58 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 457.99 371.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.50 371.25 Td (value ) Tj ET Q q 0 0 0 rg BT 502.80 371.25 Td (measurements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 359.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.48 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 118.39 359.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 164.95 359.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 181.53 359.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 229.21 359.25 Td (address ) Tj ET Q q 0 0 0 rg BT 260.78 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.80 359.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 310.04 359.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 326.62 359.25 Td (related ) Tj ET Q q 0 0 0 rg BT 355.40 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.76 359.25 Td (information ) Tj ET Q q 0 0 0 rg BT 413.55 359.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 446.80 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.82 359.25 Td (security) Tj ET Q q 0 0 0 rg BT 493.83 359.25 Td (, ) Tj ET Q q 0 0 0 rg BT 497.91 359.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 521.42 359.25 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 347.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 115.03 347.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 149.46 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.40 347.25 Td (third ) Tj ET Q q 0 0 0 rg BT 187.79 347.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 216.94 347.25 Td (such ) Tj ET Q q 0 0 0 rg BT 237.77 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.60 347.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 282.76 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 347.25 Td (service ) Tj ET Q q 0 0 0 rg BT 330.52 347.25 Td (providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 323.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.07 323.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.35 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.10 323.25 Td (market ) Tj ET Q q 0 0 0 rg BT 140.84 323.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 157.81 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.22 323.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 198.96 323.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 218.43 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.62 323.25 Td (cornerstone ) Tj ET Q q 0 0 0 rg BT 281.23 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.54 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.84 323.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.81 323.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.87 323.25 Td (process ) Tj ET Q q 0 0 0 rg BT 408.83 323.25 Td (is ) Tj ET Q q 0 0 0 rg BT 417.47 323.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 439.44 323.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 503.62 323.25 Td (among ) Tj ET Q q 0 0 0 rg BT 532.81 323.25 Td (traders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.17 311.25 Td (department ) Tj ET Q q 0 0 0 rg BT 127.50 311.25 Td (management ) Tj ET Q q 0 0 0 rg BT 180.94 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.72 311.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.51 311.25 Td (management ) Tj ET Q q 0 0 0 rg BT 277.95 311.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 324.72 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.40 311.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 381.07 311.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 422.03 311.25 Td (including ) Tj ET Q q 0 0 0 rg BT 462.16 311.25 Td (those ) Tj ET Q q 0 0 0 rg BT 485.61 311.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.05 311.25 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 311.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.32 299.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.60 299.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 159.14 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.53 299.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 207.24 299.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 225.19 299.25 Td (profile. ) Tj ET Q q 0 0 0 rg BT 257.30 299.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 275.80 299.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 293.75 299.25 Td (management ) Tj ET Q q 0 0 0 rg BT 347.79 299.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 387.95 299.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 437.00 299.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.40 299.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 519.56 299.25 Td (process ) Tj ET Q q 0 0 0 rg BT 552.50 299.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 90.76 287.25 Td (their ) Tj ET Q q 0 0 0 rg BT 111.46 287.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 162.71 287.25 Td (perspectives ) Tj ET Q q 0 0 0 rg BT 214.51 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 226.89 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.59 287.25 Td (market ) Tj ET Q q 0 0 0 rg BT 272.73 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.54 287.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 314.68 287.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.06 287.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 361.09 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.46 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.28 287.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 402.65 287.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 427.35 287.25 Td (The ) Tj ET Q q 0 0 0 rg BT 445.28 287.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 478.19 287.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 521.11 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.81 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 547.52 287.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.55 275.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 143.73 275.25 Td (are ) Tj ET Q q 0 0 0 rg BT 158.90 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.65 275.25 Td (understand ) Tj ET Q q 0 0 0 rg BT 216.49 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.67 275.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.63 275.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 279.25 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.54 275.25 Td (each ) Tj ET Q q 0 0 0 rg BT 311.82 275.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 343.11 275.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 365.22 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.96 275.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 424.47 275.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.43 275.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 489.84 275.25 Td (company-wide, ) Tj ET Q q 0 0 0 rg BT 554.73 275.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 73.06 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.73 263.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 140.17 263.25 Td (ef) Tj ET Q q 0 0 0 rg BT 147.76 263.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 176.85 263.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 210.96 263.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 253.12 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.79 263.25 Td (articulate ) Tj ET Q q 0 0 0 rg BT 301.88 263.25 Td (lar) Tj ET Q q 0 0 0 rg BT 312.24 263.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 323.57 263.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.79 263.25 Td (or ) Tj ET Q q 0 0 0 rg BT 364.01 263.25 Td (position ) Tj ET Q q 0 0 0 rg BT 398.13 263.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 418.92 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.59 263.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 454.92 263.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 510.40 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.73 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.40 263.25 Td (ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 85.30 251.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 101.68 251.25 Td (values ) Tj ET Q q 0 0 0 rg BT 129.72 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.55 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.38 251.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.87 251.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.94 227.25 Td (management ) Tj ET Q q 0 0 0 rg BT 125.13 227.25 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 173.50 227.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 214.92 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.46 227.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 273.33 227.25 Td (may ) Tj ET Q q 0 0 0 rg BT 293.65 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 309.53 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.07 227.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 344.06 227.25 Td (ef) Tj ET Q q 0 0 0 rg BT 351.64 227.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 381.95 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.83 227.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 437.04 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.47 227.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 471.57 227.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 510.77 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.65 227.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.75 227.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.43 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.26 215.25 Td (against ) Tj ET Q q 0 0 0 rg BT 148.09 215.25 Td (all ) Tj ET Q q 0 0 0 rg BT 160.58 215.25 Td (types ) Tj ET Q q 0 0 0 rg BT 184.19 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.02 215.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 215.02 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.96 215.25 Td (any ) Tj ET Q q 0 0 0 rg BT 248.90 215.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 266.40 215.25 Td (management ) Tj ET Q q 0 0 0 rg BT 319.99 215.25 Td (failures ) Tj ET Q q 0 0 0 rg BT 352.47 215.25 Td (could ) Tj ET Q q 0 0 0 rg BT 377.19 215.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 407.46 215.25 Td (us ) Tj ET Q q 0 0 0 rg BT 418.85 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.13 215.25 Td (material ) Tj ET Q q 0 0 0 rg BT 464.39 215.25 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 520.75 215.25 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 88.67 191.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 87.06 167.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.08 167.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 146.63 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.87 167.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.89 167.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 221.00 167.25 Td (with ) Tj ET Q q 0 0 0 rg BT 240.79 167.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 281.12 167.25 Td (management ) Tj ET Q q 0 0 0 rg BT 334.23 167.25 Td (failing ) Tj ET Q q 0 0 0 rg BT 362.35 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.15 167.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 405.82 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.28 167.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 454.83 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.85 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.08 167.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 528.63 167.25 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (vision ) Tj ET Q q 0 0 0 rg BT 77.34 155.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.18 155.25 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 161.34 155.25 Td (a ) Tj ET Q q 0 0 0 rg BT 169.17 155.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 223.12 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.29 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.02 155.25 Td (culture, ) Tj ET Q q 0 0 0 rg BT 284.68 155.25 Td (leverages ) Tj ET Q q 0 0 0 rg BT 325.83 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 342.55 155.25 Td (core ) Tj ET Q q 0 0 0 rg BT 363.15 155.25 Td (competencies, ) Tj ET Q q 0 0 0 rg BT 423.47 155.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 480.18 155.25 Td (responds ) Tj ET Q q 0 0 0 rg BT 519.12 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.30 155.25 Td (external ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.21 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.49 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 143.25 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 158.06 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.00 143.25 Td (is ) Tj ET Q q 0 0 0 rg BT 184.17 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.45 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.16 143.25 Td (best ) Tj ET Q q 0 0 0 rg BT 227.77 143.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 263.60 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.43 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.26 143.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 321.36 143.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 366.62 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.56 143.25 Td (shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.05 119.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 110.15 119.25 Td (team ) Tj ET Q q 0 0 0 rg BT 131.58 119.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.26 119.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 187.81 119.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.47 119.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 242.90 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.24 119.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 294.11 119.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 317.36 119.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.91 119.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 361.35 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.68 119.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 410.89 119.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 447.32 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.54 119.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 504.63 119.25 Td (team ) Tj ET Q q 0 0 0 rg BT 526.07 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.85 119.25 Td (setting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 107.25 Td (executing ) Tj ET Q q 0 0 0 rg BT 107.81 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.64 107.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 160.01 107.25 Td (plan.) 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 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (58) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 731.25 Td (Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 80.90 707.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.41 707.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 141.47 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.21 707.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 173.72 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.57 707.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 213.48 707.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.33 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.83 707.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 300.46 707.25 Td (that ) Tj ET Q q 0 0 0 rg BT 317.97 707.25 Td (may ) Tj ET Q q 0 0 0 rg BT 337.71 707.25 Td (result ) Tj ET Q q 0 0 0 rg BT 362.44 707.25 Td (from ) Tj ET Q q 0 0 0 rg BT 384.40 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.13 707.25 Td (change ) Tj ET Q q 0 0 0 rg BT 429.97 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.26 707.25 Td (value ) Tj ET Q q 0 0 0 rg BT 464.44 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 482.24 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.74 707.25 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (due ) Tj ET Q q 0 0 0 rg BT 66.77 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.38 695.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 127.43 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 138.04 695.25 Td (its ) Tj ET Q q 0 0 0 rg BT 150.32 695.25 Td (market ) Tj ET Q q 0 0 0 rg BT 180.92 695.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 206.24 695.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 224.62 695.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 263.56 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.17 695.25 Td (market ) Tj ET Q q 0 0 0 rg BT 304.77 695.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 322.60 695.25 Td (is ) Tj ET Q q 0 0 0 rg BT 332.10 695.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 365.48 695.25 Td (related ) Tj ET Q q 0 0 0 rg BT 395.51 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.13 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.29 695.25 Td (role ) Tj ET Q q 0 0 0 rg BT 440.67 695.25 Td (as ) Tj ET Q q 0 0 0 rg BT 451.83 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 459.10 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 496.92 695.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 550.84 695.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.60 683.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 94.98 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.54 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.64 683.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 182.51 683.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 220.38 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.59 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.70 683.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 287.34 683.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 317.44 683.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 357.82 683.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 388.47 683.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 409.14 683.25 Td (are ) Tj ET Q q 0 0 0 rg BT 423.12 683.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 457.66 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.21 683.25 Td (both ) Tj ET Q q 0 0 0 rg BT 486.76 683.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.31 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 683.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.24 671.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 138.97 671.25 Td (The ) Tj ET Q q 0 0 0 rg BT 157.28 671.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 182.81 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.90 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.00 671.25 Td (market ) Tj ET Q q 0 0 0 rg BT 240.52 671.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 258.29 671.25 Td (management ) Tj ET Q q 0 0 0 rg BT 312.14 671.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 346.00 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.21 671.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 409.84 671.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 445.92 671.25 Td (all ) Tj ET Q q 0 0 0 rg BT 458.68 671.25 Td (market-sensitive ) Tj ET Q q 0 0 0 rg BT 527.53 671.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.55 635.25 Td (dif) Tj ET Q q 0 0 0 rg BT 78.48 635.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.29 635.25 Td (types ) Tj ET Q q 0 0 0 rg BT 127.90 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.73 635.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.00 635.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 186.50 635.25 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 611.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.17 611.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 102.98 611.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.69 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.18 611.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 167.66 611.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.14 611.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 202.63 611.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 245.66 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.37 611.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 297.85 611.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 336.45 611.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.38 611.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.08 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.35 611.25 Td (market ) Tj ET Q q 0 0 0 rg BT 433.60 611.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.53 611.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 489.22 611.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.86 611.25 Td (e ) Tj ET Q q 0 0 0 rg BT 504.79 611.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.48 611.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 554.74 611.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 599.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.90 599.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.40 599.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 146.11 599.25 Td (from ) Tj ET Q q 0 0 0 rg BT 168.04 599.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.74 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.01 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.72 599.25 Td (level ) Tj ET Q q 0 0 0 rg BT 249.64 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.58 599.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 305.18 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.00 599.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 347.93 599.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 371.79 599.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 406.49 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.77 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.48 599.25 Td (slope ) Tj ET Q q 0 0 0 rg BT 455.08 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.90 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.61 599.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 503.10 599.25 Td (curve, ) Tj ET Q q 0 0 0 rg BT 530.30 599.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.33 587.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 84.15 587.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 118.69 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.18 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.45 587.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 166.49 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.88 587.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 230.02 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 242.08 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.46 587.25 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 322.26 587.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 347.64 587.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 369.97 587.25 Td (inventories\) ) Tj ET Q q 0 0 0 rg BT 419.78 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.27 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 451.66 587.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 484.82 587.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 516.86 587.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 539.19 587.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (term ) Tj ET Q q 0 0 0 rg BT 71.34 575.25 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 115.96 575.25 Td (which ) Tj ET Q q 0 0 0 rg BT 143.92 575.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 176.86 575.25 Td (these ) Tj ET Q q 0 0 0 rg BT 200.93 575.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 230.28 575.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 263.78 575.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 282.29 575.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 300.80 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 310.99 575.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 350.61 575.25 Td (by ) Tj ET Q q 0 0 0 rg BT 364.13 575.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 394.31 575.25 Td (short ) Tj ET Q q 0 0 0 rg BT 417.83 575.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 439.13 575.25 Td (government ) Tj ET Q q 0 0 0 rg BT 490.42 575.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 534.20 575.25 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.64 563.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 133.28 563.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 153.37 563.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 194.02 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.34 563.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 254.20 563.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 295.67 563.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.99 563.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 335.31 563.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.31 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 343.19 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.40 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 370.61 563.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 431.80 563.25 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 474.11 563.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.53 563.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.16 551.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.26 551.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.69 551.25 Td (information ) Tj ET Q q 0 0 0 rg BT 200.35 551.25 Td (on ) Tj ET Q q 0 0 0 rg BT 212.79 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 228.57 551.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 270.99 551.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 312.03 551.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 330.02 551.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 361.90 551.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 379.33 551.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 413.99 551.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 454.20 551.25 Td (may ) Tj ET Q q 0 0 0 rg BT 473.86 551.25 Td (not ) Tj ET Q q 0 0 0 rg BT 489.08 551.25 Td (work ) Tj ET Q q 0 0 0 rg BT 512.08 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.30 551.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.74 551.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.25 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.01 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 133.66 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 140.42 539.25 Td (result ) Tj ET Q q 0 0 0 rg BT 164.96 539.25 Td (may ) Tj ET Q q 0 0 0 rg BT 184.50 539.25 Td (not ) Tj ET Q q 0 0 0 rg BT 199.60 539.25 Td (be ) Tj ET Q q 0 0 0 rg BT 211.36 539.25 Td (ef) Tj ET Q q 0 0 0 rg BT 218.95 539.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 248.47 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.57 539.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 302.00 539.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.75 539.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.06 539.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 370.37 539.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 394.08 539.25 Td (we ) Tj ET Q q 0 0 0 rg BT 408.06 539.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 445.38 539.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 470.48 539.25 Td (on ) Tj ET Q q 0 0 0 rg BT 482.80 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.34 539.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 532.43 539.25 Td (level ) Tj ET Q q 0 0 0 rg BT 554.19 539.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 527.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 88.38 527.25 Td (income ) Tj ET Q q 0 0 0 rg BT 120.31 527.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 160.57 527.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 201.40 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.34 527.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 251.93 527.25 Td (net ) Tj ET Q q 0 0 0 rg BT 266.65 527.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 305.27 527.25 Td (within ) Tj ET Q q 0 0 0 rg BT 333.32 527.25 Td (those ) Tj ET Q q 0 0 0 rg BT 356.93 527.25 Td (limits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.63 503.25 Td (Price ) Tj ET Q q 0 0 0 rg BT 103.30 503.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.54 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.57 503.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 166.25 503.25 Td (price ) Tj ET Q q 0 0 0 rg BT 189.26 503.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 207.28 503.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 250.84 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.08 503.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 304.09 503.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 322.68 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.48 503.25 Td (value ) Tj ET Q q 0 0 0 rg BT 358.16 503.25 Td (due ) Tj ET Q q 0 0 0 rg BT 375.62 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.42 503.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 419.98 503.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 455.21 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.01 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.25 503.25 Td (level ) Tj ET Q q 0 0 0 rg BT 503.70 503.25 Td (or ) Tj ET Q q 0 0 0 rg BT 515.06 503.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 554.19 503.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.98 491.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 105.65 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 114.29 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 121.21 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.90 491.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 171.15 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.41 491.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 208.88 491.25 Td (price ) Tj ET Q q 0 0 0 rg BT 231.35 491.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.83 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 282.42 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.23 491.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 329.03 491.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 367.61 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.87 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.57 491.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.83 491.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 445.40 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.03 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 460.95 491.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 493.42 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.68 491.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 532.81 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.51 491.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 479.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 78.40 479.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 113.66 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 123.94 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.78 479.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 203.37 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.31 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.59 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.42 479.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 287.25 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.08 479.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.58 479.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.85 479.25 Td (by ) Tj ET Q q 0 0 0 rg BT 378.35 479.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 428.62 479.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 453.91 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.41 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.13 479.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 516.41 479.25 Td (level ) Tj ET Q q 0 0 0 rg BT 538.34 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 479.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.26 467.25 Td (by ) Tj ET Q q 0 0 0 rg BT 119.76 467.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 161.70 467.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.41 467.25 Td (position ) Tj ET Q q 0 0 0 rg BT 211.14 467.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 236.97 467.25 Td (within ) Tj ET Q q 0 0 0 rg BT 265.02 467.25 Td (those ) Tj ET Q q 0 0 0 rg BT 288.63 467.25 Td (limits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (For) Tj ET Q q 0 0 0 rg BT 64.13 443.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 83.77 443.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 125.63 443.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.84 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.27 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.70 443.25 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 191.24 443.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 231.42 443.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.85 443.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 291.82 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.47 443.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 343.88 443.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 382.42 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.63 443.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 428.94 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.70 443.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 468.77 443.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 498.42 443.25 Td (from ) Tj ET Q q 0 0 0 rg BT 520.29 443.25 Td (movement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.83 431.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 91.26 431.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 131.56 431.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 154.92 431.25 Td (A) Tj ET Q q 0 0 0 rg BT 161.59 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.14 431.25 Td (modest ) Tj ET Q q 0 0 0 rg BT 195.58 431.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 227.02 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.90 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 253.78 431.25 Td (business ) Tj ET Q q 0 0 0 rg BT 290.22 431.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.44 431.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 343.09 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.41 431.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 397.05 431.25 Td (other ) Tj ET Q q 0 0 0 rg BT 420.15 431.25 Td (than ) Tj ET Q q 0 0 0 rg BT 439.91 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.68 431.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 475.01 431.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 497.94 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 502.99 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.98 431.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.73 431.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 80.16 419.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 119.69 419.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 140.35 419.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 172.11 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.67 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.67 419.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 215.24 419.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 240.34 419.25 Td (can ) Tj ET Q q 0 0 0 rg BT 256.00 419.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 293.87 419.25 Td (af) Tj ET Q q 0 0 0 rg BT 301.45 419.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 318.22 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.22 419.25 Td (value ) Tj ET Q q 0 0 0 rg BT 355.65 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 419.25 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 403.66 419.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 428.77 419.25 Td (net ) Tj ET Q q 0 0 0 rg BT 442.76 419.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 470.38 419.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 507.69 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.91 419.25 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.88 407.25 Td (change ) Tj ET Q q 0 0 0 rg BT 89.91 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.39 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.32 407.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 146.91 407.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 184.59 407.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 206.18 407.25 Td (could ) Tj ET Q q 0 0 0 rg BT 231.11 407.25 Td (create ) Tj ET Q q 0 0 0 rg BT 257.68 407.25 Td (either ) Tj ET Q q 0 0 0 rg BT 283.15 407.25 Td (a ) Tj ET Q q 0 0 0 rg BT 290.30 407.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 321.89 407.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 359.57 407.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 406.16 407.25 Td (gain/loss ) Tj ET Q q 0 0 0 rg BT 444.42 407.25 Td (\(recorded ) Tj ET Q q 0 0 0 rg BT 485.44 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.93 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.97 407.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.92 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.45 395.25 Td (operations\) ) Tj ET Q q 0 0 0 rg BT 154.64 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 166.18 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.82 395.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.90 395.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 244.08 395.25 Td (translation ) Tj ET Q q 0 0 0 rg BT 289.50 395.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 336.58 395.25 Td (\(recorded ) Tj ET Q q 0 0 0 rg BT 378.09 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.08 395.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 442.81 395.25 Td (other ) Tj ET Q q 0 0 0 rg BT 466.56 395.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 530.30 395.25 Td (income/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 73.23 383.25 Td (within ) Tj ET Q q 0 0 0 rg BT 100.29 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.01 383.25 Td (shareholdersequity ) Tj ET Q q 0 0 0 rg BT 194.38 383.25 Td (section ) Tj ET Q q 0 0 0 rg BT 224.21 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.05 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.89 383.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 300.94 383.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 344.65 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.49 383.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.98 383.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 430.26 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.20 383.25 Td (other ) Tj ET Q q 0 0 0 rg BT 468.25 383.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 530.29 383.25 Td (income/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 74.22 371.25 Td (within ) Tj ET Q q 0 0 0 rg BT 102.28 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.00 371.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.04 371.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.75 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.58 371.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 288.61 371.25 Td (income\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 347.25 Td (alue-at-Risk \("V) Tj ET Q q 0 0 0 rg BT 122.56 347.25 Td (aR"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 323.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.70 323.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.15 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 323.25 Td (statistical ) Tj ET Q q 0 0 0 rg BT 134.38 323.25 Td (technique ) Tj ET Q q 0 0 0 rg BT 175.37 323.25 Td (known ) Tj ET Q q 0 0 0 rg BT 204.71 323.25 Td (as ) Tj ET Q q 0 0 0 rg BT 215.01 323.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.13 323.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 234.36 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.26 323.25 Td (measure, ) Tj ET Q q 0 0 0 rg BT 282.19 323.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 315.98 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.54 323.25 Td (review ) Tj ET Q q 0 0 0 rg BT 361.87 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.21 323.25 Td (market ) Tj ET Q q 0 0 0 rg BT 406.09 323.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 423.21 323.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 465.33 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.23 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.68 323.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 521.12 323.25 Td (portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.61 311.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 69.36 311.25 Td (is ) Tj ET Q q 0 0 0 rg BT 78.67 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.53 311.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 131.17 311.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 149.37 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.79 311.25 Td (value ) Tj ET Q q 0 0 0 rg BT 184.08 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.06 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.03 311.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 242.00 311.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 283.25 311.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 325.33 311.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 386.85 311.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 425.32 311.25 Td (due ) Tj ET Q q 0 0 0 rg BT 442.40 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.82 311.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 486.00 311.25 Td (market ) Tj ET Q q 0 0 0 rg BT 516.40 311.25 Td (movements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (over ) Tj ET Q q 0 0 0 rg BT 69.60 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.38 299.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.70 299.25 Td (time ) Tj ET Q q 0 0 0 rg BT 128.81 299.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 161.69 299.25 Td (with ) Tj ET Q q 0 0 0 rg BT 181.80 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 188.58 299.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 227.01 299.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 273.20 299.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 297.30 299.25 Td (W) Tj ET Q q 0 0 0 rg BT 305.94 299.25 Td (e ) Tj ET Q q 0 0 0 rg BT 312.72 299.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 347.26 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.03 299.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 376.19 299.25 Td (V) Tj ET Q q 0 0 0 rg BT 382.31 299.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 395.75 299.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 430.30 299.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.64 299.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 495.53 299.25 Td (all ) Tj ET Q q 0 0 0 rg BT 507.86 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.52 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.19 299.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 90.99 287.25 Td (including ) Tj ET Q q 0 0 0 rg BT 131.63 287.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 155.05 287.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 189.85 287.25 Td (equities, ) Tj ET Q q 0 0 0 rg BT 226.33 287.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 274.18 287.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 303.44 287.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 375.72 287.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.35 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.66 287.25 Td (all ) Tj ET Q q 0 0 0 rg BT 446.53 287.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.49 287.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 532.23 287.25 Td (hedges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (These ) Tj ET Q q 0 0 0 rg BT 76.51 275.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 115.76 275.25 Td (encompass ) Tj ET Q q 0 0 0 rg BT 162.77 275.25 Td (both ) Tj ET Q q 0 0 0 rg BT 183.68 275.25 Td (customer) Tj ET Q q 0 0 0 rg BT 220.13 275.25 Td (-related ) Tj ET Q q 0 0 0 rg BT 253.79 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.36 275.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 308.37 275.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 339.82 275.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 380.86 275.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.53 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.44 275.25 Td (V) Tj ET Q q 0 0 0 rg BT 396.55 275.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 410.79 275.25 Td (model ) Tj ET Q q 0 0 0 rg BT 438.92 275.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 476.49 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.06 275.25 Td (common ) Tj ET Q q 0 0 0 rg BT 522.18 275.25 Td (metric ) Tj ET Q q 0 0 0 rg BT 550.86 275.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 89.02 263.25 Td (market ) Tj ET Q q 0 0 0 rg BT 119.08 263.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.38 263.25 Td (across ) Tj ET Q q 0 0 0 rg BT 163.67 263.25 Td (business ) Tj ET Q q 0 0 0 rg BT 199.85 263.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 221.04 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.77 263.25 Td (products. ) Tj ET Q q 0 0 0 rg BT 277.01 263.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 313.75 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.66 263.25 Td (V) Tj ET Q q 0 0 0 rg BT 329.77 263.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 343.17 263.25 Td (between ) Tj ET Q q 0 0 0 rg BT 378.79 263.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 417.74 263.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 449.48 263.25 Td (are ) Tj ET Q q 0 0 0 rg BT 463.98 263.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 503.48 263.25 Td (due ) Tj ET Q q 0 0 0 rg BT 520.22 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.29 263.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 251.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 85.60 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.43 251.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 113.93 251.25 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 155.03 251.25 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 199.75 251.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 227.80 251.25 Td (correlations ) Tj ET Q q 0 0 0 rg BT 277.50 251.25 Td (among ) Tj ET Q q 0 0 0 rg BT 307.21 251.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 329.15 251.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 359.42 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.36 251.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 419.41 251.25 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 227.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.02 227.25 Td (use ) Tj ET Q q 0 0 0 rg BT 82.79 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 90.67 227.25 Td (Monte ) Tj ET Q q 0 0 0 rg BT 120.22 227.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 145.88 227.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 191.55 227.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 247.76 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.62 227.25 Td (V) Tj ET Q q 0 0 0 rg BT 268.73 227.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 283.28 227.25 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 336.73 227.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.37 227.25 Td (e ) Tj ET Q q 0 0 0 rg BT 353.25 227.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 385.57 227.25 Td (this ) Tj ET Q q 0 0 0 rg BT 403.46 227.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 459.67 227.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 497.30 227.25 Td (V) Tj ET Q q 0 0 0 rg BT 503.42 227.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 517.97 227.25 Td (results ) Tj ET Q q 0 0 0 rg BT 547.52 227.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 84.85 215.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 111.86 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.56 215.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 142.03 215.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 170.17 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.97 215.25 Td (all ) Tj ET Q q 0 0 0 rg BT 191.45 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.25 215.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 256.90 215.25 Td (including ) Tj ET Q q 0 0 0 rg BT 296.15 215.25 Td (those ) Tj ET Q q 0 0 0 rg BT 318.73 215.25 Td (that ) Tj ET Q q 0 0 0 rg BT 335.20 215.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 366.11 215.25 Td (optionality) Tj ET Q q 0 0 0 rg BT 408.79 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.77 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.69 215.25 Td (also ) Tj ET Q q 0 0 0 rg BT 446.27 215.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 488.83 215.25 Td (models ) Tj ET Q q 0 0 0 rg BT 519.19 215.25 Td (correlation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (movements ) Tj ET Q q 0 0 0 rg BT 97.63 203.25 Td (among ) Tj ET Q q 0 0 0 rg BT 126.88 203.25 Td (all ) Tj ET Q q 0 0 0 rg BT 138.91 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.27 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.63 203.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 186.10 203.25 Td (classes. ) Tj ET Q q 0 0 0 rg BT 218.39 203.25 Td (In ) Tj ET Q q 0 0 0 rg BT 228.75 203.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 266.06 203.25 Td (it ) Tj ET Q q 0 0 0 rg BT 273.65 203.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.11 203.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 350.47 203.25 Td (tail ) Tj ET Q q 0 0 0 rg BT 365.27 203.25 Td (results ) Tj ET Q q 0 0 0 rg BT 393.41 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.77 203.25 Td (there ) Tj ET Q q 0 0 0 rg BT 425.79 203.25 Td (are ) Tj ET Q q 0 0 0 rg BT 440.03 203.25 Td (no ) Tj ET Q q 0 0 0 rg BT 452.06 203.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 503.53 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.89 203.25 Td (distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 191.25 Td (can ) Tj ET Q q 0 0 0 rg BT 82.82 191.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 115.86 191.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.35 191.25 Td (insight ) Tj ET Q q 0 0 0 rg BT 188.08 191.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.24 191.25 Td (scenario ) Tj ET Q q 0 0 0 rg BT 238.05 191.25 Td (shock ) Tj ET Q q 0 0 0 rg BT 263.88 191.25 Td (analysis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (Model-based ) Tj ET Q q 0 0 0 rg BT 104.03 167.25 Td (V) Tj ET Q q 0 0 0 rg BT 110.14 167.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 123.75 167.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 156.23 167.25 Td (from ) Tj ET Q q 0 0 0 rg BT 178.17 167.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 222.89 167.25 Td (has ) Tj ET Q q 0 0 0 rg BT 238.72 167.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 273.99 167.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 319.27 167.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 362.32 167.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 396.46 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 408.96 167.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 448.67 167.25 Td (data ) Tj ET Q q 0 0 0 rg BT 467.83 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.10 167.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 508.37 167.25 Td (future ) Tj ET Q q 0 0 0 rg BT 534.74 167.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (risk; ) Tj ET Q q 0 0 0 rg BT 69.61 155.25 Td (V) Tj ET Q q 0 0 0 rg BT 75.72 155.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 89.34 155.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 132.38 155.25 Td (using ) Tj ET Q q 0 0 0 rg BT 156.56 155.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.52 155.25 Td (one-day ) Tj ET Q q 0 0 0 rg BT 198.23 155.25 Td (time ) Tj ET Q q 0 0 0 rg BT 218.52 155.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 251.58 155.25 Td (does ) Tj ET Q q 0 0 0 rg BT 272.42 155.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.71 155.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 309.11 155.25 Td (capture ) Tj ET Q q 0 0 0 rg BT 341.05 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.78 155.25 Td (market ) Tj ET Q q 0 0 0 rg BT 386.05 155.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 403.56 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 155.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 453.04 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 470.54 155.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 499.71 155.25 Td (be ) Tj ET Q q 0 0 0 rg BT 511.66 155.25 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 554.16 155.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 143.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.11 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 95.91 143.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 126.70 143.25 Td (within ) Tj ET Q q 0 0 0 rg BT 155.28 143.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.74 143.25 Td (day; ) Tj ET Q q 0 0 0 rg BT 192.98 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.44 143.25 Td (published ) Tj ET Q q 0 0 0 rg BT 252.13 143.25 Td (V) Tj ET Q q 0 0 0 rg BT 258.24 143.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 272.37 143.25 Td (results ) Tj ET Q q 0 0 0 rg BT 301.50 143.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 330.05 143.25 Td (past ) Tj ET Q q 0 0 0 rg BT 349.18 143.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 380.53 143.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 419.67 143.25 Td (while ) Tj ET Q q 0 0 0 rg BT 444.91 143.25 Td (future ) Tj ET Q q 0 0 0 rg BT 471.80 143.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 489.83 143.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 525.62 143.25 Td (on ) Tj ET Q q 0 0 0 rg BT 538.64 143.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 107.25 Td (modeling ) Tj ET Q q 0 0 0 rg BT 108.38 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.49 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.49 107.25 Td (market ) Tj ET Q q 0 0 0 rg BT 165.03 107.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.82 107.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.78 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.89 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.01 107.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 301.11 107.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 340.01 107.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 376.68 107.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.90 107.25 Td (number ) Tj ET Q q 0 0 0 rg BT 417.22 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.34 107.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 480.56 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.78 107.25 Td (approximations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (While ) Tj ET Q q 0 0 0 rg BT 77.25 95.25 Td (we ) Tj ET Q q 0 0 0 rg BT 92.22 95.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 124.40 95.25 Td (that ) Tj ET Q q 0 0 0 rg BT 142.71 95.25 Td (these ) Tj ET Q q 0 0 0 rg BT 166.57 95.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.33 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.09 95.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 302.61 95.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.13 95.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 366.70 95.25 Td (dif) Tj ET Q q 0 0 0 rg BT 377.63 95.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 404.25 95.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 457.01 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.77 95.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 540.29 95.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 83.66 83.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 126.15 83.25 Td (dif) Tj ET Q q 0 0 0 rg BT 137.08 83.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 162.20 83.25 Td (V) Tj ET Q q 0 0 0 rg BT 168.32 83.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 181.38 83.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 222.90 83.25 Td (When ) Tj ET Q q 0 0 0 rg BT 248.73 83.25 Td (comparing ) Tj ET Q q 0 0 0 rg BT 293.44 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.59 83.25 Td (V) Tj ET Q q 0 0 0 rg BT 314.70 83.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 327.76 83.25 Td (numbers ) Tj ET Q q 0 0 0 rg BT 364.15 83.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.88 83.25 Td (those ) Tj ET Q q 0 0 0 rg BT 396.94 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.22 83.25 Td (other ) Tj ET Q q 0 0 0 rg BT 429.72 83.25 Td (firms, ) Tj ET Q q 0 0 0 rg BT 455.28 83.25 Td (it ) Tj ET Q q 0 0 0 rg BT 462.79 83.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.41 83.25 Td (important ) Tj ET Q q 0 0 0 rg BT 512.25 83.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.98 83.25 Td (remember ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.00 71.25 Td (dif) Tj ET Q q 0 0 0 rg BT 77.92 71.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 103.74 71.25 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 167.62 71.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.57 71.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.51 71.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 301.22 71.25 Td (could ) Tj ET Q q 0 0 0 rg BT 325.94 71.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 360.64 71.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 413.13 71.25 Td (dif) Tj ET Q q 0 0 0 rg BT 424.06 71.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 449.88 71.25 Td (results.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.07 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 107.97 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.43 731.10 Td (quantifies ) Tj ET Q q 0 0 0 rg BT 170.88 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.12 731.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 238.09 731.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.20 731.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 257.33 731.10 Td (simulated ) Tj ET Q q 0 0 0 rg BT 298.23 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.91 731.10 Td (each ) Tj ET Q q 0 0 0 rg BT 332.25 731.10 Td (component ) Tj ET Q q 0 0 0 rg BT 378.70 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.05 731.10 Td (market ) Tj ET Q q 0 0 0 rg BT 418.84 731.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 435.86 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.54 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.78 731.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 495.24 731.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 538.07 731.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.43 719.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 106.59 719.10 Td (using ) Tj ET Q q 0 0 0 rg BT 130.99 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.93 719.10 Td (past ) Tj ET Q q 0 0 0 rg BT 164.77 719.10 Td (250 ) Tj ET Q q 0 0 0 rg BT 182.49 719.10 Td (days ) Tj ET Q q 0 0 0 rg BT 203.55 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.60 719.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.54 719.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 276.23 719.10 Td (When ) Tj ET Q q 0 0 0 rg BT 302.83 719.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 349.23 719.10 Td (V) Tj ET Q q 0 0 0 rg BT 355.34 719.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 369.17 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.56 719.10 Td (use ) Tj ET Q q 0 0 0 rg BT 399.62 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.78 719.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 419.51 719.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 451.66 719.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 498.24 719.10 Td (level ) Tj ET Q q 0 0 0 rg BT 520.40 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.57 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.73 719.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (day ) Tj ET Q q 0 0 0 rg BT 65.85 707.10 Td (time ) Tj ET Q q 0 0 0 rg BT 85.53 707.10 Td (horizon. ) Tj ET Q q 0 0 0 rg BT 120.35 707.10 Td (This ) Tj ET Q q 0 0 0 rg BT 140.04 707.10 Td (means ) Tj ET Q q 0 0 0 rg BT 167.49 707.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 186.90 707.10 Td (over ) Tj ET Q q 0 0 0 rg BT 206.57 707.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 228.76 707.10 Td (there ) Tj ET Q q 0 0 0 rg BT 250.65 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.23 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.58 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 281.93 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.61 707.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 303.52 707.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 333.19 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.09 707.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 371.99 707.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 402.23 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 416.35 707.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.80 707.10 Td (will ) Tj ET Q q 0 0 0 rg BT 471.27 707.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 486.50 707.10 Td (below ) Tj ET Q q 0 0 0 rg BT 512.85 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 707.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 71.96 695.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 102.76 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 117.44 695.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.45 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.92 695.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.82 695.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.29 695.10 Td (at ) Tj ET Q q 0 0 0 rg BT 221.97 695.10 Td (least ) Tj ET Q q 0 0 0 rg BT 242.76 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.56 695.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.93 695.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 275.84 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.63 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.32 695.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 336.92 695.10 Td (V) Tj ET Q q 0 0 0 rg BT 343.04 695.10 Td (aR. ) Tj ET Q q 0 0 0 rg BT 359.11 695.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 400.47 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.94 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.84 695.10 Td (single ) Tj ET Q q 0 0 0 rg BT 446.20 695.10 Td (day ) Tj ET Q q 0 0 0 rg BT 463.11 695.10 Td (can ) Tj ET Q q 0 0 0 rg BT 479.45 695.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 509.67 695.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 545.28 695.10 Td (V) Tj ET Q q 0 0 0 rg BT 551.39 695.10 Td (aR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.87 683.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.46 683.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 145.22 683.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 186.48 683.10 Td (can ) Tj ET Q q 0 0 0 rg BT 202.73 683.10 Td (also ) Tj ET Q q 0 0 0 rg BT 221.22 683.10 Td (accumulate ) Tj ET Q q 0 0 0 rg BT 269.12 683.10 Td (over ) Tj ET Q q 0 0 0 rg BT 289.26 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.08 683.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 324.00 683.10 Td (time ) Tj ET Q q 0 0 0 rg BT 344.15 683.10 Td (horizon, ) Tj ET Q q 0 0 0 rg BT 379.57 683.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.27 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.98 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.79 683.10 Td (number ) Tj ET Q q 0 0 0 rg BT 450.71 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.41 683.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 510.99 683.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 541.69 683.10 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 93.67 671.10 Td (there ) Tj ET Q q 0 0 0 rg BT 115.91 671.10 Td (can ) Tj ET Q q 0 0 0 rg BT 132.05 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 143.74 671.10 Td (no ) Tj ET Q q 0 0 0 rg BT 156.00 671.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 197.13 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.38 671.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 240.51 671.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 266.66 671.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 307.23 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.49 671.10 Td (any ) Tj ET Q q 0 0 0 rg BT 336.18 671.10 Td (given ) Tj ET Q q 0 0 0 rg BT 360.66 671.10 Td (day ) Tj ET Q q 0 0 0 rg BT 377.35 671.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 406.83 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.52 671.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.99 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.02 671.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.04 671.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 546.97 671.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 659.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 95.03 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.57 659.10 Td (V) Tj ET Q q 0 0 0 rg BT 115.68 659.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 129.29 659.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 165.68 659.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 194.29 659.10 Td (below ) Tj ET Q q 0 0 0 rg BT 221.23 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.06 659.10 Td (that ) Tj ET Q q 0 0 0 rg BT 249.55 659.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.38 659.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 296.78 659.10 Td (will ) Tj ET Q q 0 0 0 rg BT 314.83 659.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.11 659.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 354.82 659.10 Td (more ) Tj ET Q q 0 0 0 rg BT 377.86 659.10 Td (than ) Tj ET Q q 0 0 0 rg BT 397.58 659.10 Td (once ) Tj ET Q q 0 0 0 rg BT 418.96 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.24 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.17 659.10 Td (20-day ) Tj ET Q q 0 0 0 rg BT 466.44 659.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 497.27 659.10 Td (period.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 624.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 624.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 624.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 624.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 600.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 600.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 600.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 600.60 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 413.5 624.6 m 483.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 624.6 m 561.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 588.6 m 483.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 588.6 m 561.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 588.6 m 483.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 577.6 m 483.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 575.6 m 483.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 588.6 m 561.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 577.6 m 561.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 575.6 m 561.5 575.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 639.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 639.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 628.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 627.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 627.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 615.22 Td (Interest Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 615.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 615.33 Td (899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 615.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 615.22 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 603.22 Td (Equity Price Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 603.33 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 603.22 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 591.22 Td (Diversification Effect \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.30 591.38 Td (\(22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 591.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 591.22 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 591.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 579.22 Td (Total Value-at-Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 579.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 579.33 Td (909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 579.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 579.22 Td (711) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 562.10 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (Equals ) Tj ET Q q 0 0 0 rg BT 91.94 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.93 562.10 Td (differ) Tj ET Q q 0 0 0 rg BT 120.97 562.10 Td (ence ) Tj ET Q q 0 0 0 rg BT 137.84 562.10 Td (between ) Tj ET Q q 0 0 0 rg BT 166.27 562.10 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 562.10 Td (V) Tj ET Q q 0 0 0 rg BT 187.16 562.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.26 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.48 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.47 562.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.58 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.02 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.02 562.10 Td (V) Tj ET Q q 0 0 0 rg BT 264.02 562.10 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.23 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.79 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.78 562.10 Td (two ) Tj ET Q q 0 0 0 rg BT 315.56 562.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.78 562.10 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.32 562.10 Td (This ) Tj ET Q q 0 0 0 rg BT 383.32 562.10 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.86 562.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 424.20 562.10 Td (because ) Tj ET Q q 0 0 0 rg BT 452.18 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 562.10 Td (two ) Tj ET Q q 0 0 0 rg BT 477.95 562.10 Td (market ) Tj ET Q q 0 0 0 rg BT 502.38 562.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.60 562.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 552.14 562.10 Td (ar) Tj ET Q q 0 0 0 rg BT 558.96 562.10 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 552.50 Td (not ) Tj ET Q q 0 0 0 rg BT 79.72 552.50 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 109.71 552.50 Td (corr) Tj ET Q q 0 0 0 rg BT 123.19 552.50 Td (elated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 528.50 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 528.50 Td (view ) Tj ET Q q 0 0 0 rg BT 86.89 528.50 Td (average ) Tj ET Q q 0 0 0 rg BT 120.23 528.50 Td (V) Tj ET Q q 0 0 0 rg BT 126.35 528.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 139.89 528.50 Td (over ) Tj ET Q q 0 0 0 rg BT 160.10 528.50 Td (a ) Tj ET Q q 0 0 0 rg BT 166.97 528.50 Td (period ) Tj ET Q q 0 0 0 rg BT 194.95 528.50 Td (of ) Tj ET Q q 0 0 0 rg BT 205.72 528.50 Td (time ) Tj ET Q q 0 0 0 rg BT 225.93 528.50 Td (as ) Tj ET Q q 0 0 0 rg BT 236.70 528.50 Td (more ) Tj ET Q q 0 0 0 rg BT 259.68 528.50 Td (representative ) Tj ET Q q 0 0 0 rg BT 318.20 528.50 Td (of ) Tj ET Q q 0 0 0 rg BT 328.96 528.50 Td (trends ) Tj ET Q q 0 0 0 rg BT 355.84 528.50 Td (in ) Tj ET Q q 0 0 0 rg BT 366.05 528.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.71 528.50 Td (business ) Tj ET Q q 0 0 0 rg BT 417.03 528.50 Td (than ) Tj ET Q q 0 0 0 rg BT 436.51 528.50 Td (V) Tj ET Q q 0 0 0 rg BT 442.62 528.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 456.17 528.50 Td (at ) Tj ET Q q 0 0 0 rg BT 465.82 528.50 Td (any ) Tj ET Q q 0 0 0 rg BT 482.70 528.50 Td (single ) Tj ET Q q 0 0 0 rg BT 509.02 528.50 Td (point ) Tj ET Q q 0 0 0 rg BT 532.01 528.50 Td (in ) Tj ET Q q 0 0 0 rg BT 542.23 528.50 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 516.50 Td (table ) Tj ET Q q 0 0 0 rg BT 90.52 516.50 Td (below ) Tj ET Q q 0 0 0 rg BT 117.97 516.50 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 159.87 516.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.11 516.50 Td (daily ) Tj ET Q q 0 0 0 rg BT 198.12 516.50 Td (high, ) Tj ET Q q 0 0 0 rg BT 221.41 516.50 Td (low ) Tj ET Q q 0 0 0 rg BT 239.43 516.50 Td (and ) Tj ET Q q 0 0 0 rg BT 256.89 516.50 Td (average ) Tj ET Q q 0 0 0 rg BT 290.77 516.50 Td (V) Tj ET Q q 0 0 0 rg BT 296.88 516.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 311.01 516.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 354.56 516.50 Td (for ) Tj ET Q q 0 0 0 rg BT 369.23 516.50 Td (each ) Tj ET Q q 0 0 0 rg BT 390.57 516.50 Td (component ) Tj ET Q q 0 0 0 rg BT 438.02 516.50 Td (of ) Tj ET Q q 0 0 0 rg BT 449.36 516.50 Td (market ) Tj ET Q q 0 0 0 rg BT 480.15 516.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 498.16 516.50 Td (during ) Tj ET Q q 0 0 0 rg BT 527.29 516.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 516.50 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.50 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 504.50 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 504.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 504.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 151.42 504.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 504.50 Td ( ) Tj ET Q q 0 0 0 rg BT 173.92 504.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.86 504.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.58 504.50 Td (year ) Tj ET Q q 0 0 0 rg BT 225.29 504.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.66 504.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.25 504.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.25 504.50 Td (, ) Tj ET Q q 0 0 0 rg BT 335.25 504.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 382.91 504.50 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 470.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 470.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 470.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 470.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 470.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 446.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 446.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 446.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 446.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 446.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 446.00 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 482 m 406 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 482 m 484 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 482 m 562 482 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 485.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 484.73 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 484.73 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 484.73 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 472.73 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 472.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 86.02 472.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 102.50 472.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 198.15 472.73 Td (ch 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.62 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 460.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 460.62 Td (998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 460.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 460.62 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 460.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 460.62 Td (702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.62 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 448.62 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 448.62 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 448.62 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 436.62 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 436.62 Td (\(68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 436.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.62 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 424.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 424.62 Td (1,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 424.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 424.62 Td (506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 424.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 424.62 Td (743) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 388.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 388.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 388.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 388.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 388.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 388.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 364.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 364.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 364.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 364.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 364.00 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 400 m 406 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 400 m 484 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 400 m 562 400 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 403.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 402.73 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 402.73 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 402.73 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 390.73 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 390.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 85.83 390.73 Td (Y) Tj ET Q q 0 0 0 rg BT 91.94 390.73 Td (ear) Tj ET Q q 0 0 0 rg BT 105.63 390.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 181.55 390.73 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 378.62 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 378.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 378.62 Td (990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 378.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 378.62 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 378.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 378.62 Td (533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 366.62 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 366.62 Td (412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 366.62 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 366.62 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.62 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 354.62 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 354.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 342.62 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 342.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 342.62 Td (1,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 342.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 342.62 Td (362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 342.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 342.62 Td (611) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 325.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 325.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 325.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 91.94 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 103.93 325.50 Td (differ) Tj ET Q q 0 0 0 rg BT 120.97 325.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 137.84 325.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.27 325.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 325.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.16 325.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.26 325.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.48 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.47 325.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.58 325.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.02 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.02 325.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.02 325.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.23 325.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.79 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.78 325.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.56 325.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.78 325.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.32 325.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.32 325.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.86 325.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 424.20 325.50 Td (because ) Tj ET Q q 0 0 0 rg BT 452.18 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 325.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.95 325.50 Td (market ) Tj ET Q q 0 0 0 rg BT 502.38 325.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.60 325.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 552.14 325.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.96 325.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 315.90 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 315.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 111.15 315.90 Td (corr) Tj ET Q q 0 0 0 rg BT 124.63 315.90 Td (elated. ) Tj ET Q q 0 0 0 rg BT 148.91 315.90 Td (Because ) Tj ET Q q 0 0 0 rg BT 178.28 315.90 Td (high ) Tj ET Q q 0 0 0 rg BT 195.23 315.90 Td (and ) Tj ET Q q 0 0 0 rg BT 209.95 315.90 Td (low ) Tj ET Q q 0 0 0 rg BT 224.23 315.90 Td (V) Tj ET Q q 0 0 0 rg BT 228.23 315.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 239.84 315.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 270.12 315.90 Td (for ) Tj ET Q q 0 0 0 rg BT 282.18 315.90 Td (these ) Tj ET Q q 0 0 0 rg BT 301.34 315.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 316.07 315.90 Td (categories ) Tj ET Q q 0 0 0 rg BT 352.11 315.90 Td (may ) Tj ET Q q 0 0 0 rg BT 368.17 315.90 Td (have ) Tj ET Q q 0 0 0 rg BT 385.99 315.90 Td (occurr) Tj ET Q q 0 0 0 rg BT 407.02 315.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 417.30 315.90 Td (on ) Tj ET Q q 0 0 0 rg BT 428.02 315.90 Td (differ) Tj ET Q q 0 0 0 rg BT 445.06 315.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 457.55 315.90 Td (days, ) Tj ET Q q 0 0 0 rg BT 476.94 315.90 Td (high ) Tj ET Q q 0 0 0 rg BT 493.89 315.90 Td (and ) Tj ET Q q 0 0 0 rg BT 508.61 315.90 Td (low ) Tj ET Q q 0 0 0 rg BT 522.89 315.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 553.17 315.90 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 306.30 Td (diversification ) Tj ET Q q 0 0 0 rg BT 115.71 306.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.48 306.30 Td (would ) Tj ET Q q 0 0 0 rg BT 161.04 306.30 Td (not ) Tj ET Q q 0 0 0 rg BT 173.27 306.30 Td (be ) Tj ET Q q 0 0 0 rg BT 182.82 306.30 Td (meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 282.30 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.30 282.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 109.70 282.30 Td (did ) Tj ET Q q 0 0 0 rg BT 124.97 282.30 Td (not ) Tj ET Q q 0 0 0 rg BT 140.25 282.30 Td (exceed ) Tj ET Q q 0 0 0 rg BT 170.51 282.30 Td (our ) Tj ET Q q 0 0 0 rg BT 186.34 282.30 Td (one-day ) Tj ET Q q 0 0 0 rg BT 220.86 282.30 Td (V) Tj ET Q q 0 0 0 rg BT 226.98 282.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 240.58 282.30 Td (on ) Tj ET Q q 0 0 0 rg BT 253.08 282.30 Td (any ) Tj ET Q q 0 0 0 rg BT 270.02 282.30 Td (occasion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.51 282.30 Td (during ) Tj ET Q q 0 0 0 rg BT 336.12 282.30 Td (the ) Tj ET Q q 0 0 0 rg BT 350.83 282.30 Td (first ) Tj ET Q q 0 0 0 rg BT 369.44 282.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 400.26 282.30 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.59 282.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.09 282.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 282.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.30 Td (The ) Tj ET Q q 0 0 0 rg BT 67.49 258.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 108.63 258.30 Td (V) Tj ET Q q 0 0 0 rg BT 114.74 258.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 128.29 258.30 Td (as ) Tj ET Q q 0 0 0 rg BT 139.07 258.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.85 258.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 193.39 258.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.39 258.30 Td ( ) Tj ET Q q 0 0 0 rg BT 215.84 258.30 Td (was ) Tj ET Q q 0 0 0 rg BT 233.83 258.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 261.83 258.30 Td (than ) Tj ET Q q 0 0 0 rg BT 281.49 258.30 Td (the ) Tj ET Q q 0 0 0 rg BT 296.15 258.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 331.74 258.30 Td (V) Tj ET Q q 0 0 0 rg BT 337.85 258.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 351.41 258.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.85 258.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 422.38 258.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.38 258.30 Td (. ) Tj ET Q q 0 0 0 rg BT 447.15 258.30 Td (The ) Tj ET Q q 0 0 0 rg BT 465.15 258.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 500.35 258.30 Td (in ) Tj ET Q q 0 0 0 rg BT 510.39 258.30 Td (V) Tj ET Q q 0 0 0 rg BT 516.51 258.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 530.06 258.30 Td (was ) Tj ET Q q 0 0 0 rg BT 548.06 258.30 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.30 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 246.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 100.03 246.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 140.86 246.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 166.68 246.30 Td (in ) Tj ET Q q 0 0 0 rg BT 176.96 246.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 198.90 246.30 Td (classes ) Tj ET Q q 0 0 0 rg BT 229.17 246.30 Td (that ) Tj ET Q q 0 0 0 rg BT 246.66 246.30 Td (are ) Tj ET Q q 0 0 0 rg BT 261.37 246.30 Td (accretive ) Tj ET Q q 0 0 0 rg BT 299.95 246.30 Td (to ) Tj ET Q q 0 0 0 rg BT 310.05 246.30 Td (V) Tj ET Q q 0 0 0 rg BT 316.16 246.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 329.77 246.30 Td (at ) Tj ET Q q 0 0 0 rg BT 339.49 246.30 Td (the ) Tj ET Q q 0 0 0 rg BT 354.20 246.30 Td (end ) Tj ET Q q 0 0 0 rg BT 371.14 246.30 Td (of ) Tj ET Q q 0 0 0 rg BT 381.97 246.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.69 246.30 Td (measurement ) Tj ET Q q 0 0 0 rg BT 452.50 246.30 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.30 Td (In ) Tj ET Q q 0 0 0 rg BT 59.58 222.30 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.10 222.30 Td (to ) Tj ET Q q 0 0 0 rg BT 103.51 222.30 Td (V) Tj ET Q q 0 0 0 rg BT 109.62 222.30 Td (aR, ) Tj ET Q q 0 0 0 rg BT 124.98 222.30 Td (we ) Tj ET Q q 0 0 0 rg BT 138.39 222.30 Td (also ) Tj ET Q q 0 0 0 rg BT 156.25 222.30 Td (employ ) Tj ET Q q 0 0 0 rg BT 187.99 222.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.73 222.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 268.69 222.30 Td (to ) Tj ET Q q 0 0 0 rg BT 278.22 222.30 Td (monitor ) Tj ET Q q 0 0 0 rg BT 311.64 222.30 Td (and ) Tj ET Q q 0 0 0 rg BT 327.83 222.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 360.67 222.30 Td (market ) Tj ET Q q 0 0 0 rg BT 390.18 222.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.93 222.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 444.78 222.30 Td (including ) Tj ET Q q 0 0 0 rg BT 484.31 222.30 Td (net ) Tj ET Q q 0 0 0 rg BT 498.27 222.30 Td (market ) Tj ET Q q 0 0 0 rg BT 527.79 222.30 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.30 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.12 210.30 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 126.01 210.30 Td (option ) Tj ET Q q 0 0 0 rg BT 153.85 210.30 Td (sensitivities, ) Tj ET Q q 0 0 0 rg BT 205.87 210.30 Td (and ) Tj ET Q q 0 0 0 rg BT 222.60 210.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 263.21 210.30 Td (turnover) Tj ET Q q 0 0 0 rg BT 296.54 210.30 Td (. ) Tj ET Q q 0 0 0 rg BT 300.83 210.30 Td (All ) Tj ET Q q 0 0 0 rg BT 315.90 210.30 Td (metrics ) Tj ET Q q 0 0 0 rg BT 347.62 210.30 Td (are ) Tj ET Q q 0 0 0 rg BT 362.12 210.30 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 408.27 210.30 Td (by ) Tj ET Q q 0 0 0 rg BT 420.56 210.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.29 210.30 Td (concentration ) Tj ET Q q 0 0 0 rg BT 499.00 210.30 Td (and ) Tj ET Q q 0 0 0 rg BT 515.73 210.30 Td (are ) Tj ET Q q 0 0 0 rg BT 530.23 210.30 Td (used ) Tj ET Q q 0 0 0 rg BT 550.85 210.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.30 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 96.22 198.30 Td (limits ) Tj ET Q q 0 0 0 rg BT 121.28 198.30 Td (and ) Tj ET Q q 0 0 0 rg BT 137.99 198.30 Td (exception ) Tj ET Q q 0 0 0 rg BT 179.13 198.30 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 222.79 198.30 Td (In ) Tj ET Q q 0 0 0 rg BT 233.39 198.30 Td (times ) Tj ET Q q 0 0 0 rg BT 257.33 198.30 Td (of ) Tj ET Q q 0 0 0 rg BT 267.93 198.30 Td (market ) Tj ET Q q 0 0 0 rg BT 297.97 198.30 Td (volatility) Tj ET Q q 0 0 0 rg BT 333.43 198.30 Td (, ) Tj ET Q q 0 0 0 rg BT 338.21 198.30 Td (we ) Tj ET Q q 0 0 0 rg BT 352.14 198.30 Td (also ) Tj ET Q q 0 0 0 rg BT 370.52 198.30 Td (perform ) Tj ET Q q 0 0 0 rg BT 405.00 198.30 Td (ad ) Tj ET Q q 0 0 0 rg BT 416.72 198.30 Td (hoc ) Tj ET Q q 0 0 0 rg BT 433.43 198.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 457.93 198.30 Td (tests ) Tj ET Q q 0 0 0 rg BT 477.98 198.30 Td (and ) Tj ET Q q 0 0 0 rg BT 494.69 198.30 Td (scenario ) Tj ET Q q 0 0 0 rg BT 530.28 198.30 Td (analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.30 Td (as ) Tj ET Q q 0 0 0 rg BT 60.66 186.30 Td (market ) Tj ET Q q 0 0 0 rg BT 91.25 186.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.74 186.30 Td (dictate. ) Tj ET Q q 0 0 0 rg BT 167.72 186.30 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 197.76 186.30 Td (our ) Tj ET Q q 0 0 0 rg BT 213.71 186.30 Td (V) Tj ET Q q 0 0 0 rg BT 219.83 186.30 Td (aR, ) Tj ET Q q 0 0 0 rg BT 236.26 186.30 Td (which ) Tj ET Q q 0 0 0 rg BT 263.53 186.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 303.56 186.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 341.38 186.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 368.10 186.30 Td (within ) Tj ET Q q 0 0 0 rg BT 396.48 186.30 Td (a ) Tj ET Q q 0 0 0 rg BT 403.75 186.30 Td (given ) Tj ET Q q 0 0 0 rg BT 428.79 186.30 Td (confidence ) Tj ET Q q 0 0 0 rg BT 475.48 186.30 Td (level, ) Tj ET Q q 0 0 0 rg BT 500.24 186.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 525.29 186.30 Td (scenarios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.30 Td (do ) Tj ET Q q 0 0 0 rg BT 61.29 174.30 Td (not ) Tj ET Q q 0 0 0 rg BT 75.86 174.30 Td (have ) Tj ET Q q 0 0 0 rg BT 96.53 174.30 Td (an ) Tj ET Q q 0 0 0 rg BT 107.76 174.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 150.65 174.30 Td (implied ) Tj ET Q q 0 0 0 rg BT 182.99 174.30 Td (probability) Tj ET Q q 0 0 0 rg BT 226.22 174.30 Td (. ) Tj ET Q q 0 0 0 rg BT 230.52 174.30 Td (Rather) Tj ET Q q 0 0 0 rg BT 256.77 174.30 Td (, ) Tj ET Q q 0 0 0 rg BT 261.06 174.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 285.08 174.30 Td (testing ) Tj ET Q q 0 0 0 rg BT 313.53 174.30 Td (is ) Tj ET Q q 0 0 0 rg BT 322.00 174.30 Td (used ) Tj ET Q q 0 0 0 rg BT 342.12 174.30 Td (to ) Tj ET Q q 0 0 0 rg BT 351.69 174.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 386.80 174.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.81 174.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 437.59 174.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 454.94 174.30 Td (from ) Tj ET Q q 0 0 0 rg BT 476.17 174.30 Td (market ) Tj ET Q q 0 0 0 rg BT 505.73 174.30 Td (moves ) Tj ET Q q 0 0 0 rg BT 533.63 174.30 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 65.15 162.30 Td (V) Tj ET Q q 0 0 0 rg BT 71.26 162.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 84.87 162.30 Td (confidence ) Tj ET Q q 0 0 0 rg BT 131.23 162.30 Td (levels.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 138.30 Td (Liquidity Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.30 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 89.02 114.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 106.32 114.30 Td (is ) Tj ET Q q 0 0 0 rg BT 115.29 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 129.80 114.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 147.10 114.30 Td (that ) Tj ET Q q 0 0 0 rg BT 164.40 114.30 Td (we ) Tj ET Q q 0 0 0 rg BT 178.36 114.30 Td (are ) Tj ET Q q 0 0 0 rg BT 192.86 114.30 Td (unable ) Tj ET Q q 0 0 0 rg BT 221.82 114.30 Td (to ) Tj ET Q q 0 0 0 rg BT 231.89 114.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 259.74 114.30 Td (access ) Tj ET Q q 0 0 0 rg BT 287.58 114.30 Td (necessary ) Tj ET Q q 0 0 0 rg BT 328.75 114.30 Td (funding ) Tj ET Q q 0 0 0 rg BT 362.15 114.30 Td (sources ) Tj ET Q q 0 0 0 rg BT 394.44 114.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.52 114.30 Td (order ) Tj ET Q q 0 0 0 rg BT 427.92 114.30 Td (to ) Tj ET Q q 0 0 0 rg BT 437.99 114.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 469.72 114.30 Td (our ) Tj ET Q q 0 0 0 rg BT 485.34 114.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.04 114.30 Td (as ) Tj ET Q q 0 0 0 rg BT 534.66 114.30 Td (well ) Tj ET Q q 0 0 0 rg BT 554.18 114.30 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 102.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 81.99 102.30 Td (that ) Tj ET Q q 0 0 0 rg BT 99.62 102.30 Td (we ) Tj ET Q q 0 0 0 rg BT 113.92 102.30 Td (are ) Tj ET Q q 0 0 0 rg BT 128.76 102.30 Td (unable ) Tj ET Q q 0 0 0 rg BT 158.05 102.30 Td (to ) Tj ET Q q 0 0 0 rg BT 168.47 102.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 196.66 102.30 Td (divest ) Tj ET Q q 0 0 0 rg BT 223.18 102.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.58 102.30 Td (that ) Tj ET Q q 0 0 0 rg BT 281.21 102.30 Td (we ) Tj ET Q q 0 0 0 rg BT 295.51 102.30 Td (hold ) Tj ET Q q 0 0 0 rg BT 315.93 102.30 Td (in ) Tj ET Q q 0 0 0 rg BT 326.34 102.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 372.85 102.30 Td (with ) Tj ET Q q 0 0 0 rg BT 393.26 102.30 Td (our ) Tj ET Q q 0 0 0 rg BT 409.23 102.30 Td (market-making, ) Tj ET Q q 0 0 0 rg BT 475.46 102.30 Td (sales ) Tj ET Q q 0 0 0 rg BT 497.53 102.30 Td (and ) Tj ET Q q 0 0 0 rg BT 514.61 102.30 Td (trading, ) Tj ET Q q 0 0 0 rg BT 548.07 102.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.39 90.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.74 90.30 Td (activities. ) Tj ET Q q 0 0 0 rg BT 159.14 90.30 Td (W) Tj ET Q q 0 0 0 rg BT 167.78 90.30 Td (e ) Tj ET Q q 0 0 0 rg BT 175.24 90.30 Td (are ) Tj ET Q q 0 0 0 rg BT 190.47 90.30 Td (exposed ) Tj ET Q q 0 0 0 rg BT 226.26 90.30 Td (to ) Tj ET Q q 0 0 0 rg BT 237.06 90.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 273.97 90.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 291.99 90.30 Td (in ) Tj ET Q q 0 0 0 rg BT 302.79 90.30 Td (our ) Tj ET Q q 0 0 0 rg BT 319.14 90.30 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 365.48 90.30 Td (funding ) Tj ET Q q 0 0 0 rg BT 399.61 90.30 Td (activities, ) Tj ET Q q 0 0 0 rg BT 441.23 90.30 Td (by ) Tj ET Q q 0 0 0 rg BT 454.25 90.30 Td (holding ) Tj ET Q q 0 0 0 rg BT 487.83 90.30 Td (potentially ) Tj ET Q q 0 0 0 rg BT 533.62 90.30 Td (illiquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 78.30 Td (positions ) Tj ET Q q 0 0 0 rg BT 128.94 78.30 Td (and ) Tj ET Q q 0 0 0 rg BT 145.88 78.30 Td (in ) Tj ET Q q 0 0 0 rg BT 156.16 78.30 Td (our ) Tj ET Q q 0 0 0 rg BT 171.99 78.30 Td (role ) Tj ET Q q 0 0 0 rg BT 190.04 78.30 Td (as ) Tj ET Q q 0 0 0 rg BT 200.87 78.30 Td (a ) Tj ET Q q 0 0 0 rg BT 207.81 78.30 Td (remarketing ) Tj ET Q q 0 0 0 rg BT 258.62 78.30 Td (agent ) Tj ET Q q 0 0 0 rg BT 282.77 78.30 Td (for ) Tj ET Q q 0 0 0 rg BT 296.93 78.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 331.63 78.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 349.12 78.30 Td (demand ) Tj ET Q q 0 0 0 rg BT 383.27 78.30 Td (notes. ) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (See ) Tj ET Q q 0 0 0 rg BT 66.35 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.98 731.10 Td (section ) Tj ET Q q 0 0 0 rg BT 111.72 731.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 144.12 731.10 Td ("Liquidity) Tj ET Q q 0 0 0 rg BT 184.77 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 189.69 731.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 225.44 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.29 731.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 273.58 731.10 Td (Resources" ) Tj ET Q q 0 0 0 rg BT 321.17 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.37 731.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 349.89 731.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 358.13 731.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 378.87 731.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 388.78 731.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 447.84 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 454.14 731.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 500.45 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.77 731.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 554.18 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.58 719.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 132.45 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.75 719.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 182.07 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.26 719.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 246.59 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.23 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 274.55 719.10 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 315.73 719.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 345.81 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.68 719.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 383.22 719.10 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 406.63 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 421.16 719.10 Td (information ) Tj ET Q q 0 0 0 rg BT 471.24 719.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 512.42 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.62 719.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 707.10 Td (how ) Tj ET Q q 0 0 0 rg BT 86.16 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.32 707.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 133.91 707.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 170.31 707.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.78 683.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 108.84 683.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 150.18 683.10 Td (including ) Tj ET Q q 0 0 0 rg BT 190.69 683.10 Td (those ) Tj ET Q q 0 0 0 rg BT 214.52 683.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.35 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 278.86 683.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 315.46 683.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 346.51 683.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 387.84 683.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.89 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 430.52 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.02 683.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 478.74 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.45 683.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 543.07 683.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.88 671.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 103.82 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.76 671.10 Td (value ) Tj ET Q q 0 0 0 rg BT 137.59 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.08 671.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 179.14 671.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 219.93 671.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 250.97 671.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.14 671.10 Td (can ) Tj ET Q q 0 0 0 rg BT 284.19 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.79 671.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 345.70 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.65 671.10 Td (times ) Tj ET Q q 0 0 0 rg BT 379.48 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.98 671.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 420.47 671.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 462.09 671.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.92 671.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.85 671.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (refrain ) Tj ET Q q 0 0 0 rg BT 78.57 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.44 659.10 Td (transacting ) Tj ET Q q 0 0 0 rg BT 146.73 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.94 659.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 187.69 659.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 229.00 659.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.97 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.61 659.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 297.36 659.10 Td (bid-of) Tj ET Q q 0 0 0 rg BT 321.62 659.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 335.14 659.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 370.06 659.10 Td (Depending ) Tj ET Q q 0 0 0 rg BT 416.36 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.79 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.43 659.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 476.95 659.10 Td (security) Tj ET Q q 0 0 0 rg BT 507.96 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.88 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 659.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.59 647.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 149.49 647.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 177.89 647.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 208.50 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 239.12 647.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 286.14 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.65 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 320.72 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 333.01 647.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 361.40 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.03 647.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 392.67 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.96 647.10 Td (security ) Tj ET Q q 0 0 0 rg BT 434.46 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.98 647.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 502.38 647.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 530.78 647.10 Td (than ) Tj ET Q q 0 0 0 rg BT 550.85 647.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.44 635.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 100.59 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.42 635.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 139.46 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.74 635.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 187.23 635.10 Td (into ) Tj ET Q q 0 0 0 rg BT 205.29 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.22 635.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 261.38 635.10 Td (market ) Tj ET Q q 0 0 0 rg BT 291.64 635.10 Td (if ) Tj ET Q q 0 0 0 rg BT 300.25 635.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 333.86 635.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 371.34 635.10 Td (unavailable. ) Tj ET Q q 0 0 0 rg BT 422.43 635.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Credit Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.76 587.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.02 587.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 119.05 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.09 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.57 587.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 180.83 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.75 587.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 212.58 587.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.28 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.32 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.81 587.10 Td (default ) Tj ET Q q 0 0 0 rg BT 283.83 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.43 587.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 347.78 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.83 587.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.85 587.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 412.89 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.19 587.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 480.07 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.84 587.10 Td (customer) Tj ET Q q 0 0 0 rg BT 521.09 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 587.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.49 575.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 86.47 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.46 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.88 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.20 575.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 172.63 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.06 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 575.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.03 575.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 267.71 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.67 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.88 575.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 318.52 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.61 575.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.26 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.25 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.67 575.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.33 575.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 457.75 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 470.41 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.28 575.10 Td (type ) Tj ET Q q 0 0 0 rg BT 505.15 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.14 575.10 Td (transaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 563.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 101.35 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.12 563.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 153.77 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.42 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 181.75 563.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 227.94 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.71 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.25 563.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 288.23 563.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 328.05 563.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 355.37 563.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 372.70 563.10 Td (also ) Tj ET Q q 0 0 0 rg BT 391.13 563.10 Td (results ) Tj ET Q q 0 0 0 rg BT 419.57 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 441.33 563.10 Td (an ) Tj ET Q q 0 0 0 rg BT 453.09 563.10 Td (obligor's ) Tj ET Q q 0 0 0 rg BT 490.00 563.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.42 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.52 563.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 550.28 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.01 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.64 551.10 Td (any ) Tj ET Q q 0 0 0 rg BT 104.38 551.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 139.88 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.95 551.10 Td (us ) Tj ET Q q 0 0 0 rg BT 173.14 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 184.77 551.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 226.94 551.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 243.57 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.64 551.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 290.15 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.77 551.10 Td (agreed. ) Tj ET Q q 0 0 0 rg BT 333.98 551.10 Td (This ) Tj ET Q q 0 0 0 rg BT 355.05 551.10 Td (may ) Tj ET Q q 0 0 0 rg BT 375.57 551.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.30 551.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 426.57 551.10 Td (through ) Tj ET Q q 0 0 0 rg BT 460.98 551.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 488.17 551.10 Td (such ) Tj ET Q q 0 0 0 rg BT 509.79 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.42 551.10 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.44 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.27 539.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 144.21 539.10 Td (collections.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Our dif) Tj ET Q q 0 0 0 rg BT 78.48 515.10 Td (ferent types of credit risk include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 491.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 76.94 491.10 Td (Spr) Tj ET Q q 0 0 0 rg BT 90.46 491.10 Td (ead ) Tj ET Q q 0 0 0 rg BT 107.16 491.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.38 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.63 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.89 491.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.14 491.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 194.50 491.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 211.76 491.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 236.78 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.48 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 491.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 316.88 491.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.14 491.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 368.60 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.64 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.66 491.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 435.91 491.10 Td (will ) Tj ET Q q 0 0 0 rg BT 453.72 491.10 Td (af) Tj ET Q q 0 0 0 rg BT 461.31 491.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 478.55 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.02 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 516.94 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.52 491.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 101.06 479.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 128.46 479.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 160.85 479.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 199.89 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.51 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 239.67 479.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.07 479.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 299.46 479.10 Td (required ) Tj ET Q q 0 0 0 rg BT 335.18 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.58 479.10 Td (market ) Tj ET Q q 0 0 0 rg BT 377.74 479.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 426.79 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.85 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.68 479.10 Td (given ) Tj ET Q q 0 0 0 rg BT 472.30 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 497.46 479.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 527.64 479.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 550.30 479.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.31 467.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 115.12 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 132.93 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.18 467.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.22 467.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 205.81 467.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 233.62 467.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.44 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.07 467.10 Td (AA-rated ) Tj ET Q q 0 0 0 rg BT 293.65 467.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.24 467.10 Td (must ) Tj ET Q q 0 0 0 rg BT 341.50 467.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 376.53 467.10 Td (over ) Tj ET Q q 0 0 0 rg BT 397.11 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.37 467.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 441.05 467.10 Td (alternative\). ) Tj ET Q q 0 0 0 rg BT 491.89 467.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 529.15 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.74 467.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 82.17 455.10 Td (result ) Tj ET Q q 0 0 0 rg BT 107.07 455.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.18 455.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 166.85 455.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.74 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.20 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 224.32 455.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 248.02 455.10 Td () Tj ET Q q 0 0 0 rg BT 250.80 455.10 Td (s ) Tj ET Q q 0 0 0 rg BT 257.37 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 282.81 455.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 308.82 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.83 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.72 455.10 Td (market) Tj ET Q q 0 0 0 rg BT 365.26 455.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.84 455.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 416.72 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.73 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.62 455.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 466.33 455.10 Td () Tj ET Q q 0 0 0 rg BT 469.10 455.10 Td (s ) Tj ET Q q 0 0 0 rg BT 475.67 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 501.12 455.10 Td (worthiness. ) Tj ET Q q 0 0 0 rg BT 549.43 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 455.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.99 443.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 99.05 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.11 443.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 134.16 443.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 162.55 443.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.84 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.90 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.40 443.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.91 443.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.86 443.10 Td (held ) Tj ET Q q 0 0 0 rg BT 302.36 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.43 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 443.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 358.66 443.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 396.33 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.12 443.10 Td (including ) Tj ET Q q 0 0 0 rg BT 441.18 443.10 Td (those ) Tj ET Q q 0 0 0 rg BT 464.57 443.10 Td (held ) Tj ET Q q 0 0 0 rg BT 484.08 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.02 443.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.18 443.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (activites. ) Tj ET Q q 0 0 0 rg BT 87.98 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.61 431.10 Td (e ) Tj ET Q q 0 0 0 rg BT 103.92 431.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 126.76 431.10 Td (into ) Tj ET Q q 0 0 0 rg BT 145.18 431.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 195.81 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.45 431.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 233.19 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.38 431.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 288.34 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.99 431.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 324.61 431.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 353.57 431.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.44 431.10 Td (through ) Tj ET Q q 0 0 0 rg BT 405.41 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.49 431.10 Td (use ) Tj ET Q q 0 0 0 rg BT 436.68 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.87 431.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 494.61 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.91 431.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.97 431.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.02 419.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 138.72 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.07 419.10 Td (These ) Tj ET Q q 0 0 0 rg BT 167.48 419.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 202.23 419.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 242.53 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.29 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 277.60 419.10 Td (work ) Tj ET Q q 0 0 0 rg BT 300.69 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.00 419.10 Td (all ) Tj ET Q q 0 0 0 rg BT 323.53 419.10 Td (market ) Tj ET Q q 0 0 0 rg BT 353.83 419.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 410.80 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.77 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 438.64 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.61 419.10 Td (result ) Tj ET Q q 0 0 0 rg BT 470.37 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.12 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 505.43 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 517.41 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 525.00 419.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 554.73 419.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 93.11 407.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.37 407.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 146.97 407.10 Td (risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (Deterioration/Default ) Tj ET Q q 0 0 0 rg BT 140.08 383.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.10 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.91 383.10 Td (Deterioration/default ) Tj ET Q q 0 0 0 rg BT 259.57 383.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.38 383.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 320.73 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.76 383.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.56 383.10 Td (due ) Tj ET Q q 0 0 0 rg BT 370.81 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.40 383.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.65 383.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 416.58 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.89 383.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 475.23 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 486.37 383.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 525.83 383.10 Td (failing ) Tj ET Q q 0 0 0 rg BT 554.74 383.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 74.89 371.10 Td (its ) Tj ET Q q 0 0 0 rg BT 86.95 371.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 136.32 371.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.96 371.10 Td (e ) Tj ET Q q 0 0 0 rg BT 152.02 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.84 371.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 202.22 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.62 371.10 Td (deterioration/default ) Tj ET Q q 0 0 0 rg BT 296.87 371.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.48 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.88 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.82 371.10 Td (role ) Tj ET Q q 0 0 0 rg BT 358.99 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.93 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.99 371.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 407.93 371.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 461.08 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.47 371.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 502.40 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.46 371.10 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.17 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 64.95 359.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 91.84 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.52 359.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.62 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.40 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 166.08 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.86 359.10 Td (member ) Tj ET Q q 0 0 0 rg BT 205.96 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.64 359.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 258.63 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.41 359.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 307.95 359.10 Td (or) Tj ET Q q 0 0 0 rg BT 316.10 359.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 365.39 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 382.28 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 398.62 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.29 359.10 Td (default ) Tj ET Q q 0 0 0 rg BT 437.40 359.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 471.51 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 482.85 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.41 359.10 Td (creditworthiness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.80 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.98 347.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 129.48 347.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 158.00 347.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 184.29 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.59 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.78 347.10 Td (security) Tj ET Q q 0 0 0 rg BT 241.78 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 247.04 347.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.67 347.10 Td (e ) Tj ET Q q 0 0 0 rg BT 263.08 347.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 298.82 347.10 Td (this ) Tj ET Q q 0 0 0 rg BT 316.23 347.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 334.20 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.17 347.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 397.91 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.32 347.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 462.73 347.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 506.25 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 347.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (position ) Tj ET Q q 0 0 0 rg BT 84.67 335.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 110.40 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.00 335.10 Td (each ) Tj ET Q q 0 0 0 rg BT 146.26 335.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 199.73 335.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 232.66 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.38 335.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 281.31 335.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 307.58 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.86 335.10 Td (activity) Tj ET Q q 0 0 0 rg BT 348.20 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 353.64 335.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 387.14 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.52 335.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 440.79 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 335.10 Td (market ) Tj ET Q q 0 0 0 rg BT 482.22 335.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 522.36 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.30 335.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 98.63 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.44 323.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 160.24 323.10 Td (business ) Tj ET Q q 0 0 0 rg BT 195.50 323.10 Td (through ) Tj ET Q q 0 0 0 rg BT 227.98 323.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 261.55 323.10 Td (or) Tj ET Q q 0 0 0 rg BT 269.70 323.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 319.11 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.92 323.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 385.15 323.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 439.54 323.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 456.46 323.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 472.83 323.10 Td (management ) Tj ET Q q 0 0 0 rg BT 525.29 323.10 Td (functions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.31 311.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 104.31 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.23 311.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 156.92 311.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 174.61 311.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 218.41 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 238.88 311.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 289.36 311.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 348.70 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 369.17 311.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 396.87 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.23 311.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 431.70 311.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 477.71 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.84 311.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 520.86 311.10 Td (agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 88.67 299.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 112.02 299.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 143.14 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 153.71 299.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 173.17 299.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 212.34 299.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 260.79 299.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 286.92 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.60 299.10 Td (other ) Tj ET Q q 0 0 0 rg BT 326.38 299.10 Td (documented ) Tj ET Q q 0 0 0 rg BT 377.50 299.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 427.51 299.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 480.29 299.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 528.06 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 545.29 299.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (give ) Tj ET Q q 0 0 0 rg BT 69.22 287.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 86.16 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.43 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 121.70 287.10 Td (exposure. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 98.72 263.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.93 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.60 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.26 263.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 182.48 263.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 201.14 263.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 227.58 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.68 263.10 Td (inef) Tj ET Q q 0 0 0 rg BT 266.05 263.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 296.91 263.10 Td (management ) Tj ET Q q 0 0 0 rg BT 351.67 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.77 263.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 417.88 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.87 263.10 Td (collecting ) Tj ET Q q 0 0 0 rg BT 472.96 263.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 523.29 263.10 Td (debts ) Tj ET Q q 0 0 0 rg BT 548.07 263.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 97.93 251.10 Td (including ) Tj ET Q q 0 0 0 rg BT 137.19 251.10 Td (those ) Tj ET Q q 0 0 0 rg BT 159.79 251.10 Td (related ) Tj ET Q q 0 0 0 rg BT 188.47 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.74 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.56 251.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 250.70 251.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 280.51 251.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 318.10 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.02 251.10 Td (mar) Tj ET Q q 0 0 0 rg BT 349.39 251.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 363.65 251.10 Td (lending. ) Tj ET Q q 0 0 0 rg BT 397.63 251.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 414.67 251.10 Td (client ) Tj ET Q q 0 0 0 rg BT 438.37 251.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 475.96 251.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 507.44 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.14 251.10 Td (execution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.80 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.44 239.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 152.41 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.94 239.10 Td (various ) Tj ET Q q 0 0 0 rg BT 196.58 239.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 250.05 239.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 277.70 239.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 317.00 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.41 239.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 376.15 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 389.35 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.99 239.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 432.96 239.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 461.71 239.10 Td (payment, ) Tj ET Q q 0 0 0 rg BT 501.85 239.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 522.82 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.35 239.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 239.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 75.14 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.83 227.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.73 227.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 158.97 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.89 227.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 220.81 227.10 Td (client ) Tj ET Q q 0 0 0 rg BT 246.16 227.10 Td (business ) Tj ET Q q 0 0 0 rg BT 283.19 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.00 227.10 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 333.91 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.05 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.41 227.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.88 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.34 227.10 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 463.47 227.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 499.37 227.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 528.06 227.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 215.10 Td (depositories ) Tj ET Q q 0 0 0 rg BT 133.93 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.86 215.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 185.56 215.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 213.89 215.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 241.38 215.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 279.98 215.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.57 215.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.85 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.68 215.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 398.83 215.10 Td (mar) Tj ET Q q 0 0 0 rg BT 414.19 215.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 429.47 215.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 466.95 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.23 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 215.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 512.22 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.39 215.10 Td (monitored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (daily) Tj ET Q q 0 0 0 rg BT 68.85 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.06 203.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.33 203.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.05 203.10 Td (management ) Tj ET Q q 0 0 0 rg BT 159.85 203.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 198.78 203.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.38 203.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 243.86 203.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.57 203.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 293.39 203.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 342.88 203.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 390.13 203.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.61 203.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 439.11 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.27 203.10 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 521.39 203.10 Td (thresholds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 79.49 191.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 122.54 191.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 158.37 191.10 Td (mar) Tj ET Q q 0 0 0 rg BT 173.73 191.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 189.01 191.10 Td (lending.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 108.84 167.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.06 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.62 167.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 195.84 167.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 212.40 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.64 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.42 167.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 250.98 167.10 Td (due ) Tj ET Q q 0 0 0 rg BT 266.99 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.33 167.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 328.97 167.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 366.64 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.98 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.98 167.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 421.86 167.10 Td (product; ) Tj ET Q q 0 0 0 rg BT 456.75 167.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 498.87 167.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 521.79 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 167.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 155.10 Td (counterparty; ) Tj ET Q q 0 0 0 rg BT 114.99 155.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.89 155.10 Td (instrument; ) Tj ET Q q 0 0 0 rg BT 199.36 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.62 155.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 255.96 155.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 276.89 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.53 155.10 Td (e ) Tj ET Q q 0 0 0 rg BT 291.89 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 306.02 155.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 336.27 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.97 155.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 402.31 155.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.24 155.10 Td (if ) Tj ET Q q 0 0 0 rg BT 427.27 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 440.85 155.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 460.55 155.10 Td (lar) Tj ET Q q 0 0 0 rg BT 470.92 155.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 482.28 155.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 524.75 155.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 92.28 143.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 126.98 143.10 Td (lar) Tj ET Q q 0 0 0 rg BT 137.35 143.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 150.95 143.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 202.88 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.83 143.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 269.54 143.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 330.35 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.85 143.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 374.24 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.73 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 418.10 143.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 481.41 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.90 143.10 Td (make ) Tj ET Q q 0 0 0 rg BT 519.72 143.10 Td (substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 103.01 131.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 161.80 131.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 220.30 131.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 237.16 131.10 Td (can ) Tj ET Q q 0 0 0 rg BT 252.89 131.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 276.95 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.80 131.10 Td (industry) Tj ET Q q 0 0 0 rg BT 320.93 131.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.28 131.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 371.56 131.10 Td (area ) Tj ET Q q 0 0 0 rg BT 390.06 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 131.10 Td (type ) Tj ET Q q 0 0 0 rg BT 419.31 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.49 131.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 456.06 131.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 497.34 131.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 539.73 131.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 98.32 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.39 119.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 134.34 119.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 165.40 119.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 205.91 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.53 119.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.58 119.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.87 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.16 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.67 119.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 336.74 119.10 Td (government ) Tj ET Q q 0 0 0 rg BT 387.79 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 119.10 Td (its ) Tj ET Q q 0 0 0 rg BT 412.15 119.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 452.13 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.97 119.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 530.90 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 119.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.15 107.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 134.26 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.58 107.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 182.36 107.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 212.79 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.24 107.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 243.14 107.10 Td (government ) Tj ET Q q 0 0 0 rg BT 293.02 107.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 332.90 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.46 107.10 Td (major ) Tj ET Q q 0 0 0 rg BT 374.90 107.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.00 107.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 461.07 107.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 502.07 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 107.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.84 95.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 113.72 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 95.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 189.05 95.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 216.43 95.10 Td (including ) Tj ET Q q 0 0 0 rg BT 257.42 95.10 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 318.69 95.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.14 95.10 Td (result ) Tj ET Q q 0 0 0 rg BT 364.58 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.58 95.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 414.90 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.90 95.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 469.68 95.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 500.13 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.79 95.10 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (Potential ) Tj ET Q q 0 0 0 rg BT 87.92 83.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 145.21 83.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.08 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.63 83.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 211.03 83.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 255.00 83.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.98 83.10 Td (review ) Tj ET Q q 0 0 0 rg BT 319.06 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.26 83.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 389.77 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.08 83.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 450.50 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.81 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.35 83.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 516.31 83.10 Td (through ) Tj ET Q q 0 0 0 rg BT 550.29 83.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.33 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 71.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 109.76 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 71.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 151.99 71.10 Td (established ) Tj ET Q q 0 0 0 rg BT 198.92 71.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.42 71.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 238.36 71.10 Td (management. ) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.73 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.77 731.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 139.01 731.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 191.70 731.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 216.62 731.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 254.88 731.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.81 731.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.36 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.52 731.10 Td (non-publicly ) Tj ET Q q 0 0 0 rg BT 345.78 731.10 Td (rated ) Tj ET Q q 0 0 0 rg BT 367.92 731.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 398.96 731.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.67 731.10 Td ($22.1 ) Tj ET Q q 0 0 0 rg BT 456.33 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.22 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.38 731.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.76 731.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 540.01 731.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 731.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (This ) Tj ET Q q 0 0 0 rg BT 69.11 719.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 121.48 719.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 146.08 719.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 184.02 719.10 Td (is ) Tj ET Q q 0 0 0 rg BT 192.52 719.10 Td (part ) Tj ET Q q 0 0 0 rg BT 209.91 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.07 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.24 719.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 294.28 719.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 336.09 719.10 Td (program ) Tj ET Q q 0 0 0 rg BT 371.80 719.10 Td (related ) Tj ET Q q 0 0 0 rg BT 400.84 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.46 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.62 719.10 Td (public ) Tj ET Q q 0 0 0 rg BT 452.45 719.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 483.71 719.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 521.94 719.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.67 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.97 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 133.36 707.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.31 707.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 181.22 707.10 Td (One ) Tj ET Q q 0 0 0 rg BT 200.84 707.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 243.79 707.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 297.28 707.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.78 707.10 Td (68.7 ) Tj ET Q q 0 0 0 rg BT 361.24 707.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.67 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.13 707.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.42 707.10 Td ($15.1 ) Tj ET Q q 0 0 0 rg BT 432.89 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.78 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 467.24 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.53 707.10 Td (this ) Tj ET Q q 0 0 0 rg BT 495.94 707.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 537.51 707.10 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 88.66 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 132.82 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 153.66 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.05 695.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 213.10 695.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 272.80 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 282.53 695.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 311.14 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 324.21 695.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 391.12 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 421.95 695.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 471.11 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.96 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.24 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.18 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.89 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 695.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.12 683.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 100.30 683.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 124.04 683.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 163.32 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.95 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 190.81 683.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 235.11 683.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 274.39 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 287.58 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.10 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.27 683.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 360.46 683.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 408.13 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 416.76 683.10 Td (e ) Tj ET Q q 0 0 0 rg BT 424.39 683.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 457.57 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.54 683.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 509.50 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.91 683.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 550.86 683.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (repayment\) ) Tj ET Q q 0 0 0 rg BT 99.66 671.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.29 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.70 671.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 176.31 671.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.60 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.23 671.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 279.63 671.10 Td (into ) Tj ET Q q 0 0 0 rg BT 299.81 671.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 352.20 671.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.61 671.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 428.12 671.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 489.39 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.02 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.85 671.10 Td (reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 99.76 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 112.26 659.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 139.20 659.10 Td (management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 101.45 635.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 98.93 611.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.16 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.05 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.50 611.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.72 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.28 611.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 187.57 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.12 611.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 231.44 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.45 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.00 611.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 302.27 611.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.50 611.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.16 611.10 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 406.70 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.25 611.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 442.24 611.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 485.29 611.10 Td (people ) Tj ET Q q 0 0 0 rg BT 514.17 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.84 611.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.30 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 82.21 599.10 Td (external ) Tj ET Q q 0 0 0 rg BT 116.89 599.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 147.23 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.87 599.10 Td (e ) Tj ET Q q 0 0 0 rg BT 162.78 599.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 180.80 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.27 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.96 599.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 235.99 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.79 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.60 599.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 307.83 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.74 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.55 599.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 377.19 599.10 Td (both ) Tj ET Q q 0 0 0 rg BT 397.44 599.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.46 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.37 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 457.06 599.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 497.29 599.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 528.08 599.10 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.65 587.10 Td (third ) Tj ET Q q 0 0 0 rg BT 82.68 587.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 113.98 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.91 587.10 Td (process ) Tj ET Q q 0 0 0 rg BT 156.05 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.63 587.10 Td (lar) Tj ET Q q 0 0 0 rg BT 173.00 587.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 184.59 587.10 Td (number ) Tj ET Q q 0 0 0 rg BT 217.28 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.76 587.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 280.17 587.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 297.87 587.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 331.69 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.05 587.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 366.52 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.45 587.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 408.02 587.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 444.04 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.52 587.10 Td (become ) Tj ET Q q 0 0 0 rg BT 487.76 587.10 Td (disabled ) Tj ET Q q 0 0 0 rg BT 523.24 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.71 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 587.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 575.10 Td (events ) Tj ET Q q 0 0 0 rg BT 89.29 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.25 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.42 575.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 153.15 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.44 575.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.72 575.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 233.12 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.41 575.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 283.19 575.10 Td (In ) Tj ET Q q 0 0 0 rg BT 294.48 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.66 575.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.27 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.56 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.96 575.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 400.34 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.63 575.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 451.25 575.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 491.97 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.26 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.55 575.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 554.18 575.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 88.33 563.10 Td (action ) Tj ET Q q 0 0 0 rg BT 114.94 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.12 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.63 563.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 187.57 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.08 563.10 Td (third ) Tj ET Q q 0 0 0 rg BT 219.14 563.10 Td (party ) Tj ET Q q 0 0 0 rg BT 241.87 563.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 278.21 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 292.04 563.10 Td (could ) Tj ET Q q 0 0 0 rg BT 316.44 563.10 Td (suf) Tj ET Q q 0 0 0 rg BT 328.48 563.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 341.76 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.91 563.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 399.15 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.77 563.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 448.50 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.01 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.52 563.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 521.42 563.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 88.61 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.94 551.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 137.92 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.59 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.81 551.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 207.61 551.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.25 551.10 Td (e ) Tj ET Q q 0 0 0 rg BT 222.58 551.10 Td (also ) Tj ET Q q 0 0 0 rg BT 240.58 551.10 Td (face ) Tj ET Q q 0 0 0 rg BT 259.11 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.22 551.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 290.11 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 551.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 347.20 551.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 375.19 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.41 551.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 433.40 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.62 551.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.95 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.17 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.28 551.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 530.32 551.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (houses, ) Tj ET Q q 0 0 0 rg BT 81.94 539.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 103.55 539.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 143.49 539.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 178.41 539.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 204.74 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.79 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.06 539.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.76 539.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 336.68 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.06 539.10 Td (use ) Tj ET Q q 0 0 0 rg BT 367.11 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.61 539.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 415.31 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.36 539.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.85 539.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 524.23 539.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 544.17 539.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 78.09 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.92 527.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 137.52 527.10 Td (could ) Tj ET Q q 0 0 0 rg BT 162.24 527.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 203.05 527.10 Td (af) Tj ET Q q 0 0 0 rg BT 210.64 527.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 228.13 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.96 527.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 272.01 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.29 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 289.88 527.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 307.36 527.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 357.63 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.56 527.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 408.16 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.99 527.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 462.59 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.86 527.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.65 503.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 113.91 503.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 133.05 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.65 503.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 175.79 503.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 224.66 503.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 257.14 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.18 503.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 329.33 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.26 503.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 392.62 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.66 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.81 503.10 Td (information ) Tj ET Q q 0 0 0 rg BT 485.62 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.00 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.93 503.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 548.07 503.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 96.33 491.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 137.04 491.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 171.66 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.05 491.10 Td (networks. ) Tj ET Q q 0 0 0 rg BT 231.16 491.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 249.66 491.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 290.37 491.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 327.49 491.10 Td (software ) Tj ET Q q 0 0 0 rg BT 364.87 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.25 491.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 421.86 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.03 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.42 491.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 499.57 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.30 491.10 Td (unauthorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 79.53 479.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 119.28 479.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 149.60 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 159.93 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.46 479.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 223.34 479.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 246.71 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.13 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 285.67 479.10 Td (events ) Tj ET Q q 0 0 0 rg BT 313.21 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.20 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.41 479.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.27 479.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.70 479.10 Td (information ) Tj ET Q q 0 0 0 rg BT 435.91 479.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.55 479.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 501.11 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.65 479.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.15 467.10 Td (one ) Tj ET Q q 0 0 0 rg BT 76.90 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 87.55 467.10 Td (more ) Tj ET Q q 0 0 0 rg BT 110.41 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.06 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 143.92 467.10 Td (events ) Tj ET Q q 0 0 0 rg BT 171.79 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.32 467.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 240.28 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.93 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.57 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.22 467.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 312.44 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.09 467.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 383.85 467.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 433.92 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.54 467.10 Td (information ) Tj ET Q q 0 0 0 rg BT 523.07 467.10 Td (processed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.62 455.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 93.74 455.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 106.70 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.83 455.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 171.50 455.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 207.79 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.80 455.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 264.25 455.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 298.60 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.73 455.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 357.57 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.58 455.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 410.14 455.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 435.03 455.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 488.82 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.83 455.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 554.73 455.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (our) Tj ET Q q 0 0 0 rg BT 62.43 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 68.23 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 84.87 443.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 118.58 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.21 443.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 196.96 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.60 443.10 Td (third ) Tj ET Q q 0 0 0 rg BT 230.79 443.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 262.55 443.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 309.77 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.41 443.10 Td (e ) Tj ET Q q 0 0 0 rg BT 326.15 443.10 Td (take ) Tj ET Q q 0 0 0 rg BT 346.11 443.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 389.40 443.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 429.91 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.65 443.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 487.60 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.68 443.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 530.88 443.10 Td (them ) Tj ET Q q 0 0 0 rg BT 554.17 443.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.64 431.10 Td (warrant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.00 407.10 Td (order ) Tj ET Q q 0 0 0 rg BT 85.26 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.20 407.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 132.14 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.74 407.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.23 407.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 229.38 407.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 250.04 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.87 407.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.91 407.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 331.17 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.78 407.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 386.37 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.32 407.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 433.24 407.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 467.51 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.11 407.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 532.14 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 407.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 86.59 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.91 395.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 128.55 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.53 395.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 177.16 395.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 223.68 395.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.23 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 248.98 395.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 296.06 395.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 320.92 395.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 366.35 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.11 395.10 Td (or) Tj ET Q q 0 0 0 rg BT 388.25 395.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 433.83 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.47 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 448.45 395.10 Td (also ) Tj ET Q q 0 0 0 rg BT 466.10 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 486.52 395.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.95 395.10 Td (continuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 73.06 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.29 383.10 Td (place ) Tj ET Q q 0 0 0 rg BT 106.83 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.28 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.39 383.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 169.71 383.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.72 383.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 212.37 383.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 242.58 383.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 283.35 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.80 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.69 383.10 Td (company-wide ) Tj ET Q q 0 0 0 rg BT 364.57 383.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 389.52 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.40 383.10 Td (redundancies ) Tj ET Q q 0 0 0 rg BT 461.61 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 476.27 383.10 Td (built ) Tj ET Q q 0 0 0 rg BT 497.05 383.10 Td (into ) Tj ET Q q 0 0 0 rg BT 515.06 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.84 383.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.53 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 74.89 371.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.47 371.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 130.26 371.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 180.80 371.10 Td (These ) Tj ET Q q 0 0 0 rg BT 207.38 371.10 Td (control ) Tj ET Q q 0 0 0 rg BT 238.40 371.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 290.54 371.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 323.23 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.70 371.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 362.50 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.20 371.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 427.88 371.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 461.68 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.82 371.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 525.39 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 540.30 371.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 87.55 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.49 359.10 Td (that ) Tj ET Q q 0 0 0 rg BT 121.98 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.81 359.10 Td (various ) Tj ET Q q 0 0 0 rg BT 169.75 359.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 214.47 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.18 359.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.44 359.10 Td (within ) Tj ET Q q 0 0 0 rg BT 297.50 359.10 Td (established ) Tj ET Q q 0 0 0 rg BT 344.43 359.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 384.69 359.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 418.29 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.23 359.10 Td (limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.97 335.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 84.61 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.41 335.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 139.41 335.10 Td (migrating ) Tj ET Q q 0 0 0 rg BT 180.43 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.35 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 196.93 335.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 217.95 335.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 257.31 335.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 291.65 335.10 Td (model ) Tj ET Q q 0 0 0 rg BT 318.78 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.58 335.10 Td (all ) Tj ET Q q 0 0 0 rg BT 344.71 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.18 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 370.65 335.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 408.88 335.10 Td (self ) Tj ET Q q 0 0 0 rg BT 425.46 335.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 459.80 335.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 505.94 335.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 335.10 Td (migration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (process ) Tj ET Q q 0 0 0 rg BT 82.07 323.10 Td (introduces ) Tj ET Q q 0 0 0 rg BT 126.30 323.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 156.09 323.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 177.56 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.13 323.10 Td (could ) Tj ET Q q 0 0 0 rg BT 219.93 323.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 244.71 323.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 291.74 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.09 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.00 323.10 Td (business ) Tj ET Q q 0 0 0 rg BT 354.47 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.38 323.10 Td (create ) Tj ET Q q 0 0 0 rg BT 391.82 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.94 323.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 463.05 323.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 492.28 323.10 Td (char) Tj ET Q q 0 0 0 rg BT 509.30 323.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 525.21 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 536.12 323.10 Td (losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 311.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.56 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.43 311.10 Td (preventative ) Tj ET Q q 0 0 0 rg BT 136.83 311.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 176.03 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.79 311.10 Td (place, ) Tj ET Q q 0 0 0 rg BT 211.38 311.10 Td (including ) Tj ET Q q 0 0 0 rg BT 251.14 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.56 311.10 Td (project ) Tj ET Q q 0 0 0 rg BT 287.31 311.10 Td (governance ) Tj ET Q q 0 0 0 rg BT 335.38 311.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 379.58 311.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 423.22 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.54 311.10 Td (members ) Tj ET Q q 0 0 0 rg BT 472.18 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.50 311.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 508.92 311.10 Td (management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.04 299.10 Td (well ) Tj ET Q q 0 0 0 rg BT 79.48 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.02 299.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 116.67 299.10 Td (management ) Tj ET Q q 0 0 0 rg BT 169.98 299.10 Td (at ) Tj ET Q q 0 0 0 rg BT 179.41 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.95 299.10 Td (third ) Tj ET Q q 0 0 0 rg BT 216.05 299.10 Td (party ) Tj ET Q q 0 0 0 rg BT 238.81 299.10 Td (partner) Tj ET Q q 0 0 0 rg BT 266.58 299.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.29 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 281.84 299.10 Td (order ) Tj ET Q q 0 0 0 rg BT 305.15 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.14 299.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 350.13 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.78 299.10 Td (control ) Tj ET Q q 0 0 0 rg BT 397.32 299.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 444.51 299.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 461.73 299.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 496.70 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.70 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.13 299.10 Td (migration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 65.55 287.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.82 287.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 134.31 287.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 182.57 287.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.05 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.22 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.83 287.10 Td (project ) Tj ET Q q 0 0 0 rg BT 278.99 287.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 346.14 287.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 383.03 287.10 Td (including ) Tj ET Q q 0 0 0 rg BT 425.19 287.10 Td (parallel ) Tj ET Q q 0 0 0 rg BT 459.56 287.10 Td (system ) Tj ET Q q 0 0 0 rg BT 491.73 287.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 540.28 287.10 Td (mock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 96.53 275.10 Td (testing, ) Tj ET Q q 0 0 0 rg BT 128.85 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.44 275.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 182.38 275.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 229.97 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.57 275.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 287.38 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.31 275.10 Td (members ) Tj ET Q q 0 0 0 rg BT 338.12 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.60 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.97 275.10 Td (project ) Tj ET Q q 0 0 0 rg BT 395.89 275.10 Td (governance ) Tj ET Q q 0 0 0 rg BT 445.13 275.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 492.76 275.10 Td (W) Tj ET Q q 0 0 0 rg BT 501.40 275.10 Td (e ) Tj ET Q q 0 0 0 rg BT 508.99 275.10 Td (also ) Tj ET Q q 0 0 0 rg BT 528.26 275.10 Td (have ) Tj ET Q q 0 0 0 rg BT 550.29 275.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.55 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.83 263.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 115.33 263.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.82 263.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 194.20 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.03 263.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 245.30 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.23 263.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 301.40 263.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 338.88 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.16 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.88 263.10 Td (event ) Tj ET Q q 0 0 0 rg BT 388.04 263.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 427.76 263.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 456.91 263.10 Td (char) Tj ET Q q 0 0 0 rg BT 473.93 263.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 489.76 263.10 Td (arise.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (Human Capital Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.82 215.10 Td (business ) Tj ET Q q 0 0 0 rg BT 102.48 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 110.92 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.12 215.10 Td (human ) Tj ET Q q 0 0 0 rg BT 146.11 215.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 174.52 215.10 Td (business ) Tj ET Q q 0 0 0 rg BT 210.18 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.39 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.49 215.10 Td (success ) Tj ET Q q 0 0 0 rg BT 273.25 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.68 215.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 324.54 215.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.31 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.30 215.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 385.68 215.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 423.54 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.75 215.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 492.04 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.14 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.23 215.10 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 81.58 203.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.87 203.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 132.40 203.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 171.68 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.53 203.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.06 203.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 234.03 203.10 Td (if ) Tj ET Q q 0 0 0 rg BT 242.78 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.08 203.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 273.04 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.46 203.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 311.08 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.15 203.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 353.55 203.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 391.73 203.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 438.82 203.10 Td (who ) Tj ET Q q 0 0 0 rg BT 458.68 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.52 203.10 Td (motivated ) Tj ET Q q 0 0 0 rg BT 516.15 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.57 203.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 550.30 203.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (best ) Tj ET Q q 0 0 0 rg BT 67.65 191.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 103.02 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.39 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.76 191.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 159.40 191.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 191.43 191.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 222.91 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.17 191.10 Td (best ) Tj ET Q q 0 0 0 rg BT 255.32 191.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 290.68 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.05 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.42 191.10 Td (company) Tj ET Q q 0 0 0 rg BT 352.43 191.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.52 191.10 Td (Attracting ) Tj ET Q q 0 0 0 rg BT 399.10 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.58 191.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 453.17 191.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.97 191.10 Td (depends, ) Tj ET Q q 0 0 0 rg BT 535.28 191.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.39 179.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 101.68 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.02 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.70 179.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 174.39 179.10 Td (culture, ) Tj ET Q q 0 0 0 rg BT 206.99 179.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 262.93 179.10 Td (work ) Tj ET Q q 0 0 0 rg BT 285.82 179.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 341.21 179.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 387.97 179.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 426.42 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.20 179.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 503.41 179.10 Td (There ) Tj ET Q q 0 0 0 rg BT 529.07 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 543.62 179.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.09 167.10 Td (proper ) Tj ET Q q 0 0 0 rg BT 156.69 167.10 Td (recruitment, ) Tj ET Q q 0 0 0 rg BT 207.78 167.10 Td (development ) Tj ET Q q 0 0 0 rg BT 261.93 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.87 167.10 Td (rewards ) Tj ET Q q 0 0 0 rg BT 313.02 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.85 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.68 167.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 384.94 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.22 167.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 423.82 167.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 454.09 167.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 507.11 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.05 167.10 Td (retention.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (Legal and Regulatory Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.00 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.18 119.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 136.01 119.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 153.75 119.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.77 119.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 222.51 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.57 119.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 300.73 119.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.25 119.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 365.08 119.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 387.25 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.42 119.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 448.26 119.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 503.20 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.37 119.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 538.67 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 119.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 91.83 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 105.27 107.10 Td (may ) Tj ET Q q 0 0 0 rg BT 124.28 107.10 Td (suf) Tj ET Q q 0 0 0 rg BT 136.32 107.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 149.20 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 159.32 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.54 107.10 Td (result ) Tj ET Q q 0 0 0 rg BT 189.55 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.66 107.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 227.54 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.11 107.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 268.89 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 288.45 107.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 311.07 107.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 359.79 107.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 383.51 107.10 Td (related ) Tj ET Q q 0 0 0 rg BT 412.50 107.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 473.15 107.10 Td (or) Tj ET Q q 0 0 0 rg BT 481.30 107.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 524.74 107.10 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.28 95.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 89.39 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.06 95.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 132.05 95.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 174.48 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.60 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.27 95.10 Td (business ) Tj ET Q q 0 0 0 rg BT 233.50 95.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 273.34 95.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.97 95.10 Td (e ) Tj ET Q q 0 0 0 rg BT 287.75 95.10 Td (are ) Tj ET Q q 0 0 0 rg BT 301.30 95.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 339.84 95.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 369.50 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.62 95.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 417.73 95.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 459.61 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.72 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.28 95.10 Td (various ) Tj ET Q q 0 0 0 rg BT 513.06 95.10 Td (jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.00 83.10 Td (which ) Tj ET Q q 0 0 0 rg BT 85.17 83.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.55 83.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 131.93 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.99 83.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 184.98 83.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.62 83.10 Td (e ) Tj ET Q q 0 0 0 rg BT 199.78 83.10 Td (have ) Tj ET Q q 0 0 0 rg BT 220.38 83.10 Td (established ) Tj ET Q q 0 0 0 rg BT 266.54 83.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 312.13 83.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.85 83.10 Td (are ) Tj ET Q q 0 0 0 rg BT 342.79 83.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 380.06 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.56 83.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 417.39 83.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 465.20 83.10 Td (with ) Tj ET Q q 0 0 0 rg BT 484.70 83.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 527.52 83.10 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.21 71.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 109.57 71.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 166.54 71.10 Td (such ) Tj ET Q q 0 0 0 rg BT 187.13 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.73 71.10 Td (public ) Tj ET Q q 0 0 0 rg BT 224.99 71.10 Td (company ) Tj ET Q q 0 0 0 rg BT 263.91 71.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 302.84 71.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 352.05 71.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 395.41 71.10 Td (net ) Tj ET Q q 0 0 0 rg BT 409.89 71.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 438.81 71.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 495.78 71.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 517.48 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.19 71.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 89.57 59.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 126.60 59.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 163.07 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.44 59.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 207.41 59.10 Td (use ) Tj ET Q q 0 0 0 rg BT 222.78 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.26 59.10 Td (safekeeping ) Tj ET Q q 0 0 0 rg BT 289.05 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.42 59.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 338.11 59.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 362.37 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.85 59.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 421.15 59.10 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 468.73 59.10 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 516.04 59.10 Td (privacy ) Tj ET Q q 0 0 0 rg BT 548.06 59.10 Td (and ) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 m 120.9521484375 759.2669921875 l s q 0 0 1 rg BT 50.00 760.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 760.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (recordkeeping. ) Tj ET Q q 0 0 0 rg BT 111.71 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 120.35 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 127.50 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 149.10 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 167.92 731.10 Td (established ) Tj ET Q q 0 0 0 rg BT 215.07 731.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 261.66 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.37 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 294.29 731.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 332.55 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.05 731.10 Td (require ) Tj ET Q q 0 0 0 rg BT 374.08 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 391.79 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.84 731.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 441.66 731.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 474.92 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.41 731.10 Td (ethics ) Tj ET Q q 0 0 0 rg BT 511.45 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.61 731.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 83.79 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.63 719.10 Td (followed. ) Tj ET Q q 0 0 0 rg BT 139.11 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 157.29 719.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 179.36 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.43 719.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 240.15 719.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 264.45 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 277.08 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.93 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.54 719.10 Td (services ) Tj ET Q q 0 0 0 rg BT 364.38 719.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 399.79 719.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 435.19 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.26 719.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 487.66 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 524.19 719.10 Td (challenge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 707.10 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.25 683.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.34 683.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.65 683.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.06 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.15 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.55 683.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.18 683.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.81 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.23 683.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.76 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.28 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 683.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.34 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.32 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.96 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 421.81 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 442.89 683.10 Td (business ) Tj ET Q q 0 0 0 rg BT 478.98 683.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 525.33 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 683.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.78 671.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.18 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.47 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.97 671.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.37 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.21 671.10 Td (dif) Tj ET Q q 0 0 0 rg BT 172.14 671.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.52 671.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.35 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.42 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 671.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.19 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.99 671.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 393.26 671.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 451.30 671.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 479.37 671.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.92 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.56 671.10 Td (e ) Tj ET Q q 0 0 0 rg BT 543.07 671.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.92 659.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.35 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 659.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.08 659.10 Td (about ) Tj ET Q q 0 0 0 rg BT 221.06 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 659.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.24 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.34 659.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.65 659.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.96 659.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 398.16 659.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.14 659.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.24 659.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.67 659.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.75 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 659.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 647.10 Td (income ) Tj ET Q q 0 0 0 rg BT 95.59 647.10 Td (taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.05 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.61 599.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 126.17 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.61 599.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 166.17 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 599.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 222.28 599.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.17 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.17 599.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 305.89 599.10 Td (they ) Tj ET Q q 0 0 0 rg BT 325.34 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 339.78 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.79 599.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 407.01 599.10 Td (af) Tj ET Q q 0 0 0 rg BT 414.60 599.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 441.25 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.48 599.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 492.10 599.10 Td (However) Tj ET Q q 0 0 0 rg BT 528.35 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 533.08 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.53 599.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.16 587.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 96.38 587.10 Td (af) Tj ET Q q 0 0 0 rg BT 103.97 587.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 125.18 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.84 587.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 181.77 587.10 Td (such ) Tj ET Q q 0 0 0 rg BT 202.43 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.10 587.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 254.30 587.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 314.68 587.10 Td (of) Tj ET Q q 0 0 0 rg BT 322.83 587.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 340.14 587.10 Td (space ) Tj ET Q q 0 0 0 rg BT 364.68 587.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 395.34 587.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.68 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.45 587.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 502.88 587.10 Td (char) Tj ET Q q 0 0 0 rg BT 519.91 587.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 538.07 587.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.99 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.04 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 95.75 575.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 125.79 575.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 174.69 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.74 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.23 575.10 Td (price ) Tj ET Q q 0 0 0 rg BT 221.49 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.10 575.10 Td (services ) Tj ET Q q 0 0 0 rg BT 266.58 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.51 575.10 Td (of) Tj ET Q q 0 0 0 rg BT 288.66 575.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 302.03 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.08 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.68 575.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 358.40 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 363.81 575.10 Td (o ) Tj ET Q q 0 0 0 rg BT 371.08 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.57 575.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 412.28 575.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 448.43 575.10 Td (results ) Tj ET Q q 0 0 0 rg BT 476.81 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.86 575.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 511.91 575.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.62 575.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 563.10 Td (has ) Tj ET Q q 0 0 0 rg BT 82.27 563.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 115.31 563.10 Td (ef) Tj ET Q q 0 0 0 rg BT 122.89 563.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 144.27 563.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 166.77 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.49 563.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 221.75 563.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 258.41 563.10 Td (it ) Tj ET Q q 0 0 0 rg BT 266.46 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 286.18 563.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 327.00 563.10 Td (af) Tj ET Q q 0 0 0 rg BT 334.58 563.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 352.07 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.90 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.38 563.10 Td (position ) Tj ET Q q 0 0 0 rg BT 440.11 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.04 563.10 Td (results ) Tj ET Q q 0 0 0 rg BT 485.65 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.48 563.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 78.67 539.10 Td (3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 539.10 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 147.39 539.10 Td (A) Tj ET Q q 0 0 0 rg BT 153.51 539.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 178.98 539.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 202.59 539.10 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 239.26 539.10 Td (A) Tj ET Q q 0 0 0 rg BT 245.38 539.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 271.22 539.10 Td (DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 341.71 539.10 Td (ABOUT ) Tj ET Q q 0 0 0 rg BT 378.10 539.10 Td (MARKET ) Tj ET Q q 0 0 0 rg BT 422.28 539.10 Td (RISK.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.01 515.10 Td (information ) Tj ET Q q 0 0 0 rg BT 118.19 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 143.92 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.11 515.10 Td (caption ) Tj ET Q q 0 0 0 rg BT 191.50 515.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 216.89 515.10 Td (Management" ) Tj ET Q q 0 0 0 rg BT 276.14 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.88 515.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 305.96 515.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 314.75 515.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 336.04 515.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 346.51 515.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 405.57 515.10 Td (s ) Tj ET Q q 0 0 0 rg BT 412.43 515.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 459.29 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.04 515.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 514.00 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.30 515.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 92.00 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.94 503.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 140.89 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.72 503.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 204.68 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.96 503.10 Td (this ) Tj ET Q q 0 0 0 rg BT 231.91 503.10 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 272.72 503.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 302.44 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 314.94 503.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 339.11 503.10 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 362.16 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 371.33 503.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 424.36 503.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 451.85 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.35 503.10 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (ITEM 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 479.10 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 158.41 479.10 Td (AND PROCEDURES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.28 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.27 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.15 455.10 Td (end ) Tj ET Q q 0 0 0 rg BT 106.25 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.25 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.13 455.10 Td (period ) Tj ET Q q 0 0 0 rg BT 160.34 455.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 194.65 455.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.31 455.10 Td (this ) Tj ET Q q 0 0 0 rg BT 224.42 455.10 Td (report, ) Tj ET Q q 0 0 0 rg BT 253.46 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.79 455.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 311.54 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.65 455.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 370.46 455.10 Td (under ) Tj ET Q q 0 0 0 rg BT 395.89 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.77 455.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 459.54 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.65 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.09 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 455.10 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.75 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.00 443.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 115.47 443.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 156.70 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 164.85 443.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 186.08 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.44 443.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 241.91 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.81 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.96 443.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 305.87 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.30 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.55 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.80 443.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 382.27 443.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.40 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.76 443.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 481.55 443.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 496.13 443.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 529.04 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.74 443.10 Td (Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 90.43 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.93 431.10 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 148.43 431.10 Td (under ) Tj ET Q q 0 0 0 rg BT 173.26 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.54 431.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 229.04 431.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 270.07 431.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 286.58 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.97 431.10 Td (1934\). ) Tj ET Q q 0 0 0 rg BT 324.86 431.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 351.37 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.43 431.10 Td (this ) Tj ET Q q 0 0 0 rg BT 379.94 431.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 426.16 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.55 431.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 479.16 431.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 519.54 431.10 Td (of) Tj ET Q q 0 0 0 rg BT 527.68 431.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 548.06 431.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.49 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.92 419.10 Td (of) Tj ET Q q 0 0 0 rg BT 133.06 419.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 153.83 419.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 197.37 419.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.81 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.58 419.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 273.58 419.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 308.24 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.13 419.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 371.44 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.09 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 393.68 419.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 423.33 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.55 419.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 462.10 419.10 Td (that ) Tj ET Q q 0 0 0 rg BT 479.54 419.10 Td (information ) Tj ET Q q 0 0 0 rg BT 529.20 419.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.76 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 73.68 407.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 114.38 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.86 407.10 Td (us ) Tj ET Q q 0 0 0 rg BT 140.23 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.49 407.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 182.74 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.21 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 216.35 407.10 Td (file ) Tj ET Q q 0 0 0 rg BT 233.16 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 244.97 407.10 Td (submit ) Tj ET Q q 0 0 0 rg BT 275.67 407.10 Td (under ) Tj ET Q q 0 0 0 rg BT 301.92 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.62 407.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 360.54 407.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 402.67 407.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 420.59 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.40 407.10 Td (1934 ) Tj ET Q q 0 0 0 rg BT 455.88 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.03 407.10 Td (\(a\)recorded, ) Tj ET Q q 0 0 0 rg BT 520.59 407.10 Td (processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 102.87 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.81 395.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.63 395.10 Td (within ) Tj ET Q q 0 0 0 rg BT 189.68 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.40 395.10 Td (time ) Tj ET Q q 0 0 0 rg BT 228.68 395.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 262.61 395.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 303.21 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.49 395.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 359.42 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.36 395.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 422.29 395.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 477.35 395.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 501.29 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.23 395.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 548.06 395.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (\(b\)accumulated ) Tj ET Q q 0 0 0 rg BT 116.86 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.98 383.10 Td (communicated ) Tj ET Q q 0 0 0 rg BT 195.52 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.97 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.98 383.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 278.25 383.10 Td (including ) Tj ET Q q 0 0 0 rg BT 318.69 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.70 383.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 372.92 383.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 413.90 383.10 Td (of) Tj ET Q q 0 0 0 rg BT 422.05 383.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 443.04 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.16 383.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.38 383.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 536.03 383.10 Td (of) Tj ET Q q 0 0 0 rg BT 544.18 383.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 371.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 84.50 371.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 112.55 371.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 152.26 371.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 193.08 371.10 Td (disclosure.) 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0.9333333333333333 1 rg /GS0 gs 245.00 617.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 617.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 617.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 617.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 617.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 617.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 617.75 40.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 560.75 107.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 560.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 560.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 560.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 560.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 560.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 560.75 98.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 560.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 560.75 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 560.75 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.75 107.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 549.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 549.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 549.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 549.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 549.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 549.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 549.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 549.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 549.75 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 50 628.75 m 157 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 628.75 m 245 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 628.75 m 333 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 628.75 m 444 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 628.75 m 522 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 628.75 m 562 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 526.75 m 245 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 507.75 m 245 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 505.75 m 245 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 526.75 m 333 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 507.75 m 333 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 505.75 m 333 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 526.75 m 444 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 507.75 m 444 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 505.75 m 444 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 526.75 m 522 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 507.75 m 522 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 505.75 m 522 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 526.75 m 562 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 507.75 m 562 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 505.75 m 562 505.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.70 664.20 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 664.20 Td (Approximate Dollar) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.70 653.20 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 653.20 Td (Value of Shares Yet to be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.20 642.20 Td (Total Number of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.20 642.20 Td (Average Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.85 642.20 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.40 642.20 Td (Purchased Under the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.20 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.75 631.20 Td (Shares Purchased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 631.20 Td (Paid per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.65 631.20 Td (Plans or Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 631.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 498.34 631.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 509.92 631.20 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.66 631.20 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 620.06 Td (Month #1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 609.01 Td (\(January 1, 2017 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 600.01 Td (January 31, 2017\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 599.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 599.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 599.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 599.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 599.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 599.21 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 599.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 586.06 Td (Month #2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 575.01 Td (\(February 1, 2017 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 566.01 Td (February 28, 2017\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 565.21 Td (256,739) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 247.50 569.85 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 565.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 565.21 Td (76.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 565.21 Td (27,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 565.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 565.21 Td (70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 565.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 552.06 Td (Month #3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 541.01 Td (\(March 1, 2017 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 532.01 Td (March 31, 2017\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.00 531.21 Td (888) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 531.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 531.21 Td (63.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 531.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 531.21 Td (70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 531.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 511.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 511.21 Td (257,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 511.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 511.21 Td (76.81) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 511.21 Td (27,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 511.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 511.21 Td (70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 511.21 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 492.25 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 492.25 Td (Effective ) Tj ET Q q 0 0 0 rg BT 97.34 492.25 Td (August ) Tj ET Q q 0 0 0 rg BT 121.56 492.25 Td (14, ) Tj ET Q q 0 0 0 rg BT 133.56 492.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 153.56 492.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.67 492.25 Td (boar) Tj ET Q q 0 0 0 rg BT 181.49 492.25 Td (d ) Tj ET Q q 0 0 0 rg BT 187.49 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.71 492.25 Td (dir) Tj ET Q q 0 0 0 rg BT 204.75 492.25 Td (ectors ) Tj ET Q q 0 0 0 rg BT 226.30 492.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 262.52 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 492.25 Td (r) Tj ET Q q 0 0 0 rg BT 277.11 492.25 Td (epur) Tj ET Q q 0 0 0 rg BT 291.48 492.25 Td (chase ) Tj ET Q q 0 0 0 rg BT 311.70 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.92 492.25 Td (up ) Tj ET Q q 0 0 0 rg BT 329.92 492.25 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.14 492.25 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 362.14 492.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.81 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.81 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.03 492.25 Td (common ) Tj ET Q q 0 0 0 rg BT 424.14 492.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 442.57 492.25 Td (thr) Tj ET Q q 0 0 0 rg BT 451.61 492.25 Td (ough ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.61 492.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 517.38 492.25 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.38 492.25 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 479.65 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 479.65 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.46 479.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.53 479.65 Td (27,530) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 126.53 479.65 Td ( ) Tj ET Q q 0 0 0 rg BT 128.37 479.65 Td (shar) Tj ET Q q 0 0 0 rg BT 142.30 479.65 Td (es ) Tj ET Q q 0 0 0 rg BT 150.80 479.65 Td (of ) Tj ET Q q 0 0 0 rg BT 158.86 479.65 Td (common ) Tj ET Q q 0 0 0 rg BT 187.81 479.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 206.09 479.65 Td (r) Tj ET Q q 0 0 0 rg BT 208.91 479.65 Td (epur) Tj ET Q q 0 0 0 rg BT 223.27 479.65 Td (chased ) Tj ET Q q 0 0 0 rg BT 247.33 479.65 Td (on ) Tj ET Q q 0 0 0 rg BT 257.17 479.65 Td (the ) Tj ET Q q 0 0 0 rg BT 268.78 479.65 Td (open ) Tj ET Q q 0 0 0 rg BT 286.17 479.65 Td (market ) Tj ET Q q 0 0 0 rg BT 310.23 479.65 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 340.52 479.65 Td (to ) Tj ET Q q 0 0 0 rg BT 348.58 479.65 Td (a ) Tj ET Q q 0 0 0 rg BT 354.42 479.65 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 378.93 479.65 Td (plan ) Tj ET Q q 0 0 0 rg BT 394.99 479.65 Td (established ) Tj ET Q q 0 0 0 rg BT 432.83 479.65 Td (with ) Tj ET Q q 0 0 0 rg BT 448.45 479.65 Td (an ) Tj ET Q q 0 0 0 rg BT 458.29 479.65 Td (independent ) Tj ET Q q 0 0 0 rg BT 499.23 479.65 Td (agent ) Tj ET Q q 0 0 0 rg BT 518.85 479.65 Td (at ) Tj ET Q q 0 0 0 rg BT 526.91 479.65 Td (an ) Tj ET Q q 0 0 0 rg BT 536.75 479.65 Td (average ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 470.05 Td (price ) Tj ET Q q 0 0 0 rg BT 86.19 470.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.66 470.05 Td ($72.63) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 116.66 470.05 Td ( ) Tj ET Q q 0 0 0 rg BT 118.90 470.05 Td (per ) Tj ET Q q 0 0 0 rg BT 131.82 470.05 Td (shar) Tj ET Q q 0 0 0 rg BT 145.75 470.05 Td (e, ) Tj ET Q q 0 0 0 rg BT 153.54 470.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 167.79 470.05 Td (229,209) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 193.79 470.05 Td ( ) Tj ET Q q 0 0 0 rg BT 196.04 470.05 Td (shar) Tj ET Q q 0 0 0 rg BT 209.97 470.05 Td (es ) Tj ET Q q 0 0 0 rg BT 218.88 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 470.05 Td (common ) Tj ET Q q 0 0 0 rg BT 256.71 470.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.39 470.05 Td (withheld ) Tj ET Q q 0 0 0 rg BT 305.20 470.05 Td (fr) Tj ET Q q 0 0 0 rg BT 310.23 470.05 Td (om ) Tj ET Q q 0 0 0 rg BT 322.26 470.05 Td (r) Tj ET Q q 0 0 0 rg BT 325.08 470.05 Td (ecipients ) Tj ET Q q 0 0 0 rg BT 355.76 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 364.23 470.05 Td (r) Tj ET Q q 0 0 0 rg BT 367.04 470.05 Td (estricted ) Tj ET Q q 0 0 0 rg BT 396.84 470.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 415.53 470.05 Td (to ) Tj ET Q q 0 0 0 rg BT 424.00 470.05 Td (pay ) Tj ET Q q 0 0 0 rg BT 437.79 470.05 Td (taxes ) Tj ET Q q 0 0 0 rg BT 456.48 470.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 474.73 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 486.75 470.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 511.66 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 520.13 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 532.15 470.05 Td (r) Tj ET Q q 0 0 0 rg BT 534.97 470.05 Td (estricted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 460.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 85.94 460.45 Td (at ) Tj ET Q q 0 0 0 rg BT 94.16 460.45 Td (an ) Tj ET Q q 0 0 0 rg BT 104.16 460.45 Td (average ) Tj ET Q q 0 0 0 rg BT 131.93 460.45 Td (price ) Tj ET Q q 0 0 0 rg BT 150.36 460.45 Td (per ) Tj ET Q q 0 0 0 rg BT 163.03 460.45 Td (shar) Tj ET Q q 0 0 0 rg BT 176.96 460.45 Td (e ) Tj ET Q q 0 0 0 rg BT 182.51 460.45 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 190.73 460.45 Td ($77.36) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 212.73 460.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 436.45 Td (ITEM 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 436.45 Td (EXHIBITS.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 397.95000000000005 m 109 397.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 397.95000000000005 m 486 397.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 397.95000000000005 m 563 397.95000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 416.63 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 416.68 Td (Method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 402.63 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 402.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 402.68 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 402.68 Td (of Filing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 382.52 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 382.52 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 154.89 382.52 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 205.90 382.52 Td (to ) Tj ET Q q 0 0 0 rg BT 215.40 382.52 Td (Amended ) Tj ET Q q 0 0 0 rg BT 255.85 382.52 Td (and ) Tj ET Q q 0 0 0 rg BT 272.14 382.52 Td (Restated ) Tj ET Q q 0 0 0 rg BT 308.43 382.52 Td (Loan ) Tj ET Q q 0 0 0 rg BT 330.70 382.52 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 379.20 382.52 Td (dated ) Tj ET Q q 0 0 0 rg BT 402.71 382.52 Td (December ) Tj ET Q q 0 0 0 rg BT 445.64 382.52 Td (17, ) Tj ET Q q 0 0 0 rg BT 460.00 382.52 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 372.52 Td (between ) Tj ET Q q 0 0 0 rg BT 162.32 372.52 Td (Piper ) Tj ET Q q 0 0 0 rg BT 185.92 372.52 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.49 372.52 Td (fray ) Tj ET Q q 0 0 0 rg BT 216.00 372.52 Td (& ) Tj ET Q q 0 0 0 rg BT 226.28 372.52 Td (Co. ) Tj ET Q q 0 0 0 rg BT 242.95 372.52 Td (and ) Tj ET Q q 0 0 0 rg BT 259.89 372.52 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 280.17 372.52 Td (Bank ) Tj ET Q q 0 0 0 rg BT 303.78 372.52 Td (National ) Tj ET Q q 0 0 0 rg BT 340.44 372.52 Td (Association.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 382.52 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 357.52 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 357.52 Td (Second ) Tj ET Q q 0 0 0 rg BT 157.32 357.52 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 207.90 357.52 Td (to ) Tj ET Q q 0 0 0 rg BT 217.11 357.52 Td (Securities ) Tj ET Q q 0 0 0 rg BT 257.96 357.52 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 295.45 357.52 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 343.52 357.52 Td (dated ) Tj ET Q q 0 0 0 rg BT 366.56 357.52 Td (April ) Tj ET Q q 0 0 0 rg BT 388.81 357.52 Td (19, ) Tj ET Q q 0 0 0 rg BT 402.74 357.52 Td (2017, ) Tj ET Q q 0 0 0 rg BT 426.66 357.52 Td (between ) Tj ET Q q 0 0 0 rg BT 461.40 357.52 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 347.52 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 347.52 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.58 347.52 Td (& ) Tj ET Q q 0 0 0 rg BT 166.86 347.52 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.53 347.52 Td (and ) Tj ET Q q 0 0 0 rg BT 200.46 347.52 Td (SCI ) Tj ET Q q 0 0 0 rg BT 218.53 347.52 Td (JV) Tj ET Q q 0 0 0 rg BT 229.55 347.52 Td ( ) Tj ET Q q 0 0 0 rg BT 231.96 347.52 Td (LP) Tj ET Q q 0 0 0 rg BT 243.07 347.52 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 357.52 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 332.52 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 332.52 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 332.52 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 332.52 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 332.52 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 332.52 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 337.26 332.52 Td (and ) Tj ET Q q 0 0 0 rg BT 354.20 332.52 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.92 332.52 Td (Executive ) Tj ET Q q 0 0 0 rg BT 421.40 332.52 Td (Of) Tj ET Q q 0 0 0 rg BT 431.86 332.52 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.81 332.52 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 332.52 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 317.52 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 317.52 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 317.52 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 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(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 257.52 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 181.32 257.52 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.24 257.52 Td (of ) Tj ET Q q 0 0 0 rg BT 237.62 257.52 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 302.42 257.52 Td (Income ) Tj ET Q q 0 0 0 rg BT 334.45 257.52 Td (for ) Tj ET Q q 0 0 0 rg BT 348.16 257.52 Td (the ) Tj ET Q q 0 0 0 rg BT 362.42 257.52 Td (three ) Tj ET Q q 0 0 0 rg BT 384.44 257.52 Td (months ) Tj ET Q q 0 0 0 rg BT 415.94 257.52 Td (ended ) Tj ET Q q 0 0 0 rg BT 441.86 257.52 Td (March ) Tj ET Q q 0 0 0 rg BT 470.00 257.52 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 247.52 Td (2017 ) Tj ET Q q 0 0 0 rg BT 148.34 247.52 Td (and ) Tj ET Q q 0 0 0 rg BT 164.62 247.52 Td (2016, ) Tj ET Q q 0 0 0 rg BT 188.97 247.52 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 205.25 247.52 Td (the ) Tj ET Q q 0 0 0 rg BT 219.31 247.52 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 273.92 247.52 Td (Statements ) Tj ET Q q 0 0 0 rg BT 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rg BT 254.35 653.47 Td (and ) Tj ET Q q 0 0 0 rg BT 270.64 653.47 Td (Restated ) Tj ET Q q 0 0 0 rg BT 306.93 653.47 Td (Loan ) Tj ET Q q 0 0 0 rg BT 329.20 653.47 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 377.70 653.47 Td (dated ) Tj ET Q q 0 0 0 rg BT 401.21 653.47 Td (December ) Tj ET Q q 0 0 0 rg BT 444.14 653.47 Td (17, ) Tj ET Q q 0 0 0 rg BT 458.50 653.47 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 643.47 Td (between ) Tj ET Q q 0 0 0 rg BT 160.82 643.47 Td (Piper ) Tj ET Q q 0 0 0 rg BT 184.42 643.47 Td (Jaf) Tj ET Q q 0 0 0 rg BT 195.99 643.47 Td (fray ) Tj ET Q q 0 0 0 rg BT 214.50 643.47 Td (& ) Tj ET Q q 0 0 0 rg BT 224.78 643.47 Td (Co. ) Tj ET Q q 0 0 0 rg BT 241.45 643.47 Td (and ) Tj ET Q q 0 0 0 rg BT 258.39 643.47 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 278.67 643.47 Td (Bank ) Tj ET Q q 0 0 0 rg BT 302.28 643.47 Td (National ) Tj ET Q q 0 0 0 rg BT 338.94 643.47 Td (Association.) 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229.96 588.47 Td (Certification ) Tj ET Q q 0 0 0 rg BT 283.00 588.47 Td (of ) Tj ET Q q 0 0 0 rg BT 293.83 588.47 Td (Chief ) Tj ET Q q 0 0 0 rg BT 318.54 588.47 Td (Financial ) Tj ET Q q 0 0 0 rg BT 358.26 588.47 Td (Of) Tj ET Q q 0 0 0 rg BT 368.72 588.47 Td (ficer) Tj ET Q q 0 0 0 rg BT 386.67 588.47 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.45 588.47 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 573.47 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 573.47 Td (Section ) Tj ET Q q 0 0 0 rg BT 157.50 573.47 Td (1350 ) Tj ET Q q 0 0 0 rg BT 180.00 573.47 Td (Certifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.45 573.47 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 558.47 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 559.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 558.47 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 169.32 558.47 Td (data ) Tj ET Q q 0 0 0 rg BT 187.54 558.47 Td (files ) Tj ET Q 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548.47 Td (December ) Tj ET Q q 0 0 0 rg BT 360.95 548.47 Td (31, ) Tj ET Q q 0 0 0 rg BT 375.41 548.47 Td (2016, ) Tj ET Q q 0 0 0 rg BT 399.87 548.47 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 414.05 548.47 Td (the ) Tj ET Q q 0 0 0 rg BT 428.23 548.47 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 538.47 Td (Statements ) Tj ET Q q 0 0 0 rg BT 171.74 538.47 Td (of ) Tj ET Q q 0 0 0 rg BT 182.92 538.47 Td (Operations ) Tj ET Q q 0 0 0 rg BT 229.66 538.47 Td (for ) Tj ET Q q 0 0 0 rg BT 244.17 538.47 Td (the ) Tj ET Q q 0 0 0 rg BT 259.24 538.47 Td (three ) Tj ET Q q 0 0 0 rg BT 282.08 538.47 Td (months ) Tj ET Q q 0 0 0 rg BT 314.39 538.47 Td (ended ) Tj ET Q q 0 0 0 rg BT 341.12 538.47 Td (March ) Tj ET Q q 0 0 0 rg BT 370.07 538.47 Td (31, ) Tj ET Q q 0 0 0 rg BT 385.43 538.47 Td (2017 ) Tj ET Q q 0 0 0 rg BT 408.29 538.47 Td (and ) Tj ET Q q 0 0 0 rg BT 425.58 538.47 Td (2016, ) Tj ET Q q 0 0 0 rg BT 450.93 538.47 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 468.79 538.47 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 528.47 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 179.82 528.47 Td (Statements ) Tj ET Q q 0 0 0 rg BT 225.74 528.47 Td (of ) Tj ET Q q 0 0 0 rg BT 236.12 528.47 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 300.92 528.47 Td (Income ) Tj ET Q q 0 0 0 rg BT 332.95 528.47 Td (for ) Tj ET Q q 0 0 0 rg BT 346.66 528.47 Td (the ) Tj ET Q q 0 0 0 rg BT 360.92 528.47 Td (three ) Tj ET Q q 0 0 0 rg BT 382.94 528.47 Td (months ) Tj ET Q q 0 0 0 rg BT 414.44 528.47 Td (ended ) Tj ET Q q 0 0 0 rg BT 440.36 528.47 Td (March ) Tj ET Q q 0 0 0 rg BT 468.50 528.47 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 518.47 Td (2017 ) Tj ET Q q 0 0 0 rg BT 146.84 518.47 Td (and ) Tj ET Q q 0 0 0 rg BT 163.12 518.47 Td (2016, ) Tj ET Q q 0 0 0 rg BT 187.47 518.47 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 203.75 518.47 Td (the ) Tj ET Q q 0 0 0 rg BT 217.81 518.47 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 272.42 518.47 Td (Statements ) Tj ET Q q 0 0 0 rg BT 318.15 518.47 Td (of ) Tj ET Q q 0 0 0 rg BT 328.32 518.47 Td (Cash ) Tj ET Q q 0 0 0 rg BT 350.16 518.47 Td (Flows ) Tj ET Q q 0 0 0 rg BT 376.46 518.47 Td (for ) Tj ET Q q 0 0 0 rg BT 389.96 518.47 Td (the ) Tj ET Q q 0 0 0 rg BT 404.02 518.47 Td (three ) Tj ET Q q 0 0 0 rg BT 425.84 518.47 Td (months ) Tj ET Q q 0 0 0 rg BT 457.13 518.47 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 508.47 Td (March ) Tj ET Q q 0 0 0 rg BT 153.60 508.47 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.60 508.47 Td (2017 ) Tj ET Q q 0 0 0 rg BT 191.10 508.47 Td (and ) Tj ET Q q 0 0 0 rg BT 208.04 508.47 Td (2016 ) Tj ET Q q 0 0 0 rg BT 230.54 508.47 Td (and ) Tj ET Q q 0 0 0 rg BT 247.48 508.47 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 261.64 508.47 Td (the ) Tj ET Q q 0 0 0 rg BT 276.35 508.47 Td (notes ) Tj ET Q q 0 0 0 rg BT 299.96 508.47 Td (to ) Tj ET Q q 0 0 0 rg BT 310.24 508.47 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 508.47 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 380.23 508.47 Td (Financial ) Tj ET Q q 0 0 0 rg BT 419.94 508.47 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.45 558.47 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.40 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 440.40 Td ( ) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.75 Td (Exhibit 10.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 252.35 730.75 Td ([U.S. Bank Letterhead]) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 706.75 Td (December ) Tj ET Q q 0 0 0 rg BT 102.91 706.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 119.59 706.75 Td (2016) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 682.75 Td (Piper Jaf) Tj ET Q q 0 0 0 rg BT 93.28 682.75 Td (fray & Co.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 670.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 73.46 670.75 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 109.03 670.75 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 132.92 670.75 Td (J09S04) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 658.75 Td (Minneapolis, Minnesota 55402) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 646.75 Td (Attention: Debbra L. Schoneman, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 286.72 646.75 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 327.68 646.75 Td (T) Tj ET Q q 0 0 0 rg BT 333.41 646.75 Td (imothy L. Carter) Tj ET Q q 0 0 0 rg BT 404.00 646.75 Td (, ) Tj ET Q q 0 0 0 rg BT 409.37 646.75 Td (T) Tj ET Q q 0 0 0 rg BT 415.11 646.75 Td (reasurer) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 622.75 Td (Re:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.56 622.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 622.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 135.39 622.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.66 622.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 197.27 622.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 221.59 622.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.09 622.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 300.70 622.75 Td (as ) Tj ET Q q 0 0 0 rg BT 313.85 622.75 Td (of ) Tj ET Q q 0 0 0 rg BT 324.77 622.75 Td (December ) Tj ET Q q 0 0 0 rg BT 373.49 622.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 389.98 622.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 417.58 622.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 460.76 622.75 Td (by ) Tj ET Q q 0 0 0 rg BT 473.90 622.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 495.94 622.75 Td (Bank ) Tj ET Q q 0 0 0 rg BT 521.32 622.75 Td (National ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 610.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 107.81 610.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 114.47314453125 609.32421875 m 145.61083984375 609.32421875 l s q 0 0 0 rg BT 114.47 610.75 Td (Lender) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 145.61 610.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 154.95 610.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.31 610.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 200.33 610.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 213.49 610.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.83 610.75 Td (& ) Tj ET Q q 0 0 0 rg BT 242.18 610.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 260.41 610.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 267.07275390625 609.32421875 m 307.63916015625 609.32421875 l s q 0 0 0 rg BT 267.07 610.75 Td (Borrower) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 307.64 610.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 319.75 610.75 Td (as ) Tj ET Q q 0 0 0 rg BT 332.99 610.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 377.36 610.75 Td (by ) Tj ET Q q 0 0 0 rg BT 390.60 610.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.18 610.75 Td (First ) Tj ET Q q 0 0 0 rg BT 428.76 610.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 485.35 610.75 Td (to ) Tj ET Q q 0 0 0 rg BT 495.84 610.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 541.32 610.75 Td (and ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 96.10 598.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 120.01 598.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 171.01 598.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 198.11 598.75 Td (as ) Tj ET Q q 0 0 0 rg BT 210.75 598.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.16 598.75 Td (December ) Tj ET Q q 0 0 0 rg BT 269.37 598.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 285.35 598.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 312.45 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.43 598.75 Td (Second ) Tj ET Q q 0 0 0 rg BT 364.01 598.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 420.00 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.00 598.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 474.89 598.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.65 598.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 535.75 598.75 Td (Loan ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 586.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 104.97 586.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 132.04 586.75 Td (as ) Tj ET Q q 0 0 0 rg BT 144.66 586.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.05 586.75 Td (December ) Tj ET Q q 0 0 0 rg BT 203.23 586.75 Td (19, ) Tj ET Q q 0 0 0 rg BT 219.18 586.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 246.25 586.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.07 586.75 Td (Third ) Tj ET Q q 0 0 0 rg BT 286.50 586.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 342.47 586.75 Td (to ) Tj ET Q q 0 0 0 rg BT 352.45 586.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 397.31 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.05 586.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 458.12 586.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 482.01 586.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 532.98 586.75 Td (dated ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 574.75 Td (as ) Tj ET Q q 0 0 0 rg BT 68.61 574.75 Td (of ) Tj ET Q q 0 0 0 rg BT 81.01 574.75 Td (December ) Tj ET Q q 0 0 0 rg BT 131.19 574.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 149.14 574.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 175.44 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.17 574.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.13 574.75 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 246.28 574.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 304.25 574.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.83 574.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 362.69 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 383.43 574.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 427.51 574.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 453.00 574.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 505.97 574.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 535.04 574.75 Td (as ) Tj ET Q q 0 0 0 rg BT 549.66 574.75 Td (of ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 562.75 Td (December ) Tj ET Q q 0 0 0 rg BT 103.73 562.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 121.23 562.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 147.08 562.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 164.57 562.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 212.65 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.16 562.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 233.4853515625 561.32421875 m 282.4013671875 561.32421875 l s q 0 0 0 rg BT 233.49 562.75 Td (Agreement) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 282.40 562.75 Td (; ) Tj ET Q q 0 0 0 rg BT 292.11 562.75 Td (all ) Tj ET Q q 0 0 0 rg BT 305.72 562.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 356.57 562.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 385.17 562.75 Td (used ) Tj ET Q q 0 0 0 rg BT 410.46 562.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.74 562.75 Td (not ) Tj ET Q q 0 0 0 rg BT 448.25 562.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 494.65 562.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 531.06 562.75 Td (in ) Tj ET Q q 0 0 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Capitalized terms used herein but not otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (defined herein shall have the respective meanings assigned to such terms in that certain Securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 614.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 99.66 614.70 Td (Agreement, dated November 16, 2015, by and among \(i\) Piper Jaf) Tj ET Q q 0 0 0 rg BT 417.02 614.70 Td (fray Companies, a Delaware ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 600.30 Td (corporation \() Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 121.63 600.30 Td (Par) Tj ET Q q 0 0 0 rg BT 140.07 600.30 Td (ent) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 156.07 600.30 Td (\), \(ii\)Buyer) Tj ET Q q 0 0 0 rg BT 217.90 600.30 Td (, \(iii\)Simmons & Company International, a ) Tj ET Q q 0 0 0 rg BT 430.65 600.30 Td (T) Tj ET Q q 0 0 0 rg BT 437.14 600.30 Td (exas corporation, \(iv\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 585.90 Td (Seller) Tj ET Q q 0 0 0 rg BT 81.51 585.90 Td (, \(v\) SCI GP) Tj ET Q q 0 0 0 rg BT 140.19 585.90 Td (, LLC, a ) Tj ET Q q 0 0 0 rg BT 182.96 585.90 Td (T) Tj ET Q q 0 0 0 rg BT 189.45 585.90 Td (exas limited liability company) Tj ET Q q 0 0 0 rg BT 334.31 585.90 Td (, and \(vi\)Simmons & Company International ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 571.50 Td (Holdings LLC, a ) Tj ET Q q 0 0 0 rg BT 137.78 571.50 Td (T) Tj ET Q q 0 0 0 rg BT 144.27 571.50 Td (exas limited liability company \(as amended, the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 382.20 571.50 Td (Pur) Tj ET Q q 0 0 0 rg BT 401.31 571.50 Td (chase ) Tj ET Q q 0 0 0 rg BT 431.64 571.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 451.42 571.50 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 488.06 571.50 Td (\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 545.10 Td (A. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 545.10 Td (Parent, Buyer) Tj ET Q q 0 0 0 rg BT 191.50 545.10 Td (, Seller and each of the other Owner Parties entered into that certain First ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 530.70 Td (Amendment of Securities Purchase ) Tj ET Q q 0 0 0 rg BT 225.29 530.70 Td (Agreement dated February 25, 2016 \(the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 428.89 530.70 Td (First ) Tj ET Q q 0 0 0 rg BT 455.88 530.70 Td (Amendment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 519.21 530.70 Td (\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 501.90 Td (B. ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 500.300390625 m 193.986328125 500.300390625 l s q 0 0 0 rg BT 126.00 501.90 Td (Section 6.9\(g\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 193.99 501.90 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 273.30 501.90 Td (Agreement provides that a portion of any Employment-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 487.50 Td (Related Retention that is forfeited after the Closing Date pursuant to the terms of such Employment-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (Related Retention \(such applicable portion, the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 288.26 473.10 Td (Forfeited Retention) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 388.56 473.10 Td (\) shall be reallocated by Parent or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 458.70 Td (Buyer to fund retentive payments to certain other Ener) Tj ET Q q 0 0 0 rg BT 315.69 458.70 Td (gy Investment Banking or Equities employees of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 444.30 Td (Parent or its af) Tj ET Q q 0 0 0 rg BT 124.10 444.30 Td (filiates \(collectively) Tj ET Q q 0 0 0 rg BT 218.94 444.30 Td (, the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 247.93 444.30 Td (Retention-Eligible Employees) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 399.59 444.30 Td (\). For the avoidance of doubt, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 429.90 Td (the Forfeited Retention does not include Rescinded Retention ) Tj ET Q q 0 0 0 rg BT 362.59 429.90 Td (A) Tj ET Q q 0 0 0 rg BT 370.15 429.90 Td (wards as defined in the First ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 415.50 Td (Amendment.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 386.70 Td (C. ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 385.100390625 m 193.986328125 385.100390625 l s q 0 0 0 rg BT 126.00 386.70 Td (Section 6.9\(g\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 193.99 386.70 Td ( and ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 217.3125 385.100390625 m 277.306640625 385.100390625 l s q 0 0 0 rg BT 217.31 386.70 Td (Section 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 277.31 386.70 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 356.62 386.70 Td (Agreement ef) Tj ET Q q 0 0 0 rg BT 422.03 386.70 Td (fectively provide that \(i\) a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 372.30 Td (portion of any Forfeited Retention will be paid to the persons and in the percentages listed on ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 504.890625 370.700390625 m 551.876953125 370.700390625 l s q 0 0 0 rg BT 504.89 372.30 Td (Schedule ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 54 356.300390625 m 75 356.300390625 l s q 0 0 0 rg BT 54.00 357.90 Td (6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 75.00 357.90 Td ( \(as amended by the First ) Tj ET Q q 0 0 0 rg BT 198.31 357.90 Td (Amendment\), subject to the terms of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 377.267578125 356.300390625 m 437.26171875 356.300390625 l s q 0 0 0 rg BT 377.27 357.90 Td (Section 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 437.26 357.90 Td (, including the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 343.50 Td (requirement that each Incentive Pool Employee be employed by Parent or one of its ) Tj ET Q q 0 0 0 rg BT 458.54 343.50 Td (Af) Tj ET Q q 0 0 0 rg BT 470.99 343.50 Td (filiates at the time ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (the Incentive Pool is paid, and \(ii\) the remainder of any Forfeited Retention \(the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 446.21 329.10 Td (Reallocable ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.00 314.70 Td (Retention) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.99 314.70 Td (\) would be allocated as provided in ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 280.93359375 313.100390625 m 354.24609375 313.100390625 l s q 0 0 0 rg BT 280.93 314.70 Td (Section 6.10\(c\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 354.25 314.70 Td ( to Retention-Eligible Employees at the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 300.30 Td (time the Incentive Pool is paid. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 271.50 Td (D. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 271.50 Td (Seller) Tj ET Q q 0 0 0 rg BT 153.51 271.50 Td (, on behalf of itself and each of the other Owner Parties, and Buyer mutually desire ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (to amend the Purchase ) Tj ET Q q 0 0 0 rg BT 164.64 257.10 Td (Agreement to provide an alternative manner in which the Forfeited Retention ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 242.70 Td (may be made available to Retention-Eligible Employees, subject to the agreement of the senior) Tj ET Q q 0 0 0 rg BT 510.28 242.70 Td (-most ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 228.30 Td (representative of Simmons within Parent) Tj ET Q q 0 0 0 rg BT 253.29 228.30 Td (s Investment Banking business \(in the case of Forfeited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 213.90 Td (Retention originally granted to an Investment Banking employee\) or Parent) Tj ET Q q 0 0 0 rg BT 419.57 213.90 Td (s Equities business \(in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 199.50 Td (case of Forfeited Retention originally granted to an Equities employee\) \(as applicable, the ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 493.85 199.50 Td (Applicable ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (Simmons Repr) Tj ET Q q 0 0 0 rg BT 130.12 185.10 Td (esentative) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.77 185.10 Td (\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 156.30 Td (NOW) Tj ET Q q 0 0 0 rg BT 118.44 156.30 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 156.30 Td (THEREFORE, in consideration of the premises set forth above, which are incorporated in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 141.90 Td (this Second ) Tj ET Q q 0 0 0 rg BT 112.00 141.90 Td (Amendment as if fully set forth below) Tj ET Q q 0 0 0 rg BT 294.52 141.90 Td (, and the representations, warranties, covenants and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 127.50 Td (agreements contained in this Second ) Tj ET Q q 0 0 0 rg BT 231.62 127.50 Td (Amendment, and intending that they and the Owner Parties be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (legally bound hereby) Tj ET Q q 0 0 0 rg BT 154.52 113.10 Td (, Buyer and Seller agree as follows:) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 42.60 Td (Second ) Tj ET Q q 0 0 0 rg BT 81.39 42.60 Td (Amendment to Securities Purchase ) Tj ET Q q 0 0 0 rg BT 223.58 42.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 302.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 374.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 410.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 446.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 518.00 42.60 Td ( Page 2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 729.70 Td (1. ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 90 727.8220703125 m 332.84765625 727.8220703125 l s q 0 0 0 rg BT 90.00 729.70 Td (Alternative Pr) Tj ET Q q 0 0 0 rg BT 163.42 729.70 Td (ovision for) Tj ET Q q 0 0 0 rg BT 217.54 729.70 Td ( Reallocable Retention) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 332.85 729.70 Td (. Notwithstanding anything to the contrary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 715.30 Td (\(whether in the Purchase ) Tj ET Q q 0 0 0 rg BT 211.29 715.30 Td (Agreement, any ) Tj ET Q q 0 0 0 rg BT 290.27 715.30 Td (Ancillary Document, or otherwise\), Parent or Buyer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 700.90 Td (may) Tj ET Q q 0 0 0 rg BT 109.88 700.90 Td (, with the consent of the ) Tj ET Q q 0 0 0 rg BT 227.53 700.90 Td (Applicable Simmons Representative, make new grants, awards or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 686.50 Td (payments to any Retention-Eligible Employees in an amount equal to all or any portion of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 672.10 Td (Reallocable Retention \(each, an ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 250.92 672.10 Td (Alternative Grant) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 343.23 672.10 Td (\), subject to the following:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 643.30 Td (a. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 643.30 Td (Alternative Grants may be made from time to time, and the amounts subject to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 628.90 Td (Alternative Grants may be paid, at any time prior to payment of the Incentive Pool, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 614.50 Td (may be made with all or any portion of Reallocable Retention. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 585.70 Td (b. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 585.70 Td (Each ) Tj ET Q q 0 0 0 rg BT 152.32 585.70 Td (Alternative Grant shall be in lieu of the allocation and payment of the corresponding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 571.30 Td (Reallocable Retention pursuant to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 291.955078125 569.700390625 m 365.267578125 569.700390625 l s q 0 0 0 rg BT 291.96 571.30 Td (Section 6.10\(c\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 365.27 571.30 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 444.58 571.30 Td (Agreement. No ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 556.90 Td (payment shall be made with respect to Forfeited Retention pursuant to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 466.248046875 555.300390625 m 526.2421875 555.300390625 l s q 0 0 0 rg BT 466.25 556.90 Td (Section 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 526.24 556.90 Td ( of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 542.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 171.66 542.50 Td (Agreement if the amount of such Forfeited Retention was granted, awarded or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 528.10 Td (paid as an ) Tj ET Q q 0 0 0 rg BT 176.32 528.10 Td (Alternative Grant.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 499.30 Td (c. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 499.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 149.00 499.30 Td (Alternative Grant with respect to Forfeited Retention must be made to Equities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 484.90 Td (personnel, if such Forfeited Retention was originally granted to Equities personnel, or to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 470.50 Td (Investment Banking personnel, if such Forfeited Retention was originally granted to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 456.10 Td (Investment Banking personnel.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 427.30 Td (d. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 427.30 Td (Each ) Tj ET Q q 0 0 0 rg BT 152.32 427.30 Td (Alternative Grant may be made in such form, on such terms, and subject to such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 412.90 Td (conditions as Parent or Buyer may determine in its sole discretion, subject to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 398.50 Td (aforementioned consent of the ) Tj ET Q q 0 0 0 rg BT 273.95 398.50 Td (Applicable Simmons Representative.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 369.70 Td (e. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 369.70 Td (If any ) Tj ET Q q 0 0 0 rg BT 156.66 369.70 Td (Alternative Grant is not actually paid but is instead forfeited to Parent or Buyer) Tj ET Q q 0 0 0 rg BT 536.40 369.70 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 355.30 Td (then the amount of the ) Tj ET Q q 0 0 0 rg BT 236.31 355.30 Td (Alternative Grant so forfeited shall again be treated as Forfeited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 340.90 Td (Retention \(and be subject to all of the related terms and conditions of the Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 326.50 Td (Agreement, including this Second ) Tj ET Q q 0 0 0 rg BT 291.64 326.50 Td (Amendment\). ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 297.70 Td (f. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 297.70 Td (In the event any person listed on ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 284.958984375 296.100390625 m 352.9453125 296.100390625 l s q 0 0 0 rg BT 284.96 297.70 Td (Schedule 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.95 297.70 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 432.26 297.70 Td (Agreement receives ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 283.30 Td (payments from the Incentive Pool in an amount that is less than what such person) Tj ET Q q 0 0 0 rg BT 520.59 283.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 268.90 Td (percentage allocation of the Incentive Pool set forth on ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 392.23828125 267.300390625 m 460.224609375 267.300390625 l s q 0 0 0 rg BT 392.24 268.90 Td (Schedule 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 460.22 268.90 Td ( of the Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 254.50 Td (Agreement would have been in the absence of the aggregate ) Tj ET Q q 0 0 0 rg BT 417.21 254.50 Td (Alternative Grants, then ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 240.10 Td (Parent shall pay such person the amount of such deficiency) Tj ET Q q 0 0 0 rg BT 409.47 240.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 211.30 Td (g. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 211.30 Td (For the avoidance of doubt, for purposes of calculating whether a person listed on ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 195.30039062499998 m 193.986328125 195.30039062499998 l s q 0 0 0 rg BT 126.00 196.90 Td (Schedule 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 193.99 196.90 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 273.30 196.90 Td (Agreement has received payments from the Incentive Pool ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 182.50 Td (at least equal to such person) Tj ET Q q 0 0 0 rg BT 264.29 182.50 Td (s initial allocation of the Incentive Pool set forth on ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 166.50039062500002 m 193.986328125 166.50039062500002 l s q 0 0 0 rg BT 126.00 168.10 Td (Schedule 6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 193.99 168.10 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 273.30 168.10 Td (Agreement, all payments made to such person with respect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 153.70 Td (to Forfeited Retention shall be treated as having been made with respect to the Incentive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 139.30 Td (Pool, regardless of whether paid pursuant to an ) Tj ET Q q 0 0 0 rg BT 354.28 139.30 Td (Alternative Grant or pursuant to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 514.236328125 137.70039062499995 m 553.23046875 137.70039062499995 l s q 0 0 0 rg BT 514.24 139.30 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 123.30039062499998 m 147 123.30039062499998 l s q 0 0 0 rg BT 126.00 124.90 Td (6.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 147.00 124.90 Td ( of the Purchase ) Tj ET Q q 0 0 0 rg BT 226.31 124.90 Td (Agreement. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 96.10 Td (h. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 96.10 Td (For the avoidance of doubt, the parties acknowledge that the ) Tj ET Q q 0 0 0 rg BT 418.24 96.10 Td (Applicable Simmons ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 81.70 Td (Representatives as of the date hereof are Fred Charlton \(Investment Banking\) and Bill ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 67.30 Td (Herbert \(Equities\). Such individuals shall be the ) Tj ET Q q 0 0 0 rg BT 359.29 67.30 Td (Applicable Simmons Representatives ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 42.60 Td (Second ) Tj ET Q q 0 0 0 rg BT 81.39 42.60 Td (Amendment to Securities Purchase ) Tj ET Q q 0 0 0 rg BT 223.58 42.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 302.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 374.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 410.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 446.00 42.60 Td ( ) Tj ET Q q 0 0 0 rg BT 518.00 42.60 Td ( Page 3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 729.70 Td (until such time that Seller provides notice to Buyer that such ) Tj ET Q q 0 0 0 rg BT 418.95 729.70 Td (Applicable Simmons ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 126.00 715.30 Td (Representatives have changed.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 686.50 Td (2. ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 90 684.6220703125 m 204.533203125 684.6220703125 l s q 0 0 0 rg BT 90.00 686.50 Td (Owner) Tj ET Q q 0 0 0 rg BT 125.11 686.50 Td ( Repr) Tj ET Q q 0 0 0 rg BT 153.88 686.50 Td (esentative) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 204.53 686.50 Td (. 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ET Q q 0 0 0 rg BT 115.09 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.37 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 634.25 Td (period ) Tj ET Q q 0 0 0 rg BT 168.14 634.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 202.28 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 214.78 634.25 Td (this ) Tj ET Q q 0 0 0 rg BT 231.73 634.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 610.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 64.00 610.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 90.88 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 103.33 610.25 Td (my ) Tj ET Q q 0 0 0 rg BT 118.55 610.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 167.37 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.03 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.45 610.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 266.61 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.49 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.48 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.91 610.25 Td (information ) Tj ET Q q 0 0 0 rg BT 393.56 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 430.44 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.66 610.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.55 610.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 486.38 610.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 510.47 610.25 Td (present ) Tj ET Q q 0 0 0 rg BT 541.79 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 552.02 610.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 598.25 Td (material ) Tj ET Q q 0 0 0 rg BT 98.23 598.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 131.91 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.05 598.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 223.79 598.25 Td (results ) Tj ET Q q 0 0 0 rg BT 251.37 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.17 598.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.30 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.21 598.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.45 598.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 363.14 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.94 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.63 598.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 425.87 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.67 598.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 447.97 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.88 598.25 Td (for) Tj ET Q q 0 0 0 rg BT 475.14 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.11 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.80 598.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 523.71 598.25 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 74.28 586.25 Td (this ) Tj ET Q q 0 0 0 rg BT 91.23 586.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 562.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 64.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.10 562.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 126.11 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 148.22 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 188.64 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 196.79 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 216.66 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.66 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 237.54 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.30 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 298.41 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.62 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 360.95 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.94 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 426.27 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 468.37 562.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 502.14 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 562.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 77.03 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.38 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.53 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 158.02 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 173.83 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 197.97 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 238.21 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.02 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 298.14 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.95 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.86 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 375.56 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 394.69 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.04 550.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.07 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 482.10 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.45 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.60 550.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 80.94 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 106.22 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 146.48 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.41 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 207.56 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 221.72 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.44 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 276.71 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.64 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 514.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 117.89 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 138.33 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 181.00 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 215.33 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.88 514.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 280.37 514.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.81 514.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 320.14 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 340.59 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.25 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.58 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.14 514.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.12 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.02 514.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.57 514.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 539.24 514.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.55 502.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 146.37 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.37 502.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 186.69 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 204.90 502.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.88 502.25 Td (information ) Tj ET Q q 0 0 0 rg BT 291.31 502.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.07 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.06 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.50 502.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 394.98 502.25 Td (including ) Tj ET Q q 0 0 0 rg BT 435.97 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 448.63 502.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 502.39 502.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 555.33 502.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 490.25 Td (made ) Tj ET Q q 0 0 0 rg BT 102.16 490.25 Td (known ) Tj ET Q q 0 0 0 rg BT 131.88 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.16 490.25 Td (us ) Tj ET Q q 0 0 0 rg BT 153.55 490.25 Td (by ) Tj ET Q q 0 0 0 rg BT 166.05 490.25 Td (others ) Tj ET Q q 0 0 0 rg BT 192.99 490.25 Td (within ) Tj ET Q q 0 0 0 rg BT 221.04 490.25 Td (those ) Tj ET Q q 0 0 0 rg BT 244.65 490.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 278.53 490.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 327.12 490.25 Td (during ) Tj ET Q q 0 0 0 rg BT 355.73 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.45 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 398.49 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.77 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 435.71 490.25 Td (this ) Tj ET Q q 0 0 0 rg BT 452.66 490.25 Td (report ) Tj ET Q q 0 0 0 rg BT 479.04 490.25 Td (is ) Tj ET Q q 0 0 0 rg BT 488.21 490.25 Td (being ) Tj ET Q q 0 0 0 rg BT 512.92 490.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 466.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 119.38 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 141.32 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.47 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 207.41 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.79 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.38 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 310.15 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.09 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 352.90 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 374.85 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.00 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 440.93 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 462.31 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.91 466.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 541.17 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 466.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 116.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 142.69 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 159.20 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 210.99 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.96 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.69 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 301.63 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 343.68 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 385.18 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 454.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 442.65 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.16 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.33 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.17 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 454.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 126.03 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.86 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 174.34 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 219.05 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.21 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 267.92 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 305.97 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.25 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 363.71 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.99 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.69 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 461.16 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.53 442.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (c\) ) Tj ET Q q 0 0 0 rg BT 78.00 418.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 119.56 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.36 418.25 Td (ef) Tj ET Q q 0 0 0 rg BT 140.95 418.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 186.96 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 418.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 255.71 418.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.83 418.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.63 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.65 418.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 393.10 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.12 418.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.02 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.38 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 474.41 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 499.87 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.78 418.25 Td (conclusions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.25 Td (about ) Tj ET Q q 0 0 0 rg BT 102.78 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.56 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 125.15 406.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 172.14 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.04 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.82 406.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 240.93 406.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 275.71 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.71 406.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 341.65 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.54 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.44 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.22 406.25 Td (end ) Tj ET Q q 0 0 0 rg BT 395.22 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.12 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.90 406.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.01 406.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 483.22 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.79 406.25 Td (this ) Tj ET Q q 0 0 0 rg BT 512.80 406.25 Td (report ) Tj ET Q q 0 0 0 rg BT 539.24 406.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.50 394.25 Td (such ) Tj ET Q q 0 0 0 rg BT 111.33 394.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 158.26 394.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (d\) ) Tj ET Q q 0 0 0 rg BT 78.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 120.71 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.77 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 149.49 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 176.65 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 194.36 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 225.95 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.01 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.50 370.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 299.24 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 333.05 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 364.66 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 385.70 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.96 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 463.89 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.16 370.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 520.41 370.25 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 370.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.33 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 144.65 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 170.95 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.48 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 242.09 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 287.42 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 313.73 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.45 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.11 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.20 358.25 Td (case ) Tj ET Q q 0 0 0 rg BT 410.28 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 431.79 358.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 460.32 358.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 489.40 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 506.27 358.25 Td (has ) Tj ET Q q 0 0 0 rg BT 521.48 358.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 85.59 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 115.01 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 125.84 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 135.01 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 180.83 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 206.10 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.38 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 259.42 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 267.00 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 286.99 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.71 346.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 347.66 346.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 380.71 346.25 Td (control ) Tj ET Q q 0 0 0 rg BT 411.53 346.25 Td (over ) Tj ET Q q 0 0 0 rg BT 431.80 346.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.28 346.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 511.21 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 322.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 64.00 322.25 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 322.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 129.69 322.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.58 322.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 195.79 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 203.94 322.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 225.60 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.38 322.25 Td (I ) Tj ET Q q 0 0 0 rg BT 250.05 322.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.27 322.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 315.33 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 341.44 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 354.78 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.46 322.25 Td (most ) Tj ET Q q 0 0 0 rg BT 394.25 322.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 422.01 322.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 467.00 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.68 322.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.56 322.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 322.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 310.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.92 310.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 146.02 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.74 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.90 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 221.30 310.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 257.46 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.85 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.01 310.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 315.95 310.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 362.10 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.37 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 437.93 310.25 Td (board ) Tj ET Q q 0 0 0 rg BT 464.64 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 310.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 515.84 310.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.45 310.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 298.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 111.49 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 298.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 170.35 298.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 274.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 93.19 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 137.82 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 187.98 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.00 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 289.07 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.26 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.89 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 342.41 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 393.33 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.08 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.03 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.77 274.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.95 274.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 274.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.31 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.38 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 166.57 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 192.21 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.86 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.04 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 251.63 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 269.48 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 262.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 330.89 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 359.31 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.96 262.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 400.87 262.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 436.23 262.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 482.97 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.27 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 527.02 262.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 130.49 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 226.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 98.82 226.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 126.01 226.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.81 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.74 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 190.11 226.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 228.97 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.56 226.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 285.04 226.25 Td (management ) Tj ET Q q 0 0 0 rg BT 339.72 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.65 226.25 Td (other ) Tj ET Q q 0 0 0 rg BT 375.79 226.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 422.15 226.25 Td (who ) Tj ET Q q 0 0 0 rg BT 442.97 226.25 Td (have ) Tj ET Q q 0 0 0 rg BT 465.44 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.47 226.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 519.28 226.25 Td (role ) Tj ET Q q 0 0 0 rg BT 538.42 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 226.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.96 214.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 157.00 214.25 Td (control ) Tj ET Q q 0 0 0 rg BT 187.82 214.25 Td (over ) Tj ET Q q 0 0 0 rg BT 208.09 214.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.57 214.25 Td (reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Date: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.16 178.25 Td (May9, ) Tj ET Q q 0 0 0 rg BT 104.99 178.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.99 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 142.75 m 562.5 142.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 146.32 Td (/s/ Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 133.32 Td (Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 120.32 Td (Chairman and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.00 Tf ET q 0 0 0 rg BT 50.00 96.85 Td () Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 730.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 730.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 58.33 706.25 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 90.26 706.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 101.37 706.25 Td (Schoneman, ) Tj ET Q q 0 0 0 rg BT 153.02 706.25 Td (certify ) Tj ET Q q 0 0 0 rg BT 181.62 706.25 Td (that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 682.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 64.00 682.25 Td (I ) Tj ET Q q 0 0 0 rg BT 69.83 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 91.21 682.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 130.35 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 147.30 682.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 185.89 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.27 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 248.94 682.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 271.99 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.82 682.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 306.43 682.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 317.91 682.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 336.51 682.25 Td (Companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 658.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 64.00 658.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 91.25 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 104.05 658.25 Td (my ) Tj ET Q q 0 0 0 rg BT 119.64 658.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 168.82 658.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.08 658.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.76 658.25 Td (does ) Tj ET Q q 0 0 0 rg BT 233.90 658.25 Td (not ) Tj ET Q q 0 0 0 rg BT 249.49 658.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 281.73 658.25 Td (any ) Tj ET Q q 0 0 0 rg BT 298.98 658.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 327.33 658.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 368.46 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.60 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.84 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 422.41 658.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 440.20 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.34 658.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 472.48 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.07 658.25 Td (state ) Tj ET Q q 0 0 0 rg BT 504.20 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.45 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 547.01 658.25 Td (fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 646.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 105.08 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.07 646.25 Td (make ) Tj ET Q q 0 0 0 rg BT 138.94 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.37 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 197.80 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 224.17 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.16 646.25 Td (light ) Tj ET Q q 0 0 0 rg BT 254.71 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.25 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.68 646.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 338.53 646.25 Td (under ) Tj ET Q q 0 0 0 rg BT 363.51 646.25 Td (which ) Tj ET Q q 0 0 0 rg BT 390.17 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 410.71 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.14 646.25 Td (were ) Tj ET Q q 0 0 0 rg BT 476.78 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.15 646.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 646.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 634.25 Td (with ) Tj ET Q q 0 0 0 rg BT 84.28 634.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 115.09 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.37 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 634.25 Td (period ) Tj ET Q q 0 0 0 rg BT 168.14 634.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 202.28 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 214.78 634.25 Td (this ) Tj ET Q q 0 0 0 rg BT 231.73 634.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 610.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 64.00 610.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 90.88 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 103.33 610.25 Td (my ) Tj ET Q q 0 0 0 rg BT 118.55 610.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 167.37 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.03 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.45 610.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 266.61 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.49 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.48 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.91 610.25 Td (information ) Tj ET Q q 0 0 0 rg BT 393.56 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 430.44 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.66 610.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.55 610.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 486.38 610.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 510.47 610.25 Td (present ) Tj ET Q q 0 0 0 rg BT 541.79 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 552.02 610.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 598.25 Td (material ) Tj ET Q q 0 0 0 rg BT 98.23 598.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 131.91 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.05 598.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 223.79 598.25 Td (results ) Tj ET Q q 0 0 0 rg BT 251.37 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.17 598.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.30 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.21 598.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.45 598.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 363.14 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.94 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.63 598.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 425.87 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.67 598.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 447.97 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.88 598.25 Td (for) Tj ET Q q 0 0 0 rg BT 475.14 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.11 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.80 598.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 523.71 598.25 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 74.28 586.25 Td (this ) Tj ET Q q 0 0 0 rg BT 91.23 586.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 562.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 64.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.10 562.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 126.11 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 148.22 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 188.64 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 196.79 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 216.66 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.66 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 237.54 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.30 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 298.41 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.62 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 360.95 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.94 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 426.27 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 468.37 562.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 502.14 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 562.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 77.03 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.38 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.53 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 158.02 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 173.83 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 197.97 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 238.21 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.02 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 298.14 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.95 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.86 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 375.56 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 394.69 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.04 550.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.07 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 482.10 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.45 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.60 550.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 80.94 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 106.22 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 146.48 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.41 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 207.56 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 221.72 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.44 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 276.71 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.64 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 514.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 117.89 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 138.33 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 181.00 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 215.33 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.88 514.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 280.37 514.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.81 514.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 320.14 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 340.59 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.25 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.58 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.14 514.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.12 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.02 514.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.57 514.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 539.24 514.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.55 502.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 146.37 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.37 502.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 186.69 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 204.90 502.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.88 502.25 Td (information ) Tj ET Q q 0 0 0 rg BT 291.31 502.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.07 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.06 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.50 502.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 394.98 502.25 Td (including ) Tj ET Q q 0 0 0 rg BT 435.97 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 448.63 502.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 502.39 502.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 555.33 502.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 490.25 Td (made ) Tj ET Q q 0 0 0 rg BT 102.16 490.25 Td (known ) Tj ET Q q 0 0 0 rg BT 131.88 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.16 490.25 Td (us ) Tj ET Q q 0 0 0 rg BT 153.55 490.25 Td (by ) Tj ET Q q 0 0 0 rg BT 166.05 490.25 Td (others ) Tj ET Q q 0 0 0 rg BT 192.99 490.25 Td (within ) Tj ET Q q 0 0 0 rg BT 221.04 490.25 Td (those ) Tj ET Q q 0 0 0 rg BT 244.65 490.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 278.53 490.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 327.12 490.25 Td (during ) Tj ET Q q 0 0 0 rg BT 355.73 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.45 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 398.49 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.77 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 435.71 490.25 Td (this ) Tj ET Q q 0 0 0 rg BT 452.66 490.25 Td (report ) Tj ET Q q 0 0 0 rg BT 479.04 490.25 Td (is ) Tj ET Q q 0 0 0 rg BT 488.21 490.25 Td (being ) Tj ET Q q 0 0 0 rg BT 512.92 490.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 466.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 119.38 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 141.32 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.47 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 207.41 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.79 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.38 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 310.15 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.09 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 352.90 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 374.85 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.00 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 440.93 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 462.31 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.91 466.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 541.17 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 466.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 116.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 142.69 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 159.20 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 210.99 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.96 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.69 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 301.63 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 343.68 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 385.18 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 454.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 442.65 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.16 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.33 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.17 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 454.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 126.03 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.86 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 174.34 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 219.05 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.21 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 267.92 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 305.97 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.25 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 363.71 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.99 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.69 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 461.16 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.53 442.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (c\) ) Tj ET Q q 0 0 0 rg BT 78.00 418.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 119.56 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.36 418.25 Td (ef) Tj ET Q q 0 0 0 rg BT 140.95 418.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 186.96 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 418.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 255.71 418.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.83 418.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.63 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.65 418.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 393.10 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.12 418.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.02 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.38 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 474.41 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 499.87 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.78 418.25 Td (conclusions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.25 Td (about ) Tj ET Q q 0 0 0 rg BT 102.78 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.56 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 125.15 406.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 172.14 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.04 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.82 406.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 240.93 406.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 275.71 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.71 406.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 341.65 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.54 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.44 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.22 406.25 Td (end ) Tj ET Q q 0 0 0 rg BT 395.22 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.12 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.90 406.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.01 406.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 483.22 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.79 406.25 Td (this ) Tj ET Q q 0 0 0 rg BT 512.80 406.25 Td (report ) Tj ET Q q 0 0 0 rg BT 539.24 406.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.50 394.25 Td (such ) Tj ET Q q 0 0 0 rg BT 111.33 394.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 158.26 394.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (d\) ) Tj ET Q q 0 0 0 rg BT 78.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 120.71 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.77 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 149.49 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 176.65 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 194.36 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 225.95 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.01 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.50 370.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 299.24 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 333.05 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 364.66 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 385.70 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.96 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 463.89 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.16 370.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 520.41 370.25 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 370.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.33 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 144.65 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 170.95 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.48 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 242.09 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 287.42 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 313.73 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.45 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.11 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.20 358.25 Td (case ) Tj ET Q q 0 0 0 rg BT 410.28 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 431.79 358.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 460.32 358.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 489.40 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 506.27 358.25 Td (has ) Tj ET Q q 0 0 0 rg BT 521.48 358.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 85.59 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 115.01 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 125.84 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 135.01 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 180.83 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 206.10 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.38 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 259.42 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 267.00 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 286.99 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.71 346.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 347.66 346.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 380.71 346.25 Td (control ) Tj ET Q q 0 0 0 rg BT 411.53 346.25 Td (over ) Tj ET Q q 0 0 0 rg BT 431.80 346.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.28 346.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 511.21 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 322.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 64.00 322.25 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 322.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 129.69 322.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.58 322.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 195.79 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 203.94 322.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 225.60 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.38 322.25 Td (I ) Tj ET Q q 0 0 0 rg BT 250.05 322.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.27 322.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 315.33 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 341.44 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 354.78 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.46 322.25 Td (most ) Tj ET Q q 0 0 0 rg BT 394.25 322.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 422.01 322.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 467.00 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.68 322.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.56 322.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 322.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 310.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.92 310.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 146.02 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.74 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.90 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 221.30 310.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 257.46 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.85 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.01 310.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 315.95 310.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 362.10 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.37 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 437.93 310.25 Td (board ) Tj ET Q q 0 0 0 rg BT 464.64 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 310.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 515.84 310.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.45 310.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 298.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 111.49 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 298.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 170.35 298.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 274.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 93.19 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 137.82 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 187.98 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.00 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 289.07 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.26 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.89 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 342.41 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 393.33 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.08 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.03 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.77 274.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.95 274.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 274.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.31 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.38 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 166.57 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 192.21 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.86 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.04 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 251.63 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 269.48 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 262.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 330.89 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 359.31 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.96 262.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 400.87 262.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 436.23 262.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 482.97 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.27 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 527.02 262.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 130.49 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 226.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 98.82 226.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 126.01 226.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.81 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.74 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 190.11 226.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 228.97 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.56 226.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 285.04 226.25 Td (management ) Tj ET Q q 0 0 0 rg BT 339.72 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.65 226.25 Td (other ) Tj ET Q q 0 0 0 rg BT 375.79 226.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 422.15 226.25 Td (who ) Tj ET Q q 0 0 0 rg BT 442.97 226.25 Td (have ) Tj ET Q q 0 0 0 rg BT 465.44 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.47 226.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 519.28 226.25 Td (role ) Tj ET Q q 0 0 0 rg BT 538.42 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 226.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.96 214.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 157.00 214.25 Td (control ) Tj ET Q q 0 0 0 rg BT 187.82 214.25 Td (over ) Tj ET Q q 0 0 0 rg BT 208.09 214.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.57 214.25 Td (reporting.) 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