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242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.67 242.10 Td ("lar) Tj ET Q q 0 0 0 rg BT 367.12 242.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 379.11 242.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 426.62 242.10 Td (filer) Tj ET Q q 0 0 0 rg BT 442.87 242.10 Td (," ) Tj ET Q q 0 0 0 rg BT 452.00 242.10 Td ("accelerated ) Tj ET Q q 0 0 0 rg BT 503.59 242.10 Td (filer) Tj ET Q q 0 0 0 rg BT 519.85 242.10 Td (," ) Tj ET Q q 0 0 0 rg BT 528.98 242.10 Td ("smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.66 231.10 Td (company) Tj ET Q q 0 0 0 rg BT 124.66 231.10 Td (," ) Tj ET Q q 0 0 0 rg BT 133.74 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.68 231.10 Td ("emer) Tj ET Q q 0 0 0 rg BT 174.57 231.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 194.85 231.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 225.68 231.10 Td (company" ) Tj ET Q q 0 0 0 rg BT 268.91 231.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.19 231.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 300.58 231.10 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 326.41 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.24 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.96 231.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 393.33 231.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.72 Td (Lar) Tj ET Q q 0 0 0 rg BT 66.79 210.72 Td (ge 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 (Emer) Tj ET Q q 0 0 0 rg BT 429.47 180.72 Td (ging 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 91.39 88.10 Td (April30, ) Tj ET Q q 0 0 0 rg BT 130.00 88.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 88.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.00 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.72 88.10 Td (registrant ) Tj ET Q q 0 0 0 rg BT 209.98 88.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.92 88.10 Td (15,198,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.92 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.42 88.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 301.91 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.74 88.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 352.47 88.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 377.74 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 (P) Tj ET Q q 0 0 0 rg BT 225.89 661.98 Td (AR) Tj ET Q q 0 0 0 rg BT 239.78 661.98 Td (T) Tj ET Q q 0 0 0 rg BT 246.19 661.98 Td ( I. FINANCIAL) Tj ET Q q 0 0 0 rg BT 313.88 661.98 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 364.62 661.98 Td (TION) 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, 2018 \(Unaudited\) 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, 2017) Tj ET Q 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, 2018 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, 2017 \(Unaudited\)) 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, 2018 and March 31, 2017 \(Unaudited\)) 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, 2018 ) 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, 2017 \(Unaudited\)) 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 467.3359375 485.4833984375 l s q 0 0 1 rg BT 120.50 486.82 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 1 rg BT 263.43 486.82 Td (AND ) Tj ET Q q 0 0 1 rg BT 287.04 486.82 Td (ANAL) Tj ET Q q 0 0 1 rg BT 313.82 486.82 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0 1 rg BT 406.79 486.82 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 (P) Tj ET Q q 0 0 0 rg BT 233.57 410.98 Td (AR) Tj ET Q q 0 0 0 rg BT 247.66 410.98 Td (T) Tj ET Q q 0 0 0 rg BT 254.15 410.98 Td ( II. OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 356.19 410.98 Td (TION) 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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ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.00 476.21 Td (22,834) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 465.21 Td (Investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 465.37 Td (169,739) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 465.21 Td (176,212) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 454.21 Td (Net deferred income tax assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 458.15 454.37 Td (95,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 453.87 Td (101,205) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 443.21 Td (Other assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 458.15 443.37 Td (77,424) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.00 443.21 Td (54,834) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 432.16 Td (T) Tj ET Q q 0 0 0 rg BT 62.97 432.16 Td (otal assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 420.50 432.32 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 446.25 432.32 Td (1,577,366) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.50 432.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.15 432.16 Td (2,024,683) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 51.50 412.37 Td (Liabilities and Shar) Tj ET Q q 0 0 0 rg BT 131.58 412.37 Td (eholders' Equity) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 401.21 Td (Short-term financing) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 420.50 401.37 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 401.37 Td (186,254) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.50 401.21 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 401.21 Td (289,937) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 390.21 Td (Senior notes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 390.37 Td (125,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 390.21 Td (125,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 379.21 Td (Payables to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 216.82 379.21 Td (ganizations) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 458.15 379.37 Td (33,582) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.00 379.21 Td (19,392) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 368.21 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 453.40 368.37 Td (320,469) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 368.21 Td (399,227) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 357.21 Td (Accrued compensation) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 357.37 Td (127,351) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 357.21 Td (400,092) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 346.21 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 458.15 346.37 Td (49,703) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.00 346.21 Td (49,800) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 335.21 Td (T) Tj ET Q q 0 0 0 rg BT 62.97 335.21 Td (otal liabilities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 335.37 Td (842,359) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.15 335.21 Td (1,283,448) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 316.21 Td (Shareholders' equity:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 305.21 Td (Common stock, $0.01 par value:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 294.21 Td (Shares authorized: 100,000,000 at March 31, 2018 and December 31, 2017;) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 283.16 Td (Shares issued: 19,513,856 at March 31, 2018 and 19,512,914 at December 31, 2017;) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 271.16 Td (Shares outstanding: 13,298,825 at March 31, 2018 and 12,91) Tj ET Q q 0 0 0 rg BT 294.82 271.16 Td (1,149 at December 31, 2017) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.05 271.32 Td (195) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 543.90 271.16 Td (195) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 259.21 Td (Additional paid-in capital) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 259.37 Td (802,566) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 259.21 Td (791,970) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 248.21 Td (Retained earnings \(1\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 248.37 Td (152,701) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 248.21 Td (176,270) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 237.16 Td (Less common stock held in treasury) Tj ET Q q 0 0 0 rg BT 193.82 237.16 Td (, at cost: 6,215,031 at March 31, 2018 and 6,601,765) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 227.66 Td (shares at December 31, 2017) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 450.25 228.82 Td (\(266,720) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 484.30 228.82 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 524.10 228.86 Td (\(273,824) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.15 228.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 215.21 Td (Accumulated other comprehensive loss) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 466.85 215.37 Td (\(750) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 484.30 215.37 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.60 215.21 Td (\(1,279) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.15 215.21 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 204.21 Td (T) Tj ET Q q 0 0 0 rg BT 68.97 204.21 Td (otal common shareholders' equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 204.37 Td (687,992) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 204.21 Td (693,332) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 185.21 Td (Noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 458.15 185.37 Td (47,015) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.00 185.21 Td (47,903) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 174.21 Td (T) Tj ET Q q 0 0 0 rg BT 68.97 174.21 Td (otal shareholders' equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.40 174.37 Td (735,007) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.25 174.21 Td (741,235) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 63.50 155.16 Td (T) Tj ET Q q 0 0 0 rg BT 68.64 155.16 Td (otal liabilities and shareholders' equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 420.50 155.32 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 446.25 155.32 Td (1,577,366) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.50 155.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.15 155.16 Td (2,024,683) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 137.0888671875 m 102 137.0888671875 l s q 0 0 0 rg BT 49.50 134.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 123.95 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 123.95 Td (Includes the cumulative effect adjustment upon adoption of ) Tj ET Q q 0 0 0 rg BT 282.29 123.95 Td (ASU 2014-09, as amended. See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.52 123.95 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.26 123.95 Td ( for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 105.95 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 49.00 679.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 679.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 679.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 679.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 657.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 657.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 657.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 657.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 635.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 635.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 635.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 635.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 613.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 613.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 613.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 613.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 592.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 592.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 592.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 592.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 571.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 571.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 571.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 571.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 550.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 550.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 550.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 550.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 529.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 529.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 529.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 529.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 507.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 507.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 507.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 507.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 485.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 485.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 485.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 485.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 462.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 462.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 462.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 462.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 440.00 365.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 440.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 440.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 440.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 418.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 418.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 418.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 418.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 397.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 397.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 397.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 397.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 376.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 376.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 376.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 376.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 355.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 355.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 355.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 355.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 334.00 365.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 334.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 334.00 8.00 -10.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 414.00 181.00 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 181.00 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 181.00 70.00 -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 414 691 m 484 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 691 m 492 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 691 m 562 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 679 m 484 679 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 679 m 562 679 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 613 m 484 613 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 613 m 562 613 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 571 m 484 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 571 m 562 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 550 m 484 550 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 550 m 562 550 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 418 m 484 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 418 m 562 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 397 m 484 397 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 397 m 562 397 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 397 m 484 397 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 397 m 562 397 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 355 m 484 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 355 m 562 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 313 m 484 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 313 m 562 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 293 m 484 293 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 291 m 484 291 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 293 m 562 293 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 291 m 562 291 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 271 m 484 271 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 269 m 484 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 271 m 562 271 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 269 m 562 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 269 m 562 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 271 m 562 271 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 705.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.58 705.73 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 693.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 484.44 693.73 Td (ch 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 682.95 Td (\(Amounts in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 177.86 682.95 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 681.73 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 681.73 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 669.78 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 658.62 Td (Investment banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 658.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 658.78 Td (120,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 658.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 658.62 Td (132,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 647.62 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 647.78 Td (27,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 647.62 Td (39,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 636.62 Td (Asset management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 636.78 Td (12,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 636.62 Td (16,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 625.62 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 625.78 Td (10,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 625.62 Td (7,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 614.62 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 614.78 Td (2,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 614.62 Td (10,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 593.62 Td (T) Tj ET Q q 0 0 0 rg BT 69.26 593.62 Td (otal revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 593.78 Td (174,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 593.62 Td (205,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 572.62 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 572.78 Td (5,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 572.62 Td (4,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 551.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 551.78 Td (169,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 551.62 Td (200,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 530.78 Td (Non-inter) Tj ET Q q 0 0 0 rg BT 93.07 530.78 Td (est expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 519.62 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 519.78 Td (1) Tj ET Q q 0 0 0 rg BT 452.65 519.78 Td (15,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 519.62 Td (134,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 508.62 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 508.78 Td (8,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 508.62 Td (10,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 497.62 Td (Occupancy and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 497.78 Td (8,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 497.62 Td (8,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 486.62 Td (Communications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 486.78 Td (8,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 486.62 Td (7,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 475.62 Td (Marketing and business development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 475.73 Td (7,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 475.62 Td (7,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 463.62 Td (Deal-related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 463.78 Td (5,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 463.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 452.62 Td (T) Tj ET Q q 0 0 0 rg BT 63.43 452.62 Td (rade execution and clearance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 452.78 Td (2,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 452.62 Td (1,81) Tj ET Q q 0 0 0 rg BT 553.15 452.62 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 441.62 Td (Intangible asset amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 441.78 Td (2,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 441.62 Td (3,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 430.62 Td (Back of) Tj ET Q q 0 0 0 rg BT 88.79 430.62 Td (fice conversion costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 430.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 430.62 Td (866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 419.62 Td (Other operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 419.78 Td (2,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 419.62 Td (2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 398.62 Td (T) Tj ET Q q 0 0 0 rg BT 68.91 398.62 Td (otal non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 398.78 Td (161,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 398.62 Td (177,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 377.78 Td (Income befor) Tj ET Q q 0 0 0 rg BT 108.25 377.78 Td (e income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 377.78 Td (8,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 377.62 Td (22,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 356.62 Td (Income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.30 356.78 Td (\(2,581) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 356.78 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 356.62 Td (\(395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 356.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 335.78 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 335.78 Td (10,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 335.62 Td (23,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 314.62 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 314.78 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 314.62 Td (2,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 293.78 Td (Net income applicable to Piper) Tj ET Q q 0 0 0 rg BT 182.50 293.78 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 293.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 293.78 Td (10,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 293.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 293.62 Td (20,275) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 272.73 Td (Net income applicable to Piper) Tj ET Q q 0 0 0 rg BT 182.50 272.73 Td ( Jaffray Companies' common shar) Tj ET Q q 0 0 0 rg BT 329.53 272.73 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 272.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 272.73 Td (6,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 272.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 272.62 Td (16,828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 250.78 Td (Earnings per) Tj ET Q q 0 0 0 rg BT 107.25 250.78 Td ( common shar) Tj ET Q q 0 0 0 rg BT 167.62 250.78 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 239.62 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 239.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 239.73 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 239.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 239.62 Td (1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 227.62 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 227.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 227.73 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 227.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 227.62 Td (1.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 205.73 Td (Dividends declar) Tj ET Q q 0 0 0 rg BT 123.27 205.73 Td (ed per) Tj ET Q q 0 0 0 rg BT 150.03 205.73 Td ( common shar) Tj ET Q q 0 0 0 rg BT 210.40 205.73 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 205.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 205.73 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 205.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 205.62 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 183.73 Td (W) Tj ET Q q 0 0 0 rg BT 60.95 183.73 Td (eighted average number) Tj ET Q q 0 0 0 rg BT 164.08 183.73 Td ( of common shar) Tj ET Q q 0 0 0 rg BT 235.28 183.73 Td (es outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 171.62 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 171.78 Td (13,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 171.62 Td (12,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 160.62 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 160.78 Td (13,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 160.62 Td (12,922) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 129.50 Td (See Notes to the Consolidated Financial Statements) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 196.05 742.60 Td (Consolidated Statements of Compr) Tj ET Q q 0 0 0 rg BT 345.59 742.60 Td (ehensive Income) 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 (5) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 679.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 679.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 679.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 679.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 655.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 655.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 655.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 655.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 631.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 631.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 631.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 631.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 607.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 607.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 607.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 607.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 583.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 583.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 583.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 583.00 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 414 691 m 484 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 691 m 492 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 691 m 562 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 691 m 484 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 679 m 484 679 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 691 m 562 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 679 m 562 679 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 631 m 484 631 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 631 m 562 631 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 583 m 484 583 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 583 m 562 583 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 560 m 484 560 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 558 m 484 558 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 560 m 562 560 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 558 m 562 558 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 705.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.58 705.73 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 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Tj ET Q q 0 0 0 rg BT 174.85 564.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 186.33 564.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 204.29 564.75 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 253.36 564.75 Td (from ) Tj ET Q q 0 0 0 rg BT 274.66 564.75 Td (a ) Tj ET Q q 0 0 0 rg BT 280.96 564.75 Td (self ) Tj ET Q q 0 0 0 rg BT 297.26 564.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 331.32 564.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.94 564.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 398.90 564.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 425.19 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 434.83 564.75 Td (a ) Tj ET Q q 0 0 0 rg BT 441.13 564.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 461.87 564.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 500.95 564.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 535.01 564.75 Td (model. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 85.95 552.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 106.29 552.75 Td (\("Pershing"\) ) Tj ET Q q 0 0 0 rg BT 157.57 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 165.70 552.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 188.26 552.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 199.74 552.75 Td (fray's ) Tj ET Q q 0 0 0 rg BT 222.99 552.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 256.64 552.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 284.19 552.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 310.07 552.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 357.07 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 370.19 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.86 552.75 Td (clearance ) Tj ET Q q 0 0 0 rg BT 423.05 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.94 552.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 481.50 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 491.28 552.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 509.95 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.84 552.75 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.77 540.75 Td (and ) Tj ET Q q 0 0 0 rg BT 86.71 540.75 Td (security ) Tj ET Q q 0 0 0 rg BT 120.86 540.75 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.49 516.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.97 516.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.96 516.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.84 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.16 516.75 Td (its ) Tj ET Q q 0 0 0 rg BT 181.50 516.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 231.60 516.75 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 280.93 516.75 Td (, ) Tj ET Q q 0 0 0 rg BT 286.31 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.41 516.75 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 354.68 516.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 386.99 516.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 516.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 516.75 Td ( ) Tj ET Q q 0 0 0 rg BT 415.54 516.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 455.08 516.75 Td (segments: ) Tj ET Q q 0 0 0 rg BT 497.96 516.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 529.73 516.75 Td (Markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.89 504.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 90.61 504.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 147.26 504.75 Td (A) Tj ET Q q 0 0 0 rg BT 153.93 504.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.43 504.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 196.15 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.98 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.69 504.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 260.29 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.12 504.75 Td (each ) Tj ET Q q 0 0 0 rg BT 291.94 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.77 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.48 504.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 364.56 504.75 Td (business ) Tj ET Q q 0 0 0 rg BT 400.96 504.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 440.67 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 449.84 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 460.67 504.75 Td (follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (Capital Markets) 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 66.41 456.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 96.65 456.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 130.77 456.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 165.46 456.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 201.26 456.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 246.50 456.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 280.07 456.75 Td (services ) Tj ET Q q 0 0 0 rg BT 313.64 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.44 456.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 378.57 456.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 401.87 456.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 431.55 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.35 456.75 Td (research ) Tj ET Q q 0 0 0 rg BT 482.02 456.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 518.08 456.75 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.04 444.75 Td (services ) Tj ET Q q 0 0 0 rg BT 116.57 444.75 Td (include ) Tj ET Q q 0 0 0 rg BT 147.33 444.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.63 444.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 219.39 444.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 255.42 444.75 Td (management ) Tj ET Q q 0 0 0 rg BT 307.83 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.49 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.25 444.75 Td (participation ) Tj ET Q q 0 0 0 rg BT 385.11 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.21 444.75 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 451.08 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.84 444.75 Td (public ) Tj ET Q q 0 0 0 rg BT 493.16 444.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 523.91 444.75 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 90.66 432.75 Td (are ) Tj ET Q q 0 0 0 rg BT 105.14 432.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 146.29 432.75 Td (through ) Tj ET Q q 0 0 0 rg BT 179.68 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.17 432.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 223.66 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.27 432.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 270.98 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.70 432.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 327.75 432.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 348.63 432.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 399.24 432.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 423.46 432.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 454.06 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.78 432.75 Td (research ) Tj ET Q q 0 0 0 rg BT 506.37 432.75 Td (services ) Tj ET Q q 0 0 0 rg BT 540.85 432.75 Td (focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.94 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 420.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 107.36 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.13 420.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 145.56 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.44 420.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.43 420.75 Td (income ) Tj ET Q q 0 0 0 rg BT 217.30 420.75 Td (products ) Tj ET Q q 0 0 0 rg BT 254.18 420.75 Td (with ) Tj ET Q q 0 0 0 rg BT 274.39 420.75 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 323.78 420.75 Td (government ) Tj ET Q q 0 0 0 rg BT 373.99 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.86 420.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 433.85 420.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 467.67 420.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 508.99 420.75 Td (are ) Tj ET Q q 0 0 0 rg BT 523.63 420.75 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.55 408.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 138.73 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.11 408.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 178.50 408.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 208.10 408.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 237.69 408.75 Td (on ) Tj ET Q q 0 0 0 rg BT 250.63 408.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 278.57 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.96 408.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 319.45 408.75 Td (income ) Tj ET Q q 0 0 0 rg BT 351.83 408.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 402.55 408.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.94 408.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 466.48 408.75 Td (net ) Tj ET Q q 0 0 0 rg BT 481.65 408.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 408.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 552.51 408.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.95 396.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.83 396.75 Td (held ) Tj ET Q q 0 0 0 rg BT 142.17 396.75 Td (in ) Tj ET Q q 0 0 0 rg BT 153.07 396.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 190.75 396.75 Td (, ) Tj ET Q q 0 0 0 rg BT 196.37 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.93 396.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 243.16 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.73 396.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.74 396.75 Td (from ) Tj ET Q q 0 0 0 rg BT 310.30 396.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 341.75 396.75 Td (these ) Tj ET Q q 0 0 0 rg BT 365.42 396.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 408.12 396.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 432.63 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.97 396.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.98 396.75 Td (generates ) Tj ET Q q 0 0 0 rg BT 530.85 396.75 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (through ) Tj ET Q q 0 0 0 rg BT 84.48 384.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 122.23 384.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.42 384.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.74 384.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 213.27 384.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 255.75 384.75 Td (which ) Tj ET Q q 0 0 0 rg BT 284.06 384.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 309.59 384.75 Td (on ) Tj ET Q q 0 0 0 rg BT 323.46 384.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.11 384.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.76 384.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 430.63 384.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 460.89 384.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 482.55 384.75 Td (government ) Tj ET Q q 0 0 0 rg BT 534.18 384.75 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.65 372.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.97 372.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 150.05 372.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 185.15 372.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 224.14 372.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 265.35 372.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 293.23 372.75 Td (or ) Tj ET Q q 0 0 0 rg BT 304.45 372.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 324.55 372.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.20 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.86 372.75 Td (late ) Tj ET Q q 0 0 0 rg BT 403.18 372.75 Td (stage ) Tj ET Q q 0 0 0 rg BT 426.61 372.75 Td (private ) Tj ET Q q 0 0 0 rg BT 457.26 372.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 505.20 372.75 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 372.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (has ) Tj ET Q q 0 0 0 rg BT 65.36 360.75 Td (created ) Tj ET Q q 0 0 0 rg BT 96.75 360.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 141.48 360.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 163.45 360.75 Td (management ) Tj ET Q q 0 0 0 rg BT 217.07 360.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 241.82 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 252.13 360.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 291.87 360.75 Td (banking, ) Tj ET Q q 0 0 0 rg BT 329.11 360.75 Td (ener) Tj ET Q q 0 0 0 rg BT 346.14 360.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 358.67 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 375.64 360.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 402.61 360.75 Td (living ) Tj ET Q q 0 0 0 rg BT 428.47 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 438.78 360.75 Td (order ) Tj ET Q q 0 0 0 rg BT 462.41 360.75 Td (to ) Tj ET Q q 0 0 0 rg BT 472.72 360.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 499.14 360.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 518.89 360.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 548.07 360.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 348.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 93.37 348.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.52 348.75 Td (from ) Tj ET Q q 0 0 0 rg BT 144.46 348.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 175.85 348.75 Td (investors. ) Tj ET Q q 0 0 0 rg BT 216.78 348.75 Td (The ) Tj ET Q q 0 0 0 rg BT 234.82 348.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.21 348.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 311.46 348.75 Td (management ) Tj ET Q q 0 0 0 rg BT 365.05 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.99 348.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 435.01 348.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 453.61 348.75 Td (for ) Tj ET Q q 0 0 0 rg BT 467.77 348.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 509.71 348.75 Td (these ) Tj ET Q q 0 0 0 rg BT 532.75 348.75 Td (funds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.69 300.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 95.59 300.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 152.47 300.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 190.47 300.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 229.58 300.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 275.36 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 299.47 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 355.23 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 392.12 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 414.57 300.75 Td (product ) Tj ET Q q 0 0 0 rg BT 449.79 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 457.94 300.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 490.39 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.84 300.75 Td (master ) Tj ET Q q 0 0 0 rg BT 534.17 300.75 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 102.76 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.58 288.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 150.95 288.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.09 288.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.25 288.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 254.08 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.90 288.75 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 324.23 288.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 367.48 288.75 Td (are ) Tj ET Q q 0 0 0 rg BT 384.07 288.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 427.31 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 439.47 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.07 288.75 Td (form ) Tj ET Q q 0 0 0 rg BT 479.89 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 492.60 288.75 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 288.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.52 276.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 123.62 276.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 165.00 276.75 Td (are ) Tj ET Q q 0 0 0 rg BT 179.71 276.75 Td (also ) Tj ET Q q 0 0 0 rg BT 198.31 276.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 239.68 276.75 Td (through ) Tj ET Q q 0 0 0 rg BT 273.28 276.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 323.56 276.75 Td (in ) Tj ET Q q 0 0 0 rg BT 333.84 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 348.55 276.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 399.93 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.87 276.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.59 276.75 Td (that ) Tj ET Q q 0 0 0 rg BT 459.08 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.80 276.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 515.19 276.75 Td (manages.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 252.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 228.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 128.26 228.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.26 228.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.69 228.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.35 228.75 Td (have ) Tj ET Q q 0 0 0 rg BT 284.68 228.75 Td (been ) Tj ET Q q 0 0 0 rg BT 306.01 228.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 343.44 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.67 228.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 401.09 228.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.32 228.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.55 228.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.21 228.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 228.75 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 90.21 216.75 Td (\("U.S. ) Tj ET Q q 0 0 0 rg BT 116.67 216.75 Td (GAAP"\) ) Tj ET Q q 0 0 0 rg BT 152.58 216.75 Td (for ) Tj ET Q q 0 0 0 rg BT 165.52 216.75 Td (interim ) Tj ET Q q 0 0 0 rg BT 195.67 216.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 231.92 216.75 Td (information ) Tj ET Q q 0 0 0 rg BT 280.41 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.12 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.60 216.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 330.32 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 346.03 216.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 391.73 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.33 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.82 216.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 455.53 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.24 216.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 511.93 216.75 Td (Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (\("SEC"\). ) Tj ET Q q 0 0 0 rg BT 86.90 204.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 123.63 204.75 Td (to ) Tj ET Q q 0 0 0 rg BT 133.14 204.75 Td (this ) Tj ET Q q 0 0 0 rg BT 149.31 204.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 189.64 204.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 218.57 204.75 Td (information ) Tj ET Q q 0 0 0 rg BT 267.52 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.68 204.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 329.85 204.75 Td (have ) Tj ET Q q 0 0 0 rg BT 350.46 204.75 Td (been ) Tj ET Q q 0 0 0 rg BT 371.07 204.75 Td (omitted ) Tj ET Q q 0 0 0 rg BT 403.35 204.75 Td (that ) Tj ET Q q 0 0 0 rg BT 420.08 204.75 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 204.75 Td (included ) Tj ET Q q 0 0 0 rg BT 470.18 204.75 Td (within ) Tj ET Q q 0 0 0 rg BT 497.47 204.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 535.85 204.75 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.94 192.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.12 192.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 164.34 192.75 Td (as ) Tj ET Q q 0 0 0 rg BT 175.14 192.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 214.81 192.75 Td (herein, ) Tj ET Q q 0 0 0 rg BT 244.76 192.75 Td (there ) Tj ET Q q 0 0 0 rg BT 267.21 192.75 Td (have ) Tj ET Q q 0 0 0 rg BT 288.55 192.75 Td (been ) Tj ET Q q 0 0 0 rg BT 309.89 192.75 Td (no ) Tj ET Q q 0 0 0 rg BT 322.35 192.75 Td (material ) Tj ET Q q 0 0 0 rg BT 357.57 192.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 392.24 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.48 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.16 192.75 Td (information ) Tj ET Q q 0 0 0 rg BT 466.84 192.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 502.61 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 512.85 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 192.75 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.15 180.75 Td (related ) Tj ET Q q 0 0 0 rg BT 140.85 180.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 187.79 180.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.07 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.79 180.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 259.31 180.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 291.25 180.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.97 180.75 Td (on ) Tj ET Q q 0 0 0 rg BT 333.47 180.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 357.64 180.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 380.69 180.75 Td (for ) Tj ET Q q 0 0 0 rg BT 394.85 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.57 180.75 Td (year ) Tj ET Q q 0 0 0 rg BT 429.28 180.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 180.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 514.24 180.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.24 180.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.21 156.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 121.91 156.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.05 156.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.42 156.75 Td (include ) Tj ET Q q 0 0 0 rg BT 238.01 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.39 156.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 291.53 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.02 156.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 327.29 156.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 338.77 156.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 358.03 156.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 408.68 156.75 Td (its ) Tj ET Q q 0 0 0 rg BT 421.29 156.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 452.22 156.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 482.04 156.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 534.92 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 552.52 156.75 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (other ) Tj ET Q q 0 0 0 rg BT 73.45 144.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 105.74 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.93 144.75 Td (which ) Tj ET Q q 0 0 0 rg BT 144.77 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.40 144.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.69 144.75 Td (has ) Tj ET Q q 0 0 0 rg BT 219.43 144.75 Td (a ) Tj ET Q q 0 0 0 rg BT 227.28 144.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 274.56 144.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.95 144.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 348.29 144.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 412.80 144.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 449.54 144.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 489.59 144.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.99 144.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 554.72 144.75 Td (in ) 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 103.07 132.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 134.97 132.75 Td (that ) Tj ET Q q 0 0 0 rg BT 152.99 132.75 Td (are ) Tj ET Q q 0 0 0 rg BT 168.23 132.75 Td (not ) Tj ET Q q 0 0 0 rg BT 184.03 132.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 235.09 132.75 Td (either ) Tj ET Q q 0 0 0 rg BT 260.88 132.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 294.45 132.75 Td (or ) Tj ET Q q 0 0 0 rg BT 305.80 132.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 343.47 132.75 Td (, ) Tj ET Q q 0 0 0 rg BT 349.00 132.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.80 132.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 383.93 132.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 395.41 132.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 414.54 132.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 465.06 132.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 529.19 132.75 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (include ) Tj ET Q q 0 0 0 rg BT 81.64 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 96.56 120.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 133.71 120.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 161.41 120.75 Td (holders' ) Tj ET Q q 0 0 0 rg BT 195.35 120.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 251.93 120.75 Td (share ) Tj ET Q q 0 0 0 rg BT 275.73 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.76 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.68 120.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.38 120.75 Td (in ) Tj ET Q q 0 0 0 rg BT 339.87 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.79 120.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 402.07 120.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 446.97 120.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.11 120.75 Td (management ) Tj ET Q q 0 0 0 rg BT 522.91 120.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 549.74 120.75 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (material ) Tj ET Q q 0 0 0 rg BT 84.76 108.75 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 142.24 108.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 179.16 108.75 Td (have ) Tj ET Q q 0 0 0 rg BT 200.54 108.75 Td (been ) Tj ET Q q 0 0 0 rg BT 221.92 108.75 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.98 84.75 Td (is ) Tj ET Q q 0 0 0 rg BT 112.93 84.75 Td (required ) Tj ET Q q 0 0 0 rg BT 148.52 84.75 Td (to ) Tj ET Q q 0 0 0 rg BT 158.58 84.75 Td (make ) Tj ET Q q 0 0 0 rg BT 182.51 84.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 222.00 84.75 Td (and ) Tj ET Q q 0 0 0 rg BT 238.72 84.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 290.44 84.75 Td (that ) Tj ET Q q 0 0 0 rg BT 307.72 84.75 Td (af) Tj ET Q q 0 0 0 rg BT 315.30 84.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 332.57 84.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.06 84.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 382.65 84.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 418.82 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.43 84.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 455.03 84.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.75 84.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 511.25 84.75 Td (at ) Tj ET Q q 0 0 0 rg BT 520.74 84.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.23 84.75 Td (date ) Tj ET Q q 0 0 0 rg BT 554.17 84.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.91 72.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 101.08 72.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.48 72.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.11 72.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.52 72.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 212.03 72.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 248.11 72.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.63 72.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 296.36 72.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.99 72.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 351.28 72.75 Td (during ) Tj ET Q q 0 0 0 rg BT 379.58 72.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.98 72.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 432.83 72.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 462.59 72.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 502.56 72.75 Td (these ) Tj ET Q q 0 0 0 rg BT 525.29 72.75 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 60.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 118.39 60.75 Td (are ) Tj ET Q q 0 0 0 rg BT 133.09 60.75 Td (based ) Tj ET Q q 0 0 0 rg BT 158.36 60.75 Td (on ) Tj ET Q q 0 0 0 rg BT 170.86 60.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.58 60.75 Td (best ) Tj ET Q q 0 0 0 rg BT 204.19 60.75 Td (information ) Tj ET Q q 0 0 0 rg BT 253.90 60.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 294.99 60.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 321.36 60.75 Td (results ) Tj ET Q q 0 0 0 rg BT 349.97 60.75 Td (could ) Tj ET Q q 0 0 0 rg BT 374.69 60.75 Td (dif) Tj ET Q q 0 0 0 rg BT 385.61 60.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 399.21 60.75 Td (from ) Tj ET Q q 0 0 0 rg BT 421.15 60.75 Td (those ) Tj ET Q q 0 0 0 rg BT 444.76 60.75 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 79.49 708.75 Td (Accounting Policies and Pr) Tj ET Q q 0 0 0 rg BT 189.37 708.75 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.58 708.75 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 (2017) 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 (Revenue Recognition) 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 49.5 599.4169921875 m 131.88232421875 599.4169921875 l s q 0 0 0 rg BT 49.50 600.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 98.00 600.75 Td (Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.88 600.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.94 600.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 145.01 600.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 193.50 600.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 229.78 600.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 271.88 600.75 Td (which ) Tj ET Q q 0 0 0 rg BT 300.38 600.75 Td (include ) Tj ET Q q 0 0 0 rg BT 333.88 600.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 372.38 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.88 600.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 446.59 600.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 469.25 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 485.52 600.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 524.56 600.75 Td (when ) Tj ET Q q 0 0 0 rg BT 550.28 600.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.06 588.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 148.64 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 164.34 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 180.59 588.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 228.50 588.75 Td (is ) Tj ET Q q 0 0 0 rg BT 239.20 588.75 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 276.56 588.75 Td (under ) Tj ET Q q 0 0 0 rg BT 303.36 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.62 588.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 345.87 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.23 588.75 Td (each ) Tj ET Q q 0 0 0 rg BT 380.58 588.75 Td (engagement. ) Tj ET Q q 0 0 0 rg BT 435.43 588.75 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 477.23 588.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 522.36 588.75 Td (with ) Tj ET Q q 0 0 0 rg BT 544.17 588.75 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.09 576.75 Td (are ) Tj ET Q q 0 0 0 rg BT 115.12 576.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 151.24 576.75 Td (until ) Tj ET Q q 0 0 0 rg BT 172.40 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.44 576.75 Td (related ) Tj ET Q q 0 0 0 rg BT 217.46 576.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 251.93 576.75 Td (is ) Tj ET Q q 0 0 0 rg BT 261.42 576.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 308.11 576.75 Td (or ) Tj ET Q q 0 0 0 rg BT 319.26 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.30 576.75 Td (engagement ) Tj ET Q q 0 0 0 rg BT 385.43 576.75 Td (is ) Tj ET Q q 0 0 0 rg BT 394.92 576.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 436.62 576.75 Td (concluded. ) Tj ET Q q 0 0 0 rg BT 483.04 576.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 530.30 576.75 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.53 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 102.23 564.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 143.04 564.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 166.65 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.47 564.75 Td (related ) Tj ET Q q 0 0 0 rg BT 207.17 564.75 Td (client ) Tj ET Q q 0 0 0 rg BT 231.88 564.75 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 279.36 564.75 Td (deal ) Tj ET Q q 0 0 0 rg BT 298.50 564.75 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 339.60 564.75 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 379.86 564.75 Td (for ) Tj ET Q q 0 0 0 rg BT 394.01 564.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 438.16 564.75 Td (deals ) Tj ET Q q 0 0 0 rg BT 461.20 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 475.90 564.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 511.71 564.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 554.74 564.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 99.25 552.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 137.91 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 150.47 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.25 552.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 218.36 552.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.13 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.02 552.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 320.74 552.75 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 361.07 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 390.84 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.18 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 447.62 552.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 482.40 552.75 Td (deals ) Tj ET Q q 0 0 0 rg BT 505.51 552.75 Td (not ) Tj ET Q q 0 0 0 rg BT 520.85 552.75 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 540.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 110.57 540.75 Td (as ) Tj ET Q q 0 0 0 rg BT 121.40 540.75 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 171.66 540.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 210.26 540.75 Td (on ) Tj ET Q q 0 0 0 rg BT 222.76 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 237.48 540.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 290.52 540.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 335.23 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.06 540.75 Td (operations.) 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 66.69 516.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 112.92 516.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 149.00 516.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 166.75 516.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 205.59 516.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 235.02 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.99 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 251.08 516.75 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 310.48 516.75 Td (up-front ) Tj ET Q q 0 0 0 rg BT 344.89 516.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 358.74 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 374.83 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.91 516.75 Td (success ) Tj ET Q q 0 0 0 rg BT 412.55 516.75 Td (fee. ) Tj ET Q q 0 0 0 rg BT 428.78 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 445.97 516.75 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 505.37 516.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 519.22 516.75 Td (is ) Tj ET Q q 0 0 0 rg BT 527.54 516.75 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.17 504.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 97.82 504.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 132.80 504.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 156.14 504.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 186.68 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.46 504.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 251.66 504.75 Td (at ) Tj ET Q q 0 0 0 rg BT 262.22 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 270.00 504.75 Td (point ) Tj ET Q q 0 0 0 rg BT 293.89 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 305.01 504.75 Td (time ) Tj ET Q q 0 0 0 rg BT 326.13 504.75 Td (when ) Tj ET Q q 0 0 0 rg BT 351.13 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.68 504.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 420.54 504.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 464.44 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 474.45 504.75 Td (satisfied, ) Tj ET Q q 0 0 0 rg BT 513.61 504.75 Td (or ) Tj ET Q q 0 0 0 rg BT 525.28 504.75 Td (when ) Tj ET Q q 0 0 0 rg BT 550.28 504.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 95.69 492.75 Td (is ) Tj ET Q q 0 0 0 rg BT 104.68 492.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 138.09 492.75 Td (by ) Tj ET Q q 0 0 0 rg BT 150.41 492.75 Td (management ) Tj ET Q q 0 0 0 rg BT 203.82 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 213.91 492.75 Td (be ) Tj ET Q q 0 0 0 rg BT 225.67 492.75 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 273.25 492.75 Td (Management's ) Tj ET Q q 0 0 0 rg BT 333.46 492.75 Td (judgment ) Tj ET Q q 0 0 0 rg BT 373.55 492.75 Td (is ) Tj ET Q q 0 0 0 rg BT 382.54 492.75 Td (required ) Tj ET Q q 0 0 0 rg BT 418.17 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.27 492.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 478.91 492.75 Td (when ) Tj ET Q q 0 0 0 rg BT 502.89 492.75 Td (a ) Tj ET Q q 0 0 0 rg BT 509.65 492.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 555.84 492.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 95.32 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 105.59 480.75 Td (be ) Tj ET Q q 0 0 0 rg BT 117.53 480.75 Td (terminated.) 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 67.76 456.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 113.24 456.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 149.84 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.88 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.81 456.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 223.10 456.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 260.25 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.40 456.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 331.76 456.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 350.57 456.75 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 371.33 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.26 456.75 Td (success ) Tj ET Q q 0 0 0 rg BT 418.96 456.75 Td (related ) Tj ET Q q 0 0 0 rg BT 448.88 456.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 486.03 456.75 Td (fee\) ) Tj ET Q q 0 0 0 rg BT 504.27 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 519.19 456.75 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.37 444.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 140.91 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.02 444.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 204.55 444.75 Td (when ) Tj ET Q q 0 0 0 rg BT 228.88 444.75 Td (it ) Tj ET Q q 0 0 0 rg BT 237.10 444.75 Td (is ) Tj ET Q q 0 0 0 rg BT 246.44 444.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 284.09 444.75 Td (that ) Tj ET Q q 0 0 0 rg BT 301.76 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.64 444.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 351.51 444.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 408.05 444.75 Td (will ) Tj ET Q q 0 0 0 rg BT 426.28 444.75 Td (not ) Tj ET Q q 0 0 0 rg BT 441.73 444.75 Td (be ) Tj ET Q q 0 0 0 rg BT 453.83 444.75 Td (reversed ) Tj ET Q q 0 0 0 rg BT 490.37 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.82 444.75 Td (a ) Tj ET Q q 0 0 0 rg BT 507.92 444.75 Td (future ) Tj ET Q q 0 0 0 rg BT 534.47 444.75 Td (period. ) 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 69.06 432.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 105.28 432.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 163.17 432.75 Td (is ) Tj ET Q q 0 0 0 rg BT 173.86 432.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 221.19 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 232.98 432.75 Td (be ) Tj ET Q q 0 0 0 rg BT 246.44 432.75 Td (constrained ) Tj ET Q q 0 0 0 rg BT 296.55 432.75 Td (until ) Tj ET Q q 0 0 0 rg BT 318.90 432.75 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 368.46 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.81 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 397.04 432.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 451.58 432.75 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 498.36 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 517.92 432.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 101.89 420.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 144.31 420.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.84 420.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 191.91 420.75 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 227.10 420.75 Td (at ) Tj ET Q q 0 0 0 rg BT 236.19 420.75 Td (a ) Tj ET Q q 0 0 0 rg BT 242.49 420.75 Td (point ) Tj ET Q q 0 0 0 rg BT 264.92 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.56 420.75 Td (time ) Tj ET Q q 0 0 0 rg BT 294.20 420.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 316.07 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.15 420.75 Td (closing ) Tj ET Q q 0 0 0 rg BT 360.91 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.10 420.75 Td (a ) Tj ET Q q 0 0 0 rg BT 377.41 420.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 413.15 420.75 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 461.39 420.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 508.24 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.44 420.75 Td (a ) Tj ET Q q 0 0 0 rg BT 524.74 420.75 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.37 408.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 114.56 408.75 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 169.57 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 180.43 408.75 Td (some ) Tj ET Q q 0 0 0 rg BT 204.08 408.75 Td (other ) Tj ET Q q 0 0 0 rg BT 227.16 408.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 259.68 408.75 Td (outcome. ) Tj ET Q q 0 0 0 rg BT 298.59 408.75 Td (At ) Tj ET Q q 0 0 0 rg BT 311.13 408.75 Td (this ) Tj ET Q q 0 0 0 rg BT 328.11 408.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 350.92 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.68 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.10 408.75 Td (has ) Tj ET Q q 0 0 0 rg BT 422.97 408.75 Td (transferred ) Tj ET Q q 0 0 0 rg BT 468.81 408.75 Td (control ) Tj ET Q q 0 0 0 rg BT 499.67 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.54 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 408.75 Td (promised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (service ) Tj ET Q q 0 0 0 rg BT 81.47 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.56 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 396.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 155.74 396.75 Td (obtains ) Tj ET Q q 0 0 0 rg BT 188.27 396.75 Td (control. ) Tj ET Q q 0 0 0 rg BT 221.95 396.75 Td (As ) Tj ET Q q 0 0 0 rg BT 236.71 396.75 Td (these ) Tj ET Q q 0 0 0 rg BT 260.91 396.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 318.43 396.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 358.72 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 366.81 396.75 Td (single ) Tj ET Q q 0 0 0 rg BT 394.35 396.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 448.53 396.75 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 495.23 396.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 538.31 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 396.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 96.07 384.75 Td (price ) Tj ET Q q 0 0 0 rg BT 118.76 384.75 Td (is ) Tj ET Q q 0 0 0 rg BT 128.14 384.75 Td (not ) Tj ET Q q 0 0 0 rg BT 143.62 384.75 Td (necessary) Tj ET Q q 0 0 0 rg BT 181.83 384.75 Td (. ) Tj ET Q q 0 0 0 rg BT 186.84 384.75 Td (The ) Tj ET Q q 0 0 0 rg BT 205.09 384.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.68 384.75 Td (has ) Tj ET Q q 0 0 0 rg BT 262.71 384.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 293.73 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 304.21 384.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 329.13 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.05 384.75 Td (following ) Tj ET Q q 0 0 0 rg BT 385.64 384.75 Td (optional ) Tj ET Q q 0 0 0 rg BT 421.11 384.75 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 469.92 384.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 510.94 384.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 554.19 384.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (its ) Tj ET Q q 0 0 0 rg BT 60.97 372.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 103.53 372.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.07 372.75 Td (obligations: ) Tj ET Q q 0 0 0 rg BT 205.32 372.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 216.78 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.01 372.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 277.61 372.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 330.16 372.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 372.73 372.75 Td (is ) Tj ET Q q 0 0 0 rg BT 381.42 372.75 Td (part ) Tj ET Q q 0 0 0 rg BT 398.99 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 409.34 372.75 Td (a ) Tj ET Q q 0 0 0 rg BT 415.80 372.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 450.02 372.75 Td (that ) Tj ET Q q 0 0 0 rg BT 467.03 372.75 Td (has ) Tj ET Q q 0 0 0 rg BT 482.38 372.75 Td (an ) Tj ET Q q 0 0 0 rg BT 493.84 372.75 Td (original ) Tj ET Q q 0 0 0 rg BT 526.97 372.75 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.48 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.47 360.75 Td (one ) Tj ET Q q 0 0 0 rg BT 113.57 360.75 Td (year ) Tj ET Q q 0 0 0 rg BT 133.44 360.75 Td (or ) Tj ET Q q 0 0 0 rg BT 144.42 360.75 Td (less ) Tj ET Q q 0 0 0 rg BT 162.08 360.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 190.29 360.75 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 205.16 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.04 360.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 254.90 360.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 311.43 360.75 Td (is ) Tj ET Q q 0 0 0 rg BT 320.76 360.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 359.51 360.75 Td (entirely ) Tj ET Q q 0 0 0 rg BT 392.71 360.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.15 360.75 Td (a ) Tj ET Q q 0 0 0 rg BT 410.24 360.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 440.68 360.75 Td (unsatisfied ) Tj ET Q q 0 0 0 rg BT 486.66 360.75 Td (promise ) Tj ET Q q 0 0 0 rg BT 521.54 360.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 360.75 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 348.75 Td (distinct ) Tj ET Q q 0 0 0 rg BT 88.38 348.75 Td (service ) Tj ET Q q 0 0 0 rg BT 119.20 348.75 Td (that ) Tj ET Q q 0 0 0 rg BT 136.69 348.75 Td (forms ) Tj ET Q q 0 0 0 rg BT 162.52 348.75 Td (part ) Tj ET Q q 0 0 0 rg BT 180.57 348.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.40 348.75 Td (a ) Tj ET Q q 0 0 0 rg BT 198.34 348.75 Td (single ) Tj ET Q q 0 0 0 rg BT 224.72 348.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 277.75 348.75 Td (obligation.) 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 49.5 323.4169921875 m 142.0234375 323.4169921875 l s q 0 0 0 rg BT 49.50 324.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 100.38 324.75 Td (Brokerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.02 324.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.57 324.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.57 324.75 Td ( ) Tj ET Q q 0 0 0 rg BT 152.12 324.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 203.00 324.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 245.52 324.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 283.61 324.75 Td (include ) Tj ET Q q 0 0 0 rg BT 315.59 324.75 Td (\(i\)commissions ) Tj ET Q q 0 0 0 rg BT 382.30 324.75 Td (received ) Tj ET Q q 0 0 0 rg BT 418.71 324.75 Td (from ) Tj ET Q q 0 0 0 rg BT 440.70 324.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 483.79 324.75 Td (for ) Tj ET Q q 0 0 0 rg BT 498.00 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.76 324.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 554.18 324.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 93.34 312.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 144.96 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 156.60 312.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 182.13 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 200.43 312.75 Td (over) Tj ET Q q 0 0 0 rg BT 218.00 312.75 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 270.72 312.75 Td (\(OTC\) ) Tj ET Q q 0 0 0 rg BT 301.24 312.75 Td (equity) Tj ET Q q 0 0 0 rg BT 325.59 312.75 Td (, ) Tj ET Q q 0 0 0 rg BT 331.95 312.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 356.36 312.75 Td (income ) Tj ET Q q 0 0 0 rg BT 389.65 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.95 312.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 456.79 312.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 477.87 312.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 522.00 312.75 Td (which ) Tj ET Q q 0 0 0 rg BT 550.30 312.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.58 300.75 Td (at ) Tj ET Q q 0 0 0 rg BT 105.01 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 111.66 300.75 Td (point ) Tj ET Q q 0 0 0 rg BT 134.43 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 144.42 300.75 Td (time ) Tj ET Q q 0 0 0 rg BT 164.41 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 176.63 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 191.06 300.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 213.26 300.75 Td (date ) Tj ET Q q 0 0 0 rg BT 232.13 300.75 Td (because ) Tj ET Q q 0 0 0 rg BT 265.99 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.42 300.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 319.29 300.75 Td (has ) Tj ET Q q 0 0 0 rg BT 334.83 300.75 Td (obtained ) Tj ET Q q 0 0 0 rg BT 371.48 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.91 300.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 410.90 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.90 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 435.33 300.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 480.87 300.75 Td (security ) Tj ET Q q 0 0 0 rg BT 514.74 300.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 552.50 300.75 Td (by ) 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 63.97 288.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 86.21 288.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 127.34 288.75 Td (service, ) Tj ET Q q 0 0 0 rg BT 160.41 288.75 Td (\(ii\)trading ) Tj ET Q q 0 0 0 rg BT 205.71 288.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 229.08 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.77 288.75 Td (losses, ) Tj ET Q q 0 0 0 rg BT 274.42 288.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 311.65 288.75 Td (on ) Tj ET Q q 0 0 0 rg BT 323.90 288.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 358.37 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 368.40 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 382.87 288.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 399.01 288.75 Td (value ) Tj ET Q q 0 0 0 rg BT 422.92 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 433.50 288.75 Td (long ) Tj ET Q q 0 0 0 rg BT 453.54 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.23 288.75 Td (short ) Tj ET Q q 0 0 0 rg BT 492.49 288.75 Td (security ) Tj ET Q q 0 0 0 rg BT 526.40 288.75 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.02 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 276.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 114.38 276.75 Td (period ) Tj ET Q q 0 0 0 rg BT 142.66 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.84 276.75 Td (\(iii\)fees ) Tj ET Q q 0 0 0 rg BT 196.18 276.75 Td (received ) Tj ET Q q 0 0 0 rg BT 232.78 276.75 Td (by ) Tj ET Q q 0 0 0 rg BT 245.53 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.48 276.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.11 276.75 Td (for ) Tj ET Q q 0 0 0 rg BT 316.51 276.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 344.25 276.75 Td (research, ) Tj ET Q q 0 0 0 rg BT 382.80 276.75 Td (which ) Tj ET Q q 0 0 0 rg BT 409.98 276.75 Td (are ) Tj ET Q q 0 0 0 rg BT 424.93 276.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 464.87 276.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 511.48 276.75 Td (in ) Tj ET Q q 0 0 0 rg BT 522.00 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 536.95 276.75 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (received. ) Tj ET Q q 0 0 0 rg BT 87.42 264.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.65 264.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 145.21 264.75 Td (permits ) Tj ET Q q 0 0 0 rg BT 176.88 264.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 226.34 264.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 268.57 264.75 Td (to ) Tj ET Q q 0 0 0 rg BT 278.02 264.75 Td (allocate ) Tj ET Q q 0 0 0 rg BT 310.79 264.75 Td (a ) Tj ET Q q 0 0 0 rg BT 316.91 264.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 347.47 264.75 Td (of ) Tj ET Q q 0 0 0 rg BT 357.48 264.75 Td (their ) Tj ET Q q 0 0 0 rg BT 377.49 264.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 400.28 264.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 454.18 264.75 Td (to ) Tj ET Q q 0 0 0 rg BT 463.64 264.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 479.76 264.75 Td (for ) Tj ET Q q 0 0 0 rg BT 493.10 264.75 Td (research ) Tj ET Q q 0 0 0 rg BT 528.08 264.75 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.97 252.75 Td (other ) Tj ET Q q 0 0 0 rg BT 90.54 252.75 Td (services ) Tj ET Q q 0 0 0 rg BT 125.78 252.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 164.35 252.75 Td (by ) Tj ET Q q 0 0 0 rg BT 177.38 252.75 Td (third ) Tj ET Q q 0 0 0 rg BT 199.30 252.75 Td (parties. ) Tj ET Q q 0 0 0 rg BT 231.26 252.75 Td (The ) Tj ET Q q 0 0 0 rg BT 249.84 252.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 286.75 252.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 325.87 252.75 Td (for ) Tj ET Q q 0 0 0 rg BT 340.56 252.75 Td (those ) Tj ET Q q 0 0 0 rg BT 364.70 252.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 403.28 252.75 Td (are ) Tj ET Q q 0 0 0 rg BT 418.52 252.75 Td (commonly ) Tj ET Q q 0 0 0 rg BT 464.32 252.75 Td (referred ) Tj ET Q q 0 0 0 rg BT 498.98 252.75 Td (to ) Tj ET Q q 0 0 0 rg BT 509.79 252.75 Td (as ) Tj ET Q q 0 0 0 rg BT 521.15 252.75 Td (soft ) Tj ET Q q 0 0 0 rg BT 539.18 252.75 Td (dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 107.07 240.75 Td (As ) Tj ET Q q 0 0 0 rg BT 119.74 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.51 240.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 173.95 240.75 Td (is ) Tj ET Q q 0 0 0 rg BT 182.17 240.75 Td (not ) Tj ET Q q 0 0 0 rg BT 196.50 240.75 Td (acting ) Tj ET Q q 0 0 0 rg BT 222.49 240.75 Td (as ) Tj ET Q q 0 0 0 rg BT 232.37 240.75 Td (a ) Tj ET Q q 0 0 0 rg BT 238.36 240.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 275.46 240.75 Td (in ) Tj ET Q q 0 0 0 rg BT 284.79 240.75 Td (satisfying ) Tj ET Q q 0 0 0 rg BT 325.23 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.00 240.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 391.07 240.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 433.18 240.75 Td (for ) Tj ET Q q 0 0 0 rg BT 446.39 240.75 Td (these ) Tj ET Q q 0 0 0 rg BT 468.49 240.75 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 526.40 240.75 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 83.67 228.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.08 228.75 Td (soft ) Tj ET Q q 0 0 0 rg BT 113.72 228.75 Td (dollars ) Tj ET Q q 0 0 0 rg BT 144.56 228.75 Td (are ) Tj ET Q q 0 0 0 rg BT 160.40 228.75 Td (netted ) Tj ET Q q 0 0 0 rg BT 188.47 228.75 Td (against ) Tj ET Q q 0 0 0 rg BT 220.43 228.75 Td (commission ) Tj ET Q q 0 0 0 rg BT 272.39 228.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 311.56 228.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.63 228.75 Td (included ) Tj ET Q q 0 0 0 rg BT 367.70 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 379.11 228.75 Td (other ) Tj ET Q q 0 0 0 rg BT 403.29 228.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 444.13 228.75 Td (and ) Tj ET Q q 0 0 0 rg BT 462.21 228.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 496.92 228.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 536.65 228.75 Td (on ) Tj ET Q q 0 0 0 rg BT 550.28 228.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 216.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 147.25 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.08 216.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 195.56 216.75 Td (condition.) 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 49.5 191.4169921875 m 128.00927734375 191.4169921875 l s q 0 0 0 rg BT 49.50 192.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 75.81 192.75 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.01 192.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.09 192.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.09 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 140.28 192.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 166.59 192.75 Td (management ) Tj ET Q q 0 0 0 rg BT 221.76 192.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 241.94 192.75 Td (include ) Tj ET Q q 0 0 0 rg BT 275.46 192.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 315.09 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.39 192.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 374.36 192.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 411.20 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.06 192.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 471.02 192.75 Td (with ) Tj ET Q q 0 0 0 rg BT 492.88 192.75 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 192.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.22 180.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 133.50 180.75 Td (services ) Tj ET Q q 0 0 0 rg BT 168.55 180.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 213.04 180.75 Td (for ) Tj ET Q q 0 0 0 rg BT 227.54 180.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 270.92 180.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 309.85 180.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 347.68 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.96 180.75 Td (various ) Tj ET Q q 0 0 0 rg BT 397.24 180.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 422.30 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.58 180.75 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 493.60 180.75 Td (The ) Tj ET Q q 0 0 0 rg BT 511.98 180.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.91 168.75 Td (related ) Tj ET Q q 0 0 0 rg BT 120.97 168.75 Td (to ) Tj ET Q q 0 0 0 rg BT 130.61 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.69 168.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 177.08 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.27 168.75 Td (these ) Tj ET Q q 0 0 0 rg BT 209.68 168.75 Td (services ) Tj ET Q q 0 0 0 rg BT 243.75 168.75 Td (is ) Tj ET Q q 0 0 0 rg BT 252.27 168.75 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 287.46 168.75 Td (over ) Tj ET Q q 0 0 0 rg BT 307.09 168.75 Td (time ) Tj ET Q q 0 0 0 rg BT 326.72 168.75 Td (and ) Tj ET Q q 0 0 0 rg BT 343.02 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.09 168.75 Td (related ) Tj ET Q q 0 0 0 rg BT 386.16 168.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 404.11 168.75 Td (are ) Tj ET Q q 0 0 0 rg BT 418.18 168.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 463.90 168.75 Td (under ) Tj ET Q q 0 0 0 rg BT 488.53 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.61 168.75 Td (output ) Tj ET Q q 0 0 0 rg BT 530.02 168.75 Td (method, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (which ) Tj ET Q q 0 0 0 rg BT 76.27 156.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 108.02 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.57 156.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 140.99 156.75 Td (that ) Tj ET Q q 0 0 0 rg BT 158.32 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.86 156.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.08 156.75 Td (has ) Tj ET Q q 0 0 0 rg BT 229.74 156.75 Td (a ) Tj ET Q q 0 0 0 rg BT 236.51 156.75 Td (right ) Tj ET Q q 0 0 0 rg BT 257.72 156.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 156.75 Td (invoice ) Tj ET Q q 0 0 0 rg BT 299.59 156.75 Td (based ) Tj ET Q q 0 0 0 rg BT 324.69 156.75 Td (on ) Tj ET Q q 0 0 0 rg BT 337.02 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.57 156.75 Td (services ) Tj ET Q q 0 0 0 rg BT 386.10 156.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 423.98 156.75 Td (during ) Tj ET Q q 0 0 0 rg BT 452.42 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.96 156.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 497.34 156.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 518.00 156.75 Td (are ) Tj ET Q q 0 0 0 rg BT 532.53 156.75 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.86 144.75 Td (client ) Tj ET Q q 0 0 0 rg BT 84.65 144.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 123.32 144.75 Td (as ) Tj ET Q q 0 0 0 rg BT 134.23 144.75 Td (a ) Tj ET Q q 0 0 0 rg BT 141.24 144.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 187.12 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.03 144.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 235.60 144.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.51 144.75 Td (under ) Tj ET Q q 0 0 0 rg BT 286.86 144.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 342.46 144.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 381.70 144.75 Td (related ) Tj ET Q q 0 0 0 rg BT 411.48 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 421.84 144.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 464.96 144.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.06 144.75 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 132.75 Td (not ) Tj ET Q q 0 0 0 rg BT 79.49 132.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 119.20 132.75 Td (as ) Tj ET Q q 0 0 0 rg BT 130.03 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.75 132.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.14 132.75 Td (applies ) Tj ET Q q 0 0 0 rg BT 216.96 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.68 132.75 Td (output ) Tj ET Q q 0 0 0 rg BT 259.73 132.75 Td (method.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 301.15 42.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 42.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.22 708.60 Td (management ) Tj ET Q q 0 0 0 rg BT 127.80 708.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 165.83 708.60 Td (may ) Tj ET Q q 0 0 0 rg BT 185.54 708.60 Td (also ) Tj ET Q q 0 0 0 rg BT 204.14 708.60 Td (include ) Tj ET Q q 0 0 0 rg BT 236.07 708.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 289.09 708.60 Td (fees. ) Tj ET Q q 0 0 0 rg BT 310.18 708.60 Td (Performance ) Tj ET Q q 0 0 0 rg BT 363.76 708.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 384.85 708.60 Td (if ) Tj ET Q q 0 0 0 rg BT 393.45 708.60 Td (earned, ) Tj ET Q q 0 0 0 rg BT 425.09 708.60 Td (are ) Tj ET Q q 0 0 0 rg BT 439.79 708.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 486.15 708.60 Td (when ) Tj ET Q q 0 0 0 rg BT 510.31 708.60 Td (it ) Tj ET Q q 0 0 0 rg BT 518.36 708.60 Td (is ) Tj ET Q q 0 0 0 rg BT 527.52 708.60 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (that ) Tj ET Q q 0 0 0 rg BT 67.44 696.60 Td (such ) Tj ET Q q 0 0 0 rg BT 88.72 696.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 123.31 696.60 Td (will ) Tj ET Q q 0 0 0 rg BT 141.81 696.60 Td (not ) Tj ET Q q 0 0 0 rg BT 157.53 696.60 Td (be ) Tj ET Q q 0 0 0 rg BT 169.92 696.60 Td (reversed ) Tj ET Q q 0 0 0 rg BT 206.73 696.60 Td (in ) Tj ET Q q 0 0 0 rg BT 217.46 696.60 Td (a ) Tj ET Q q 0 0 0 rg BT 224.84 696.60 Td (future ) Tj ET Q q 0 0 0 rg BT 251.66 696.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 282.66 696.60 Td (For ) Tj ET Q q 0 0 0 rg BT 299.49 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 314.66 696.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 362.18 696.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 407.32 696.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.71 696.60 Td (management ) Tj ET Q q 0 0 0 rg BT 483.74 696.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 511.41 696.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (will ) Tj ET Q q 0 0 0 rg BT 67.35 684.60 Td (consider ) Tj ET Q q 0 0 0 rg BT 103.51 684.60 Td (such ) Tj ET Q q 0 0 0 rg BT 124.13 684.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 153.63 684.60 Td (as ) Tj ET Q q 0 0 0 rg BT 164.25 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 178.76 684.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 221.59 684.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.21 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 263.94 684.60 Td (residual ) Tj ET Q q 0 0 0 rg BT 297.88 684.60 Td (life ) Tj ET Q q 0 0 0 rg BT 313.50 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 324.12 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 338.63 684.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 359.25 684.60 Td (to ) Tj ET Q q 0 0 0 rg BT 369.31 684.60 Td (conclude ) Tj ET Q q 0 0 0 rg BT 407.70 684.60 Td (whether ) Tj ET Q q 0 0 0 rg BT 442.20 684.60 Td (it ) Tj ET Q q 0 0 0 rg BT 450.04 684.60 Td (is ) Tj ET Q q 0 0 0 rg BT 459.00 684.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 496.28 684.60 Td (that ) Tj ET Q q 0 0 0 rg BT 513.56 684.60 Td (a ) Tj ET Q q 0 0 0 rg BT 520.29 684.60 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 84.40 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 95.99 672.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 130.89 672.60 Td (will ) Tj ET Q q 0 0 0 rg BT 149.70 672.60 Td (not ) Tj ET Q q 0 0 0 rg BT 165.74 672.60 Td (occur ) Tj ET Q q 0 0 0 rg BT 191.20 672.60 Td (in ) Tj ET Q q 0 0 0 rg BT 202.23 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 217.71 672.60 Td (future. ) Tj ET Q q 0 0 0 rg BT 247.34 672.60 Td (For ) Tj ET Q q 0 0 0 rg BT 264.49 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.96 672.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.79 672.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 372.15 672.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.84 672.60 Td (management ) Tj ET Q q 0 0 0 rg BT 449.19 672.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 477.17 672.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 530.94 672.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.30 672.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 78.77 660.60 Td (when ) Tj ET Q q 0 0 0 rg BT 103.04 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 117.88 660.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 164.38 660.60 Td (return ) Tj ET Q q 0 0 0 rg BT 190.88 660.60 Td (on ) Tj ET Q q 0 0 0 rg BT 203.50 660.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 229.45 660.60 Td (under ) Tj ET Q q 0 0 0 rg BT 254.84 660.60 Td (management ) Tj ET Q q 0 0 0 rg BT 308.55 660.60 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 342.81 660.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 372.63 660.60 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 419.68 660.60 Td (tar) Tj ET Q q 0 0 0 rg BT 430.04 660.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 448.77 660.60 Td (or ) Tj ET Q q 0 0 0 rg BT 459.72 660.60 Td (other ) Tj ET Q q 0 0 0 rg BT 482.89 660.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 536.03 660.60 Td (tar) Tj ET Q q 0 0 0 rg BT 546.39 660.60 Td (gets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (over ) Tj ET Q q 0 0 0 rg BT 69.80 648.60 Td (a ) Tj ET Q q 0 0 0 rg BT 76.77 648.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 115.39 648.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 171.23 648.60 Td (period ) Tj ET Q q 0 0 0 rg BT 199.31 648.60 Td (\(monthly) Tj ET Q q 0 0 0 rg BT 235.33 648.60 Td (, ) Tj ET Q q 0 0 0 rg BT 240.36 648.60 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 278.98 648.60 Td (or ) Tj ET Q q 0 0 0 rg BT 289.84 648.60 Td (annually\). ) Tj ET Q q 0 0 0 rg BT 332.46 648.60 Td (These ) Tj ET Q q 0 0 0 rg BT 358.86 648.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 411.92 648.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 430.55 648.60 Td (are ) Tj ET Q q 0 0 0 rg BT 445.28 648.60 Td (typically ) Tj ET Q q 0 0 0 rg BT 482.80 648.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 511.99 648.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (hurdles ) Tj ET Q q 0 0 0 rg BT 81.44 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 98.38 636.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 144.74 636.60 Td (in ) Tj ET Q q 0 0 0 rg BT 155.02 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.73 636.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 196.67 636.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 227.49 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 238.32 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 253.04 636.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 296.62 636.60 Td (year) Tj ET Q q 0 0 0 rg BT 313.43 636.60 Td (, ) Tj ET Q q 0 0 0 rg BT 318.43 636.60 Td (or ) Tj ET Q q 0 0 0 rg BT 329.26 636.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 351.76 636.60 Td (client ) Tj ET Q q 0 0 0 rg BT 376.47 636.60 Td (liquidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 92.01 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 102.84 612.60 Td (New ) Tj ET Q q 0 0 0 rg BT 123.67 612.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 175.07 612.60 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.54 564.60 Td (May ) Tj ET Q q 0 0 0 rg BT 81.58 564.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 106.79 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 121.71 564.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 161.04 564.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 210.40 564.60 Td (Standards ) Tj ET Q q 0 0 0 rg BT 252.55 564.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 279.69 564.60 Td (\("F) Tj ET Q q 0 0 0 rg BT 291.93 564.60 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 321.50 564.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 348.61 564.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 397.98 564.60 Td (Standards ) Tj ET Q q 0 0 0 rg BT 440.12 564.60 Td (Update ) Tj ET Q q 0 0 0 rg BT 471.71 564.60 Td (\("ASU"\) ) Tj ET Q q 0 0 0 rg BT 509.25 564.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 526.68 564.60 Td (2014-09, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 89.90 552.60 Td (from ) Tj ET Q q 0 0 0 rg BT 110.67 552.60 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 150.32 552.60 Td (with ) Tj ET Q q 0 0 0 rg BT 169.43 552.60 Td (Customers ) Tj ET Q q 0 0 0 rg BT 213.54 552.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 222.28 552.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 240.82 552.60 Td (606\)" ) Tj ET Q q 0 0 0 rg BT 264.56 552.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 293.31 552.60 Td (2014-09"\), ) Tj ET Q q 0 0 0 rg BT 337.88 552.60 Td (which ) Tj ET Q q 0 0 0 rg BT 363.65 552.60 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 408.30 552.60 Td (previous ) Tj ET Q q 0 0 0 rg BT 444.07 552.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 477.04 552.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 523.92 552.60 Td (guidance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (including ) Tj ET Q q 0 0 0 rg BT 89.43 540.60 Td (most ) Tj ET Q q 0 0 0 rg BT 111.03 540.60 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 180.39 540.60 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 220.66 540.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 242.82 540.60 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 280.81 540.60 Td (as ) Tj ET Q q 0 0 0 rg BT 291.29 540.60 Td (amended, ) Tj ET Q q 0 0 0 rg BT 332.04 540.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 366.40 540.60 Td (a ) Tj ET Q q 0 0 0 rg BT 372.99 540.60 Td (company ) Tj ET Q q 0 0 0 rg BT 411.80 540.60 Td (to ) Tj ET Q q 0 0 0 rg BT 421.74 540.60 Td (recognize ) Tj ET Q q 0 0 0 rg BT 462.75 540.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 496.55 540.60 Td (when ) Tj ET Q q 0 0 0 rg BT 520.37 540.60 Td (it ) Tj ET Q q 0 0 0 rg BT 528.08 540.60 Td (transfers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (promised ) Tj ET Q q 0 0 0 rg BT 89.07 528.60 Td (goods ) Tj ET Q q 0 0 0 rg BT 115.31 528.60 Td (or ) Tj ET Q q 0 0 0 rg BT 126.00 528.60 Td (services ) Tj ET Q q 0 0 0 rg BT 160.56 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 170.69 528.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 213.59 528.60 Td (in ) Tj ET Q q 0 0 0 rg BT 223.72 528.60 Td (an ) Tj ET Q q 0 0 0 rg BT 235.51 528.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 267.86 528.60 Td (that ) Tj ET Q q 0 0 0 rg BT 285.20 528.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 316.98 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 331.55 528.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 387.77 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 397.90 528.60 Td (which ) Tj ET Q q 0 0 0 rg BT 424.70 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 439.26 528.60 Td (company ) Tj ET Q q 0 0 0 rg BT 478.27 528.60 Td (expects ) Tj ET Q q 0 0 0 rg BT 510.61 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 520.74 528.60 Td (be ) Tj ET Q q 0 0 0 rg BT 532.53 528.60 Td (entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 516.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.03 516.60 Td (for ) Tj ET Q q 0 0 0 rg BT 114.19 516.60 Td (those ) Tj ET Q q 0 0 0 rg BT 137.80 516.60 Td (goods ) Tj ET Q q 0 0 0 rg BT 164.19 516.60 Td (and ) Tj ET Q q 0 0 0 rg BT 181.13 516.60 Td (services, ) Tj ET Q q 0 0 0 rg BT 218.34 516.60 Td (and ) Tj ET Q q 0 0 0 rg BT 235.28 516.60 Td (also ) Tj ET Q q 0 0 0 rg BT 253.88 516.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 288.59 516.60 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 328.85 516.60 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.75 492.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.34 492.60 Td (adopted ) Tj ET Q q 0 0 0 rg BT 146.70 492.60 Td (this ) Tj ET Q q 0 0 0 rg BT 164.85 492.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 204.65 492.60 Td (ef) Tj ET Q q 0 0 0 rg BT 212.24 492.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 243.14 492.60 Td (as ) Tj ET Q q 0 0 0 rg BT 255.18 492.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 492.60 Td (January ) Tj ET Q q 0 0 0 rg BT 302.01 492.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 313.22 492.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 336.92 492.60 Td (under ) Tj ET Q q 0 0 0 rg BT 363.39 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 379.31 492.60 Td (modified ) Tj ET Q q 0 0 0 rg BT 419.12 492.60 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 474.46 492.60 Td (method, ) Tj ET Q q 0 0 0 rg BT 510.66 492.60 Td (in ) Tj ET Q q 0 0 0 rg BT 522.14 492.60 Td (which ) Tj ET Q q 0 0 0 rg BT 550.29 492.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 96.22 480.60 Td (ef) Tj ET Q q 0 0 0 rg BT 103.81 480.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 121.08 480.60 Td (of ) Tj ET Q q 0 0 0 rg BT 131.71 480.60 Td (applying ) Tj ET Q q 0 0 0 rg BT 168.99 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.50 480.60 Td (standard ) Tj ET Q q 0 0 0 rg BT 219.67 480.60 Td (was ) Tj ET Q q 0 0 0 rg BT 237.51 480.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 283.67 480.60 Td (at ) Tj ET Q q 0 0 0 rg BT 293.18 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 307.68 480.60 Td (date ) Tj ET Q q 0 0 0 rg BT 326.63 480.60 Td (of ) Tj ET Q q 0 0 0 rg BT 337.25 480.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 362.87 480.60 Td (application. ) Tj ET Q q 0 0 0 rg BT 411.93 480.60 Td (The ) Tj ET Q q 0 0 0 rg BT 429.77 480.60 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 476.49 480.60 Td (ef) Tj ET Q q 0 0 0 rg BT 484.07 480.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.35 480.60 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 547.52 480.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.07 468.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 105.30 468.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 151.51 468.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 173.86 468.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 211.20 468.60 Td (as ) Tj ET Q q 0 0 0 rg BT 221.88 468.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.56 468.60 Td (January ) Tj ET Q q 0 0 0 rg BT 266.01 468.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 275.86 468.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 298.21 468.60 Td (was ) Tj ET Q q 0 0 0 rg BT 316.11 468.60 Td (a ) Tj ET Q q 0 0 0 rg BT 322.89 468.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 359.66 468.60 Td (to ) Tj ET Q q 0 0 0 rg BT 369.78 468.60 Td (retained ) Tj ET Q q 0 0 0 rg BT 404.33 468.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 440.56 468.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.24 468.60 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 471.09 468.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 468.60 Td (, ) Tj ET Q q 0 0 0 rg BT 504.83 468.60 Td (net ) Tj ET Q q 0 0 0 rg BT 519.39 468.60 Td (of ) Tj ET Q q 0 0 0 rg BT 530.07 468.60 Td (tax. ) Tj ET Q q 0 0 0 rg BT 546.97 468.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 456.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 122.82 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 137.54 456.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 176.13 456.60 Td (only ) Tj ET Q q 0 0 0 rg BT 196.41 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 206.69 456.60 Td (those ) Tj ET Q q 0 0 0 rg BT 230.30 456.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 268.89 456.60 Td (that ) Tj ET Q q 0 0 0 rg BT 286.38 456.60 Td (were ) Tj ET Q q 0 0 0 rg BT 308.31 456.60 Td (not ) Tj ET Q q 0 0 0 rg BT 323.59 456.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 367.74 456.60 Td (at ) Tj ET Q q 0 0 0 rg BT 377.46 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.18 456.60 Td (date ) Tj ET Q q 0 0 0 rg BT 411.33 456.60 Td (of ) Tj ET Q q 0 0 0 rg BT 422.16 456.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 447.99 456.60 Td (application.) 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 67.61 432.60 Td (previous ) Tj ET Q q 0 0 0 rg BT 104.60 432.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 133.26 432.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 160.24 432.60 Td (industry ) Tj ET Q q 0 0 0 rg BT 195.58 432.60 Td (treatment ) Tj ET Q q 0 0 0 rg BT 235.90 432.60 Td (of ) Tj ET Q q 0 0 0 rg BT 246.79 432.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 277.12 432.60 Td (deal ) Tj ET Q q 0 0 0 rg BT 296.33 432.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 334.99 432.60 Td (with ) Tj ET Q q 0 0 0 rg BT 355.33 432.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.77 432.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 436.54 432.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 474.64 432.60 Td (was ) Tj ET Q q 0 0 0 rg BT 492.75 432.60 Td (superseded ) Tj ET Q q 0 0 0 rg BT 539.73 432.60 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 63.83 420.60 Td (new ) Tj ET Q q 0 0 0 rg BT 82.61 420.60 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 122.85 420.60 Td (As ) Tj ET Q q 0 0 0 rg BT 136.07 420.60 Td (a ) Tj ET Q q 0 0 0 rg BT 142.63 420.60 Td (result ) Tj ET Q q 0 0 0 rg BT 166.96 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 177.40 420.60 Td (adopting ) Tj ET Q q 0 0 0 rg BT 214.04 420.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 236.16 420.60 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 274.11 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 288.44 420.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 329.44 420.60 Td (now ) Tj ET Q q 0 0 0 rg BT 348.78 420.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 383.66 420.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 429.66 420.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 463.99 420.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 501.64 420.60 Td (gross ) Tj ET Q q 0 0 0 rg BT 524.87 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 535.31 420.60 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (client ) Tj ET Q q 0 0 0 rg BT 74.09 408.60 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 121.46 408.60 Td (deal ) Tj ET Q q 0 0 0 rg BT 140.49 408.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 178.97 408.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.79 408.60 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 245.35 408.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 283.83 408.60 Td (as ) Tj ET Q q 0 0 0 rg BT 294.54 408.60 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 344.68 408.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 383.16 408.60 Td (on ) Tj ET Q q 0 0 0 rg BT 395.54 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 410.14 408.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 463.06 408.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 507.65 408.60 Td (of ) Tj ET Q q 0 0 0 rg BT 518.36 408.60 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (rather ) Tj ET Q q 0 0 0 rg BT 75.39 396.60 Td (than ) Tj ET Q q 0 0 0 rg BT 95.19 396.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.98 396.60 Td (previous ) Tj ET Q q 0 0 0 rg BT 147.00 396.60 Td (presentation ) Tj ET Q q 0 0 0 rg BT 198.45 396.60 Td (of ) Tj ET Q q 0 0 0 rg BT 209.35 396.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 239.70 396.60 Td (deal ) Tj ET Q q 0 0 0 rg BT 258.94 396.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 297.61 396.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 333.50 396.60 Td (for ) Tj ET Q q 0 0 0 rg BT 347.74 396.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 391.97 396.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 438.43 396.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 473.22 396.60 Td (deals ) Tj ET Q q 0 0 0 rg BT 496.35 396.60 Td (within ) Tj ET Q q 0 0 0 rg BT 524.48 396.60 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (For ) Tj ET Q q 0 0 0 rg BT 67.66 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.15 384.60 Td (three ) Tj ET Q q 0 0 0 rg BT 108.40 384.60 Td (months ) Tj ET Q q 0 0 0 rg BT 142.12 384.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 170.26 384.60 Td (March ) Tj ET Q q 0 0 0 rg BT 200.63 384.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 217.40 384.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 244.17 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 260.65 384.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 303.81 384.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 341.39 384.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 371.21 384.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 419.36 384.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 455.84 384.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 495.65 384.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.35 384.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 544.17 384.60 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.55 372.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 146.15 372.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.98 372.60 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 176.99 372.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.88 372.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.88 372.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 258.54 372.60 Td (. ) Tj ET Q q 0 0 0 rg BT 263.37 372.60 Td (This ) Tj ET Q q 0 0 0 rg BT 283.65 372.60 Td (change ) Tj ET Q q 0 0 0 rg BT 314.47 372.60 Td (did ) Tj ET Q q 0 0 0 rg BT 329.75 372.60 Td (not ) Tj ET Q q 0 0 0 rg BT 345.03 372.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 374.75 372.60 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 413.63 372.60 Td (In ) Tj ET Q q 0 0 0 rg BT 424.46 372.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 462.24 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 476.96 372.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.35 372.60 Td (now ) Tj ET Q q 0 0 0 rg BT 538.08 372.60 Td (defers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.45 360.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 112.72 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 123.78 360.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.03 360.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 195.86 360.60 Td (on ) Tj ET Q q 0 0 0 rg BT 208.59 360.60 Td (its ) Tj ET Q q 0 0 0 rg BT 220.76 360.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 260.70 360.60 Td (banking, ) Tj ET Q q 0 0 0 rg BT 298.14 360.60 Td (ener) Tj ET Q q 0 0 0 rg BT 315.17 360.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 327.90 360.60 Td (and ) Tj ET Q q 0 0 0 rg BT 345.07 360.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 372.23 360.60 Td (living ) Tj ET Q q 0 0 0 rg BT 398.30 360.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 443.23 360.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 465.39 360.60 Td (management ) Tj ET Q q 0 0 0 rg BT 519.21 360.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 544.16 360.60 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (such ) Tj ET Q q 0 0 0 rg BT 69.65 348.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 87.57 348.60 Td (are ) Tj ET Q q 0 0 0 rg BT 101.60 348.60 Td (no ) Tj ET Q q 0 0 0 rg BT 113.43 348.60 Td (longer ) Tj ET Q q 0 0 0 rg BT 140.80 348.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 170.94 348.60 Td (to ) Tj ET Q q 0 0 0 rg BT 180.55 348.60 Td (reversal, ) Tj ET Q q 0 0 0 rg BT 216.51 348.60 Td (which ) Tj ET Q q 0 0 0 rg BT 242.77 348.60 Td (will ) Tj ET Q q 0 0 0 rg BT 260.15 348.60 Td (cause ) Tj ET Q q 0 0 0 rg BT 284.18 348.60 Td (a ) Tj ET Q q 0 0 0 rg BT 290.45 348.60 Td (delay ) Tj ET Q q 0 0 0 rg BT 313.92 348.60 Td (in ) Tj ET Q q 0 0 0 rg BT 323.52 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 337.56 348.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 384.93 348.60 Td (of ) Tj ET Q q 0 0 0 rg BT 395.08 348.60 Td (these ) Tj ET Q q 0 0 0 rg BT 417.45 348.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 435.37 348.60 Td (as ) Tj ET Q q 0 0 0 rg BT 445.53 348.60 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 481.49 348.60 Td (For ) Tj ET Q q 0 0 0 rg BT 497.21 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.25 348.60 Td (three ) Tj ET Q q 0 0 0 rg BT 533.06 348.60 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 75.34 336.60 Td (March ) Tj ET Q q 0 0 0 rg BT 103.41 336.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.88 336.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 142.35 336.60 Td (the ) Tj ET Q q 0 0 0 rg BT 156.53 336.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 188.49 336.60 Td (of ) Tj ET Q q 0 0 0 rg BT 198.79 336.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 220.20 336.60 Td (management ) Tj ET Q q 0 0 0 rg BT 273.25 336.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 306.87 336.60 Td (from ) Tj ET Q q 0 0 0 rg BT 328.27 336.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.76 336.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 398.83 336.60 Td (that ) Tj ET Q q 0 0 0 rg BT 415.79 336.60 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 336.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 470.83 336.60 Td (would ) Tj ET Q q 0 0 0 rg BT 497.80 336.60 Td (have ) Tj ET Q q 0 0 0 rg BT 518.65 336.60 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (if ) Tj ET Q q 0 0 0 rg BT 57.26 324.60 Td (not ) Tj ET Q q 0 0 0 rg BT 71.70 324.60 Td (for ) Tj ET Q q 0 0 0 rg BT 85.01 324.60 Td (this ) Tj ET Q q 0 0 0 rg BT 101.12 324.60 Td (change ) Tj ET Q q 0 0 0 rg BT 131.09 324.60 Td (was ) Tj ET Q q 0 0 0 rg BT 148.29 324.60 Td (not ) Tj ET Q q 0 0 0 rg BT 162.73 324.60 Td (material. ) Tj ET Q q 0 0 0 rg BT 199.52 324.60 Td (W) Tj ET Q q 0 0 0 rg BT 208.56 324.60 Td (ith ) Tj ET Q q 0 0 0 rg BT 220.77 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 234.64 324.60 Td (exception ) Tj ET Q q 0 0 0 rg BT 275.17 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 285.16 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 299.03 324.60 Td (above, ) Tj ET Q q 0 0 0 rg BT 327.06 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.93 324.60 Td (Company) Tj ET Q q 0 0 0 rg BT 382.60 324.60 Td (s ) Tj ET Q q 0 0 0 rg BT 388.15 324.60 Td (previous ) Tj ET Q q 0 0 0 rg BT 424.24 324.60 Td (methods ) Tj ET Q q 0 0 0 rg BT 459.78 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 469.77 324.60 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 518.62 324.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.22 312.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 122.25 312.60 Td (were ) Tj ET Q q 0 0 0 rg BT 144.18 312.60 Td (not ) Tj ET Q q 0 0 0 rg BT 159.46 312.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 211.95 312.60 Td (impacted ) Tj ET Q q 0 0 0 rg BT 251.10 312.60 Td (by ) Tj ET Q q 0 0 0 rg BT 263.60 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 278.32 312.60 Td (new ) Tj ET Q q 0 0 0 rg BT 297.48 312.60 Td (guidance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (Recognition and Measur) Tj ET Q q 0 0 0 rg BT 148.00 288.60 Td (ement of Financial ) Tj ET Q q 0 0 0 rg BT 225.86 288.60 Td (Assets and Financial Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (In ) Tj ET Q q 0 0 0 rg BT 61.56 264.60 Td (January ) Tj ET Q q 0 0 0 rg BT 96.39 264.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 122.62 264.60 Td (the ) Tj ET Q q 0 0 0 rg BT 138.57 264.60 Td (F) Tj ET Q q 0 0 0 rg BT 143.39 264.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 166.58 264.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 194.49 264.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 218.22 264.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 236.68 264.60 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 276.24 264.60 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 321.26 264.60 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 372.21 264.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.94 264.60 Td (Overall ) Tj ET Q q 0 0 0 rg BT 414.66 264.60 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 457.28 264.60 Td (825-10\): ) Tj ET Q q 0 0 0 rg BT 495.45 264.60 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 548.06 264.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 106.38 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 117.17 252.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.30 252.60 Td (Assets ) Tj ET Q q 0 0 0 rg BT 184.87 252.60 Td (and ) Tj ET Q q 0 0 0 rg BT 201.76 252.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 241.43 252.60 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 288.52 252.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 318.39 252.60 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 363.92 252.60 Td (The ) Tj ET Q q 0 0 0 rg BT 381.92 252.60 Td (amendments ) Tj ET Q q 0 0 0 rg BT 434.92 252.60 Td (in ) Tj ET Q q 0 0 0 rg BT 444.61 252.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.07 252.60 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 502.86 252.60 Td (address ) Tj ET Q q 0 0 0 rg BT 535.31 252.60 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (aspects ) Tj ET Q q 0 0 0 rg BT 80.61 240.60 Td (of ) Tj ET Q q 0 0 0 rg BT 91.18 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.64 240.60 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 155.92 240.60 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 213.97 240.60 Td (presentation ) Tj ET Q q 0 0 0 rg BT 265.08 240.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.75 240.60 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 324.54 240.60 Td (of ) Tj ET Q q 0 0 0 rg BT 335.10 240.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.32 240.60 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 423.23 240.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 445.47 240.60 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 481.04 240.60 Td (became ) Tj ET Q q 0 0 0 rg BT 513.81 240.60 Td (ef) Tj ET Q q 0 0 0 rg BT 521.40 240.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 550.84 240.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 228.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.29 228.60 Td (as ) Tj ET Q q 0 0 0 rg BT 117.46 228.60 Td (of ) Tj ET Q q 0 0 0 rg BT 128.63 228.60 Td (January ) Tj ET Q q 0 0 0 rg BT 162.57 228.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 172.91 228.60 Td (2018. ) Tj ET Q q 0 0 0 rg BT 198.04 228.60 Td (There ) Tj ET Q q 0 0 0 rg BT 224.20 228.60 Td (was ) Tj ET Q q 0 0 0 rg BT 242.59 228.60 Td (no ) Tj ET Q q 0 0 0 rg BT 255.43 228.60 Td (material ) Tj ET Q q 0 0 0 rg BT 291.03 228.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 321.08 228.60 Td (to ) Tj ET Q q 0 0 0 rg BT 331.70 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 346.76 228.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.18 228.60 Td (results ) Tj ET Q q 0 0 0 rg BT 423.13 228.60 Td (of ) Tj ET Q q 0 0 0 rg BT 434.30 228.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 481.30 228.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.12 228.60 Td (position ) Tj ET Q q 0 0 0 rg BT 554.19 228.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 96.44 216.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 118.94 216.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 156.43 216.60 Td (as ) Tj ET Q q 0 0 0 rg BT 167.26 216.60 Td (the ) Tj ET Q q 0 0 0 rg BT 181.98 216.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 229.06 216.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.54 216.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 315.71 216.60 Td (are ) Tj ET Q q 0 0 0 rg BT 330.41 216.60 Td (already ) Tj ET Q q 0 0 0 rg BT 362.34 216.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 399.81 216.60 Td (at ) Tj ET Q q 0 0 0 rg BT 409.53 216.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 425.91 216.60 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (Statement ) Tj ET Q q 0 0 0 rg BT 91.43 192.60 Td (of ) Tj ET Q q 0 0 0 rg BT 101.71 192.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 124.77 192.60 Td (Flows) 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 59.10 168.60 Td (August ) Tj ET Q q 0 0 0 rg BT 89.61 168.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.73 168.60 Td (the ) Tj ET Q q 0 0 0 rg BT 127.57 168.60 Td (F) Tj ET Q q 0 0 0 rg BT 132.39 168.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.47 168.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.74 168.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 201.36 168.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.71 168.60 Td (2016-15, ) Tj ET Q q 0 0 0 rg BT 255.16 168.60 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 300.86 168.60 Td (of ) Tj ET Q q 0 0 0 rg BT 310.81 168.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 332.44 168.60 Td (Flows ) Tj ET Q q 0 0 0 rg BT 358.51 168.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 367.25 168.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 386.09 168.60 Td (230\): ) Tj ET Q q 0 0 0 rg BT 408.82 168.60 Td (Classification ) Tj ET Q q 0 0 0 rg BT 465.44 168.60 Td (of ) Tj ET Q q 0 0 0 rg BT 475.39 168.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 506.45 168.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 528.07 168.60 Td (Receipts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 156.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 87.45 156.60 Td (Payments" ) Tj ET Q q 0 0 0 rg BT 132.18 156.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 161.35 156.60 Td (2016-15"\). ) Tj ET Q q 0 0 0 rg BT 205.96 156.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 227.72 156.60 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 262.81 156.60 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 296.77 156.60 Td (how ) Tj ET Q q 0 0 0 rg BT 315.75 156.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.39 156.60 Td (should ) Tj ET Q q 0 0 0 rg BT 374.81 156.60 Td (classify ) Tj ET Q q 0 0 0 rg BT 407.12 156.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 436.08 156.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.60 156.60 Td (receipts ) Tj ET Q q 0 0 0 rg BT 488.45 156.60 Td (and ) Tj ET Q q 0 0 0 rg BT 504.65 156.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.17 156.60 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (on ) Tj ET Q q 0 0 0 rg BT 61.96 144.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.63 144.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 117.40 144.60 Td (of ) Tj ET Q q 0 0 0 rg BT 128.19 144.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.41 144.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 175.41 144.60 Td (The ) Tj ET Q q 0 0 0 rg BT 193.41 144.60 Td (amendments ) Tj ET Q q 0 0 0 rg BT 246.41 144.60 Td (in ) Tj ET Q q 0 0 0 rg BT 256.10 144.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 278.56 144.60 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 314.35 144.60 Td (became ) Tj ET Q q 0 0 0 rg BT 347.33 144.60 Td (ef) Tj ET Q q 0 0 0 rg BT 354.92 144.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 384.58 144.60 Td (for ) Tj ET Q q 0 0 0 rg BT 398.69 144.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.37 144.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 454.71 144.60 Td (as ) Tj ET Q q 0 0 0 rg BT 465.49 144.60 Td (of ) Tj ET Q q 0 0 0 rg BT 476.28 144.60 Td (January ) Tj ET Q q 0 0 0 rg BT 509.83 144.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 519.79 144.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 544.74 144.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 103.11 132.60 Td (application. ) Tj ET Q q 0 0 0 rg BT 151.86 132.60 Td (There ) Tj ET Q q 0 0 0 rg BT 177.14 132.60 Td (was ) Tj ET Q q 0 0 0 rg BT 194.66 132.60 Td (no ) Tj ET Q q 0 0 0 rg BT 206.63 132.60 Td (material ) Tj ET Q q 0 0 0 rg BT 241.35 132.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 270.53 132.60 Td (to ) Tj ET Q q 0 0 0 rg BT 280.28 132.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.46 132.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 341.01 132.60 Td (presentation ) Tj ET Q q 0 0 0 rg BT 391.85 132.60 Td (of ) Tj ET Q q 0 0 0 rg BT 402.14 132.60 Td (its ) Tj ET Q q 0 0 0 rg BT 413.56 132.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 466.07 132.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 510.25 132.60 Td (of ) Tj ET Q q 0 0 0 rg BT 520.54 132.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 540.28 132.60 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.00 120.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 109.50 120.60 Td (of ) Tj ET Q q 0 0 0 rg BT 119.77 120.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 142.28 120.60 Td (2016-15.) 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 /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 59.45 708.60 Td (November ) Tj ET Q q 0 0 0 rg BT 103.27 708.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 127.38 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.21 708.60 Td (F) Tj ET Q q 0 0 0 rg BT 146.03 708.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.10 708.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 193.36 708.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 214.98 708.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.32 708.60 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 268.76 708.60 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 314.45 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 324.40 708.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.01 708.60 Td (Flows ) Tj ET Q q 0 0 0 rg BT 372.08 708.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 380.82 708.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 399.65 708.60 Td (230\): ) Tj ET Q q 0 0 0 rg BT 422.38 708.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 464.53 708.60 Td (Cash" ) Tj ET Q q 0 0 0 rg BT 490.23 708.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 519.26 708.60 Td (2016-18"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 76.72 696.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 99.58 696.60 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 138.27 696.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 178.33 696.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.95 696.60 Td (will ) Tj ET Q q 0 0 0 rg BT 217.37 696.60 Td (be ) Tj ET Q q 0 0 0 rg BT 229.67 696.60 Td (included ) Tj ET Q q 0 0 0 rg BT 266.96 696.60 Td (with ) Tj ET Q q 0 0 0 rg BT 287.59 696.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 308.22 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 325.52 696.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.14 696.60 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 394.54 696.60 Td (when ) Tj ET Q q 0 0 0 rg BT 419.06 696.60 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 466.90 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.97 696.60 Td (beginning-of-period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 684.60 Td (end-of-period ) Tj ET Q q 0 0 0 rg BT 123.25 684.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 159.30 684.60 Td (shown ) Tj ET Q q 0 0 0 rg BT 187.59 684.60 Td (on ) Tj ET Q q 0 0 0 rg BT 199.75 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.14 684.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.85 684.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 311.23 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.73 684.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 341.66 684.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 368.07 684.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 390.25 684.60 Td (2016-18 ) Tj ET Q q 0 0 0 rg BT 425.75 684.60 Td (became ) Tj ET Q q 0 0 0 rg BT 458.45 684.60 Td (ef) Tj ET Q q 0 0 0 rg BT 466.03 684.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 495.40 684.60 Td (for ) Tj ET Q q 0 0 0 rg BT 509.23 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 684.60 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.36 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 71.23 672.60 Td (January ) Tj ET Q q 0 0 0 rg BT 104.86 672.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 114.89 672.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 139.92 672.60 Td (with ) Tj ET Q q 0 0 0 rg BT 160.24 672.60 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 214.41 672.60 Td (application. ) Tj 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0.9333333333333333 1 rg /GS0 gs 402.00 566.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 566.10 73.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 566.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 566.10 73.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 542.10 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 542.10 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 542.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 542.10 73.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 542.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 542.10 73.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 566.1 m 402 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 566.1 m 482 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 566.1 m 562 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 566.1 m 402 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 566.1 m 482 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 566.1 m 562 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 542.1 m 402 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 542.1 m 482 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 542.1 m 562 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 531.1 m 402 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 529.1 m 402 529.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 531.1 m 482 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 529.1 m 482 529.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 542.1 m 562 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 531.1 m 562 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 529.1 m 562 529.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.40 580.83 Td (December) Tj ET Q q 0 0 0 rg BT 378.62 580.83 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 580.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 441.94 580.83 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 580.83 Td (December) Tj ET Q q 0 0 0 rg BT 539.12 580.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 570.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.50 568.83 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 568.83 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 568.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 556.72 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 556.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 556.72 Td (33,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 556.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 556.72 Td (18,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 556.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 556.72 Td (41,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 544.72 Td (Cash and cash equivalents segregated for regulatory purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 544.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 544.72 Td (53,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 544.72 Td (29,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 532.72 Td (Cash, cash equivalents and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 532.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 532.72 Td (33,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 532.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 532.72 Td (71,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 532.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 532.72 Td (70,374) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td (Futur) Tj ET Q q 0 0 0 rg BT 74.32 506.60 Td (e ) Tj ET Q q 0 0 0 rg BT 80.71 506.60 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 123.22 506.60 Td (of ) Tj ET Q q 0 0 0 rg BT 134.05 506.60 Td (New ) Tj ET Q q 0 0 0 rg BT 154.88 506.60 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 202.95 506.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.34 506.60 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.26 458.60 Td (February ) Tj ET Q q 0 0 0 rg BT 98.79 458.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.71 458.60 Td (the ) Tj ET Q q 0 0 0 rg BT 138.36 458.60 Td (F) Tj ET Q q 0 0 0 rg BT 143.18 458.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 165.06 458.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 191.95 458.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 214.38 458.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.53 458.60 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 269.79 458.60 Td ("Leases ) Tj ET Q q 0 0 0 rg BT 303.51 458.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 312.25 458.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 331.90 458.60 Td (842\)" ) Tj ET Q q 0 0 0 rg BT 356.74 458.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 386.58 458.60 Td (2016-02"\). ) Tj ET Q q 0 0 0 rg BT 431.71 458.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 454.15 458.60 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 489.91 458.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 524.54 458.60 Td (lessees ) Tj ET Q q 0 0 0 rg BT 554.74 458.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.60 Td (recognize ) Tj ET Q q 0 0 0 rg BT 90.64 446.60 Td (a ) Tj ET Q q 0 0 0 rg BT 97.36 446.60 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 146.84 446.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 168.56 446.60 Td (and ) Tj ET Q q 0 0 0 rg BT 185.27 446.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 207.54 446.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 240.92 446.60 Td (on ) Tj ET Q q 0 0 0 rg BT 253.20 446.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.70 446.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 320.52 446.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 365.01 446.60 Td (of ) Tj ET Q q 0 0 0 rg BT 375.61 446.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.87 446.60 Td (position ) Tj ET Q q 0 0 0 rg BT 447.38 446.60 Td (and ) Tj ET Q q 0 0 0 rg BT 464.09 446.60 Td (disclose ) Tj ET Q q 0 0 0 rg BT 498.59 446.60 Td (key ) Tj ET Q q 0 0 0 rg BT 515.30 446.60 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.60 Td (about ) Tj ET Q q 0 0 0 rg BT 74.03 434.60 Td (leasing ) Tj ET Q q 0 0 0 rg BT 104.67 434.60 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 163.18 434.60 Td (The ) Tj ET Q q 0 0 0 rg BT 181.05 434.60 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 231.41 434.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 287.03 434.60 Td (and ) Tj ET Q q 0 0 0 rg BT 303.79 434.60 Td (presentation ) Tj ET Q q 0 0 0 rg BT 354.97 434.60 Td (of ) Tj ET Q q 0 0 0 rg BT 365.62 434.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 404.03 434.60 Td (and ) Tj ET Q q 0 0 0 rg BT 420.79 434.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 440.87 434.60 Td (flows ) Tj ET Q q 0 0 0 rg BT 465.41 434.60 Td (arising ) Tj ET Q q 0 0 0 rg BT 494.94 434.60 Td (from ) Tj ET Q q 0 0 0 rg BT 516.70 434.60 Td (a ) Tj ET Q q 0 0 0 rg BT 523.45 434.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 545.75 434.60 Td (by ) Tj ET Q q 0 0 0 rg BT 558.07 434.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (lessee ) Tj ET Q q 0 0 0 rg BT 75.30 422.60 Td (have ) Tj ET Q q 0 0 0 rg BT 96.09 422.60 Td (not ) Tj ET Q q 0 0 0 rg BT 110.79 422.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 162.70 422.60 Td (changed ) Tj ET Q q 0 0 0 rg BT 197.94 422.60 Td (from ) Tj ET Q q 0 0 0 rg BT 219.30 422.60 Td (current ) Tj ET Q q 0 0 0 rg BT 249.53 422.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 269.24 422.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 295.36 422.60 Td (. ) Tj ET Q q 0 0 0 rg BT 299.35 422.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 321.28 422.60 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 356.53 422.60 Td (is ) Tj ET Q q 0 0 0 rg BT 365.12 422.60 Td (ef) Tj ET Q q 0 0 0 rg BT 372.71 422.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 401.83 422.60 Td (for ) Tj ET Q q 0 0 0 rg BT 415.41 422.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 443.99 422.60 Td (and ) Tj ET Q q 0 0 0 rg BT 460.34 422.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 491.15 422.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 522.51 422.60 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.60 Td (after ) Tj ET Q q 0 0 0 rg BT 69.31 410.60 Td (December ) Tj ET Q q 0 0 0 rg BT 111.88 410.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 125.87 410.60 Td (2018. ) Tj ET Q q 0 0 0 rg BT 149.53 410.60 Td (As ) Tj ET Q q 0 0 0 rg BT 162.14 410.60 Td (of ) Tj ET Q q 0 0 0 rg BT 171.96 410.60 Td (March ) Tj ET Q q 0 0 0 rg BT 199.55 410.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 213.54 410.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 237.53 410.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.24 410.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 291.61 410.60 Td (had ) Tj ET Q q 0 0 0 rg BT 307.54 410.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.79 410.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.79 410.60 Td ( ) Tj ET Q q 0 0 0 rg BT 378.28 410.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 417.54 410.60 Td (leases ) Tj ET Q q 0 0 0 rg BT 442.91 410.60 Td (for ) Tj ET Q q 0 0 0 rg BT 456.06 410.60 Td (of) Tj ET Q q 0 0 0 rg BT 464.21 410.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 480.68 410.60 Td (space ) Tj ET Q q 0 0 0 rg BT 504.38 410.60 Td (with ) Tj ET Q q 0 0 0 rg BT 523.65 410.60 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 90.00 398.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 111.59 398.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 167.64 398.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.58 398.60 Td ($78.7 ) Tj ET Q q 0 0 0 rg BT 201.69 398.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.58 398.60 Td (. ) Tj ET Q q 0 0 0 rg BT 234.69 398.60 Td (Upon ) Tj ET Q q 0 0 0 rg BT 258.52 398.60 Td (adoption, ) Tj ET Q q 0 0 0 rg BT 297.63 398.60 Td (this ) Tj ET Q q 0 0 0 rg BT 313.68 398.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 335.28 398.60 Td (commitment ) Tj ET Q q 0 0 0 rg BT 387.43 398.60 Td (will ) Tj ET Q q 0 0 0 rg BT 404.60 398.60 Td (be ) Tj ET Q q 0 0 0 rg BT 415.65 398.60 Td (reflected ) Tj ET Q q 0 0 0 rg BT 452.22 398.60 Td (on ) Tj ET Q q 0 0 0 rg BT 463.83 398.60 Td (the ) Tj ET Q q 0 0 0 rg BT 477.66 398.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 517.59 398.60 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 398.60 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 89.73 386.60 Td (as ) Tj ET Q q 0 0 0 rg BT 100.52 386.60 Td (a ) Tj ET Q q 0 0 0 rg BT 107.42 386.60 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 157.08 386.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.98 386.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.88 386.60 Td (a ) Tj ET Q q 0 0 0 rg BT 202.77 386.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 225.22 386.60 Td (commitment ) Tj ET Q q 0 0 0 rg BT 278.22 386.60 Td (liability) Tj ET Q q 0 0 0 rg BT 308.68 386.60 Td (. ) Tj ET Q q 0 0 0 rg BT 313.46 386.60 Td (The ) Tj ET Q q 0 0 0 rg BT 331.47 386.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 372.81 386.60 Td (is ) Tj ET Q q 0 0 0 rg BT 381.94 386.60 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 426.05 386.60 Td (other ) Tj ET Q q 0 0 0 rg BT 449.06 386.60 Td (service ) Tj ET Q q 0 0 0 rg BT 479.83 386.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 518.38 386.60 Td (which ) Tj ET Q q 0 0 0 rg BT 545.28 386.60 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.60 Td (include ) Tj ET Q q 0 0 0 rg BT 80.31 374.60 Td (embedded ) Tj ET Q q 0 0 0 rg BT 122.77 374.60 Td (leases, ) Tj ET Q q 0 0 0 rg BT 150.52 374.60 Td (however) Tj ET Q q 0 0 0 rg BT 184.55 374.60 Td (, ) Tj ET Q q 0 0 0 rg BT 188.42 374.60 Td (the ) Tj ET Q q 0 0 0 rg BT 202.01 374.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.27 374.60 Td (does ) Tj ET Q q 0 0 0 rg BT 261.97 374.60 Td (not ) Tj ET Q q 0 0 0 rg BT 276.12 374.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 303.59 374.60 Td (these ) Tj ET Q q 0 0 0 rg BT 325.51 374.60 Td (to ) Tj ET Q q 0 0 0 rg BT 334.66 374.60 Td (be ) Tj ET Q q 0 0 0 rg BT 345.47 374.60 Td (material. ) Tj ET Q q 0 0 0 rg BT 382.10 374.60 Td (Upon ) Tj ET Q q 0 0 0 rg BT 405.69 374.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 442.06 374.60 Td (of ) Tj ET Q q 0 0 0 rg BT 451.46 374.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 472.83 374.60 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 510.04 374.60 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 374.60 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.60 Td (does ) Tj ET Q q 0 0 0 rg BT 70.01 362.60 Td (not ) Tj ET Q q 0 0 0 rg BT 84.97 362.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 113.24 362.60 Td (material ) Tj ET Q q 0 0 0 rg BT 148.18 362.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 182.57 362.60 Td (to ) Tj ET Q q 0 0 0 rg BT 192.53 362.60 Td (the ) Tj ET Q q 0 0 0 rg BT 206.92 362.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 254.65 362.60 Td (of ) Tj ET Q q 0 0 0 rg BT 265.16 362.60 Td (rent ) Tj ET Q q 0 0 0 rg BT 282.88 362.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 317.27 362.60 Td (in ) Tj ET Q q 0 0 0 rg BT 327.23 362.60 Td (its ) Tj ET Q q 0 0 0 rg BT 338.86 362.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 391.58 362.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 435.97 362.60 Td (of ) Tj ET Q q 0 0 0 rg BT 446.48 362.60 Td (operations. ) Tj ET Q q 0 0 0 rg BT 492.66 362.60 Td (The ) Tj ET Q q 0 0 0 rg BT 510.39 362.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 539.78 362.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 362.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.60 Td (new ) Tj ET Q q 0 0 0 rg BT 68.66 350.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 107.25 350.60 Td (on ) Tj ET Q q 0 0 0 rg BT 119.75 350.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 143.36 350.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 154.84 350.60 Td (fray's ) Tj ET Q q 0 0 0 rg BT 179.13 350.60 Td (net ) Tj ET Q q 0 0 0 rg BT 193.85 350.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 223.00 350.60 Td (is ) Tj ET Q q 0 0 0 rg BT 232.17 350.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 270.20 350.60 Td (to ) Tj ET Q q 0 0 0 rg BT 280.48 350.60 Td (be ) Tj ET Q q 0 0 0 rg BT 292.42 350.60 Td (minimal.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 326.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 90.88 326.60 Td (Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.60 326.60 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.60 326.60 Td ( ) Tj ET Q q 0 0 0 rg BT 148.10 326.60 Td (Cr) Tj ET Q q 0 0 0 rg BT 158.29 326.60 Td (edit ) Tj ET Q q 0 0 0 rg BT 175.79 326.60 Td (Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.71 302.60 Td (June ) Tj ET Q q 0 0 0 rg BT 81.93 302.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.31 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 122.41 302.60 Td (F) Tj ET Q q 0 0 0 rg BT 127.23 302.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 149.57 302.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.81 302.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 199.70 302.60 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.31 302.60 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 256.02 302.60 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 300.20 302.60 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 350.30 302.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.18 302.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 386.06 302.60 Td (Losses ) Tj ET Q q 0 0 0 rg BT 416.16 302.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 424.90 302.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 445.00 302.60 Td (326\): ) Tj ET Q q 0 0 0 rg BT 469.00 302.60 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 526.30 302.60 Td (of ) Tj ET Q q 0 0 0 rg BT 537.52 302.60 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.60 Td (Losses ) Tj ET Q q 0 0 0 rg BT 78.89 290.60 Td (on ) Tj ET Q q 0 0 0 rg BT 91.07 290.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.45 290.60 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 183.92 290.60 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 213.51 290.60 Td (2016-13"\). ) Tj ET Q q 0 0 0 rg BT 258.77 290.60 Td (The ) Tj ET Q q 0 0 0 rg BT 276.49 290.60 Td (new ) Tj ET Q q 0 0 0 rg BT 295.32 290.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 333.59 290.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 367.97 290.60 Td (an ) Tj ET Q q 0 0 0 rg BT 379.58 290.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 404.53 290.60 Td (to ) Tj ET Q q 0 0 0 rg BT 414.48 290.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 449.97 290.60 Td (all ) Tj ET Q q 0 0 0 rg BT 462.14 290.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 499.84 290.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.78 290.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 550.84 290.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.12 278.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.08 278.60 Td (held ) Tj ET Q q 0 0 0 rg BT 135.94 278.60 Td (at ) Tj ET Q q 0 0 0 rg BT 146.79 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 162.64 278.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 202.94 278.60 Td (date ) Tj ET Q q 0 0 0 rg BT 223.23 278.60 Td (based ) Tj ET Q q 0 0 0 rg BT 249.63 278.60 Td (on ) Tj ET Q q 0 0 0 rg BT 263.27 278.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 304.12 278.60 Td (experience, ) Tj ET Q q 0 0 0 rg BT 353.56 278.60 Td (current ) Tj ET Q q 0 0 0 rg BT 385.51 278.60 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 433.31 278.60 Td (and ) Tj ET Q q 0 0 0 rg BT 451.39 278.60 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 497.78 278.60 Td (and ) Tj ET Q q 0 0 0 rg BT 515.85 278.60 Td (supportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 87.95 266.60 Td (as ) Tj ET Q q 0 0 0 rg BT 99.20 266.60 Td (opposed ) Tj ET Q q 0 0 0 rg BT 135.44 266.60 Td (to ) Tj ET Q q 0 0 0 rg BT 146.13 266.60 Td (delaying ) Tj ET Q q 0 0 0 rg BT 183.48 266.60 Td (recognition ) Tj ET Q q 0 0 0 rg BT 231.94 266.60 Td (until ) Tj ET Q q 0 0 0 rg BT 253.18 266.60 Td (the ) Tj ET Q q 0 0 0 rg BT 268.32 266.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.79 266.60 Td (was ) Tj ET Q q 0 0 0 rg BT 305.26 266.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 343.16 266.60 Td (of ) Tj ET Q q 0 0 0 rg BT 354.40 266.60 Td (occurring. ) Tj ET Q q 0 0 0 rg BT 397.49 266.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 420.41 266.60 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 456.65 266.60 Td (is ) Tj ET Q q 0 0 0 rg BT 466.23 266.60 Td (ef) Tj ET Q q 0 0 0 rg BT 473.82 266.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 503.94 266.60 Td (for ) Tj ET Q q 0 0 0 rg BT 518.51 266.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 548.08 266.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 81.28 254.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 113.62 254.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 156.51 254.60 Td (after ) Tj ET Q q 0 0 0 rg BT 177.72 254.60 Td (December ) Tj ET Q q 0 0 0 rg BT 221.70 254.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 237.10 254.60 Td (2019. ) Tj ET Q q 0 0 0 rg BT 262.50 254.60 Td (Early ) Tj ET Q q 0 0 0 rg BT 287.05 254.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 324.95 254.60 Td (is ) Tj ET Q q 0 0 0 rg BT 334.51 254.60 Td (permitted ) Tj ET Q q 0 0 0 rg BT 375.73 254.60 Td (for ) Tj ET Q q 0 0 0 rg BT 390.29 254.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 419.84 254.60 Td (and ) Tj ET Q q 0 0 0 rg BT 437.18 254.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 468.96 254.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 501.30 254.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 544.19 254.60 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.60 Td (December ) Tj ET Q q 0 0 0 rg BT 93.39 242.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 108.70 242.60 Td (2018. ) Tj ET Q q 0 0 0 rg BT 133.81 242.60 Td (The ) Tj ET Q q 0 0 0 rg BT 152.16 242.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.86 242.60 Td (does ) Tj ET Q q 0 0 0 rg BT 215.00 242.60 Td (not ) Tj ET Q q 0 0 0 rg BT 230.59 242.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 259.49 242.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.52 242.60 Td (adoption ) Tj ET Q q 0 0 0 rg BT 312.32 242.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.84 242.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 345.65 242.60 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 381.79 242.60 Td (to ) Tj ET Q q 0 0 0 rg BT 392.38 242.60 Td (have ) Tj ET Q q 0 0 0 rg BT 414.06 242.60 Td (a ) Tj ET Q q 0 0 0 rg BT 421.31 242.60 Td (material ) Tj ET Q q 0 0 0 rg BT 456.88 242.60 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w 0 i [] 0 d 0 J 0 j 3 M 414 481.25 m 484 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 492 483.25 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 492 481.25 m 562 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 386.25 m 484 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 375.25 m 484 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 373.25 m 484 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 386.25 m 562 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 375.25 m 562 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 373.25 m 562 373.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 664.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 445.44 664.98 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.40 664.98 Td (December) Tj ET Q q 0 0 0 rg BT 540.62 664.98 Td ( 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 (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 652.98 Td (2017) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 616.98 Td (16,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 616.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 616.87 Td (51,896) 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 (90,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 604.87 Td (74,456) 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 (35,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 592.87 Td (30,145) 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 (T) Tj ET Q q 0 0 0 rg BT 64.26 568.87 Td (axable securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 568.98 Td (50,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.87 Td (67,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 556.87 Td (T) Tj ET Q q 0 0 0 rg BT 64.26 556.87 Td (ax-exempt securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 556.98 Td (449,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 556.87 Td (744,241) 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 447.65 544.98 Td (1) Tj ET Q q 0 0 0 rg BT 452.65 544.98 Td (13,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 544.87 Td (62,251) 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 465.15 532.98 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 532.87 Td (481) 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 (258,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 520.87 Td (317,318) 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 (299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 508.87 Td (9,317) 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 (18,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 496.87 Td (25,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 484.87 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 484.87 Td (otal financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 484.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 484.98 Td (1,033,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 484.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 484.87 Td (1,383,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.87 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 52.50 448.87 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 436.87 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 436.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 436.98 Td (77,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 436.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 436.87 Td (101,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 424.87 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 424.98 Td (29,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 424.87 Td (30,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.87 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 412.98 Td (23,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 412.87 Td (49,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.87 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 400.98 Td (185,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 400.87 Td (213,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.87 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 388.98 Td (4,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 388.87 Td (5,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.87 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 376.87 Td (otal 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 416.50 376.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 376.98 Td (320,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 376.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 376.87 Td (399,227) 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 (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.17 350.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.93 350.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.93 350.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.60 350.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.70 350.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.45 350.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.45 350.75 Td (, ) Tj ET Q q 0 0 0 rg BT 229.62 350.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.26 350.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 316.59 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.70 350.75 Td (other ) Tj ET Q q 0 0 0 rg BT 356.91 350.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 397.90 350.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 436.69 350.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 466.01 350.75 Td (in ) Tj ET Q q 0 0 0 rg BT 476.46 350.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.34 350.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.00 350.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 350.75 Td ($503.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 338.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 338.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 338.75 Td ($720.0 ) Tj ET Q q 0 0 0 rg BT 127.83 338.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.72 338.75 Td (, ) Tj ET Q q 0 0 0 rg BT 161.72 338.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 209.38 338.75 Td (, ) Tj ET Q q 0 0 0 rg BT 214.38 338.75 Td (had ) Tj ET Q q 0 0 0 rg BT 231.32 338.75 Td (been ) Tj ET Q q 0 0 0 rg BT 252.70 338.75 Td (pledged ) Tj ET Q q 0 0 0 rg BT 286.85 338.75 Td (as ) Tj ET Q q 0 0 0 rg BT 297.68 338.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 337.38 338.75 Td (for ) Tj ET Q q 0 0 0 rg BT 351.54 338.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 395.70 338.75 Td (financings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.43 314.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.81 314.75 Td (and ) Tj ET Q q 0 0 0 rg BT 155.96 314.75 Td (other ) Tj ET Q q 0 0 0 rg BT 179.22 314.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.26 314.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 259.09 314.75 Td (sold, ) Tj ET Q q 0 0 0 rg BT 280.98 314.75 Td (but ) Tj ET Q q 0 0 0 rg BT 296.47 314.75 Td (not ) Tj ET Q q 0 0 0 rg BT 311.97 314.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 326.90 314.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 370.15 314.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 409.51 314.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.67 314.75 Td (of ) Tj ET Q q 0 0 0 rg BT 467.71 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.64 314.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 524.25 314.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.74 314.75 Td (deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.85 302.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 102.08 302.75 Td (security ) Tj ET Q q 0 0 0 rg BT 135.87 302.75 Td (at ) Tj ET Q q 0 0 0 rg BT 145.22 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 159.57 302.75 Td (contracted ) Tj ET Q q 0 0 0 rg BT 203.34 302.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 227.96 302.75 Td (thereby ) Tj ET Q q 0 0 0 rg BT 260.08 302.75 Td (creating ) Tj ET Q q 0 0 0 rg BT 294.42 302.75 Td (a ) Tj ET Q q 0 0 0 rg BT 300.99 302.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 334.23 302.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.14 302.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.81 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.17 302.75 Td (security ) Tj ET Q q 0 0 0 rg BT 429.95 302.75 Td (in ) Tj ET Q q 0 0 0 rg BT 439.87 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.22 302.75 Td (market ) Tj ET Q q 0 0 0 rg BT 484.11 302.75 Td (at ) Tj ET Q q 0 0 0 rg BT 493.46 302.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 536.14 302.75 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.28 290.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.39 290.75 Td (is ) Tj ET Q q 0 0 0 rg BT 117.29 290.75 Td (obligated ) Tj ET Q q 0 0 0 rg BT 156.73 290.75 Td (to ) Tj ET Q q 0 0 0 rg BT 166.74 290.75 Td (acquire ) Tj ET Q q 0 0 0 rg BT 198.39 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.84 290.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.83 290.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 271.73 290.75 Td (short ) Tj ET Q q 0 0 0 rg BT 293.96 290.75 Td (at ) Tj ET Q q 0 0 0 rg BT 303.40 290.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 346.17 290.75 Td (market ) Tj ET Q q 0 0 0 rg BT 376.17 290.75 Td (prices, ) Tj ET Q q 0 0 0 rg BT 404.77 290.75 Td (which ) Tj ET Q q 0 0 0 rg BT 431.44 290.75 Td (may ) Tj ET Q q 0 0 0 rg BT 450.89 290.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 480.87 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 495.32 290.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.54 290.75 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.98 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.68 278.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.71 278.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.41 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.22 278.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.68 278.75 Td (condition. ) Tj ET Q q 0 0 0 rg BT 272.19 278.75 Td (The ) Tj ET Q q 0 0 0 rg BT 291.22 278.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.59 278.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 390.94 278.75 Td (hedges ) Tj ET Q q 0 0 0 rg BT 422.19 278.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.89 278.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.15 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.85 278.75 Td (market ) Tj ET Q q 0 0 0 rg BT 516.10 278.75 Td (value ) Tj ET Q q 0 0 0 rg BT 541.24 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 553.05 278.75 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.90 266.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 137.99 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 155.85 266.75 Td (other ) Tj ET Q q 0 0 0 rg BT 179.82 266.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 221.57 266.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 261.11 266.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 291.19 266.75 Td (using ) Tj ET Q q 0 0 0 rg BT 316.29 266.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 358.04 266.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.58 266.75 Td (sold, ) Tj ET Q q 0 0 0 rg BT 420.17 266.75 Td (but ) Tj ET Q q 0 0 0 rg BT 436.37 266.75 Td (not ) Tj ET Q q 0 0 0 rg BT 452.57 266.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 468.21 266.75 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 514.67 266.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.53 266.75 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 98.37 254.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 123.64 254.75 Td (default ) Tj ET Q q 0 0 0 rg BT 153.90 254.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 176.95 254.75 Td (index ) Tj ET Q q 0 0 0 rg BT 201.67 254.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 242.76 254.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 263.04 254.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 297.75 254.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 320.25 254.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 350.52 254.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.46 254.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 407.71 254.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 435.20 254.75 Td (options.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 230.75 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.42 230.75 Td (Contract ) Tj ET Q q 0 0 0 rg BT 137.24 230.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 179.75 230.75 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 206.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.36 206.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 130.80 206.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 163.45 206.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 181.65 206.75 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 211.81 206.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 244.46 206.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 262.66 206.75 Td (locks, ) Tj ET Q q 0 0 0 rg BT 289.48 206.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 315.46 206.75 Td (default ) Tj ET Q q 0 0 0 rg BT 346.44 206.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 370.21 206.75 Td (index ) Tj ET Q q 0 0 0 rg BT 395.64 206.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 437.45 206.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 458.45 206.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 493.87 206.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 517.09 206.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 548.07 206.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.67 194.75 Td (option ) Tj ET Q q 0 0 0 rg BT 104.41 194.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 142.68 194.75 Td (as ) Tj ET Q q 0 0 0 rg BT 153.19 194.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.81 194.75 Td (means ) Tj ET Q q 0 0 0 rg BT 187.54 194.75 Td (to ) Tj ET Q q 0 0 0 rg BT 197.49 194.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 230.77 194.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.95 194.75 Td (in ) Tj ET Q q 0 0 0 rg BT 257.90 194.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 287.28 194.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 327.79 194.75 Td (positions. ) Tj ET Q q 0 0 0 rg BT 368.43 194.75 Td (The ) Tj ET Q q 0 0 0 rg BT 386.15 194.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 427.22 194.75 Td (also ) Tj ET Q q 0 0 0 rg BT 445.51 194.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 471.56 194.75 Td (into ) Tj ET Q q 0 0 0 rg BT 489.30 194.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 520.91 194.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 538.08 194.75 Td (swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.07 182.75 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 97.83 182.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 137.27 182.75 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 190.12 182.75 Td (The ) Tj ET Q q 0 0 0 rg BT 208.45 182.75 Td (following ) Tj ET Q q 0 0 0 rg BT 250.13 182.75 Td (describes ) Tj ET Q q 0 0 0 rg BT 290.12 182.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.13 182.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 352.49 182.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 399.15 182.75 Td (by ) Tj ET Q q 0 0 0 rg BT 411.94 182.75 Td (the ) Tj ET Q q 0 0 0 rg BT 426.94 182.75 Td (type ) Tj ET Q q 0 0 0 rg BT 446.95 182.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.06 182.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 504.72 182.75 Td (or ) Tj ET Q q 0 0 0 rg BT 515.84 182.75 Td (security ) Tj ET Q q 0 0 0 rg BT 550.28 182.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.67 170.75 Td (are ) Tj ET Q q 0 0 0 rg BT 113.37 170.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 169.74 170.75 Td (hedging.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (Customer ) Tj ET Q q 0 0 0 rg BT 90.62 146.75 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 149.49 146.75 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.69 146.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 146.75 Td (The ) Tj ET Q q 0 0 0 rg BT 216.52 146.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.63 146.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 283.73 146.75 Td (into ) Tj ET Q q 0 0 0 rg BT 301.51 146.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.17 146.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.38 146.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.59 146.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 430.90 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 440.91 146.75 Td (a ) Tj ET Q q 0 0 0 rg BT 447.57 146.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 485.34 146.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 520.87 146.75 Td (as ) Tj ET Q q 0 0 0 rg BT 531.42 146.75 Td (a ) Tj ET Q q 0 0 0 rg BT 538.09 146.75 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.69 134.75 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 88.20 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.83 134.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.21 134.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 165.39 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.13 134.75 Td (its ) Tj ET Q q 0 0 0 rg BT 187.98 134.75 Td (customers. ) Tj ET Q q 0 0 0 rg BT 233.26 134.75 Td (The ) Tj ET Q q 0 0 0 rg BT 251.22 134.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.51 134.75 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 355.47 134.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 381.75 134.75 Td (intoan ) Tj ET Q q 0 0 0 rg BT 411.66 134.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.50 134.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 460.89 134.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 503.28 134.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 537.89 134.75 Td (with ) Tj ET Q q 0 0 0 rg BT 558.07 134.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (third ) Tj ET Q q 0 0 0 rg BT 70.24 122.75 Td (party ) Tj ET Q q 0 0 0 rg BT 92.63 122.75 Td (for ) Tj ET Q q 0 0 0 rg BT 106.14 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 122.75 Td (same ) Tj ET Q q 0 0 0 rg BT 142.61 122.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 177.23 122.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 209.07 122.75 Td (to ) Tj ET Q q 0 0 0 rg BT 218.70 122.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 244.43 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.49 122.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.78 122.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 306.61 122.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.90 122.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.51 122.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 364.36 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.54 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.61 122.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 413.79 122.75 Td (client ) Tj ET Q q 0 0 0 rg BT 437.85 122.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 469.13 122.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 485.97 122.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.80 122.75 Td (contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.37 110.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.11 110.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 120.98 110.75 Td (instances, ) Tj ET Q q 0 0 0 rg BT 162.68 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.44 110.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.86 110.75 Td (has ) Tj ET Q q 0 0 0 rg BT 234.73 110.75 Td (only ) Tj ET Q q 0 0 0 rg BT 255.05 110.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 286.47 110.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.45 110.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.97 110.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.51 110.75 Td (with ) Tj ET Q q 0 0 0 rg BT 373.83 110.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.81 110.75 Td (third ) Tj ET Q q 0 0 0 rg BT 402.24 110.75 Td (party) Tj ET Q q 0 0 0 rg BT 422.13 110.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.17 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.15 110.75 Td (retains ) Tj ET Q q 0 0 0 rg BT 473.35 110.75 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 539.74 110.75 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.13 98.75 Td (as ) Tj ET Q q 0 0 0 rg BT 78.10 98.75 Td (described ) Tj ET Q q 0 0 0 rg BT 119.05 98.75 Td (below) Tj ET Q q 0 0 0 rg BT 142.83 98.75 Td (. ) Tj ET Q q 0 0 0 rg BT 147.78 98.75 Td (The ) Tj ET Q q 0 0 0 rg BT 165.96 98.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 215.26 98.75 Td (use ) Tj ET Q q 0 0 0 rg BT 231.22 98.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.29 98.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.80 98.75 Td (based ) Tj ET Q q 0 0 0 rg BT 310.20 98.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 332.83 98.75 Td (either ) Tj ET Q q 0 0 0 rg BT 358.23 98.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.08 98.75 Td (London ) Tj ET Q q 0 0 0 rg BT 406.82 98.75 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 447.77 98.75 Td (Of) Tj ET Q q 0 0 0 rg BT 458.14 98.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 471.87 98.75 Td (Rate ) Tj ET Q q 0 0 0 rg BT 492.83 98.75 Td (\("LIBOR"\) ) Tj ET Q q 0 0 0 rg BT 540.29 98.75 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 86.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 86.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 116.98 86.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 152.81 86.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.75 86.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 209.46 86.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 244.18 86.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 293.89 86.75 Td (\("SIFMA"\) ) Tj ET Q q 0 0 0 rg BT 341.79 86.75 Td (index.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.51 708.60 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.79 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 124.73 708.60 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.93 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 174.36 708.60 Td (The ) Tj ET Q q 0 0 0 rg BT 192.52 708.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 234.02 708.60 Td (enters ) Tj ET Q q 0 0 0 rg BT 260.51 708.60 Td (into ) Tj ET Q q 0 0 0 rg BT 278.68 708.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.73 708.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 328.33 708.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 370.92 708.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 409.63 708.60 Td (and ) Tj ET Q q 0 0 0 rg BT 426.68 708.60 Td (uses ) Tj ET Q q 0 0 0 rg BT 446.52 708.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.91 708.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 501.74 708.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 524.35 708.60 Td (futures ) Tj ET Q q 0 0 0 rg BT 554.73 708.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.08 696.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.22 696.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.90 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 143.04 696.60 Td (market ) Tj ET Q q 0 0 0 rg BT 173.51 696.60 Td (value ) Tj ET Q q 0 0 0 rg BT 197.87 696.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 219.46 696.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 263.26 696.60 Td (with ) Tj ET Q q 0 0 0 rg BT 283.74 696.60 Td (its ) Tj ET Q q 0 0 0 rg BT 295.89 696.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 319.14 696.60 Td (income ) Tj ET Q q 0 0 0 rg BT 351.28 696.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 394.05 696.60 Td (These ) Tj ET Q q 0 0 0 rg BT 420.63 696.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 470.00 696.60 Td (use ) Tj ET Q q 0 0 0 rg BT 486.03 696.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 518.16 696.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 539.74 696.60 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.55 684.60 Td (either ) Tj ET Q q 0 0 0 rg BT 96.37 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 110.64 684.60 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 153.79 684.60 Td (Market ) Tj ET Q q 0 0 0 rg BT 184.72 684.60 Td (Data ) Tj ET Q q 0 0 0 rg BT 205.65 684.60 Td (\("MMD"\) ) Tj ET Q q 0 0 0 rg BT 247.53 684.60 Td (index, ) Tj ET Q q 0 0 0 rg BT 274.30 684.60 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 306.35 684.60 Td (or ) Tj ET Q q 0 0 0 rg BT 316.74 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 331.01 684.60 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 361.02 684.60 Td ( ) Tj ET Q q 0 0 0 rg BT 363.07 684.60 Td (index. ) Tj ET Q q 0 0 0 rg BT 389.69 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 407.29 684.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 448.23 684.60 Td (also ) Tj ET Q q 0 0 0 rg BT 466.39 684.60 Td (enters ) Tj ET Q q 0 0 0 rg BT 492.32 684.60 Td (into ) Tj ET Q q 0 0 0 rg BT 509.93 684.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.75 684.60 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 72.38 672.60 Td (index ) Tj ET Q q 0 0 0 rg BT 96.93 672.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 135.35 672.60 Td (to ) Tj ET Q q 0 0 0 rg BT 145.46 672.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 171.67 672.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 196.76 672.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 214.10 672.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 257.52 672.60 Td (with ) Tj ET Q q 0 0 0 rg BT 277.63 672.60 Td (its ) Tj ET Q q 0 0 0 rg BT 289.41 672.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 320.61 672.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 343.49 672.60 Td (income ) Tj ET Q q 0 0 0 rg BT 375.25 672.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 415.35 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 432.11 672.60 Td (option ) Tj ET Q q 0 0 0 rg BT 460.00 672.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 498.43 672.60 Td (to ) Tj ET Q q 0 0 0 rg BT 508.54 672.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 534.74 672.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (value ) Tj ET Q q 0 0 0 rg BT 73.66 660.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.16 660.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 134.75 660.60 Td (with ) Tj ET Q q 0 0 0 rg BT 155.03 660.60 Td (its ) Tj ET Q q 0 0 0 rg BT 166.98 660.60 Td (convertible ) Tj ET Q q 0 0 0 rg BT 214.46 660.60 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 98.24 636.60 Td (are ) Tj ET Q q 0 0 0 rg BT 113.09 636.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 149.06 636.60 Td (on ) Tj ET Q q 0 0 0 rg BT 161.70 636.60 Td (a ) Tj ET Q q 0 0 0 rg BT 168.79 636.60 Td (net ) Tj ET Q q 0 0 0 rg BT 183.65 636.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.30 636.60 Td (by ) Tj ET Q q 0 0 0 rg BT 218.94 636.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 272.12 636.60 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 292.82 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 307.68 636.60 Td (net ) Tj ET Q q 0 0 0 rg BT 322.54 636.60 Td (payable ) Tj ET Q q 0 0 0 rg BT 356.28 636.60 Td (or ) Tj ET Q q 0 0 0 rg BT 367.26 636.60 Td (receivable ) Tj ET Q q 0 0 0 rg BT 410.98 636.60 Td (for ) Tj ET Q q 0 0 0 rg BT 425.29 636.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.92 636.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.89 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 510.98 636.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 550.84 636.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 56.31 624.60 Td (given ) Tj ET Q q 0 0 0 rg BT 80.90 624.60 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 137.14 624.60 Td (when ) Tj ET Q q 0 0 0 rg BT 161.18 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 167.99 624.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 189.80 624.60 Td (right ) Tj ET Q q 0 0 0 rg BT 211.06 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 221.76 624.60 Td (of) Tj ET Q q 0 0 0 rg BT 229.91 624.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 246.73 624.60 Td (exists ) Tj ET Q q 0 0 0 rg BT 271.88 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 288.69 624.60 Td (on ) Tj ET Q q 0 0 0 rg BT 301.07 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 307.88 624.60 Td (net ) Tj ET Q q 0 0 0 rg BT 322.47 624.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 344.84 624.60 Td (by ) Tj ET Q q 0 0 0 rg BT 357.22 624.60 Td (cross ) Tj ET Q q 0 0 0 rg BT 380.15 624.60 Td (product ) Tj ET Q q 0 0 0 rg BT 413.07 624.60 Td (when ) Tj ET Q q 0 0 0 rg BT 437.10 624.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 480.56 624.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 524.61 624.60 Td (are ) Tj ET Q q 0 0 0 rg BT 539.19 624.60 Td (stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.20 612.60 Td (master ) Tj ET Q q 0 0 0 rg BT 89.77 612.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 120.46 612.60 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 171.42 612.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 194.33 612.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 234.45 612.60 Td (received ) Tj ET Q q 0 0 0 rg BT 271.23 612.60 Td (or ) Tj ET Q q 0 0 0 rg BT 282.48 612.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 302.62 612.60 Td (is ) Tj ET Q q 0 0 0 rg BT 312.21 612.60 Td (netted ) Tj ET Q q 0 0 0 rg BT 339.56 612.60 Td (on ) Tj ET Q q 0 0 0 rg BT 352.48 612.60 Td (a ) Tj ET Q q 0 0 0 rg BT 359.83 612.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 413.29 612.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 438.70 612.60 Td (provided ) Tj ET Q q 0 0 0 rg BT 477.17 612.60 Td (a ) Tj ET Q q 0 0 0 rg BT 484.53 612.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 506.88 612.60 Td (right ) Tj ET Q q 0 0 0 rg BT 528.69 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 539.93 612.60 Td (of) Tj ET Q q 0 0 0 rg BT 548.08 612.60 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (exists. ) Tj ET Q q 0 0 0 rg BT 77.14 600.60 Td (The ) Tj ET Q q 0 0 0 rg BT 95.23 600.60 Td (total ) Tj ET Q q 0 0 0 rg BT 115.54 600.60 Td (absolute ) Tj ET Q q 0 0 0 rg BT 151.41 600.60 Td (notional ) Tj ET Q q 0 0 0 rg BT 186.73 600.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.47 600.60 Td (amount, ) Tj ET Q q 0 0 0 rg BT 256.51 600.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 308.48 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 323.24 600.60 Td (absolute ) Tj ET Q q 0 0 0 rg BT 359.11 600.60 Td (value ) Tj ET Q q 0 0 0 rg BT 383.30 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 394.18 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.94 600.60 Td (sum ) Tj ET Q q 0 0 0 rg BT 428.15 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 439.02 600.60 Td (gross ) Tj ET Q q 0 0 0 rg BT 462.68 600.60 Td (long ) Tj ET Q q 0 0 0 rg BT 483.00 600.60 Td (and ) Tj ET Q q 0 0 0 rg BT 499.98 600.60 Td (short ) Tj ET Q q 0 0 0 rg BT 522.52 600.60 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.48 588.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 127.31 588.60 Td (an ) Tj ET Q q 0 0 0 rg BT 139.14 588.60 Td (indication ) Tj ET Q q 0 0 0 rg BT 181.52 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 192.24 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 206.84 588.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 239.23 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 249.95 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.55 588.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.52 588.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 353.89 588.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 386.27 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 403.10 588.60 Td (does ) Tj ET Q q 0 0 0 rg BT 423.82 588.60 Td (not ) Tj ET Q q 0 0 0 rg BT 438.98 588.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 478.02 588.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 501.52 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 518.34 588.60 Td (losses. ) Tj ET Q q 0 0 0 rg BT 546.95 588.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (following ) Tj ET Q q 0 0 0 rg BT 90.65 576.60 Td (table ) Tj ET Q q 0 0 0 rg BT 112.35 576.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 147.39 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.87 576.60 Td (gross ) Tj ET Q q 0 0 0 rg BT 185.25 576.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.39 576.60 Td (market ) Tj ET Q q 0 0 0 rg BT 231.42 576.60 Td (value ) Tj ET Q q 0 0 0 rg BT 255.34 576.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.04 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 286.53 576.60 Td (total ) Tj ET Q q 0 0 0 rg BT 306.57 576.60 Td (absolute ) Tj ET Q q 0 0 0 rg BT 342.16 576.60 Td (notional ) Tj ET Q q 0 0 0 rg BT 377.20 576.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.66 576.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 443.92 576.60 Td (of ) Tj ET Q q 0 0 0 rg BT 454.52 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 469.00 576.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 515.85 576.60 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 91.98 564.60 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 143.65 564.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 165.58 564.60 Td (to ) Tj ET Q q 0 0 0 rg BT 175.86 564.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 228.89 564.60 Td (netting, ) Tj ET Q q 0 0 0 rg BT 261.67 564.60 Td (by ) Tj ET Q q 0 0 0 rg BT 274.17 564.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 296.11 564.60 Td (or ) Tj ET Q q 0 0 0 rg BT 306.94 564.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 340.54 564.60 Td (position:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 506.10 115.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 506.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 506.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 506.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 506.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 506.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 506.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 506.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 506.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 506.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 506.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 506.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 506.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 482.10 115.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 482.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 482.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 482.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 482.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 482.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 482.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 482.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 482.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 482.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 482.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 482.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 482.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 458.10 115.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 458.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 458.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 458.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 458.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 458.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 458.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 458.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 458.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 458.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 458.10 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 458.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 458.10 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 171 542.1 m 232 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 542.1 m 236 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 542.1 m 299 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 542.1 m 303 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 542.1 m 364 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 542.1 m 431 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 542.1 m 435 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 542.1 m 498 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 542.1 m 502 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 542.1 m 563 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 542.1 m 299 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 542.1 m 431 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 542.1 m 435 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 542.1 m 498 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 542.1 m 502 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 542.1 m 563 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 518.1 m 165 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 518.1 m 232 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 518.1 m 299 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 518.1 m 364 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 518.1 m 431 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 518.1 m 498 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 518.1 m 563 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 518.1 m 364 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 518.1 m 563 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 458.1 m 232 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 447.1 m 232 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 445.1 m 232 445.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 458.1 m 299 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 447.1 m 299 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 445.1 m 299 445.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 458.1 m 364 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 447.1 m 364 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 445.1 m 364 445.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 458.1 m 431 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 447.1 m 431 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 445.1 m 431 445.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 458.1 m 498 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 447.1 m 498 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 445.1 m 498 445.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 458.1 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 502 447.1 m 563 447.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 445.1 m 563 445.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.90 544.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 252.69 544.83 Td (ch 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 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BT 516.04 434.00 Td (condition.) 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brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 279.38 Td (5,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 279.42 Td (\(14,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 279.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.27 Td (Credit default swap index contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 264.37 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 264.38 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 264.37 Td (255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.50 250.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 250.43 Td (4,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 250.32 Td (\(14,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 250.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.53 223.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 93.56 223.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 136.68 223.20 Td (with ) Tj ET Q q 0 0 0 rg BT 156.49 223.20 Td (the ) Tj ET Q q 0 0 0 rg BT 170.74 223.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 217.35 223.20 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 263.25 223.20 Td (is ) Tj ET Q q 0 0 0 rg BT 271.95 223.20 Td (the ) Tj ET Q q 0 0 0 rg BT 286.20 223.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.23 223.20 Td (that ) Tj ET Q q 0 0 0 rg BT 320.25 223.20 Td (a ) Tj ET Q q 0 0 0 rg BT 326.72 223.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 368.73 223.20 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 421.29 223.20 Td (will ) Tj ET Q q 0 0 0 rg BT 438.88 223.20 Td (not ) Tj ET Q q 0 0 0 rg BT 453.69 223.20 Td (perform ) Tj ET Q q 0 0 0 rg BT 487.93 223.20 Td (in ) Tj ET Q q 0 0 0 rg BT 497.73 223.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 544.73 223.20 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.20 Td (the ) Tj ET Q q 0 0 0 rg BT 66.68 211.20 Td (terms ) Tj ET Q q 0 0 0 rg BT 93.86 211.20 Td (of ) Tj ET Q q 0 0 0 rg BT 107.15 211.20 Td (the ) Tj ET Q q 0 0 0 rg BT 124.33 211.20 Td (applicable ) Tj ET Q q 0 0 0 rg BT 170.38 211.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 215.32 211.20 Td (contract. ) Tj ET Q q 0 0 0 rg BT 254.99 211.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 284.95 211.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 326.01 211.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 372.06 211.20 Td (with ) Tj ET Q q 0 0 0 rg BT 394.80 211.20 Td (the ) Tj ET Q q 0 0 0 rg BT 411.98 211.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 461.53 211.20 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 510.36 211.20 Td (is ) Tj ET Q q 0 0 0 rg BT 521.99 211.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 552.50 211.20 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.20 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 114.66 199.20 Td (market ) Tj ET Q q 0 0 0 rg BT 143.74 199.20 Td (movements ) Tj ET Q q 0 0 0 rg BT 191.15 199.20 Td (in ) Tj ET Q q 0 0 0 rg BT 200.24 199.20 Td (the ) Tj ET Q q 0 0 0 rg BT 213.77 199.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.96 199.20 Td (value ) Tj ET Q q 0 0 0 rg BT 251.92 199.20 Td (of ) Tj ET Q q 0 0 0 rg BT 261.57 199.20 Td (the ) Tj ET Q q 0 0 0 rg BT 275.09 199.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 312.50 199.20 Td (with ) Tj ET Q q 0 0 0 rg BT 331.59 199.20 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 389.54 199.20 Td (and ) Tj ET Q q 0 0 0 rg BT 405.29 199.20 Td (is ) Tj ET Q q 0 0 0 rg BT 413.27 199.20 Td (monitored ) Tj ET Q q 0 0 0 rg BT 455.68 199.20 Td (regularly ) Tj ET Q q 0 0 0 rg BT 493.09 199.20 Td (by ) Tj ET Q q 0 0 0 rg BT 504.40 199.20 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 199.20 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.87 187.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 102.27 187.20 Td (committee. ) Tj ET Q q 0 0 0 rg BT 148.27 187.20 Td (The ) Tj ET Q q 0 0 0 rg BT 165.21 187.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.49 187.20 Td (considers ) Tj ET Q q 0 0 0 rg BT 244.65 187.20 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 296.57 187.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 320.73 187.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 337.12 187.20 Td (in ) Tj ET Q q 0 0 0 rg BT 346.29 187.20 Td (determining ) Tj ET Q q 0 0 0 rg BT 396.01 187.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 437.38 187.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 470.98 187.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.25 187.20 Td (value. ) Tj ET Q q 0 0 0 rg BT 511.69 187.20 Td (The ) Tj ET Q q 0 0 0 rg BT 528.63 187.20 Td (majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.20 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 175.20 Td (the ) Tj ET Q q 0 0 0 rg BT 75.64 175.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 123.01 175.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 165.79 175.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 204.67 175.20 Td (are ) Tj ET Q q 0 0 0 rg BT 219.67 175.20 Td (substantially ) Tj ET Q q 0 0 0 rg BT 273.02 175.20 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 329.67 175.20 Td (by ) Tj ET Q q 0 0 0 rg BT 342.46 175.20 Td (its ) Tj ET Q q 0 0 0 rg BT 354.71 175.20 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 416.64 175.20 Td (who ) Tj ET Q q 0 0 0 rg BT 436.66 175.20 Td (are ) Tj ET Q q 0 0 0 rg BT 451.66 175.20 Td (major ) Tj ET Q q 0 0 0 rg BT 477.78 175.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 175.20 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.20 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 163.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.65 163.20 Td (has ) Tj ET Q q 0 0 0 rg BT 125.83 163.20 Td (a ) Tj ET Q q 0 0 0 rg BT 133.13 163.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 164.31 163.20 Td (number ) Tj ET Q q 0 0 0 rg BT 197.72 163.20 Td (of ) Tj ET Q q 0 0 0 rg BT 208.90 163.20 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 268.40 163.20 Td (who ) Tj ET Q q 0 0 0 rg BT 288.48 163.20 Td (are ) Tj ET Q q 0 0 0 rg BT 303.54 163.20 Td (not ) Tj ET Q q 0 0 0 rg BT 319.18 163.20 Td (required ) Tj ET Q q 0 0 0 rg BT 355.35 163.20 Td (to ) Tj ET Q q 0 0 0 rg BT 365.98 163.20 Td (post ) Tj ET Q q 0 0 0 rg BT 385.51 163.20 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 428.06 163.20 Td (Based ) Tj ET Q q 0 0 0 rg BT 455.36 163.20 Td (on ) Tj ET Q q 0 0 0 rg BT 468.22 163.20 Td (market ) Tj ET Q q 0 0 0 rg BT 498.84 163.20 Td (movements, ) Tj ET Q q 0 0 0 rg BT 550.30 163.20 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.20 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 115.58 151.20 Td (amounts ) Tj ET Q q 0 0 0 rg BT 151.70 151.20 Td (representing ) Tj ET Q q 0 0 0 rg BT 203.36 151.20 Td (the ) Tj ET Q q 0 0 0 rg BT 217.81 151.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 233.91 151.20 Td (value ) Tj ET Q q 0 0 0 rg BT 257.80 151.20 Td (of ) Tj ET Q q 0 0 0 rg BT 268.36 151.20 Td (the ) Tj ET Q q 0 0 0 rg BT 282.81 151.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 325.02 151.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 359.46 151.20 Td (can ) Tj ET Q q 0 0 0 rg BT 375.56 151.20 Td (become ) Tj ET Q q 0 0 0 rg BT 408.89 151.20 Td (material, ) Tj ET Q q 0 0 0 rg BT 446.38 151.20 Td (exposing ) Tj ET Q q 0 0 0 rg BT 484.72 151.20 Td (the ) Tj ET Q q 0 0 0 rg BT 499.17 151.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 540.29 151.20 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 151.20 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.42 139.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.58 139.20 Td (of ) Tj ET Q q 0 0 0 rg BT 102.08 139.20 Td (these ) Tj ET Q q 0 0 0 rg BT 124.78 139.20 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 185.61 139.20 Td (As ) Tj ET Q q 0 0 0 rg BT 198.88 139.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 139.20 Td (March31, ) Tj ET Q q 0 0 0 rg BT 252.63 139.20 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.63 139.20 Td (, ) Tj ET Q q 0 0 0 rg BT 277.29 139.20 Td (the ) Tj ET Q q 0 0 0 rg BT 291.67 139.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 332.72 139.20 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.32 139.20 Td ($17.0 ) Tj ET Q q 0 0 0 rg BT 373.98 139.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.87 139.20 Td ( ) Tj ET Q q 0 0 0 rg BT 405.03 139.20 Td (of ) Tj ET Q q 0 0 0 rg BT 415.52 139.20 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 481.53 139.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 506.46 139.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 544.72 139.20 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.20 Td (these ) Tj ET Q q 0 0 0 rg BT 71.98 127.20 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 130.55 127.20 Td (\(notional ) Tj ET Q q 0 0 0 rg BT 168.58 127.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 202.72 127.20 Td (amount ) Tj ET Q q 0 0 0 rg BT 234.64 127.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.91 127.20 Td ($179.9 ) Tj ET Q q 0 0 0 rg BT 274.34 127.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.23 127.20 Td (\), ) Tj ET Q q 0 0 0 rg BT 310.99 127.20 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.69 127.20 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 375.13 127.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.02 127.20 Td ( ) Tj ET Q q 0 0 0 rg BT 405.95 127.20 Td (of ) Tj ET Q q 0 0 0 rg BT 416.21 127.20 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 481.99 127.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 506.69 127.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 544.72 127.20 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.20 Td (one ) Tj ET Q q 0 0 0 rg BT 66.44 115.20 Td (counterparty) Tj ET Q q 0 0 0 rg BT 116.32 115.20 Td (.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (15) 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 (Fair V) Tj ET Q q 0 0 0 rg BT 104.77 708.75 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.37 708.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 76.59 684.75 Td (on ) Tj ET Q q 0 0 0 rg BT 89.24 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.11 684.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 131.75 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.73 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.60 684.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 204.83 684.75 Td (business ) Tj ET Q q 0 0 0 rg BT 241.37 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 258.46 684.75 Td (its ) Tj ET Q q 0 0 0 rg BT 270.56 684.75 Td (role ) Tj ET Q q 0 0 0 rg BT 288.76 684.75 Td (as ) Tj ET Q q 0 0 0 rg BT 299.74 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 306.83 684.75 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 342.07 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 352.50 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 367.37 684.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 407.78 684.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 443.21 684.75 Td (or ) Tj ET Q q 0 0 0 rg BT 454.19 684.75 Td (as ) Tj ET Q q 0 0 0 rg BT 465.17 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 472.26 684.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 509.34 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.32 684.75 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 70.30 672.75 Td (management ) Tj ET Q q 0 0 0 rg BT 122.76 672.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 148.85 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.43 672.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 177.67 672.75 Td (values ) Tj ET Q q 0 0 0 rg BT 204.59 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.28 672.75 Td (its ) Tj ET Q q 0 0 0 rg BT 225.10 672.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.44 672.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 309.48 672.75 Td (are ) Tj ET Q q 0 0 0 rg BT 323.05 672.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 369.40 672.75 Td (internally) Tj ET Q q 0 0 0 rg BT 407.07 672.75 Td (. ) Tj ET Q q 0 0 0 rg BT 410.83 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 427.75 672.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 473.69 672.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 513.38 672.75 Td (are ) Tj ET Q q 0 0 0 rg BT 526.95 672.75 Td (designed ) 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 60.70 660.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 90.22 660.75 Td (that ) Tj ET Q q 0 0 0 rg BT 108.64 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.28 660.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.58 660.75 Td (values ) Tj ET Q q 0 0 0 rg BT 170.55 660.75 Td (used ) Tj ET Q q 0 0 0 rg BT 192.30 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 207.39 660.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.79 660.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 285.87 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 301.50 660.75 Td (based ) Tj ET Q q 0 0 0 rg BT 327.69 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 341.11 660.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 387.85 660.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 415.72 660.75 Td (wherever ) Tj ET Q q 0 0 0 rg BT 456.34 660.75 Td (possible. ) Tj ET Q q 0 0 0 rg BT 495.04 660.75 Td (In ) Tj ET Q q 0 0 0 rg BT 506.79 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.43 660.75 Td (event ) Tj ET Q q 0 0 0 rg BT 547.51 660.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 95.80 648.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 123.23 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 138.42 648.75 Td (not ) Tj ET Q q 0 0 0 rg BT 154.18 648.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 195.75 648.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.05 648.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 279.48 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 294.67 648.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 338.74 648.75 Td (based ) Tj ET Q q 0 0 0 rg BT 364.50 648.75 Td (on ) Tj ET Q q 0 0 0 rg BT 377.48 648.75 Td (an ) Tj ET Q q 0 0 0 rg BT 389.90 648.75 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 434.53 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 445.84 648.75 Td (all ) Tj ET Q q 0 0 0 rg BT 458.82 648.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 494.01 648.75 Td (empirical ) Tj ET Q q 0 0 0 rg BT 534.75 648.75 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (data, ) Tj ET Q q 0 0 0 rg BT 70.14 636.75 Td (including ) Tj ET Q q 0 0 0 rg BT 109.40 636.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 134.76 636.75 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 176.78 636.75 Td (by ) Tj ET Q q 0 0 0 rg BT 188.26 636.75 Td (market ) Tj ET Q q 0 0 0 rg BT 217.51 636.75 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 269.26 636.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.17 636.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 323.04 636.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.28 636.75 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 381.26 636.75 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 424.96 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 636.75 Td (correlations ) Tj ET Q q 0 0 0 rg BT 489.57 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.49 636.75 Td (other ) Tj ET Q q 0 0 0 rg BT 527.52 636.75 Td (security-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 82.92 624.75 Td (information. ) Tj ET Q q 0 0 0 rg BT 134.79 624.75 Td (V) Tj ET Q q 0 0 0 rg BT 140.90 624.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 175.44 624.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 225.54 624.75 Td (related ) Tj ET Q q 0 0 0 rg BT 255.07 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 265.17 624.75 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 306.94 624.75 Td (or ) Tj ET Q q 0 0 0 rg BT 317.60 624.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 370.46 624.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.55 624.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.87 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 427.41 624.75 Td (also ) Tj ET Q q 0 0 0 rg BT 445.84 624.75 Td (considered. ) Tj ET Q q 0 0 0 rg BT 493.98 624.75 Td (In ) Tj ET Q q 0 0 0 rg BT 504.64 624.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 548.62 624.75 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 75.61 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.78 612.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.62 612.75 Td (may ) Tj ET Q q 0 0 0 rg BT 149.78 612.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 176.73 612.75 Td (information ) Tj ET Q q 0 0 0 rg BT 225.89 612.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 263.39 612.75 Td (by ) Tj ET Q q 0 0 0 rg BT 275.34 612.75 Td (third ) Tj ET Q q 0 0 0 rg BT 296.18 612.75 Td (party ) Tj ET Q q 0 0 0 rg BT 318.68 612.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 348.96 612.75 Td (vendors ) Tj ET Q q 0 0 0 rg BT 382.57 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 392.30 612.75 Td (corroborate ) Tj ET Q q 0 0 0 rg BT 440.34 612.75 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 525.03 612.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 612.75 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 576.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.70 576.75 Td (employs ) Tj ET Q q 0 0 0 rg BT 146.47 576.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 180.44 576.75 Td (control ) Tj ET Q q 0 0 0 rg BT 211.65 576.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 252.85 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 263.51 576.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 306.38 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 321.48 576.75 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 384.33 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 395.55 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 576.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.40 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 451.94 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 463.15 576.75 Td (its ) Tj ET Q q 0 0 0 rg BT 475.49 576.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.35 576.75 Td (instruments. ) 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 67.26 564.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 114.04 564.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 154.57 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 168.99 564.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 206.74 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 216.73 564.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 245.04 564.75 Td (that ) Tj ET Q q 0 0 0 rg BT 262.24 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.67 564.75 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 358.85 564.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 374.93 564.75 Td (values ) Tj ET Q q 0 0 0 rg BT 402.69 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 417.10 564.75 Td (accurately ) Tj ET Q q 0 0 0 rg BT 460.39 564.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 497.57 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.22 564.75 Td (that ) Tj ET Q q 0 0 0 rg BT 531.42 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 545.85 564.75 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 75.31 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.11 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.69 552.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 143.26 552.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 187.39 552.75 Td (used ) Tj ET Q q 0 0 0 rg BT 207.08 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 220.65 552.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 270.05 552.75 Td (consistently ) Tj ET Q q 0 0 0 rg BT 319.18 552.75 Td (applied, ) Tj ET Q q 0 0 0 rg BT 352.48 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.28 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 384.64 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.22 552.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 449.03 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 462.60 552.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 506.71 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 522.51 552.75 Td (consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (with ) Tj ET Q q 0 0 0 rg BT 68.81 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 540.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 120.75 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.61 540.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 180.47 540.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.88 540.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 221.57 540.75 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 268.10 540.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 298.52 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.39 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.14 540.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.00 540.75 Td (departments ) Tj ET Q q 0 0 0 rg BT 402.40 540.75 Td (perform ) Tj ET Q q 0 0 0 rg BT 436.15 540.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 486.55 540.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 516.41 540.75 Td (verification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (reviews ) Tj ET Q q 0 0 0 rg BT 83.23 528.75 Td (as ) Tj ET Q q 0 0 0 rg BT 94.19 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.14 528.75 Td (each ) Tj ET Q q 0 0 0 rg BT 126.09 528.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 165.37 528.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 186.97 528.75 Td (The ) Tj ET Q q 0 0 0 rg BT 205.14 528.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.66 528.75 Td (has ) Tj ET Q q 0 0 0 rg BT 262.61 528.75 Td (established ) Tj ET Q q 0 0 0 rg BT 309.68 528.75 Td (parameters ) Tj ET Q q 0 0 0 rg BT 356.17 528.75 Td (which ) Tj ET Q q 0 0 0 rg BT 383.23 528.75 Td (set ) Tj ET Q q 0 0 0 rg BT 396.97 528.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 419.04 528.75 Td (when ) Tj ET Q q 0 0 0 rg BT 443.33 528.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.17 528.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.68 528.75 Td (value ) Tj ET Q q 0 0 0 rg BT 498.96 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.92 528.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 528.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (independently ) Tj ET Q q 0 0 0 rg BT 109.05 516.75 Td (verified. ) Tj ET Q q 0 0 0 rg BT 145.34 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 163.79 516.75 Td (selection ) Tj ET Q q 0 0 0 rg BT 202.23 516.75 Td (parameters ) Tj ET Q q 0 0 0 rg BT 249.00 516.75 Td (are ) Tj ET Q q 0 0 0 rg BT 264.11 516.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.21 516.75 Td (based ) Tj ET Q q 0 0 0 rg BT 329.89 516.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.79 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 516.75 Td (type ) Tj ET Q q 0 0 0 rg BT 388.03 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 399.26 516.75 Td (security) Tj ET Q q 0 0 0 rg BT 430.27 516.75 Td (, ) Tj ET Q q 0 0 0 rg BT 435.67 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.79 516.75 Td (level ) Tj ET Q q 0 0 0 rg BT 473.13 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 484.36 516.75 Td (estimation ) Tj ET Q q 0 0 0 rg BT 528.92 516.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.82 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 516.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 504.75 Td (, ) Tj ET Q q 0 0 0 rg BT 85.99 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 101.19 504.75 Td (materiality ) Tj ET Q q 0 0 0 rg BT 147.50 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.81 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.01 504.75 Td (security ) Tj ET Q q 0 0 0 rg BT 208.66 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 219.42 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.62 504.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 282.19 504.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.15 504.75 Td (statements, ) Tj ET Q q 0 0 0 rg BT 367.85 504.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 403.04 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 413.81 504.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.67 504.75 Td (value ) Tj ET Q q 0 0 0 rg BT 455.31 504.75 Td (from ) Tj ET Q q 0 0 0 rg BT 477.74 504.75 Td (period ) Tj ET Q q 0 0 0 rg BT 506.27 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 517.03 504.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 548.07 504.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (other ) Tj ET Q q 0 0 0 rg BT 71.68 492.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 104.40 492.75 Td (facts ) Tj ET Q q 0 0 0 rg BT 124.91 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.98 492.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 199.25 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.21 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.06 492.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 269.27 492.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 308.67 492.75 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 347.79 492.75 Td (In ) Tj ET Q q 0 0 0 rg BT 357.75 492.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 401.03 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.88 492.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 439.84 492.75 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 521.44 492.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.95 492.75 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (made ) Tj ET Q q 0 0 0 rg BT 74.21 480.75 Td (by ) Tj ET Q q 0 0 0 rg BT 87.26 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.53 480.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 150.17 480.75 Td (traders, ) Tj ET Q q 0 0 0 rg BT 182.93 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.20 480.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 226.24 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.73 480.75 Td (complexity ) Tj ET Q q 0 0 0 rg BT 291.78 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.16 480.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.98 480.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 382.03 480.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 405.35 480.75 Td (term, ) Tj ET Q q 0 0 0 rg BT 429.23 480.75 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 464.22 480.75 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 506.98 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.47 480.75 Td (other ) Tj ET Q q 0 0 0 rg BT 548.07 480.75 Td (key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (drivers ) Tj ET Q q 0 0 0 rg BT 80.47 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.00 468.75 Td (value\), ) Tj ET Q q 0 0 0 rg BT 122.69 468.75 Td (level ) Tj ET Q q 0 0 0 rg BT 145.32 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 156.85 468.75 Td (market ) Tj ET Q q 0 0 0 rg BT 187.82 468.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 221.01 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 235.87 468.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 279.33 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.97 468.75 Td (availability ) Tj ET Q q 0 0 0 rg BT 345.16 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 356.69 468.75 Td (market ) Tj ET Q q 0 0 0 rg BT 387.65 468.75 Td (data ) Tj ET Q q 0 0 0 rg BT 407.51 468.75 Td (are ) Tj ET Q q 0 0 0 rg BT 422.92 468.75 Td (considered. ) Tj ET Q q 0 0 0 rg BT 471.70 468.75 Td (The ) Tj ET Q q 0 0 0 rg BT 490.45 468.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 542.52 468.75 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (verification ) Tj ET Q q 0 0 0 rg BT 99.88 456.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 148.03 456.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 184.26 456.75 Td (but ) Tj ET Q q 0 0 0 rg BT 201.32 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 217.82 456.75 Td (not ) Tj ET Q q 0 0 0 rg BT 234.89 456.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 267.51 456.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 282.07 456.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 318.58 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 456.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 355.47 456.75 Td (data ) Tj ET Q q 0 0 0 rg BT 376.42 456.75 Td (\(both ) Tj ET Q q 0 0 0 rg BT 401.82 456.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.65 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.37 456.75 Td (external ) Tj ET Q q 0 0 0 rg BT 491.87 456.75 Td (where ) Tj ET Q q 0 0 0 rg BT 520.58 456.75 Td (available\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 107.24 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 118.34 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 444.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 174.41 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 444.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 225.50 444.75 Td (with ) Tj ET Q q 0 0 0 rg BT 246.60 444.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 277.69 444.75 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 340.70 444.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 362.91 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 380.67 444.75 Td (components, ) Tj ET Q q 0 0 0 rg BT 434.82 444.75 Td (or ) Tj ET Q q 0 0 0 rg BT 446.47 444.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 496.44 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 507.54 444.75 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 444.75 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.17 432.75 Td (source, ) Tj ET Q q 0 0 0 rg BT 113.11 432.75 Td (such ) Tj ET Q q 0 0 0 rg BT 134.79 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 146.46 432.75 Td (a ) Tj ET Q q 0 0 0 rg BT 154.25 432.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 200.92 432.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.03 432.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 243.70 432.75 Td (model. ) Tj ET Q q 0 0 0 rg BT 274.30 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 293.19 432.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 341.12 432.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 381.68 432.75 Td (committee, ) Tj ET Q q 0 0 0 rg BT 429.73 432.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 474.73 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.40 432.75 Td (members ) Tj ET Q q 0 0 0 rg BT 526.40 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 538.08 432.75 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (management ) Tj ET Q q 0 0 0 rg BT 102.67 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 420.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.27 420.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 191.94 420.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 228.46 420.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 267.76 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 284.28 420.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 314.13 420.75 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 370.65 420.75 Td (for ) Tj ET Q q 0 0 0 rg BT 384.39 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 420.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 431.31 420.75 Td (control ) Tj ET Q q 0 0 0 rg BT 461.72 420.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 502.12 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.64 420.75 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 408.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.86 408.75 Td (value ) Tj ET Q q 0 0 0 rg BT 130.01 408.75 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 384.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 384.75 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 384.75 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 384.75 Td (description ) Tj ET Q q 0 0 0 rg BT 171.98 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 182.81 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.52 384.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 237.23 384.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 282.50 384.75 Td (used ) Tj ET Q q 0 0 0 rg BT 303.33 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 313.61 384.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 349.42 384.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.80 384.75 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.67 360.75 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.38 336.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 118.80 336.75 Td (include ) Tj ET Q q 0 0 0 rg BT 150.11 336.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 177.54 336.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 202.75 336.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.41 336.75 Td (with ) Tj ET Q q 0 0 0 rg BT 272.06 336.75 Td (original ) Tj ET Q q 0 0 0 rg BT 305.04 336.75 Td (maturities ) Tj ET Q q 0 0 0 rg BT 346.91 336.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.12 336.75 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 336.75 Td (days ) Tj ET Q q 0 0 0 rg BT 389.20 336.75 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 336.75 Td (less. ) Tj ET Q q 0 0 0 rg BT 418.37 336.75 Td (Actively ) Tj ET Q q 0 0 0 rg BT 454.68 336.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 481.55 336.75 Td (money ) Tj ET Q q 0 0 0 rg BT 510.64 336.75 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 336.75 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 324.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 105.02 324.75 Td (at ) Tj ET Q q 0 0 0 rg BT 114.74 324.75 Td (their ) Tj ET Q q 0 0 0 rg BT 135.56 324.75 Td (net ) Tj ET Q q 0 0 0 rg BT 150.28 324.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.22 324.75 Td (value ) Tj ET Q q 0 0 0 rg BT 196.38 324.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 324.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 253.58 324.75 Td (as ) Tj ET Q q 0 0 0 rg BT 264.41 324.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.67 324.75 Td (I.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.00 300.75 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 146.73 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 165.35 300.75 Td (Other) Tj ET Q q 0 0 0 rg BT 190.72 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 300.75 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 237.94 300.75 Td (Positions ) Tj ET Q q 0 0 0 rg BT 278.78 300.75 Td (Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 276.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.53 276.75 Td (records ) Tj ET Q q 0 0 0 rg BT 141.76 276.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.54 276.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 229.01 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.25 276.75 Td (other ) Tj ET Q q 0 0 0 rg BT 269.60 276.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 310.72 276.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.64 276.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 379.10 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 396.34 276.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.12 276.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 483.58 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.82 276.75 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 276.75 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.02 264.75 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.59 264.75 Td (but ) Tj ET Q q 0 0 0 rg BT 124.77 264.75 Td (not ) Tj ET Q q 0 0 0 rg BT 139.95 264.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.57 264.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 197.51 264.75 Td (at ) Tj ET Q q 0 0 0 rg BT 207.13 264.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.41 264.75 Td (value ) Tj ET Q q 0 0 0 rg BT 247.47 264.75 Td (on ) Tj ET Q q 0 0 0 rg BT 259.87 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.49 264.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.43 264.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.05 264.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.78 264.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.16 264.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 460.34 264.75 Td (with ) Tj ET Q q 0 0 0 rg BT 480.52 264.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 524.56 264.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.07 264.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 252.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 113.36 252.75 Td (on ) Tj ET Q q 0 0 0 rg BT 125.86 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 140.58 252.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 193.62 252.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.33 252.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.16 252.75 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.05 228.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.83 228.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 228.75 Td ( ) Tj ET Q q 0 0 0 rg BT 126.27 228.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 168.15 228.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 195.58 228.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.03 228.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.24 228.75 Td (are ) Tj ET Q q 0 0 0 rg BT 277.89 228.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.00 228.75 Td (based ) Tj ET Q q 0 0 0 rg BT 332.21 228.75 Td (on ) Tj ET Q q 0 0 0 rg BT 344.66 228.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 374.33 228.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 400.65 228.75 Td (from ) Tj ET Q q 0 0 0 rg BT 422.54 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 437.21 228.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 477.41 228.75 Td (for ) Tj ET Q q 0 0 0 rg BT 491.52 228.75 Td (identical ) Tj ET Q q 0 0 0 rg BT 528.40 228.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.18 228.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.56 216.75 Td (as ) Tj ET Q q 0 0 0 rg BT 100.74 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.98 216.75 Td (period-end ) Tj ET Q q 0 0 0 rg BT 173.14 216.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 194.94 216.75 Td (T) Tj ET Q q 0 0 0 rg BT 200.35 216.75 Td (o ) Tj ET Q q 0 0 0 rg BT 208.20 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.26 216.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 250.54 216.75 Td (these ) Tj ET Q q 0 0 0 rg BT 273.93 216.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.54 216.75 Td (are ) Tj ET Q q 0 0 0 rg BT 329.60 216.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 364.09 216.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 391.93 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.21 216.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.27 216.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 499.89 216.75 Td (are ) Tj ET Q q 0 0 0 rg BT 514.94 216.75 Td (not ) Tj ET Q q 0 0 0 rg BT 530.57 216.75 Td (applied, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (they ) Tj ET Q q 0 0 0 rg BT 70.29 204.75 Td (are ) Tj ET Q q 0 0 0 rg BT 86.06 204.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.71 204.75 Td (as ) Tj ET Q q 0 0 0 rg BT 147.61 204.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 173.94 204.75 Td (I. ) Tj ET Q q 0 0 0 rg BT 183.34 204.75 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 245.21 204.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 273.76 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 302.33 204.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.66 204.75 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 393.88 204.75 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 423.56 204.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 463.76 204.75 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 508.42 204.75 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 204.75 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.30 192.75 Td (using ) Tj ET Q q 0 0 0 rg BT 113.56 192.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 142.25 192.75 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 189.00 192.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.47 192.75 Td (observed ) Tj ET Q q 0 0 0 rg BT 254.16 192.75 Td (for ) Tj ET Q q 0 0 0 rg BT 268.41 192.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 303.20 192.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 341.32 192.75 Td (market ) Tj ET Q q 0 0 0 rg BT 371.67 192.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 422.03 192.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.05 192.75 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 524.39 192.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 192.75 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.21 180.75 Td (based ) Tj ET Q q 0 0 0 rg BT 114.48 180.75 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 180.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 172.80 180.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 199.74 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.68 180.75 Td (are ) Tj ET Q q 0 0 0 rg BT 231.39 180.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 279.97 180.75 Td (within ) Tj ET Q q 0 0 0 rg BT 308.03 180.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 333.29 180.75 Td (II ) Tj ET Q q 0 0 0 rg BT 342.45 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 353.28 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 180.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 384.37 180.75 Td (value ) Tj ET Q q 0 0 0 rg BT 408.53 180.75 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 445.63 180.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 97.97 156.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.55 156.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.55 156.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 156.75 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.27 156.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 231.29 156.75 Td (are ) Tj ET Q q 0 0 0 rg BT 244.76 156.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 272.67 156.75 Td (based ) Tj ET Q q 0 0 0 rg BT 296.69 156.75 Td (on ) Tj ET Q q 0 0 0 rg BT 307.95 156.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 352.52 156.75 Td (trades, ) Tj ET Q q 0 0 0 rg BT 380.16 156.75 Td (when ) Tj ET Q q 0 0 0 rg BT 403.07 156.75 Td (available. ) Tj ET Q q 0 0 0 rg BT 442.64 156.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 491.98 156.75 Td (, ) Tj ET Q q 0 0 0 rg BT 495.73 156.75 Td (these ) Tj ET Q q 0 0 0 rg BT 517.54 156.75 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 144.75 Td (are ) Tj ET Q q 0 0 0 rg BT 104.47 144.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 153.05 144.75 Td (as ) Tj ET Q q 0 0 0 rg BT 163.88 144.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 189.14 144.75 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 93.22 120.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 114.70 120.75 Td (income ) Tj ET Q q 0 0 0 rg BT 145.63 120.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.00 120.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 120.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.05 120.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 217.88 120.75 Td (income ) Tj ET Q q 0 0 0 rg BT 249.37 120.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.18 120.75 Td (include ) Tj ET Q q 0 0 0 rg BT 320.66 120.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 360.47 120.75 Td (bonds ) Tj ET Q q 0 0 0 rg BT 386.41 120.75 Td (which ) Tj ET Q q 0 0 0 rg BT 412.90 120.75 Td (are ) Tj ET Q q 0 0 0 rg BT 427.15 120.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 455.86 120.75 Td (based ) Tj ET Q q 0 0 0 rg BT 480.68 120.75 Td (on ) Tj ET Q q 0 0 0 rg BT 492.73 120.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 526.98 120.75 Td (executed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (market ) Tj ET Q q 0 0 0 rg BT 79.09 108.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 128.67 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 138.83 108.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 187.29 108.75 Td (size, ) Tj ET Q q 0 0 0 rg BT 207.16 108.75 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 291.73 108.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.43 108.75 Td (value ) Tj ET Q q 0 0 0 rg BT 330.90 108.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.94 108.75 Td (based ) Tj ET Q q 0 0 0 rg BT 394.53 108.75 Td (on ) Tj ET Q q 0 0 0 rg BT 406.35 108.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 451.49 108.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 480.26 108.75 Td (or ) Tj ET Q q 0 0 0 rg BT 490.41 108.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 518.34 108.75 Td (quotations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 96.75 Td (, ) Tj ET Q q 0 0 0 rg BT 103.84 96.75 Td (these ) Tj ET Q q 0 0 0 rg BT 126.88 96.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 167.14 96.75 Td (bonds ) Tj ET Q q 0 0 0 rg BT 193.53 96.75 Td (are ) Tj ET Q q 0 0 0 rg BT 208.24 96.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 256.81 96.75 Td (as ) Tj ET Q q 0 0 0 rg BT 267.64 96.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 292.91 96.75 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 72.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 72.75 Td (axable ) Tj ET Q q 0 0 0 rg BT 83.16 72.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 125.51 72.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.20 72.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 72.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.39 72.75 Td (T) Tj ET Q q 0 0 0 rg BT 178.80 72.75 Td (axable ) Tj ET Q q 0 0 0 rg BT 207.25 72.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 249.60 72.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.73 72.75 Td (are ) Tj ET Q q 0 0 0 rg BT 304.29 72.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.31 72.75 Td (using ) Tj ET Q q 0 0 0 rg BT 357.34 72.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 391.90 72.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 429.79 72.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 475.47 72.75 Td (trades ) Tj ET Q q 0 0 0 rg BT 501.70 72.75 Td (or ) Tj ET Q q 0 0 0 rg BT 512.39 72.75 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 72.75 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.75 Td (quotations ) Tj ET Q q 0 0 0 rg BT 93.67 60.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.60 60.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 149.19 60.75 Td (are ) Tj ET Q q 0 0 0 rg BT 163.89 60.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 203.60 60.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 252.18 60.75 Td (as ) Tj ET Q q 0 0 0 rg BT 263.01 60.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 288.27 60.75 Td (II. ) 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 (T) Tj ET Q q 0 0 0 rg BT 54.14 708.60 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 97.04 708.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 138.85 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.98 708.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.66 708.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.07 708.60 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 235.09 708.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 276.89 708.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.46 708.60 Td (are ) Tj ET Q q 0 0 0 rg BT 330.48 708.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 358.95 708.60 Td (using ) Tj ET Q q 0 0 0 rg BT 382.43 708.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 416.44 708.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 453.79 708.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 498.92 708.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 524.60 708.60 Td (or ) Tj ET Q q 0 0 0 rg BT 534.75 708.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (price ) Tj ET Q q 0 0 0 rg BT 72.31 696.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 116.80 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 134.06 696.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 172.97 696.60 Td (are ) Tj ET Q q 0 0 0 rg BT 188.00 696.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.02 696.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 276.93 696.60 Td (as ) Tj ET Q q 0 0 0 rg BT 288.08 696.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 313.67 696.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 325.65 696.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 357.91 696.60 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 389.63 696.60 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 437.43 696.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 480.24 696.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.83 696.60 Td (are ) Tj ET Q q 0 0 0 rg BT 535.86 696.60 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (using ) Tj ET Q q 0 0 0 rg BT 73.45 684.60 Td (market ) Tj ET Q q 0 0 0 rg BT 103.49 684.60 Td (data ) Tj ET Q q 0 0 0 rg BT 122.43 684.60 Td (for ) Tj ET Q q 0 0 0 rg BT 136.37 684.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 185.29 684.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.33 684.60 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 264.83 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.55 684.60 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 311.03 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 327.75 684.60 Td (management ) Tj ET Q q 0 0 0 rg BT 381.12 684.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 421.17 684.60 Td (to ) Tj ET Q q 0 0 0 rg BT 431.23 684.60 Td (infer ) Tj ET Q q 0 0 0 rg BT 452.39 684.60 Td (an ) Tj ET Q q 0 0 0 rg BT 464.11 684.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 511.92 684.60 Td (current ) Tj ET Q q 0 0 0 rg BT 542.52 684.60 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (or ) Tj ET Q q 0 0 0 rg BT 61.15 672.60 Td (other ) Tj ET Q q 0 0 0 rg BT 85.03 672.60 Td (model-based ) Tj ET Q q 0 0 0 rg BT 139.44 672.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 179.98 672.60 Td (techniques ) Tj ET Q q 0 0 0 rg BT 226.07 672.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.49 672.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 309.34 672.60 Td (by ) Tj ET Q q 0 0 0 rg BT 322.67 672.60 Td (management ) Tj ET Q q 0 0 0 rg BT 377.08 672.60 Td (based ) Tj ET Q q 0 0 0 rg BT 403.17 672.60 Td (on ) Tj ET Q q 0 0 0 rg BT 416.50 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 672.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 466.46 672.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 494.76 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 506.42 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 672.60 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (security ) Tj ET Q q 0 0 0 rg BT 83.66 660.60 Td (and ) Tj ET Q q 0 0 0 rg BT 100.59 660.60 Td (are ) Tj ET Q q 0 0 0 rg BT 115.30 660.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 153.88 660.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 202.46 660.60 Td (as ) Tj ET Q q 0 0 0 rg BT 213.29 660.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 238.56 660.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 95.12 636.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 137.40 636.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.01 636.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.01 636.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.29 636.60 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 230.90 636.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 273.18 636.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.23 636.60 Td (include ) Tj ET Q q 0 0 0 rg BT 344.94 636.60 Td (auction ) Tj ET Q q 0 0 0 rg BT 376.66 636.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.93 636.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 436.48 636.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 470.97 636.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 488.24 636.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 522.18 636.60 Td (notes, ) Tj ET Q q 0 0 0 rg BT 548.07 636.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (other ) Tj ET Q q 0 0 0 rg BT 71.45 624.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 114.51 624.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 155.90 624.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 197.47 624.60 Td (V) Tj ET Q q 0 0 0 rg BT 203.58 624.60 Td (ariable ) Tj ET Q q 0 0 0 rg BT 232.19 624.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.58 624.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 281.64 624.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 304.15 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 319.99 624.60 Td (other ) Tj ET Q q 0 0 0 rg BT 341.94 624.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 385.00 624.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 426.40 624.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 465.56 624.60 Td (are ) Tj ET Q q 0 0 0 rg BT 479.17 624.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 507.23 624.60 Td (using ) Tj ET Q q 0 0 0 rg BT 530.31 624.60 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 87.49 612.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 133.27 612.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 159.61 612.60 Td (or ) Tj ET Q q 0 0 0 rg BT 170.40 612.60 Td (market ) Tj ET Q q 0 0 0 rg BT 200.63 612.60 Td (price ) Tj ET Q q 0 0 0 rg BT 223.08 612.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 267.21 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 284.11 612.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 322.65 612.60 Td (are ) Tj ET Q q 0 0 0 rg BT 337.32 612.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 376.99 612.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.53 612.60 Td (as ) Tj ET Q q 0 0 0 rg BT 436.32 612.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.55 612.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 472.63 612.60 Td (Auction ) Tj ET Q q 0 0 0 rg BT 507.31 612.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.75 612.60 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (with ) Tj ET Q q 0 0 0 rg BT 70.32 600.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.70 600.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 138.64 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 153.89 600.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 203.02 600.60 Td (as ) Tj ET Q q 0 0 0 rg BT 214.39 600.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 240.20 600.60 Td (III ) Tj ET Q q 0 0 0 rg BT 253.24 600.60 Td (and ) Tj ET Q q 0 0 0 rg BT 270.72 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 285.97 600.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 315.68 600.60 Td (using ) Tj ET Q q 0 0 0 rg BT 340.39 600.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 386.76 600.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.58 600.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 428.95 600.60 Td (models ) Tj ET Q q 0 0 0 rg BT 460.89 600.60 Td (with ) Tj ET Q q 0 0 0 rg BT 481.71 600.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 538.07 600.60 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 588.60 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 95.88 588.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 142.96 588.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 180.99 588.60 Td (recovery ) Tj ET Q q 0 0 0 rg BT 218.46 588.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 235.95 588.60 Td (on ) Tj ET Q q 0 0 0 rg BT 248.45 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.17 588.60 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 122.84 564.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.42 564.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.42 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 170.67 564.60 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 243.45 564.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.47 564.60 Td (are ) Tj ET Q q 0 0 0 rg BT 297.93 564.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 326.84 564.60 Td (using ) Tj ET Q q 0 0 0 rg BT 350.77 564.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 396.34 564.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 424.97 564.60 Td (when ) Tj ET Q q 0 0 0 rg BT 448.88 564.60 Td (available. ) Tj ET Q q 0 0 0 rg BT 489.73 564.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 521.42 564.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.10 552.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.15 552.60 Td (are ) Tj ET Q q 0 0 0 rg BT 137.64 552.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 167.58 552.60 Td (using ) Tj ET Q q 0 0 0 rg BT 192.54 552.60 Td (models ) Tj ET Q q 0 0 0 rg BT 224.71 552.60 Td (where ) Tj ET Q q 0 0 0 rg BT 252.42 552.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 280.16 552.60 Td (to ) Tj ET Q q 0 0 0 rg BT 291.22 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 306.72 552.60 Td (model ) Tj ET Q q 0 0 0 rg BT 335.00 552.60 Td (are ) Tj ET Q q 0 0 0 rg BT 350.49 552.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 384.32 552.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.92 552.60 Td (in ) Tj ET Q q 0 0 0 rg BT 441.99 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 457.49 552.60 Td (market, ) Tj ET Q q 0 0 0 rg BT 491.04 552.60 Td (or ) Tj ET Q q 0 0 0 rg BT 502.65 552.60 Td (can ) Tj ET Q q 0 0 0 rg BT 519.81 552.60 Td (be ) Tj ET Q q 0 0 0 rg BT 532.54 552.60 Td (derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 94.33 540.60 Td (from ) Tj ET Q q 0 0 0 rg BT 115.28 540.60 Td (or ) Tj ET Q q 0 0 0 rg BT 125.13 540.60 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 177.72 540.60 Td (by ) Tj ET Q q 0 0 0 rg BT 189.24 540.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 234.06 540.60 Td (market ) Tj ET Q q 0 0 0 rg BT 263.34 540.60 Td (data. ) Tj ET Q q 0 0 0 rg BT 283.90 540.60 Td (T) Tj ET Q q 0 0 0 rg BT 289.31 540.60 Td (o ) Tj ET Q q 0 0 0 rg BT 295.82 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 309.55 540.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 335.50 540.60 Td (we ) Tj ET Q q 0 0 0 rg BT 348.67 540.60 Td (hold, ) Tj ET Q q 0 0 0 rg BT 370.46 540.60 Td (these ) Tj ET Q q 0 0 0 rg BT 392.52 540.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 463.44 540.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 502.72 540.60 Td (are ) Tj ET Q q 0 0 0 rg BT 516.44 540.60 Td (categorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.86 528.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 86.65 528.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 98.84 528.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 131.31 528.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 203.75 528.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.54 528.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 301.42 528.60 Td (by ) Tj ET Q q 0 0 0 rg BT 314.45 528.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 359.13 528.60 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 403.82 528.60 Td (are ) Tj ET Q q 0 0 0 rg BT 419.05 528.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 448.74 528.60 Td (using ) Tj ET Q q 0 0 0 rg BT 473.44 528.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.24 528.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 515.60 528.60 Td (models ) Tj ET Q q 0 0 0 rg BT 547.51 528.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (utilize ) Tj ET Q q 0 0 0 rg BT 76.45 516.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 131.72 516.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 158.13 516.60 Td (including ) Tj ET Q q 0 0 0 rg BT 197.86 516.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 222.58 516.60 Td (default ) Tj ET Q q 0 0 0 rg BT 252.30 516.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 275.64 516.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 324.80 516.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 348.13 516.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 365.65 516.60 Td (severity ) Tj ET Q q 0 0 0 rg BT 399.27 516.60 Td (and ) Tj ET Q q 0 0 0 rg BT 415.66 516.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 454.83 516.60 Td (yields. ) Tj ET Q q 0 0 0 rg BT 482.74 516.60 Td (As ) Tj ET Q q 0 0 0 rg BT 495.82 516.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 535.55 516.60 Td (is ) Tj ET Q q 0 0 0 rg BT 544.18 516.60 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 504.60 Td (determine ) Tj ET Q q 0 0 0 rg BT 102.26 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 116.98 504.60 Td (range ) Tj ET Q q 0 0 0 rg BT 141.68 504.60 Td (of ) Tj ET Q q 0 0 0 rg BT 152.51 504.60 Td (these ) Tj ET Q q 0 0 0 rg BT 175.56 504.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 205.01 504.60 Td (these ) Tj ET Q q 0 0 0 rg BT 228.05 504.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 299.96 504.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 340.23 504.60 Td (are ) Tj ET Q q 0 0 0 rg BT 354.93 504.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 403.51 504.60 Td (as ) Tj ET Q q 0 0 0 rg BT 414.34 504.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 439.61 504.60 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.05 480.60 Td (government ) Tj ET Q q 0 0 0 rg BT 118.59 480.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 149.23 480.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.89 480.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 480.60 Td ( ) Tj ET Q q 0 0 0 rg BT 197.21 480.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 217.33 480.60 Td (government ) Tj ET Q q 0 0 0 rg BT 267.42 480.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 298.06 480.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.16 480.60 Td (include ) Tj ET Q q 0 0 0 rg BT 369.92 480.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 400.56 480.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.11 480.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 446.33 480.60 Td (and ) Tj ET Q q 0 0 0 rg BT 463.10 480.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.19 480.60 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 531.40 480.60 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.63 468.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 96.43 468.60 Td (are ) Tj ET Q q 0 0 0 rg BT 111.55 468.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.11 468.60 Td (by ) Tj ET Q q 0 0 0 rg BT 154.02 468.60 Td (using ) Tj ET Q q 0 0 0 rg BT 178.60 468.60 Td (either ) Tj ET Q q 0 0 0 rg BT 204.28 468.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 229.95 468.60 Td (price ) Tj ET Q q 0 0 0 rg BT 252.84 468.60 Td (quotes ) Tj ET Q q 0 0 0 rg BT 281.86 468.60 Td (or ) Tj ET Q q 0 0 0 rg BT 293.10 468.60 Td (price ) Tj ET Q q 0 0 0 rg BT 316.00 468.60 Td (quotes ) Tj ET Q q 0 0 0 rg BT 345.02 468.60 Td (for ) Tj ET Q q 0 0 0 rg BT 359.59 468.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 409.14 468.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 432.05 468.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.72 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 490.07 468.60 Td (are ) Tj ET Q q 0 0 0 rg BT 505.19 468.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 554.18 468.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.22 456.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 85.33 456.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.16 456.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.00 456.60 Td (include ) Tj ET Q q 0 0 0 rg BT 183.39 456.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 209.24 456.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 241.73 456.60 Td (by ) Tj ET Q q 0 0 0 rg BT 253.68 456.60 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 299.79 456.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.50 456.60 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 393.12 456.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 435.33 456.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 465.60 456.60 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 521.41 456.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.97 444.60 Td (\("CMO"\) ) Tj ET Q q 0 0 0 rg BT 131.50 444.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.19 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 187.55 444.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 217.78 444.60 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 270.25 444.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 312.43 444.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 353.23 444.60 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 406.81 444.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 449.00 444.60 Td (CMO ) Tj ET Q q 0 0 0 rg BT 473.70 444.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.39 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 529.75 444.60 Td (interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (only ) Tj ET Q q 0 0 0 rg BT 70.10 432.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.68 432.60 Td (are ) Tj ET Q q 0 0 0 rg BT 125.70 432.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 155.17 432.60 Td (using ) Tj ET Q q 0 0 0 rg BT 179.66 432.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 214.68 432.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 253.03 432.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 299.16 432.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 325.86 432.60 Td (or ) Tj ET Q q 0 0 0 rg BT 337.00 432.60 Td (other ) Tj ET Q q 0 0 0 rg BT 360.37 432.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 406.50 432.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.27 432.60 Td (such ) Tj ET Q q 0 0 0 rg BT 457.42 432.60 Td (as ) Tj ET Q q 0 0 0 rg BT 468.56 432.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 518.58 432.60 Td (speeds ) Tj ET Q q 0 0 0 rg BT 548.06 432.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 87.89 420.60 Td (are ) Tj ET Q q 0 0 0 rg BT 102.41 420.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 141.92 420.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 190.31 420.60 Td (as ) Tj ET Q q 0 0 0 rg BT 200.95 420.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 226.02 420.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 237.49 420.60 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 278.67 420.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 304.87 420.60 Td (are ) Tj ET Q q 0 0 0 rg BT 319.39 420.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 348.35 420.60 Td (using ) Tj ET Q q 0 0 0 rg BT 372.33 420.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 417.95 420.60 Td (market ) Tj ET Q q 0 0 0 rg BT 448.03 420.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 477.28 420.60 Td (such ) Tj ET Q q 0 0 0 rg BT 497.92 420.60 Td (as ) Tj ET Q q 0 0 0 rg BT 508.56 420.60 Td (market ) Tj ET Q q 0 0 0 rg BT 538.63 420.60 Td (yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (ranging ) Tj ET Q q 0 0 0 rg BT 81.89 408.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.17 408.60 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.17 408.60 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 408.60 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 408.60 Td ( ) Tj ET Q q 0 0 0 rg BT 138.35 408.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 160.19 408.60 Td (points ) Tj ET Q q 0 0 0 rg BT 186.48 408.60 Td (\("bps"\) ) Tj ET Q q 0 0 0 rg BT 217.04 408.60 Td (on ) Tj ET Q q 0 0 0 rg BT 228.88 408.60 Td (spreads ) Tj ET Q q 0 0 0 rg BT 260.72 408.60 Td (over ) Tj ET Q q 0 0 0 rg BT 280.33 408.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 299.95 408.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 334.00 408.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 376.11 408.60 Td (or ) Tj ET Q q 0 0 0 rg BT 386.28 408.60 Td (models ) Tj ET Q q 0 0 0 rg BT 417.01 408.60 Td (based ) Tj ET Q q 0 0 0 rg BT 441.63 408.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.47 408.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 512.52 408.60 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (ranging ) Tj ET Q q 0 0 0 rg BT 82.55 396.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 396.60 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.82 396.60 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.15 396.60 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 396.60 Td ( ) Tj ET Q q 0 0 0 rg BT 141.98 396.60 Td (conditional ) Tj ET Q q 0 0 0 rg BT 189.47 396.60 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 239.17 396.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 256.65 396.60 Td (\("CPR"\). ) Tj ET Q q 0 0 0 rg BT 295.20 396.60 Td (These ) Tj ET Q q 0 0 0 rg BT 321.58 396.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 361.84 396.60 Td (are ) Tj ET Q q 0 0 0 rg BT 376.55 396.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.13 396.60 Td (as ) Tj ET Q q 0 0 0 rg BT 435.96 396.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.22 396.60 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 68.93 372.60 Td (government ) Tj ET Q q 0 0 0 rg BT 118.35 372.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.88 372.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 372.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.09 372.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 186.08 372.60 Td (government ) Tj ET Q q 0 0 0 rg BT 236.06 372.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.03 372.60 Td (include ) Tj ET Q q 0 0 0 rg BT 307.67 372.60 Td (highly ) Tj ET Q q 0 0 0 rg BT 335.44 372.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 360.98 372.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 380.98 372.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 415.39 372.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.37 372.60 Td (which ) Tj ET Q q 0 0 0 rg BT 482.01 372.60 Td (are ) Tj ET Q q 0 0 0 rg BT 496.43 372.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 535.84 372.60 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (using ) Tj ET Q q 0 0 0 rg BT 73.88 360.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 103.80 360.60 Td (market ) Tj ET Q q 0 0 0 rg BT 134.27 360.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 160.86 360.60 Td (and ) Tj ET Q q 0 0 0 rg BT 178.00 360.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 216.79 360.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 265.58 360.60 Td (as ) Tj ET Q q 0 0 0 rg BT 276.62 360.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 302.09 360.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 310.43 360.60 Td (The ) Tj ET Q q 0 0 0 rg BT 328.69 360.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.28 360.60 Td (does ) Tj ET Q q 0 0 0 rg BT 391.32 360.60 Td (not ) Tj ET Q q 0 0 0 rg BT 406.80 360.60 Td (transact ) Tj ET Q q 0 0 0 rg BT 440.61 360.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.09 360.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 491.56 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 502.60 360.60 Td (countries ) Tj ET Q q 0 0 0 rg BT 541.96 360.60 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (than ) Tj ET Q q 0 0 0 rg BT 69.22 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 83.93 348.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.22 348.60 Td (government.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 97.53 324.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.53 324.60 Td ( ) Tj ET Q q 0 0 0 rg BT 104.47 324.60 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 148.60 324.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 186.63 324.60 Td (include ) Tj ET Q q 0 0 0 rg BT 218.00 324.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 249.37 324.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 266.29 324.60 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 295.17 324.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 326.54 324.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 343.46 324.60 Td (locks, ) Tj ET Q q 0 0 0 rg BT 369.01 324.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 393.71 324.60 Td (default ) Tj ET Q q 0 0 0 rg BT 423.41 324.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 445.90 324.60 Td (index ) Tj ET Q q 0 0 0 rg BT 470.05 324.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 510.58 324.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 530.30 324.60 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.00 312.60 Td (futures ) Tj ET Q q 0 0 0 rg BT 102.27 312.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.21 312.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.71 312.60 Td (option ) Tj ET Q q 0 0 0 rg BT 174.77 312.60 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 215.68 312.60 Td (These ) Tj ET Q q 0 0 0 rg BT 242.06 312.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 291.23 312.60 Td (derive ) Tj ET Q q 0 0 0 rg BT 318.71 312.60 Td (their ) Tj ET Q q 0 0 0 rg BT 339.54 312.60 Td (value ) Tj ET Q q 0 0 0 rg BT 363.70 312.60 Td (from ) Tj ET Q q 0 0 0 rg BT 385.64 312.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 431.46 312.60 Td (assets, ) Tj ET Q q 0 0 0 rg BT 459.79 312.60 Td (reference ) Tj ET Q q 0 0 0 rg BT 499.48 312.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 523.36 312.60 Td (indices ) Tj ET Q q 0 0 0 rg BT 554.18 312.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (a ) Tj ET Q q 0 0 0 rg BT 57.22 300.60 Td (combination ) Tj ET Q q 0 0 0 rg BT 110.50 300.60 Td (of ) Tj ET Q q 0 0 0 rg BT 122.11 300.60 Td (these ) Tj ET Q q 0 0 0 rg BT 145.94 300.60 Td (factors. ) Tj ET Q q 0 0 0 rg BT 178.69 300.60 Td (The ) Tj ET Q q 0 0 0 rg BT 197.52 300.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 245.39 300.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 273.67 300.60 Td (option ) Tj ET Q q 0 0 0 rg BT 302.51 300.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 345.77 300.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 385.15 300.60 Td (are ) Tj ET Q q 0 0 0 rg BT 400.64 300.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 430.58 300.60 Td (based ) Tj ET Q q 0 0 0 rg BT 456.63 300.60 Td (on ) Tj ET Q q 0 0 0 rg BT 469.91 300.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 500.42 300.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 527.58 300.60 Td (from ) Tj ET Q q 0 0 0 rg BT 550.30 300.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 89.50 288.60 Td (for ) Tj ET Q q 0 0 0 rg BT 103.40 288.60 Td (identical ) Tj ET Q q 0 0 0 rg BT 140.08 288.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.65 288.60 Td (or ) Tj ET Q q 0 0 0 rg BT 176.23 288.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.69 288.60 Td (as ) Tj ET Q q 0 0 0 rg BT 226.27 288.60 Td (of ) Tj ET Q q 0 0 0 rg BT 236.84 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.30 288.60 Td (period-end ) Tj ET Q q 0 0 0 rg BT 296.86 288.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 318.10 288.60 Td (T) Tj ET Q q 0 0 0 rg BT 323.51 288.60 Td (o ) Tj ET Q q 0 0 0 rg BT 330.76 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.22 288.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 371.90 288.60 Td (these ) Tj ET Q q 0 0 0 rg BT 394.69 288.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 433.03 288.60 Td (are ) Tj ET Q q 0 0 0 rg BT 447.48 288.60 Td (actively ) Tj ET Q q 0 0 0 rg BT 481.38 288.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 508.61 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 288.60 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 99.70 276.60 Td (are ) Tj ET Q q 0 0 0 rg BT 114.32 276.60 Td (not ) Tj ET Q q 0 0 0 rg BT 129.52 276.60 Td (applied, ) Tj ET Q q 0 0 0 rg BT 163.88 276.60 Td (they ) Tj ET Q q 0 0 0 rg BT 183.52 276.60 Td (are ) Tj ET Q q 0 0 0 rg BT 198.15 276.60 Td (categorized ) Tj ET Q q 0 0 0 rg BT 246.65 276.60 Td (as ) Tj ET Q q 0 0 0 rg BT 257.40 276.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 282.59 276.60 Td (I. ) Tj ET Q q 0 0 0 rg BT 290.66 276.60 Td (The ) Tj ET Q q 0 0 0 rg BT 308.63 276.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 355.63 276.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 380.82 276.60 Td (default ) Tj ET Q q 0 0 0 rg BT 411.00 276.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 433.98 276.60 Td (index ) Tj ET Q q 0 0 0 rg BT 458.62 276.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 497.13 276.60 Td (are ) Tj ET Q q 0 0 0 rg BT 511.76 276.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 540.84 276.60 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (market ) Tj ET Q q 0 0 0 rg BT 79.70 264.60 Td (price ) Tj ET Q q 0 0 0 rg BT 102.12 264.60 Td (quotations ) Tj ET Q q 0 0 0 rg BT 146.21 264.60 Td (and ) Tj ET Q q 0 0 0 rg BT 163.08 264.60 Td (are ) Tj ET Q q 0 0 0 rg BT 177.73 264.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 217.92 264.60 Td (as ) Tj ET Q q 0 0 0 rg BT 228.69 264.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 253.88 264.60 Td (II. ) Tj ET Q q 0 0 0 rg BT 265.30 264.60 Td (The ) Tj ET Q q 0 0 0 rg BT 283.28 264.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 319.59 264.60 Td (of ) Tj ET Q q 0 0 0 rg BT 330.36 264.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.01 264.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 392.02 264.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.89 264.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 441.31 264.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 483.72 264.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 524.75 264.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (both ) Tj ET Q q 0 0 0 rg BT 69.51 252.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.17 252.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 118.39 252.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 145.06 252.60 Td (and ) Tj ET Q q 0 0 0 rg BT 161.73 252.60 Td (interestrate ) Tj ET Q q 0 0 0 rg BT 210.88 252.60 Td (locks,arevalued ) Tj ET Q q 0 0 0 rg BT 280.58 252.60 Td (using ) Tj ET Q q 0 0 0 rg BT 304.48 252.60 Td (marketstandard ) Tj ET Q q 0 0 0 rg BT 370.85 252.60 Td (pricingmodels ) Tj ET Q q 0 0 0 rg BT 432.80 252.60 Td (basedon ) Tj ET Q q 0 0 0 rg BT 470.29 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 484.74 252.60 Td (net ) Tj ET Q q 0 0 0 rg BT 499.19 252.60 Td (present ) Tj ET Q q 0 0 0 rg BT 530.30 252.60 Td (value ) Tj ET Q q 0 0 0 rg BT 554.18 252.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.71 240.60 Td (future ) Tj ET Q q 0 0 0 rg BT 117.47 240.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.12 240.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 165.52 240.60 Td (The ) Tj ET Q q 0 0 0 rg BT 183.95 240.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 224.05 240.60 Td (models ) Tj ET Q q 0 0 0 rg BT 255.82 240.60 Td (used ) Tj ET Q q 0 0 0 rg BT 277.04 240.60 Td (do ) Tj ET Q q 0 0 0 rg BT 289.93 240.60 Td (not ) Tj ET Q q 0 0 0 rg BT 305.59 240.60 Td (involve ) Tj ET Q q 0 0 0 rg BT 338.47 240.60 Td (material ) Tj ET Q q 0 0 0 rg BT 374.12 240.60 Td (subjectivity ) Tj ET Q q 0 0 0 rg BT 423.66 240.60 Td (as ) Tj ET Q q 0 0 0 rg BT 434.88 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 449.98 240.60 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 511.75 240.60 Td (do ) Tj ET Q q 0 0 0 rg BT 524.63 240.60 Td (not ) Tj ET Q q 0 0 0 rg BT 540.30 240.60 Td (entail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.14 228.60 Td (judgment ) Tj ET Q q 0 0 0 rg BT 136.34 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 154.20 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.85 228.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 201.60 228.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 229.47 228.60 Td (are ) Tj ET Q q 0 0 0 rg BT 245.11 228.60 Td (market ) Tj ET Q q 0 0 0 rg BT 276.30 228.60 Td (observable, ) Tj ET Q q 0 0 0 rg BT 325.54 228.60 Td (including ) Tj ET Q q 0 0 0 rg BT 366.74 228.60 Td (contractual ) Tj ET Q q 0 0 0 rg BT 414.59 228.60 Td (terms, ) Tj ET Q q 0 0 0 rg BT 442.73 228.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 466.15 228.60 Td (curves ) Tj ET Q q 0 0 0 rg BT 495.68 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 513.54 228.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 554.18 228.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 84.96 216.60 Td (. ) Tj ET Q q 0 0 0 rg BT 90.16 216.60 Td (These ) Tj ET Q q 0 0 0 rg BT 116.94 216.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 166.51 216.60 Td (are ) Tj ET Q q 0 0 0 rg BT 181.63 216.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 222.30 216.60 Td (as ) Tj ET Q q 0 0 0 rg BT 233.54 216.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 259.21 216.60 Td (II ) Tj ET Q q 0 0 0 rg BT 268.78 216.60 Td (within ) Tj ET Q q 0 0 0 rg BT 297.24 216.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.37 216.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 329.15 216.60 Td (value ) Tj ET Q q 0 0 0 rg BT 353.71 216.60 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 390.82 216.60 Td (. ) Tj ET Q q 0 0 0 rg BT 396.23 216.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 428.57 216.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.91 216.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 478.80 216.60 Td (locks ) Tj ET Q q 0 0 0 rg BT 502.82 216.60 Td (transact ) Tj ET Q q 0 0 0 rg BT 536.82 216.60 Td (in ) Tj ET Q q 0 0 0 rg BT 547.51 216.60 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (active ) Tj ET Q q 0 0 0 rg BT 76.73 204.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 111.74 204.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.54 204.60 Td (were ) Tj ET Q q 0 0 0 rg BT 152.32 204.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 182.33 204.60 Td (using ) Tj ET Q q 0 0 0 rg BT 207.36 204.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 247.93 204.60 Td (models ) Tj ET Q q 0 0 0 rg BT 280.17 204.60 Td (that ) Tj ET Q q 0 0 0 rg BT 298.53 204.60 Td (included ) Tj ET Q q 0 0 0 rg BT 336.32 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 351.89 204.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 397.46 204.60 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 443.03 204.60 Td (observable ) Tj ET Q q 0 0 0 rg BT 489.71 204.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 517.51 204.60 Td (and ) Tj ET Q q 0 0 0 rg BT 535.31 204.60 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 104.54 192.60 Td (inputs ) Tj ET Q q 0 0 0 rg BT 130.72 192.60 Td (that ) Tj ET Q q 0 0 0 rg BT 147.44 192.60 Td (required ) Tj ET Q q 0 0 0 rg BT 182.49 192.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 226.43 192.60 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 268.43 192.60 Td (such ) Tj ET Q q 0 0 0 rg BT 288.49 192.60 Td (as ) Tj ET Q q 0 0 0 rg BT 298.55 192.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.49 192.60 Td (premium ) Tj ET Q q 0 0 0 rg BT 350.33 192.60 Td (over ) Tj ET Q q 0 0 0 rg BT 369.82 192.60 Td (the ) Tj ET Q q 0 0 0 rg BT 383.77 192.60 Td (MMD ) Tj ET Q q 0 0 0 rg BT 410.50 192.60 Td (curve. ) Tj ET Q q 0 0 0 rg BT 436.81 192.60 Td (These ) Tj ET Q q 0 0 0 rg BT 462.42 192.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.81 192.60 Td (are ) Tj ET Q q 0 0 0 rg BT 524.75 192.60 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 180.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 85.59 180.60 Td (III. ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Investments) 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 67.82 684.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.17 684.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.72 684.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 195.15 684.75 Td (at ) Tj ET Q q 0 0 0 rg BT 205.14 684.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 221.79 684.75 Td (value ) Tj ET Q q 0 0 0 rg BT 246.22 684.75 Td (include ) Tj ET Q q 0 0 0 rg BT 278.43 684.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.19 684.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 356.74 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 367.29 684.75 Td (private ) Tj ET Q q 0 0 0 rg BT 397.83 684.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 443.37 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.58 684.75 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 514.73 684.75 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.56 672.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 101.26 672.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.31 672.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 158.31 672.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.02 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.62 672.75 Td (public ) Tj ET Q q 0 0 0 rg BT 232.90 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.61 672.75 Td (private ) Tj ET Q q 0 0 0 rg BT 279.65 672.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 324.70 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.41 672.75 Td (private ) Tj ET Q q 0 0 0 rg BT 371.45 672.75 Td (company ) Tj ET Q q 0 0 0 rg BT 410.39 672.75 Td (debt. ) Tj ET Q q 0 0 0 rg BT 432.38 672.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 482.98 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.04 672.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 534.74 672.75 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.87 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 90.23 660.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 120.03 660.75 Td (based ) Tj ET Q q 0 0 0 rg BT 145.95 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 159.10 660.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 189.47 660.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 216.49 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 229.64 660.75 Td (active ) Tj ET Q q 0 0 0 rg BT 256.66 660.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 291.47 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.06 660.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 349.97 660.75 Td (as ) Tj ET Q q 0 0 0 rg BT 361.45 660.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 387.36 660.75 Td (I. ) Tj ET Q q 0 0 0 rg BT 396.34 660.75 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 468.37 660.75 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 508.45 660.75 Td (which ) Tj ET Q q 0 0 0 rg BT 536.03 660.75 Td (have ) Tj ET Q q 0 0 0 rg BT 558.06 660.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (cashless ) Tj ET Q q 0 0 0 rg BT 85.50 648.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 121.48 648.75 Td (option, ) Tj ET Q q 0 0 0 rg BT 152.76 648.75 Td (are ) Tj ET Q q 0 0 0 rg BT 168.19 648.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 198.07 648.75 Td (based ) Tj ET Q q 0 0 0 rg BT 224.07 648.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.30 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.74 648.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 323.73 648.75 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 384.17 648.75 Td (model ) Tj ET Q q 0 0 0 rg BT 412.39 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.05 648.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.48 648.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 517.03 648.75 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 546.97 648.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 89.90 636.75 Td (applies ) Tj ET Q q 0 0 0 rg BT 119.75 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 125.70 636.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 161.11 636.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 196.52 636.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.81 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.55 636.75 Td (value ) Tj ET Q q 0 0 0 rg BT 242.72 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.57 636.75 Td (its ) Tj ET Q q 0 0 0 rg BT 263.53 636.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 299.48 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 308.78 636.75 Td (public ) Tj ET Q q 0 0 0 rg BT 335.29 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 351.24 636.75 Td (private ) Tj ET Q q 0 0 0 rg BT 380.53 636.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 427.31 636.75 Td (For ) Tj ET Q q 0 0 0 rg BT 442.72 636.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 478.66 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 487.96 636.75 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 636.75 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.48 624.75 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 142.53 624.75 Td (based ) Tj ET Q q 0 0 0 rg BT 168.07 624.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 190.84 624.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 250.39 624.75 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 293.44 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 308.41 624.75 Td (made ) Tj ET Q q 0 0 0 rg BT 332.84 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.39 624.75 Td (account ) Tj ET Q q 0 0 0 rg BT 377.25 624.75 Td (for ) Tj ET Q q 0 0 0 rg BT 391.69 624.75 Td (dif) Tj ET Q q 0 0 0 rg BT 402.61 624.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 438.69 624.75 Td (between ) Tj ET Q q 0 0 0 rg BT 474.78 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 489.76 624.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 530.85 624.75 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.86 612.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 104.32 612.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 142.78 612.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 172.33 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 612.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 232.01 612.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 279.62 612.75 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 350.85 612.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 387.63 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 402.19 612.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 437.85 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 448.54 612.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 473.65 612.75 Td (III ) Tj ET Q q 0 0 0 rg BT 485.99 612.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 514.17 612.75 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.71 600.75 Td (private ) Tj ET Q q 0 0 0 rg BT 89.91 600.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 135.11 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 149.75 600.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 178.84 600.75 Td (based ) Tj ET Q q 0 0 0 rg BT 204.04 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 216.48 600.75 Td (an ) Tj ET Q q 0 0 0 rg BT 228.35 600.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 275.22 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 285.98 600.75 Td (each ) Tj ET Q q 0 0 0 rg BT 306.73 600.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 352.49 600.75 Td (security) Tj ET Q q 0 0 0 rg BT 383.50 600.75 Td (, ) Tj ET Q q 0 0 0 rg BT 388.43 600.75 Td (considering ) Tj ET Q q 0 0 0 rg BT 437.52 600.75 Td (rounds ) Tj ET Q q 0 0 0 rg BT 467.18 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.94 600.75 Td (financing, ) Tj ET Q q 0 0 0 rg BT 520.64 600.75 Td (third ) Tj ET Q q 0 0 0 rg BT 541.96 600.75 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.97 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.12 588.75 Td (market-based ) Tj ET Q q 0 0 0 rg BT 176.70 588.75 Td (information, ) Tj ET Q q 0 0 0 rg BT 230.12 588.75 Td (including ) Tj ET Q q 0 0 0 rg BT 271.60 588.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 321.96 588.75 Td (company ) Tj ET Q q 0 0 0 rg BT 362.32 588.75 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 416.30 588.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 448.33 588.75 Td (multiples ) Tj ET Q q 0 0 0 rg BT 489.27 588.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 513.25 588.75 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.18 588.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.87 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.03 576.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 137.63 576.75 Td (before ) Tj ET Q q 0 0 0 rg BT 165.89 576.75 Td (interest, ) Tj ET Q q 0 0 0 rg BT 200.55 576.75 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 226.32 576.75 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 278.46 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 576.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 348.89 576.75 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 406.42 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.59 576.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 458.52 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.02 576.75 Td (market ) Tj ET Q q 0 0 0 rg BT 499.51 576.75 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 535.29 576.75 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 564.75 Td (factors. ) Tj ET Q q 0 0 0 rg BT 104.57 564.75 Td (These ) Tj ET Q q 0 0 0 rg BT 130.95 564.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.21 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 185.92 564.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 225.62 564.75 Td (categorized ) Tj ET Q q 0 0 0 rg BT 274.20 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 285.03 564.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 310.30 564.75 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.62 540.75 Td (V) Tj ET Q q 0 0 0 rg BT 74.62 540.75 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.18 540.75 Td (Option ) Tj ET Q q 0 0 0 rg BT 124.30 540.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.30 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 131.48 540.75 Td (The ) Tj ET Q q 0 0 0 rg BT 149.37 540.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.59 540.75 Td (value ) Tj ET Q q 0 0 0 rg BT 189.59 540.75 Td (option ) Tj ET Q q 0 0 0 rg BT 217.49 540.75 Td (permits ) Tj ET Q q 0 0 0 rg BT 249.83 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 540.75 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 311.70 540.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.92 540.75 Td (value ) Tj ET Q q 0 0 0 rg BT 351.92 540.75 Td (option ) Tj ET Q q 0 0 0 rg BT 379.82 540.75 Td (election ) Tj ET Q q 0 0 0 rg BT 413.82 540.75 Td (on ) Tj ET Q q 0 0 0 rg BT 426.16 540.75 Td (an ) Tj ET Q q 0 0 0 rg BT 437.94 540.75 Td (instrument-by-instrument ) Tj ET Q q 0 0 0 rg BT 542.49 540.75 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (at ) Tj ET Q q 0 0 0 rg BT 59.30 528.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 85.21 528.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 133.33 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 528.75 Td (an ) Tj ET Q q 0 0 0 rg BT 156.26 528.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.28 528.75 Td (or ) Tj ET Q q 0 0 0 rg BT 189.19 528.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 222.88 528.75 Td (or ) Tj ET Q q 0 0 0 rg BT 233.79 528.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 256.37 528.75 Td (an ) Tj ET Q q 0 0 0 rg BT 268.39 528.75 Td (event ) Tj ET Q q 0 0 0 rg BT 292.63 528.75 Td (that ) Tj ET Q q 0 0 0 rg BT 310.20 528.75 Td (gives ) Tj ET Q q 0 0 0 rg BT 333.89 528.75 Td (rise ) Tj ET Q q 0 0 0 rg BT 350.91 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.27 528.75 Td (a ) Tj ET Q q 0 0 0 rg BT 368.29 528.75 Td (new ) Tj ET Q q 0 0 0 rg BT 387.53 528.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 410.11 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.02 528.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 467.47 528.75 Td (for ) Tj ET Q q 0 0 0 rg BT 481.71 528.75 Td (that ) Tj ET Q q 0 0 0 rg BT 499.29 528.75 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 546.96 528.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.12 516.75 Td (value ) Tj ET Q q 0 0 0 rg BT 88.53 516.75 Td (option ) Tj ET Q q 0 0 0 rg BT 115.83 516.75 Td (was ) Tj ET Q q 0 0 0 rg BT 133.13 516.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 163.19 516.75 Td (for ) Tj ET Q q 0 0 0 rg BT 176.59 516.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.54 516.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 244.49 516.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 278.46 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 294.64 516.75 Td (other ) Tj ET Q q 0 0 0 rg BT 316.94 516.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 366.46 516.75 Td (at ) Tj ET Q q 0 0 0 rg BT 375.42 516.75 Td (inception ) Tj ET Q q 0 0 0 rg BT 414.38 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 423.90 516.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 451.18 516.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 491.80 516.75 Td (events ) Tj ET Q q 0 0 0 rg BT 519.10 516.75 Td (in ) Tj ET Q q 0 0 0 rg BT 528.62 516.75 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.52 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 67.98 504.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 95.56 504.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 120.08 504.75 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 160.42 504.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 194.66 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 211.12 504.75 Td (other ) Tj ET Q q 0 0 0 rg BT 233.69 504.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.71 504.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.51 504.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.86 504.75 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 345.38 504.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.27 504.75 Td ( ) Tj ET Q q 0 0 0 rg BT 376.30 504.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.76 504.75 Td ($14.1 ) Tj ET Q q 0 0 0 rg BT 417.28 504.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.17 504.75 Td (, ) Tj ET Q q 0 0 0 rg BT 450.70 504.75 Td (included ) Tj ET Q q 0 0 0 rg BT 487.15 504.75 Td (within ) Tj ET Q q 0 0 0 rg BT 514.73 504.75 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (on ) Tj ET Q q 0 0 0 rg BT 63.06 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.84 492.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.95 492.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.72 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.62 492.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.16 492.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 273.00 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 288.77 492.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 332.87 492.75 Td (for ) Tj ET Q q 0 0 0 rg BT 348.09 492.75 Td (at ) Tj ET Q q 0 0 0 rg BT 358.87 492.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 376.31 492.75 Td (value ) Tj ET Q q 0 0 0 rg BT 401.53 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.53 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 435.30 492.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 476.63 492.75 Td (as ) Tj ET Q q 0 0 0 rg BT 488.52 492.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 514.85 492.75 Td (III ) Tj ET Q q 0 0 0 rg BT 528.40 492.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 555.30 492.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.12 480.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.12 480.75 Td ( ) Tj ET Q q 0 0 0 rg BT 115.65 480.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.61 480.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 191.22 480.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.22 480.75 Td (, ) Tj ET Q q 0 0 0 rg BT 216.24 480.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 263.90 480.75 Td (. ) Tj ET Q q 0 0 0 rg BT 268.75 480.75 Td (The ) Tj ET Q q 0 0 0 rg BT 286.82 480.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 320.98 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 337.95 480.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 382.11 480.75 Td (net ) Tj ET Q q 0 0 0 rg BT 396.85 480.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 420.48 480.75 Td (from ) Tj ET Q q 0 0 0 rg BT 442.45 480.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 458.85 480.75 Td (value ) Tj ET Q q 0 0 0 rg BT 483.03 480.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 517.76 480.75 Td (included ) Tj ET Q q 0 0 0 rg BT 554.72 480.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.86 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 96.67 468.75 Td (a ) Tj ET Q q 0 0 0 rg BT 103.59 468.75 Td (result ) Tj ET Q q 0 0 0 rg BT 128.28 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 139.09 468.75 Td (electing ) Tj ET Q q 0 0 0 rg BT 173.23 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.48 468.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 208.18 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.88 468.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.24 468.75 Td (value ) Tj ET Q q 0 0 0 rg BT 263.37 468.75 Td (option ) Tj ET Q q 0 0 0 rg BT 291.41 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 301.67 468.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 331.35 468.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.81 468.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.62 468.75 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.53 468.75 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 436.51 468.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.40 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 467.88 468.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 468.75 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 504.78 468.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.67 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 536.16 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 468.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 456.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.43 456.75 Td ( ) Tj ET Q q 0 0 0 rg BT 103.93 456.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 456.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 173.91 456.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 456.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.41 456.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.35 456.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.35 456.75 Td (, ) Tj ET Q q 0 0 0 rg BT 238.35 456.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 286.01 456.75 Td (. ) 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 69.63 432.75 Td (following ) Tj ET Q q 0 0 0 rg BT 113.09 432.75 Td (table ) Tj ET Q q 0 0 0 rg BT 137.10 432.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 189.45 432.75 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 241.23 432.75 Td (information ) Tj ET Q q 0 0 0 rg BT 293.02 432.75 Td (about ) Tj ET Q q 0 0 0 rg BT 319.82 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.62 432.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 383.41 432.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 441.30 432.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 470.33 432.75 Td (used ) Tj ET Q q 0 0 0 rg BT 493.24 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 505.60 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.39 432.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 432.75 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 105.31 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.14 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.86 420.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 177.94 420.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 203.20 420.75 Td (III ) Tj ET Q q 0 0 0 rg BT 215.69 420.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 253.17 420.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 302.34 420.75 Td (as ) Tj ET Q q 0 0 0 rg BT 313.17 420.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 420.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 367.60 420.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.60 420.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 386.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 386.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 386.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 386.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 386.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 386.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 386.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 352.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 352.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 352.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 352.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 352.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 352.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 352.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 328.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 328.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 328.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 328.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 328.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 328.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 328.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 328.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 294.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 294.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 294.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 294.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 294.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 294.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 294.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 294.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 270.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 270.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 270.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 270.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 270.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 270.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 270.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 270.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 223.25 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 223.25 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 223.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 223.25 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 223.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 223.25 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 223.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 223.25 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 386.25 m 277 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 386.25 m 431 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 386.25 m 500 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 386.25 m 563 386.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.30 400.98 Td (V) Tj ET Q q 0 0 0 rg BT 216.06 400.98 Td (aluation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.70 400.98 Td (W) Tj ET Q q 0 0 0 rg BT 524.42 400.98 Td (eighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.95 388.98 Td (T) Tj ET Q q 0 0 0 rg BT 214.16 388.98 Td (echnique) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.85 388.98 Td (Unobservable Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.35 388.98 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 388.98 Td (A) Tj ET Q q 0 0 0 rg BT 524.08 388.98 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 376.98 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 364.82 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 354.87 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 342.87 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 330.87 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 330.87 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 330.87 Td (Premium over the MMD curve \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 330.87 Td (2 - 38 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 330.87 Td (23.8 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 318.87 Td (Investments at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 306.82 Td (Equity securities in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 296.87 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 298.92 Td (Market approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 298.92 Td (Revenue multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.75 298.92 Td (2 - 5 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 298.92 Td (4.2 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 284.87 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 323.88 284.87 Td ( multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.90 284.87 Td (1) Tj ET Q q 0 0 0 rg BT 447.71 284.87 Td (1 - 15 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 284.87 Td (12.4 times) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 260.98 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 247.92 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 237.92 Td (inventory positions sold, but) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 227.92 Td (not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 213.87 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 201.87 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 201.87 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 201.87 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 201.87 Td (2 - 36 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 201.87 Td (13.6 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 185.95 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 88.74 185.95 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 185.95 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 185.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.49 185.95 Td (value ) Tj ET Q q 0 0 0 rg BT 148.23 185.95 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 185.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.22 185.95 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 185.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.21 185.95 Td (inputs:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 172.15 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 172.15 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 172.15 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 172.15 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 172.15 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 172.15 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 172.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 172.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 172.15 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 172.15 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 172.15 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 172.15 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 172.15 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 172.15 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 172.15 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 172.15 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 172.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 172.15 Td (lower/\(higher\) ) Tj ET Q q 0 0 0 rg BT 476.46 172.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 172.15 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 172.15 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 172.15 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 158.35 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 158.35 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 158.35 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 158.35 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 158.35 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 158.35 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 158.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 158.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 158.35 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 158.35 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 158.35 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 158.35 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 158.35 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 158.35 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 158.35 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 158.35 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 158.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 158.35 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 476.46 158.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 158.35 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 158.35 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 158.35 Td (ement.) 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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 (258,684) 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 (299) 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 (299) 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 (194,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 460.72 Td (2,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.72 Td (\(178,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.72 Td (18,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.67 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 448.67 Td (otal 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 (1,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.77 Td (1,207,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 438.77 Td (3,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.82 Td (\(178,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.77 Td (1,033,803) 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 (1,896) 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 (1,896) 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 (39,953) 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 (121,637) 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 (161,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.72 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 376.72 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 376.72 Td (43,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 376.72 Td (1,207,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 376.72 Td (124,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 376.72 Td (\(178,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 376.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 376.72 Td (1,197,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.83 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.67 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.67 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.67 Td (yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 306.72 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.72 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 294.72 Td (74,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 294.72 Td (3,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 294.72 Td ($) 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 (77,542) 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 (29,998) 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 (29,998) 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 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rg BT 452.30 246.72 Td (\(179,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 246.72 Td (4,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.67 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 234.67 Td (otal 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 214.77 Td (259,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.77 Td (239,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 214.77 Td (1,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.82 Td (\(179,616) Tj ET Q BT 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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 (T) Tj ET Q q 0 0 0 rg BT 524.80 640.83 Td (otal) 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 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531.65 508.72 Td (62,251) 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 392.15 496.72 Td (481) 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 544.15 496.72 Td (481) 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 (317,318) 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 (317,318) 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 242.65 472.72 Td (9,317) 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 536.65 472.72 Td (9,317) 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 260.15 460.72 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 460.72 Td (239,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 460.72 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.72 Td (\(213,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.72 Td (25,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.67 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 448.67 Td (otal 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 (1) Tj ET Q q 0 0 0 rg BT 242.65 438.77 Td (1,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.77 Td (1,583,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 438.77 Td (2,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.82 Td (\(213,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.77 Td (1,383,377) 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 (3,782) 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 (3,782) 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 (39,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 388.72 Td () Tj ET Q BT 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376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 376.72 Td (1,552,723) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.83 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.67 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.67 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.67 Td (yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 306.72 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.72 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 294.72 Td (91,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 294.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 294.72 Td (9,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 294.72 Td ($) 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 526.65 294.72 Td (101,517) 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 (30,292) 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 (30,292) 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 (49,077) 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 (49,077) 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 (213,312) 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 (213,312) 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 (225,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 246.72 Td (4,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 246.72 Td (\(225,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 246.72 Td (5,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.67 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 234.67 Td (otal 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 214.77 Td (305,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.77 Td (314,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 214.77 Td (4,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.82 Td (\(225,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 214.77 Td (\)) 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 (399,227) 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.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 171.00 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 171.00 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 101.17 171.00 Td (olling ) Tj ET Q q 0 0 0 rg BT 123.76 171.00 Td (inter) Tj ET Q q 0 0 0 rg BT 140.43 171.00 Td (ests ) Tj ET Q q 0 0 0 rg BT 155.52 171.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.12 171.00 Td ($44.4 ) Tj ET Q q 0 0 0 rg BT 185.96 171.00 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.46 171.00 Td ( ) Tj ET Q q 0 0 0 rg BT 213.06 171.00 Td (ar) Tj ET Q q 0 0 0 rg BT 220.72 171.00 Td (e ) Tj ET Q q 0 0 0 rg BT 226.31 171.00 Td (attributable ) Tj ET Q q 0 0 0 rg BT 270.41 171.00 Td (to ) Tj ET Q q 0 0 0 rg BT 279.00 171.00 Td (thir) Tj ET Q q 0 0 0 rg BT 291.67 171.00 Td (d ) Tj ET Q q 0 0 0 rg BT 297.76 171.00 Td (party ) Tj ET Q q 0 0 0 rg BT 318.36 171.00 Td (ownership ) Tj ET Q q 0 0 0 rg BT 357.45 171.00 Td (in ) Tj ET Q q 0 0 0 rg BT 366.05 171.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 413.64 171.00 Td (mer) Tj ET Q q 0 0 0 rg BT 427.30 171.00 Td (chant ) Tj ET Q q 0 0 0 rg BT 448.89 171.00 Td (banking ) Tj ET Q q 0 0 0 rg BT 479.48 171.00 Td (and ) Tj ET Q q 0 0 0 rg BT 494.57 171.00 Td (senior ) Tj ET Q q 0 0 0 rg BT 518.67 171.00 Td (living ) Tj ET Q q 0 0 0 rg BT 540.76 171.00 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.47 147.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 114.48 147.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 139.66 147.00 Td (III ) Tj ET Q q 0 0 0 rg BT 152.08 147.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.83 147.00 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.69 147.00 Td ($124.8 ) Tj ET Q q 0 0 0 rg BT 229.61 147.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 147.00 Td ( ) Tj ET Q q 0 0 0 rg BT 260.93 147.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.79 147.00 Td ($128.1 ) Tj ET Q q 0 0 0 rg BT 307.71 147.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.60 147.00 Td (, ) Tj ET Q q 0 0 0 rg BT 341.53 147.00 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.28 147.00 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 372.21 147.00 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.63 147.00 Td ( ) Tj ET Q q 0 0 0 rg BT 404.06 147.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.92 147.00 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 435.84 147.00 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.27 147.00 Td ( ) Tj ET Q q 0 0 0 rg BT 467.69 147.00 Td (of ) Tj ET Q q 0 0 0 rg BT 478.45 147.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.85 147.00 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 89.36 135.00 Td (at ) Tj ET Q q 0 0 0 rg BT 98.13 135.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 113.56 135.00 Td (value ) Tj ET Q q 0 0 0 rg BT 136.76 135.00 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.53 135.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 188.18 135.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.18 135.00 Td ( ) Tj ET Q q 0 0 0 rg BT 209.73 135.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.71 135.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 283.35 135.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.35 135.00 Td (, ) Tj ET Q q 0 0 0 rg BT 307.40 135.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 355.06 135.00 Td (. ) Tj ET Q q 0 0 0 rg BT 358.99 135.00 Td (The ) Tj ET Q q 0 0 0 rg BT 376.09 135.00 Td (value ) Tj ET Q q 0 0 0 rg BT 399.29 135.00 Td (of ) Tj ET Q q 0 0 0 rg BT 409.17 135.00 Td (transfers ) Tj ET Q q 0 0 0 rg BT 445.15 135.00 Td (between ) Tj ET Q q 0 0 0 rg BT 480.02 135.00 Td (levels ) Tj ET Q q 0 0 0 rg BT 504.89 135.00 Td (are ) Tj ET Q q 0 0 0 rg BT 518.65 135.00 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.00 Td (at ) Tj ET Q q 0 0 0 rg BT 59.57 123.00 Td (the ) Tj ET Q q 0 0 0 rg BT 74.65 123.00 Td (beginning ) Tj ET Q q 0 0 0 rg BT 117.50 123.00 Td (of ) Tj ET Q q 0 0 0 rg BT 128.69 123.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.77 123.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.28 123.00 Td (period. ) Tj ET Q q 0 0 0 rg BT 213.98 123.00 Td (There ) Tj ET Q q 0 0 0 rg BT 240.15 123.00 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.44 123.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.44 123.00 Td ( ) Tj ET Q q 0 0 0 rg BT 275.29 123.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 320.36 123.00 Td (transfers ) Tj ET Q q 0 0 0 rg BT 357.65 123.00 Td (between ) Tj ET Q q 0 0 0 rg BT 393.82 123.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 419.45 123.00 Td (I, ) Tj ET Q q 0 0 0 rg BT 428.13 123.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 453.76 123.00 Td (II ) Tj ET Q q 0 0 0 rg BT 463.27 123.00 Td (or ) Tj ET Q q 0 0 0 rg BT 474.46 123.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 500.08 123.00 Td (III ) Tj ET Q q 0 0 0 rg BT 512.93 123.00 Td (for ) Tj ET Q q 0 0 0 rg BT 527.45 123.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 123.00 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.00 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 111.00 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 111.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 111.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 151.42 111.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 111.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.00 Td ( ) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (20) 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 67.44 708.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.71 708.60 Td (tables ) Tj ET Q q 0 0 0 rg BT 134.43 708.60 Td (summarize ) Tj ET Q q 0 0 0 rg BT 180.69 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.29 708.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 229.89 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.06 708.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 256.32 708.60 Td (value ) Tj ET Q q 0 0 0 rg BT 280.37 708.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.85 708.60 Td (with ) Tj ET Q q 0 0 0 rg BT 344.02 708.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 369.17 708.60 Td (III ) Tj ET Q q 0 0 0 rg BT 381.55 708.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.92 708.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 467.97 708.60 Td (held ) Tj ET Q q 0 0 0 rg BT 487.58 708.60 Td (at ) Tj ET Q q 0 0 0 rg BT 497.19 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.79 708.60 Td (beginning ) 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 (end ) Tj ET Q q 0 0 0 rg BT 66.44 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 77.27 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 91.99 696.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 123.92 696.60 Td (presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 629.10 93.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 629.10 49.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 629.10 38.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 629.10 38.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 629.10 35.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 629.10 36.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 629.10 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 629.10 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 629.10 49.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 629.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 629.10 59.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.10 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 589.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 589.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 589.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 589.10 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 589.10 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 589.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 589.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 589.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 589.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 589.10 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 565.10 93.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 565.10 49.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 565.10 38.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 565.10 38.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 565.10 35.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 565.10 36.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 565.10 42.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 565.10 42.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 565.10 49.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 565.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 565.10 59.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.10 93.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 533.10 49.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 533.10 38.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 533.10 38.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 533.10 35.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 533.10 36.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 533.10 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 533.10 42.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 533.10 49.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 533.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 533.10 59.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 493.10 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 493.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 493.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 493.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 493.10 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 493.10 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 493.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 493.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 493.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 493.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 493.10 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.10 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 469.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 469.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 469.10 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 469.10 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 469.10 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 469.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 469.10 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 469.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 469.10 49.00 -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 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 445.10 49.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 445.10 38.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 445.10 38.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 445.10 35.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 445.10 36.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 445.10 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 445.10 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 445.10 49.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 445.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 445.10 59.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 397.10 93.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.00 397.10 49.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.00 397.10 38.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 397.10 38.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 397.10 35.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 397.10 36.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 397.10 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 397.10 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 397.10 49.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 397.10 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 397.10 59.00 -35.00 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 276 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 641.1 m 315 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 641.1 m 355 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 641.1 m 401 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 641.1 m 447 641.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 641.1 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 143 533.1 m 192 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 533.1 m 234 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 533.1 m 276 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 533.1 m 315 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 533.1 m 355 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 533.1 m 401 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 533.1 m 447 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 533.1 m 500 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 533.1 m 563 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 481.1 m 192 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 481.1 m 234 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 481.1 m 276 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 481.1 m 315 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 481.1 m 355 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 481.1 m 401 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 481.1 m 447 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 481.1 m 500 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 481.1 m 563 481.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 470.1 m 192 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 468.1 m 192 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 470.1 m 234 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 468.1 m 234 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 470.1 m 276 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 468.1 m 276 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 470.1 m 315 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 468.1 m 315 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 470.1 m 355 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 468.1 m 355 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 470.1 m 401 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 468.1 m 401 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 470.1 m 447 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 468.1 m 447 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 470.1 m 500 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 468.1 m 500 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 470.1 m 563 470.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 468.1 m 563 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 397.1 m 192 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 397.1 m 234 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 397.1 m 276 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 397.1 m 315 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 397.1 m 355 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 397.1 m 401 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 397.1 m 447 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 397.1 m 500 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 397.1 m 563 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 363.1 m 192 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 361.1 m 192 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 363.1 m 234 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 361.1 m 234 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 363.1 m 276 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 361.1 m 276 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 363.1 m 315 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 361.1 m 315 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 363.1 m 355 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 361.1 m 355 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 363.1 m 401 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 361.1 m 401 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 363.1 m 447 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 361.1 m 447 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 363.1 m 500 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 361.1 m 500 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 363.1 m 563 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 361.1 m 563 361.1 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.10 678.91 Td (Unr) Tj ET Q q 0 0 0 rg BT 519.09 678.91 Td (ealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.60 669.91 Td (\(losses\) for) Tj ET Q q 0 0 0 rg BT 538.61 669.91 Td ( 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 367.25 660.80 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.10 660.80 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.30 660.91 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) Tj ET Q q 0 0 0 rg BT 176.90 651.91 Td ( 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.90 651.80 Td (T) Tj ET Q q 0 0 0 rg BT 288.05 651.80 Td (ransfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.40 651.80 Td (T) Tj ET Q q 0 0 0 rg BT 327.55 651.80 Td (ransfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 371.10 651.80 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 417.10 651.80 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.70 651.91 Td (Mar) Tj ET Q q 0 0 0 rg BT 472.85 651.91 Td (ch 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.70 651.91 Td (Mar) Tj ET Q q 0 0 0 rg BT 530.85 651.91 Td (ch 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 (2017) 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 249.10 642.80 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 294.25 642.80 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 332.00 642.80 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 363.85 642.80 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.85 642.80 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.00 642.91 Td (2018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 521.00 642.91 Td (2018 \(1\)) 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 (T) Tj ET Q q 0 0 0 rg BT 69.11 581.05 Td (ax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 581.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 581.18 Td (700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 581.05 Td ($) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.10 581.05 Td (\(700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 581.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 581.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 581.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 581.18 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 (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 569.18 Td (714) 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 264.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 569.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 569.05 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 569.18 Td (719) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.80 569.18 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 557.05 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 549.05 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 549.33 Td (481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 549.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.10 549.35 Td (\(5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 549.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 549.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 549.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 549.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.10 549.35 Td (\(192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 549.35 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 549.33 Td (284) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.80 549.33 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 537.05 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 537.18 Td (126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 537.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 537.05 Td (\(1,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 537.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 537.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 537.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.75 537.05 Td (1,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 537.05 Td (2,018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 537.18 Td (2,144) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 537.18 Td (2,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 525.05 Td (T) Tj ET Q q 0 0 0 rg BT 57.11 525.05 Td (otal financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 517.05 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 509.05 Td (positions owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 509.33 Td (2,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 509.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 509.35 Td (\(1,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 509.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 509.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.10 509.35 Td (\(700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 509.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.75 509.35 Td (1,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 509.35 Td (1,831) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 509.33 Td (3,147) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 509.33 Td (2,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 485.05 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 485.18 Td (126,060) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 485.05 Td (601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 485.05 Td (\(4,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 485.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 485.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 485.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.75 485.05 Td (3,402) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 485.05 Td (\(4,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 485.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 485.18 Td (121,637) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 485.18 Td (\(869) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 485.18 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 473.05 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 473.05 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 473.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 473.18 Td (128,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 473.05 Td (601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 473.05 Td (\(5,919) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 473.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 473.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.10 473.05 Td (\(700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 473.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.75 473.05 Td (5,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 473.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 473.05 Td (\(2,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 473.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 473.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 473.18 Td (124,784) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 473.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 473.18 Td (1,283) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 449.18 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 437.05 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 429.05 Td (other inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 421.05 Td (sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 413.05 Td (purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 401.05 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 401.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 401.18 Td (4,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.10 401.05 Td (\(1,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 401.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.80 401.05 Td (3,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.10 401.05 Td (\(1,921) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 401.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 401.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 401.05 Td (\(3,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 401.05 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 401.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 401.18 Td (1,389) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 401.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 401.18 Td (1,389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 389.05 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 389.05 Td (otal financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 381.05 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 373.05 Td (positions sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 365.05 Td (purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 366.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 366.33 Td (4,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.10 366.35 Td (\(1,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 366.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.80 366.35 Td (3,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 366.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 366.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.10 366.35 Td (\(1,921) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 366.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 366.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 366.35 Td (\(3,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 366.35 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 366.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 366.33 Td (1,389) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 366.33 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 366.33 Td (1,389) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 350.00 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 350.00 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 350.00 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 350.00 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 350.00 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 350.00 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 350.00 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 350.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 350.00 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 350.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 350.00 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 350.00 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 350.00 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 350.00 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 350.00 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 350.00 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 350.00 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 350.00 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 350.00 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 350.00 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 350.00 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 350.00 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 350.00 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 350.00 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 340.40 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 340.40 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 340.40 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 340.40 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 340.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 340.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 340.40 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 340.40 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 340.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 340.40 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 340.40 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 340.40 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 340.40 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 340.40 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 340.40 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 340.40 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 340.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 340.40 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 340.40 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 340.40 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 340.40 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 340.40 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 340.40 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 330.80 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 330.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 330.80 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 330.80 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 330.80 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 330.80 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 330.80 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 330.80 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 330.80 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 330.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 330.80 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 330.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 330.80 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 330.80 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 330.80 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 330.80 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 330.80 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 330.80 Td (investment ) Tj ET Q q 0 0 0 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 377 m 354 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 379 m 400 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 377 m 400 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 379 m 446 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 377 m 446 377 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 379 m 499 379 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 377 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 (Unr) Tj ET Q q 0 0 0 rg BT 518.59 707.81 Td (ealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.10 698.81 Td (\(losses\) for) Tj ET Q q 0 0 0 rg BT 538.11 698.81 Td ( 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 366.25 689.70 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.10 689.70 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 458.30 689.81 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) Tj ET Q q 0 0 0 rg BT 176.90 680.81 Td ( 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 680.70 Td (T) Tj ET Q q 0 0 0 rg BT 286.55 680.70 Td (ransfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.40 680.70 Td (T) Tj ET Q q 0 0 0 rg BT 326.55 680.70 Td (ransfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.10 680.70 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 416.10 680.70 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 458.70 680.81 Td (Mar) Tj ET Q q 0 0 0 rg BT 471.85 680.81 Td (ch 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.20 680.81 Td (Mar) Tj ET Q q 0 0 0 rg BT 530.35 680.81 Td (ch 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 (2016) 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 247.10 671.70 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.75 671.70 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 671.70 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 362.85 671.70 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.85 671.70 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 467.00 671.81 Td (2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.50 671.81 Td (2017 \(1\)) 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 (T) Tj ET Q q 0 0 0 rg BT 69.11 609.95 Td (axable securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 610.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 610.08 Td (2,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 609.95 Td ($) 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 250.10 609.95 Td (\(2,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 609.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 609.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 609.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.75 609.95 Td (716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 609.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 609.95 Td (\(699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 609.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 610.08 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 (T) Tj ET Q q 0 0 0 rg BT 69.11 597.95 Td (ax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 598.08 Td (1,077) 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 262.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 597.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 597.95 Td (40) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 598.08 Td (1,1) Tj ET Q q 0 0 0 rg BT 487.75 598.08 Td (17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 598.08 Td (40) 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 (744) 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 262.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 585.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 585.95 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.80 586.08 Td (744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 586.08 Td () 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 170.75 566.23 Td (5,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.80 566.25 Td (996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.10 566.25 Td (\(790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 566.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 566.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 566.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.75 566.25 Td (314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 566.25 Td (\(393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 566.25 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 566.23 Td (5,491) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.10 566.23 Td (\(71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 566.23 Td (\)) 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 166.75 554.08 Td (13,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.80 553.95 Td (240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.10 553.95 Td (\(10,885) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 553.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 553.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 553.95 Td (10,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.10 553.95 Td (\(12,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 553.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 554.08 Td (1,633) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 554.08 Td (\(347) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 554.08 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 541.95 Td (T) Tj ET Q q 0 0 0 rg BT 57.11 541.95 Td (otal 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 166.75 525.23 Td (23,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 525.25 Td (1,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.10 525.25 Td (\(14,378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 525.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 525.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 525.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 525.25 Td (1) Tj ET Q q 0 0 0 rg BT 378.75 525.25 Td (1,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.10 525.25 Td (\(13,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 525.25 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 525.23 Td (8,985) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 525.23 Td (\(378) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 525.23 Td (\)) 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 (123,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 500.95 Td (6,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.10 500.95 Td (\(24,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 500.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 500.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 500.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 500.95 Td (8,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.10 500.95 Td (\(3,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 500.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 501.08 Td (1) Tj ET Q q 0 0 0 rg BT 473.75 501.08 Td (10,693) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 501.08 Td (6,493) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 488.95 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 488.95 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 489.08 Td (147,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 488.95 Td (7,823) 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 246.10 488.95 Td (\(38,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 488.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 488.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 488.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 488.95 Td (20,331) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 488.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.10 488.95 Td (\(16,771) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 488.95 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 489.08 Td (1) Tj ET Q q 0 0 0 rg BT 473.75 489.08 Td (19,678) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 489.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 489.08 Td (6,1) Tj ET Q q 0 0 0 rg BT 551.80 489.08 Td (15) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 417.08 Td (1,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.10 416.95 Td (\(719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.80 416.95 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 416.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.75 416.95 Td (719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 416.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 416.95 Td (2,419) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 417.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 417.08 Td (3,906) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 417.08 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 417.08 Td (3,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 404.95 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 404.95 Td (otal financial instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 396.95 Td (and other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 388.95 Td (positions sold, but not yet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 380.95 Td (purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 145.50 382.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.75 382.23 Td (1,487) 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 214.10 382.25 Td (\(719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.80 382.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 382.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.75 382.25 Td (719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 382.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 382.25 Td (2,419) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 382.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.75 382.23 Td (3,906) 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 (3,061) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 365.90 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 67.23 313.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 102.74 313.10 Td (values ) Tj ET Q q 0 0 0 rg BT 130.47 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.99 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.39 313.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 202.16 313.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 224.61 313.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 271.77 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.39 313.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 325.56 313.10 Td (either ) Tj ET Q q 0 0 0 rg BT 350.51 313.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.14 313.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.66 313.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.62 313.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 427.30 313.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 457.80 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.42 313.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 508.81 313.10 Td (or) Tj ET Q q 0 0 0 rg BT 516.96 313.10 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 301.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 110.59 301.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 154.75 301.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 207.23 301.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.61 301.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.76 301.10 Td (due ) Tj ET Q q 0 0 0 rg BT 264.70 301.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.98 301.10 Td (their ) Tj ET Q q 0 0 0 rg BT 295.80 301.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 321.64 301.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.47 301.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 376.62 301.10 Td (nature.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 277.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 277.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 277.10 Td (V) Tj ET Q q 0 0 0 rg BT 84.49 277.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 115.88 277.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 134.94 277.10 Td (est ) Tj ET Q q 0 0 0 rg BT 148.55 277.10 Td (Entities ) Tj ET Q q 0 0 0 rg BT 181.60 277.10 Td (\("VIEs"\)) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 253.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.05 253.10 Td (has ) Tj ET Q q 0 0 0 rg BT 126.44 253.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.27 253.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.11 253.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 216.72 253.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 235.32 253.10 Td (as ) Tj ET Q q 0 0 0 rg BT 246.71 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 253.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 304.48 253.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 335.85 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.24 253.10 Td (various ) Tj ET Q q 0 0 0 rg BT 379.74 253.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 434.18 253.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 465.57 253.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 499.73 253.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 548.06 253.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.36 241.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.57 241.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 148.56 241.10 Td (These ) Tj ET Q q 0 0 0 rg BT 174.87 241.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 206.19 241.10 Td (were ) Tj ET Q q 0 0 0 rg BT 228.06 241.10 Td (established ) Tj ET Q q 0 0 0 rg BT 274.93 241.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.03 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 241.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 337.78 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.55 241.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 387.65 241.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.87 241.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 438.07 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.84 241.10 Td (public ) Tj ET Q q 0 0 0 rg BT 476.27 241.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.04 241.10 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 241.10 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.99 229.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 104.14 229.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 124.51 229.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 174.61 229.10 Td (or ) Tj ET Q q 0 0 0 rg BT 186.10 229.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 228.15 229.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 269.07 229.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.00 229.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 307.60 229.10 Td (living ) Tj ET Q q 0 0 0 rg BT 334.09 229.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 374.18 229.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.78 229.10 Td (were ) Tj ET Q q 0 0 0 rg BT 414.37 229.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 448.63 229.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 486.21 229.10 Td (through ) Tj ET Q q 0 0 0 rg BT 520.48 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.86 229.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 106.44 217.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 217.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 137.54 217.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 187.81 217.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.64 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.36 217.10 Td (members.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 71.97 193.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.09 193.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 116.89 193.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.59 193.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.95 193.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.86 193.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 217.89 193.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 236.46 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.59 193.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 309.70 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.95 193.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.30 193.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 372.10 193.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.00 193.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.35 193.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.60 193.10 Td (do ) Tj ET Q q 0 0 0 rg BT 462.52 193.10 Td (not ) Tj ET Q q 0 0 0 rg BT 477.22 193.10 Td (have ) Tj ET Q q 0 0 0 rg BT 498.01 193.10 Td (suf) Tj ET Q q 0 0 0 rg BT 510.05 193.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 537.51 193.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (at ) Tj ET Q q 0 0 0 rg BT 58.87 181.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.02 181.10 Td (for ) Tj ET Q q 0 0 0 rg BT 89.83 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 181.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.12 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.05 181.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 170.63 181.10 Td (its ) Tj ET Q q 0 0 0 rg BT 182.22 181.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 222.82 181.10 Td (The ) Tj ET Q q 0 0 0 rg BT 240.52 181.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 298.20 181.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.69 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.61 181.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 352.97 181.10 Td (an ) Tj ET Q q 0 0 0 rg BT 364.56 181.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 389.49 181.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.31 181.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.74 181.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 423.55 181.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.37 181.10 Td (based ) Tj ET Q q 0 0 0 rg BT 457.29 181.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.44 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.81 181.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 520.95 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.54 181.10 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 169.10 Td (each ) Tj ET Q q 0 0 0 rg BT 80.46 169.10 Td (entity) Tj ET Q q 0 0 0 rg BT 102.58 169.10 Td (. ) Tj ET Q q 0 0 0 rg BT 107.08 169.10 Td (The ) Tj ET Q q 0 0 0 rg BT 124.78 169.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.83 169.10 Td (also ) Tj ET Q q 0 0 0 rg BT 184.09 169.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 224.01 169.10 Td (other ) Tj ET Q q 0 0 0 rg BT 246.72 169.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 306.06 169.10 Td (such ) Tj ET Q q 0 0 0 rg BT 326.55 169.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.03 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.40 169.10 Td (power ) Tj ET Q q 0 0 0 rg BT 378.55 169.10 Td (through ) Tj ET Q q 0 0 0 rg BT 411.81 169.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.53 169.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 464.46 169.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.95 169.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 504.88 169.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 529.81 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 169.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 157.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 102.82 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.65 157.10 Td (an ) Tj ET Q q 0 0 0 rg BT 125.58 157.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 150.86 157.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.35 157.10 Td (most ) Tj ET Q q 0 0 0 rg BT 190.30 157.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 242.79 157.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 272.50 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.22 157.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 318.19 157.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.56 157.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.58 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.52 157.10 Td (how ) Tj ET Q q 0 0 0 rg BT 449.24 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.96 157.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 489.23 157.10 Td (is ) Tj ET Q q 0 0 0 rg BT 498.40 157.10 Td (financed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.35 133.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.54 133.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.51 133.10 Td (required ) Tj ET Q q 0 0 0 rg BT 153.12 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.20 133.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 211.05 133.10 Td (all ) Tj ET Q q 0 0 0 rg BT 223.18 133.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 246.03 133.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.99 133.10 Td (which ) Tj ET Q q 0 0 0 rg BT 286.73 133.10 Td (it ) Tj ET Q q 0 0 0 rg BT 294.59 133.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.56 133.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 349.18 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.26 133.10 Td (be ) Tj ET Q q 0 0 0 rg BT 371.00 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.51 133.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 419.47 133.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 463.79 133.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.43 133.10 Td (The ) Tj ET Q q 0 0 0 rg BT 486.27 133.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 544.11 133.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.74 133.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.19 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.88 121.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.24 121.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.39 121.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 195.19 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.44 121.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.36 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.05 121.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 266.19 121.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 313.64 121.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.78 121.10 Td (based ) Tj ET Q q 0 0 0 rg BT 348.03 121.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.51 121.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 395.19 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.89 121.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.25 121.10 Td (has ) Tj ET Q q 0 0 0 rg BT 467.06 121.10 Td (both ) Tj ET Q q 0 0 0 rg BT 487.32 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.01 121.10 Td (power ) Tj ET Q q 0 0 0 rg BT 529.48 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 121.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.46 109.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 103.30 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.37 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.13 109.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 148.53 109.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.27 109.10 Td (most ) Tj ET Q q 0 0 0 rg BT 188.46 109.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 241.19 109.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 271.15 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.10 109.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 317.31 109.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 358.93 109.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.19 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.37 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.33 109.10 Td (obligation ) Tj ET Q q 0 0 0 rg 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other inventory positions sold, but not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 400.87 Td (51,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 388.87 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 388.87 Td (8,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 376.87 Td (T) Tj ET Q q 0 0 0 rg BT 56.91 376.87 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 376.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 376.87 Td (202,830) 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 (The ) Tj ET Q q 0 0 0 rg BT 67.31 350.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.46 350.75 Td (has ) Tj ET Q q 0 0 0 rg BT 124.06 350.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 174.10 350.75 Td (in ) Tj ET Q q 0 0 0 rg BT 184.14 350.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.85 350.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 221.99 350.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 242.03 350.75 Td (which ) Tj ET Q q 0 0 0 rg BT 268.74 350.75 Td (was ) Tj ET Q q 0 0 0 rg BT 286.56 350.75 Td (established ) Tj ET Q q 0 0 0 rg BT 333.25 350.75 Td (as ) Tj ET Q q 0 0 0 rg BT 343.85 350.75 Td (part ) Tj ET Q q 0 0 0 rg BT 361.66 350.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.26 350.75 Td (a ) Tj ET Q q 0 0 0 rg BT 378.96 350.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 431.77 350.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 467.34 350.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 525.15 350.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 546.97 350.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.51 338.75 Td (is ) Tj ET Q q 0 0 0 rg BT 99.31 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.65 338.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 147.43 338.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 194.53 338.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.98 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.32 338.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 250.33 338.75 Td (trust. ) Tj ET Q q 0 0 0 rg BT 272.26 338.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 321.60 338.75 Td (, ) Tj ET Q q 0 0 0 rg BT 326.22 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.57 338.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 366.02 338.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.58 338.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 421.93 338.75 Td (of ) Tj ET Q q 0 0 0 rg BT 432.38 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 446.73 338.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 477.73 338.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 497.63 338.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.96 338.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.75 Td (by ) Tj ET Q q 0 0 0 rg BT 61.60 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.92 326.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 116.91 326.75 Td (on ) Tj ET Q q 0 0 0 rg BT 129.02 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.34 326.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 195.98 326.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 240.30 326.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.73 326.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.82 326.75 Td (condition. ) Tj ET Q q 0 0 0 rg BT 330.19 326.75 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.74 326.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 368.28 326.75 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.28 326.75 Td ( ) Tj ET Q q 0 0 0 rg BT 380.38 326.75 Td (for ) Tj ET Q q 0 0 0 rg BT 394.14 326.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 436.24 326.75 Td (information ) Tj ET Q q 0 0 0 rg BT 485.55 326.75 Td (on ) Tj ET Q q 0 0 0 rg BT 497.66 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 326.75 Td (nonqualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.31 314.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 143.35 314.75 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (Nonconsolidated ) Tj ET Q q 0 0 0 rg BT 122.94 290.75 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 266.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.03 266.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 155.06 266.75 Td (it ) Tj ET Q q 0 0 0 rg BT 162.66 266.75 Td (is ) Tj ET Q q 0 0 0 rg BT 171.38 266.75 Td (not ) Tj ET Q q 0 0 0 rg BT 186.20 266.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.47 266.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 234.17 266.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.19 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.57 266.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.67 266.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 343.27 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.75 266.75 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 409.00 266.75 Td (does ) Tj ET Q q 0 0 0 rg BT 429.38 266.75 Td (not ) Tj ET Q q 0 0 0 rg BT 444.20 266.75 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 491.79 266.75 Td (them. ) Tj ET Q q 0 0 0 rg BT 516.19 266.75 Td (These ) Tj ET Q q 0 0 0 rg BT 541.96 266.75 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (had ) Tj ET Q q 0 0 0 rg BT 65.79 254.75 Td (net ) Tj ET Q q 0 0 0 rg BT 79.87 254.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.05 254.75 Td (approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.23 254.75 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 184.58 254.75 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.70 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 212.55 254.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.85 254.75 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 248.20 254.75 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.31 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 276.17 254.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.24 254.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 328.20 254.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.20 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 350.05 254.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.35 254.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 424.29 254.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.29 254.75 Td (, ) Tj ET Q q 0 0 0 rg BT 448.64 254.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 496.30 254.75 Td (. ) Tj ET Q q 0 0 0 rg BT 500.52 254.75 Td (The ) Tj ET Q q 0 0 0 rg BT 517.93 254.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 88.18 242.75 Td (to ) Tj ET Q q 0 0 0 rg BT 98.54 242.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 116.68 242.75 Td (from ) Tj ET Q q 0 0 0 rg BT 138.71 242.75 Td (these ) Tj ET Q q 0 0 0 rg BT 161.65 242.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 184.78 242.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.03 242.75 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 214.11 242.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.01 242.75 Td (, ) Tj ET Q q 0 0 0 rg BT 248.09 242.75 Td (which ) Tj ET Q q 0 0 0 rg BT 275.11 242.75 Td (is ) Tj ET Q q 0 0 0 rg BT 284.36 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 299.16 242.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 335.06 242.75 Td (value ) Tj ET Q q 0 0 0 rg BT 359.29 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 370.21 242.75 Td (its ) Tj ET Q q 0 0 0 rg BT 382.24 242.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 411.47 242.75 Td (contributions ) Tj ET Q q 0 0 0 rg BT 466.82 242.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 504.38 242.75 Td (in ) Tj ET Q q 0 0 0 rg BT 514.74 242.75 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.98 230.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.68 230.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.70 230.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.39 230.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.20 230.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.66 230.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 262.91 230.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.61 230.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 316.19 230.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.19 230.75 Td (. ) Tj ET Q q 0 0 0 rg BT 340.99 230.75 Td (The ) Tj ET Q q 0 0 0 rg BT 359.01 230.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 400.38 230.75 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 230.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.30 230.75 Td ( ) Tj ET Q q 0 0 0 rg BT 429.78 230.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 469.47 230.75 Td (related ) Tj ET Q q 0 0 0 rg BT 499.15 230.75 Td (to ) Tj ET Q q 0 0 0 rg BT 509.41 230.75 Td (these ) Tj ET Q q 0 0 0 rg BT 532.26 230.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 555.29 230.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.21 218.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.21 218.75 Td ( ) Tj ET Q q 0 0 0 rg BT 115.83 218.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.88 218.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 191.58 218.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.58 218.75 Td (, ) Tj ET Q q 0 0 0 rg BT 216.69 218.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 264.36 218.75 Td (. ) Tj ET Q q 0 0 0 rg BT 269.47 218.75 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 324.57 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.40 218.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.90 218.75 Td (has ) Tj ET Q q 0 0 0 rg BT 396.85 218.75 Td (not ) Tj ET Q q 0 0 0 rg BT 412.24 218.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 450.40 218.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.00 218.75 Td (or ) Tj ET Q q 0 0 0 rg BT 498.94 218.75 Td (other ) Tj ET Q q 0 0 0 rg BT 522.10 218.75 Td (support ) Tj ET Q q 0 0 0 rg BT 554.72 218.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (these ) Tj ET Q q 0 0 0 rg BT 72.37 206.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.42 206.75 Td (that ) Tj ET Q q 0 0 0 rg BT 112.91 206.75 Td (it ) Tj ET Q q 0 0 0 rg BT 120.97 206.75 Td (was ) Tj ET Q q 0 0 0 rg BT 139.02 206.75 Td (not ) Tj ET Q q 0 0 0 rg BT 154.30 206.75 Td (previously 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (Note 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 182.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 182.75 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 136.04 182.75 Td (om and Payables to Br) Tj ET Q q 0 0 0 rg BT 227.32 182.75 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 354.44 182.75 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.56 182.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 136.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 136.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 136.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 136.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 112.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 112.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 112.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 112.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 88.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 88.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 88.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 88.25 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 136.25 m 478.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 136.25 m 561.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 136.25 m 478.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 136.25 m 561.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 76.25 m 478.5 76.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 76.25 m 561.5 76.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 65.25 m 478.5 65.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 63.25 m 478.5 63.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 65.25 m 561.5 65.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 63.25 m 561.5 63.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 150.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 437.44 150.98 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 150.98 Td (December) Tj ET Q q 0 0 0 rg BT 537.62 150.98 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 140.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 138.98 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 138.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 126.87 Td (Receivable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 126.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 126.98 Td (3,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 126.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 126.87 Td (9,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 114.87 Td (Receivable from clearing or) Tj ET Q q 0 0 0 rg BT 163.80 114.87 Td (ganizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 114.98 Td (7,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 114.87 Td (109,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 102.87 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 152.72 102.87 Td (ganizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 102.98 Td (14,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 102.87 Td (1) Tj ET Q q 0 0 0 rg BT 535.15 102.87 Td (1,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 90.87 Td (Receivable from brokers and dealers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 90.98 Td (16,01) Tj ET Q q 0 0 0 rg BT 469.65 90.98 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 90.87 Td (12,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 78.87 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 78.98 Td (4,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 78.87 Td (3,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 66.87 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 66.87 Td (otal receivables from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 275.91 66.87 Td (ganizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 66.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 66.98 Td (46,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 66.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 66.87 Td (145,394) Tj ET Q BT /F1 10.00 Tf ET 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 674.10 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 674.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 674.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 674.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 650.10 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 650.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 650.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 650.10 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 403.5 674.1 m 478.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 674.1 m 561.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 674.1 m 478.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 674.1 m 561.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 638.1 m 478.5 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 627.1 m 478.5 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 625.1 m 478.5 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 638.1 m 561.5 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 627.1 m 561.5 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 625.1 m 561.5 625.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 688.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 437.44 688.83 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 688.83 Td (December) Tj ET Q q 0 0 0 rg BT 537.62 688.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 678.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 676.83 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 676.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.72 Td (Payable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 664.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 664.83 Td (6,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 664.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 664.72 Td (808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 652.72 Td (Payable to clearing or) Tj ET Q q 0 0 0 rg BT 139.38 652.72 Td (ganizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 652.83 Td (25,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 652.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.72 Td (Payable to brokers and dealers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 640.83 Td (1,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 640.72 Td (18,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 628.72 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 628.72 Td (otal payables to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 254.26 628.72 Td (ganizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 628.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 628.83 Td (33,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 628.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 628.72 Td (19,392) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.04 602.60 Td (discussed ) Tj ET Q q 0 0 0 rg BT 103.81 602.60 Td (in ) Tj ET Q q 0 0 0 rg BT 114.02 602.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 135.89 602.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 145.82 602.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 169.36 602.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 180.84 602.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 199.37 602.60 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 249.01 602.60 Td (from ) Tj ET Q q 0 0 0 rg BT 270.88 602.60 Td (a ) Tj ET Q q 0 0 0 rg BT 277.75 602.60 Td (self ) Tj ET Q q 0 0 0 rg BT 294.62 602.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 329.26 602.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.45 602.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 397.98 602.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 424.84 602.60 Td (to ) Tj ET Q q 0 0 0 rg BT 435.05 602.60 Td (a ) Tj ET Q q 0 0 0 rg BT 441.92 602.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 463.24 602.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 502.88 602.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 537.52 602.60 Td (model ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.57 590.60 Td (2017. ) Tj ET Q q 0 0 0 rg BT 84.36 590.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 111.65 590.60 Td (the ) Tj ET Q q 0 0 0 rg BT 126.16 590.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 173.03 590.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 194.21 590.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 233.72 590.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 268.21 590.60 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 314.64 590.60 Td (the ) Tj ET Q q 0 0 0 rg BT 329.15 590.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 365.33 590.60 Td (of ) Tj ET Q q 0 0 0 rg BT 375.95 590.60 Td (its ) Tj ET Q q 0 0 0 rg BT 387.69 590.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 427.75 590.60 Td (inventories ) Tj ET Q q 0 0 0 rg BT 474.47 590.60 Td (and ) Tj ET Q q 0 0 0 rg BT 491.20 590.60 Td (all ) Tj ET Q q 0 0 0 rg BT 503.49 590.60 Td (of ) Tj ET Q q 0 0 0 rg BT 514.11 590.60 Td (its ) Tj ET Q q 0 0 0 rg BT 525.85 590.60 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.61 578.60 Td (are ) Tj ET Q q 0 0 0 rg BT 103.83 578.60 Td (held ) Tj ET Q q 0 0 0 rg BT 124.06 578.60 Td (by ) Tj ET Q q 0 0 0 rg BT 137.07 578.60 Td (or ) Tj ET Q q 0 0 0 rg BT 148.41 578.60 Td (cleared ) Tj ET Q q 0 0 0 rg BT 180.29 578.60 Td (through ) Tj ET Q q 0 0 0 rg BT 214.41 578.60 Td (Pershing. ) Tj ET Q q 0 0 0 rg BT 254.70 578.60 Td (The ) Tj ET Q q 0 0 0 rg BT 273.26 578.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.16 578.60 Td (has ) Tj ET Q q 0 0 0 rg BT 331.50 578.60 Td (also ) Tj ET Q q 0 0 0 rg BT 350.62 578.60 Td (established ) Tj ET Q q 0 0 0 rg BT 398.06 578.60 Td (an ) Tj ET Q q 0 0 0 rg BT 410.51 578.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 463.50 578.60 Td (to ) Tj ET Q q 0 0 0 rg BT 474.29 578.60 Td (obtain ) Tj ET Q q 0 0 0 rg BT 502.29 578.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 543.07 578.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.60 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 87.05 566.60 Td (related ) Tj ET Q q 0 0 0 rg BT 116.80 566.60 Td (to ) Tj ET Q q 0 0 0 rg BT 127.13 566.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.90 566.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 178.34 566.60 Td (of ) Tj ET Q q 0 0 0 rg BT 189.22 566.60 Td (its ) Tj ET Q q 0 0 0 rg BT 201.22 566.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 232.09 566.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 273.24 566.60 Td (Financing ) Tj ET Q q 0 0 0 rg BT 315.79 566.60 Td (under ) Tj ET Q q 0 0 0 rg BT 341.11 566.60 Td (this ) Tj ET Q q 0 0 0 rg BT 358.11 566.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 410.63 566.60 Td (is ) Tj ET Q q 0 0 0 rg BT 419.85 566.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.94 566.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.70 566.60 Td (by ) Tj ET Q q 0 0 0 rg BT 505.25 566.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 548.07 566.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 89.83 554.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 135.75 554.60 Td (could ) Tj ET Q q 0 0 0 rg BT 161.10 554.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 190.88 554.60 Td (the ) Tj ET Q q 0 0 0 rg BT 206.24 554.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 239.37 554.60 Td (of ) Tj ET Q q 0 0 0 rg BT 250.83 554.60 Td (funding ) Tj ET Q q 0 0 0 rg BT 285.08 554.60 Td (available ) Tj ET Q q 0 0 0 rg BT 324.30 554.60 Td (under ) Tj ET Q q 0 0 0 rg BT 350.21 554.60 Td (this ) Tj ET Q q 0 0 0 rg BT 367.79 554.60 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 423.17 554.60 Td (The ) Tj ET Q q 0 0 0 rg BT 441.86 554.60 Td (funding ) Tj ET Q q 0 0 0 rg BT 476.10 554.60 Td (is ) Tj ET Q q 0 0 0 rg BT 485.91 554.60 Td (at ) Tj ET Q q 0 0 0 rg BT 496.26 554.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.61 554.60 Td (discretion ) Tj ET Q q 0 0 0 rg BT 554.18 554.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.60 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 86.00 542.60 Td (and ) Tj ET Q q 0 0 0 rg BT 101.93 542.60 Td (could ) Tj ET Q q 0 0 0 rg BT 125.65 542.60 Td (be ) Tj ET Q q 0 0 0 rg BT 136.58 542.60 Td (denied. ) Tj ET Q q 0 0 0 rg BT 167.12 542.60 Td (The ) Tj ET Q q 0 0 0 rg BT 184.17 542.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 230.24 542.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 263.94 542.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 315.41 542.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 353.01 542.60 Td (are ) Tj ET Q q 0 0 0 rg BT 366.71 542.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 403.18 542.60 Td (net ) Tj ET Q q 0 0 0 rg BT 416.89 542.60 Td (from ) Tj ET Q q 0 0 0 rg BT 437.83 542.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 467.65 542.60 Td (activity) Tj ET Q q 0 0 0 rg BT 496.99 542.60 Td (. ) Tj ET Q q 0 0 0 rg BT 500.88 542.60 Td (The ) Tj ET Q q 0 0 0 rg BT 517.92 542.60 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 70.89 530.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 110.60 530.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 145.31 530.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 189.45 530.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 225.27 530.60 Td (a ) Tj ET Q q 0 0 0 rg BT 232.21 530.60 Td (covenant ) Tj ET Q q 0 0 0 rg BT 270.80 530.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 309.96 530.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 333.57 530.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.05 530.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 363.65 530.60 Td (to ) Tj ET Q q 0 0 0 rg BT 373.92 530.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 411.41 530.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 440.01 530.60 Td (net ) Tj ET Q q 0 0 0 rg BT 454.73 530.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.88 530.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.71 530.60 Td ($120 ) Tj ET Q q 0 0 0 rg BT 517.21 530.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.10 530.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td (Note 7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 506.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 506.60 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.70 506.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.65 482.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 112.84 482.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 162.22 482.60 Td (include ) Tj ET Q q 0 0 0 rg BT 193.26 482.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 242.64 482.60 Td (in ) Tj ET Q q 0 0 0 rg BT 252.02 482.60 Td (private ) Tj ET Q q 0 0 0 rg BT 281.39 482.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 325.76 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 341.81 482.60 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 394.79 482.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 435.82 482.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 465.20 482.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 491.53 482.60 Td (warrants ) Tj ET Q q 0 0 0 rg BT 527.57 482.60 Td (of ) Tj ET Q q 0 0 0 rg BT 537.50 482.60 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 470.60 Td (private ) Tj ET Q q 0 0 0 rg BT 96.70 470.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 141.97 470.60 Td (and ) Tj ET Q q 0 0 0 rg BT 158.90 470.60 Td (private ) Tj ET Q q 0 0 0 rg BT 189.17 470.60 Td (company ) Tj ET Q q 0 0 0 rg BT 228.32 470.60 Td (debt. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 424.10 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 424.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 424.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 424.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 400.10 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 400.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 400.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 400.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 376.10 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 376.10 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 376.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 376.10 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 403.5 436.1 m 478.5 436.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 436.1 m 561.5 436.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 400.1 m 478.5 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 400.1 m 561.5 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 364.1 m 478.5 364.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 364.1 m 561.5 364.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 353.1 m 478.5 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 351.1 m 478.5 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 353.1 m 561.5 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 351.1 m 561.5 351.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 450.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 437.44 450.83 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 450.83 Td (December) Tj ET Q q 0 0 0 rg BT 537.62 450.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 440.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 438.83 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 438.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.72 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 426.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 426.83 Td (161,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 426.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 426.72 Td (165,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.72 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 414.83 Td (1,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 414.72 Td (2,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 402.72 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 402.83 Td (6,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 402.72 Td (8,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 390.72 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 390.72 Td (otal investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 390.83 Td (169,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 390.72 Td (176,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 366.72 Td (Less investments attributable to noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 366.88 Td (\(47,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 366.83 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 366.72 Td (\(44,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 366.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 354.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 354.83 Td (122,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 354.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 354.72 Td (131,815) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 340.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 340.00 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 340.00 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.09 340.00 Td (inter) Tj ET Q q 0 0 0 rg BT 132.91 340.00 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.91 340.00 Td (ar) Tj ET Q q 0 0 0 rg BT 153.72 340.00 Td (e ) Tj ET Q q 0 0 0 rg BT 159.27 340.00 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.05 340.00 Td (to ) Tj ET Q q 0 0 0 rg BT 207.27 340.00 Td (thir) Tj ET Q q 0 0 0 rg BT 218.54 340.00 Td (d ) Tj ET Q q 0 0 0 rg BT 224.54 340.00 Td (party ) Tj ET Q q 0 0 0 rg BT 243.42 340.00 Td (ownership ) Tj ET Q q 0 0 0 rg BT 278.76 340.00 Td (in ) Tj ET Q q 0 0 0 rg BT 286.98 340.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 329.86 340.00 Td (mer) Tj ET Q q 0 0 0 rg BT 342.01 340.00 Td (chant ) Tj ET Q q 0 0 0 rg BT 361.78 340.00 Td (banking ) Tj ET Q q 0 0 0 rg BT 389.55 340.00 Td (and ) Tj ET Q q 0 0 0 rg BT 403.55 340.00 Td (senior ) Tj ET Q q 0 0 0 rg BT 425.55 340.00 Td (living ) Tj ET Q q 0 0 0 rg BT 445.77 340.00 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.66 316.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 106.92 316.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.92 316.00 Td (, ) Tj ET Q q 0 0 0 rg BT 132.59 316.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.52 316.00 Td (carried ) Tj ET Q q 0 0 0 rg BT 214.44 316.00 Td (on ) Tj ET Q q 0 0 0 rg BT 227.60 316.00 Td (a ) Tj ET Q q 0 0 0 rg BT 235.21 316.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 254.48 316.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 277.64 316.00 Td (had ) Tj ET Q q 0 0 0 rg BT 295.24 316.00 Td (an ) Tj ET Q q 0 0 0 rg BT 307.84 316.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 349.33 316.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.37 316.00 Td (market ) Tj ET Q q 0 0 0 rg BT 397.29 316.00 Td (value ) Tj ET Q q 0 0 0 rg BT 422.11 316.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.61 316.00 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 454.27 316.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.16 316.00 Td (. ) Tj ET Q q 0 0 0 rg BT 488.82 316.00 Td (Because ) Tj ET Q q 0 0 0 rg BT 525.30 316.00 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.64 304.00 Td (were ) Tj ET Q q 0 0 0 rg BT 112.00 304.00 Td (based ) Tj ET Q q 0 0 0 rg BT 137.70 304.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 160.63 304.00 Td (management's ) Tj ET Q q 0 0 0 rg BT 220.35 304.00 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 263.55 304.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 314.26 304.00 Td (carried ) Tj ET Q q 0 0 0 rg BT 344.94 304.00 Td (at ) Tj ET Q q 0 0 0 rg BT 355.09 304.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 374.13 304.00 Td (would ) Tj ET Q q 0 0 0 rg BT 402.06 304.00 Td (be ) Tj ET Q q 0 0 0 rg BT 414.43 304.00 Td (categorized ) Tj ET Q q 0 0 0 rg BT 463.44 304.00 Td (as ) Tj ET Q q 0 0 0 rg BT 474.70 304.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 500.40 304.00 Td (III ) Tj ET Q q 0 0 0 rg BT 513.32 304.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.58 304.00 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 304.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 292.00 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 292.00 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 127.14 292.00 Td (, ) Tj ET Q q 0 0 0 rg BT 132.14 292.00 Td (if ) Tj ET Q q 0 0 0 rg BT 140.75 292.00 Td (they ) Tj ET Q q 0 0 0 rg BT 160.46 292.00 Td (were ) Tj ET Q q 0 0 0 rg BT 182.39 292.00 Td (carried ) Tj ET Q q 0 0 0 rg BT 212.64 292.00 Td (at ) Tj ET Q q 0 0 0 rg BT 222.36 292.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 238.74 292.00 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.00 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.23 268.00 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.17 268.00 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 268.00 Td (under ) Tj ET Q q 0 0 0 rg BT 182.40 268.00 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 268.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.42 268.00 Td (method ) Tj ET Q q 0 0 0 rg BT 256.82 268.00 Td (include ) Tj ET Q q 0 0 0 rg BT 288.66 268.00 Td (general ) Tj ET Q q 0 0 0 rg BT 320.48 268.00 Td (and ) Tj ET Q q 0 0 0 rg BT 337.33 268.00 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.06 268.00 Td (partnership ) Tj ET Q q 0 0 0 rg BT 415.45 268.00 Td (interests. ) Tj ET Q q 0 0 0 rg BT 453.51 268.00 Td (The ) Tj ET Q q 0 0 0 rg BT 471.46 268.00 Td (carrying ) Tj ET Q q 0 0 0 rg BT 507.18 268.00 Td (value ) Tj ET Q q 0 0 0 rg BT 531.23 268.00 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 268.00 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.69 256.00 Td (is ) Tj ET Q q 0 0 0 rg BT 108.77 256.00 Td (based ) Tj ET Q q 0 0 0 rg BT 133.95 256.00 Td (on ) Tj ET Q q 0 0 0 rg BT 146.36 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 160.99 256.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 207.28 256.00 Td (vehicle's ) Tj ET Q q 0 0 0 rg BT 244.26 256.00 Td (net ) Tj ET Q q 0 0 0 rg BT 258.89 256.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 280.74 256.00 Td (value. ) Tj ET Q q 0 0 0 rg BT 307.13 256.00 Td (The ) Tj ET Q q 0 0 0 rg BT 325.09 256.00 Td (net ) Tj ET Q q 0 0 0 rg BT 339.72 256.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.46 256.00 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 256.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.50 256.00 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 473.79 256.00 Td (consist ) Tj ET Q q 0 0 0 rg BT 503.98 256.00 Td (of ) Tj ET Q q 0 0 0 rg BT 514.72 256.00 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.00 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 244.00 Td (both ) Tj ET Q q 0 0 0 rg BT 79.86 244.00 Td (marketable ) Tj ET Q q 0 0 0 rg BT 126.68 244.00 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 244.00 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 208.67 244.00 Td (securities. ) Tj ET Q q 0 0 0 rg BT 251.17 244.00 Td (The ) Tj ET Q q 0 0 0 rg BT 269.12 244.00 Td (underlying ) Tj ET Q q 0 0 0 rg BT 314.84 244.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.02 244.00 Td (held ) Tj ET Q q 0 0 0 rg BT 384.64 244.00 Td (by ) Tj ET Q q 0 0 0 rg BT 397.04 244.00 Td (such ) Tj ET Q q 0 0 0 rg BT 417.77 244.00 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 469.05 244.00 Td (are ) Tj ET Q q 0 0 0 rg BT 483.66 244.00 Td (valued ) Tj ET Q q 0 0 0 rg BT 512.72 244.00 Td (based ) Tj ET Q q 0 0 0 rg BT 537.89 244.00 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 244.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 91.30 232.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 108.66 232.00 Td (value ) Tj ET Q q 0 0 0 rg BT 133.79 232.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 182.25 232.00 Td (by ) Tj ET Q q 0 0 0 rg BT 195.73 232.00 Td (management ) Tj ET Q q 0 0 0 rg BT 250.30 232.00 Td (in ) Tj ET Q q 0 0 0 rg BT 261.55 232.00 Td (the ) Tj ET Q q 0 0 0 rg BT 277.25 232.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 325.31 232.00 Td (capacity ) Tj ET Q q 0 0 0 rg BT 362.10 232.00 Td (as ) Tj ET Q q 0 0 0 rg BT 373.91 232.00 Td (general ) Tj ET Q q 0 0 0 rg BT 406.81 232.00 Td (partner ) Tj ET Q q 0 0 0 rg BT 438.60 232.00 Td (or ) Tj ET Q q 0 0 0 rg BT 450.41 232.00 Td (investor ) Tj ET Q q 0 0 0 rg BT 486.11 232.00 Td (and, ) Tj ET Q q 0 0 0 rg BT 506.53 232.00 Td (in ) Tj ET Q q 0 0 0 rg BT 517.78 232.00 Td (the ) Tj ET Q q 0 0 0 rg BT 533.48 232.00 Td (case ) Tj ET Q q 0 0 0 rg BT 554.17 232.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.07 220.00 Td (in ) Tj ET Q q 0 0 0 rg BT 108.64 220.00 Td (unaf) Tj ET Q q 0 0 0 rg BT 126.22 220.00 Td (filiated ) Tj ET Q q 0 0 0 rg BT 156.34 220.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 202.01 220.00 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 255.18 220.00 Td (are ) Tj ET Q q 0 0 0 rg BT 269.18 220.00 Td (based ) Tj ET Q q 0 0 0 rg BT 293.74 220.00 Td (on ) Tj ET Q q 0 0 0 rg BT 305.53 220.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.30 220.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 386.31 220.00 Td (prepared ) Tj ET Q q 0 0 0 rg BT 423.07 220.00 Td (by ) Tj ET Q q 0 0 0 rg BT 434.87 220.00 Td (the ) Tj ET Q q 0 0 0 rg BT 448.88 220.00 Td (unaf) Tj ET Q q 0 0 0 rg BT 466.46 220.00 Td (filiated ) Tj ET Q q 0 0 0 rg BT 496.58 220.00 Td (general ) Tj ET Q q 0 0 0 rg BT 527.79 220.00 Td (partners.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 8) 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 (Other ) Tj ET Q q 0 0 0 rg BT 105.14 708.75 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.14 708.75 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 404 578.25 m 479 578.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 578.25 m 562 578.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 567.25 m 479 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 565.25 m 479 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 567.25 m 562 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 565.25 m 562 565.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 676.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 437.94 676.98 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 676.98 Td (December) Tj ET Q q 0 0 0 rg BT 538.12 676.98 Td ( 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 (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 664.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 652.87 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 652.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 652.98 Td (23,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 652.87 Td (20,884) 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 (19,193) 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 (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 628.98 Td (9,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 628.87 Td (6,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.87 Td (For) Tj ET Q q 0 0 0 rg BT 66.30 616.87 Td (givable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 616.98 Td (7,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 616.87 Td (7,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.87 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 604.98 Td (6,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 604.87 Td (6,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.87 Td (Secured loan receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 592.98 Td (2,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 592.87 Td (2,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.87 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 580.98 Td (7,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 580.87 Td (9,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 568.87 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 568.87 Td (otal other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 568.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 568.98 Td (77,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 568.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.87 Td (54,834) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 542.75 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 542.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 542.75 Td (Short-T) Tj ET Q q 0 0 0 rg BT 109.13 542.75 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.29 542.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 472.25 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 472.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 472.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 472.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 472.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 472.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 472.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 472.25 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 238 508.25 m 313 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 508.25 m 321 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 508.25 m 396 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 508.25 m 479 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 508.25 m 487 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 508.25 m 562 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 484.25 m 313 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 484.25 m 396 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 484.25 m 479 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 484.25 m 562 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 460.25 m 313 460.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 449.25 m 313 449.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 447.25 m 313 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 460.25 m 396 460.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 449.25 m 396 449.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 447.25 m 396 447.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 512.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.60 510.98 Td (OutstandingBalance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.75 510.98 Td (W) Tj ET Q q 0 0 0 rg BT 424.47 510.98 Td (eighted ) Tj ET Q q 0 0 0 rg BT 457.53 510.98 Td (A) Tj ET Q q 0 0 0 rg BT 464.11 510.98 Td (verage Inter) Tj ET Q q 0 0 0 rg BT 516.12 510.98 Td (est Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.15 498.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 271.94 498.98 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.90 498.98 Td (December) Tj ET Q q 0 0 0 rg BT 372.12 498.98 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 498.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 437.94 498.98 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 498.98 Td (December) Tj ET Q q 0 0 0 rg BT 538.12 498.98 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 488.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.00 486.98 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 486.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 486.98 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 486.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 474.87 Td (Commercial paper \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 474.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 474.98 Td (49,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 474.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 474.87 Td (49,974) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 474.98 Td (2.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 474.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 474.87 Td (2.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 474.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 462.87 Td (Prime broker arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 462.98 Td (136,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 462.87 Td (239,963) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 462.98 Td (2.50) 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 (2.23) 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 57.50 450.87 Td (T) Tj ET Q q 0 0 0 rg BT 62.91 450.87 Td (otal short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 450.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 450.98 Td (186,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 450.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 450.87 Td (289,937) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 424.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.99 424.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 136.90 424.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 170.47 424.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 220.69 424.75 Td (paper ) Tj ET Q q 0 0 0 rg BT 245.92 424.75 Td (to ) Tj ET Q q 0 0 0 rg BT 256.73 424.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 278.09 424.75 Td (a ) Tj ET Q q 0 0 0 rg BT 285.55 424.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.46 424.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.82 424.75 Td (its ) Tj ET Q q 0 0 0 rg BT 341.29 424.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.08 424.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 419.76 424.75 Td (. ) Tj ET Q q 0 0 0 rg BT 425.07 424.75 Td (The ) Tj ET Q q 0 0 0 rg BT 443.64 424.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 493.87 424.75 Td (paper ) Tj ET Q q 0 0 0 rg BT 519.10 424.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 543.23 424.75 Td (\("CP) Tj ET Q q 0 0 0 rg BT 562.51 424.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.75 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 82.80 412.75 Td (can ) Tj ET Q q 0 0 0 rg BT 99.23 412.75 Td (be ) Tj ET Q q 0 0 0 rg BT 111.22 412.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 138.78 412.75 Td (with ) Tj ET Q q 0 0 0 rg BT 159.11 412.75 Td (maturities ) Tj ET Q q 0 0 0 rg BT 201.66 412.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.54 412.75 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.54 412.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.10 412.75 Td (days ) Tj ET Q q 0 0 0 rg BT 245.98 412.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.32 412.75 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.32 412.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.87 412.75 Td (days ) Tj ET Q q 0 0 0 rg BT 294.76 412.75 Td (from ) Tj ET Q q 0 0 0 rg BT 316.75 412.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.52 412.75 Td (date ) Tj ET Q q 0 0 0 rg BT 350.73 412.75 Td (of ) Tj ET Q q 0 0 0 rg BT 361.62 412.75 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 400.37 412.75 Td (The ) Tj ET Q q 0 0 0 rg BT 418.47 412.75 Td (CP) Tj ET Q q 0 0 0 rg BT 430.33 412.75 Td ( ) Tj ET Q q 0 0 0 rg BT 432.88 412.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 458.77 412.75 Td (are ) Tj ET Q q 0 0 0 rg BT 473.53 412.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 512.18 412.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 539.73 412.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 66.83 400.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 101.91 400.75 Td (programs, ) Tj ET Q q 0 0 0 rg BT 144.50 400.75 Td (CP) Tj ET Q q 0 0 0 rg BT 156.36 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.69 400.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 184.94 400.75 Td (A) Tj ET Q q 0 0 0 rg BT 191.61 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.93 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 210.70 400.75 Td (CP) Tj ET Q q 0 0 0 rg BT 222.56 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 224.88 400.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.65 400.75 Td (II ) Tj ET Q q 0 0 0 rg BT 260.12 400.75 Td (A, ) Tj ET Q q 0 0 0 rg BT 272.17 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.93 400.75 Td (are ) Tj ET Q q 0 0 0 rg BT 303.46 400.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 336.33 400.75 Td (by ) Tj ET Q q 0 0 0 rg BT 348.65 400.75 Td (dif) Tj ET Q q 0 0 0 rg BT 359.58 400.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 385.22 400.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 425.87 400.75 Td (classes. ) Tj ET Q q 0 0 0 rg BT 457.95 400.75 Td (As ) Tj ET Q q 0 0 0 rg BT 471.39 400.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.05 400.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.47 400.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.47 400.75 Td (, ) Tj ET Q q 0 0 0 rg BT 550.30 400.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 88.27 388.75 Td (average ) Tj ET Q q 0 0 0 rg BT 121.48 388.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 157.48 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.93 388.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 216.71 388.75 Td (CP) Tj ET Q q 0 0 0 rg BT 228.57 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 230.69 388.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 256.14 388.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.81 388.75 Td (8 ) Tj ET Q q 0 0 0 rg BT 280.93 388.75 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.26 388.75 Td (. ) Tj ET Q q 0 0 0 rg BT 303.73 388.75 Td (The ) Tj ET Q q 0 0 0 rg BT 321.39 388.75 Td (CP) Tj ET Q q 0 0 0 rg BT 333.25 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 335.37 388.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 360.82 388.75 Td (are ) Tj ET Q q 0 0 0 rg BT 375.15 388.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.70 388.75 Td (bearing ) Tj ET Q q 0 0 0 rg BT 438.80 388.75 Td (or ) Tj ET Q q 0 0 0 rg BT 449.25 388.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 468.04 388.75 Td (at ) Tj ET Q q 0 0 0 rg BT 477.38 388.75 Td (a ) Tj ET Q q 0 0 0 rg BT 483.94 388.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 519.94 388.75 Td (to ) Tj ET Q q 0 0 0 rg BT 529.84 388.75 Td (par ) Tj ET Q q 0 0 0 rg BT 544.73 388.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.50 376.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 93.50 376.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.05 376.75 Td (based ) Tj ET Q q 0 0 0 rg BT 136.38 376.75 Td (on ) Tj ET Q q 0 0 0 rg BT 148.94 376.75 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 181.51 376.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 200.74 376.75 Td (an ) Tj ET Q q 0 0 0 rg BT 212.74 376.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 256.39 376.75 Td (mar) Tj ET Q q 0 0 0 rg BT 271.76 376.75 Td (gin. ) Tj ET Q q 0 0 0 rg BT 289.60 376.75 Td (CP) Tj ET Q q 0 0 0 rg BT 301.46 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 304.03 376.75 Td (Series ) Tj ET Q q 0 0 0 rg BT 331.03 376.75 Td (II ) Tj ET Q q 0 0 0 rg BT 339.69 376.75 Td (A) Tj ET Q q 0 0 0 rg BT 346.36 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 348.92 376.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 384.81 376.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.81 376.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 430.47 376.75 Td (that ) Tj ET Q q 0 0 0 rg BT 448.03 376.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 482.80 376.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.58 376.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 544.72 376.75 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 78.10 364.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 105.02 364.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 148.63 364.75 Td (to ) Tj ET Q q 0 0 0 rg BT 158.91 364.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 196.40 364.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 225.00 364.75 Td (net ) Tj ET Q q 0 0 0 rg BT 239.71 364.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 268.87 364.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.70 364.75 Td ($100 ) Tj ET Q q 0 0 0 rg BT 302.20 364.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.09 364.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.33 340.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.50 340.75 Td (has ) Tj ET Q q 0 0 0 rg BT 121.12 340.75 Td (established ) Tj ET Q q 0 0 0 rg BT 166.84 340.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 221.99 340.75 Td (to ) Tj ET Q q 0 0 0 rg BT 231.05 340.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 257.33 340.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.38 340.75 Td (with ) Tj ET Q q 0 0 0 rg BT 315.45 340.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 340.06 340.75 Td (brokers ) Tj ET Q q 0 0 0 rg BT 371.33 340.75 Td (related ) Tj ET Q q 0 0 0 rg BT 399.82 340.75 Td (to ) Tj ET Q q 0 0 0 rg BT 408.88 340.75 Td (its ) Tj ET Q q 0 0 0 rg BT 419.62 340.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 460.89 340.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 482.18 340.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 501.80 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.52 340.75 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 94.04 328.75 Td (Financing ) Tj ET Q q 0 0 0 rg BT 138.31 328.75 Td (under ) Tj ET Q q 0 0 0 rg BT 165.35 328.75 Td (these ) Tj ET Q q 0 0 0 rg BT 190.17 328.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 248.31 328.75 Td (is ) Tj ET Q q 0 0 0 rg BT 259.25 328.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 300.74 328.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 335.55 328.75 Td (by ) Tj ET Q q 0 0 0 rg BT 349.82 328.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 394.08 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.80 328.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 462.05 328.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 506.59 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.30 328.75 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.75 Td (limitations ) Tj ET Q q 0 0 0 rg BT 94.86 316.75 Td (could ) Tj ET Q q 0 0 0 rg BT 119.65 316.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 148.88 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.67 316.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 196.24 316.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.15 316.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 240.84 316.75 Td (available ) Tj ET Q q 0 0 0 rg BT 279.50 316.75 Td (under ) Tj ET Q q 0 0 0 rg BT 304.85 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.65 316.75 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 378.59 316.75 Td (Prime ) Tj ET Q q 0 0 0 rg BT 405.05 316.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 433.73 316.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 474.07 316.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 512.75 316.75 Td (are ) Tj ET Q q 0 0 0 rg BT 527.53 316.75 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (net ) Tj ET Q q 0 0 0 rg BT 64.22 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.05 304.75 Td (receivables ) Tj ET Q q 0 0 0 rg BT 122.52 304.75 Td (from ) Tj ET Q q 0 0 0 rg BT 144.46 304.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 175.28 304.75 Td (activity) Tj ET Q q 0 0 0 rg BT 204.62 304.75 Td (. ) Tj ET Q q 0 0 0 rg BT 209.44 304.75 Td (The ) Tj ET Q q 0 0 0 rg BT 227.49 304.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 261.10 304.75 Td (is ) Tj ET Q q 0 0 0 rg BT 270.27 304.75 Td (at ) Tj ET Q q 0 0 0 rg BT 279.98 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.70 304.75 Td (discretion ) Tj ET Q q 0 0 0 rg BT 336.63 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.46 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.18 304.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 388.01 304.75 Td (brokers ) Tj ET Q q 0 0 0 rg BT 420.50 304.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 451.32 304.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.60 304.75 Td (a ) Tj ET Q q 0 0 0 rg BT 468.54 304.75 Td (notice ) Tj ET Q q 0 0 0 rg BT 495.47 304.75 Td (period. ) 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 67.74 280.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.33 280.75 Td (has ) Tj ET Q q 0 0 0 rg BT 125.35 280.75 Td (both ) Tj ET Q q 0 0 0 rg BT 145.83 280.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 191.29 280.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.43 280.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 263.90 280.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 308.25 280.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 330.38 280.75 Td (line ) Tj ET Q q 0 0 0 rg BT 348.07 280.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 388.53 280.75 Td (available ) Tj ET Q q 0 0 0 rg BT 427.32 280.75 Td (on ) Tj ET Q q 0 0 0 rg BT 440.02 280.75 Td (a ) Tj ET Q q 0 0 0 rg BT 447.15 280.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 480.39 280.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 505.39 280.75 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 280.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 69.67 268.75 Td (these ) Tj ET Q q 0 0 0 rg BT 93.17 268.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.89 268.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 156.27 268.75 Td (in ) Tj ET Q q 0 0 0 rg BT 167.00 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.17 268.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 219.00 268.75 Td (course ) Tj ET Q q 0 0 0 rg BT 248.06 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.34 268.75 Td (business ) Tj ET Q q 0 0 0 rg BT 296.18 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 306.92 268.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 328.20 268.75 Td (a ) Tj ET Q q 0 0 0 rg BT 335.59 268.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 367.43 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.71 268.75 Td (its ) Tj ET Q q 0 0 0 rg BT 391.12 268.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 414.06 268.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 458.67 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.06 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.23 268.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.18 268.75 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 256.75 Td (these ) Tj ET Q q 0 0 0 rg BT 97.82 256.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 123.08 256.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 160.01 256.75 Td (varies ) Tj ET Q q 0 0 0 rg BT 186.38 256.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 208.88 256.75 Td (based ) Tj ET Q q 0 0 0 rg BT 234.15 256.75 Td (on ) Tj ET Q q 0 0 0 rg BT 246.65 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.37 256.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 308.45 256.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 342.05 256.75 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.25 232.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 116.04 232.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 162.02 232.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 206.88 232.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 229.53 232.75 Td (line ) Tj ET Q q 0 0 0 rg BT 247.73 232.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 288.70 232.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.13 232.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 343.44 232.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.44 232.75 Td ( ) Tj ET Q q 0 0 0 rg BT 366.64 232.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 407.07 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.61 232.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 232.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.69 232.75 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.44 232.75 Td ($200 ) Tj ET Q q 0 0 0 rg BT 487.64 232.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.54 232.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.74 232.75 Td (committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 90.61 220.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.16 220.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 147.27 220.75 Td (with ) Tj ET Q q 0 0 0 rg BT 167.84 220.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.41 220.75 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 214.80 220.75 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 239.53 220.75 Td (which ) Tj ET Q q 0 0 0 rg BT 266.76 220.75 Td (was ) Tj ET Q q 0 0 0 rg BT 285.10 220.75 Td (renewed ) Tj ET Q q 0 0 0 rg BT 321.75 220.75 Td (in ) Tj ET Q q 0 0 0 rg BT 332.32 220.75 Td (December ) Tj ET Q q 0 0 0 rg BT 376.19 220.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 400.86 220.75 Td (Advances ) Tj ET Q q 0 0 0 rg BT 443.08 220.75 Td (under ) Tj ET Q q 0 0 0 rg BT 468.63 220.75 Td (this ) Tj ET Q q 0 0 0 rg BT 485.87 220.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.97 220.75 Td (are ) Tj ET Q q 0 0 0 rg BT 531.97 220.75 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.58 208.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.87 208.75 Td (marketable ) Tj ET Q q 0 0 0 rg BT 140.37 208.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 183.50 208.75 Td (The ) Tj ET Q q 0 0 0 rg BT 202.13 208.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 233.53 208.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 269.94 208.75 Td (a ) Tj ET Q q 0 0 0 rg BT 277.46 208.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 316.64 208.75 Td (that ) Tj ET Q q 0 0 0 rg BT 334.72 208.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 370.01 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.31 208.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 432.97 208.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 453.84 208.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 483.02 208.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 510.53 208.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 554.72 208.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 86.93 196.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 128.26 196.75 Td (net ) Tj ET Q q 0 0 0 rg BT 142.91 196.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.00 196.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.77 196.75 Td ($120 ) Tj ET Q q 0 0 0 rg BT 205.21 196.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.10 196.75 Td (, ) Tj ET Q q 0 0 0 rg BT 239.04 196.75 Td (and ) Tj ET Q q 0 0 0 rg BT 255.91 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.57 196.75 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 300.22 196.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 338.20 196.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 370.64 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.40 196.75 Td (all ) Tj ET Q q 0 0 0 rg BT 393.84 196.75 Td (advances ) Tj ET Q q 0 0 0 rg BT 432.92 196.75 Td (under ) Tj ET Q q 0 0 0 rg BT 458.13 196.75 Td (this ) Tj ET Q q 0 0 0 rg BT 475.01 196.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.77 196.75 Td (will ) Tj ET Q q 0 0 0 rg BT 523.77 196.75 Td (be ) Tj ET Q q 0 0 0 rg BT 535.64 196.75 Td (due ) Tj ET Q q 0 0 0 rg BT 552.52 196.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.75 Td (December14, ) Tj ET Q q 0 0 0 rg BT 107.45 184.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.45 184.75 Td (. ) Tj ET Q q 0 0 0 rg BT 131.69 184.75 Td (The ) Tj ET Q q 0 0 0 rg BT 149.10 184.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.86 184.75 Td (pays ) Tj ET Q q 0 0 0 rg BT 210.06 184.75 Td (a ) Tj ET Q q 0 0 0 rg BT 216.37 184.75 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 275.99 184.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 328.40 184.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 342.48 184.75 Td (on ) Tj ET Q q 0 0 0 rg BT 354.35 184.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.44 184.75 Td (unused ) Tj ET Q q 0 0 0 rg BT 398.64 184.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 429.39 184.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.59 184.75 Td (the ) Tj ET Q q 0 0 0 rg BT 453.68 184.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 483.87 184.75 Td (on ) Tj ET Q q 0 0 0 rg BT 495.73 184.75 Td (a ) Tj ET Q q 0 0 0 rg BT 502.04 184.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 540.01 184.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 565.01 184.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 172.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.60 172.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.60 172.75 Td (, ) Tj ET Q q 0 0 0 rg BT 130.60 172.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.32 172.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.70 172.75 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.64 172.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.64 172.75 Td ( ) Tj ET Q q 0 0 0 rg BT 216.14 172.75 Td (advances ) Tj ET Q q 0 0 0 rg BT 255.29 172.75 Td (against ) Tj ET Q q 0 0 0 rg BT 286.11 172.75 Td (this ) Tj ET Q q 0 0 0 rg BT 303.06 172.75 Td (line ) Tj ET Q q 0 0 0 rg BT 320.55 172.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.38 172.75 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.84 148.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 113.22 148.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 167.78 148.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 200.11 148.75 Td (line ) Tj ET Q q 0 0 0 rg BT 216.90 148.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.91 148.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 268.80 148.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 148.75 Td ( ) Tj ET Q q 0 0 0 rg BT 290.60 148.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.60 148.75 Td ($85 ) Tj ET Q q 0 0 0 rg BT 336.40 148.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.29 148.75 Td ( ) Tj ET Q q 0 0 0 rg BT 367.09 148.75 Td (and ) Tj ET Q q 0 0 0 rg BT 383.32 148.75 Td (is ) Tj ET Q q 0 0 0 rg BT 391.78 148.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 434.67 148.75 Td (on ) Tj ET Q q 0 0 0 rg BT 446.47 148.75 Td (having ) Tj ET Q q 0 0 0 rg BT 475.48 148.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 522.80 148.75 Td (collateral, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.13 136.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 107.41 136.75 Td (by ) Tj ET Q q 0 0 0 rg BT 119.71 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.23 136.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 155.96 136.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 202.41 136.75 Td (to ) Tj ET Q q 0 0 0 rg BT 212.48 136.75 Td (secure ) Tj ET Q q 0 0 0 rg BT 240.32 136.75 Td (an ) Tj ET Q q 0 0 0 rg BT 252.06 136.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 287.11 136.75 Td (under ) Tj ET Q q 0 0 0 rg BT 312.18 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 326.70 136.75 Td (line. ) Tj ET Q q 0 0 0 rg BT 346.33 136.75 Td (The ) Tj ET Q q 0 0 0 rg BT 364.17 136.75 Td (availability ) Tj ET Q q 0 0 0 rg BT 411.46 136.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.09 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.60 136.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 483.48 136.75 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 538.55 136.75 Td (line ) Tj ET Q q 0 0 0 rg BT 555.85 136.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.47 124.75 Td (to ) Tj ET Q q 0 0 0 rg BT 90.89 124.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 128.53 124.75 Td (by ) Tj ET Q q 0 0 0 rg BT 141.17 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.03 124.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 178.12 124.75 Td (each ) Tj ET Q q 0 0 0 rg BT 199.08 124.75 Td (time ) Tj ET Q q 0 0 0 rg BT 219.50 124.75 Td (an ) Tj ET Q q 0 0 0 rg BT 231.58 124.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 266.98 124.75 Td (is ) Tj ET Q q 0 0 0 rg BT 276.30 124.75 Td (requested ) Tj ET Q q 0 0 0 rg BT 317.26 124.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.34 124.75 Td (may ) Tj ET Q q 0 0 0 rg BT 354.20 124.75 Td (be ) Tj ET Q q 0 0 0 rg BT 366.29 124.75 Td (denied. ) Tj ET Q q 0 0 0 rg BT 397.50 124.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 124.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 453.89 124.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.89 124.75 Td (, ) Tj ET Q q 0 0 0 rg BT 479.04 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.90 124.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.43 124.75 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.52 124.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (advances ) Tj ET Q q 0 0 0 rg BT 88.65 112.75 Td (against ) Tj ET Q q 0 0 0 rg BT 119.47 112.75 Td (this ) Tj ET Q q 0 0 0 rg BT 136.42 112.75 Td (line ) Tj ET Q q 0 0 0 rg BT 153.91 112.75 Td (of ) Tj ET Q q 0 0 0 rg BT 164.74 112.75 Td (credit.) 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 /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 (Contingencies, Commitments and Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.36 708.75 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 67.44 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.73 684.75 Td (has ) Tj ET Q q 0 0 0 rg BT 124.46 684.75 Td (been ) Tj ET Q q 0 0 0 rg BT 145.73 684.75 Td (named ) Tj ET Q q 0 0 0 rg BT 174.78 684.75 Td (as ) Tj ET Q q 0 0 0 rg BT 185.51 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 192.35 684.75 Td (defendant ) Tj ET Q q 0 0 0 rg BT 234.17 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.34 684.75 Td (various ) Tj ET Q q 0 0 0 rg BT 276.18 684.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 298.01 684.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 331.23 684.75 Td (including ) Tj ET Q q 0 0 0 rg BT 371.40 684.75 Td (complaints ) Tj ET Q q 0 0 0 rg BT 417.68 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.52 684.75 Td (litigation ) Tj ET Q q 0 0 0 rg BT 473.03 684.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.86 684.75 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 533.91 684.75 Td (claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 79.14 672.75 Td (from ) Tj ET Q q 0 0 0 rg BT 100.99 672.75 Td (its ) Tj ET Q q 0 0 0 rg BT 112.86 672.75 Td (business ) Tj ET Q q 0 0 0 rg BT 149.17 672.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 190.19 672.75 Td (Such ) Tj ET Q q 0 0 0 rg BT 212.60 672.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 243.35 672.75 Td (include ) Tj ET Q q 0 0 0 rg BT 275.20 672.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 303.72 672.75 Td (related ) Tj ET Q q 0 0 0 rg BT 333.34 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.54 672.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.72 672.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 426.12 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 442.97 672.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 489.27 672.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.91 672.75 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.41 660.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.08 660.75 Td (class ) Tj ET Q q 0 0 0 rg BT 115.00 660.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 144.79 660.75 Td (that ) Tj ET Q q 0 0 0 rg BT 161.26 660.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 199.94 660.75 Td (allege ) Tj ET Q q 0 0 0 rg BT 225.29 660.75 Td (violations ) Tj ET Q q 0 0 0 rg BT 266.20 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.01 660.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.24 660.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 335.04 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.96 660.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 370.20 660.75 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 417.76 660.75 Td (damages, ) Tj ET Q q 0 0 0 rg BT 456.72 660.75 Td (which ) Tj ET Q q 0 0 0 rg BT 482.63 660.75 Td (could ) Tj ET Q q 0 0 0 rg BT 506.32 660.75 Td (be ) Tj ET Q q 0 0 0 rg BT 517.23 660.75 Td (substantial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 73.09 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.50 648.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.58 648.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.44 648.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 174.63 648.75 Td (from ) Tj ET Q q 0 0 0 rg BT 196.26 648.75 Td (time ) Tj ET Q q 0 0 0 rg BT 216.23 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.20 648.75 Td (time ) Tj ET Q q 0 0 0 rg BT 246.17 648.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.14 648.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 313.89 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.52 648.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 381.03 648.75 Td (by ) Tj ET Q q 0 0 0 rg BT 393.22 648.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 450.40 648.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 487.01 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.65 648.75 Td (self-regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 636.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 105.69 636.75 Td (\("SROs"\) ) Tj ET Q q 0 0 0 rg BT 146.36 636.75 Td (which ) Tj ET Q q 0 0 0 rg BT 173.30 636.75 Td (could ) Tj ET Q q 0 0 0 rg BT 198.02 636.75 Td (result ) Tj ET Q q 0 0 0 rg BT 222.73 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.01 636.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 266.05 636.75 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 312.71 636.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 358.81 636.75 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 399.35 636.75 Td (fines ) Tj ET Q q 0 0 0 rg BT 421.29 636.75 Td (or ) Tj ET Q q 0 0 0 rg BT 432.12 636.75 Td (other ) Tj ET Q q 0 0 0 rg BT 455.17 636.75 Td (relief.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 612.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.62 612.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.79 612.75 Td (established ) Tj ET Q q 0 0 0 rg BT 169.07 612.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.67 612.75 Td (for ) Tj ET Q q 0 0 0 rg BT 217.17 612.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 254.00 612.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 279.74 612.75 Td (that ) Tj ET Q q 0 0 0 rg BT 296.57 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 310.62 612.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 347.45 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.73 612.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.89 612.75 Td (estimable ) Tj ET Q q 0 0 0 rg BT 449.05 612.75 Td (that ) Tj ET Q q 0 0 0 rg BT 465.89 612.75 Td (may ) Tj ET Q q 0 0 0 rg BT 484.95 612.75 Td (result ) Tj ET Q q 0 0 0 rg BT 509.01 612.75 Td (from ) Tj ET Q q 0 0 0 rg BT 530.29 612.75 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 600.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 104.38 600.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 126.54 600.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 160.10 600.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 218.37 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.54 600.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.36 600.75 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 332.90 600.75 Td (Reasonably ) Tj ET Q q 0 0 0 rg BT 382.29 600.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 417.79 600.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 444.41 600.75 Td (in ) Tj ET Q q 0 0 0 rg BT 454.92 600.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 483.74 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.80 600.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 531.41 600.75 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.05 588.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 102.48 588.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.48 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.82 588.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.36 588.75 Td (not ) Tj ET Q q 0 0 0 rg BT 154.47 588.75 Td (material. ) Tj ET Q q 0 0 0 rg BT 192.06 588.75 Td (In ) Tj ET Q q 0 0 0 rg BT 202.73 588.75 Td (many ) Tj ET Q q 0 0 0 rg BT 227.28 588.75 Td (cases, ) Tj ET Q q 0 0 0 rg BT 253.21 588.75 Td (however) Tj ET Q q 0 0 0 rg BT 287.24 588.75 Td (, ) Tj ET Q q 0 0 0 rg BT 292.07 588.75 Td (it ) Tj ET Q q 0 0 0 rg BT 299.96 588.75 Td (is ) Tj ET Q q 0 0 0 rg BT 308.97 588.75 Td (inherently ) Tj ET Q q 0 0 0 rg BT 351.84 588.75 Td (dif) Tj ET Q q 0 0 0 rg BT 362.77 588.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 386.21 588.75 Td (to ) Tj ET Q q 0 0 0 rg BT 396.32 588.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 438.64 588.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 473.18 588.75 Td (any ) Tj ET Q q 0 0 0 rg BT 489.95 588.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 507.84 588.75 Td (is ) Tj ET Q q 0 0 0 rg BT 516.85 588.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 554.17 588.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (even ) Tj ET Q q 0 0 0 rg BT 70.99 576.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 106.39 576.75 Td (or ) Tj ET Q q 0 0 0 rg BT 117.34 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.73 576.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 163.67 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.50 576.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 211.12 576.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.06 576.75 Td (range ) Tj ET Q q 0 0 0 rg BT 246.89 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 257.83 576.75 Td (any ) Tj ET Q q 0 0 0 rg BT 274.89 576.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 312.50 576.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 333.18 576.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 381.88 576.75 Td (where ) Tj ET Q q 0 0 0 rg BT 408.93 576.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 459.86 576.75 Td (may ) Tj ET Q q 0 0 0 rg BT 479.70 576.75 Td (be ) Tj ET Q q 0 0 0 rg BT 491.75 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.15 576.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 542.52 576.75 Td (early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (stages ) Tj ET Q q 0 0 0 rg BT 76.21 564.75 Td (or ) Tj ET Q q 0 0 0 rg BT 86.82 564.75 Td (where ) Tj ET Q q 0 0 0 rg BT 113.52 564.75 Td (plaintif) Tj ET Q q 0 0 0 rg BT 142.22 564.75 Td (fs ) Tj ET Q q 0 0 0 rg BT 151.72 564.75 Td (are ) Tj ET Q q 0 0 0 rg BT 166.20 564.75 Td (seeking ) Tj ET Q q 0 0 0 rg BT 199.02 564.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 244.07 564.75 Td (or ) Tj ET Q q 0 0 0 rg BT 254.67 564.75 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 311.92 564.75 Td (damages. ) Tj ET Q q 0 0 0 rg BT 351.68 564.75 Td (Matters ) Tj ET Q q 0 0 0 rg BT 384.50 564.75 Td (frequently ) Tj ET Q q 0 0 0 rg BT 427.87 564.75 Td (need ) Tj ET Q q 0 0 0 rg BT 449.02 564.75 Td (to ) Tj ET Q q 0 0 0 rg BT 459.08 564.75 Td (be ) Tj ET Q q 0 0 0 rg BT 470.79 564.75 Td (more ) Tj ET Q q 0 0 0 rg BT 493.61 564.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 536.98 564.75 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 552.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 74.50 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 85.33 552.75 Td (range ) Tj ET Q q 0 0 0 rg BT 110.04 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 552.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 138.93 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 155.31 552.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 201.12 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 213.06 552.75 Td (estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (Given ) Tj ET Q q 0 0 0 rg BT 76.69 528.75 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 130.52 528.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 171.59 528.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.55 528.75 Td (timing, ) Tj ET Q q 0 0 0 rg BT 217.91 528.75 Td (scope, ) Tj ET Q q 0 0 0 rg BT 245.93 528.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 278.67 528.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.86 528.75 Td (outcome ) Tj ET Q q 0 0 0 rg BT 333.04 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 344.12 528.75 Td (pending ) Tj ET Q q 0 0 0 rg BT 379.08 528.75 Td (and ) Tj ET Q q 0 0 0 rg BT 396.27 528.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 434.01 528.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 456.19 528.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 489.76 528.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 548.06 528.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 92.31 516.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.34 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.49 516.75 Td (other ) Tj ET Q q 0 0 0 rg BT 180.76 516.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 212.18 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.11 516.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.71 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.76 516.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 306.23 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.39 516.75 Td (ranges ) Tj ET Q q 0 0 0 rg BT 350.20 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 360.25 516.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 405.28 516.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.77 516.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.38 516.75 Td (are ) Tj ET Q q 0 0 0 rg BT 479.30 516.75 Td (dif) Tj ET Q q 0 0 0 rg BT 490.23 516.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 513.05 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 522.54 516.75 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.14 504.75 Td (necessity ) Tj ET Q q 0 0 0 rg BT 117.73 504.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.00 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.71 504.75 Td (future ) Tj ET Q q 0 0 0 rg BT 186.53 504.75 Td (revision. ) Tj ET Q q 0 0 0 rg BT 224.18 504.75 Td (Subject ) Tj ET Q q 0 0 0 rg BT 257.11 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.98 504.75 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 327.30 504.75 Td (management ) Tj ET Q q 0 0 0 rg BT 381.32 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.59 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.74 504.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.57 504.75 Td (believes, ) Tj ET Q q 0 0 0 rg BT 487.77 504.75 Td (based ) Tj ET Q q 0 0 0 rg BT 513.47 504.75 Td (on ) Tj ET Q q 0 0 0 rg BT 526.41 504.75 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (available ) Tj ET Q q 0 0 0 rg BT 88.15 492.75 Td (information, ) Tj ET Q q 0 0 0 rg BT 140.42 492.75 Td (after ) Tj ET Q q 0 0 0 rg BT 161.29 492.75 Td (consultation ) Tj ET Q q 0 0 0 rg BT 212.73 492.75 Td (with ) Tj ET Q q 0 0 0 rg BT 233.06 492.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 264.51 492.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 286.50 492.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 319.60 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 336.60 492.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 364.15 492.75 Td (into ) Tj ET Q q 0 0 0 rg BT 382.27 492.75 Td (account ) Tj ET Q q 0 0 0 rg BT 415.92 492.75 Td (its ) Tj ET Q q 0 0 0 rg BT 427.92 492.75 Td (established ) Tj ET Q q 0 0 0 rg BT 474.92 492.75 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 512.73 492.75 Td (that ) Tj ET Q q 0 0 0 rg BT 530.29 492.75 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 72.56 480.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 107.02 480.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 166.20 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.27 480.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 228.99 480.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 280.93 480.75 Td (will ) Tj ET Q q 0 0 0 rg BT 300.12 480.75 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 480.75 Td (resolved ) Tj ET Q q 0 0 0 rg BT 350.69 480.75 Td (with ) Tj ET Q q 0 0 0 rg BT 372.10 480.75 Td (no ) Tj ET Q q 0 0 0 rg BT 385.73 480.75 Td (material ) Tj ET Q q 0 0 0 rg BT 422.12 480.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 456.29 480.75 Td (ef) Tj ET Q q 0 0 0 rg BT 463.87 480.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 482.49 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 496.12 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 480.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.40 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.43 468.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.10 468.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 186.06 468.75 Td (results ) Tj ET Q q 0 0 0 rg BT 214.86 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.89 468.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.23 468.75 Td (or ) Tj ET Q q 0 0 0 rg BT 281.25 468.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.72 468.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 326.63 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.65 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.56 468.75 Td (Company) Tj ET Q q 0 0 0 rg BT 390.80 468.75 Td (. ) Tj ET Q q 0 0 0 rg BT 395.99 468.75 Td (However) Tj ET Q q 0 0 0 rg BT 432.24 468.75 Td (, ) Tj ET Q q 0 0 0 rg BT 437.43 468.75 Td (if ) Tj ET Q q 0 0 0 rg BT 446.23 468.75 Td (during ) Tj ET Q q 0 0 0 rg BT 475.03 468.75 Td (any ) Tj ET Q q 0 0 0 rg BT 492.16 468.75 Td (period ) Tj ET Q q 0 0 0 rg BT 520.40 468.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.53 468.75 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 81.36 456.75 Td (contingency ) Tj ET Q q 0 0 0 rg BT 131.55 456.75 Td (should ) Tj ET Q q 0 0 0 rg BT 159.55 456.75 Td (become ) Tj ET Q q 0 0 0 rg BT 191.96 456.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 228.27 456.75 Td (or ) Tj ET Q q 0 0 0 rg BT 237.92 456.75 Td (resolved ) Tj ET Q q 0 0 0 rg BT 273.12 456.75 Td (for ) Tj ET Q q 0 0 0 rg BT 286.10 456.75 Td (an ) Tj ET Q q 0 0 0 rg BT 296.86 456.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 328.18 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.28 456.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 364.70 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.36 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.89 456.75 Td (established ) Tj ET Q q 0 0 0 rg BT 433.65 456.75 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 470.23 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.77 456.75 Td (results ) Tj ET Q q 0 0 0 rg BT 511.20 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.85 456.75 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.91 444.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 87.64 444.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 112.83 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.58 444.75 Td (that ) Tj ET Q q 0 0 0 rg BT 141.55 444.75 Td (period ) Tj ET Q q 0 0 0 rg BT 170.06 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.47 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.65 444.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.60 444.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 281.35 444.75 Td (as ) Tj ET Q q 0 0 0 rg BT 292.64 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.94 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.13 444.75 Td (end ) Tj ET Q q 0 0 0 rg BT 336.54 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.83 444.75 Td (that ) Tj ET Q q 0 0 0 rg BT 365.80 444.75 Td (period ) Tj ET Q q 0 0 0 rg BT 394.31 444.75 Td (could ) Tj ET Q q 0 0 0 rg BT 419.50 444.75 Td (be ) Tj ET Q q 0 0 0 rg BT 431.91 444.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 475.41 444.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 516.70 444.75 Td (af) Tj ET Q q 0 0 0 rg BT 524.29 444.75 Td (fected. ) Tj ET Q q 0 0 0 rg BT 554.18 444.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.89 432.75 Td (there ) Tj ET Q q 0 0 0 rg BT 110.98 432.75 Td (can ) Tj ET Q q 0 0 0 rg BT 127.97 432.75 Td (be ) Tj ET Q q 0 0 0 rg BT 140.52 432.75 Td (no ) Tj ET Q q 0 0 0 rg BT 153.63 432.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 195.61 432.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.72 432.75 Td (material ) Tj ET Q q 0 0 0 rg BT 249.59 432.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.59 432.75 Td (will ) Tj ET Q q 0 0 0 rg BT 295.26 432.75 Td (not ) Tj ET Q q 0 0 0 rg BT 311.15 432.75 Td (be ) Tj ET Q q 0 0 0 rg BT 323.70 432.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 360.13 432.75 Td (from ) Tj ET Q q 0 0 0 rg BT 382.68 432.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 411.90 432.75 Td (that ) Tj ET Q q 0 0 0 rg BT 430.00 432.75 Td (have ) Tj ET Q q 0 0 0 rg BT 451.99 432.75 Td (not ) Tj ET Q q 0 0 0 rg BT 467.88 432.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 483.21 432.75 Td (been ) Tj ET Q q 0 0 0 rg BT 505.20 432.75 Td (brought ) Tj ET Q q 0 0 0 rg BT 539.42 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 550.31 432.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.58 420.75 Td (attention ) Tj ET Q q 0 0 0 rg BT 134.07 420.75 Td (or ) Tj ET Q q 0 0 0 rg BT 144.90 420.75 Td (are ) Tj ET Q q 0 0 0 rg BT 159.61 420.75 Td (not ) Tj ET Q q 0 0 0 rg BT 174.89 420.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 189.60 420.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 237.08 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.36 420.75 Td (be ) Tj ET Q q 0 0 0 rg BT 259.30 420.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 305.12 420.75 Td (possible.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (Operating Lease Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.23 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.30 372.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.37 372.75 Td (of) Tj ET Q q 0 0 0 rg BT 142.52 372.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 159.69 372.75 Td (space ) Tj ET Q q 0 0 0 rg BT 184.08 372.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 230.15 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.55 372.75 Td (United ) Tj ET Q q 0 0 0 rg BT 273.95 372.75 Td (States ) Tj ET Q q 0 0 0 rg BT 300.02 372.75 Td (and ) Tj ET Q q 0 0 0 rg BT 316.65 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 326.61 372.75 Td (a ) Tj ET Q q 0 0 0 rg BT 333.24 372.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 363.75 372.75 Td (number ) Tj ET Q q 0 0 0 rg BT 396.48 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.00 372.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 438.06 372.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 476.90 372.75 Td (where ) Tj ET Q q 0 0 0 rg BT 503.51 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.92 372.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (international ) Tj ET Q q 0 0 0 rg BT 101.56 360.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 144.73 360.75 Td (reside. ) Tj ET Q q 0 0 0 rg BT 172.30 360.75 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 215.46 360.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 255.88 360.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 277.38 360.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 333.34 360.75 Td (under ) Tj ET Q q 0 0 0 rg BT 357.63 360.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 396.92 360.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 422.31 360.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.17 360.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.02 360.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 484.64 360.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.64 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.16 360.75 Td (are ) Tj ET Q q 0 0 0 rg BT 519.88 360.75 Td (as ) Tj ET Q q 0 0 0 rg BT 529.74 360.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 290.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 266.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 266.25 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 266.25 m 561.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 266.25 m 561.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 255.25 m 561.5 255.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 253.25 m 561.5 253.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 342.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 342.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 328.87 Td (Remainder of 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 328.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 328.87 Td (1) Tj ET Q q 0 0 0 rg BT 535.15 328.87 Td (1,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 316.87 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 316.87 Td (13,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.87 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 304.87 Td (13,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 292.87 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 292.87 Td (9,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.87 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 280.87 Td (7,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 268.87 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 268.87 Td (22,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 256.87 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 256.87 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 256.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 256.87 Td (78,675) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 230.75 Td (Investment Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.41 206.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.53 206.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.43 206.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.43 206.75 Td (, ) Tj ET Q q 0 0 0 rg BT 143.72 206.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.74 206.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.42 206.75 Td (had ) Tj ET Q q 0 0 0 rg BT 217.65 206.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 274.89 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 285.46 206.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 312.14 206.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.70 206.75 Td ($80.3 ) Tj ET Q q 0 0 0 rg BT 397.99 206.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.88 206.75 Td ( ) Tj ET Q q 0 0 0 rg BT 429.68 206.75 Td (in ) Tj ET Q q 0 0 0 rg BT 440.25 206.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 471.38 206.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 523.05 206.75 Td (or ) Tj ET Q q 0 0 0 rg BT 534.18 206.75 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 83.72 194.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 129.59 194.75 Td (that ) Tj ET Q q 0 0 0 rg BT 147.69 194.75 Td (make ) Tj ET Q q 0 0 0 rg BT 172.45 194.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 198.32 194.75 Td (or ) Tj ET Q q 0 0 0 rg BT 209.76 194.75 Td (indirect ) Tj ET Q q 0 0 0 rg BT 243.41 194.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 271.51 194.75 Td (or ) Tj ET Q q 0 0 0 rg BT 282.95 194.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 303.27 194.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 354.15 194.75 Td (in ) Tj ET Q q 0 0 0 rg BT 365.04 194.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 410.91 194.75 Td (or ) Tj ET Q q 0 0 0 rg BT 422.34 194.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 456.00 194.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 496.87 194.75 Td (for ) Tj ET Q q 0 0 0 rg BT 511.63 194.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 539.18 194.75 Td (living ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (facilities.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.44 708.75 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.94 708.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 102.46 708.75 Td (eholders' Equity) Tj ET Q BT /F3 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 684.75 Td (e Repur) Tj ET Q q 0 0 0 rg BT 103.86 684.75 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 660.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.90 660.75 Td (September ) Tj ET Q q 0 0 0 rg BT 134.60 660.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 150.04 660.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 175.48 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 190.64 660.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 238.16 660.75 Td (board ) Tj ET Q q 0 0 0 rg BT 263.87 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.13 660.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 313.06 660.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 358.20 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.36 660.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 419.60 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 430.87 660.75 Td (up ) Tj ET Q q 0 0 0 rg BT 443.81 660.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.53 660.75 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 484.97 660.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.86 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 516.80 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.52 660.75 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.53 648.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.68 648.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 172.49 648.75 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.49 648.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.03 648.75 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.25 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 213.29 648.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 263.53 648.75 Td (have ) Tj ET Q q 0 0 0 rg BT 285.45 648.75 Td (been ) Tj ET Q q 0 0 0 rg BT 307.37 648.75 Td (made ) Tj ET Q q 0 0 0 rg BT 332.07 648.75 Td (in ) Tj ET Q q 0 0 0 rg BT 342.89 648.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 393.14 648.75 Td (with ) Tj ET Q q 0 0 0 rg BT 413.96 648.75 Td (this ) Tj ET Q q 0 0 0 rg BT 431.45 648.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 487.25 648.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 648.75 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 636.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 612.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.69 612.75 Td (August ) Tj ET Q q 0 0 0 rg BT 118.81 612.75 Td (14, ) Tj ET Q q 0 0 0 rg BT 133.54 612.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 158.26 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.71 612.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 219.51 612.75 Td (board ) Tj ET Q q 0 0 0 rg BT 244.50 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 255.06 612.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 292.27 612.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 336.70 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.14 612.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 396.67 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.23 612.75 Td (up ) Tj ET Q q 0 0 0 rg BT 419.45 612.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.46 612.75 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 459.18 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.08 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 490.30 612.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.30 612.75 Td (common ) Tj ET Q q 0 0 0 rg BT 537.53 612.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.08 600.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 145.33 600.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.33 600.75 Td (. ) Tj ET Q q 0 0 0 rg BT 171.30 600.75 Td (During ) Tj ET Q q 0 0 0 rg BT 203.11 600.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.80 600.75 Td (three ) Tj ET Q q 0 0 0 rg BT 242.26 600.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.71 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 275.19 600.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.54 600.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 347.12 600.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 600.75 Td (, ) Tj ET Q q 0 0 0 rg BT 373.09 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.79 600.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.15 600.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.93 600.75 Td (27,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.43 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 513.91 600.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.38 600.75 Td (at ) Tj ET Q q 0 0 0 rg BT 553.07 600.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (average ) Tj ET Q q 0 0 0 rg BT 83.08 588.75 Td (price ) Tj ET Q q 0 0 0 rg BT 105.57 588.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.40 588.75 Td ($72.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.90 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 146.40 588.75 Td (per ) Tj ET Q q 0 0 0 rg BT 161.67 588.75 Td (share ) Tj ET Q q 0 0 0 rg BT 185.27 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 199.43 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 211.37 588.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 252.73 588.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 290.76 588.75 Td (price ) Tj ET Q q 0 0 0 rg BT 313.25 588.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.08 588.75 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 344.08 588.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.97 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.47 588.75 Td (related ) Tj ET Q q 0 0 0 rg BT 405.17 588.75 Td (to ) Tj ET Q q 0 0 0 rg BT 415.45 588.75 Td (this ) Tj ET Q q 0 0 0 rg BT 432.40 588.75 Td (authorization.) 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 67.26 564.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.36 564.75 Td (also ) Tj ET Q q 0 0 0 rg BT 126.68 564.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 168.32 564.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.53 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.07 564.75 Td (common ) Tj ET Q q 0 0 0 rg BT 243.28 564.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 266.60 564.75 Td (from ) Tj ET Q q 0 0 0 rg BT 288.25 564.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 327.67 564.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 350.99 564.75 Td (award ) Tj ET Q q 0 0 0 rg BT 377.63 564.75 Td (recipients ) Tj ET Q q 0 0 0 rg BT 418.72 564.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.93 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.36 564.75 Td (award ) Tj ET Q q 0 0 0 rg BT 482.00 564.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 513.10 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 523.65 564.75 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 65.22 552.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 92.04 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.65 552.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 122.91 552.75 Td (their ) Tj ET Q q 0 0 0 rg BT 143.07 552.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 194.89 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.94 552.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 257.58 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 274.96 552.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.68 552.75 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.04 552.75 Td (187,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.54 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 392.38 552.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.20 552.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.47 552.75 Td (230,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.97 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 469.80 552.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 499.12 552.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.28 552.75 Td ($16.8 ) Tj ET Q q 0 0 0 rg BT 533.61 552.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.02 540.75 Td ($17.8 ) Tj ET Q q 0 0 0 rg BT 92.60 540.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.49 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.57 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 135.97 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.27 540.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 198.93 540.75 Td (common ) Tj ET Q q 0 0 0 rg BT 237.00 540.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 261.19 540.75 Td (for ) Tj ET Q q 0 0 0 rg BT 275.93 540.75 Td (this ) Tj ET Q q 0 0 0 rg BT 293.46 540.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 328.19 540.75 Td (during ) Tj ET Q q 0 0 0 rg BT 357.38 540.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.68 540.75 Td (three ) Tj ET Q q 0 0 0 rg BT 395.74 540.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.19 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 428.27 540.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.22 540.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 499.40 540.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.40 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 522.48 540.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 540.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 540.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 528.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 88.67 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.50 504.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 119.89 504.75 Td (es ) 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 66.94 480.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.72 480.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 133.50 480.75 Td (common ) Tj ET Q q 0 0 0 rg BT 170.39 480.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.27 480.75 Td (out ) Tj ET Q q 0 0 0 rg BT 211.94 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.16 480.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 256.26 480.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 279.26 480.75 Td (as ) Tj ET Q q 0 0 0 rg BT 289.49 480.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.82 480.75 Td (result ) Tj ET Q q 0 0 0 rg BT 319.92 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.15 480.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 370.91 480.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 410.01 480.75 Td (share ) Tj ET Q q 0 0 0 rg BT 433.00 480.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 463.77 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 480.11 480.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.75 480.75 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 59.54 468.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 99.58 468.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.07 468.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 130.22 468.75 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.22 468.75 Td (. ) Tj ET Q q 0 0 0 rg BT 144.43 468.75 Td (During ) Tj ET Q q 0 0 0 rg BT 174.47 468.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 468.75 Td (three ) Tj ET Q q 0 0 0 rg BT 210.09 468.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.54 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.25 468.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.84 468.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 309.65 468.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.36 468.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.51 468.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.51 468.75 Td (, ) Tj ET Q q 0 0 0 rg BT 371.72 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.65 468.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.24 468.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 468.75 Td (574,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.45 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.16 468.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 513.86 468.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.01 468.75 Td (650,155) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 79.49 456.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 127.15 456.75 Td (, ) Tj ET Q q 0 0 0 rg BT 132.15 456.75 Td (related ) Tj ET Q q 0 0 0 rg BT 161.85 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.13 456.75 Td (these ) Tj ET Q q 0 0 0 rg BT 195.18 456.75 Td (obligations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 93.04 408.75 Td (in ) Tj ET Q q 0 0 0 rg BT 102.70 408.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 127.08 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.17 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.93 408.75 Td (initiated ) Tj ET Q q 0 0 0 rg BT 216.58 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.67 408.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 266.99 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 277.19 408.75 Td (a ) Tj ET Q q 0 0 0 rg BT 283.51 408.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 321.48 408.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 341.13 408.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 378.00 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 387.65 408.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 418.97 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.18 408.75 Td (its ) Tj ET Q q 0 0 0 rg BT 440.50 408.75 Td (common ) Tj ET Q q 0 0 0 rg BT 477.38 408.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 502.86 408.75 Td (which ) Tj ET Q q 0 0 0 rg BT 529.18 408.75 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 86.94 396.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 126.04 396.75 Td (shares. ) Tj ET Q q 0 0 0 rg BT 155.43 396.75 Td (In ) Tj ET Q q 0 0 0 rg BT 165.65 396.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 202.82 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.94 396.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 263.41 396.75 Td (board ) Tj ET Q q 0 0 0 rg BT 288.08 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.30 396.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 335.18 396.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 374.29 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.62 396.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 417.51 396.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 444.40 396.75 Td (with ) Tj ET Q q 0 0 0 rg BT 464.08 396.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.19 396.75 Td (intention ) Tj ET Q q 0 0 0 rg BT 515.64 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.86 396.75 Td (returning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.01 384.75 Td (metric ) Tj ET Q q 0 0 0 rg BT 85.62 384.75 Td (based ) Tj ET Q q 0 0 0 rg BT 111.46 384.75 Td (on ) Tj ET Q q 0 0 0 rg BT 124.53 384.75 Td (net ) Tj ET Q q 0 0 0 rg BT 139.82 384.75 Td (income ) Tj ET Q q 0 0 0 rg BT 172.33 384.75 Td (from ) Tj ET Q q 0 0 0 rg BT 194.84 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.13 384.75 Td (previous ) Tj ET Q q 0 0 0 rg BT 247.63 384.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 272.36 384.75 Td (year) Tj ET Q q 0 0 0 rg BT 289.02 384.75 Td (. ) Tj ET Q q 0 0 0 rg BT 294.37 384.75 Td (This ) Tj ET Q q 0 0 0 rg BT 315.22 384.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 351.61 384.75 Td (an ) Tj ET Q q 0 0 0 rg BT 364.12 384.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 393.85 384.75 Td (special ) Tj ET Q q 0 0 0 rg BT 424.68 384.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 445.52 384.75 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 486.09 384.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 520.25 384.75 Td (in ) Tj ET Q q 0 0 0 rg BT 531.10 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 546.39 384.75 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.32 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 91.15 372.75 Td (each ) Tj ET Q q 0 0 0 rg BT 111.96 372.75 Td (year) Tj ET Q q 0 0 0 rg BT 128.77 372.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.77 372.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 176.26 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.54 372.75 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (During ) Tj ET Q q 0 0 0 rg BT 79.91 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.20 348.75 Td (three ) Tj ET Q q 0 0 0 rg BT 116.26 348.75 Td (months ) Tj ET Q q 0 0 0 rg BT 147.78 348.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 173.73 348.75 Td (March ) Tj ET Q q 0 0 0 rg BT 201.91 348.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 216.48 348.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 241.06 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.35 348.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.31 348.75 Td (declared ) Tj ET Q q 0 0 0 rg BT 332.25 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.76 348.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 368.05 348.75 Td (both ) Tj ET Q q 0 0 0 rg BT 387.91 348.75 Td (a ) Tj ET Q q 0 0 0 rg BT 394.42 348.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 432.59 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 449.10 348.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 477.83 348.75 Td (special ) Tj ET Q q 0 0 0 rg BT 507.67 348.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.52 348.75 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 336.75 Td (its ) Tj ET Q q 0 0 0 rg BT 73.95 336.75 Td (common ) Tj ET Q q 0 0 0 rg BT 111.44 336.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.05 336.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.88 336.75 Td ($0.375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.38 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 175.88 336.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.82 336.75 Td ($1.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.32 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.82 336.75 Td (per ) Tj ET Q q 0 0 0 rg BT 233.09 336.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 259.19 336.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 306.85 336.75 Td (, ) Tj ET Q q 0 0 0 rg BT 311.85 336.75 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.90 336.75 Td ($30.6 ) Tj ET Q q 0 0 0 rg BT 369.90 336.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.79 336.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.35 312.75 Td (April ) Tj ET Q q 0 0 0 rg BT 86.54 312.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 101.12 312.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.12 312.75 Td (, ) Tj ET Q q 0 0 0 rg BT 125.71 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 140.01 312.75 Td (board ) Tj ET Q q 0 0 0 rg BT 164.86 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 175.27 312.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 212.34 312.75 Td (declared ) Tj ET Q q 0 0 0 rg BT 248.29 312.75 Td (a ) Tj ET Q q 0 0 0 rg BT 254.81 312.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 274.66 312.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 311.74 312.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.16 312.75 Td ($0.375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.66 312.75 Td ( ) Tj ET Q q 0 0 0 rg BT 351.74 312.75 Td (per ) Tj ET Q q 0 0 0 rg BT 366.59 312.75 Td (share ) Tj ET Q q 0 0 0 rg BT 389.78 312.75 Td (to ) Tj ET Q q 0 0 0 rg BT 399.64 312.75 Td (be ) Tj ET Q q 0 0 0 rg BT 411.16 312.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 430.46 312.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.55 312.75 Td (June ) Tj ET Q q 0 0 0 rg BT 462.96 312.75 Td (15, ) Tj ET Q q 0 0 0 rg BT 477.54 312.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.54 312.75 Td (, ) Tj ET Q q 0 0 0 rg BT 502.13 312.75 Td (to ) Tj ET Q q 0 0 0 rg BT 511.99 312.75 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 300.75 Td (record ) Tj ET Q q 0 0 0 rg BT 88.37 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 99.20 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.74 300.75 Td (close ) Tj ET Q q 0 0 0 rg BT 147.79 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.62 300.75 Td (business ) Tj ET Q q 0 0 0 rg BT 195.01 300.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.51 300.75 Td (May ) Tj ET Q q 0 0 0 rg BT 228.34 300.75 Td (25, ) Tj ET Q q 0 0 0 rg BT 243.34 300.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.34 300.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 89.87 276.75 Td (olling ) Tj ET Q q 0 0 0 rg BT 116.27 276.75 Td (Inter) Tj ET Q q 0 0 0 rg BT 137.75 276.75 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.30 276.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 252.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.90 252.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.54 252.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.40 252.75 Td (include ) Tj ET Q q 0 0 0 rg BT 235.49 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.36 252.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.00 252.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 252.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 322.75 252.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 334.23 252.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 352.99 252.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 403.14 252.75 Td (its ) Tj ET Q q 0 0 0 rg BT 415.24 252.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 445.67 252.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 474.99 252.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 524.86 252.75 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 252.75 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 79.92 240.75 Td (in ) Tj ET Q q 0 0 0 rg BT 89.23 240.75 Td (which ) Tj ET Q q 0 0 0 rg BT 115.20 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.95 240.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.37 240.75 Td (has ) Tj ET Q q 0 0 0 rg BT 184.23 240.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.20 240.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 235.62 240.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.13 240.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 305.60 240.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 368.24 240.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.09 240.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 441.27 240.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.80 240.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.66 240.75 Td (in ) Tj ET Q q 0 0 0 rg BT 511.97 240.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 81.77 228.75 Td (that ) Tj ET Q q 0 0 0 rg BT 100.16 228.75 Td (are ) Tj ET Q q 0 0 0 rg BT 115.76 228.75 Td (not ) Tj ET Q q 0 0 0 rg BT 131.93 228.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 183.35 228.75 Td (either ) Tj ET Q q 0 0 0 rg BT 209.51 228.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 243.44 228.75 Td (or ) Tj ET Q q 0 0 0 rg BT 255.16 228.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 292.83 228.75 Td (, ) Tj ET Q q 0 0 0 rg BT 298.73 228.75 Td (to ) Tj ET Q q 0 0 0 rg BT 309.90 228.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 334.40 228.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.87 228.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 365.36 228.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 416.25 228.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 480.75 228.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.46 228.75 Td (include ) Tj ET Q q 0 0 0 rg BT 550.29 228.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 86.98 216.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 115.01 216.75 Td (holders' ) Tj ET Q q 0 0 0 rg BT 149.29 216.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 206.20 216.75 Td (share ) Tj ET Q q 0 0 0 rg BT 230.33 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 241.70 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.95 216.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.98 216.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.79 216.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 336.03 216.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 371.29 216.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 396.54 216.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.91 216.75 Td ($41.8 ) Tj ET Q q 0 0 0 rg BT 433.45 216.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.34 216.75 Td ( ) Tj ET Q q 0 0 0 rg BT 465.37 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 482.85 216.75 Td (a ) Tj ET Q q 0 0 0 rg BT 490.32 216.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 517.80 216.75 Td (living ) Tj ET Q q 0 0 0 rg BT 544.17 216.75 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.42 204.75 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 119.63 204.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.52 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.24 204.75 Td (as ) Tj ET Q q 0 0 0 rg BT 162.28 204.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.33 204.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.14 204.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.14 204.75 Td (. ) Tj ET Q q 0 0 0 rg BT 241.76 204.75 Td (As ) Tj ET Q q 0 0 0 rg BT 255.59 204.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.63 204.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 325.43 204.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.43 204.75 Td (, ) Tj ET Q q 0 0 0 rg BT 350.64 204.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 412.24 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 448.28 204.75 Td (included ) Tj ET Q q 0 0 0 rg BT 485.43 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.36 204.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 537.52 204.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (holders' ) Tj ET Q q 0 0 0 rg BT 83.50 192.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 140.13 192.75 Td (share ) Tj ET Q q 0 0 0 rg BT 163.99 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 175.08 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 190.06 192.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 217.81 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.35 192.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 268.32 192.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 303.29 192.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 328.27 192.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.36 192.75 Td ($42.7 ) Tj ET Q q 0 0 0 rg BT 364.63 192.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.52 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.28 192.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.48 192.75 Td (a ) Tj ET Q q 0 0 0 rg BT 420.67 192.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 447.87 192.75 Td (living ) Tj ET Q q 0 0 0 rg BT 473.97 192.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 495.06 192.75 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 192.75 Td ($5.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 180.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 96.35 156.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 132.64 156.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.38 156.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 175.23 156.75 Td (held ) Tj ET Q q 0 0 0 rg BT 195.41 156.75 Td (by ) Tj ET Q q 0 0 0 rg BT 208.38 156.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 238.00 156.75 Td (other ) Tj ET Q q 0 0 0 rg BT 261.51 156.75 Td (than ) Tj ET Q q 0 0 0 rg BT 281.69 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 296.87 156.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 344.42 156.75 Td (common ) Tj ET Q q 0 0 0 rg BT 382.38 156.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 435.88 156.75 Td (are ) Tj ET Q q 0 0 0 rg BT 451.05 156.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 492.33 156.75 Td (as ) Tj ET Q q 0 0 0 rg BT 503.63 156.75 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 85.90 144.75 Td (within ) Tj ET Q q 0 0 0 rg BT 114.52 144.75 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 169.93 144.75 Td (equity) Tj ET Q q 0 0 0 rg BT 194.28 144.75 Td (, ) Tj ET Q q 0 0 0 rg BT 199.85 144.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 235.68 144.75 Td (from ) Tj ET Q q 0 0 0 rg BT 258.19 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.47 144.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 321.13 144.75 Td (own ) Tj ET Q q 0 0 0 rg BT 341.42 144.75 Td (equity) Tj ET Q q 0 0 0 rg BT 365.76 144.75 Td (. ) Tj ET Q q 0 0 0 rg BT 371.34 144.75 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 415.78 144.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 454.95 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.46 144.75 Td (net ) Tj ET Q q 0 0 0 rg BT 487.75 144.75 Td (income ) Tj ET Q q 0 0 0 rg BT 520.26 144.75 Td (or ) Tj ET Q q 0 0 0 rg BT 531.66 144.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 550.29 144.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.89 132.75 Td (on ) Tj ET Q q 0 0 0 rg BT 98.97 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.26 132.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.88 132.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.17 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.57 132.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 269.30 132.75 Td (on ) Tj ET Q q 0 0 0 rg BT 282.38 132.75 Td (a ) Tj ET Q q 0 0 0 rg BT 289.90 132.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.51 132.75 Td (basis, ) Tj ET Q q 0 0 0 rg BT 369.09 132.75 Td (which ) Tj ET Q q 0 0 0 rg BT 396.60 132.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 433.01 132.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 469.97 132.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 518.58 132.75 Td (to ) Tj ET Q q 0 0 0 rg BT 529.44 132.75 Td (both ) Tj ET Q q 0 0 0 rg BT 550.29 132.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.03 120.75 Td (common ) Tj ET Q q 0 0 0 rg BT 134.97 120.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 188.45 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 205.84 120.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 267.67 120.75 Td (interests. ) Tj ET Q q 0 0 0 rg BT 306.44 120.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 323.82 120.75 Td (income ) Tj ET Q q 0 0 0 rg BT 356.20 120.75 Td (or ) Tj ET Q q 0 0 0 rg BT 367.48 120.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 385.99 120.75 Td (is ) Tj ET Q q 0 0 0 rg BT 395.61 120.75 Td (then ) Tj ET Q q 0 0 0 rg BT 415.77 120.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 454.81 120.75 Td (between ) Tj ET Q q 0 0 0 rg BT 491.07 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.23 120.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.06 120.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.02 108.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 144.98 108.75 Td (based ) Tj ET Q q 0 0 0 rg BT 169.38 108.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.02 108.75 Td (their ) Tj ET Q q 0 0 0 rg BT 210.98 108.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 242.60 108.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 285.89 108.75 Td (interests. ) Tj ET Q q 0 0 0 rg BT 323.35 108.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 339.43 108.75 Td (income ) Tj ET Q q 0 0 0 rg BT 370.50 108.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 413.22 108.75 Td (to ) Tj ET Q q 0 0 0 rg BT 422.63 108.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 483.15 108.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 518.11 108.75 Td (is ) Tj ET Q q 0 0 0 rg BT 526.42 108.75 Td (deducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (from ) Tj ET Q q 0 0 0 rg BT 71.31 96.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.21 96.75 Td (net ) Tj ET Q q 0 0 0 rg BT 138.80 96.75 Td (income ) Tj ET Q q 0 0 0 rg BT 170.60 96.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.75 96.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 223.09 96.75 Td (net ) Tj ET Q q 0 0 0 rg BT 237.68 96.75 Td (income ) Tj ET Q q 0 0 0 rg BT 269.48 96.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 312.93 96.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.08 96.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.66 96.75 Td (Company) Tj ET Q q 0 0 0 rg BT 375.90 96.75 Td (. ) Tj ET Q q 0 0 0 rg BT 380.60 96.75 Td (There ) Tj ET Q q 0 0 0 rg BT 406.28 96.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.20 96.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.20 96.75 Td ( ) Tj ET Q q 0 0 0 rg BT 436.56 96.75 Td (other ) Tj ET Q q 0 0 0 rg BT 459.48 96.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 522.38 96.75 Td (income ) Tj ET Q q 0 0 0 rg BT 554.18 96.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.56 84.75 Td (attributed ) Tj ET Q q 0 0 0 rg BT 108.38 84.75 Td (to ) Tj ET Q q 0 0 0 rg BT 118.66 84.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 180.04 84.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 215.87 84.75 Td (for ) Tj ET Q q 0 0 0 rg BT 230.03 84.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.74 84.75 Td (three ) Tj ET Q q 0 0 0 rg BT 267.23 84.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.68 84.75 Td ( ) Tj ET Q q 0 0 0 rg BT 299.18 84.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.55 84.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 369.15 84.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 84.75 Td ( ) Tj ET Q q 0 0 0 rg BT 391.65 84.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.59 84.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.59 84.75 Td (, ) Tj ET Q q 0 0 0 rg BT 433.59 84.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.25 84.75 Td (. ) 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 /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 (presents ) Tj ET Q q 0 0 0 rg BT 166.14 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 708.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 215.56 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 225.84 708.60 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 280.68 708.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 308.17 708.60 Td (for ) Tj ET Q q 0 0 0 rg BT 322.33 708.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.05 708.60 Td (three ) Tj ET Q q 0 0 0 rg BT 359.53 708.60 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.98 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 391.48 708.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.86 708.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 461.46 708.60 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.46 708.60 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.50 650.10 215.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 650.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 650.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 650.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 650.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 650.10 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 650.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 650.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.50 626.10 215.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 626.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 626.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 626.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 626.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 626.10 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 626.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 626.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.50 591.10 215.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 591.10 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 591.10 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 591.10 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 591.10 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 591.10 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 591.10 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 591.10 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 496.1 m 333.5 496.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 509.1 m 409.5 509.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 498.1 m 409.5 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 496.1 m 409.5 496.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 509.1 m 486.5 509.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 498.1 m 486.5 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 496.1 m 486.5 496.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 509.1 m 562.5 509.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 498.1 m 562.5 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 496.1 m 562.5 496.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.25 688.83 Td (Common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.25 688.83 Td (Common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.05 688.83 Td (T) Tj ET Q q 0 0 0 rg BT 522.26 688.83 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 676.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 304.07 676.83 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.35 676.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 364.82 676.83 Td (eholders') Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.35 676.83 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 458.81 676.83 Td (olling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.35 676.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 517.82 676.83 Td (eholders') Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.00 666.05 Td (\(Amounts in thousands, except shar) Tj ET Q q 0 0 0 rg BT 164.69 666.05 Td (e amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.30 664.83 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.50 664.83 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.95 664.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 453.52 664.83 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 664.83 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 652.83 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 141.43 652.83 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 652.83 Td (12,91) Tj ET Q q 0 0 0 rg BT 307.15 652.83 Td (1,149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 652.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 652.83 Td (693,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.00 652.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 652.83 Td (47,903) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 652.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 652.83 Td (741,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 640.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 640.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 640.72 Td (10,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 640.72 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 640.72 Td (10,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 628.72 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 628.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 628.72 Td (\(30,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 628.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 628.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 628.72 Td (\(30,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 628.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 616.72 Td (Amortization/issuance of restricted stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 616.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 616.72 Td (34,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 616.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.72 Td (34,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 604.67 Td (Issuance of treasury shares for restricted stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 594.67 Td (vestings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 595.77 Td (574,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 595.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 595.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 595.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 581.67 Td (Repurchase of common stock for employee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 571.67 Td (tax withholding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 572.82 Td (\(187,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 572.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 572.82 Td (\(16,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 572.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 572.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 572.82 Td (\(16,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 572.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 558.72 Td (Shares reserved/issued for director compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 558.72 Td (942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 558.72 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 558.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 558.72 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 546.72 Td (Other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 546.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 546.72 Td (529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 546.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 546.72 Td (529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 534.67 Td (Cumulative ef) Tj ET Q q 0 0 0 rg BT 107.75 534.67 Td (fect upon adoption of new accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 524.67 Td (standard, net of tax \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 525.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 525.82 Td (\(3,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 525.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 525.77 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 525.82 Td (\(3,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 525.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 511.72 Td (Fund capital distributions, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 511.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 511.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 511.72 Td (\(904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 511.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 511.72 Td (\(904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 511.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 499.83 Td (Balance at Mar) Tj ET Q q 0 0 0 rg BT 116.91 499.83 Td (ch 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 499.83 Td (13,298,825) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 499.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 499.83 Td (687,992) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.00 499.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 499.83 Td (47,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 499.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 499.83 Td (735,007) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 487.9388671875 m 102 487.9388671875 l s q 0 0 0 rg BT 49.50 485.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 474.80 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 474.80 Td (Cumulative effect adjustment upon adoption of ) Tj ET Q q 0 0 0 rg BT 238.32 474.80 Td (ASU 2014-09, as amended. See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.54 474.80 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.29 474.80 Td ( for further discussion.) 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 (Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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 ) Tj ET Q q 0 0 0 rg BT 533.06 660.75 Td (Annual ) 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 65.97 648.75 Td (Long-T) Tj ET Q q 0 0 0 rg BT 95.82 648.75 Td (erm ) Tj ET Q q 0 0 0 rg BT 113.40 648.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 152.63 648.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 172.44 648.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 190.02 648.75 Td ("Incentive ) Tj ET Q q 0 0 0 rg BT 233.33 648.75 Td (Plan"\) ) Tj ET Q q 0 0 0 rg BT 260.55 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.02 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.27 648.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 313.30 648.75 Td (Employment ) Tj ET Q q 0 0 0 rg BT 367.00 648.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 415.78 648.75 Td (A) Tj ET Q q 0 0 0 rg BT 422.08 648.75 Td (ward ) Tj ET Q q 0 0 0 rg BT 444.11 648.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 463.92 648.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.49 648.75 Td ("Inducement ) Tj ET Q q 0 0 0 rg BT 534.81 648.75 Td (Plan"\). ) 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 67.17 636.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 113.87 636.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 140.98 636.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 171.42 636.75 Td (are ) Tj ET Q q 0 0 0 rg BT 185.75 636.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 231.74 636.75 Td (on ) Tj ET Q q 0 0 0 rg BT 243.86 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.19 636.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 310.86 636.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 355.19 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 365.64 636.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.42 636.75 Td (at ) Tj ET Q q 0 0 0 rg BT 418.75 636.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 441.42 636.75 Td (date ) Tj ET Q q 0 0 0 rg BT 460.20 636.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.19 636.75 Td (value ) Tj ET Q q 0 0 0 rg BT 499.97 636.75 Td (over ) Tj ET Q q 0 0 0 rg BT 519.86 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.20 636.75 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (period ) Tj ET Q q 0 0 0 rg BT 77.55 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 88.38 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.09 624.75 Td (award, ) Tj ET Q q 0 0 0 rg BT 132.52 624.75 Td (less ) Tj ET Q q 0 0 0 rg BT 150.02 624.75 Td (forfeitures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 600.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 600.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 600.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 167.81 600.75 Td (a ) Tj ET Q q 0 0 0 rg BT 174.74 600.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 214.46 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.29 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.01 600.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 287.09 600.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 336.25 600.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.75 600.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 394.57 600.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 408.18 600.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.67 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 446.50 600.75 Td (units\) ) Tj ET Q q 0 0 0 rg BT 471.78 600.75 Td (as ) Tj ET Q q 0 0 0 rg BT 482.61 600.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.44 600.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 537.03 600.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.03 600.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 578.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 578.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 554.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 554.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 530.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 530.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 506.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 506.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 482.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 458.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 458.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 434.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 434.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 410.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 410.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 386.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 386.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 362.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 362.25 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 542.25 m 561.5 542.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 506.25 m 561.5 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 482.25 m 561.5 482.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 458.25 m 561.5 458.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 435.25 m 561.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 433.25 m 561.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 387.25 m 561.5 387.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 385.25 m 561.5 385.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 351.25 m 561.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 349.25 m 561.5 349.25 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 580.98 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 568.98 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 556.87 Td (Annual grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 556.87 Td (666,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 544.87 Td (Sign-on grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 544.87 Td (216,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 532.87 Td (882,770) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 520.98 Td (Inducement Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 508.98 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 508.87 Td (260,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 484.98 Td (T) Tj ET Q q 0 0 0 rg BT 64.21 484.98 Td (otal r) Tj ET Q q 0 0 0 rg BT 86.71 484.98 Td (estricted stock r) Tj ET Q q 0 0 0 rg BT 154.83 484.98 Td (elated to compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 484.87 Td (1,143,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 460.98 Td (Simmons Deal Consideration \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 460.87 Td (783,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 436.98 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 436.98 Td (otal r) Tj ET Q q 0 0 0 rg BT 80.62 436.98 Td (estricted stock outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 436.87 Td (1,926,530) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 412.98 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 400.98 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 388.87 Td (Leadership grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 388.87 Td (298,568) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 364.98 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 352.98 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 352.87 Td (81,667) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 339.95 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 339.95 Td (The ) Tj ET Q q 0 0 0 rg BT 83.94 339.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 121.38 339.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 146.82 339.95 Td (r) Tj ET Q q 0 0 0 rg BT 149.99 339.95 Td (estricted ) Tj ET Q q 0 0 0 rg BT 183.92 339.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 205.35 339.95 Td (with ) Tj ET Q q 0 0 0 rg BT 223.80 339.95 Td (service ) Tj ET Q q 0 0 0 rg BT 252.22 339.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 292.66 339.95 Td (as ) Tj ET Q q 0 0 0 rg BT 303.60 339.95 Td (part ) Tj ET Q q 0 0 0 rg BT 321.55 339.95 Td (of ) Tj ET Q q 0 0 0 rg BT 331.49 339.95 Td (deal ) Tj ET Q q 0 0 0 rg BT 349.93 339.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 402.36 339.95 Td (for ) Tj ET Q q 0 0 0 rg BT 415.81 339.95 Td (the ) Tj ET Q q 0 0 0 rg BT 429.74 339.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 472.68 339.95 Td (of ) Tj ET Q q 0 0 0 rg BT 482.62 339.95 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 518.07 339.95 Td (& ) Tj ET Q q 0 0 0 rg BT 528.01 339.95 Td (Company ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 329.15 Td (International ) Tj ET Q q 0 0 0 rg BT 117.25 329.15 Td (\("Simmons"\) ) Tj ET Q q 0 0 0 rg BT 165.55 329.15 Td (on ) Tj ET Q q 0 0 0 rg BT 176.80 329.15 Td (February ) Tj ET Q q 0 0 0 rg BT 213.04 329.15 Td (26, ) Tj ET Q q 0 0 0 rg BT 226.54 329.15 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 317.15 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 305.15 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 281.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 108.11 281.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 128.82 281.15 Td (permits ) Tj ET Q q 0 0 0 rg BT 161.74 281.15 Td (the ) Tj ET Q q 0 0 0 rg BT 176.89 281.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 200.36 281.15 Td (of ) Tj ET Q q 0 0 0 rg BT 211.62 281.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.55 281.15 Td (awards, ) Tj ET Q q 0 0 0 rg BT 273.30 281.15 Td (including ) Tj ET Q q 0 0 0 rg BT 314.00 281.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 354.13 281.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 380.67 281.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.80 281.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.84 281.15 Td (units ) Tj ET Q q 0 0 0 rg BT 467.22 281.15 Td (and ) Tj ET Q q 0 0 0 rg BT 484.59 281.15 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 541.39 281.15 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.15 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.46 269.15 Td (to ) Tj ET Q q 0 0 0 rg BT 95.24 269.15 Td (the ) Tj ET Q q 0 0 0 rg BT 110.46 269.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 158.05 269.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 203.82 269.15 Td (and ) Tj ET Q q 0 0 0 rg BT 221.27 269.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 259.26 269.15 Td (for ) Tj ET Q q 0 0 0 rg BT 273.93 269.15 Td (up ) Tj ET Q q 0 0 0 rg BT 286.93 269.15 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.72 269.15 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 313.22 269.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.12 269.15 Td ( ) Tj ET Q q 0 0 0 rg BT 345.12 269.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.12 269.15 Td (of ) Tj ET Q q 0 0 0 rg BT 384.46 269.15 Td (common ) Tj ET Q q 0 0 0 rg BT 422.46 269.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.57 269.15 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 269.15 Td (0.7 ) Tj ET Q q 0 0 0 rg BT 465.41 269.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 269.15 Td ( ) Tj ET Q q 0 0 0 rg BT 497.31 269.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 525.31 269.15 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.15 Td (available ) Tj ET Q q 0 0 0 rg BT 88.12 257.15 Td (for ) Tj ET Q q 0 0 0 rg BT 102.31 257.15 Td (future ) Tj ET Q q 0 0 0 rg BT 128.72 257.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 165.13 257.15 Td (under ) Tj ET Q q 0 0 0 rg BT 190.43 257.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.17 257.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 244.91 257.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 265.21 257.15 Td (as ) Tj ET Q q 0 0 0 rg BT 276.08 257.15 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.94 257.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 330.57 257.15 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.57 257.15 Td (\). ) Tj ET Q q 0 0 0 rg BT 358.74 257.15 Td (The ) Tj ET Q q 0 0 0 rg BT 376.82 257.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 418.24 257.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 453.53 257.15 Td (that ) Tj ET Q q 0 0 0 rg BT 471.06 257.15 Td (such ) Tj ET Q q 0 0 0 rg BT 491.92 257.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 522.77 257.15 Td (help ) Tj ET Q q 0 0 0 rg BT 542.52 257.15 Td (align ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.51 245.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 100.63 245.15 Td (of ) Tj ET Q q 0 0 0 rg BT 111.76 245.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 157.31 245.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.55 245.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 212.33 245.15 Td (with ) Tj ET Q q 0 0 0 rg BT 232.90 245.15 Td (those ) Tj ET Q q 0 0 0 rg BT 256.80 245.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.93 245.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 321.26 245.15 Td (and ) Tj ET Q q 0 0 0 rg BT 338.49 245.15 Td (serve ) Tj ET Q q 0 0 0 rg BT 362.38 245.15 Td (as ) Tj ET Q q 0 0 0 rg BT 373.51 245.15 Td (an ) Tj ET Q q 0 0 0 rg BT 385.74 245.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 427.41 245.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 465.74 245.15 Td (tool. ) Tj ET Q q 0 0 0 rg BT 486.39 245.15 Td (The ) Tj ET Q q 0 0 0 rg BT 504.73 245.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 544.73 245.15 Td (Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.93 233.15 Td (for ) Tj ET Q q 0 0 0 rg BT 101.57 233.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 149.52 233.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 181.39 233.15 Td (of ) Tj ET Q q 0 0 0 rg BT 192.71 233.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 224.02 233.15 Td (if ) Tj ET Q q 0 0 0 rg BT 233.11 233.15 Td (there ) Tj ET Q q 0 0 0 rg BT 256.08 233.15 Td (is ) Tj ET Q q 0 0 0 rg BT 265.74 233.15 Td (a ) Tj ET Q q 0 0 0 rg BT 273.17 233.15 Td (severance ) Tj ET Q q 0 0 0 rg BT 315.57 233.15 Td (event, ) Tj ET Q q 0 0 0 rg BT 342.71 233.15 Td (a ) Tj ET Q q 0 0 0 rg BT 350.14 233.15 Td (change ) Tj ET Q q 0 0 0 rg BT 381.44 233.15 Td (in ) Tj ET Q q 0 0 0 rg BT 392.21 233.15 Td (control ) Tj ET Q q 0 0 0 rg BT 423.52 233.15 Td (of ) Tj ET Q q 0 0 0 rg BT 434.83 233.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 233.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 491.91 233.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 506.56 233.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 539.53 233.15 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 233.15 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.15 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 88.99 221.15 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 114.88 221.15 Td (in ) Tj ET Q q 0 0 0 rg BT 124.94 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 139.44 221.15 Td (event ) Tj ET Q q 0 0 0 rg BT 163.38 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 174.00 221.15 Td (a ) Tj ET Q q 0 0 0 rg BT 180.72 221.15 Td (participant's ) Tj ET Q q 0 0 0 rg BT 231.46 221.15 Td (death, ) Tj ET Q q 0 0 0 rg BT 257.89 221.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.62 221.15 Td (at ) Tj ET Q q 0 0 0 rg BT 284.12 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 298.62 221.15 Td (discretion ) Tj ET Q q 0 0 0 rg BT 340.34 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 350.95 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.45 221.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 423.28 221.15 Td (committee ) Tj ET Q q 0 0 0 rg BT 467.77 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 478.38 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.88 221.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 539.75 221.15 Td (board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 209.15 Td (directors. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 185.15 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 116.52 185.15 Td (A) Tj ET Q q 0 0 0 rg BT 122.07 185.15 Td (war) Tj ET Q q 0 0 0 rg BT 137.26 185.15 Td (ds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.15 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.20 161.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.47 161.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 142.07 161.15 Td (are ) Tj ET Q q 0 0 0 rg BT 156.43 161.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 185.25 161.15 Td (at ) Tj ET Q q 0 0 0 rg BT 194.63 161.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.00 161.15 Td (market ) Tj ET Q q 0 0 0 rg BT 238.93 161.15 Td (price ) Tj ET Q q 0 0 0 rg BT 261.07 161.15 Td (of ) Tj ET Q q 0 0 0 rg BT 271.56 161.15 Td (the ) Tj ET Q q 0 0 0 rg BT 285.94 161.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 332.68 161.15 Td (common ) Tj ET Q q 0 0 0 rg BT 369.83 161.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.10 161.15 Td (on ) Tj ET Q q 0 0 0 rg BT 405.26 161.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.64 161.15 Td (date ) Tj ET Q q 0 0 0 rg BT 438.45 161.15 Td (of ) Tj ET Q q 0 0 0 rg BT 448.94 161.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 471.65 161.15 Td (and ) Tj ET Q q 0 0 0 rg BT 488.25 161.15 Td (are ) Tj ET Q q 0 0 0 rg BT 502.61 161.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.75 161.15 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.15 Td (the ) Tj ET Q q 0 0 0 rg BT 63.37 149.15 Td (requisite ) Tj ET Q q 0 0 0 rg BT 99.45 149.15 Td (service ) Tj ET Q q 0 0 0 rg BT 129.41 149.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 158.99 149.15 Td (The ) Tj ET Q q 0 0 0 rg BT 176.19 149.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 216.72 149.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 242.81 149.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.45 149.15 Td (of ) Tj ET Q q 0 0 0 rg BT 279.43 149.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 318.28 149.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.04 149.15 Td (to ) Tj ET Q q 0 0 0 rg BT 350.47 149.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 394.88 149.15 Td (as ) Tj ET Q q 0 0 0 rg BT 404.86 149.15 Td (part ) Tj ET Q q 0 0 0 rg BT 422.06 149.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.04 149.15 Td (year) Tj ET Q q 0 0 0 rg BT 449.04 149.15 Td (-end ) Tj ET Q q 0 0 0 rg BT 468.46 149.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 525.65 149.15 Td (\("Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.15 Td (Grants"\) ) Tj ET Q q 0 0 0 rg BT 86.07 137.15 Td (and ) Tj ET Q q 0 0 0 rg BT 103.01 137.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 125.51 137.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 151.34 137.15 Td (hiring ) Tj ET Q q 0 0 0 rg BT 177.73 137.15 Td (or ) Tj ET Q q 0 0 0 rg BT 188.56 137.15 Td (as ) Tj ET Q q 0 0 0 rg BT 199.39 137.15 Td (a ) Tj ET Q q 0 0 0 rg BT 206.33 137.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 244.37 137.15 Td (award ) Tj ET Q q 0 0 0 rg BT 271.30 137.15 Td (\("Sign-on ) Tj ET Q q 0 0 0 rg BT 312.88 137.15 Td (Grants"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 113.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 113.71 113.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 145.44 113.15 Td (Grants ) Tj ET Q q 0 0 0 rg BT 174.40 113.15 Td (are ) Tj ET Q q 0 0 0 rg BT 188.90 113.15 Td (made ) Tj ET Q q 0 0 0 rg BT 212.85 113.15 Td (each ) Tj ET Q q 0 0 0 rg BT 233.46 113.15 Td (year ) Tj ET Q q 0 0 0 rg BT 252.96 113.15 Td (in ) Tj ET Q q 0 0 0 rg BT 263.04 113.15 Td (February) Tj ET Q q 0 0 0 rg BT 298.49 113.15 Td (. ) Tj ET Q q 0 0 0 rg BT 302.77 113.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 334.51 113.15 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.46 113.15 Td (vest ) Tj ET Q q 0 0 0 rg BT 381.87 113.15 Td (ratably ) Tj ET Q q 0 0 0 rg BT 411.92 113.15 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.99 113.15 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.97 113.15 Td ( ) Tj ET Q q 0 0 0 rg BT 454.27 113.15 Td (years ) Tj ET Q q 0 0 0 rg BT 477.66 113.15 Td (in ) Tj ET Q q 0 0 0 rg BT 487.74 113.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 511.69 113.15 Td (installments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.15 Td (The ) Tj ET Q q 0 0 0 rg BT 66.43 101.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 97.64 101.15 Td (Grants ) Tj ET Q q 0 0 0 rg BT 126.07 101.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.39 101.15 Td (for ) Tj ET Q q 0 0 0 rg BT 171.82 101.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 213.02 101.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 243.68 101.15 Td (after ) Tj ET Q q 0 0 0 rg BT 263.77 101.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 311.64 101.15 Td (of ) Tj ET Q q 0 0 0 rg BT 321.74 101.15 Td (employment, ) Tj ET Q q 0 0 0 rg BT 376.00 101.15 Td (so ) Tj ET Q q 0 0 0 rg BT 386.67 101.15 Td (long ) Tj ET Q q 0 0 0 rg BT 406.22 101.15 Td (as ) Tj ET Q q 0 0 0 rg BT 416.32 101.15 Td (the ) Tj ET Q q 0 0 0 rg BT 430.31 101.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 470.95 101.15 Td (does ) Tj ET Q q 0 0 0 rg BT 491.05 101.15 Td (not ) Tj ET Q q 0 0 0 rg BT 505.60 101.15 Td (violatecertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.15 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 118.71 89.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.25 89.15 Td (set ) Tj ET Q q 0 0 0 rg BT 180.47 89.15 Td (forth ) Tj ET Q q 0 0 0 rg BT 203.02 89.15 Td (in ) Tj ET Q q 0 0 0 rg BT 213.91 89.15 Td (the ) Tj ET Q q 0 0 0 rg BT 229.24 89.15 Td (award ) Tj ET Q q 0 0 0 rg BT 256.78 89.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 301.53 89.15 Td (or ) Tj ET Q q 0 0 0 rg BT 312.97 89.15 Td (any ) Tj ET Q q 0 0 0 rg BT 330.52 89.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 379.16 89.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 411.69 89.15 Td (into ) Tj ET Q q 0 0 0 rg BT 430.36 89.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.47 89.15 Td (termination. ) Tj ET Q q 0 0 0 rg BT 504.95 89.15 Td (The ) Tj ET Q q 0 0 0 rg BT 523.61 89.15 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.99 77.15 Td (the ) Tj ET Q q 0 0 0 rg BT 111.71 77.15 Td (service ) Tj ET Q q 0 0 0 rg BT 142.53 77.15 Td (inception ) Tj ET Q q 0 0 0 rg BT 182.25 77.15 Td (date ) Tj ET Q q 0 0 0 rg BT 201.42 77.15 Td (precedes ) Tj ET Q q 0 0 0 rg BT 238.90 77.15 Td (the ) Tj ET Q q 0 0 0 rg BT 253.62 77.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.68 77.15 Td (date ) Tj ET Q q 0 0 0 rg BT 295.84 77.15 Td (for ) Tj ET Q q 0 0 0 rg BT 310.01 77.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.18 77.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 356.12 77.15 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 387.79 77.15 Td (and ) Tj ET Q q 0 0 0 rg BT 404.74 77.15 Td (that ) Tj ET Q q 0 0 0 rg BT 422.24 77.15 Td (the ) Tj ET Q q 0 0 0 rg BT 436.96 77.15 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 505.57 77.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 552.51 77.15 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.15 Td (not ) Tj ET Q q 0 0 0 rg BT 65.38 65.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.91 65.15 Td (the ) Tj ET Q q 0 0 0 rg BT 103.23 65.15 Td (criteria ) Tj ET Q q 0 0 0 rg BT 134.64 65.15 Td (for ) Tj ET Q q 0 0 0 rg BT 149.40 65.15 Td (an ) Tj ET Q q 0 0 0 rg BT 161.94 65.15 Td (in-substance ) Tj ET Q q 0 0 0 rg BT 215.03 65.15 Td (service ) Tj ET Q q 0 0 0 rg BT 246.44 65.15 Td (condition, ) Tj ET Q q 0 0 0 rg BT 289.82 65.15 Td (as ) Tj ET Q q 0 0 0 rg BT 301.25 65.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 334.33 65.15 Td (by ) Tj ET Q q 0 0 0 rg BT 347.43 65.15 Td (F) Tj ET Q q 0 0 0 rg BT 352.25 65.15 Td (ASB ) Tj ET Q q 0 0 0 rg BT 374.12 65.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 423.88 65.15 Td (Standards ) Tj ET Q q 0 0 0 rg BT 466.42 65.15 Td (Codification ) Tj ET Q q 0 0 0 rg BT 519.29 65.15 Td (T) Tj ET Q q 0 0 0 rg BT 524.70 65.15 Td (opic ) Tj ET Q q 0 0 0 rg BT 545.01 65.15 Td (718, ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 114.34 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 127.33 708.60 Td (Stock ) Tj ET Q q 0 0 0 rg BT 153.10 708.60 Td (Compensation." ) Tj ET Q q 0 0 0 rg BT 219.78 708.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 269.12 708.60 Td (, ) Tj ET Q q 0 0 0 rg BT 274.61 708.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 314.80 708.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 338.89 708.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 371.87 708.60 Td (as ) Tj ET Q q 0 0 0 rg BT 383.19 708.60 Td (part ) Tj ET Q q 0 0 0 rg BT 401.72 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 413.04 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 427.58 708.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 460.01 708.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 489.66 708.60 Td (is ) Tj ET Q q 0 0 0 rg BT 499.32 708.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 539.51 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 708.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 696.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 86.54 696.60 Td (period ) Tj ET Q q 0 0 0 rg BT 114.15 696.60 Td (in ) Tj ET Q q 0 0 0 rg BT 123.99 696.60 Td (which ) Tj ET Q q 0 0 0 rg BT 150.50 696.60 Td (those ) Tj ET Q q 0 0 0 rg BT 173.67 696.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 204.05 696.60 Td (are ) Tj ET Q q 0 0 0 rg BT 218.33 696.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 251.48 696.60 Td (to ) Tj ET Q q 0 0 0 rg BT 261.33 696.60 Td (be ) Tj ET Q q 0 0 0 rg BT 272.83 696.60 Td (earned, ) Tj ET Q q 0 0 0 rg BT 304.04 696.60 Td (which ) Tj ET Q q 0 0 0 rg BT 330.54 696.60 Td (is ) Tj ET Q q 0 0 0 rg BT 339.28 696.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 378.54 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.83 696.60 Td (calendar ) Tj ET Q q 0 0 0 rg BT 428.75 696.60 Td (year ) Tj ET Q q 0 0 0 rg BT 448.02 696.60 Td (preceding ) Tj ET Q q 0 0 0 rg BT 489.51 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 503.79 696.60 Td (February ) Tj ET Q q 0 0 0 rg BT 541.96 696.60 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 71.19 684.60 Td (For ) Tj ET Q q 0 0 0 rg BT 87.62 684.60 Td (example, ) Tj ET Q q 0 0 0 rg BT 126.53 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.28 684.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 182.71 684.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 229.10 684.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 287.18 684.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 321.93 684.60 Td (during ) Tj ET Q q 0 0 0 rg BT 350.57 684.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 374.76 684.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 397.30 684.60 Td (for ) Tj ET Q q 0 0 0 rg BT 411.50 684.60 Td (its ) Tj ET Q q 0 0 0 rg BT 423.48 684.60 Td (February ) Tj ET Q q 0 0 0 rg BT 462.12 684.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 484.09 684.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 516.07 684.60 Td (Grant. ) Tj ET Q q 0 0 0 rg BT 543.87 684.60 Td (If ) Tj ET Q q 0 0 0 rg BT 553.07 684.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.69 672.60 Td (award ) Tj ET Q q 0 0 0 rg BT 103.32 672.60 Td (related ) Tj ET Q q 0 0 0 rg BT 132.72 672.60 Td (to ) Tj ET Q q 0 0 0 rg BT 142.69 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 156.62 672.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 188.26 672.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 217.12 672.60 Td (is ) Tj ET Q q 0 0 0 rg BT 225.98 672.60 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 262.60 672.60 Td (as ) Tj ET Q q 0 0 0 rg BT 273.13 672.60 Td (a ) Tj ET Q q 0 0 0 rg BT 279.77 672.60 Td (result ) Tj ET Q q 0 0 0 rg BT 304.18 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 314.71 672.60 Td (violating ) Tj ET Q q 0 0 0 rg BT 352.46 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 366.87 672.60 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 435.17 672.60 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 484.30 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 498.71 672.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 523.68 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 534.21 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 548.62 672.60 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (value ) Tj ET Q q 0 0 0 rg BT 73.10 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 83.37 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 97.52 660.60 Td (award ) Tj ET Q q 0 0 0 rg BT 123.89 660.60 Td (at ) Tj ET Q q 0 0 0 rg BT 133.05 660.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 155.53 660.60 Td (date ) Tj ET Q q 0 0 0 rg BT 174.13 660.60 Td (or ) Tj ET Q q 0 0 0 rg BT 184.40 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 198.56 660.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 214.37 660.60 Td (value ) Tj ET Q q 0 0 0 rg BT 237.97 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.24 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.40 660.60 Td (award ) Tj ET Q q 0 0 0 rg BT 288.76 660.60 Td (at ) Tj ET Q q 0 0 0 rg BT 297.92 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.08 660.60 Td (date ) Tj ET Q q 0 0 0 rg BT 330.67 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 340.94 660.60 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 380.64 660.60 Td (is ) Tj ET Q q 0 0 0 rg BT 389.25 660.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 426.16 660.60 Td (within ) Tj ET Q q 0 0 0 rg BT 453.66 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 467.81 660.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.30 660.60 Td (statements ) 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 60.33 648.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 104.49 648.60 Td (as ) Tj ET Q q 0 0 0 rg BT 115.32 648.60 Td (a ) Tj ET Q q 0 0 0 rg BT 122.25 648.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 156.40 648.60 Td (of ) Tj ET Q q 0 0 0 rg BT 167.23 648.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 225.27 648.60 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (Sign-on ) Tj ET Q q 0 0 0 rg BT 84.28 624.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 114.05 624.60 Td (are ) Tj ET Q q 0 0 0 rg BT 129.37 624.60 Td (used ) Tj ET Q q 0 0 0 rg BT 150.81 624.60 Td (as ) Tj ET Q q 0 0 0 rg BT 162.26 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 169.81 624.60 Td (recruiting 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612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 156.44 612.60 Td (ratable ) Tj ET Q q 0 0 0 rg BT 185.85 612.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 216.94 612.60 Td (terms, ) Tj ET Q q 0 0 0 rg BT 243.87 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 260.52 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.94 612.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 319.92 612.60 Td (must ) Tj ET Q q 0 0 0 rg BT 341.58 612.60 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 366.56 612.60 Td (service ) Tj ET Q q 0 0 0 rg BT 397.08 612.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 451.49 612.60 Td (in ) Tj ET Q q 0 0 0 rg BT 461.48 612.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 501.45 612.60 Td (for ) Tj ET Q q 0 0 0 rg BT 515.32 612.60 Td (rights ) Tj ET Q q 0 0 0 rg BT 540.30 612.60 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 612.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (awards. ) Tj ET Q q 0 0 0 rg BT 82.32 600.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 142.09 600.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 176.29 600.60 Td (is ) Tj ET Q q 0 0 0 rg BT 184.96 600.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 226.94 600.60 Td (on ) Tj ET Q q 0 0 0 rg BT 238.93 600.60 Td (a ) Tj ET Q q 0 0 0 rg BT 245.37 600.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 295.69 600.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 317.68 600.60 Td (from ) Tj ET Q q 0 0 0 rg BT 339.12 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 353.33 600.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 375.88 600.60 Td (date ) Tj ET Q q 0 0 0 rg BT 394.53 600.60 Td (over ) Tj ET Q q 0 0 0 rg BT 414.29 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 428.51 600.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 464.94 600.60 Td (service ) Tj ET Q q 0 0 0 rg BT 495.25 600.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 525.30 600.60 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 588.60 Td ( ) Tj ET Q q 0 0 0 rg BT 66.38 588.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.60 588.60 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.15 588.60 Td ( ) Tj ET Q q 0 0 0 rg BT 94.60 588.60 Td (years. ) Tj ET Q q 0 0 0 rg BT 120.64 588.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 167.52 588.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 194.94 588.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 232.94 588.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.37 588.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.81 588.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 331.36 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 342.13 588.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 394.56 588.60 Td (and ) Tj ET Q q 0 0 0 rg BT 411.45 588.60 Td (a ) Tj ET Q q 0 0 0 rg BT 418.33 588.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 452.42 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 463.19 588.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 521.18 588.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.83 588.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (Annually) Tj ET Q q 0 0 0 rg BT 86.07 552.60 Td (, ) Tj ET Q q 0 0 0 rg BT 90.57 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.79 552.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 145.68 552.60 Td (grants ) Tj ET Q q 0 0 0 rg BT 172.12 552.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.23 552.60 Td (to ) Tj ET Q q 0 0 0 rg BT 205.02 552.60 Td (its ) Tj ET Q q 0 0 0 rg BT 216.47 552.60 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 275.67 552.60 Td (directors. ) Tj ET Q q 0 0 0 rg BT 315.02 552.60 Td (The ) Tj ET Q q 0 0 0 rg BT 332.57 552.60 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 381.78 552.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 439.32 552.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 458.54 552.60 Td (to ) Tj ET Q q 0 0 0 rg BT 468.33 552.60 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 527.53 552.60 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 540.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 80.06 540.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 119.76 540.60 Td (on ) Tj ET Q q 0 0 0 rg BT 132.26 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 146.98 540.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 170.03 540.60 Td (date ) Tj ET Q q 0 0 0 rg BT 189.18 540.60 Td (and ) Tj ET Q q 0 0 0 rg BT 206.12 540.60 Td (included ) Tj ET Q q 0 0 0 rg BT 243.05 540.60 Td (within ) Tj ET Q q 0 0 0 rg BT 271.11 540.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 302.50 540.60 Td (services ) Tj ET Q q 0 0 0 rg BT 337.21 540.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 371.91 540.60 Td (on ) Tj ET Q q 0 0 0 rg BT 384.41 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 399.13 540.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.17 540.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 496.88 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 507.71 540.60 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 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 49.5 467.2669921875 m 185.0224609375 467.2669921875 l s q 0 0 0 rg BT 49.50 468.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 72.00 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 468.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 111.44 468.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 158.36 468.60 Td (Grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 93.09 444.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 117.24 444.60 Td (units ) Tj ET Q q 0 0 0 rg BT 139.74 444.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 172.77 444.60 Td (in ) Tj ET Q q 0 0 0 rg BT 183.59 444.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 206.64 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.12 444.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 247.17 444.60 Td (will ) Tj ET Q q 0 0 0 rg BT 265.77 444.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 284.92 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 302.41 444.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 335.44 444.60 Td (to ) Tj ET Q q 0 0 0 rg BT 346.26 444.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 374.30 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 385.68 444.60 Td (common ) Tj ET Q q 0 0 0 rg BT 423.72 444.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.87 444.60 Td (at ) Tj ET Q q 0 0 0 rg BT 458.13 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 473.40 444.60 Td (end ) Tj ET Q q 0 0 0 rg BT 490.88 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 502.26 444.60 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.62 444.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.62 444.60 Td (-month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 103.31 432.60 Td (period ) Tj ET Q q 0 0 0 rg BT 132.14 432.60 Td (only ) Tj ET Q q 0 0 0 rg BT 153.20 432.60 Td (if ) Tj ET Q q 0 0 0 rg BT 162.59 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 178.09 432.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.26 432.60 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 255.76 432.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 316.79 432.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 370.60 432.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 399.43 432.60 Td (market ) Tj ET Q q 0 0 0 rg BT 430.48 432.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 475.43 432.60 Td (over ) Tj ET Q q 0 0 0 rg BT 496.48 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 432.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.58 420.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 108.61 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 123.86 420.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.12 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 160.48 420.60 Td (these ) Tj ET Q q 0 0 0 rg BT 184.06 420.60 Td (awards, ) Tj ET Q q 0 0 0 rg BT 217.92 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 233.17 420.60 Td (number ) Tj ET Q q 0 0 0 rg BT 266.76 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.12 420.60 Td (units ) Tj ET Q q 0 0 0 rg BT 300.61 420.60 Td (that ) Tj ET Q q 0 0 0 rg BT 318.64 420.60 Td (will ) Tj ET Q q 0 0 0 rg BT 337.23 420.60 Td (actually ) Tj ET Q q 0 0 0 rg BT 371.92 420.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 391.06 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 408.54 420.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 441.56 420.60 Td (to ) Tj ET Q q 0 0 0 rg BT 452.37 420.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.40 420.60 Td (will ) Tj ET Q q 0 0 0 rg BT 498.99 420.60 Td (be ) Tj ET Q q 0 0 0 rg BT 511.47 420.60 Td (based ) Tj ET Q q 0 0 0 rg BT 537.27 420.60 Td (on ) Tj ET Q q 0 0 0 rg BT 550.31 420.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 76.78 408.60 Td (to ) Tj ET Q q 0 0 0 rg BT 87.40 408.60 Td (which ) Tj ET Q q 0 0 0 rg BT 114.69 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 129.75 408.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.48 408.60 Td (achieves ) Tj ET Q q 0 0 0 rg BT 208.75 408.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 247.69 408.60 Td (tar) Tj ET Q q 0 0 0 rg BT 258.06 408.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 277.01 408.60 Td (during ) Tj ET Q q 0 0 0 rg BT 305.97 408.60 Td (each ) Tj ET Q q 0 0 0 rg BT 327.13 408.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.50 408.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 411.18 408.60 Td (The ) Tj ET Q q 0 0 0 rg BT 429.57 408.60 Td (maximum ) Tj ET Q q 0 0 0 rg BT 472.97 408.60 Td (payout ) Tj ET Q q 0 0 0 rg BT 503.03 408.60 Td (leverage ) Tj ET Q q 0 0 0 rg BT 539.74 408.60 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (these ) Tj ET Q q 0 0 0 rg BT 72.55 396.60 Td (grants ) Tj ET Q q 0 0 0 rg BT 99.49 396.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.66 396.60 Td (150 ) Tj ET Q q 0 0 0 rg BT 126.16 396.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.58 396.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 64.41 372.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.88 372.60 Td (75 ) Tj ET Q q 0 0 0 rg BT 87.56 372.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.99 372.60 Td ( ) Tj ET Q q 0 0 0 rg BT 119.68 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 130.69 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 372.60 Td (award ) Tj ET Q q 0 0 0 rg BT 172.72 372.60 Td (can ) Tj ET Q q 0 0 0 rg BT 189.28 372.60 Td (be ) Tj ET Q q 0 0 0 rg BT 201.41 372.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 230.74 372.60 Td (based ) Tj ET Q q 0 0 0 rg BT 256.20 372.60 Td (on ) Tj ET Q q 0 0 0 rg BT 268.88 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 283.79 372.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.36 372.60 Td (achieving ) Tj ET Q q 0 0 0 rg BT 366.92 372.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 396.81 372.60 Td (average ) Tj ET Q q 0 0 0 rg BT 430.59 372.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 466.60 372.60 Td (return ) Tj ET Q q 0 0 0 rg BT 493.16 372.60 Td (on ) Tj ET Q q 0 0 0 rg BT 505.85 372.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 533.54 372.60 Td (tar) Tj ET Q q 0 0 0 rg BT 543.90 372.60 Td (gets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (as ) Tj ET Q q 0 0 0 rg BT 60.31 360.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 92.77 360.60 Td (in ) Tj ET Q q 0 0 0 rg BT 103.03 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 117.73 360.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 142.42 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 153.23 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 167.93 360.60 Td (award ) Tj ET Q q 0 0 0 rg BT 194.84 360.60 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 245.17 360.60 Td (The ) Tj ET Q q 0 0 0 rg BT 263.20 360.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 279.55 360.60 Td (value ) Tj ET Q q 0 0 0 rg BT 303.69 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 314.50 360.60 Td (this ) Tj ET Q q 0 0 0 rg BT 331.43 360.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 362.79 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 388.30 360.60 Td (award ) Tj ET Q q 0 0 0 rg BT 415.21 360.60 Td (was ) Tj ET Q q 0 0 0 rg BT 433.24 360.60 Td (based ) Tj ET Q q 0 0 0 rg BT 458.49 360.60 Td (on ) Tj ET Q q 0 0 0 rg BT 470.97 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.66 360.60 Td (closing ) Tj ET Q q 0 0 0 rg BT 517.03 360.60 Td (price ) Tj ET Q q 0 0 0 rg BT 539.49 360.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 360.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.38 348.60 Td (common ) Tj ET Q q 0 0 0 rg BT 133.68 348.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.09 348.60 Td (on ) Tj ET Q q 0 0 0 rg BT 169.40 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.92 348.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 206.77 348.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 228.23 348.60 Td (If ) Tj ET Q q 0 0 0 rg BT 237.19 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.71 348.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.90 348.60 Td (determines ) Tj ET Q q 0 0 0 rg BT 339.08 348.60 Td (that ) Tj ET Q q 0 0 0 rg BT 356.38 348.60 Td (it ) Tj ET Q q 0 0 0 rg BT 364.24 348.60 Td (is ) Tj ET Q q 0 0 0 rg BT 373.21 348.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 410.50 348.60 Td (that ) Tj ET Q q 0 0 0 rg BT 427.80 348.60 Td (the ) Tj ET Q q 0 0 0 rg BT 442.32 348.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 495.15 348.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 535.22 348.60 Td (will ) Tj ET Q q 0 0 0 rg BT 553.08 348.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 89.79 336.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 147.59 336.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 182.05 336.60 Td (is ) Tj ET Q q 0 0 0 rg BT 190.98 336.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 233.22 336.60 Td (on ) Tj ET Q q 0 0 0 rg BT 245.48 336.60 Td (a ) Tj ET Q q 0 0 0 rg BT 252.17 336.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 302.75 336.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.01 336.60 Td (over ) Tj ET Q q 0 0 0 rg BT 345.03 336.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.51 336.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.51 336.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 400.65 336.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 453.43 336.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 483.57 336.60 Td (The ) Tj ET Q q 0 0 0 rg BT 501.38 336.60 Td (probability ) Tj ET Q q 0 0 0 rg BT 547.51 336.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.45 324.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 117.71 324.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 158.22 324.60 Td (will ) Tj ET Q q 0 0 0 rg BT 176.51 324.60 Td (be ) Tj ET Q q 0 0 0 rg BT 188.68 324.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 226.95 324.60 Td (is ) Tj ET Q q 0 0 0 rg BT 236.35 324.60 Td (reevaluated ) Tj ET Q q 0 0 0 rg BT 285.16 324.60 Td (each ) Tj ET Q q 0 0 0 rg BT 306.21 324.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 345.60 324.60 Td (period ) Tj ET Q q 0 0 0 rg BT 373.88 324.60 Td (with ) Tj ET Q q 0 0 0 rg BT 394.40 324.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 429.34 324.60 Td (in ) Tj ET Q q 0 0 0 rg BT 439.85 324.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 480.91 324.60 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 521.97 324.60 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (for ) Tj ET Q q 0 0 0 rg BT 65.62 312.60 Td (using ) Tj ET Q q 0 0 0 rg BT 91.75 312.60 Td (a ) Tj ET Q q 0 0 0 rg BT 100.65 312.60 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 149.54 312.60 Td (ef) Tj ET Q q 0 0 0 rg BT 157.13 312.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 176.58 312.60 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 224.92 312.60 Td (to ) Tj ET Q q 0 0 0 rg BT 237.16 312.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 297.16 312.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 336.33 312.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 398.57 312.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 435.24 312.60 Td (will ) Tj ET Q q 0 0 0 rg BT 455.25 312.60 Td (be ) Tj ET Q q 0 0 0 rg BT 469.15 312.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 517.48 312.60 Td (only ) Tj ET Q q 0 0 0 rg BT 539.72 312.60 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 312.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.77 300.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 147.29 300.60 Td (is ) Tj ET Q q 0 0 0 rg BT 158.70 300.60 Td (met. ) Tj ET Q q 0 0 0 rg BT 180.94 300.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 230.12 300.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 259.85 300.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 300.14 300.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 342.09 300.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 367.94 300.60 Td (units ) Tj ET Q q 0 0 0 rg BT 392.14 300.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 416.88 300.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 467.73 300.60 Td (of ) Tj ET Q q 0 0 0 rg BT 480.80 300.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 535.54 300.60 Td (with ) Tj ET Q q 0 0 0 rg BT 558.06 300.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 110.45 288.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 145.85 288.60 Td (of ) Tj ET Q q 0 0 0 rg BT 157.93 288.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 217.21 288.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 254.84 288.60 Td (As ) Tj ET Q q 0 0 0 rg BT 269.70 288.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.78 288.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 326.63 288.60 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.63 288.60 Td (, ) Tj ET Q q 0 0 0 rg BT 352.87 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 368.84 288.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.47 288.60 Td (has ) Tj ET Q q 0 0 0 rg BT 428.55 288.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 477.28 288.60 Td (that ) Tj ET Q q 0 0 0 rg BT 496.02 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.99 288.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 89.77 276.60 Td (is ) Tj ET Q q 0 0 0 rg BT 98.94 276.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 136.43 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 147.26 276.60 Td (achieving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.63 276.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 201.13 276.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.55 276.60 Td ( ) Tj ET Q q 0 0 0 rg BT 233.05 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 243.88 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 258.60 276.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 281.10 276.60 Td (award ) Tj ET Q q 0 0 0 rg BT 308.03 276.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.97 276.60 Td (75 ) Tj ET Q q 0 0 0 rg BT 337.47 276.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.89 276.60 Td ( ) Tj ET Q q 0 0 0 rg BT 369.39 276.60 Td (of ) Tj ET Q q 0 0 0 rg BT 380.22 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 394.94 276.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 417.44 276.60 Td (award. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 63.35 252.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.76 252.60 Td (75 ) Tj ET Q q 0 0 0 rg BT 84.39 252.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.81 252.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.44 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 125.40 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 139.25 252.60 Td (award ) Tj ET Q q 0 0 0 rg BT 165.31 252.60 Td (can ) Tj ET Q q 0 0 0 rg BT 180.82 252.60 Td (be ) Tj ET Q q 0 0 0 rg BT 191.88 252.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 220.16 252.60 Td (based ) Tj ET Q q 0 0 0 rg BT 244.56 252.60 Td (on ) Tj ET Q q 0 0 0 rg BT 256.19 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 252.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 316.24 252.60 Td (total ) Tj ET Q q 0 0 0 rg BT 335.65 252.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 383.92 252.60 Td (return ) Tj ET Q q 0 0 0 rg BT 409.43 252.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 441.04 252.60 Td (to ) Tj ET Q q 0 0 0 rg BT 450.45 252.60 Td (members ) Tj ET Q q 0 0 0 rg BT 488.73 252.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.69 252.60 Td (a ) Tj ET Q q 0 0 0 rg BT 504.76 252.60 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (peer ) Tj ET Q q 0 0 0 rg BT 69.34 240.60 Td (group. ) Tj ET Q q 0 0 0 rg BT 97.61 240.60 Td (The ) Tj ET Q q 0 0 0 rg BT 115.79 240.60 Td (market ) Tj ET Q q 0 0 0 rg BT 146.19 240.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 186.60 240.60 Td (must ) Tj ET Q q 0 0 0 rg BT 208.68 240.60 Td (be ) Tj ET Q q 0 0 0 rg BT 220.75 240.60 Td (met ) Tj ET Q q 0 0 0 rg BT 238.38 240.60 Td (for ) Tj ET Q q 0 0 0 rg BT 252.67 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.52 240.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 298.48 240.60 Td (to ) Tj ET Q q 0 0 0 rg BT 308.89 240.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 327.63 240.60 Td (and ) Tj ET Q q 0 0 0 rg BT 344.70 240.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 402.88 240.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 421.62 240.60 Td (will ) Tj ET Q q 0 0 0 rg BT 439.81 240.60 Td (be ) Tj ET Q q 0 0 0 rg BT 451.88 240.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 498.38 240.60 Td (regardless ) Tj ET Q q 0 0 0 rg BT 541.55 240.60 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 240.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (market ) Tj ET Q q 0 0 0 rg BT 80.64 228.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 121.78 228.60 Td (is ) Tj ET Q q 0 0 0 rg BT 131.83 228.60 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 171.02 228.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 232.17 228.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 267.75 228.60 Td (is ) Tj ET Q q 0 0 0 rg BT 277.79 228.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 321.15 228.60 Td (on ) Tj ET Q q 0 0 0 rg BT 334.52 228.60 Td (a ) Tj ET Q q 0 0 0 rg BT 342.33 228.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 394.03 228.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 417.40 228.60 Td (over ) Tj ET Q q 0 0 0 rg BT 438.54 228.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.13 228.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.13 228.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 496.39 228.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 534.20 228.60 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 81.44 216.60 Td (Employees ) Tj ET Q q 0 0 0 rg BT 129.77 216.60 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 158.65 216.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 198.09 216.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 239.19 216.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 264.19 216.60 Td (units ) Tj ET Q q 0 0 0 rg BT 287.53 216.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 311.42 216.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 361.42 216.60 Td (of ) Tj ET Q q 0 0 0 rg BT 373.64 216.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 427.52 216.60 Td (with ) Tj ET Q q 0 0 0 rg BT 449.20 216.60 Td (a ) Tj ET Q q 0 0 0 rg BT 457.53 216.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 518.63 216.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 554.17 216.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 106.46 204.60 Td (expense. ) Tj ET Q q 0 0 0 rg BT 142.59 204.60 Td (For ) Tj ET Q q 0 0 0 rg BT 157.90 204.60 Td (this ) Tj ET Q q 0 0 0 rg BT 173.77 204.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 204.08 204.60 Td (of ) Tj ET Q q 0 0 0 rg BT 213.83 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 227.46 204.60 Td (awards, ) Tj ET Q q 0 0 0 rg BT 259.70 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 273.34 204.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.64 204.60 Td (value ) Tj ET Q q 0 0 0 rg BT 311.71 204.60 Td (on ) Tj ET Q q 0 0 0 rg BT 323.13 204.60 Td (the ) Tj ET Q q 0 0 0 rg BT 336.77 204.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 358.73 204.60 Td (date ) Tj ET Q q 0 0 0 rg BT 376.81 204.60 Td (was ) Tj ET Q q 0 0 0 rg BT 393.78 204.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 440.18 204.60 Td (using ) Tj ET Q q 0 0 0 rg BT 463.27 204.60 Td (a ) Tj ET Q q 0 0 0 rg BT 469.13 204.60 Td (Monte ) Tj ET Q q 0 0 0 rg BT 496.66 204.60 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 520.29 204.60 Td (simulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 192.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 192.60 Td (following ) Tj ET Q q 0 0 0 rg BT 125.88 192.60 Td (assumptions: ) Tj ET Q q 0 0 0 rg BT 180.61 192.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.10 298.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 158.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 158.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 158.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 158.10 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 50.5 158.10000000000002 m 348.5 158.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 158.10000000000002 m 454.5 158.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 158.10000000000002 m 560.5 158.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 158.10000000000002 m 348.5 158.10000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.35 172.83 Td (Risk-fr) Tj ET Q q 0 0 0 rg BT 428.81 172.83 Td (ee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 172.83 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 160.83 Td (Grant ) Tj ET Q q 0 0 0 rg BT 81.24 160.83 Td (Y) Tj ET Q q 0 0 0 rg BT 87.35 160.83 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 160.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 411.72 160.83 Td (est Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.20 160.83 Td (Price ) Tj ET Q q 0 0 0 rg BT 516.72 160.83 Td (V) Tj ET Q q 0 0 0 rg BT 523.03 160.83 Td (olatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.72 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.05 148.72 Td (2.40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.05 148.72 Td (34.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 136.72 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.05 136.72 Td (1.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.05 136.72 Td (35.9%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (30) 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 85.55 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 100.50 708.60 Td (market ) Tj ET Q q 0 0 0 rg BT 131.00 708.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 171.50 708.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 203.12 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 214.19 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 229.14 708.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 260.19 708.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 291.81 708.60 Td (depend ) Tj ET Q q 0 0 0 rg BT 323.42 708.60 Td (on ) Tj ET Q q 0 0 0 rg BT 336.15 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 708.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 398.42 708.60 Td (total ) Tj ET Q q 0 0 0 rg BT 418.92 708.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 468.30 708.60 Td (return ) Tj ET Q q 0 0 0 rg BT 494.91 708.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 527.63 708.60 Td (to ) Tj ET Q q 0 0 0 rg BT 538.14 708.60 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 77.58 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 95.56 684.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.51 684.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.05 684.60 Td (price ) Tj ET Q q 0 0 0 rg BT 179.46 684.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 218.00 684.60 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 269.87 684.60 Td (were ) Tj ET Q q 0 0 0 rg BT 291.73 684.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 339.13 684.60 Td (using ) Tj ET Q q 0 0 0 rg BT 363.23 684.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 402.87 684.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 438.33 684.60 Td (, ) Tj ET Q q 0 0 0 rg BT 443.26 684.60 Td (as ) Tj ET Q q 0 0 0 rg BT 454.01 684.60 Td (correlation ) Tj ET Q q 0 0 0 rg BT 499.75 684.60 Td (coef) Tj ET Q q 0 0 0 rg BT 516.78 684.60 Td (ficients ) Tj ET Q q 0 0 0 rg BT 548.64 684.60 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 70.43 672.60 Td (be ) Tj ET Q q 0 0 0 rg BT 83.03 672.60 Td (developed ) Tj ET Q q 0 0 0 rg BT 127.27 672.60 Td (through ) Tj ET Q q 0 0 0 rg BT 161.54 672.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 201.90 672.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 237.36 672.60 Td (. ) Tj ET Q q 0 0 0 rg BT 242.79 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 261.49 672.60 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 298.51 672.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 331.10 672.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 353.13 672.60 Td (were ) Tj ET Q q 0 0 0 rg BT 375.71 672.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 423.85 672.60 Td (based ) Tj ET Q q 0 0 0 rg BT 449.77 672.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.92 672.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.91 672.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 506.60 672.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 527.31 672.60 Td (T) Tj ET Q q 0 0 0 rg BT 533.07 672.60 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 (yields.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (In ) Tj ET Q q 0 0 0 rg BT 61.49 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 77.36 636.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 105.46 636.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 137.44 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 149.42 636.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 175.58 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 191.46 636.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 250.66 636.60 Td (committee ) Tj ET Q q 0 0 0 rg BT 296.52 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 308.51 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 324.39 636.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 372.63 636.60 Td (board ) Tj ET Q q 0 0 0 rg BT 399.06 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.04 636.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 449.69 636.60 Td (included ) Tj ET Q q 0 0 0 rg BT 487.78 636.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 521.42 636.60 Td (retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 94.10 624.60 Td (in ) Tj ET Q q 0 0 0 rg BT 104.81 624.60 Td (its ) Tj ET Q q 0 0 0 rg BT 117.19 624.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 164.54 624.60 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 196.63 624.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 239.55 624.60 Td (with ) Tj ET Q q 0 0 0 rg BT 260.26 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 275.41 624.60 Td (February ) Tj ET Q q 0 0 0 rg BT 314.44 624.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 337.37 624.60 Td (grant. ) Tj ET Q q 0 0 0 rg BT 363.34 624.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 395.71 624.60 Td (grantees ) Tj ET Q q 0 0 0 rg BT 431.95 624.60 Td (meeting ) Tj ET Q q 0 0 0 rg BT 467.09 624.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 500.01 624.60 Td (age ) Tj ET Q q 0 0 0 rg BT 516.81 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 534.18 624.60 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 104.47 612.60 Td (will ) Tj ET Q q 0 0 0 rg BT 122.79 612.60 Td (be ) Tj ET Q q 0 0 0 rg BT 135.00 612.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 156.65 612.60 Td (vested ) Tj ET Q q 0 0 0 rg BT 184.97 612.60 Td (in ) Tj ET Q q 0 0 0 rg BT 195.51 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.50 612.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 241.59 612.60 Td (as ) Tj ET Q q 0 0 0 rg BT 252.68 612.60 Td (long ) Tj ET Q q 0 0 0 rg BT 273.23 612.60 Td (as ) Tj ET Q q 0 0 0 rg BT 284.33 612.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 337.62 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 354.82 612.60 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 423.69 612.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 470.90 612.60 Td (are ) Tj ET Q q 0 0 0 rg BT 485.88 612.60 Td (met ) Tj ET Q q 0 0 0 rg BT 503.64 612.60 Td (throughout ) Tj ET Q q 0 0 0 rg BT 550.29 612.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.56 600.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 132.96 600.60 Td (These ) Tj ET Q q 0 0 0 rg BT 159.37 600.60 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 236.31 600.60 Td (grants ) Tj ET Q q 0 0 0 rg BT 263.29 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 278.03 600.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 317.77 600.60 Td (in ) Tj ET Q q 0 0 0 rg BT 328.09 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 342.84 600.60 Td (period ) Tj ET Q q 0 0 0 rg BT 370.92 600.60 Td (in ) Tj ET Q q 0 0 0 rg BT 381.24 600.60 Td (which ) Tj ET Q q 0 0 0 rg BT 408.21 600.60 Td (those ) Tj ET Q q 0 0 0 rg BT 431.85 600.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 462.71 600.60 Td (are ) Tj ET Q q 0 0 0 rg BT 477.45 600.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 511.08 600.60 Td (to ) Tj ET Q q 0 0 0 rg BT 521.40 600.60 Td (be ) Tj ET Q q 0 0 0 rg BT 533.37 600.60 Td (earned, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (which ) Tj ET Q q 0 0 0 rg BT 76.68 588.60 Td (is ) Tj ET Q q 0 0 0 rg BT 86.08 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.04 588.60 Td (calendar ) Tj ET Q q 0 0 0 rg BT 137.63 588.60 Td (year ) Tj ET Q q 0 0 0 rg BT 157.58 588.60 Td (preceding ) Tj ET Q q 0 0 0 rg BT 199.74 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.69 588.60 Td (February ) Tj ET Q q 0 0 0 rg BT 253.53 588.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.81 588.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 298.70 588.60 Td (For ) Tj ET Q q 0 0 0 rg BT 315.33 588.60 Td (example, ) Tj ET Q q 0 0 0 rg BT 354.44 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 369.40 588.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.02 588.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.62 588.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 515.90 588.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 550.84 588.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 126.41 576.60 Td (grantees ) Tj ET Q q 0 0 0 rg BT 162.22 576.60 Td (in ) Tj ET Q q 0 0 0 rg BT 172.50 576.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 196.66 576.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 219.16 576.60 Td (for ) Tj ET Q q 0 0 0 rg BT 233.32 576.60 Td (its ) Tj ET Q q 0 0 0 rg BT 245.27 576.60 Td (February ) Tj ET Q q 0 0 0 rg BT 283.87 576.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 306.37 576.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 353.29 576.60 Td (Grant.) 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 49.5 551.2669921875 m 178.3623046875 551.2669921875 l s q 0 0 0 rg BT 49.50 552.60 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 96.42 552.60 Td (Grants ) Tj ET Q q 0 0 0 rg BT 125.58 552.60 Td (Prior ) Tj ET Q q 0 0 0 rg BT 148.08 552.60 Td (to ) Tj ET Q q 0 0 0 rg BT 158.36 552.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.23 528.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.52 528.60 Td (units ) Tj ET Q q 0 0 0 rg BT 137.15 528.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 169.32 528.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 190.95 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 200.91 528.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 223.10 528.60 Td (contain ) Tj ET Q q 0 0 0 rg BT 254.71 528.60 Td (market ) Tj ET Q q 0 0 0 rg BT 284.66 528.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 324.62 528.60 Td (criteria ) Tj ET Q q 0 0 0 rg BT 355.12 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 371.74 528.60 Td (will ) Tj ET Q q 0 0 0 rg BT 389.48 528.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 407.78 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 424.40 528.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 456.57 528.60 Td (to ) Tj ET Q q 0 0 0 rg BT 466.53 528.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.71 528.60 Td (of ) Tj ET Q q 0 0 0 rg BT 504.22 528.60 Td (common ) Tj ET Q q 0 0 0 rg BT 541.40 528.60 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (at ) Tj ET Q q 0 0 0 rg BT 58.24 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 71.97 516.60 Td (end ) Tj ET Q q 0 0 0 rg BT 87.93 516.60 Td (of ) Tj ET Q q 0 0 0 rg BT 97.78 516.60 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.61 516.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.61 516.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 158.02 516.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.06 516.60 Td (period ) Tj ET Q q 0 0 0 rg BT 237.12 516.60 Td (only ) Tj ET Q q 0 0 0 rg BT 256.42 516.60 Td (if ) Tj ET Q q 0 0 0 rg BT 264.05 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 277.78 516.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 323.88 516.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.51 516.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 398.55 516.60 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 432.28 516.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 491.55 516.60 Td (market ) Tj ET Q q 0 0 0 rg BT 520.83 516.60 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (over ) Tj ET Q q 0 0 0 rg BT 69.68 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.30 504.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 137.23 504.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 167.69 504.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 195.09 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 209.71 504.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 234.34 504.60 Td (of ) Tj ET Q q 0 0 0 rg BT 245.08 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 259.70 504.60 Td (grants, ) Tj ET Q q 0 0 0 rg BT 289.05 504.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 504.60 Td (number ) Tj ET Q q 0 0 0 rg BT 336.63 504.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.37 504.60 Td (units ) Tj ET Q q 0 0 0 rg BT 369.23 504.60 Td (that ) Tj ET Q q 0 0 0 rg BT 386.63 504.60 Td (will ) Tj ET Q q 0 0 0 rg BT 404.60 504.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 423.11 504.60 Td (and ) Tj ET Q q 0 0 0 rg BT 439.96 504.60 Td (convert ) Tj ET Q q 0 0 0 rg BT 472.35 504.60 Td (to ) Tj ET Q q 0 0 0 rg BT 482.54 504.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 509.94 504.60 Td (will ) Tj ET Q q 0 0 0 rg BT 527.91 504.60 Td (be ) Tj ET Q q 0 0 0 rg BT 539.75 504.60 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (on ) Tj ET Q q 0 0 0 rg BT 63.32 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.36 492.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 127.76 492.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 152.69 492.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.03 492.60 Td (achieving ) Tj ET Q q 0 0 0 rg BT 249.72 492.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 289.64 492.60 Td (tar) Tj ET Q q 0 0 0 rg BT 300.01 492.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 319.93 492.60 Td (during ) Tj ET Q q 0 0 0 rg BT 349.86 492.60 Td (each ) Tj ET Q q 0 0 0 rg BT 372.00 492.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 426.34 492.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 458.21 492.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 519.81 492.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.83 492.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.86 480.60 Td (over ) Tj ET Q q 0 0 0 rg BT 116.13 480.60 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.95 480.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.95 480.60 Td (-month ) Tj ET Q q 0 0 0 rg BT 178.33 480.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.36 480.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (Up ) Tj ET Q q 0 0 0 rg BT 65.60 456.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.25 456.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 91.13 456.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.55 456.60 Td ( ) Tj ET Q q 0 0 0 rg BT 124.42 456.60 Td (of ) Tj ET Q q 0 0 0 rg BT 136.63 456.60 Td (these ) Tj ET Q q 0 0 0 rg BT 161.05 456.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 193.25 456.60 Td (can ) Tj ET Q q 0 0 0 rg BT 211.00 456.60 Td (be ) Tj ET Q q 0 0 0 rg BT 224.31 456.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 254.83 456.60 Td (based ) Tj ET Q q 0 0 0 rg BT 281.48 456.60 Td (on ) Tj ET Q q 0 0 0 rg BT 295.35 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 311.44 456.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 359.90 456.60 Td (total ) Tj ET Q q 0 0 0 rg BT 381.55 456.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 432.07 456.60 Td (return ) Tj ET Q q 0 0 0 rg BT 459.82 456.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 493.67 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 505.33 456.60 Td (members ) Tj ET Q q 0 0 0 rg BT 545.86 456.60 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 456.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 109.56 444.60 Td (peer ) Tj ET Q q 0 0 0 rg BT 129.08 444.60 Td (group ) Tj ET Q q 0 0 0 rg BT 154.71 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 171.46 444.60 Td (up ) Tj ET Q q 0 0 0 rg BT 183.77 444.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.86 444.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 206.17 444.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.59 444.60 Td ( ) Tj ET Q q 0 0 0 rg BT 237.90 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.54 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.07 444.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 293.70 444.60 Td (can ) Tj ET Q q 0 0 0 rg BT 309.89 444.60 Td (be ) Tj ET Q q 0 0 0 rg BT 321.63 444.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 350.59 444.60 Td (based ) Tj ET Q q 0 0 0 rg BT 375.67 444.60 Td (on ) Tj ET Q q 0 0 0 rg BT 387.98 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 402.50 444.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 449.39 444.60 Td (total ) Tj ET Q q 0 0 0 rg BT 469.48 444.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 518.43 444.60 Td (return. ) Tj ET Q q 0 0 0 rg BT 546.95 444.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.34 432.60 Td (value ) Tj ET Q q 0 0 0 rg BT 88.96 432.60 Td (of ) Tj ET Q q 0 0 0 rg BT 99.25 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 113.43 432.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 143.71 432.60 Td (on ) Tj ET Q q 0 0 0 rg BT 155.67 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.85 432.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 192.36 432.60 Td (date ) Tj ET Q q 0 0 0 rg BT 210.98 432.60 Td (was ) Tj ET Q q 0 0 0 rg BT 228.49 432.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 275.43 432.60 Td (using ) Tj ET Q q 0 0 0 rg BT 299.06 432.60 Td (a ) Tj ET Q q 0 0 0 rg BT 305.46 432.60 Td (Monte ) Tj ET Q q 0 0 0 rg BT 333.53 432.60 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 357.71 432.60 Td (simulation ) Tj ET Q q 0 0 0 rg BT 401.90 432.60 Td (with ) Tj ET Q q 0 0 0 rg BT 421.64 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 435.82 432.60 Td (following ) Tj ET Q q 0 0 0 rg BT 476.66 432.60 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 528.07 432.60 Td (pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 420.60 Td (methodology ) Tj ET Q q 0 0 0 rg BT 129.77 420.60 Td (above: ) Tj ET Q q 0 0 0 rg BT 158.92 420.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 386.10 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 386.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 386.10 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 386.10 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 386.10 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 49.5 386.1 m 349.5 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 386.1 m 455.5 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 386.1 m 561.5 386.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.35 400.83 Td (Risk-fr) Tj ET Q q 0 0 0 rg BT 429.81 400.83 Td (ee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 400.83 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.83 Td (Grant ) Tj ET Q q 0 0 0 rg BT 80.24 388.83 Td (Y) Tj ET Q q 0 0 0 rg BT 86.35 388.83 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 388.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 412.72 388.83 Td (est Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.20 388.83 Td (Price ) Tj ET Q q 0 0 0 rg BT 517.72 388.83 Td (V) Tj ET Q q 0 0 0 rg BT 524.03 388.83 Td (olatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.72 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 376.72 Td (0.98%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 376.72 Td (34.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.72 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 364.72 Td (0.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 364.72 Td (29.8%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 338.60 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.60 Td (On ) Tj ET Q q 0 0 0 rg BT 64.37 314.60 Td (February ) Tj ET Q q 0 0 0 rg BT 103.12 314.60 Td (15, ) Tj ET Q q 0 0 0 rg BT 118.27 314.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 143.42 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 158.29 314.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.83 314.60 Td (granted ) Tj ET Q q 0 0 0 rg BT 232.46 314.60 Td (options ) Tj ET Q q 0 0 0 rg BT 264.56 314.60 Td (to ) Tj ET Q q 0 0 0 rg BT 274.99 314.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 304.84 314.60 Td (executive ) Tj ET Q q 0 0 0 rg BT 345.80 314.60 Td (of) Tj ET Q q 0 0 0 rg BT 353.95 314.60 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 381.12 314.60 Td (These ) Tj ET Q q 0 0 0 rg BT 407.65 314.60 Td (options ) Tj ET Q q 0 0 0 rg BT 439.74 314.60 Td (are ) Tj ET Q q 0 0 0 rg BT 454.60 314.60 Td (expensed ) Tj ET Q q 0 0 0 rg BT 494.46 314.60 Td (on ) Tj ET Q q 0 0 0 rg BT 507.11 314.60 Td (a ) Tj ET Q q 0 0 0 rg BT 514.20 314.60 Td (straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.42 302.60 Td (over ) Tj ET Q q 0 0 0 rg BT 91.11 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.25 302.60 Td (required ) Tj ET Q q 0 0 0 rg BT 140.49 302.60 Td (service ) Tj ET Q q 0 0 0 rg BT 170.73 302.60 Td (period ) Tj ET Q q 0 0 0 rg BT 198.20 302.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.45 302.60 Td (five ) Tj ET Q q 0 0 0 rg BT 225.92 302.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.02 302.60 Td (, ) Tj ET Q q 0 0 0 rg BT 251.44 302.60 Td (based ) Tj ET Q q 0 0 0 rg BT 276.14 302.60 Td (on ) Tj ET Q q 0 0 0 rg BT 288.06 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 302.20 302.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 342.44 302.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 358.24 302.60 Td (value ) Tj ET Q q 0 0 0 rg BT 381.82 302.60 Td (of ) Tj ET Q q 0 0 0 rg BT 392.07 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.21 302.60 Td (award ) Tj ET Q q 0 0 0 rg BT 432.56 302.60 Td (on ) Tj ET Q q 0 0 0 rg BT 444.49 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 458.63 302.60 Td (date ) Tj ET Q q 0 0 0 rg BT 477.20 302.60 Td (of ) Tj ET Q q 0 0 0 rg BT 487.46 302.60 Td (grant. ) Tj ET Q q 0 0 0 rg BT 512.29 302.60 Td (The ) Tj ET Q q 0 0 0 rg BT 529.76 302.60 Td (exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.60 Td (price ) Tj ET Q q 0 0 0 rg BT 72.68 290.60 Td (per ) Tj ET Q q 0 0 0 rg BT 88.64 290.60 Td (share ) Tj ET Q q 0 0 0 rg BT 112.93 290.60 Td (is ) Tj ET Q q 0 0 0 rg BT 122.79 290.60 Td (equal ) Tj ET Q q 0 0 0 rg BT 147.63 290.60 Td (to ) Tj ET Q q 0 0 0 rg BT 158.60 290.60 Td (the ) Tj ET Q q 0 0 0 rg BT 174.01 290.60 Td (closing ) Tj ET Q q 0 0 0 rg BT 206.09 290.60 Td (price ) Tj ET Q q 0 0 0 rg BT 229.26 290.60 Td (on ) Tj ET Q q 0 0 0 rg BT 242.45 290.60 Td (the ) Tj ET Q q 0 0 0 rg BT 257.86 290.60 Td (date ) Tj ET Q q 0 0 0 rg BT 277.71 290.60 Td (of ) Tj ET Q q 0 0 0 rg BT 289.23 290.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 312.97 290.60 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.83 290.60 Td (ten ) Tj ET Q q 0 0 0 rg BT 348.24 290.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.66 290.60 Td (. ) Tj ET Q q 0 0 0 rg BT 383.12 290.60 Td (These ) Tj ET Q q 0 0 0 rg BT 410.19 290.60 Td (options ) Tj ET Q q 0 0 0 rg BT 442.83 290.60 Td (are ) Tj ET Q q 0 0 0 rg BT 458.22 290.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 489.74 290.60 Td (to ) Tj ET Q q 0 0 0 rg BT 500.71 290.60 Td (graded ) Tj ET Q q 0 0 0 rg BT 531.11 290.60 Td (vesting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.30 278.60 Td (on ) Tj ET Q q 0 0 0 rg BT 105.10 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 120.11 278.60 Td (third ) Tj ET Q q 0 0 0 rg BT 141.80 278.60 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 191.25 278.60 Td (of ) Tj ET Q q 0 0 0 rg BT 202.38 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 217.39 278.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 240.74 278.60 Td (date, ) Tj ET Q q 0 0 0 rg BT 262.70 278.60 Td (so ) Tj ET Q q 0 0 0 rg BT 274.39 278.60 Td (long ) Tj ET Q q 0 0 0 rg BT 294.97 278.60 Td (as ) Tj ET Q q 0 0 0 rg BT 306.10 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 321.11 278.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 362.79 278.60 Td (remains ) Tj ET Q q 0 0 0 rg BT 397.24 278.60 Td (continuously ) Tj ET Q q 0 0 0 rg BT 451.71 278.60 Td (employed ) Tj ET Q q 0 0 0 rg BT 493.94 278.60 Td (by ) Tj ET Q q 0 0 0 rg BT 506.74 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.76 278.60 Td (Company) Tj ET Q q 0 0 0 rg BT 560.00 278.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 266.60 Td (maximum ) Tj ET Q q 0 0 0 rg BT 110.60 266.60 Td (term ) Tj ET Q q 0 0 0 rg BT 131.42 266.60 Td (of ) Tj ET Q q 0 0 0 rg BT 142.25 266.60 Td (these ) Tj ET Q q 0 0 0 rg BT 165.30 266.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 188.91 266.60 Td (options ) Tj ET Q q 0 0 0 rg BT 220.86 266.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.03 266.60 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.24 266.60 Td ( ) Tj ET Q q 0 0 0 rg BT 244.74 266.60 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.79 242.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.41 242.60 Td (value ) Tj ET Q q 0 0 0 rg BT 108.80 242.60 Td (of ) Tj ET Q q 0 0 0 rg BT 119.87 242.60 Td (this ) Tj ET Q q 0 0 0 rg BT 137.06 242.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 160.91 242.60 Td (option ) Tj ET Q q 0 0 0 rg BT 189.21 242.60 Td (award ) Tj ET Q q 0 0 0 rg BT 216.38 242.60 Td (was ) Tj ET Q q 0 0 0 rg BT 234.67 242.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 275.73 242.60 Td (on ) Tj ET Q q 0 0 0 rg BT 288.47 242.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.43 242.60 Td (date ) Tj ET Q q 0 0 0 rg BT 322.82 242.60 Td (of ) Tj ET Q q 0 0 0 rg BT 333.90 242.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 357.18 242.60 Td (using ) Tj ET Q q 0 0 0 rg BT 381.59 242.60 Td (the ) Tj ET Q q 0 0 0 rg BT 396.55 242.60 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 457.06 242.60 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 517.01 242.60 Td (model ) Tj ET Q q 0 0 0 rg BT 544.74 242.60 Td (with ) 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 64.22 230.60 Td (following ) Tj ET Q q 0 0 0 rg BT 105.60 230.60 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.10 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 208.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.10 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 184.10 70.00 -12.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 210.72 Td (Risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 210.72 Td (2.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 198.72 Td (Dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 198.72 Td (3.22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 186.72 Td (Expected stock price volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.55 186.72 Td (37.20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 174.72 Td (Expected life of options \(in years\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.75 174.72 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 162.72 Td (Fair value of options granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.25 162.72 Td ($24.49) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 136.60 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 103.75 136.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.60 136.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 153.00 136.60 Td (assumption ) Tj ET Q q 0 0 0 rg BT 200.97 136.60 Td (was ) Tj ET Q q 0 0 0 rg BT 218.94 136.60 Td (based ) Tj ET Q q 0 0 0 rg BT 244.12 136.60 Td (on ) Tj ET Q q 0 0 0 rg BT 256.54 136.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.17 136.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 291.20 136.60 Td (T) Tj ET Q q 0 0 0 rg BT 296.95 136.60 Td (reasury ) Tj ET Q q 0 0 0 rg BT 328.80 136.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 351.21 136.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 373.62 136.60 Td (with ) Tj ET Q q 0 0 0 rg BT 393.82 136.60 Td (a ) Tj ET Q q 0 0 0 rg BT 400.67 136.60 Td (maturity ) Tj ET Q q 0 0 0 rg BT 436.97 136.60 Td (equal ) Tj ET Q q 0 0 0 rg BT 461.04 136.60 Td (to ) Tj ET Q q 0 0 0 rg BT 471.24 136.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.87 136.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 523.82 136.60 Td (life ) Tj ET Q q 0 0 0 rg BT 539.56 136.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 136.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.60 Td (options. ) Tj ET Q q 0 0 0 rg BT 84.44 124.60 Td (The ) Tj ET Q q 0 0 0 rg BT 103.22 124.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 141.45 124.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 164.67 124.60 Td (assumption ) Tj ET Q q 0 0 0 rg BT 213.46 124.60 Td (was ) Tj ET Q q 0 0 0 rg BT 232.24 124.60 Td (based ) Tj ET Q q 0 0 0 rg BT 258.24 124.60 Td (on ) Tj ET Q q 0 0 0 rg BT 271.47 124.60 Td (the ) Tj ET Q q 0 0 0 rg BT 286.92 124.60 Td (assumed ) Tj ET Q q 0 0 0 rg BT 324.58 124.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 362.81 124.60 Td (payout ) Tj ET Q q 0 0 0 rg BT 393.26 124.60 Td (over ) Tj ET Q q 0 0 0 rg BT 414.25 124.60 Td (the ) Tj ET Q q 0 0 0 rg BT 429.70 124.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 468.46 124.60 Td (life ) Tj ET Q q 0 0 0 rg BT 485.02 124.60 Td (of ) Tj ET Q q 0 0 0 rg BT 496.58 124.60 Td (the ) Tj ET Q q 0 0 0 rg BT 512.03 124.60 Td (options. ) Tj ET Q q 0 0 0 rg BT 546.97 124.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.91 112.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.89 112.60 Td (price ) Tj ET Q q 0 0 0 rg BT 137.75 112.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 177.74 112.60 Td (assumption ) Tj ET Q q 0 0 0 rg BT 227.17 112.60 Td (was ) Tj ET Q q 0 0 0 rg BT 246.60 112.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 295.46 112.60 Td (using ) Tj ET Q q 0 0 0 rg BT 321.00 112.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 362.09 112.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 397.55 112.60 Td (, ) Tj ET Q q 0 0 0 rg BT 403.92 112.60 Td (as ) Tj ET Q q 0 0 0 rg BT 416.13 112.60 Td (correlation ) Tj ET Q q 0 0 0 rg BT 463.32 112.60 Td (coef) Tj ET Q q 0 0 0 rg BT 480.34 112.60 Td (ficients ) Tj ET Q q 0 0 0 rg BT 513.65 112.60 Td (can ) Tj ET Q q 0 0 0 rg BT 531.41 112.60 Td (only ) Tj ET Q q 0 0 0 rg BT 553.06 112.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.60 Td (developed ) Tj ET Q q 0 0 0 rg BT 93.09 100.60 Td (through ) Tj ET Q q 0 0 0 rg BT 126.70 100.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 166.41 100.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 201.87 100.60 Td (. ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 101.45 708.75 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.58 684.75 Td (established ) Tj ET Q q 0 0 0 rg BT 158.33 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.87 684.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 224.40 684.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 245.50 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.60 684.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 307.13 684.75 Td (with ) Tj ET Q q 0 0 0 rg BT 328.23 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.77 684.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 390.97 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 684.75 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 445.99 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 464.86 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.07 684.75 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.38 684.75 Td ($1) Tj ET Q q 0 0 0 rg BT 550.01 684.75 Td (1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 672.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.56 672.75 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 672.75 Td (286,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 672.75 Td ( ) Tj ET Q q 0 0 0 rg BT 118.57 672.75 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 149.06 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 159.01 672.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 198.39 672.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 221.67 672.75 Td (under ) Tj ET Q q 0 0 0 rg BT 246.61 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.00 672.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 310.37 672.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 330.33 672.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.50 672.75 Td (May16, ) Tj ET Q q 0 0 0 rg BT 378.00 672.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 672.75 Td (. ) Tj ET Q q 0 0 0 rg BT 402.52 672.75 Td (These ) Tj ET Q q 0 0 0 rg BT 428.57 672.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 455.73 672.75 Td (clif) Tj ET Q q 0 0 0 rg BT 468.87 672.75 Td (f ) Tj ET Q q 0 0 0 rg BT 474.38 672.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 492.66 672.75 Td (on ) Tj ET Q q 0 0 0 rg BT 504.83 672.75 Td (May ) Tj ET Q q 0 0 0 rg BT 525.33 672.75 Td (16, ) Tj ET Q q 0 0 0 rg BT 540.01 672.75 Td (2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 98.50 660.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 118.07 660.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 148.19 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 162.20 660.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 203.97 660.75 Td (as ) Tj ET Q q 0 0 0 rg BT 214.10 660.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 271.44 660.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 305.44 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 317.24 660.75 Td (a ) Tj ET Q q 0 0 0 rg BT 323.47 660.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 373.59 660.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 395.39 660.75 Td (over ) Tj ET Q q 0 0 0 rg BT 414.95 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 428.97 660.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 459.65 660.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 489.50 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 491.29 660.75 Td (Employees ) Tj ET Q q 0 0 0 rg BT 537.52 660.75 Td (forfeit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 87.55 648.75 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 137.25 648.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 157.53 648.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 185.02 648.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 207.52 648.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 256.12 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.95 648.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 319.44 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 336.38 648.75 Td (a ) Tj ET Q q 0 0 0 rg BT 343.31 648.75 Td (reversal ) Tj ET Q q 0 0 0 rg BT 377.46 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 388.29 648.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 446.33 648.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.04 648.75 Td (is ) Tj ET Q q 0 0 0 rg BT 490.21 648.75 Td (recorded.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (Stock-Based Compensation ) Tj ET Q q 0 0 0 rg BT 164.70 624.75 Td (Activity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 600.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.03 600.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 145.05 600.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 194.31 600.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 251.90 600.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.15 600.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.53 600.75 Td ($8.9 ) Tj ET Q q 0 0 0 rg BT 316.07 600.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.97 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 347.01 600.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 600.75 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 383.05 600.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.94 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 413.99 600.75 Td (for ) Tj ET Q q 0 0 0 rg BT 427.69 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 441.96 600.75 Td (three ) Tj ET Q q 0 0 0 rg BT 463.99 600.75 Td (months ) Tj ET Q q 0 0 0 rg BT 495.49 600.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 600.75 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 72.49 588.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.92 588.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.92 588.75 Td (, ) Tj ET Q q 0 0 0 rg BT 115.40 588.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 163.06 588.75 Td (. ) Tj ET Q q 0 0 0 rg BT 168.55 588.75 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 215.42 588.75 Td (were ) Tj ET Q q 0 0 0 rg BT 237.83 588.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 284.14 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 298.79 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.99 588.75 Td (three ) Tj ET Q q 0 0 0 rg BT 336.97 588.75 Td (months ) Tj ET Q q 0 0 0 rg BT 369.40 588.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.27 588.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 440.35 588.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.35 588.75 Td (, ) Tj ET Q q 0 0 0 rg BT 465.84 588.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.27 588.75 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 503.76 588.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 535.64 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 588.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (three ) Tj ET Q q 0 0 0 rg BT 72.63 576.75 Td (months ) Tj ET Q q 0 0 0 rg BT 105.21 576.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.23 576.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 176.47 576.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.47 576.75 Td (. ) Tj ET Q q 0 0 0 rg BT 201.88 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 220.57 576.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.92 576.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 266.83 576.75 Td (related ) Tj ET Q q 0 0 0 rg BT 297.17 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 308.09 576.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 358.43 576.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 417.11 576.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 452.46 576.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.81 576.75 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 503.45 576.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.34 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 535.48 576.75 Td (for ) Tj ET Q q 0 0 0 rg BT 550.28 576.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 564.75 Td (months ) Tj ET Q q 0 0 0 rg BT 103.93 564.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 564.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 173.91 564.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 564.75 Td (, ) Tj ET Q q 0 0 0 rg BT 198.91 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.85 564.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 230.56 564.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 265.27 564.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.98 564.75 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 314.98 564.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.88 564.75 Td ( ) Tj ET Q q 0 0 0 rg BT 346.38 564.75 Td (for ) Tj ET Q q 0 0 0 rg BT 360.54 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 375.25 564.75 Td (three ) Tj ET Q q 0 0 0 rg BT 397.74 564.75 Td (months ) Tj ET Q q 0 0 0 rg BT 429.69 564.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.06 564.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 499.66 564.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.66 564.75 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 67.55 540.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 540.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 540.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 540.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 540.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 540.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.63 540.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 340.68 540.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 380.38 540.75 Td (stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 494.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 494.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 494.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 494.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 470.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 470.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 470.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 470.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 446.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 446.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 446.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 446.25 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 385.5 494.25 m 469.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 494.25 m 561.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 494.25 m 469.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 446.25 m 469.5 446.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 520.98 Td (Unvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 520.98 Td (W) Tj ET Q q 0 0 0 rg BT 490.07 520.98 Td (eighted ) Tj ET Q q 0 0 0 rg BT 523.13 520.98 Td (A) Tj ET Q q 0 0 0 rg BT 529.71 520.98 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.85 508.98 Td (Restricted Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 508.98 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.85 496.98 Td (\(in Shar) Tj ET Q q 0 0 0 rg BT 438.49 496.98 Td (es\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 496.98 Td (Fair) Tj ET Q q 0 0 0 rg BT 514.84 496.98 Td () Tj ET Q q 0 0 0 rg BT 517.16 496.98 Td (V) Tj ET Q q 0 0 0 rg BT 523.47 496.98 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 484.98 Td (December) Tj ET Q q 0 0 0 rg BT 95.22 484.98 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 484.98 Td (2,225,617) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 484.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 484.98 Td (46.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.87 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 472.87 Td (276,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 472.87 Td (90.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.87 Td (V) Tj ET Q q 0 0 0 rg BT 58.67 460.87 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 460.87 Td (\(574,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 460.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 460.87 Td (50.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.87 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 448.87 Td (\(930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 448.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 448.87 Td (35.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 436.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.70 436.98 Td (ch 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 436.98 Td (1,926,530) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 436.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 436.98 Td (51.41) Tj ET Q BT /F1 10.00 Tf ET 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 67.55 410.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 410.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 410.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 410.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 410.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 410.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.63 410.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 340.68 410.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 380.38 410.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 403.99 410.75 Td (units:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 364.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 364.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 364.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 364.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 340.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 340.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 340.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 340.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 316.25 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 316.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 316.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 316.25 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 385.5 364.25 m 469.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 364.25 m 561.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 364.25 m 469.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 316.25 m 469.5 316.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 390.98 Td (Unvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 390.98 Td (W) Tj ET Q q 0 0 0 rg BT 490.07 390.98 Td (eighted ) Tj ET Q q 0 0 0 rg BT 523.13 390.98 Td (A) Tj ET Q q 0 0 0 rg BT 529.71 390.98 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.05 378.98 Td (Restricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 378.98 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.40 366.98 Td (StockUnits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 366.98 Td (Fair) Tj ET Q q 0 0 0 rg BT 514.84 366.98 Td () Tj ET Q q 0 0 0 rg BT 517.16 366.98 Td (V) Tj ET Q q 0 0 0 rg BT 523.47 366.98 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.98 Td (December) Tj ET Q q 0 0 0 rg BT 95.22 354.98 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 354.98 Td (244,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 354.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 354.98 Td (27.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 342.87 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 342.87 Td (53,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 342.87 Td (92.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 330.87 Td (V) Tj ET Q q 0 0 0 rg BT 58.67 330.87 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 330.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 330.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 318.87 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 318.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 318.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 306.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.70 306.98 Td (ch 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 306.98 Td (298,568) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 306.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 306.98 Td (39.61) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.20 280.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.11 280.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 117.79 280.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.79 280.75 Td (, ) Tj ET Q q 0 0 0 rg BT 142.87 280.75 Td (there ) Tj ET Q q 0 0 0 rg BT 165.44 280.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.58 280.75 Td ($18.5 ) Tj ET Q q 0 0 0 rg BT 208.66 280.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.55 280.75 Td ( ) Tj ET Q q 0 0 0 rg BT 240.13 280.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.05 280.75 Td (total ) Tj ET Q q 0 0 0 rg BT 271.40 280.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 327.85 280.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 385.97 280.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 404.67 280.75 Td (related ) Tj ET Q q 0 0 0 rg BT 434.45 280.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.81 280.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 484.60 280.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.29 280.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 280.75 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.11 268.75 Td (units ) Tj ET Q q 0 0 0 rg BT 95.06 268.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.09 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.37 268.75 Td (be ) Tj ET Q q 0 0 0 rg BT 155.31 268.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 201.67 268.75 Td (over ) Tj ET Q q 0 0 0 rg BT 221.94 268.75 Td (a ) Tj ET Q q 0 0 0 rg BT 228.88 268.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 268.03 268.75 Td (average ) Tj ET Q q 0 0 0 rg BT 301.61 268.75 Td (period ) Tj ET Q q 0 0 0 rg BT 329.66 268.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.49 268.75 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 355.49 268.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.59 268.75 Td (.) 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 67.55 244.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 244.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 244.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 244.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 244.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 244.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.63 244.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 351.79 244.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 375.40 244.75 Td (options:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 186.25 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 186.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 186.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 186.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 186.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 186.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 186.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 186.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 162.25 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 162.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 162.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 162.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 162.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 162.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 162.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 162.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 138.25 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 138.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 138.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 138.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 138.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 138.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 138.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 138.25 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 243 186.25 m 313 186.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 186.25 m 391 186.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 186.25 m 483 186.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 186.25 m 561 186.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 186.25 m 313 186.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 138.25 m 313 138.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.85 224.98 Td (W) Tj ET Q q 0 0 0 rg BT 411.57 224.98 Td (eighted ) Tj ET Q q 0 0 0 rg BT 444.63 224.98 Td (A) Tj ET Q q 0 0 0 rg BT 451.21 224.98 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.20 212.98 Td (W) Tj ET Q q 0 0 0 rg BT 344.92 212.98 Td (eighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 212.98 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 200.98 Td (Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.10 200.98 Td (A) Tj ET Q q 0 0 0 rg BT 344.95 200.98 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 200.98 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 456.07 200.98 Td (T) Tj ET Q q 0 0 0 rg BT 462.19 200.98 Td (erm) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 200.98 Td (Aggr) Tj ET Q q 0 0 0 rg BT 525.22 200.98 Td (egate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.80 188.98 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 188.98 Td (Exer) Tj ET Q q 0 0 0 rg BT 345.61 188.98 Td (cisePrice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.95 188.98 Td (\(in) Tj ET Q q 0 0 0 rg BT 433.93 188.98 Td (Y) Tj ET Q q 0 0 0 rg BT 440.42 188.98 Td (ears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.95 188.98 Td (Intrinsic ) Tj ET Q q 0 0 0 rg BT 533.03 188.98 Td (V) Tj ET Q q 0 0 0 rg BT 539.70 188.98 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 176.98 Td (December) Tj ET Q q 0 0 0 rg BT 95.72 176.98 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 176.98 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 176.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 176.98 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 176.98 Td (0.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 176.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 176.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 164.87 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 164.87 Td (81,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 164.87 Td (99.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 152.87 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 152.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 152.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 140.87 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 140.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 140.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 128.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 71.20 128.98 Td (ch 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 128.98 Td (81,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 128.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 128.98 Td (99.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 128.98 Td (9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 128.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 128.98 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.75 Td (As ) Tj ET Q q 0 0 0 rg BT 62.30 102.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.32 102.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 115.10 102.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.10 102.75 Td (, ) Tj ET Q q 0 0 0 rg BT 139.29 102.75 Td (there ) Tj ET Q q 0 0 0 rg BT 160.96 102.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.20 102.75 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 197.39 102.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 102.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.97 102.75 Td (of ) Tj ET Q q 0 0 0 rg BT 237.98 102.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 293.53 102.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 350.76 102.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 368.56 102.75 Td (related ) Tj ET Q q 0 0 0 rg BT 397.45 102.75 Td (to ) Tj ET Q q 0 0 0 rg BT 406.91 102.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 429.71 102.75 Td (options ) Tj ET Q q 0 0 0 rg BT 460.84 102.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 498.06 102.75 Td (to ) Tj ET Q q 0 0 0 rg BT 507.53 102.75 Td (be ) Tj ET Q q 0 0 0 rg BT 518.65 102.75 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.75 Td (over ) Tj ET Q q 0 0 0 rg BT 69.77 90.75 Td (a ) Tj ET Q q 0 0 0 rg BT 76.71 90.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 115.86 90.75 Td (average ) Tj ET Q q 0 0 0 rg BT 149.45 90.75 Td (period ) Tj ET Q q 0 0 0 rg BT 177.49 90.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.32 90.75 Td (4.9 ) Tj ET Q q 0 0 0 rg BT 203.32 90.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.42 90.75 Td (. ) Tj ET Q q 0 0 0 rg BT 229.24 90.75 Td (There ) Tj ET Q q 0 0 0 rg BT 255.06 90.75 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.99 90.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.99 90.75 Td ( ) Tj ET Q q 0 0 0 rg BT 289.49 90.75 Td (options ) Tj ET Q q 0 0 0 rg BT 321.43 90.75 Td (exercised ) Tj ET Q q 0 0 0 rg BT 361.69 90.75 Td (during ) Tj ET Q q 0 0 0 rg BT 390.30 90.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.01 90.75 Td (three ) Tj ET Q q 0 0 0 rg BT 427.50 90.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.95 90.75 Td ( ) Tj ET Q q 0 0 0 rg BT 459.45 90.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.82 90.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 529.42 90.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.42 90.75 Td (. ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Acquisition-r) Tj ET Q q 0 0 0 rg BT 105.99 708.75 Td (elated Compensation ) Tj ET Q q 0 0 0 rg BT 197.66 708.75 Td (Arrangements) 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 69.78 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.40 684.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 147.55 684.75 Td (into ) Tj ET Q q 0 0 0 rg BT 167.84 684.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 246.98 684.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 307.26 684.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 365.85 684.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.36 684.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.29 684.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 467.79 684.75 Td (for ) Tj ET Q q 0 0 0 rg BT 484.18 684.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 524.45 684.75 Td (purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (Additional ) Tj ET Q q 0 0 0 rg BT 95.63 672.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.76 672.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 175.66 672.75 Td (may ) Tj ET Q q 0 0 0 rg BT 196.23 672.75 Td (be ) Tj ET Q q 0 0 0 rg BT 209.03 672.75 Td (available ) Tj ET Q q 0 0 0 rg BT 248.48 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 259.62 672.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 290.18 672.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 337.42 672.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 372.99 672.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 419.11 672.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 450.80 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.93 672.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 505.82 672.75 Td (an ) Tj ET Q q 0 0 0 rg BT 518.62 672.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.65 660.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 117.23 660.75 Td (threshold ) Tj ET Q q 0 0 0 rg BT 156.38 660.75 Td (during ) Tj ET Q q 0 0 0 rg BT 184.42 660.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.57 660.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.56 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.49 660.75 Td (year ) Tj ET Q q 0 0 0 rg BT 239.63 660.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 279.35 660.75 Td (post-acquisition ) Tj ET Q q 0 0 0 rg BT 345.17 660.75 Td (period ) Tj ET Q q 0 0 0 rg BT 372.65 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 382.36 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.51 660.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 422.88 660.75 Td (they ) Tj ET Q q 0 0 0 rg BT 442.03 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 456.17 660.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 497.54 660.75 Td (by ) Tj ET Q q 0 0 0 rg BT 509.47 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 660.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (at ) Tj ET Q q 0 0 0 rg BT 58.83 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 73.16 648.75 Td (time ) Tj ET Q q 0 0 0 rg BT 93.05 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 103.49 648.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 142.07 648.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 180.85 648.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 221.29 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 231.18 648.75 Td (be ) Tj ET Q q 0 0 0 rg BT 242.73 648.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 275.94 648.75 Td (related ) Tj ET Q q 0 0 0 rg BT 305.25 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.14 648.75 Td (this ) Tj ET Q q 0 0 0 rg BT 331.71 648.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 384.34 648.75 Td (award ) Tj ET Q q 0 0 0 rg BT 410.88 648.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 430.21 648.75 Td (will ) Tj ET Q q 0 0 0 rg BT 447.88 648.75 Td (be ) Tj ET Q q 0 0 0 rg BT 459.44 648.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 496.52 648.75 Td (as ) Tj ET Q q 0 0 0 rg BT 506.97 648.75 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 83.98 636.75 Td (on ) Tj ET Q q 0 0 0 rg BT 96.25 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.74 636.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.55 636.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.04 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.64 636.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 262.57 636.75 Td (over ) Tj ET Q q 0 0 0 rg BT 282.61 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.10 636.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 333.80 636.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 386.60 636.75 Td (period ) Tj ET Q q 0 0 0 rg BT 414.42 636.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.02 636.75 Td (three ) Tj ET Q q 0 0 0 rg BT 447.27 636.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.37 636.75 Td (. ) Tj ET Q q 0 0 0 rg BT 472.64 636.75 Td (As ) Tj ET Q q 0 0 0 rg BT 486.03 636.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.63 636.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 540.00 636.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 636.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 624.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.48 624.75 Td (had ) Tj ET Q q 0 0 0 rg BT 125.36 624.75 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.89 624.75 Td ($35.1 ) Tj ET Q q 0 0 0 rg BT 185.83 624.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.72 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 218.16 624.75 Td (related ) Tj ET Q q 0 0 0 rg BT 248.80 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 260.02 624.75 Td (this ) Tj ET Q q 0 0 0 rg BT 277.91 624.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 331.87 624.75 Td (award ) Tj ET Q q 0 0 0 rg BT 359.74 624.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 382.89 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.66 624.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.54 624.75 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 443.48 624.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.37 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 475.81 624.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.69 624.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 514.63 624.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.52 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 624.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.98 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 97.81 612.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 155.85 612.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 190.55 612.75 Td (for ) Tj ET Q q 0 0 0 rg BT 204.71 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.43 612.75 Td (three ) Tj ET Q q 0 0 0 rg BT 241.92 612.75 Td (months ) Tj ET Q q 0 0 0 rg BT 273.87 612.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.24 612.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 343.84 612.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.84 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 366.34 612.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.28 612.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.28 612.75 Td (, ) Tj ET Q q 0 0 0 rg BT 408.28 612.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 455.94 612.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (Deferr) Tj ET Q q 0 0 0 rg BT 77.63 588.75 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.13 588.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 154.30 588.75 Td (Plans) 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 (Company ) Tj ET Q q 0 0 0 rg BT 108.93 564.75 Td (maintains ) Tj ET Q q 0 0 0 rg BT 150.32 564.75 Td (various ) Tj ET Q q 0 0 0 rg BT 182.25 564.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 218.06 564.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.10 564.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 332.46 564.75 Td (for ) Tj ET Q q 0 0 0 rg BT 346.62 564.75 Td (employees.) 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 67.76 540.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 121.02 540.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 157.04 540.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 215.30 540.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 235.23 540.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.61 540.75 Td (an ) Tj ET Q q 0 0 0 rg BT 256.77 540.75 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 297.25 540.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 317.18 540.75 Td (which ) Tj ET Q q 0 0 0 rg BT 344.33 540.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 373.16 540.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 403.07 540.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.35 540.75 Td (compensated ) Tj ET Q q 0 0 0 rg BT 486.26 540.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 534.24 540.75 Td (at ) Tj ET Q q 0 0 0 rg BT 544.17 540.75 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (election, ) Tj ET Q q 0 0 0 rg BT 85.81 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.74 528.75 Td (defer ) Tj ET Q q 0 0 0 rg BT 118.43 528.75 Td (a ) Tj ET Q q 0 0 0 rg BT 125.03 528.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 170.48 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.97 528.75 Td (their ) Tj ET Q q 0 0 0 rg BT 201.45 528.75 Td (base ) Tj ET Q q 0 0 0 rg BT 221.38 528.75 Td (salary) Tj ET Q q 0 0 0 rg BT 244.60 528.75 Td (, ) Tj ET Q q 0 0 0 rg BT 249.26 528.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 303.64 528.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 331.34 528.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.27 528.75 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 387.99 528.75 Td (The ) Tj ET Q q 0 0 0 rg BT 405.69 528.75 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 442.82 528.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 461.09 528.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 513.23 528.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.82 528.75 Td (are ) Tj ET Q q 0 0 0 rg BT 544.19 528.75 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (forfeitable. ) Tj ET Q q 0 0 0 rg BT 95.97 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.03 516.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 150.42 516.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.24 516.75 Td (under ) Tj ET Q q 0 0 0 rg BT 211.52 516.75 Td (this ) Tj ET Q q 0 0 0 rg BT 228.47 516.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 248.20 516.75 Td (are ) Tj ET Q q 0 0 0 rg BT 262.92 516.75 Td (held ) Tj ET Q q 0 0 0 rg BT 282.64 516.75 Td (in ) Tj ET Q q 0 0 0 rg BT 292.93 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 299.88 516.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 331.27 516.75 Td (trust. ) Tj ET Q q 0 0 0 rg BT 353.87 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 371.93 516.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.33 516.75 Td (invests, ) Tj ET Q q 0 0 0 rg BT 446.12 516.75 Td (as ) Tj ET Q q 0 0 0 rg BT 456.96 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 463.90 516.75 Td (principal, ) Tj ET Q q 0 0 0 rg BT 504.46 516.75 Td (in ) Tj ET Q q 0 0 0 rg BT 514.74 516.75 Td (investments ) 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 58.86 504.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 114.31 504.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 139.78 504.75 Td (its ) Tj ET Q q 0 0 0 rg BT 150.81 504.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 192.94 504.75 Td (under ) Tj ET Q q 0 0 0 rg BT 217.30 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.10 504.75 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 283.23 504.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.12 504.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.24 504.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 396.54 504.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 446.45 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 455.82 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.62 504.75 Td (grantor ) Tj ET Q q 0 0 0 rg BT 500.08 504.75 Td (trust, ) Tj ET Q q 0 0 0 rg BT 521.94 504.75 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 492.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 92.29 492.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 120.35 492.75 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.91 492.75 Td ($32.1 ) Tj ET Q q 0 0 0 rg BT 176.75 492.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.64 492.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.98 492.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.76 492.75 Td ($31.5 ) Tj ET Q q 0 0 0 rg BT 252.61 492.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 492.75 Td ( ) Tj ET Q q 0 0 0 rg BT 284.84 492.75 Td (as ) Tj ET Q q 0 0 0 rg BT 296.51 492.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.18 492.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 352.63 492.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.63 492.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.97 492.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.75 492.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 453.17 492.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.17 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 479.02 492.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 526.68 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 532.52 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 492.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (included ) Tj ET Q q 0 0 0 rg BT 86.97 480.75 Td (in ) Tj ET Q q 0 0 0 rg BT 97.79 480.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.60 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 161.64 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.90 480.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 230.48 480.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.73 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 480.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.12 480.75 Td (condition. ) Tj ET Q q 0 0 0 rg BT 368.22 480.75 Td (The ) Tj ET Q q 0 0 0 rg BT 386.80 480.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.38 480.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 481.73 480.75 Td (by ) Tj ET Q q 0 0 0 rg BT 494.77 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 510.02 480.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 555.83 480.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 88.85 468.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.78 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.14 468.75 Td (period ) Tj ET Q q 0 0 0 rg BT 140.84 468.75 Td (earned. ) Tj ET Q q 0 0 0 rg BT 171.98 468.75 Td (The ) Tj ET Q q 0 0 0 rg BT 189.67 468.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 225.12 468.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.81 468.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 316.07 468.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.77 468.75 Td ($32.2 ) Tj ET Q q 0 0 0 rg BT 358.42 468.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.31 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 389.46 468.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 468.75 Td ($31.6 ) Tj ET Q q 0 0 0 rg BT 430.69 468.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.58 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 461.73 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 472.21 468.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.68 468.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.93 468.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.93 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 468.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.14 456.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.14 456.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.20 456.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 180.86 456.75 Td (. ) Tj ET Q q 0 0 0 rg BT 185.92 456.75 Td (Changes ) Tj ET Q q 0 0 0 rg BT 222.91 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.25 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 248.02 456.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.46 456.75 Td (value ) Tj ET Q q 0 0 0 rg BT 288.67 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 299.56 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.33 456.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.67 456.75 Td (made ) Tj ET Q q 0 0 0 rg BT 388.88 456.75 Td (by ) Tj ET Q q 0 0 0 rg BT 401.44 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.21 456.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 457.65 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 472.42 456.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 508.29 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.63 456.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (income ) Tj ET Q q 0 0 0 rg BT 81.46 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 98.42 444.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.16 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.46 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.20 444.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 217.94 444.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 253.77 444.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 311.84 444.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 345.47 444.75 Td (are ) Tj ET Q q 0 0 0 rg BT 360.20 444.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 397.70 444.75 Td (as ) Tj ET Q q 0 0 0 rg BT 408.56 444.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 466.62 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.59 444.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 517.77 444.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 552.50 444.75 Td (on ) 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 64.33 432.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.48 432.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 162.30 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 173.25 432.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 220.01 432.75 Td (On ) Tj ET Q q 0 0 0 rg BT 234.27 432.75 Td (August ) Tj ET Q q 0 0 0 rg BT 265.77 432.75 Td (9, ) Tj ET Q q 0 0 0 rg BT 275.88 432.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 300.99 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.82 432.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 363.01 432.75 Td (board ) Tj ET Q q 0 0 0 rg BT 388.39 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 399.34 432.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 436.93 432.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 476.75 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.58 432.75 Td (discontinuance ) Tj ET Q q 0 0 0 rg BT 554.17 432.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 420.75 Td (deferral ) Tj ET Q q 0 0 0 rg BT 109.46 420.75 Td (elections ) Tj ET Q q 0 0 0 rg BT 147.50 420.75 Td (by ) Tj ET Q q 0 0 0 rg BT 160.00 420.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 209.15 420.75 Td (for ) Tj ET Q q 0 0 0 rg BT 223.31 420.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 276.34 420.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 308.27 420.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 350.77 420.75 Td (after ) Tj ET Q q 0 0 0 rg BT 371.58 420.75 Td (December ) Tj ET Q q 0 0 0 rg BT 415.17 420.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 430.17 420.75 Td (2017.) 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 67.43 396.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 90.93 396.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 102.41 396.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 120.89 396.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 168.27 396.75 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 199.54 396.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 222.49 396.75 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 265.42 396.75 Td (Share ) Tj ET Q q 0 0 0 rg BT 290.57 396.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 337.39 396.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 357.55 396.75 Td (is ) Tj ET Q q 0 0 0 rg BT 366.61 396.75 Td (a ) Tj ET Q q 0 0 0 rg BT 373.43 396.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 394.70 396.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 424.86 396.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.55 396.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 518.47 396.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 538.08 396.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 77.96 384.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.31 384.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 155.42 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.55 384.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 186.78 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 196.91 384.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 228.13 384.75 Td (a ) Tj ET Q q 0 0 0 rg BT 234.92 384.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 266.16 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.84 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.41 384.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.42 384.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 388.31 384.75 Td (they ) Tj ET Q q 0 0 0 rg BT 407.88 384.75 Td (would ) Tj ET Q q 0 0 0 rg BT 435.24 384.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 476.47 384.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 507.68 384.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.82 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.39 384.75 Td (form ) Tj ET Q q 0 0 0 rg BT 554.18 384.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.63 372.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 116.16 372.75 Td (instead ) Tj ET Q q 0 0 0 rg BT 147.41 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.12 372.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 198.25 372.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 228.95 372.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 250.20 372.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.12 372.75 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 314.50 372.75 Td (A) Tj ET Q q 0 0 0 rg BT 320.80 372.75 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 355.02 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 366.28 372.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.09 372.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 440.73 372.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 469.70 372.75 Td (A) Tj ET Q q 0 0 0 rg BT 476.00 372.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 502.81 372.75 Td (are ) Tj ET Q q 0 0 0 rg BT 517.94 372.75 Td (awarded ) Tj ET Q q 0 0 0 rg BT 554.74 372.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 93.44 360.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 139.05 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 149.66 360.75 Td (February ) Tj ET Q q 0 0 0 rg BT 188.60 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.77 360.75 Td (each ) Tj ET Q q 0 0 0 rg BT 220.93 360.75 Td (year) Tj ET Q q 0 0 0 rg BT 237.73 360.75 Td (, ) Tj ET Q q 0 0 0 rg BT 243.07 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.35 360.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 299.83 360.75 Td (a ) Tj ET Q q 0 0 0 rg BT 307.11 360.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 338.84 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 350.01 360.75 Td (their ) Tj ET Q q 0 0 0 rg BT 371.17 360.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 429.55 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 444.05 360.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 497.42 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 508.03 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.09 360.75 Td (preceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (year ) Tj ET Q q 0 0 0 rg BT 69.45 348.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 99.96 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.48 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.43 348.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 172.15 348.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 204.33 348.75 Td (Grants. ) Tj ET Q q 0 0 0 rg BT 236.22 348.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 265.04 348.75 Td (A) Tj ET Q q 0 0 0 rg BT 271.35 348.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 297.97 348.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 316.82 348.75 Td (ratably ) Tj ET Q q 0 0 0 rg BT 347.32 348.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.83 348.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.81 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.55 348.75 Td (years ) Tj ET Q q 0 0 0 rg BT 414.39 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 424.91 348.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 449.30 348.75 Td (installments ) Tj ET Q q 0 0 0 rg BT 500.37 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.55 348.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.83 348.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 91.42 336.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 122.80 336.75 Td (after ) Tj ET Q q 0 0 0 rg BT 143.60 336.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 192.19 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.00 336.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 255.48 336.75 Td (so ) Tj ET Q q 0 0 0 rg BT 266.86 336.75 Td (long ) Tj ET Q q 0 0 0 rg BT 287.13 336.75 Td (as ) Tj ET Q q 0 0 0 rg BT 297.94 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.65 336.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 354.01 336.75 Td (does ) Tj ET Q q 0 0 0 rg BT 374.83 336.75 Td (not ) Tj ET Q q 0 0 0 rg BT 390.09 336.75 Td (violate ) Tj ET Q q 0 0 0 rg BT 419.79 336.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.48 336.75 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 518.07 336.75 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (set ) Tj ET Q q 0 0 0 rg BT 64.21 324.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 87.26 324.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.64 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.46 324.75 Td (award ) Tj ET Q q 0 0 0 rg BT 142.50 324.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.74 324.75 Td (or ) Tj ET Q q 0 0 0 rg BT 199.68 324.75 Td (any ) Tj ET Q q 0 0 0 rg BT 217.72 324.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 262.97 324.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 295.99 324.75 Td (into ) Tj ET Q q 0 0 0 rg BT 315.16 324.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.76 324.75 Td (termination. ) Tj ET Q q 0 0 0 rg BT 390.96 324.75 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 438.45 324.75 Td (are ) Tj ET Q q 0 0 0 rg BT 454.26 324.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.84 324.75 Td (as ) Tj ET Q q 0 0 0 rg BT 504.77 324.75 Td (a ) Tj ET Q q 0 0 0 rg BT 512.82 324.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 554.19 324.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.53 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.46 312.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 161.60 312.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 197.29 312.75 Td (within ) Tj ET Q q 0 0 0 rg BT 226.34 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.04 312.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 296.07 312.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 341.77 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 353.59 312.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 401.23 312.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 430.64 312.75 Td (A) Tj ET Q q 0 0 0 rg BT 436.94 312.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 464.31 312.75 Td (are ) Tj ET Q q 0 0 0 rg BT 480.00 312.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 510.15 312.75 Td (by ) Tj ET Q q 0 0 0 rg BT 523.64 312.75 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (recipients ) Tj ET Q q 0 0 0 rg BT 90.52 300.75 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 124.32 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.25 300.75 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 199.14 300.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 230.18 300.75 Td (restrictions\) ) Tj ET Q q 0 0 0 rg BT 280.09 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.68 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 307.15 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 327.63 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 341.99 300.75 Td (not ) Tj ET Q q 0 0 0 rg BT 356.91 300.75 Td (included ) Tj ET Q q 0 0 0 rg BT 393.49 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 405.64 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.00 300.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.69 300.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 517.05 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 300.75 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 264.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.23 264.75 Td (has ) Tj ET Q q 0 0 0 rg BT 123.71 264.75 Td (also ) Tj ET Q q 0 0 0 rg BT 141.97 264.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.10 264.75 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 202.46 264.75 Td (A) Tj ET Q q 0 0 0 rg BT 208.76 264.75 Td (wards ) Tj ET Q q 0 0 0 rg BT 234.79 264.75 Td (to ) Tj ET Q q 0 0 0 rg BT 244.72 264.75 Td (new ) Tj ET Q q 0 0 0 rg BT 263.53 264.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 308.44 264.75 Td (as ) Tj ET Q q 0 0 0 rg BT 318.92 264.75 Td (a ) Tj ET Q q 0 0 0 rg BT 325.51 264.75 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 366.53 264.75 Td (tool. ) Tj ET Q q 0 0 0 rg BT 386.73 264.75 Td (Employees ) Tj ET Q q 0 0 0 rg BT 433.31 264.75 Td (must ) Tj ET Q q 0 0 0 rg BT 454.91 264.75 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 479.83 264.75 Td (service ) Tj ET Q q 0 0 0 rg BT 510.30 264.75 Td (requirements ) 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 60.38 252.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 101.24 252.75 Td (for ) Tj ET Q q 0 0 0 rg BT 116.01 252.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 141.89 252.75 Td (to ) Tj ET Q q 0 0 0 rg BT 152.78 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.10 252.75 Td (awards. ) Tj ET Q q 0 0 0 rg BT 202.02 252.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 262.90 252.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 298.22 252.75 Td (from ) Tj ET Q q 0 0 0 rg BT 320.76 252.75 Td (these ) Tj ET Q q 0 0 0 rg BT 344.41 252.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 375.84 252.75 Td (are ) Tj ET Q q 0 0 0 rg BT 391.15 252.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 434.24 252.75 Td (on ) Tj ET Q q 0 0 0 rg BT 447.34 252.75 Td (a ) Tj ET Q q 0 0 0 rg BT 454.89 252.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 506.31 252.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 529.42 252.75 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 252.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.43 240.75 Td (service ) Tj ET Q q 0 0 0 rg BT 117.25 240.75 Td (period ) Tj ET Q q 0 0 0 rg BT 145.30 240.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 240.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.13 240.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 240.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 240.75 Td (five ) Tj ET Q q 0 0 0 rg BT 201.95 240.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.05 240.75 Td (. ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 13) 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 \("EPS"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.33 708.75 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 65.01 672.75 Td (income ) Tj ET Q q 0 0 0 rg BT 97.73 672.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 142.11 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 153.18 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 177.58 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 189.06 672.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 208.45 672.75 Td (Companies' ) Tj ET Q q 0 0 0 rg BT 258.54 672.75 Td (common ) Tj ET Q q 0 0 0 rg BT 296.82 672.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 350.65 672.75 Td (by ) Tj ET Q q 0 0 0 rg BT 363.94 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.45 672.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 419.40 672.75 Td (average ) Tj ET Q q 0 0 0 rg BT 453.77 672.75 Td (number ) Tj ET Q q 0 0 0 rg BT 487.61 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 499.23 672.75 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 100.06 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.62 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.74 660.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 163.68 660.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 182.02 660.75 Td (income ) Tj ET Q q 0 0 0 rg BT 215.35 660.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 260.34 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 272.01 660.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 297.02 660.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 308.50 660.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 328.49 660.75 Td (Companies' ) Tj ET Q q 0 0 0 rg BT 379.19 660.75 Td (common ) Tj ET Q q 0 0 0 rg BT 418.08 660.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 472.52 660.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 516.95 660.75 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 91.98 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.15 648.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 123.64 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 135.12 648.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 152.61 648.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 198.99 648.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 232.03 648.75 Td (by ) Tj ET Q q 0 0 0 rg BT 243.42 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 257.02 648.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 297.84 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 307.56 648.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 342.83 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 352.00 648.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 403.92 648.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 445.57 648.75 Td (No ) Tj ET Q q 0 0 0 rg BT 459.19 648.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 500.00 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.72 648.75 Td (undistributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.77 636.75 Td (is ) Tj ET Q q 0 0 0 rg BT 94.84 636.75 Td (made ) Tj ET Q q 0 0 0 rg BT 118.89 636.75 Td (for ) Tj ET Q q 0 0 0 rg BT 132.94 636.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 164.78 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 174.95 636.75 Td (which ) Tj ET Q q 0 0 0 rg BT 201.78 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 208.62 636.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 226.57 636.75 Td (is ) Tj ET Q q 0 0 0 rg BT 235.64 636.75 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 273.85 636.75 Td (or ) Tj ET Q q 0 0 0 rg BT 284.57 636.75 Td (for ) Tj ET Q q 0 0 0 rg BT 298.63 636.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 330.46 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 340.64 636.75 Td (which ) Tj ET Q q 0 0 0 rg BT 367.47 636.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 387.63 636.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 428.91 636.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 459.06 636.75 Td (net ) Tj ET Q q 0 0 0 rg BT 473.67 636.75 Td (income ) Tj ET Q q 0 0 0 rg BT 505.50 636.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 542.89 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 553.07 636.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 105.01 624.75 Td (loss. ) Tj ET Q q 0 0 0 rg BT 125.81 624.75 Td (Distributed ) Tj ET Q q 0 0 0 rg BT 173.55 624.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 210.16 624.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 233.17 624.75 Td (dividends\) ) Tj ET Q q 0 0 0 rg BT 278.13 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 293.07 624.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 331.90 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.42 624.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 395.70 624.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 438.09 624.75 Td (All ) Tj ET Q q 0 0 0 rg BT 453.61 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.68 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.64 624.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.96 624.75 Td (unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 88.96 612.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 116.20 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 130.67 612.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 164.02 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 174.05 612.75 Td (be ) Tj ET Q q 0 0 0 rg BT 185.75 612.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 238.54 612.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.56 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 289.14 612.75 Td (they ) Tj ET Q q 0 0 0 rg BT 308.62 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 323.08 612.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 355.33 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 365.36 612.75 Td (share ) Tj ET Q q 0 0 0 rg BT 388.71 612.75 Td (in ) Tj ET Q q 0 0 0 rg BT 398.75 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 413.22 612.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 441.58 612.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 464.11 612.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 495.23 612.75 Td (dividends\) ) Tj ET Q q 0 0 0 rg BT 539.70 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 612.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 600.75 Td (. ) Tj ET Q q 0 0 0 rg BT 92.30 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 110.06 600.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 156.86 600.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 196.28 600.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 219.61 600.75 Td (units ) Tj ET Q q 0 0 0 rg BT 241.28 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 255.70 600.75 Td (not ) Tj ET Q q 0 0 0 rg BT 270.70 600.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 323.46 600.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 363.44 600.75 Td (as ) Tj ET Q q 0 0 0 rg BT 373.99 600.75 Td (they ) Tj ET Q q 0 0 0 rg BT 393.43 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 407.85 600.75 Td (not ) Tj ET Q q 0 0 0 rg BT 422.85 600.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 455.06 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 465.06 600.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 496.14 600.75 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 539.75 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 550.29 600.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 92.59 588.75 Td (are ) Tj ET Q q 0 0 0 rg BT 109.01 588.75 Td (forfeitable ) Tj ET Q q 0 0 0 rg BT 154.86 588.75 Td (until ) Tj ET Q q 0 0 0 rg BT 177.40 588.75 Td (vested. ) Tj ET Q q 0 0 0 rg BT 209.66 588.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 243.86 588.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 281.94 588.75 Td (per ) Tj ET Q q 0 0 0 rg BT 298.92 588.75 Td (common ) Tj ET Q q 0 0 0 rg BT 338.12 588.75 Td (share ) Tj ET Q q 0 0 0 rg BT 363.43 588.75 Td (is ) Tj ET Q q 0 0 0 rg BT 374.31 588.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 419.04 588.75 Td (by ) Tj ET Q q 0 0 0 rg BT 433.25 588.75 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 474.13 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.55 588.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 531.41 588.75 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.67 576.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.16 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 136.43 576.75 Td (assume ) Tj ET Q q 0 0 0 rg BT 168.37 576.75 Td (conversion ) Tj ET Q q 0 0 0 rg BT 214.75 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.58 576.75 Td (all ) Tj ET Q q 0 0 0 rg BT 238.07 576.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 283.34 576.75 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 316.39 576.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 340.00 576.75 Td (options ) Tj ET Q q 0 0 0 rg BT 371.95 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.89 576.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 428.59 576.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 452.20 576.75 Td (units. ) 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 67.55 552.75 Td (computation ) Tj ET Q q 0 0 0 rg BT 120.04 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.87 552.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.24 552.75 Td (per ) Tj ET Q q 0 0 0 rg BT 182.51 552.75 Td (share ) Tj ET Q q 0 0 0 rg BT 206.11 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 215.28 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 226.11 552.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 506.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 506.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 506.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 506.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 482.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 482.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 458.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 458.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 458.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 458.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 434.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 434.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 434.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 434.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 410.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 410.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 410.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 410.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 386.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 386.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 386.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 386.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 362.25 356.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 362.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 362.25 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 362.25 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 405 518.25 m 475 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 518.25 m 492 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 518.25 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 405 518.25 m 475 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 506.25 m 475 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 518.25 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 492 506.25 m 562 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 482.25 m 475 482.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 482.25 m 562 482.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 471.25 m 475 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 469.25 m 475 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 471.25 m 562 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 469.25 m 562 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 410.25 m 475 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 410.25 m 562 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 410.25 m 475 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 398.25 m 475 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 410.25 m 562 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 398.25 m 562 398.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.50 532.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 454.08 532.98 Td (ee Months Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 522.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 520.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 479.94 520.98 Td (ch 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 510.20 Td (\(Amounts in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 177.86 510.20 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.50 508.98 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 508.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 496.87 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 189.33 496.87 Td (fray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 496.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 496.98 Td (10,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 496.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 496.87 Td (20,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 484.87 Td (Earnings allocated to participating securities \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.30 485.03 Td (\(4,168) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 484.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 484.87 Td (\(3,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 484.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 472.87 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 189.33 472.87 Td (fray Companies' common shareholders \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 472.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 472.98 Td (6,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 472.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 472.87 Td (16,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 448.87 Td (Shares for basic and diluted calculations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 436.87 Td (A) Tj ET Q q 0 0 0 rg BT 64.35 436.87 Td (verage shares used in basic computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 436.98 Td (13,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 436.87 Td (12,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 424.87 Td (Stock options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 424.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 424.87 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 412.87 Td (Restricted stock units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 412.98 Td (286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 412.87 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 400.87 Td (A) Tj ET Q q 0 0 0 rg BT 58.35 400.87 Td (verage shares used in diluted computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 400.98 Td (13,382) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.50 402.30 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 400.87 Td (12,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 376.87 Td (Earnings per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 364.87 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 364.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 364.98 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 364.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 364.87 Td (1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 352.87 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 352.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 352.98 Td (0.47) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.50 354.30 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 352.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 352.87 Td (1.31) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 335.75 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 335.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 335.75 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 335.75 Td (esents ) Tj ET Q q 0 0 0 rg BT 109.10 335.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.54 335.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 161.48 335.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.92 335.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 212.37 335.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.31 335.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 278.76 335.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 312.71 335.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.15 335.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 371.59 335.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 410.78 335.75 Td (No ) Tj ET Q q 0 0 0 rg BT 423.73 335.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 462.67 335.75 Td (of ) Tj ET Q q 0 0 0 rg BT 472.11 335.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 522.56 335.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 556.50 335.75 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 324.95 Td (made ) Tj ET Q q 0 0 0 rg BT 89.33 324.95 Td (for ) Tj ET Q q 0 0 0 rg BT 102.17 324.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 131.50 324.95 Td (in ) Tj ET Q q 0 0 0 rg BT 140.84 324.95 Td (which ) Tj ET Q q 0 0 0 rg BT 164.68 324.95 Td (a ) Tj ET Q q 0 0 0 rg BT 171.51 324.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 187.85 324.95 Td (is ) Tj ET Q q 0 0 0 rg BT 196.19 324.95 Td (incurr) Tj ET Q q 0 0 0 rg BT 218.36 324.95 Td (ed, ) Tj ET Q q 0 0 0 rg BT 231.44 324.95 Td (or ) Tj ET Q q 0 0 0 rg BT 241.78 324.95 Td (for ) Tj ET Q q 0 0 0 rg BT 254.62 324.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 283.95 324.95 Td (in ) Tj ET Q q 0 0 0 rg BT 293.29 324.95 Td (which ) Tj ET Q q 0 0 0 rg BT 317.12 324.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 335.95 324.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 372.78 324.95 Td (exceed ) Tj ET Q q 0 0 0 rg BT 399.59 324.95 Td (net ) Tj ET Q q 0 0 0 rg BT 412.92 324.95 Td (income ) Tj ET Q q 0 0 0 rg BT 441.25 324.95 Td (r) Tj ET Q q 0 0 0 rg BT 444.42 324.95 Td (esulting ) Tj ET Q q 0 0 0 rg BT 475.25 324.95 Td (in ) Tj ET Q q 0 0 0 rg BT 484.59 324.95 Td (an ) Tj ET Q q 0 0 0 rg BT 495.92 324.95 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 546.26 324.95 Td (loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 314.15 Td (Distributed ) Tj ET Q q 0 0 0 rg BT 109.94 314.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 142.88 314.15 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 162.55 314.15 Td (dividends\) ) Tj ET Q q 0 0 0 rg BT 201.48 314.15 Td (ar) Tj ET Q q 0 0 0 rg BT 209.15 314.15 Td (e ) Tj ET Q q 0 0 0 rg BT 214.58 314.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 249.51 314.15 Td (to ) Tj ET Q q 0 0 0 rg BT 257.95 314.15 Td (participating ) Tj ET Q q 0 0 0 rg BT 306.38 314.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 344.56 314.15 Td (Participating ) Tj ET Q q 0 0 0 rg BT 394.00 314.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.93 314.15 Td (include ) Tj ET Q q 0 0 0 rg BT 457.85 314.15 Td (all ) Tj ET Q q 0 0 0 rg BT 468.79 314.15 Td (of ) Tj ET Q q 0 0 0 rg BT 477.23 314.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.66 314.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 531.02 314.15 Td (unvested ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 303.35 Td (r) Tj ET Q q 0 0 0 rg BT 70.67 303.35 Td (estricted ) Tj ET Q q 0 0 0 rg BT 102.88 303.35 Td (shar) Tj ET Q q 0 0 0 rg BT 118.55 303.35 Td (es. ) Tj ET Q q 0 0 0 rg BT 129.52 303.35 Td (The ) Tj ET Q q 0 0 0 rg BT 144.25 303.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 177.97 303.35 Td (average ) Tj ET Q q 0 0 0 rg BT 208.18 303.35 Td (participating ) Tj ET Q q 0 0 0 rg BT 256.40 303.35 Td (shar) Tj ET Q q 0 0 0 rg BT 272.07 303.35 Td (es ) Tj ET Q q 0 0 0 rg BT 280.79 303.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 324.52 303.35 Td (wer) Tj ET Q q 0 0 0 rg BT 337.69 303.35 Td (e ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.91 303.35 Td (2,089,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.91 303.35 Td ( ) Tj ET Q q 0 0 0 rg BT 380.13 303.35 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.85 303.35 Td (2,630,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.85 303.35 Td ( ) Tj ET Q q 0 0 0 rg BT 432.08 303.35 Td (for ) Tj ET Q q 0 0 0 rg BT 443.80 303.35 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.02 303.35 Td (thr) Tj ET Q q 0 0 0 rg BT 466.19 303.35 Td (ee ) Tj ET Q q 0 0 0 rg BT 475.41 303.35 Td (months) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.41 303.35 Td ( ) Tj ET Q q 0 0 0 rg BT 502.63 303.35 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.35 303.35 Td (Mar) Tj ET Q q 0 0 0 rg BT 540.51 303.35 Td (ch31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 292.55 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 292.55 Td ( ) Tj ET Q q 0 0 0 rg BT 87.75 292.55 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.50 292.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.50 292.55 Td (, ) Tj ET Q q 0 0 0 rg BT 126.00 292.55 Td (r) Tj ET Q q 0 0 0 rg BT 129.17 292.55 Td (espectively) Tj ET Q q 0 0 0 rg BT 168.14 292.55 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 277.55 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.99 277.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 277.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 81.89 277.55 Td (income ) Tj ET Q q 0 0 0 rg BT 109.78 277.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 149.66 277.55 Td (to ) Tj ET Q q 0 0 0 rg BT 158.55 277.55 Td (Piper ) Tj ET Q q 0 0 0 rg BT 180.44 277.55 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 207.83 277.55 Td (Companies' ) Tj ET Q q 0 0 0 rg BT 252.15 277.55 Td (common ) Tj ET Q q 0 0 0 rg BT 284.54 277.55 Td (shar) Tj ET Q q 0 0 0 rg BT 300.21 277.55 Td (eholders ) Tj ET Q q 0 0 0 rg BT 333.10 277.55 Td (for ) Tj ET Q q 0 0 0 rg BT 345.49 277.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 372.38 277.55 Td (and ) Tj ET Q q 0 0 0 rg BT 387.78 277.55 Td (basic ) Tj ET Q q 0 0 0 rg BT 408.67 277.55 Td (EPS ) Tj ET Q q 0 0 0 rg BT 426.06 277.55 Td (may ) Tj ET Q q 0 0 0 rg BT 442.95 277.55 Td (differ ) Tj ET Q q 0 0 0 rg BT 464.34 277.55 Td (under ) Tj ET Q q 0 0 0 rg BT 487.23 277.55 Td (the ) Tj ET Q q 0 0 0 rg BT 500.12 277.55 Td (two-class ) Tj ET Q q 0 0 0 rg BT 536.01 277.55 Td (method ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 266.75 Td (as ) Tj ET Q q 0 0 0 rg BT 77.33 266.75 Td (a ) Tj ET Q q 0 0 0 rg BT 83.67 266.75 Td (r) Tj ET Q q 0 0 0 rg BT 86.84 266.75 Td (esult ) Tj ET Q q 0 0 0 rg BT 105.67 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.50 266.75 Td (adding ) Tj ET Q q 0 0 0 rg BT 141.33 266.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.16 266.75 Td (effect ) Tj ET Q q 0 0 0 rg BT 175.48 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.31 266.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.14 266.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 229.97 266.75 Td (exer) Tj ET Q q 0 0 0 rg BT 245.12 266.75 Td (cise ) Tj ET Q q 0 0 0 rg BT 260.95 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.78 266.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 290.10 266.75 Td (options ) Tj ET Q q 0 0 0 rg BT 318.44 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.77 266.75 Td (r) Tj ET Q q 0 0 0 rg BT 336.94 266.75 Td (estricted ) Tj ET Q q 0 0 0 rg BT 369.76 266.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 390.09 266.75 Td (units ) Tj ET Q q 0 0 0 rg BT 409.43 266.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.26 266.75 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 447.08 266.75 Td (shar) Tj ET Q q 0 0 0 rg BT 462.75 266.75 Td (es ) Tj ET Q q 0 0 0 rg BT 472.08 266.75 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 518.67 266.75 Td (which ) Tj ET Q q 0 0 0 rg BT 542.00 266.75 Td (alters ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 255.95 Td (the ) Tj ET Q q 0 0 0 rg BT 79.88 255.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 98.77 255.95 Td (used ) Tj ET Q q 0 0 0 rg BT 116.66 255.95 Td (to ) Tj ET Q q 0 0 0 rg BT 125.04 255.95 Td (allocate ) Tj ET Q q 0 0 0 rg BT 155.42 255.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 188.31 255.95 Td (to ) Tj ET Q q 0 0 0 rg BT 196.69 255.95 Td (Piper ) Tj ET Q q 0 0 0 rg BT 218.08 255.95 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 244.96 255.95 Td (Companies' ) Tj ET Q q 0 0 0 rg BT 288.77 255.95 Td (common ) Tj ET Q q 0 0 0 rg BT 320.65 255.95 Td (shar) Tj ET Q q 0 0 0 rg BT 336.32 255.95 Td (eholders ) Tj ET Q q 0 0 0 rg BT 368.70 255.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.59 255.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 431.97 255.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 467.85 255.95 Td (for ) Tj ET Q q 0 0 0 rg BT 479.74 255.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 513.63 255.95 Td (of ) Tj ET Q q 0 0 0 rg BT 522.02 255.95 Td (calculating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 245.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 94.75 245.15 Td (and ) Tj ET Q q 0 0 0 rg BT 110.50 245.15 Td (basic ) Tj ET Q q 0 0 0 rg BT 131.74 245.15 Td (EPS.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 231.35 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 231.35 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 102.88 231.35 Td (per ) Tj ET Q q 0 0 0 rg BT 117.26 231.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 144.64 231.35 Td (common ) Tj ET Q q 0 0 0 rg BT 177.51 231.35 Td (shar) Tj ET Q q 0 0 0 rg BT 193.18 231.35 Td (e ) Tj ET Q q 0 0 0 rg BT 199.55 231.35 Td (is ) Tj ET Q q 0 0 0 rg BT 207.94 231.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.80 231.35 Td (using ) Tj ET Q q 0 0 0 rg BT 269.69 231.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.06 231.35 Td (basic ) Tj ET Q q 0 0 0 rg BT 304.44 231.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 339.31 231.35 Td (average ) Tj ET Q q 0 0 0 rg BT 370.68 231.35 Td (number ) Tj ET Q q 0 0 0 rg BT 400.55 231.35 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 231.35 Td (common ) Tj ET Q q 0 0 0 rg BT 442.81 231.35 Td (shar) Tj ET Q q 0 0 0 rg BT 458.48 231.35 Td (es ) Tj ET Q q 0 0 0 rg BT 468.36 231.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 513.24 231.35 Td (for ) Tj ET Q q 0 0 0 rg BT 526.12 231.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 555.50 231.35 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 220.55 Td (which ) Tj ET Q q 0 0 0 rg BT 91.50 220.55 Td (a ) Tj ET Q q 0 0 0 rg BT 98.50 220.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 115.01 220.55 Td (is ) Tj ET Q q 0 0 0 rg BT 123.51 220.55 Td (incurr) Tj ET Q q 0 0 0 rg BT 145.68 220.55 Td (ed, ) Tj ET Q q 0 0 0 rg BT 158.92 220.55 Td (or ) Tj ET Q q 0 0 0 rg BT 169.43 220.55 Td (for ) Tj ET Q q 0 0 0 rg BT 182.43 220.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 211.93 220.55 Td (in ) Tj ET Q q 0 0 0 rg BT 221.44 220.55 Td (which ) Tj ET Q q 0 0 0 rg BT 245.44 220.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.43 220.55 Td (dividends ) Tj ET Q q 0 0 0 rg BT 301.43 220.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 328.40 220.55 Td (net ) Tj ET Q q 0 0 0 rg BT 341.90 220.55 Td (income ) Tj ET Q q 0 0 0 rg BT 370.39 220.55 Td (r) Tj ET Q q 0 0 0 rg BT 373.56 220.55 Td (esulting ) Tj ET Q q 0 0 0 rg BT 404.56 220.55 Td (in ) Tj ET Q q 0 0 0 rg BT 414.06 220.55 Td (an ) Tj ET Q q 0 0 0 rg BT 425.56 220.55 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 476.06 220.55 Td (loss. ) Tj ET Q q 0 0 0 rg BT 494.82 220.55 Td (Common ) Tj ET Q q 0 0 0 rg BT 529.83 220.55 Td (shar) Tj ET Q q 0 0 0 rg BT 545.50 220.55 Td (es ) Tj ET Q q 0 0 0 rg BT 555.49 220.55 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 209.75 Td (1,926,530) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.50 209.75 Td ( ) Tj ET Q q 0 0 0 rg BT 105.75 209.75 Td (wer) Tj ET Q q 0 0 0 rg BT 118.92 209.75 Td (e ) Tj ET Q q 0 0 0 rg BT 125.16 209.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 159.39 209.75 Td (fr) Tj ET Q q 0 0 0 rg BT 165.06 209.75 Td (om ) Tj ET Q q 0 0 0 rg BT 178.31 209.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 205.55 209.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 223.30 209.75 Td (at ) Tj ET Q q 0 0 0 rg BT 232.55 209.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 247.72 209.75 Td (ch ) Tj ET Q q 0 0 0 rg BT 258.46 209.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 271.96 209.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 294.46 209.75 Td (as ) Tj ET Q q 0 0 0 rg BT 304.71 209.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.96 209.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.70 209.75 Td (had ) Tj ET Q q 0 0 0 rg BT 370.45 209.75 Td (an ) Tj ET Q q 0 0 0 rg BT 381.70 209.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 431.96 209.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 448.21 209.75 Td (for ) Tj ET Q q 0 0 0 rg BT 460.96 209.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.21 209.75 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 185.75 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 118.25 185.75 Td (ef) Tj ET Q q 0 0 0 rg BT 125.83 185.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 146.87 185.75 Td (from ) Tj ET Q q 0 0 0 rg BT 168.47 185.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 191.74 185.75 Td (options ) Tj ET Q q 0 0 0 rg BT 223.35 185.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.95 185.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 279.31 185.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 302.58 185.75 Td (units ) Tj ET Q q 0 0 0 rg BT 324.19 185.75 Td (were ) Tj ET Q q 0 0 0 rg BT 345.78 185.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 391.25 185.75 Td (for ) Tj ET Q q 0 0 0 rg BT 405.07 185.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.45 185.75 Td (three ) Tj ET Q q 0 0 0 rg BT 441.60 185.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.05 185.75 Td ( ) Tj ET Q q 0 0 0 rg BT 473.21 185.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.24 185.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.50 185.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 173.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 173.75 Td (, ) Tj ET Q q 0 0 0 rg BT 91.44 173.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 139.10 173.75 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 51.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 14) 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 67.02 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.32 648.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 129.99 648.75 Td (management ) Tj ET Q q 0 0 0 rg BT 184.16 648.75 Td (or) Tj ET Q q 0 0 0 rg BT 192.31 648.75 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 239.32 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 257.95 648.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.92 648.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 340.21 648.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 393.81 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.33 648.75 Td (allocates ) Tj ET Q q 0 0 0 rg BT 449.40 648.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 490.24 648.75 Td (based ) Tj ET Q q 0 0 0 rg BT 516.09 648.75 Td (on ) Tj ET Q q 0 0 0 rg BT 529.17 648.75 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 59.32 612.75 Td (a ) Tj ET Q q 0 0 0 rg BT 65.79 612.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 106.14 612.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 141.51 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 155.75 612.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 193.88 612.75 Td (based ) Tj ET Q q 0 0 0 rg BT 218.69 612.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 240.73 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.98 612.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 301.60 612.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 343.07 612.75 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 406.49 612.75 Td (including ) Tj ET Q q 0 0 0 rg BT 446.30 612.75 Td (each ) Tj ET Q q 0 0 0 rg BT 466.65 612.75 Td (segment's ) Tj ET Q q 0 0 0 rg BT 507.71 612.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 550.28 612.75 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 90.42 600.75 Td (use ) Tj ET Q q 0 0 0 rg BT 106.63 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.85 600.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 146.83 600.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 189.97 600.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 233.95 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 245.16 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 268.59 600.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 303.68 600.75 Td (measures. ) Tj ET Q q 0 0 0 rg BT 346.27 600.75 Td (Segment ) Tj ET Q q 0 0 0 rg BT 384.15 600.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 410.36 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 425.45 600.75 Td (based ) Tj ET Q q 0 0 0 rg BT 451.10 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 463.98 600.75 Td (those ) Tj ET Q q 0 0 0 rg BT 487.98 600.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 521.40 600.75 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (with ) Tj ET Q q 0 0 0 rg BT 69.12 588.75 Td (each ) Tj ET Q q 0 0 0 rg BT 89.28 588.75 Td (segment, ) Tj ET Q q 0 0 0 rg BT 126.95 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.23 588.75 Td (include ) Tj ET Q q 0 0 0 rg BT 174.51 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 185.79 588.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 227.06 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 237.23 588.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 266.28 588.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 291.45 588.75 Td (based ) Tj ET Q q 0 0 0 rg BT 316.06 588.75 Td (on ) Tj ET Q q 0 0 0 rg BT 327.91 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.97 588.75 Td (most ) Tj ET Q q 0 0 0 rg BT 363.26 588.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 397.31 588.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 436.36 588.75 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 481.79 588.75 Td (including ) Tj ET Q q 0 0 0 rg BT 521.40 588.75 Td (headcount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 576.75 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 576.75 Td (factors. ) Tj ET Q q 0 0 0 rg BT 121.51 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 139.56 576.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 184.83 576.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 221.21 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.04 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.76 576.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 293.84 576.75 Td (net ) Tj ET Q q 0 0 0 rg BT 308.56 576.75 Td 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448.87 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 436.87 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 436.98 Td (37,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 436.87 Td (23,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 424.87 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 424.98 Td (7,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 424.87 Td (16,408) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 412.86 Td (T) Tj ET Q q 0 0 0 rg BT 63.60 412.86 Td (otal investment banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 412.98 Td (120,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 412.87 Td (132,672) 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 438.65 376.98 Td (18,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 376.87 Td (20,106) 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 438.65 364.98 Td (16,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 364.87 Td (23,240) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 352.86 Td (T) Tj ET Q q 0 0 0 rg BT 63.60 352.86 Td (otal institutional sales and trading) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 352.98 Td (34,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 352.87 Td (43,346) 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 443.65 328.98 Td (1,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 328.87 Td (1,997) 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 443.65 304.98 Td (3,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 304.87 Td (10,508) 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 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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 (35) 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 (Thr) Tj ET Q q 0 0 0 rg BT 454.58 704.73 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 692.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 480.44 692.73 Td 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0.9333333333333333 1 rg /GS0 gs 480.00 618.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 618.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 594.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 594.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 594.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 594.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 570.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 570.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 570.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 570.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 546.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 546.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 546.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 546.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 522.00 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 522.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 522.00 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 632.73 Td (1) Tj ET Q q 0 0 0 rg BT 443.65 632.73 Td (1,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 632.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 632.62 Td (14,010) 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 461.15 620.73 Td (8) 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 (T) Tj ET Q q 0 0 0 rg BT 63.60 608.61 Td (otal management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 608.73 Td (1) Tj ET Q q 0 0 0 rg BT 443.65 608.73 Td (1,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 608.62 Td (14,010) 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 452.80 584.78 Td (\(35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 584.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 584.62 Td (234) 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 438.65 560.73 Td (1) Tj ET Q q 0 0 0 rg BT 443.65 560.73 Td (1,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 560.62 Td (14,244) 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 438.65 536.73 Td (12,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 536.62 Td (13,660) 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/\(loss\)) 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 447.80 512.78 Td (\(998) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 512.73 Td (\)) 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 (584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 488.62 Td (Segment pre-tax operating mar) Tj ET Q q 0 0 0 rg BT 182.53 488.62 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 488.78 Td (\(8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 488.73 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 488.62 Td (4.1) 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 (T) Tj ET Q q 0 0 0 rg BT 58.25 452.73 Td (otal) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 440.73 Td (169,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 440.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 440.62 Td (200,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 416.62 Td (Operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 416.73 Td (161,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 416.62 Td (177,720) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 392.73 Td (8,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 392.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 392.62 Td (22,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 368.62 Td (Pre-tax operating mar) Tj ET Q q 0 0 0 rg BT 145.51 368.62 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 368.73 Td (4.8) 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 536.65 368.62 Td (1) Tj ET Q q 0 0 0 rg BT 541.65 368.62 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 368.62 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 (as ) Tj ET Q q 0 0 0 rg BT 287.23 351.50 Td (set ) Tj ET Q q 0 0 0 rg BT 299.47 351.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 319.23 351.50 Td (in ) Tj ET Q q 0 0 0 rg BT 328.48 351.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.72 351.50 Td (table ) Tj ET Q q 0 0 0 rg BT 361.97 351.50 Td (below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.71 351.50 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 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 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 488 276 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 (Thr) Tj ET Q q 0 0 0 rg BT 457.47 332.45 Td (ee Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.80 321.45 Td (Mar) Tj ET Q q 0 0 0 rg BT 480.71 321.45 Td (ch 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 (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 310.45 Td (2017) 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 ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 299.45 Td (1,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 299.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 299.31 Td (2,544) 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 (1,401) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 288.31 Td (1,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 277.31 Td (T) Tj ET Q q 0 0 0 rg BT 81.37 277.31 Td (otal intangible asset amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.50 277.45 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.25 277.45 Td (2,615) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 277.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 277.31 Td (3,822) 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 (Mar) Tj ET Q q 0 0 0 rg BT 438.94 231.73 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 231.73 Td (December) Tj ET Q q 0 0 0 rg BT 539.12 231.73 Td ( 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 (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 219.73 Td (2017) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 207.73 Td (1,495,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 207.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 207.62 Td (1,933,050) 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 448.65 195.73 Td (81,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 195.62 Td (91,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 183.62 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 183.62 Td (otal assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 183.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 183.73 Td (1,577,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 183.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 183.62 Td (2,024,683) Tj ET Q BT /F1 10.00 Tf ET 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 15) 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 67.96 672.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 108.08 672.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 144.33 672.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 191.03 672.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 229.27 672.75 Td (, ) Tj ET Q q 0 0 0 rg BT 234.68 672.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 252.86 672.75 Td (\("FINRA"\) ) Tj ET Q q 0 0 0 rg BT 300.60 672.75 Td (serves ) Tj ET Q q 0 0 0 rg BT 328.51 672.75 Td (as ) Tj ET Q q 0 0 0 rg BT 339.75 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 363.77 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 375.25 672.75 Td (fray's ) Tj ET Q q 0 0 0 rg BT 399.95 672.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 434.52 672.75 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 459.39 672.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 483.41 672.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 494.89 672.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.90 672.75 Td (is ) Tj ET Q q 0 0 0 rg BT 523.48 672.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.72 672.75 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 90.20 648.75 Td (by ) Tj ET Q q 0 0 0 rg BT 102.58 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.18 648.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 137.90 648.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 155.83 648.75 Td (which ) Tj ET Q q 0 0 0 rg BT 182.64 648.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 217.23 648.75 Td (that ) Tj ET Q q 0 0 0 rg BT 234.61 648.75 Td (it ) Tj ET Q q 0 0 0 rg BT 242.54 648.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 279.92 648.75 Td (minimum 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274.53 636.75 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 324.92 636.75 Td (by ) Tj ET Q q 0 0 0 rg BT 336.42 636.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 359.03 636.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 370.51 636.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 388.11 636.75 Td (are ) Tj ET Q q 0 0 0 rg BT 401.82 636.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.65 636.75 Td (to ) Tj ET Q q 0 0 0 rg BT 440.94 636.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 469.64 636.75 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 512.52 636.75 Td (notifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 624.75 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 624.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 133.66 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 144.49 624.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 165.33 624.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.26 624.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 211.72 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 214.22 624.75 Td (rules. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.70 600.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.00 600.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 600.75 Td (, ) Tj ET Q q 0 0 0 rg BT 129.69 600.75 Td (net ) Tj ET Q q 0 0 0 rg BT 144.11 600.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.96 600.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 215.69 600.75 Td (under ) Tj ET Q q 0 0 0 rg BT 240.65 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.07 600.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 275.61 600.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 293.35 600.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.10 600.75 Td ($185.8 ) Tj ET Q q 0 0 0 rg BT 340.80 600.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.69 600.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.39 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.03 600.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 430.42 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.84 600.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 485.93 600.75 Td (net ) Tj ET Q q 0 0 0 rg BT 500.34 600.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.19 600.75 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.49 588.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 110.33 588.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 128.37 588.75 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.87 588.75 Td ($184.8 ) Tj ET Q q 0 0 0 rg BT 170.87 588.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.76 588.75 Td (.) 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550.28 504.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 92.63 492.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 138.09 492.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 179.00 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 195.47 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.71 492.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 248.95 492.75 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 284.42 492.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 322.65 492.75 Td (. ) Tj ET Q q 0 0 0 rg BT 326.73 492.75 Td (As ) Tj ET Q q 0 0 0 rg BT 339.87 492.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.23 492.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 393.35 492.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.35 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 417.88 492.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 441.01 492.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 452.49 492.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 470.62 492.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 489.03 492.75 Td (was ) Tj ET Q q 0 0 0 rg BT 506.61 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 516.42 492.75 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 480.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 113.65 480.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 168.35 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.18 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.89 480.75 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 237.50 480.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 283.33 480.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 324.71 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.65 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.37 480.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 396.08 480.75 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 431.92 480.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 470.15 480.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.73 456.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.21 456.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.43 456.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 126.77 456.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 151.12 456.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 184.90 456.75 Td (is ) Tj ET Q q 0 0 0 rg BT 193.69 456.75 Td (licensed ) Tj ET Q q 0 0 0 rg BT 228.57 456.75 Td (by ) Tj ET Q q 0 0 0 rg BT 240.70 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 456.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 279.38 456.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 303.72 456.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 345.28 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 361.84 456.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 393.96 456.75 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 449.15 456.75 Td (which ) Tj ET Q q 0 0 0 rg BT 475.71 456.75 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 456.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 514.94 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 539.18 456.75 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 444.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.88 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.96 444.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.16 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 444.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 259.12 444.75 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 303.43 444.75 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 351.62 444.75 Td (Rule ) Tj ET Q q 0 0 0 rg BT 374.28 444.75 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 428.58 444.75 Td (under ) Tj ET Q q 0 0 0 rg BT 455.12 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 444.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 514.29 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.50 444.75 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (Ordinance. ) Tj ET Q q 0 0 0 rg BT 95.76 432.75 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 432.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 152.30 432.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.30 432.75 Td (, ) Tj ET Q q 0 0 0 rg BT 177.52 432.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 201.35 432.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 212.83 432.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 231.64 432.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 256.58 432.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 281.52 432.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 315.90 432.75 Td (was ) Tj ET Q q 0 0 0 rg BT 334.17 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 344.67 432.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 393.48 432.75 Td (with ) Tj ET Q q 0 0 0 rg BT 413.98 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 428.91 432.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 454.96 432.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 484.33 432.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 539.25 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 432.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 74.22 420.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 98.94 420.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 140.88 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 157.82 420.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 190.32 420.75 Td (Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 396.75 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 396.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 396.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 116.42 396.75 Td (T) Tj ET Q q 0 0 0 rg BT 121.06 396.75 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.83 396.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.58 372.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 147.38 372.75 Td (an ) Tj ET Q q 0 0 0 rg BT 159.64 372.75 Td (income ) Tj ET Q q 0 0 0 rg BT 191.90 372.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 206.94 372.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 237.53 372.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.68 372.75 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 269.01 372.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.90 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 300.72 372.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.98 372.75 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 338.31 372.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.20 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 370.02 372.75 Td (for ) Tj ET Q q 0 0 0 rg BT 384.51 372.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.55 372.75 Td (three ) Tj ET Q q 0 0 0 rg BT 422.36 372.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.63 372.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.33 372.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.25 372.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.25 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 372.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 360.75 Td (, ) Tj ET Q q 0 0 0 rg BT 74.46 360.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 122.12 360.75 Td (. ) Tj ET Q q 0 0 0 rg BT 127.07 360.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 159.51 360.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 174.19 360.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 208.85 360.75 Td (was ) Tj ET Q q 0 0 0 rg BT 226.86 360.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 260.96 360.75 Td (by ) Tj ET Q q 0 0 0 rg BT 273.42 360.75 Td (a ) Tj ET Q q 0 0 0 rg BT 280.31 360.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.98 360.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 325.20 360.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.99 360.75 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 355.95 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.84 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 387.29 360.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.19 360.75 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 424.14 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.04 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 455.49 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 469.61 360.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.28 360.75 Td (three ) Tj ET Q q 0 0 0 rg BT 506.72 360.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.17 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 538.63 360.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.77 348.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.77 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.94 348.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.55 348.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.55 348.75 Td (, ) Tj ET Q q 0 0 0 rg BT 156.22 348.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 203.88 348.75 Td (, ) Tj ET Q q 0 0 0 rg BT 208.55 348.75 Td (related ) Tj ET Q q 0 0 0 rg BT 237.92 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.87 348.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 297.25 348.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 354.96 348.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 385.45 348.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 416.51 348.75 Td (at ) Tj ET Q q 0 0 0 rg BT 425.90 348.75 Td (values ) Tj ET Q q 0 0 0 rg BT 453.61 348.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 483.54 348.75 Td (than ) Tj ET Q q 0 0 0 rg BT 502.93 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.31 348.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 540.03 348.75 Td (price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 69.35 324.75 Td (Staf) Tj ET Q q 0 0 0 rg BT 85.27 324.75 Td (f ) Tj ET Q q 0 0 0 rg BT 89.78 324.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 137.94 324.75 Td (Bulletin ) Tj ET Q q 0 0 0 rg BT 171.67 324.75 Td (No. ) Tj ET Q q 0 0 0 rg BT 187.90 324.75 Td (1) Tj ET Q q 0 0 0 rg BT 192.52 324.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 206.53 324.75 Td ("Income ) Tj ET Q q 0 0 0 rg BT 242.00 324.75 Td (T) Tj ET Q q 0 0 0 rg BT 247.41 324.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 258.02 324.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 306.18 324.75 Td (Implications ) Tj ET Q q 0 0 0 rg BT 357.68 324.75 Td (of ) Tj ET Q q 0 0 0 rg BT 367.51 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.13 324.75 Td (T) Tj ET Q q 0 0 0 rg BT 386.54 324.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 397.48 324.75 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 417.33 324.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.27 324.75 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 452.23 324.75 Td (Act" ) Tj ET Q q 0 0 0 rg BT 472.26 324.75 Td (\("SAB ) Tj ET Q q 0 0 0 rg BT 500.63 324.75 Td (1) Tj ET Q q 0 0 0 rg BT 505.26 324.75 Td (18"\) ) Tj ET Q q 0 0 0 rg BT 524.18 324.75 Td (permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 94.74 312.75 Td (to ) Tj ET Q q 0 0 0 rg BT 105.00 312.75 Td (report ) Tj ET Q q 0 0 0 rg BT 131.35 312.75 Td (a ) Tj ET Q q 0 0 0 rg BT 138.27 312.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 185.74 312.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.21 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.47 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.16 312.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.62 312.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.31 312.75 Td (if ) Tj ET Q q 0 0 0 rg BT 333.89 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 348.58 312.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 394.93 312.75 Td (for ) Tj ET Q q 0 0 0 rg BT 409.07 312.75 Td (income ) Tj ET Q q 0 0 0 rg BT 440.98 312.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 455.68 312.75 Td (ef) Tj ET Q q 0 0 0 rg BT 463.26 312.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 484.62 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 495.42 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.94 312.75 Td (T) Tj ET Q q 0 0 0 rg BT 515.35 312.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 527.27 312.75 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 548.08 312.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 69.80 300.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 87.46 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 106.24 300.75 Td (incomplete ) Tj ET Q q 0 0 0 rg BT 153.89 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 165.45 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.00 300.75 Td (December ) Tj ET Q q 0 0 0 rg BT 221.31 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.04 300.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 262.53 300.75 Td (This ) Tj ET Q q 0 0 0 rg BT 283.53 300.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 331.75 300.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 364.97 300.75 Td (would ) Tj ET Q q 0 0 0 rg BT 393.20 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 405.86 300.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 437.41 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 448.41 300.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 495.52 300.75 Td (during ) Tj ET Q q 0 0 0 rg BT 524.85 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 532.52 300.75 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 105.01 288.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 137.76 288.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 174.96 288.75 Td (to ) Tj ET Q q 0 0 0 rg BT 184.94 288.75 Td (SAB ) Tj ET Q q 0 0 0 rg BT 206.60 288.75 Td (1) Tj ET Q q 0 0 0 rg BT 211.23 288.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 225.93 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.35 288.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.44 288.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 318.62 288.75 Td (an ) Tj ET Q q 0 0 0 rg BT 330.26 288.75 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.45 288.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 392.15 288.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.04 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 423.25 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 433.78 288.75 Td (income ) Tj ET Q q 0 0 0 rg BT 465.41 288.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 479.83 288.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 514.24 288.75 Td (for ) Tj ET Q q 0 0 0 rg BT 528.10 288.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 288.75 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 276.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 276.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 276.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 151.42 276.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 276.75 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 50 759.2669921875 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 (37) 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 (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 248.73 731.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 271.97 731.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 298.27 731.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 335.60 731.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 392.75 731.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 454.05 731.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 509.71 731.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 537.59 731.25 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.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 695.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.35 695.25 Td (information ) Tj ET Q q 0 0 0 rg BT 157.77 695.25 Td (should ) Tj ET Q q 0 0 0 rg BT 186.65 695.25 Td (be ) Tj ET Q q 0 0 0 rg BT 198.30 695.25 Td (read ) Tj ET Q q 0 0 0 rg BT 217.72 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.71 695.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 277.13 695.25 Td (with ) Tj ET Q q 0 0 0 rg BT 297.11 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.54 695.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 372.06 695.25 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 413.70 695.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 466.46 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 503.65 695.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 548.07 695.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.04 683.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 102.50 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 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 (2017) 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 (2017) 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 126.11 455.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 176.34 455.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 190.20 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.62 455.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 234.03 455.25 Td (from ) Tj ET Q q 0 0 0 rg BT 255.67 455.25 Td (remeasuring ) Tj ET Q q 0 0 0 rg BT 307.29 455.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 342.79 455.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.21 455.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.74 455.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 419.93 455.25 Td (from ) Tj ET Q q 0 0 0 rg BT 441.57 455.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 475.97 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.95 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.37 455.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 520.35 455.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 550.30 455.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (code ) Tj ET Q q 0 0 0 rg BT 71.00 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.06 443.25 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 102.35 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.19 443.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 147.03 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.98 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.82 443.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 202.10 443.25 Td (special ) Tj ET Q q 0 0 0 rg BT 232.49 443.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.88 443.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 290.50 443.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 310.34 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.75 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.59 443.25 Td (first ) Tj ET Q q 0 0 0 rg BT 354.32 443.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 385.26 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.22 443.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 418.84 443.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 456.46 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.86 443.25 Td (an ) Tj ET Q q 0 0 0 rg BT 478.93 443.25 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 534.32 443.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 552.51 443.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 87.25 431.25 Td (per ) Tj ET Q q 0 0 0 rg BT 103.88 431.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 135.53 431.25 Td (common ) Tj ET Q q 0 0 0 rg BT 174.39 431.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 201.58 431.25 Td (These ) Tj ET Q q 0 0 0 rg BT 229.33 431.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 280.97 431.25 Td (af) Tj ET Q q 0 0 0 rg BT 288.56 431.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 307.41 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.50 431.25 Td (following ) Tj ET Q q 0 0 0 rg BT 366.26 431.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.11 431.25 Td (measures: ) Tj ET Q q 0 0 0 rg BT 448.96 431.25 Td (net ) Tj ET Q q 0 0 0 rg BT 465.05 431.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 506.96 431.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 90.02 419.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 165.82 419.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 206.35 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 237.71 419.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.85 419.25 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 284.04 419.25 Td (net ) Tj ET Q q 0 0 0 rg BT 298.18 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 329.54 419.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 372.56 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.26 419.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 405.30 419.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 416.78 419.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 434.80 419.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 484.22 419.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 520.03 419.25 Td (per ) Tj ET Q q 0 0 0 rg BT 534.72 419.25 Td (diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (common ) Tj ET Q q 0 0 0 rg BT 86.67 407.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 112.44 407.25 Td (return ) Tj ET Q q 0 0 0 rg BT 138.49 407.25 Td (on ) Tj ET Q q 0 0 0 rg BT 150.66 407.25 Td (average ) Tj ET Q q 0 0 0 rg BT 183.91 407.25 Td (common ) Tj ET Q q 0 0 0 rg BT 221.08 407.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 275.59 407.25 Td (equity) Tj ET Q q 0 0 0 rg BT 299.94 407.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.61 407.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 340.11 407.25 Td (net ) Tj ET Q q 0 0 0 rg BT 354.50 407.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 394.70 407.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 430.20 407.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 470.14 407.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 510.91 407.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 546.40 407.25 Td (pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 63.33 395.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.71 395.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 158.75 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.80 395.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 209.74 395.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 239.67 395.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 279.05 395.25 Td (mar) Tj ET Q q 0 0 0 rg BT 294.41 395.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 311.30 395.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 365.12 395.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 399.50 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 416.10 395.25 Td (presenting ) Tj ET Q q 0 0 0 rg BT 459.37 395.25 Td (these ) Tj ET Q q 0 0 0 rg BT 481.53 395.25 Td (results ) Tj ET Q q 0 0 0 rg BT 509.25 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.30 395.25 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (on ) Tj ET Q q 0 0 0 rg BT 60.96 383.25 Td (an ) Tj ET Q q 0 0 0 rg BT 71.85 383.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 106.64 383.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 128.09 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.33 383.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 186.00 383.25 Td (with ) Tj ET Q q 0 0 0 rg BT 205.23 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.91 383.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 277.57 383.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.81 383.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 323.67 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 325.13 383.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 363.79 383.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 399.69 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.36 383.25 Td (most ) Tj ET Q q 0 0 0 rg BT 434.27 383.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 481.27 383.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 502.73 383.25 Td (for ) Tj ET Q q 0 0 0 rg BT 515.84 383.25 Td (comparison ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.62 371.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 115.62 371.25 Td (results ) Tj ET Q q 0 0 0 rg BT 143.95 371.25 Td (across ) Tj ET Q q 0 0 0 rg BT 171.17 371.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 205.34 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.01 371.25 Td (enhances ) Tj ET Q q 0 0 0 rg BT 260.89 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.34 371.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 305.33 371.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 364.22 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.78 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 390.34 371.25 Td (current ) Tj ET Q q 0 0 0 rg BT 420.88 371.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.09 371.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 510.85 371.25 Td (by ) Tj ET Q q 0 0 0 rg BT 523.08 371.25 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.08 359.25 Td (items ) Tj ET Q q 0 0 0 rg BT 103.11 359.25 Td (that ) Tj ET Q q 0 0 0 rg BT 120.48 359.25 Td (may ) Tj ET Q q 0 0 0 rg BT 140.07 359.25 Td (not ) Tj ET Q q 0 0 0 rg BT 155.22 359.25 Td (be ) Tj ET Q q 0 0 0 rg BT 167.03 359.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 208.84 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.54 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 235.24 359.25 Td (core ) Tj ET Q q 0 0 0 rg BT 254.82 359.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 294.96 359.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 325.77 359.25 Td (The ) Tj ET Q q 0 0 0 rg BT 343.69 359.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 388.87 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.25 359.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.60 359.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 468.18 359.25 Td (should ) Tj ET Q q 0 0 0 rg BT 497.22 359.25 Td (be ) Tj ET Q q 0 0 0 rg BT 509.04 359.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 554.72 359.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 84.77 347.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 97.55 347.25 Td (not ) Tj ET Q q 0 0 0 rg BT 112.83 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 123.66 347.25 Td (a ) Tj ET Q q 0 0 0 rg BT 130.60 347.25 Td (substitute ) Tj ET Q q 0 0 0 rg BT 171.43 347.25 Td (for) Tj ET Q q 0 0 0 rg BT 182.69 347.25 Td (, ) Tj ET Q q 0 0 0 rg BT 187.69 347.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 227.40 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.23 347.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.71 347.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 328.73 347.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 366.21 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.49 347.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 423.95 347.25 Td (with ) Tj ET Q q 0 0 0 rg BT 444.23 347.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.51 347.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 490.63 347.25 Td (.) 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 50 759.2669921875 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 (38) 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 Q q 0 0 0 rg BT 483.39 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.84 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.74 695.25 Td (United ) Tj ET Q q 0 0 0 rg BT 538.63 695.25 Td (States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.27 683.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 99.81 683.25 Td (W) Tj ET Q q 0 0 0 rg BT 108.44 683.25 Td (e ) Tj ET Q q 0 0 0 rg BT 115.21 683.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 146.96 683.25 Td (through ) Tj ET Q q 0 0 0 rg BT 180.40 683.25 Td (two ) Tj ET Q q 0 0 0 rg BT 197.73 683.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 240.59 683.25 Td (business ) Tj ET Q q 0 0 0 rg BT 276.81 683.25 Td (segments: ) Tj ET Q q 0 0 0 rg BT 319.14 683.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 350.35 683.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 385.44 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.70 683.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 426.25 683.25 Td (Management. ) Tj ET Q q 0 0 0 rg BT 483.28 683.25 Td (Refer ) Tj ET Q q 0 0 0 rg BT 507.82 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.92 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.07 683.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 79.05 671.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.39 671.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.40 671.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 138.29 671.25 Td (for ) Tj ET Q q 0 0 0 rg BT 152.29 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.84 671.25 Td (year ) Tj ET Q q 0 0 0 rg BT 186.39 671.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.60 671.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 271.02 671.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.02 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.36 671.25 Td (for ) Tj ET Q q 0 0 0 rg BT 307.36 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.14 671.25 Td (full ) Tj ET Q q 0 0 0 rg BT 330.36 671.25 Td (description ) Tj ET Q q 0 0 0 rg BT 377.13 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.80 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.47 671.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 442.20 671.25 Td (including ) Tj ET Q q 0 0 0 rg BT 482.31 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 497.98 671.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.19 671.25 Td (growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (initiatives. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.57 635.25 Td (Highlights) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 571.75 291.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 571.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 571.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 571.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 571.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 571.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 571.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 547.75 291.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 547.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 547.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 547.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 547.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 547.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 547.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.75 291.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 520.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 520.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 520.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 520.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 520.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 520.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 496.75 291.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 496.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 496.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 496.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.75 291.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 470.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 470.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 470.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 470.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 470.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 470.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 446.75 291.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 446.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 446.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 446.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 446.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 446.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 446.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 611.75 m 415 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 611.75 m 419 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 611.75 m 489 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 611.75 m 493 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 611.75 m 563 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 585.75 m 415 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 585.75 m 489 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 585.75 m 563 585.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 615.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 424.58 615.48 Td (ee Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 590.00 Td (\(Amounts in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 178.86 590.00 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.75 602.48 Td (Mar) Tj ET Q q 0 0 0 rg BT 380.17 602.48 Td (. 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.75 602.48 Td (Mar) Tj ET Q q 0 0 0 rg BT 454.17 602.48 Td (. 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.20 602.48 Td (Per) Tj ET Q q 0 0 0 rg BT 526.10 602.48 Td (cent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.50 589.48 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 589.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.75 589.48 Td (Inc/\(Dec\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 576.43 Td (U.S. GAAP) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 562.66 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 562.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.00 562.48 Td (169,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 562.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 562.37 Td (200,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 562.37 Td (\(15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 562.37 Td (\)%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 550.66 Td (Compensation and benefits expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.00 550.48 Td (1) Tj ET Q q 0 0 0 rg BT 377.00 550.48 Td (15,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 550.37 Td (134,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 550.37 Td (\(14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 550.37 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 538.66 Td (Non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 538.48 Td (45,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 538.37 Td (43,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 538.37 Td (5.8) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 525.31 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 189.53 525.31 Td (fray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 525.43 Td (10,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 525.42 Td (20,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 525.42 Td (\(47.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 525.42 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 511.66 Td (Earnings per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 511.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 511.48 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 511.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 511.37 Td (1.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 511.37 Td (\(64.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 511.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 487.43 Td (Non-GAAP) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 101.94 491.96 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 473.66 Td (Adjusted net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 473.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.00 473.48 Td (168,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 473.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 473.37 Td (196,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 473.37 Td (\(14.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 473.37 Td (\)%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 461.66 Td (Adjusted compensation and benefits expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.00 461.48 Td (104,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 461.37 Td (126,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 461.37 Td (\(17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 461.37 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 449.66 Td (Adjusted non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 449.48 Td (42,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 449.37 Td (38,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 449.37 Td (9.6) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 437.66 Td (Adjusted net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 224.01 437.66 Td (fray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 437.48 Td (21,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 437.37 Td (27,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 437.37 Td (\(22.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 437.37 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 425.66 Td (Adjusted earnings per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 425.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 425.48 Td (1.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 425.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 425.37 Td (1.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 425.37 Td (\(22.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 425.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 407.65 Td (N/M ) Tj ET Q q 0 0 0 rg BT 65.72 407.65 Td ( ) Tj ET Q q 0 0 0 rg BT 71.72 407.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 85.28 407.65 Td (meaningful) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 383.65 Td (For ) Tj ET Q q 0 0 0 rg BT 67.00 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 81.72 383.65 Td (thr) Tj ET Q q 0 0 0 rg BT 93.02 383.65 Td (ee ) Tj ET Q q 0 0 0 rg BT 104.39 383.65 Td (months ) Tj ET Q q 0 0 0 rg BT 135.78 383.65 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.16 383.65 Td (Mar) Tj ET Q q 0 0 0 rg BT 179.01 383.65 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 205.95 383.65 Td (2018) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 359.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 84.18 359.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 121.96 359.65 Td (were ) Tj ET Q q 0 0 0 rg BT 143.63 359.65 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.09 359.65 Td (15.7 ) Tj ET Q q 0 0 0 rg BT 187.83 359.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.25 359.65 Td ( ) Tj ET Q q 0 0 0 rg BT 219.49 359.65 Td (from ) Tj ET Q q 0 0 0 rg BT 241.17 359.65 Td (the ) Tj ET Q q 0 0 0 rg BT 255.63 359.65 Td (year) Tj ET Q q 0 0 0 rg BT 272.63 359.65 Td (-ago ) Tj ET Q q 0 0 0 rg BT 292.64 359.65 Td (period ) Tj ET Q q 0 0 0 rg BT 320.43 359.65 Td (as ) Tj ET Q q 0 0 0 rg BT 331.00 359.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 370.99 359.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 398.23 359.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 438.23 359.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 476.01 359.65 Td (were ) Tj ET Q q 0 0 0 rg BT 497.68 359.65 Td (more ) Tj ET Q q 0 0 0 rg BT 520.47 359.65 Td (than ) Tj ET Q q 0 0 0 rg BT 539.92 359.65 Td (of) Tj ET Q q 0 0 0 rg BT 548.07 359.65 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 347.65 Td (by ) Tj ET Q q 0 0 0 rg BT 79.39 347.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 120.69 347.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 158.12 347.65 Td (in ) Tj ET Q q 0 0 0 rg BT 167.79 347.65 Td (our ) Tj ET Q q 0 0 0 rg BT 183.01 347.65 Td (other ) Tj ET Q q 0 0 0 rg BT 205.44 347.65 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 252.06 347.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 269.50 347.65 Td (results ) Tj ET Q q 0 0 0 rg BT 297.50 347.65 Td (reflect ) Tj ET Q q 0 0 0 rg BT 324.92 347.65 Td (the ) Tj ET Q q 0 0 0 rg BT 339.02 347.65 Td (variability ) Tj ET Q q 0 0 0 rg BT 382.01 347.65 Td (in ) Tj ET Q q 0 0 0 rg BT 391.68 347.65 Td (advisory ) Tj ET Q q 0 0 0 rg BT 428.01 347.65 Td (services ) Tj ET Q q 0 0 0 rg BT 462.10 347.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 499.53 347.65 Td (and ) Tj ET Q q 0 0 0 rg BT 515.86 347.65 Td (challenging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 335.65 Td (market ) Tj ET Q q 0 0 0 rg BT 97.76 335.65 Td (conditions ) Tj ET Q q 0 0 0 rg BT 141.93 335.65 Td (for ) Tj ET Q q 0 0 0 rg BT 156.09 335.65 Td (our ) Tj ET Q q 0 0 0 rg BT 171.92 335.65 Td (municipal-related ) Tj ET Q q 0 0 0 rg BT 244.94 335.65 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 323.65 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 127.50 323.65 Td (and ) Tj ET Q q 0 0 0 rg BT 144.17 323.65 Td (benefits ) Tj ET Q q 0 0 0 rg BT 178.05 323.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 216.38 323.65 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.02 323.65 Td (14.3 ) Tj ET Q q 0 0 0 rg BT 277.75 323.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.18 323.65 Td ( ) Tj ET Q q 0 0 0 rg BT 309.41 323.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 351.06 323.65 Td (with ) Tj ET Q q 0 0 0 rg BT 371.07 323.65 Td (the ) Tj ET Q q 0 0 0 rg BT 385.51 323.65 Td (prior) Tj ET Q q 0 0 0 rg BT 404.75 323.65 Td (-year ) Tj ET Q q 0 0 0 rg BT 427.52 323.65 Td (period ) Tj ET Q q 0 0 0 rg BT 455.29 323.65 Td (due ) Tj ET Q q 0 0 0 rg BT 471.96 323.65 Td (to ) Tj ET Q q 0 0 0 rg BT 481.97 323.65 Td (lower ) Tj ET Q q 0 0 0 rg BT 506.97 323.65 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 311.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 106.10 311.65 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.59 311.65 Td (from ) Tj ET Q q 0 0 0 rg BT 165.53 311.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 207.45 311.65 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 299.65 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 146.17 299.65 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 187.35 299.65 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.93 299.65 Td (5.8 ) Tj ET Q q 0 0 0 rg BT 215.01 299.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.44 299.65 Td ( ) Tj ET Q q 0 0 0 rg BT 247.02 299.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 289.02 299.65 Td (to ) Tj ET Q q 0 0 0 rg BT 299.38 299.65 Td (the ) Tj ET Q q 0 0 0 rg BT 314.18 299.65 Td (year) Tj ET Q q 0 0 0 rg BT 331.19 299.65 Td (-ago ) Tj ET Q q 0 0 0 rg BT 351.54 299.65 Td (period, ) Tj ET Q q 0 0 0 rg BT 382.16 299.65 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.18 299.65 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 434.26 299.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 299.65 Td ( ) Tj ET Q q 0 0 0 rg BT 465.73 299.65 Td (of ) Tj ET Q q 0 0 0 rg BT 476.64 299.65 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 526.41 299.65 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 287.65 Td (in ) Tj ET Q q 0 0 0 rg BT 78.25 287.65 Td (the ) Tj ET Q q 0 0 0 rg BT 93.43 287.65 Td (first ) Tj ET Q q 0 0 0 rg BT 112.51 287.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.79 287.65 Td (of ) Tj ET Q q 0 0 0 rg BT 155.09 287.65 Td (2018. ) Tj ET Q q 0 0 0 rg BT 180.35 287.65 Td (This ) Tj ET Q q 0 0 0 rg BT 201.09 287.65 Td (reflects ) Tj ET Q q 0 0 0 rg BT 233.49 287.65 Td (the ) Tj ET Q q 0 0 0 rg BT 248.67 287.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 286.64 287.65 Td (of ) Tj ET Q q 0 0 0 rg BT 297.94 287.65 Td (new ) Tj ET Q q 0 0 0 rg BT 317.56 287.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 352.18 287.65 Td (recognition ) Tj ET Q q 0 0 0 rg BT 400.69 287.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 447.53 287.65 Td (guidance ) Tj ET Q q 0 0 0 rg BT 486.59 287.65 Td (which ) Tj ET Q q 0 0 0 rg BT 514.00 287.65 Td (required ) Tj ET Q q 0 0 0 rg BT 550.28 287.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 275.65 Td (presentation ) Tj ET Q q 0 0 0 rg BT 119.04 275.65 Td (of ) Tj ET Q q 0 0 0 rg BT 130.04 275.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 176.60 275.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 211.48 275.65 Td (deal ) Tj ET Q q 0 0 0 rg BT 230.81 275.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 269.58 275.65 Td (on ) Tj ET Q q 0 0 0 rg BT 282.25 275.65 Td (a ) Tj ET Q q 0 0 0 rg BT 289.36 275.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 313.14 275.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 335.82 275.65 Td (on ) Tj ET Q q 0 0 0 rg BT 348.49 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.37 275.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.59 275.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 461.47 275.65 Td (of ) Tj ET Q q 0 0 0 rg BT 472.47 275.65 Td (operations, ) Tj ET Q q 0 0 0 rg BT 519.30 275.65 Td (rather ) Tj ET Q q 0 0 0 rg BT 545.28 275.65 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 263.65 Td (the ) Tj ET Q q 0 0 0 rg BT 81.95 263.65 Td (previous ) Tj ET Q q 0 0 0 rg BT 118.62 263.65 Td (presentation ) Tj ET Q q 0 0 0 rg BT 169.73 263.65 Td (of ) Tj ET Q q 0 0 0 rg BT 180.29 263.65 Td (netting ) Tj ET Q q 0 0 0 rg BT 210.30 263.65 Td (deal ) Tj ET Q q 0 0 0 rg BT 229.18 263.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 267.52 263.65 Td (within ) Tj ET Q q 0 0 0 rg BT 295.30 263.65 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 335.57 263.65 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 378.91 263.65 Td (this ) Tj ET Q q 0 0 0 rg BT 395.59 263.65 Td (change, ) Tj ET Q q 0 0 0 rg BT 428.64 263.65 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 504.75 263.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 543.08 263.65 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 251.65 Td ($40.8 ) Tj ET Q q 0 0 0 rg BT 92.51 251.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.40 251.65 Td (, ) Tj ET Q q 0 0 0 rg BT 126.41 251.65 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.14 251.65 Td (5.9 ) Tj ET Q q 0 0 0 rg BT 166.15 251.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.57 251.65 Td ( ) Tj ET Q q 0 0 0 rg BT 198.08 251.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 240.01 251.65 Td (to ) Tj ET Q q 0 0 0 rg BT 250.30 251.65 Td (the ) Tj ET Q q 0 0 0 rg BT 265.03 251.65 Td (first ) Tj ET Q q 0 0 0 rg BT 283.64 251.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 314.47 251.65 Td (of ) Tj ET Q q 0 0 0 rg BT 325.31 251.65 Td (2017, ) Tj ET Q q 0 0 0 rg BT 350.32 251.65 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 391.13 251.65 Td (our ) Tj ET Q q 0 0 0 rg BT 406.97 251.65 Td (focus ) Tj ET Q q 0 0 0 rg BT 431.14 251.65 Td (on ) Tj ET Q q 0 0 0 rg BT 443.65 251.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 462.27 251.65 Td (management. ) Tj ET Q q 0 0 0 rg BT 518.37 251.65 Td (See ) Tj ET Q q 0 0 0 rg BT 535.31 251.65 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 239.65 Td (discussion ) Tj ET Q q 0 0 0 rg BT 111.67 239.65 Td (on ) Tj ET Q q 0 0 0 rg BT 124.17 239.65 Td (this ) Tj ET Q q 0 0 0 rg BT 141.12 239.65 Td (change ) Tj ET Q q 0 0 0 rg BT 171.93 239.65 Td (within ) Tj ET Q q 0 0 0 rg BT 199.99 239.65 Td (the ) Tj ET Q q 0 0 0 rg BT 214.71 239.65 Td ("Results ) Tj ET Q q 0 0 0 rg BT 250.74 239.65 Td (of ) Tj ET Q q 0 0 0 rg BT 261.57 239.65 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 312.03 239.65 Td (section ) Tj ET Q q 0 0 0 rg BT 342.85 239.65 Td (below) Tj ET Q q 0 0 0 rg BT 366.64 239.65 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 227.65 Td (For ) Tj ET Q q 0 0 0 rg BT 83.31 227.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.44 227.65 Td (three ) Tj ET Q q 0 0 0 rg BT 119.34 227.65 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.78 227.65 Td ( ) Tj ET Q q 0 0 0 rg BT 150.70 227.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.49 227.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 219.50 227.65 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 227.65 Td ( ) Tj ET Q q 0 0 0 rg BT 241.42 227.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.77 227.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.77 227.65 Td (, ) Tj ET Q q 0 0 0 rg BT 282.18 227.65 Td (we ) Tj ET Q q 0 0 0 rg BT 295.76 227.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 332.65 227.65 Td (a ) Tj ET Q q 0 0 0 rg BT 339.00 227.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 353.13 227.65 Td (benefit ) Tj ET Q q 0 0 0 rg BT 382.81 227.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.05 227.65 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 412.47 227.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.36 227.65 Td ( ) Tj ET Q q 0 0 0 rg BT 443.27 227.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.62 227.65 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 479.04 227.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.93 227.65 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 227.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.00 227.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 215.65 Td (related ) Tj ET Q q 0 0 0 rg BT 96.67 215.65 Td (to ) Tj ET Q q 0 0 0 rg BT 106.41 215.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 145.57 215.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 168.64 215.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 199.49 215.65 Td (at ) Tj ET Q q 0 0 0 rg BT 208.67 215.65 Td (values ) Tj ET Q q 0 0 0 rg BT 236.18 215.65 Td (greater ) Tj ET Q q 0 0 0 rg BT 265.90 215.65 Td (than ) Tj ET Q q 0 0 0 rg BT 285.08 215.65 Td (the ) Tj ET Q q 0 0 0 rg BT 299.26 215.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 321.77 215.65 Td (price. ) Tj ET Q q 0 0 0 rg BT 346.07 215.65 Td (The ) Tj ET Q q 0 0 0 rg BT 363.58 215.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 377.76 215.65 Td (benefit ) Tj ET Q q 0 0 0 rg BT 407.49 215.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 447.21 215.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 483.05 215.65 Td (per ) Tj ET Q q 0 0 0 rg BT 497.78 215.65 Td (diluted ) Tj ET Q q 0 0 0 rg BT 527.51 215.65 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 203.65 Td (share ) Tj ET Q q 0 0 0 rg BT 91.10 203.65 Td (by ) Tj ET Q q 0 0 0 rg BT 103.60 203.65 Td ($0.39 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.60 203.65 Td (in ) Tj ET Q q 0 0 0 rg BT 138.88 203.65 Td (the ) Tj ET Q q 0 0 0 rg BT 153.59 203.65 Td (first ) Tj ET Q q 0 0 0 rg BT 172.20 203.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 203.02 203.65 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.35 203.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.85 203.65 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 203.65 Td (, ) Tj ET Q q 0 0 0 rg BT 238.85 203.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 280.77 203.65 Td (with ) Tj ET Q q 0 0 0 rg BT 301.05 203.65 Td ($0.45 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.05 203.65 Td (in ) Tj ET Q q 0 0 0 rg BT 336.33 203.65 Td (the ) Tj ET Q q 0 0 0 rg BT 351.04 203.65 Td (first ) Tj ET Q q 0 0 0 rg BT 369.65 203.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 400.47 203.65 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 203.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 203.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 203.65 Td (. ) Tj ET Q q 0 0 0 rg BT 436.30 203.65 Td ( ) Tj ET Q q 0 0 0 rg BT 438.80 203.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 191.65 Td (For ) Tj ET Q q 0 0 0 rg BT 83.76 191.65 Td (the ) Tj ET Q q 0 0 0 rg BT 98.34 191.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 127.37 191.65 Td (months ) Tj ET Q q 0 0 0 rg BT 159.18 191.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.43 191.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 228.90 191.65 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.90 191.65 Td (, ) Tj ET Q q 0 0 0 rg BT 253.76 191.65 Td (our ) Tj ET Q q 0 0 0 rg BT 269.46 191.65 Td (rolling ) Tj ET Q q 0 0 0 rg BT 298.50 191.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 327.52 191.65 Td (month ) Tj ET Q q 0 0 0 rg BT 355.44 191.65 Td (return ) Tj ET Q q 0 0 0 rg BT 381.69 191.65 Td (on ) Tj ET Q q 0 0 0 rg BT 394.06 191.65 Td (average ) Tj ET Q q 0 0 0 rg BT 427.51 191.65 Td (common ) Tj ET Q q 0 0 0 rg BT 464.87 191.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 519.58 191.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.94 191.65 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 179.65 Td (a ) Tj ET Q q 0 0 0 rg BT 75.05 179.65 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.03 179.65 Td (9.6 ) Tj ET Q q 0 0 0 rg BT 127.63 179.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.06 179.65 Td (, ) Tj ET Q q 0 0 0 rg BT 162.67 179.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 205.20 179.65 Td (with ) Tj ET Q q 0 0 0 rg BT 226.08 179.65 Td (a ) Tj ET Q q 0 0 0 rg BT 233.63 179.65 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.61 179.65 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 286.22 179.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.64 179.65 Td ( ) Tj ET Q q 0 0 0 rg BT 318.75 179.65 Td (for ) Tj ET Q q 0 0 0 rg BT 333.52 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 348.84 179.65 Td (rolling ) Tj ET Q q 0 0 0 rg BT 378.62 179.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 408.38 179.65 Td (months ) Tj ET Q q 0 0 0 rg BT 440.94 179.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.92 179.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 512.13 179.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.13 179.65 Td (. ) Tj ET Q q 0 0 0 rg BT 537.73 179.65 Td (On ) Tj ET Q q 0 0 0 rg BT 553.06 179.65 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 167.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 103.17 167.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 128.01 167.65 Td (we ) Tj ET Q q 0 0 0 rg BT 142.01 167.65 Td (generated ) Tj ET Q q 0 0 0 rg BT 183.22 167.65 Td (a ) Tj ET Q q 0 0 0 rg BT 190.00 167.65 Td (rolling ) Tj ET Q q 0 0 0 rg BT 219.01 167.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 248.01 167.65 Td (month ) Tj ET Q q 0 0 0 rg BT 275.91 167.65 Td (return ) Tj ET Q q 0 0 0 rg BT 302.13 167.65 Td (on ) Tj ET Q q 0 0 0 rg BT 314.47 167.65 Td (average ) Tj ET Q q 0 0 0 rg BT 347.89 167.65 Td (common ) Tj ET Q q 0 0 0 rg BT 385.23 167.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 439.91 167.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.25 167.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 167.65 Td (13.7 ) Tj ET Q q 0 0 0 rg BT 497.77 167.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 527.19 172.18 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.29 167.65 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 167.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 155.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 96.66 155.65 Td (months ) Tj ET Q q 0 0 0 rg BT 128.60 155.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.98 155.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 198.58 155.65 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.58 155.65 Td (, ) Tj ET Q q 0 0 0 rg BT 223.58 155.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 265.50 155.65 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.78 155.65 Td (1) Tj ET Q q 0 0 0 rg BT 290.41 155.65 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 305.41 155.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.83 160.18 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.41 155.65 Td ( ) Tj ET Q q 0 0 0 rg BT 344.91 155.65 Td (for ) Tj ET Q q 0 0 0 rg BT 359.07 155.65 Td (the ) Tj ET Q q 0 0 0 rg BT 373.79 155.65 Td (rolling ) Tj ET Q q 0 0 0 rg BT 402.95 155.65 Td (twelve ) Tj ET Q q 0 0 0 rg BT 432.11 155.65 Td (months ) Tj ET Q q 0 0 0 rg BT 464.06 155.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.43 155.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 534.03 155.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.03 155.65 Td (. ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 (39) 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 67.00 691.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 691.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 611.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 611.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 611.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 611.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 591.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 591.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 591.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 591.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 571.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 571.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 571.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 571.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 551.95 347.00 -10.00 re 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0.9333333333333333 1 rg /GS0 gs 67.00 351.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 351.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 351.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 351.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 331.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 331.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 331.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 331.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 311.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 311.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 311.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 311.95 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 701.95 m 484 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 701.95 m 492 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 701.95 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 414 691.95 m 484 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 691.95 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 414 651.95 m 484 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 642.95 m 484 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 640.95 m 484 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 651.95 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 492 642.95 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 492 640.95 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 414 591.95 m 484 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 591.95 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 414 591.95 m 484 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 582.95 m 484 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 580.95 m 484 580.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 591.95 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 492 582.95 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 492 580.95 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 414 511.95 m 484 511.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 511.95 m 484 511.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 502.95 m 484 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 500.95 m 484 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 511.95 m 562 511.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 502.95 m 562 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 500.95 m 562 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 421.95 m 484 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 421.95 m 562 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 421.95 m 484 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 412.95 m 484 412.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 410.95 m 484 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 421.95 m 562 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 412.95 m 562 412.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 410.95 m 562 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 371.95 m 484 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 371.95 m 562 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 311.95 m 484 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 311.95 m 562 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 311.95 m 484 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 302.95 m 484 302.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 300.95 m 484 300.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 311.95 m 562 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 302.95 m 562 302.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 300.95 m 562 300.95 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 452.35 714.08 Td (Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.35 704.08 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.50 693.95 Td (\(Amounts in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 195.86 693.95 Td (e data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.50 694.08 Td (2018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 694.08 Td (2017) 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 r) Tj ET Q q 0 0 0 rg BT 91.57 673.95 Td (evenues U.S. GAAP) Tj ET Q q 0 0 0 rg BT 160.88 673.95 Td ( basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 674.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 674.08 Td (169,062) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 673.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 673.95 Td (200,529) 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 r) Tj ET Q q 0 0 0 rg BT 113.55 653.95 Td (elated to noncontr) Tj ET Q q 0 0 0 rg BT 171.91 653.95 Td (olling inter) Tj ET Q q 0 0 0 rg BT 207.39 653.95 Td (ests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.10 654.08 Td (\(919) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 654.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 653.95 Td (\(3,897) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 653.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 643.95 Td (Adjusted net r) Tj ET Q q 0 0 0 rg BT 120.23 643.95 Td (evenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 644.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 644.08 Td (168,143) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 643.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 643.95 Td (196,632) 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) Tj ET Q q 0 0 0 rg BT 206.75 613.95 Td ( basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 614.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 614.08 Td (1) Tj ET Q q 0 0 0 rg BT 458.80 614.08 Td (15,170) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 613.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 613.95 Td (134,378) 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 fr) Tj ET Q q 0 0 0 rg BT 134.91 593.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 187.72 593.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 220.09 593.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 594.08 Td (\(10,204) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 594.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 593.95 Td (\(7,901) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 593.95 Td (\)) 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 416.50 584.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 584.08 Td (104,966) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 583.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 583.95 Td (126,477) 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) Tj ET Q q 0 0 0 rg BT 210.51 553.95 Td ( basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 554.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 554.08 Td (45,854) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 553.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 553.95 Td (43,342) 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 r) Tj ET Q q 0 0 0 rg BT 177.33 533.95 Td (elated to noncontr) Tj ET Q q 0 0 0 rg BT 235.69 533.95 Td (olling inter) Tj ET Q q 0 0 0 rg BT 271.17 533.95 Td (ests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.10 534.08 Td (\(903) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 534.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.45 533.95 Td (\(968) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 533.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 523.95 Td (Amortization of intangible assets r) Tj ET Q q 0 0 0 rg BT 192.02 523.95 Td (elated to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 524.08 Td (\(2,615) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 524.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 523.95 Td (\(3,822) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 523.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 513.95 Td (Non-compensation expenses fr) Tj ET Q q 0 0 0 rg BT 179.55 513.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 232.37 513.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 264.73 513.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.10 514.08 Td (\(169) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 514.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.45 513.95 Td (\(86) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 513.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 503.95 Td (Adjusted non-compensation expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 504.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 504.08 Td (42,167) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 503.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 503.95 Td (38,466) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 484.08 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 183.33 484.08 Td (fray Companies:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 473.95 Td (Net income applicable to Piper Jaffray Companies U.S. GAAP) Tj ET Q q 0 0 0 rg BT 282.28 473.95 Td ( basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 474.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 474.08 Td (10,603) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 473.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 473.95 Td (20,275) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 463.95 Td ( ) Tj ET Q q 0 0 0 rg BT 77.43 463.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 453.95 Td (Compensation fr) Tj ET Q q 0 0 0 rg BT 134.91 453.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 187.72 453.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 220.09 453.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 454.08 Td (7,673) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 453.95 Td (4,806) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 443.95 Td (Amortization of intangible assets r) Tj ET Q q 0 0 0 rg BT 192.02 443.95 Td (elated to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 444.08 Td (1,967) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 443.95 Td (2,347) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 433.95 Td (Non-compensation expenses fr) Tj ET Q q 0 0 0 rg BT 179.41 433.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 232.22 433.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 264.58 433.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.80 434.08 Td (127) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 550.15 433.95 Td (53) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 423.95 Td (Impact of the T) Tj ET Q q 0 0 0 rg BT 129.79 423.95 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 186.24 423.95 Td (Act legislation) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.80 424.08 Td (952) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 423.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 413.95 Td (Adjusted net income applicable to Piper Jaffray Companies) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 414.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 414.08 Td (21,322) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 413.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 413.95 Td (27,481) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 394.08 Td (Earnings per diluted common share:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 383.95 Td ( Earnings per diluted common shar) Tj ET Q q 0 0 0 rg BT 188.90 383.95 Td (e U.S. GAAP) Tj ET Q q 0 0 0 rg BT 236.45 383.95 Td ( basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 384.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 384.08 Td (0.47) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 383.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 383.95 Td (1.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 373.95 Td (Adjustment for undistributed loss allocated to participating shar) Tj ET Q q 0 0 0 rg BT 281.80 373.95 Td (es \(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 374.08 Td (0.21) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 373.95 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 364.08 Td (0.68) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 363.95 Td (1.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 353.95 Td ( ) Tj ET Q q 0 0 0 rg BT 77.36 353.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 343.95 Td (Compensation fr) Tj ET Q q 0 0 0 rg BT 134.91 343.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 187.72 343.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 220.09 343.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 344.08 Td (0.50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 343.95 Td (0.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 333.95 Td (Amortization of intangible assets r) Tj ET Q q 0 0 0 rg BT 191.88 333.95 Td (elated to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 334.08 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 333.95 Td (0.15) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 323.95 Td (Non-compensation expenses fr) Tj ET Q q 0 0 0 rg BT 179.55 323.95 Td (om acquisition-r) Tj ET Q q 0 0 0 rg BT 232.37 323.95 Td (elated agr) Tj ET Q q 0 0 0 rg BT 264.73 323.95 Td (eements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 324.08 Td (0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 323.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 313.95 Td (Impact of the T) Tj ET Q q 0 0 0 rg BT 129.43 313.95 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 186.17 313.95 Td (Act legislation) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 314.08 Td (0.06) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 313.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 303.95 Td ( ) Tj ET Q q 0 0 0 rg BT 77.36 303.95 Td (Adjusted earnings per diluted common shar) Tj ET Q q 0 0 0 rg BT 217.27 303.95 Td (e) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 304.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 304.08 Td (1.38) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 303.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 303.95 Td (1.77) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 289.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 289.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 289.85 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.68 289.85 Td (r) Tj ET Q q 0 0 0 rg BT 100.50 289.85 Td (eturn ) Tj ET Q q 0 0 0 rg BT 119.57 289.85 Td (on ) Tj ET Q q 0 0 0 rg BT 129.76 289.85 Td (average ) Tj ET Q q 0 0 0 rg BT 157.71 289.85 Td (common ) Tj ET Q q 0 0 0 rg BT 187.01 289.85 Td (shar) Tj ET Q q 0 0 0 rg BT 200.94 289.85 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 232.39 289.85 Td (equity) Tj ET Q q 0 0 0 rg BT 251.49 289.85 Td (, ) Tj ET Q q 0 0 0 rg BT 255.68 289.85 Td (a ) Tj ET Q q 0 0 0 rg BT 261.87 289.85 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 296.82 289.85 Td ( ) Tj ET Q q 0 0 0 rg BT 299.01 289.85 Td (measur) Tj ET Q q 0 0 0 rg BT 322.27 289.85 Td (e, ) Tj ET Q q 0 0 0 rg BT 330.01 289.85 Td (is ) Tj ET Q q 0 0 0 rg BT 337.53 289.85 Td (computed ) Tj ET Q q 0 0 0 rg BT 370.82 289.85 Td (by ) Tj ET Q q 0 0 0 rg BT 380.56 289.85 Td (dividing ) Tj ET Q q 0 0 0 rg BT 408.96 289.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 438.26 289.85 Td (net ) Tj ET Q q 0 0 0 rg BT 450.22 289.85 Td (income ) Tj ET Q q 0 0 0 rg BT 475.51 289.85 Td (applicable ) Tj ET Q q 0 0 0 rg BT 511.47 289.85 Td (to ) Tj ET Q q 0 0 0 rg BT 519.88 289.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 539.84 289.85 Td (Jaffray ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 280.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 105.54 280.25 Td (for ) Tj ET Q q 0 0 0 rg BT 116.91 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.71 280.25 Td (last ) Tj ET Q q 0 0 0 rg BT 142.31 280.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 152.34 280.25 Td (months ) Tj ET Q q 0 0 0 rg BT 177.49 280.25 Td (by ) Tj ET Q q 0 0 0 rg BT 187.08 280.25 Td (average ) Tj ET Q q 0 0 0 rg BT 214.88 280.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 242.69 280.25 Td (common ) Tj ET Q q 0 0 0 rg BT 271.83 280.25 Td (shar) Tj ET Q q 0 0 0 rg BT 285.76 280.25 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 317.05 280.25 Td (equity) Tj ET Q q 0 0 0 rg BT 336.16 280.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.20 280.25 Td (For ) Tj ET Q q 0 0 0 rg BT 354.23 280.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.27 280.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 388.07 280.25 Td (explanation ) Tj ET Q q 0 0 0 rg BT 427.88 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.13 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.94 280.25 Td (components ) Tj ET Q q 0 0 0 rg BT 488.19 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.45 280.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 525.59 280.25 Td (net ) Tj ET Q q 0 0 0 rg BT 537.40 280.25 Td (income, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 270.65 Td (see ) Tj ET Q q 0 0 0 rg BT 79.71 270.65 Td ("Reconciliation ) Tj ET Q q 0 0 0 rg BT 131.73 270.65 Td (of ) Tj ET Q q 0 0 0 rg BT 139.95 270.65 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 155.73 270.65 Td (GAAP) Tj ET Q q 0 0 0 rg BT 176.02 270.65 Td ( ) Tj ET Q q 0 0 0 rg BT 178.02 270.65 Td (to ) Tj ET Q q 0 0 0 rg BT 186.24 270.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 215.35 270.65 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 250.31 270.65 Td ( ) Tj ET Q q 0 0 0 rg BT 252.31 270.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.75 270.65 Td (information" ) Tj ET Q q 0 0 0 rg BT 325.89 270.65 Td (in ) Tj ET Q q 0 0 0 rg BT 334.11 270.65 Td (footnote ) Tj ET Q q 0 0 0 rg BT 362.33 270.65 Td (\(1\).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 258.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 258.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 87.83 258.05 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 113.05 258.05 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.61 258.05 Td (calculates ) Tj ET Q q 0 0 0 rg BT 186.60 258.05 Td (earnings ) Tj ET Q q 0 0 0 rg BT 217.16 258.05 Td (per ) Tj ET Q q 0 0 0 rg BT 230.38 258.05 Td (common ) Tj ET Q q 0 0 0 rg BT 260.05 258.05 Td (shar) Tj ET Q q 0 0 0 rg BT 273.98 258.05 Td (e ) Tj ET Q q 0 0 0 rg BT 280.09 258.05 Td (using ) Tj ET Q q 0 0 0 rg BT 299.98 258.05 Td (the ) Tj ET Q q 0 0 0 rg BT 312.31 258.05 Td (two-class ) Tj ET Q q 0 0 0 rg BT 345.09 258.05 Td (method, ) Tj ET Q q 0 0 0 rg BT 373.20 258.05 Td (which ) Tj ET Q q 0 0 0 rg BT 394.87 258.05 Td (r) Tj ET Q q 0 0 0 rg BT 397.69 258.05 Td (equir) Tj ET Q q 0 0 0 rg BT 414.28 258.05 Td (es ) Tj ET Q q 0 0 0 rg BT 423.50 258.05 Td (the ) Tj ET Q q 0 0 0 rg BT 435.83 258.05 Td (allocation ) Tj ET Q q 0 0 0 rg BT 470.83 258.05 Td (of ) Tj ET Q q 0 0 0 rg BT 479.61 258.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 523.05 258.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 552.72 258.05 Td (net ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 248.45 Td (income ) Tj ET Q q 0 0 0 rg BT 93.08 248.45 Td (between ) Tj ET Q q 0 0 0 rg BT 121.77 248.45 Td (common ) Tj ET Q q 0 0 0 rg BT 151.35 248.45 Td (shar) Tj ET Q q 0 0 0 rg BT 165.28 248.45 Td (eholders ) Tj ET Q q 0 0 0 rg BT 195.31 248.45 Td (and ) Tj ET Q q 0 0 0 rg BT 209.79 248.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 254.05 248.45 Td (security ) Tj ET Q q 0 0 0 rg BT 281.85 248.45 Td (holders, ) Tj ET Q q 0 0 0 rg BT 310.33 248.45 Td (which ) Tj ET Q q 0 0 0 rg BT 331.92 248.45 Td (in ) Tj ET Q q 0 0 0 rg BT 340.62 248.45 Td (the ) Tj ET Q q 0 0 0 rg BT 352.87 248.45 Td (case ) Tj ET Q q 0 0 0 rg BT 369.56 248.45 Td (of ) Tj ET Q q 0 0 0 rg BT 378.26 248.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 398.52 248.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 423.65 248.45 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 464.13 248.45 Td (r) Tj ET Q q 0 0 0 rg BT 466.95 248.45 Td (epr) Tj ET Q q 0 0 0 rg BT 477.32 248.45 Td (esents ) Tj ET Q q 0 0 0 rg BT 499.35 248.45 Td (unvested ) Tj ET Q q 0 0 0 rg BT 529.81 248.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 548.73 248.45 Td (with ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 238.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 97.26 238.85 Td (rights. ) Tj ET Q q 0 0 0 rg BT 120.14 238.85 Td (No ) Tj ET Q q 0 0 0 rg BT 131.69 238.85 Td (allocation ) Tj ET Q q 0 0 0 rg BT 166.35 238.85 Td (of ) Tj ET Q q 0 0 0 rg BT 174.78 238.85 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 219.66 238.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 249.88 238.85 Td (is ) Tj ET Q q 0 0 0 rg BT 257.43 238.85 Td (made ) Tj ET Q q 0 0 0 rg BT 276.97 238.85 Td (for ) Tj ET Q q 0 0 0 rg BT 288.52 238.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.73 238.85 Td (in ) Tj ET Q q 0 0 0 rg BT 323.16 238.85 Td (which ) Tj ET Q q 0 0 0 rg BT 344.49 238.85 Td (a ) Tj ET Q q 0 0 0 rg BT 350.70 238.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 365.36 238.85 Td (is ) Tj ET Q q 0 0 0 rg BT 372.91 238.85 Td (incurr) Tj ET Q q 0 0 0 rg BT 392.61 238.85 Td (ed, ) Tj ET Q q 0 0 0 rg BT 404.38 238.85 Td (or ) Tj ET Q q 0 0 0 rg BT 413.70 238.85 Td (for ) Tj ET Q q 0 0 0 rg BT 425.25 238.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 451.46 238.85 Td (in ) Tj ET Q q 0 0 0 rg BT 459.90 238.85 Td (which ) Tj ET Q q 0 0 0 rg BT 481.22 238.85 Td (the ) Tj ET Q q 0 0 0 rg BT 493.21 238.85 Td (special ) Tj ET Q q 0 0 0 rg BT 518.08 238.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 534.96 238.85 Td (dividend ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 229.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 94.37 229.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 123.48 229.25 Td (net ) Tj ET Q q 0 0 0 rg BT 135.25 229.25 Td (income ) Tj ET Q q 0 0 0 rg BT 160.35 229.25 Td (r) Tj ET Q q 0 0 0 rg BT 163.17 229.25 Td (esulting ) Tj ET Q q 0 0 0 rg BT 190.50 229.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.72 229.25 Td (an ) Tj ET Q q 0 0 0 rg BT 208.72 229.25 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 253.39 229.25 Td (loss.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td (External Factors Impacting Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.04 181.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.27 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.94 181.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.38 181.25 Td (services ) Tj ET Q q 0 0 0 rg BT 195.04 181.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.27 181.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.50 181.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.39 181.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.51 181.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 308.39 181.25 Td (is ) Tj ET Q q 0 0 0 rg BT 316.51 181.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 343.52 181.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 384.95 181.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.18 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 181.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 437.07 181.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 470.74 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.52 181.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.85 181.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 169.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.29 169.25 Td (market ) Tj ET Q q 0 0 0 rg BT 137.74 169.25 Td (activity) Tj ET Q q 0 0 0 rg BT 167.08 169.25 Td (. ) Tj ET Q q 0 0 0 rg BT 173.27 169.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 206.94 169.25 Td (market ) Tj ET Q q 0 0 0 rg BT 238.39 169.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 283.74 169.25 Td (are ) Tj ET Q q 0 0 0 rg BT 299.63 169.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.75 169.25 Td (product ) Tj ET Q q 0 0 0 rg BT 341.99 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.00 169.25 Td (many ) Tj ET Q q 0 0 0 rg BT 379.90 169.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 413.30 169.25 Td (which ) Tj ET Q q 0 0 0 rg BT 441.42 169.25 Td (are ) Tj ET Q q 0 0 0 rg BT 457.31 169.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 490.44 169.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.45 169.25 Td (control, ) Tj ET Q q 0 0 0 rg BT 541.96 169.25 Td (often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 106.32 157.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.15 157.25 Td (at ) Tj ET Q q 0 0 0 rg BT 132.77 157.25 Td (times ) Tj ET Q q 0 0 0 rg BT 156.83 157.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 199.77 157.25 Td (volatile. ) Tj ET Q q 0 0 0 rg BT 234.48 157.25 Td (These ) Tj ET Q q 0 0 0 rg BT 260.76 157.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 290.36 157.25 Td (may ) Tj ET Q q 0 0 0 rg BT 309.98 157.25 Td (af) Tj ET Q q 0 0 0 rg BT 317.56 157.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.95 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.56 157.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.94 157.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 426.55 157.25 Td (made ) Tj ET Q q 0 0 0 rg BT 450.61 157.25 Td (by ) Tj ET Q q 0 0 0 rg BT 463.00 157.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 504.01 157.25 Td (including ) Tj ET Q q 0 0 0 rg BT 544.18 157.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (level ) Tj ET Q q 0 0 0 rg BT 71.82 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.03 145.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 136.45 145.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.11 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.21 145.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.08 145.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 237.11 145.25 Td (In ) Tj ET Q q 0 0 0 rg BT 248.33 145.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 269.82 145.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.25 145.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 333.35 145.25 Td (may ) Tj ET Q q 0 0 0 rg BT 353.45 145.25 Td (af) Tj ET Q q 0 0 0 rg BT 361.04 145.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 378.91 145.25 Td (our ) Tj ET Q q 0 0 0 rg BT 395.12 145.25 Td (business ) Tj ET Q q 0 0 0 rg BT 431.90 145.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 463.18 145.25 Td (W) Tj ET Q q 0 0 0 rg BT 472.22 145.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 485.66 145.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 516.85 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 145.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.75 133.25 Td (activity) Tj ET Q q 0 0 0 rg BT 110.09 133.25 Td (, ) Tj ET Q q 0 0 0 rg BT 116.07 133.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.88 133.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 184.13 133.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.29 133.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 232.77 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.03 133.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.95 133.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 283.19 133.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.01 133.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 328.20 133.25 Td (including ) Tj ET Q q 0 0 0 rg BT 369.45 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.15 133.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 420.29 133.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.44 133.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.80 133.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 518.50 133.25 Td (services ) Tj ET Q q 0 0 0 rg BT 554.19 133.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 86.04 121.25 Td (by ) Tj ET Q q 0 0 0 rg BT 97.61 121.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.40 121.25 Td (number ) Tj ET Q q 0 0 0 rg BT 143.52 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.53 121.25 Td (size ) Tj ET Q q 0 0 0 rg BT 176.65 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.55 121.25 Td (mer) Tj ET Q q 0 0 0 rg BT 201.92 121.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 216.25 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.26 121.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 277.72 121.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 327.05 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.06 121.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.63 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.64 121.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 404.43 121.25 Td (financings, ) Tj ET Q q 0 0 0 rg BT 450.15 121.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.94 121.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 495.49 121.25 Td (level ) Tj ET Q q 0 0 0 rg BT 516.50 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.40 121.25 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.78 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.95 109.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 100.90 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.29 109.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 139.79 109.25 Td (income ) Tj ET Q q 0 0 0 rg BT 171.18 109.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 207.29 109.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 241.45 109.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.18 109.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.57 109.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 303.40 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.79 109.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 344.50 109.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 376.45 109.25 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 421.71 109.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 444.21 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.60 109.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 494.76 109.25 Td (changes\), ) Tj ET Q q 0 0 0 rg BT 534.75 109.25 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (market ) Tj ET Q q 0 0 0 rg BT 79.01 97.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 112.25 97.25 Td (, ) Tj ET Q q 0 0 0 rg BT 116.50 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.46 97.25 Td (level ) Tj ET Q q 0 0 0 rg BT 151.64 97.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.82 97.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 192.34 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.41 97.25 Td (various ) Tj ET Q q 0 0 0 rg BT 233.60 97.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 255.34 97.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 285.68 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.64 97.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 331.38 97.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.57 97.25 Td (value ) Tj ET Q q 0 0 0 rg BT 370.97 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.05 97.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 411.12 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.64 97.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 462.65 97.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 492.16 97.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.90 97.25 Td (valuations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 85.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 115.31 85.25 Td (for ) Tj ET Q q 0 0 0 rg BT 129.47 85.25 Td (active ) Tj ET Q q 0 0 0 rg BT 155.84 85.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 177.78 85.25 Td (management ) Tj ET Q q 0 0 0 rg BT 231.37 85.25 Td (services.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.08 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 98.21 731.10 Td (dif) Tj ET Q q 0 0 0 rg BT 109.14 731.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 149.03 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.50 731.10 Td (business ) Tj ET Q q 0 0 0 rg BT 200.53 731.10 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.59 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.71 731.10 Td (services ) Tj ET Q q 0 0 0 rg BT 314.05 731.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.97 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 367.22 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 386.58 731.10 Td (af) Tj ET Q q 0 0 0 rg BT 394.17 731.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.29 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.76 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.88 731.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 494.63 731.10 Td (For ) Tj ET Q q 0 0 0 rg BT 510.66 731.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 549.17 731.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.23 719.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 113.97 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 150.94 719.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 184.01 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 197.09 719.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 231.26 719.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 267.12 719.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 297.97 719.10 Td (while ) Tj ET Q q 0 0 0 rg BT 323.27 719.10 Td (serving ) 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ET Q q 0 0 0 rg BT 394.91 707.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 439.71 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 465.07 707.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 493.75 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 517.44 707.10 Td (impacts. ) Tj ET Q q 0 0 0 rg BT 554.18 707.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.31 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.17 695.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 142.10 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.41 695.10 Td (its ) Tj ET Q q 0 0 0 rg BT 174.39 695.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 208.02 695.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 231.09 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.96 695.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 266.15 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 695.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 332.04 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.79 695.10 Td (not ) Tj ET Q q 0 0 0 rg BT 367.10 695.10 Td (track ) Tj ET Q q 0 0 0 rg BT 389.62 695.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 419.92 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 450.22 695.10 Td (trends. ) Tj ET Q q 0 0 0 rg BT 479.69 695.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 506.66 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.41 695.10 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.96 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.30 683.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.07 683.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 136.85 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.42 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.31 683.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 240.15 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.61 683.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 291.61 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 310.96 683.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 348.06 683.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 400.18 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 421.74 683.10 Td (period ) Tj ET Q q 0 0 0 rg BT 449.41 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.32 683.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 489.49 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.05 683.10 Td (results ) Tj ET Q q 0 0 0 rg BT 534.29 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.07 683.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.55 671.10 Td (period ) Tj ET Q q 0 0 0 rg BT 120.60 671.10 Td (should ) Tj ET Q q 0 0 0 rg BT 149.77 671.10 Td (not ) Tj ET Q q 0 0 0 rg BT 165.05 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 176.99 671.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 222.80 671.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 264.73 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.56 671.10 Td (future ) Tj ET Q q 0 0 0 rg BT 301.94 671.10 Td (results.) 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rg BT 533.08 587.10 Td (periods ) 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 60.33 575.10 Td (heightened ) Tj ET Q q 0 0 0 rg BT 106.70 575.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 145.31 575.10 Td (into ) Tj ET Q q 0 0 0 rg BT 163.37 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.08 575.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 198.37 575.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 225.86 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.80 575.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 262.52 575.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 299.17 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.00 575.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 360.80 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.08 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.80 575.10 Td (first ) Tj ET Q q 0 0 0 rg BT 404.41 575.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.22 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.05 575.10 Td (2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.29 551.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 111.07 551.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 139.08 551.10 Td (will ) Tj ET Q q 0 0 0 rg BT 157.65 551.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 195.09 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.88 551.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 236.10 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.33 551.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 291.00 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.45 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.44 551.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 381.11 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.90 551.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 417.19 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 435.75 551.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 456.55 551.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 489.54 551.10 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 524.76 551.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 92.92 539.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 124.12 539.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 144.76 539.10 Td (again ) Tj ET Q q 0 0 0 rg BT 168.18 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.72 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.70 539.10 Td (first ) Tj ET Q q 0 0 0 rg BT 209.57 539.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 239.65 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.75 539.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 271.51 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 281.61 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 292.82 539.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 333.45 539.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 365.78 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.98 539.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 427.60 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.15 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.13 539.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 489.55 539.10 Td (hitting ) Tj ET Q q 0 0 0 rg BT 517.42 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 528.64 539.10 Td (inflation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 527.10 Td (get ) Tj ET Q q 0 0 0 rg BT 74.25 527.10 Td (strengthened. ) Tj ET Q q 0 0 0 rg BT 130.01 527.10 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 174.94 527.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 206.54 527.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 230.08 527.10 Td (however) Tj ET Q q 0 0 0 rg BT 264.11 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 268.77 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 289.81 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 304.76 527.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 334.14 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.08 527.10 Td (step ) Tj ET Q q 0 0 0 rg BT 362.36 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 382.30 527.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 421.11 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.06 527.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 474.88 527.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 506.48 527.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 527.52 527.10 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (in ) Tj ET Q q 0 0 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BT 507.25 515.10 Td (steady ) Tj ET Q q 0 0 0 rg BT 535.16 515.10 Td (path ) Tj ET Q q 0 0 0 rg BT 554.75 515.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.58 503.10 Td (normalization, ) Tj ET Q q 0 0 0 rg BT 126.71 503.10 Td (although ) Tj ET Q q 0 0 0 rg BT 163.79 503.10 Td (this ) Tj ET Q q 0 0 0 rg BT 180.33 503.10 Td (path ) Tj ET Q q 0 0 0 rg BT 199.64 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 223.95 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 235.48 503.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 267.57 503.10 Td (steeper ) Tj ET Q q 0 0 0 rg BT 297.98 503.10 Td (than ) Tj ET Q q 0 0 0 rg BT 317.29 503.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 361.60 503.10 Td (thought ) Tj ET Q q 0 0 0 rg BT 394.24 503.10 Td (if ) Tj ET Q q 0 0 0 rg BT 402.44 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.75 503.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 437.16 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.58 503.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 483.55 503.10 Td (accelerates. ) Tj ET Q q 0 0 0 rg BT 531.53 503.10 Td (A) Tj ET Q q 0 0 0 rg BT 538.20 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.29 503.10 Td (faster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 66.88 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.61 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 109.99 491.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 131.81 491.10 Td (than ) Tj ET Q q 0 0 0 rg BT 151.97 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.14 491.10 Td (market ) Tj ET Q q 0 0 0 rg BT 197.85 491.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 230.78 491.10 Td (could ) Tj ET Q q 0 0 0 rg BT 255.94 491.10 Td (trigger ) Tj ET Q q 0 0 0 rg BT 285.54 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.92 491.10 Td (sell-of) Tj ET Q q 0 0 0 rg BT 318.29 491.10 Td (f ) Tj ET Q q 0 0 0 rg BT 324.57 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.29 491.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 369.34 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.72 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.89 491.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 461.48 491.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 491.64 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.92 491.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 535.86 491.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 79.22 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.16 479.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 133.09 479.10 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 88.70 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 101.79 455.10 Td (have ) Tj ET Q q 0 0 0 rg BT 122.09 455.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 171.82 455.10 Td (heightened ) Tj ET Q q 0 0 0 rg BT 217.12 455.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 254.65 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.86 455.10 Td (early ) Tj ET Q q 0 0 0 rg BT 285.27 455.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 309.19 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 322.28 455.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 349.80 455.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 392.89 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.09 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.74 455.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.16 455.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 475.24 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.44 455.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 513.63 455.10 Td (constructive ) 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 64.21 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 80.58 443.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 118.07 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.55 443.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 163.60 443.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.29 443.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 223.56 443.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 265.20 443.10 Td (If ) Tj ET Q q 0 0 0 rg BT 274.91 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 289.62 443.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 335.96 443.10 Td (sustained ) Tj ET Q q 0 0 0 rg BT 376.23 443.10 Td (bouts ) Tj ET Q q 0 0 0 rg BT 400.95 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.32 443.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 440.92 443.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 480.07 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.45 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.93 443.10 Td (material ) Tj ET Q q 0 0 0 rg BT 534.74 443.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (correction, ) Tj ET Q q 0 0 0 rg BT 95.60 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.00 431.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 140.06 431.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 183.10 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 220.06 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 240.34 431.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 271.17 431.10 Td (while ) Tj ET Q q 0 0 0 rg BT 296.45 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.85 431.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 350.35 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.86 431.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 395.92 431.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 425.64 431.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 455.92 431.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 501.21 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 521.49 431.10 Td (suf) Tj ET Q q 0 0 0 rg BT 533.53 431.10 Td (fer) Tj ET Q q 0 0 0 rg BT 544.08 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 549.42 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.06 431.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.39 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.73 419.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 135.19 419.10 Td (services ) Tj ET Q q 0 0 0 rg BT 170.41 419.10 Td (business ) Tj ET Q q 0 0 0 rg BT 207.31 419.10 Td (will ) Tj ET Q q 0 0 0 rg BT 225.89 419.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 263.34 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.13 419.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 309.35 419.10 Td (well ) Tj ET Q q 0 0 0 rg BT 329.58 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.38 419.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 363.39 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.41 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.64 419.10 Td (strength ) Tj ET Q q 0 0 0 rg BT 426.87 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.22 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.56 419.10 Td (market ) Tj ET Q q 0 0 0 rg BT 485.34 419.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 523.08 419.10 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.03 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.23 407.10 Td (diversity ) Tj ET Q q 0 0 0 rg BT 154.98 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.52 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.60 407.10 Td (practice. ) Tj ET Q q 0 0 0 rg BT 217.89 407.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 257.87 407.10 Td (services ) Tj ET Q q 0 0 0 rg BT 292.84 407.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 331.13 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.55 407.10 Td (any ) Tj ET Q q 0 0 0 rg BT 362.75 407.10 Td (given ) Tj ET Q q 0 0 0 rg BT 387.72 407.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 418.80 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.76 407.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 473.17 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 485.93 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.90 407.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 529.77 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.97 407.10 Td (size ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 395.10 Td (deals ) Tj ET Q q 0 0 0 rg BT 98.09 395.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 131.98 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.92 395.10 Td (can ) Tj ET Q q 0 0 0 rg BT 175.30 395.10 Td (result ) Tj ET Q q 0 0 0 rg BT 200.01 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.29 395.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 260.00 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.28 395.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 308.32 395.10 Td (period ) Tj ET Q q 0 0 0 rg BT 336.37 395.10 Td (over ) Tj ET Q q 0 0 0 rg BT 356.63 395.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 371.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.42 371.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 92.36 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.20 371.10 Td (secular ) Tj ET Q q 0 0 0 rg BT 139.36 371.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 183.41 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.04 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.21 371.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 235.05 371.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 276.87 371.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 315.11 371.10 Td (including ) Tj ET Q q 0 0 0 rg BT 354.73 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.79 371.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 388.42 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 409.70 371.10 Td (active ) Tj ET Q q 0 0 0 rg BT 435.42 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.04 371.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 476.33 371.10 Td (managers, ) Tj ET Q q 0 0 0 rg BT 518.99 371.10 Td (will ) Tj ET Q q 0 0 0 rg BT 536.39 371.10 Td (persist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.24 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.53 359.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 120.14 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.55 359.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 154.97 359.10 Td (These ) Tj ET Q q 0 0 0 rg BT 180.93 359.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 225.20 359.10 Td (may ) Tj ET Q q 0 0 0 rg BT 244.50 359.10 Td (be ) Tj ET Q q 0 0 0 rg BT 256.01 359.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 305.83 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 317.91 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.20 359.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 397.04 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.45 359.10 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 437.31 359.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 448.54 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.06 359.10 Td (European ) Tj ET Q q 0 0 0 rg BT 495.45 359.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 538.07 359.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.40 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.51 347.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 115.85 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 128.53 347.10 Td (some ) Tj ET Q q 0 0 0 rg BT 152.32 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.33 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.34 347.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 199.80 347.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 230.89 347.10 Td (This ) Tj ET Q q 0 0 0 rg BT 251.35 347.10 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 297.07 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 324.19 347.10 Td (governs ) Tj ET Q q 0 0 0 rg BT 358.53 347.10 Td (how ) Tj ET Q q 0 0 0 rg BT 378.43 347.10 Td (buy-side ) Tj ET Q q 0 0 0 rg BT 415.55 347.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 444.33 347.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 467.28 347.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 489.40 347.10 Td (managers\) ) Tj ET Q q 0 0 0 rg BT 533.72 347.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 550.84 347.10 Td (for ) 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 84.68 335.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 129.29 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 142.26 335.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 185.20 335.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 232.89 335.10 Td (may ) Tj ET Q q 0 0 0 rg BT 253.08 335.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 272.70 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.45 335.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 318.06 335.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 353.80 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 368.43 335.10 Td (U.S ) Tj ET Q q 0 0 0 rg BT 386.68 335.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 429.62 335.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 477.31 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.72 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 509.35 335.10 Td (would ) Tj ET Q q 0 0 0 rg BT 537.32 335.10 Td (not ) Tj ET Q q 0 0 0 rg BT 553.06 335.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (immune ) Tj ET Q q 0 0 0 rg BT 84.77 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.71 323.10 Td (this ) Tj ET Q q 0 0 0 rg BT 123.66 323.10 Td (impact.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 299.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.98 299.10 Td (would ) Tj ET Q q 0 0 0 rg BT 92.39 299.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 120.89 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.51 299.10 Td (low ) Tj ET Q q 0 0 0 rg BT 152.92 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 184.76 299.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 202.15 299.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 255.10 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.94 299.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 287.67 299.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 310.08 299.10 Td (curve ) Tj ET Q q 0 0 0 rg BT 334.69 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.87 299.10 Td (persist ) Tj ET Q q 0 0 0 rg BT 373.39 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.45 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.08 299.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 445.02 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.75 299.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 480.48 299.10 Td (This ) Tj ET Q q 0 0 0 rg BT 500.67 299.10 Td (would ) Tj ET Q q 0 0 0 rg BT 528.07 299.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.03 287.10 Td (subdue ) Tj ET Q q 0 0 0 rg BT 89.11 287.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 127.52 287.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 147.61 287.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 179.35 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 192.76 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.84 287.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 230.14 287.10 Td (income ) Tj ET Q q 0 0 0 rg BT 261.33 287.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 310.86 287.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 352.59 287.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 390.35 287.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 440.25 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 444.50 287.10 Td (given ) Tj ET Q q 0 0 0 rg BT 468.47 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.56 287.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 527.52 287.10 Td (presence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 58.79 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.52 275.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 114.02 275.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 145.79 275.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 181.18 275.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 214.91 275.10 Td (sentiment ) Tj ET Q q 0 0 0 rg BT 255.30 275.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 288.47 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.20 275.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 343.70 275.10 Td (space ) Tj ET Q q 0 0 0 rg BT 367.42 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 386.15 275.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 425.97 275.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.70 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.54 275.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 491.59 275.10 Td (income ) Tj ET Q q 0 0 0 rg BT 522.54 275.10 Td (brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 90.22 263.10 Td (While ) Tj ET Q q 0 0 0 rg BT 117.54 263.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 145.98 263.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 178.30 263.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 200.07 263.10 Td (across ) Tj ET Q q 0 0 0 rg BT 227.95 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.06 263.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 265.95 263.10 Td (curve ) Tj ET Q q 0 0 0 rg BT 291.04 263.10 Td (would ) Tj ET Q q 0 0 0 rg BT 318.93 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 331.26 263.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 371.91 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.58 263.10 Td (this ) Tj ET Q q 0 0 0 rg BT 399.92 263.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 439.20 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.31 263.10 Td (move ) Tj ET Q q 0 0 0 rg BT 479.41 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.08 263.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 518.52 263.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 540.29 263.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.99 251.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 121.37 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.87 251.10 Td (public ) Tj ET Q q 0 0 0 rg BT 166.03 251.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 198.63 251.10 Td (business ) Tj ET Q q 0 0 0 rg BT 235.69 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.64 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.03 251.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 306.85 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.35 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.74 251.10 Td (level ) Tj ET Q q 0 0 0 rg BT 356.34 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.84 251.10 Td (refunding ) Tj ET Q q 0 0 0 rg BT 409.89 251.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 443.05 251.10 Td (eases ) Tj ET Q q 0 0 0 rg BT 467.32 251.10 Td (while ) Tj ET Q q 0 0 0 rg BT 492.71 251.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 523.63 251.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 79.54 239.10 Td (has ) Tj ET Q q 0 0 0 rg BT 94.59 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 109.08 239.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 123.01 239.10 Td (spurred ) Tj ET Q q 0 0 0 rg BT 154.71 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 160.86 239.10 Td (ramp ) Tj ET Q q 0 0 0 rg BT 183.12 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.61 239.10 Td (new ) Tj ET Q q 0 0 0 rg BT 210.99 239.10 Td (money ) Tj ET Q q 0 0 0 rg BT 239.92 239.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 275.50 239.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 313.60 239.10 Td (Irrespective ) Tj ET Q q 0 0 0 rg BT 362.51 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.55 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.48 239.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 417.63 239.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 434.33 239.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 461.87 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.24 239.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 505.82 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 522.53 239.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.49 227.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 123.91 227.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 156.67 227.10 Td (will ) Tj ET Q q 0 0 0 rg BT 174.99 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 187.20 227.10 Td (down ) Tj ET Q q 0 0 0 rg BT 212.19 227.10 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 268.28 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.83 227.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 301.59 227.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 343.79 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.33 227.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 377.10 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.20 227.10 Td (some ) Tj ET Q q 0 0 0 rg BT 412.08 227.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 452.62 227.10 Td (were ) Tj ET Q q 0 0 0 rg BT 474.81 227.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 522.54 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.08 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.07 227.10 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 215.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 82.64 215.10 Td (due ) Tj ET Q q 0 0 0 rg BT 99.48 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.66 215.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 144.27 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 166.12 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.74 215.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 195.36 215.10 Td (reform ) Tj ET Q q 0 0 0 rg BT 224.97 215.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 271.53 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.37 215.10 Td (also ) Tj ET Q q 0 0 0 rg BT 306.89 215.10 Td (due ) Tj ET Q q 0 0 0 rg BT 323.73 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.91 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.75 215.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 365.92 215.10 Td (level ) Tj ET Q q 0 0 0 rg BT 387.76 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.50 215.10 Td (refunding ) Tj ET Q q 0 0 0 rg BT 439.78 215.10 Td (activity) Tj ET Q q 0 0 0 rg BT 469.12 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.02 215.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 506.97 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.81 215.10 Td (slow ) Tj ET Q q 0 0 0 rg BT 535.11 215.10 Td (start ) Tj ET Q q 0 0 0 rg BT 554.73 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 74.16 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 87.98 203.10 Td (would ) Tj ET Q q 0 0 0 rg BT 115.15 203.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 143.40 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.78 203.10 Td (new ) Tj ET Q q 0 0 0 rg BT 176.60 203.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 212.64 203.10 Td (market ) Tj ET Q q 0 0 0 rg BT 242.57 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.51 203.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 292.43 203.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 327.92 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 338.41 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.79 203.10 Td (year ) Tj ET Q q 0 0 0 rg BT 372.16 203.10 Td (progresses, ) Tj ET Q q 0 0 0 rg BT 419.04 203.10 Td (with ) Tj ET Q q 0 0 0 rg BT 438.98 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.58 203.10 Td (stronger ) Tj ET Q q 0 0 0 rg BT 480.51 203.10 Td (market ) Tj ET Q q 0 0 0 rg BT 510.43 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.37 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.75 203.10 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (half ) Tj ET Q q 0 0 0 rg BT 67.55 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.38 191.10 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.23 167.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 106.71 167.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 138.66 167.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 180.60 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 195.87 167.10 Td (would ) Tj ET Q q 0 0 0 rg BT 224.49 167.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 254.20 167.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 280.59 167.10 Td (market ) Tj ET Q q 0 0 0 rg BT 311.97 167.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 359.19 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 387.24 167.10 Td (would ) Tj ET Q q 0 0 0 rg BT 415.86 167.10 Td (have ) Tj ET Q q 0 0 0 rg BT 438.35 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 446.40 167.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 481.68 167.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.51 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 526.12 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 543.07 167.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (management ) Tj ET Q q 0 0 0 rg BT 101.99 155.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 139.79 155.10 Td (However) Tj ET Q q 0 0 0 rg BT 176.04 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.94 155.10 Td (market ) Tj ET Q q 0 0 0 rg BT 209.11 155.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 251.62 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 270.24 155.10 Td (be ) Tj ET Q q 0 0 0 rg BT 281.08 155.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 324.13 155.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 362.19 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 373.59 155.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 417.21 155.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 451.38 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.22 155.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 504.73 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.91 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 155.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 85.95 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.58 143.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 147.18 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.25 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.76 143.10 Td (first ) Tj ET Q q 0 0 0 rg BT 190.17 143.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 220.78 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.41 143.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 256.04 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.67 143.10 Td (e ) Tj ET Q q 0 0 0 rg BT 271.41 143.10 Td (further ) Tj ET Q q 0 0 0 rg BT 300.91 143.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 329.30 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 346.59 143.10 Td (active ) Tj ET Q q 0 0 0 rg BT 372.76 143.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.50 143.10 Td (managers, ) Tj ET Q q 0 0 0 rg BT 437.61 143.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 477.67 143.10 Td (included, ) Tj ET Q q 0 0 0 rg BT 516.90 143.10 Td (will ) Tj ET Q q 0 0 0 rg BT 534.76 143.10 Td (remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 131.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 110.59 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.87 131.10 Td (create ) Tj ET Q q 0 0 0 rg BT 147.23 131.10 Td (alpha ) Tj ET Q q 0 0 0 rg BT 171.38 131.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.54 131.10 Td (their ) Tj ET Q q 0 0 0 rg BT 206.37 131.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 234.97 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.91 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.19 131.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 299.68 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 310.51 131.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 333.01 131.10 Td (AUM.) 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 (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, 2018) 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, 2017) 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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0.9333333333333333 1 rg /GS0 gs 499.00 216.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 216.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 182.75 193.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 182.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 182.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 182.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 182.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 182.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 182.75 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 182.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 182.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 182.75 60.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 612.75 m 303 612.75 l s 0 0 0 RG /GS0 gs 1.00 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 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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 Per) Tj ET Q q 0 0 0 rg BT 497.01 651.48 Td (centage of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 639.48 Td (Net Revenues for) Tj ET Q q 0 0 0 rg BT 529.22 639.48 Td ( the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 627.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 307.58 627.48 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 627.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 471.58 627.48 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 615.48 Td (Mar) Tj ET Q q 0 0 0 rg BT 333.44 615.48 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 615.48 Td (Mar) Tj ET Q q 0 0 0 rg BT 497.44 615.48 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 603.48 Td (2018) 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 (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.50 591.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 591.48 Td (v2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 591.48 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.50 591.48 Td (2017) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 567.48 Td (120,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 567.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 567.37 Td (132,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.95 567.37 Td (\(8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 567.37 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 567.48 Td (71.5) 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 (66.0) 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 (27,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 555.37 Td (39,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 555.37 Td (\(29.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 555.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 555.48 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 555.37 Td (19.5) 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 (12,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 543.37 Td (16,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 543.37 Td (\(21.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 543.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 543.48 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 543.37 Td (8.0) 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 271.65 531.48 Td (10,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 531.37 Td (7,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 531.37 Td (34.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 531.48 Td (6.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 531.37 Td (3.8) 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 276.65 519.48 Td (2,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 519.37 Td (10,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 519.37 Td (\(71.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 519.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 519.48 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 519.37 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 507.37 Td (T) Tj ET Q q 0 0 0 rg BT 70.26 507.37 Td (otal revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 507.48 Td (174,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 507.37 Td (205,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 507.37 Td (\(15.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 507.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.00 507.48 Td (103.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 507.37 Td (102.5) 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 (5,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 483.37 Td (4,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 483.37 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 483.48 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 483.37 Td (2.5) 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 (169,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 459.37 Td (200,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 459.37 Td (\(15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 459.37 Td (\)) 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-inter) Tj ET Q q 0 0 0 rg BT 94.07 435.48 Td (est 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 (1) Tj ET Q q 0 0 0 rg BT 271.65 423.48 Td (15,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 423.37 Td (134,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 423.37 Td (\(14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 423.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 423.48 Td (68.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 423.37 Td (67.0) 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 276.65 411.48 Td (8,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 411.37 Td (10,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 411.37 Td (\(13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 411.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 411.48 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 411.37 Td (5.2) 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 (8,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 399.37 Td (8,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 399.37 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 399.48 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 399.37 Td (4.2) 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 (8,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 387.37 Td (7,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 387.37 Td (13.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 387.48 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 387.37 Td (3.8) 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 (7,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 375.37 Td (7,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.95 375.37 Td (\(3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 375.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 375.48 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 375.37 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 363.37 Td (Deal-related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 363.48 Td (5,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 363.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 363.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 363.48 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 363.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 351.37 Td (T) Tj ET Q q 0 0 0 rg BT 64.43 351.37 Td (rade execution and clearance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 351.48 Td (2,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 351.37 Td (1,81) Tj ET Q q 0 0 0 rg BT 358.15 351.37 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 351.37 Td (19.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 351.48 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 351.37 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 339.37 Td (Intangible asset amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 339.48 Td (2,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 339.37 Td (3,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 339.37 Td (\(31.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 339.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 339.48 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 339.37 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 327.37 Td (Back of) Tj ET Q q 0 0 0 rg BT 89.79 327.37 Td (fice conversion costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 327.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 327.37 Td (866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.95 327.37 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 327.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 327.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 327.37 Td (0.4) 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 (2,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 315.37 Td (2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 315.37 Td (\(10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 315.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 315.48 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 315.37 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 303.37 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 303.37 Td (otal non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 303.48 Td (161,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 303.37 Td (177,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.95 303.37 Td (\(9.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 303.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 303.48 Td (95.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 303.37 Td (88.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.48 Td (Income befor) Tj ET Q q 0 0 0 rg BT 109.34 279.48 Td (e income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 279.48 Td (8,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 279.37 Td (22,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 279.37 Td (\(64.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 279.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 279.48 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 279.37 Td (1) Tj ET Q q 0 0 0 rg BT 541.65 279.37 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 255.37 Td (Income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.30 255.48 Td (\(2,581) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 255.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 255.37 Td (\(395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 255.37 Td (\)) 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 (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.50 255.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 255.37 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 255.37 Td (\)) 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 (10,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 231.37 Td (23,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 231.37 Td (\(54.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 231.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 231.48 Td (6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 231.37 Td (1) Tj ET Q q 0 0 0 rg BT 541.65 231.37 Td (1.6) 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 289.15 199.43 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 199.42 Td (2,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 199.42 Td (\(99.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 199.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 199.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 199.42 Td (1.5) 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) Tj ET Q q 0 0 0 rg BT 183.41 173.48 Td ( 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 165.43 Td (10,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 165.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 165.42 Td (20,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 165.42 Td (\(47.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 165.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 165.43 Td (6.3) 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 536.65 165.42 Td (10.1) 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 (2018) 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 ($10.6 ) 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 87.34 109.05 Td (for ) Tj ET Q q 0 0 0 rg BT 101.30 109.05 Td (the ) Tj ET Q q 0 0 0 rg BT 115.82 109.05 Td (three ) Tj ET Q q 0 0 0 rg BT 138.10 109.05 Td (months ) Tj ET Q q 0 0 0 rg BT 169.85 109.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.03 109.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 239.43 109.05 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.43 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 261.73 109.05 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.46 109.05 Td ($169.1 ) Tj ET Q q 0 0 0 rg BT 313.26 109.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.16 109.05 Td (, ) Tj ET Q q 0 0 0 rg BT 346.96 109.05 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.70 109.05 Td (15.7 ) Tj ET Q q 0 0 0 rg BT 373.50 109.05 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.92 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 405.22 109.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 441.94 109.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.66 109.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.74 109.05 Td ($200.5 ) Tj ET Q q 0 0 0 rg BT 523.54 109.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.44 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 109.05 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 64.42 97.05 Td (year) Tj ET Q q 0 0 0 rg BT 81.43 97.05 Td (-ago ) Tj ET Q q 0 0 0 rg BT 101.90 97.05 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.65 97.05 Td (In ) Tj ET Q q 0 0 0 rg BT 143.68 97.05 Td (the ) Tj ET Q q 0 0 0 rg BT 158.60 97.05 Td (first ) Tj ET Q q 0 0 0 rg BT 177.41 97.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 208.43 97.05 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.76 97.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.46 97.05 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.46 97.05 Td (, ) Tj ET Q q 0 0 0 rg BT 244.66 97.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.25 97.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 326.17 97.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 364.41 97.05 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.54 97.05 Td ($120.8 ) Tj ET Q q 0 0 0 rg BT 416.74 97.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.63 97.05 Td (, ) Tj ET Q q 0 0 0 rg BT 450.84 97.05 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.76 97.05 Td (8.6 ) Tj ET Q q 0 0 0 rg BT 490.96 97.05 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.39 97.05 Td ( ) Tj ET Q q 0 0 0 rg BT 523.09 97.05 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 85.05 Td ($132.3 ) Tj ET Q q 0 0 0 rg BT 98.72 85.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.61 85.05 Td ( ) Tj ET Q q 0 0 0 rg BT 129.58 85.05 Td (in ) Tj ET Q q 0 0 0 rg BT 139.33 85.05 Td (the ) Tj ET Q q 0 0 0 rg BT 153.52 85.05 Td (prior) Tj ET Q q 0 0 0 rg BT 172.75 85.05 Td (-year ) Tj ET Q q 0 0 0 rg BT 195.26 85.05 Td (period, ) Tj ET Q q 0 0 0 rg BT 225.28 85.05 Td (as ) Tj ET Q q 0 0 0 rg BT 235.58 85.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 260.32 85.05 Td (advisory ) Tj ET Q q 0 0 0 rg BT 296.73 85.05 Td (services ) Tj ET Q q 0 0 0 rg BT 330.90 85.05 Td (and ) Tj ET Q q 0 0 0 rg BT 347.31 85.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 366.50 85.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 406.23 85.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 443.74 85.05 Td (were ) Tj ET Q q 0 0 0 rg BT 465.14 85.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 500.43 85.05 Td (of) Tj ET Q q 0 0 0 rg BT 508.58 85.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 524.99 85.05 Td (by ) Tj ET Q q 0 0 0 rg BT 536.96 85.05 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.13 73.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 117.54 73.05 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 158.21 73.05 Td (For ) Tj ET Q q 0 0 0 rg BT 174.74 73.05 Td (the ) Tj ET Q q 0 0 0 rg BT 189.60 73.05 Td (three ) Tj ET Q q 0 0 0 rg BT 212.22 73.05 Td (months ) Tj ET Q q 0 0 0 rg BT 244.31 73.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.82 73.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 314.56 73.05 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.56 73.05 Td (, ) Tj ET Q q 0 0 0 rg BT 339.70 73.05 Td (institutional ) Tj ET Q q 0 0 0 rg BT 390.11 73.05 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 432.73 73.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 470.90 73.05 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.95 73.05 Td (29.4 ) Tj ET Q q 0 0 0 rg BT 533.09 73.05 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 61.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.54 61.05 Td ($27.6 ) Tj ET Q q 0 0 0 rg BT 86.31 61.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.20 61.05 Td (, ) Tj ET Q q 0 0 0 rg BT 120.97 61.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 163.66 61.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.70 61.05 Td ($39.1 ) Tj ET Q q 0 0 0 rg BT 210.47 61.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.36 61.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.62 61.05 Td (in ) Tj ET Q q 0 0 0 rg BT 253.67 61.05 Td (the ) Tj ET Q q 0 0 0 rg BT 269.15 61.05 Td (first ) Tj ET Q q 0 0 0 rg BT 288.52 61.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 320.10 61.05 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.43 61.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.70 61.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 61.05 Td (, ) Tj ET Q q 0 0 0 rg BT 357.47 61.05 Td (due ) Tj ET Q q 0 0 0 rg BT 375.17 61.05 Td (to ) Tj ET Q q 0 0 0 rg BT 386.21 61.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 412.25 61.05 Td (fixed ) Tj ET Q q 0 0 0 rg BT 436.06 61.05 Td (income ) Tj ET Q q 0 0 0 rg BT 468.76 61.05 Td (and ) Tj ET Q q 0 0 0 rg BT 486.46 61.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 514.72 61.05 Td (institutional ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 91.95 731.10 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.47 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 143.27 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.97 731.10 Td (first ) Tj ET Q q 0 0 0 rg BT 176.55 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 207.35 731.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.68 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 731.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.13 731.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 265.05 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 318.61 731.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 337.19 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.99 731.10 Td ($12.6 ) Tj ET Q q 0 0 0 rg BT 372.97 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.86 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.34 731.10 Td (were ) Tj ET Q q 0 0 0 rg BT 426.25 731.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.94 731.10 Td (21.4 ) Tj ET Q q 0 0 0 rg BT 470.92 731.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.35 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.82 731.10 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 ($16.0 ) Tj ET Q q 0 0 0 rg BT 74.82 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.71 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.53 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.12 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.16 719.10 Td (first ) Tj ET Q q 0 0 0 rg BT 151.08 719.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.21 719.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.54 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.36 719.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.36 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.18 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 233.44 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.03 719.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 269.62 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 323.52 719.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 342.44 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 364.70 719.10 Td (both ) Tj ET Q q 0 0 0 rg BT 385.29 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 401.44 719.10 Td (master ) Tj ET Q q 0 0 0 rg BT 430.91 719.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 462.06 719.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 509.86 719.10 Td (\("MLP"\) ) Tj ET Q q 0 0 0 rg BT 548.06 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.85 707.10 Td (product ) Tj ET Q q 0 0 0 rg BT 109.74 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 117.89 707.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 150.51 707.10 Td (For ) Tj ET Q q 0 0 0 rg BT 166.76 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.32 707.10 Td (three ) Tj ET Q q 0 0 0 rg BT 203.66 707.10 Td (months ) Tj ET Q q 0 0 0 rg BT 235.46 707.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.69 707.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 305.14 707.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.14 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.99 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 344.56 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.34 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 408.13 707.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.03 707.10 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 445.88 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.77 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 479.62 707.10 Td (up ) Tj ET Q q 0 0 0 rg BT 491.97 707.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.76 707.10 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 533.61 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.06 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.05 695.10 Td (prior) Tj ET Q q 0 0 0 rg BT 92.29 695.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 114.61 695.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 144.31 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 161.63 695.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 196.17 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 213.50 695.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 260.82 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.38 695.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 297.70 695.10 Td (average ) Tj ET Q q 0 0 0 rg BT 330.57 695.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 370.67 695.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 406.87 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.43 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.43 695.10 Td (first ) Tj ET Q q 0 0 0 rg BT 448.32 695.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.41 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.52 695.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 512.67 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.31 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 527.53 695.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.08 683.10 Td (income ) Tj ET Q q 0 0 0 rg BT 128.21 683.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.24 683.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 159.44 683.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.33 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.03 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.50 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.42 683.10 Td (first ) Tj ET Q q 0 0 0 rg BT 235.22 683.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 266.24 683.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.26 683.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.26 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.46 683.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 344.58 683.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.06 683.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 390.26 683.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.85 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.32 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.24 683.10 Td (prior) Tj ET Q q 0 0 0 rg BT 466.48 683.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 489.71 683.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 520.45 683.10 Td (In ) Tj ET Q q 0 0 0 rg BT 531.48 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 683.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.54 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.59 671.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 116.82 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.20 671.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 168.90 671.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 197.17 671.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 221.00 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 233.73 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.78 671.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 296.38 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.55 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.49 671.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 390.09 671.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 426.14 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.64 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.58 671.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 491.51 671.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.45 671.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 547.50 671.10 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 63.03 659.10 Td (manage, ) Tj ET Q q 0 0 0 rg BT 98.48 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.68 659.10 Td (well ) Tj ET Q q 0 0 0 rg BT 127.76 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.96 659.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 165.37 659.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 188.34 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.21 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.40 659.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 234.49 659.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 286.62 659.10 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 338.47 659.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 376.44 659.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.73 659.10 Td ($161.0 ) Tj ET Q q 0 0 0 rg BT 427.10 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.99 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.85 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.38 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.46 659.10 Td (three ) Tj ET Q q 0 0 0 rg BT 507.31 659.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 659.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.90 647.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.90 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.70 647.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.22 647.10 Td (9.4 ) Tj ET Q q 0 0 0 rg BT 161.02 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.45 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.75 647.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 236.47 647.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.55 647.10 Td ($177.7 ) Tj ET Q q 0 0 0 rg BT 278.35 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.24 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.54 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.62 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.14 647.10 Td (prior) Tj ET Q q 0 0 0 rg BT 356.38 647.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 380.22 647.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 411.57 647.10 Td (due ) Tj ET Q q 0 0 0 rg BT 429.30 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 469.82 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.90 647.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 506.97 647.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.10 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.04 635.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 151.95 635.10 Td (revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (New Revenue Recognition Guidance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.53 587.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 102.77 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.46 587.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 133.81 587.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 140.73 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.42 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.66 587.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 207.01 587.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 259.46 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.36 587.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 342.98 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 356.55 587.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 390.12 587.10 Td (new ) Tj ET Q q 0 0 0 rg BT 408.70 587.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 442.25 587.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 489.71 587.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 527.72 587.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.30 587.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.39 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.29 575.10 Td (January ) Tj ET Q q 0 0 0 rg BT 104.95 575.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 115.01 575.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 139.89 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.00 575.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 195.00 575.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 223.66 575.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 250.64 575.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 285.98 575.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 326.31 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.20 575.10 Td (netting ) Tj ET Q q 0 0 0 rg BT 367.53 575.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 386.75 575.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 425.41 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 445.75 575.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.20 575.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.98 575.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.44 563.10 Td (superseded ) Tj ET Q q 0 0 0 rg BT 114.25 563.10 Td (under ) Tj ET Q q 0 0 0 rg BT 139.41 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.01 563.10 Td (new ) Tj ET Q q 0 0 0 rg BT 173.06 563.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 213.51 563.10 Td (As ) Tj ET Q q 0 0 0 rg BT 227.01 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.84 563.10 Td (result ) Tj ET Q q 0 0 0 rg BT 258.44 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.16 563.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 306.54 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.14 563.10 Td (new ) Tj ET Q q 0 0 0 rg BT 340.19 563.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 381.17 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.22 563.10 Td (now ) Tj ET Q q 0 0 0 rg BT 414.83 563.10 Td (present ) Tj ET Q q 0 0 0 rg BT 446.09 563.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.36 563.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.96 563.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 72.58 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.88 551.10 Td (related ) Tj ET Q q 0 0 0 rg BT 112.06 551.10 Td (client ) Tj ET Q q 0 0 0 rg BT 136.24 551.10 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 183.19 551.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 201.82 551.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 239.89 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.30 551.10 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 305.45 551.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.52 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 353.82 551.10 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 403.56 551.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 441.63 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 453.60 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.78 551.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.30 551.10 Td (statements ) 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 61.10 539.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 108.53 539.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 135.11 539.10 Td (than ) Tj ET Q q 0 0 0 rg BT 155.60 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.09 539.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 208.80 539.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 260.94 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.54 539.10 Td (netting ) Tj ET Q q 0 0 0 rg BT 303.58 539.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 323.51 539.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 362.88 539.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 399.46 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.39 539.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 459.32 539.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 506.47 539.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 541.96 539.10 Td (deals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (within ) Tj ET Q q 0 0 0 rg BT 77.81 527.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 118.39 527.10 Td (This ) Tj ET Q q 0 0 0 rg BT 138.92 527.10 Td (change ) Tj ET Q q 0 0 0 rg BT 169.98 527.10 Td (did ) Tj ET Q q 0 0 0 rg BT 185.51 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.04 527.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 231.00 527.10 Td (net ) Tj ET Q q 0 0 0 rg BT 245.97 527.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 280.65 527.10 Td (however ) Tj ET Q q 0 0 0 rg BT 317.83 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.79 527.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.52 527.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 410.48 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.89 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.85 527.10 Td (three ) Tj ET Q q 0 0 0 rg BT 462.59 527.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.78 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 527.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 515.10 Td (were ) Tj ET Q q 0 0 0 rg BT 93.93 515.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 133.08 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.91 515.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 491.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 491.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 115.77 491.10 Td (net ) Tj ET Q q 0 0 0 rg BT 130.49 491.10 Td (revenues,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 479.10 Td (Decreased ) Tj ET Q q 0 0 0 rg BT 129.64 479.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 187.68 479.10 Td (ratio,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 467.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 115.77 467.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 192.14 467.10 Td (expenses,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 455.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 115.77 455.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 192.14 455.10 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 215.47 455.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 443.10 Td (Lower ) Tj ET Q q 0 0 0 rg BT 114.10 443.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 144.91 443.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.18 443.10 Td (mar) Tj ET Q q 0 0 0 rg BT 200.54 443.10 Td (gin.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Deal-related ) Tj ET Q q 0 0 0 rg BT 101.32 419.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 139.83 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 154.45 419.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 190.17 419.10 Td (until ) Tj ET Q q 0 0 0 rg BT 210.91 419.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 258.31 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.05 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 280.90 419.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.20 419.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 361.82 419.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 408.11 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.96 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 439.58 419.10 Td (now ) Tj ET Q q 0 0 0 rg BT 459.21 419.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 494.93 419.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 537.88 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.45 407.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.08 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.82 407.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 200.39 407.10 Td (For ) Tj ET Q q 0 0 0 rg BT 215.69 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.32 407.10 Td (three ) Tj ET Q q 0 0 0 rg BT 250.72 407.10 Td (months ) Tj ET Q q 0 0 0 rg BT 281.58 407.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.87 407.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 349.38 407.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.38 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.30 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 386.37 407.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 421.10 407.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 448.06 407.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.35 407.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.98 407.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 395.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 94.49 395.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 170.86 395.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 209.46 395.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.29 395.10 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 240.29 395.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.18 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.18 395.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 321.84 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.84 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.67 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 344.61 395.10 Td (result ) Tj ET Q q 0 0 0 rg BT 369.32 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.15 395.10 Td (this ) Tj ET Q q 0 0 0 rg BT 397.10 395.10 Td (change. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.00 371.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 97.43 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.26 371.10 Td (now ) Tj ET Q q 0 0 0 rg BT 130.65 371.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 153.35 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.73 371.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 215.44 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.94 371.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 278.62 371.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 296.89 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.05 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.55 371.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 363.92 371.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 400.80 371.10 Td (ener) Tj ET Q q 0 0 0 rg BT 417.83 371.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 429.99 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.59 371.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 473.20 371.10 Td (living ) Tj ET Q q 0 0 0 rg BT 498.70 371.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 543.06 371.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.40 359.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 128.43 359.10 Td (until ) Tj ET Q q 0 0 0 rg BT 149.57 359.10 Td (such ) Tj ET Q q 0 0 0 rg BT 170.71 359.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 189.62 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.64 359.10 Td (no ) Tj ET Q q 0 0 0 rg BT 217.44 359.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 245.80 359.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 276.94 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.52 359.10 Td (reversal, ) Tj ET Q q 0 0 0 rg BT 324.48 359.10 Td (which ) Tj ET Q q 0 0 0 rg BT 351.72 359.10 Td (will ) Tj ET Q q 0 0 0 rg BT 370.09 359.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 395.11 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.35 359.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 426.82 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.41 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.43 359.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 500.78 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.92 359.10 Td (these ) Tj ET Q q 0 0 0 rg BT 535.28 359.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 554.19 359.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 85.30 347.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.34 347.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 106.68 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.69 347.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 161.34 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.46 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.46 347.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 213.63 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.74 347.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 264.97 347.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 300.64 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.76 347.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 359.74 347.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 405.41 347.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 439.42 347.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 476.74 347.10 Td (were ) Tj ET Q q 0 0 0 rg BT 497.95 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 512.52 347.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.65 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 101.15 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.87 335.10 Td (new ) Tj ET Q q 0 0 0 rg BT 135.03 335.10 Td (guidance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (Consolidated Non-Interest Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 110.47 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.67 287.10 Td (Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.88 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.07 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.26 287.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 233.23 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.86 287.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 285.71 287.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 327.50 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.13 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.54 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.95 287.10 Td (lar) Tj ET Q q 0 0 0 rg BT 396.31 287.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 415.61 287.10 Td (component ) Tj ET Q q 0 0 0 rg BT 463.24 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.76 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 491.29 287.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 533.08 287.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (salaries, ) Tj ET Q q 0 0 0 rg BT 84.91 275.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 124.49 275.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 185.46 275.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 222.54 275.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 272.67 275.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 333.64 275.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 386.56 275.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 412.53 275.10 Td (income ) Tj ET Q q 0 0 0 rg BT 444.89 275.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 488.91 275.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.61 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.76 275.10 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 263.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 112.42 263.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 171.65 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.78 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 214.02 263.10 Td (employee-related ) Tj ET Q q 0 0 0 rg BT 287.11 263.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 312.49 263.10 Td (A) Tj ET Q q 0 0 0 rg BT 319.16 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.85 263.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 355.42 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.45 263.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 426.68 263.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 462.58 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.94 263.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 518.28 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.30 263.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 88.29 251.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 146.79 251.10 Td (including ) Tj ET Q q 0 0 0 rg BT 186.69 251.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 241.03 251.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 279.82 251.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 340.00 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.35 251.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 386.48 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.95 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.52 251.10 Td (fluctuates ) Tj ET Q q 0 0 0 rg BT 464.53 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.45 251.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 518.80 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.71 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 251.10 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.20 239.10 Td (business ) Tj ET Q q 0 0 0 rg BT 96.47 239.10 Td (activity) Tj ET Q q 0 0 0 rg BT 125.81 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.68 239.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 174.15 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.30 239.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 222.22 239.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 260.13 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.94 239.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 317.08 239.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 348.06 239.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 373.20 239.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 431.12 239.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 455.99 239.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 495.57 239.10 Td (base ) Tj ET Q q 0 0 0 rg BT 515.72 239.10 Td (salaries ) Tj ET Q q 0 0 0 rg BT 548.07 239.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 85.36 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.26 227.10 Td (more ) Tj ET Q q 0 0 0 rg BT 121.51 227.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 143.76 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.24 227.10 Td (nature. ) Tj ET Q q 0 0 0 rg BT 182.30 227.10 Td (The ) Tj ET Q q 0 0 0 rg BT 199.55 227.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 227.36 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.39 227.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 275.74 227.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 332.99 227.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 375.51 227.10 Td (which ) Tj ET Q q 0 0 0 rg BT 401.65 227.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 440.55 227.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 464.46 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.94 227.10 Td (February) Tj ET Q q 0 0 0 rg BT 509.39 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.59 227.10 Td (has ) Tj ET Q q 0 0 0 rg BT 528.62 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.76 227.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.70 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 90.68 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.00 215.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 125.75 215.10 Td (position ) Tj ET Q q 0 0 0 rg BT 159.96 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.38 215.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 212.26 215.10 Td (than ) Tj ET Q q 0 0 0 rg BT 231.46 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.12 215.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 277.07 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.06 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.37 215.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 356.90 215.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 401.10 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.41 215.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 457.41 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 466.05 215.10 Td (e ) Tj ET Q q 0 0 0 rg BT 472.47 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 493.33 215.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 525.30 215.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.06 203.10 Td (with ) Tj ET Q q 0 0 0 rg BT 93.30 203.10 Td (service ) Tj ET Q q 0 0 0 rg BT 124.07 203.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 168.19 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.98 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.87 203.10 Td (component ) Tj ET Q q 0 0 0 rg BT 232.76 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.55 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.33 203.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 305.67 203.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 324.78 203.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 383.61 203.10 Td (which ) Tj ET Q q 0 0 0 rg BT 410.51 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.63 203.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 462.07 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.30 203.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.30 203.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (over ) Tj ET Q q 0 0 0 rg BT 69.77 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.49 191.10 Td (service ) Tj ET Q q 0 0 0 rg BT 115.30 191.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.48 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.78 167.10 Td (three ) Tj ET Q q 0 0 0 rg BT 104.84 167.10 Td (months ) Tj ET Q q 0 0 0 rg BT 137.38 167.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.34 167.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 208.52 167.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.52 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.10 167.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 292.73 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.25 167.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 344.99 167.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 384.17 167.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 426.67 167.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.53 167.10 Td ($1) Tj ET Q q 0 0 0 rg BT 447.16 167.10 Td (15.2 ) Tj ET Q q 0 0 0 rg BT 467.74 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.63 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.22 167.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.72 167.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td ($134.4 ) Tj ET Q q 0 0 0 rg BT 79.44 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.78 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.00 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 155.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 195.31 155.10 Td (period ) Tj ET Q q 0 0 0 rg BT 223.30 155.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.07 155.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.07 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.01 155.10 Td (due ) Tj ET Q q 0 0 0 rg BT 275.90 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.12 155.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 311.33 155.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 351.81 155.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 412.02 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.91 155.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 463.00 155.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 501.54 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 512.32 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.20 155.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.86 143.10 Td (net ) Tj ET Q q 0 0 0 rg BT 74.10 143.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 111.67 143.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.25 143.10 Td (68.1 ) Tj ET Q q 0 0 0 rg BT 148.78 143.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.20 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.23 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.04 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.29 143.10 Td (first ) Tj ET Q q 0 0 0 rg BT 222.42 143.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 252.77 143.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.13 143.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.13 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 287.65 143.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 329.11 143.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.91 143.10 Td (67.0 ) Tj ET Q q 0 0 0 rg BT 368.44 143.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.87 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.70 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.95 143.10 Td (first ) Tj ET Q q 0 0 0 rg BT 442.09 143.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.43 143.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.76 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.79 143.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.79 143.10 Td (. ) Tj ET Q q 0 0 0 rg BT 507.17 143.10 Td (The ) Tj ET Q q 0 0 0 rg BT 524.75 143.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.07 131.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 127.43 131.10 Td (was ) Tj ET Q q 0 0 0 rg BT 145.01 131.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 184.26 131.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 231.82 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.63 131.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 269.21 131.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 345.66 131.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 403.23 131.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 427.76 131.10 Td (which ) Tj ET Q q 0 0 0 rg BT 454.23 131.10 Td (were ) Tj ET Q q 0 0 0 rg BT 475.69 131.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 503.27 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 515.30 131.10 Td (incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.04 119.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 145.14 119.10 Td (related ) Tj ET Q q 0 0 0 rg BT 174.34 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.12 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.55 119.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 230.34 119.10 Td (& ) Tj ET Q q 0 0 0 rg BT 240.12 119.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.00 119.10 Td (International ) Tj ET Q q 0 0 0 rg BT 334.09 119.10 Td (\("Simmons"\) ) Tj ET Q q 0 0 0 rg BT 388.70 119.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 441.22 119.10 Td (award ) Tj ET Q q 0 0 0 rg BT 467.65 119.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 486.86 119.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 541.07 119.10 Td (at ) Tj ET Q q 0 0 0 rg BT 550.28 119.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (time ) Tj ET Q q 0 0 0 rg BT 69.77 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 107.10 Td (acquisition.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (Outside ) Tj ET Q q 0 0 0 rg BT 83.58 731.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 119.88 731.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.88 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.85 731.10 Td (Outside ) Tj ET Q q 0 0 0 rg BT 161.94 731.10 Td (services ) Tj ET Q q 0 0 0 rg BT 197.12 731.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.19 731.10 Td (include ) Tj ET Q q 0 0 0 rg BT 268.60 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 309.34 731.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 355.09 731.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 396.66 731.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 443.52 731.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 490.93 731.10 Td (functions, ) Tj ET Q q 0 0 0 rg BT 533.62 731.10 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 70.76 719.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 91.19 719.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.35 719.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.28 719.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 192.21 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.81 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.97 719.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 279.35 719.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 323.37 719.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.64 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 397.56 719.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 421.61 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.88 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 460.26 719.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 510.96 719.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 531.39 719.10 Td (Outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.94 707.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 126.26 707.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.91 707.10 Td (13.4 ) Tj ET Q q 0 0 0 rg BT 191.64 707.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.06 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.29 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 707.10 Td ($8.9 ) Tj ET Q q 0 0 0 rg BT 259.02 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.92 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.15 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.60 707.10 Td (first ) Tj ET Q q 0 0 0 rg BT 340.94 707.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.48 707.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.81 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.04 707.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.77 707.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 456.42 707.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.43 707.10 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 505.16 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.05 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.28 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 707.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 108.10 695.10 Td (period ) Tj ET Q q 0 0 0 rg BT 135.04 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.77 695.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.77 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.66 695.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 211.16 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.77 695.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 255.05 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.77 695.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 302.27 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.10 695.10 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 383.36 695.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 409.75 695.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 444.47 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.65 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.37 695.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.31 695.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.02 683.10 Td (management ) Tj ET Q q 0 0 0 rg BT 126.19 683.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 153.99 683.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 185.96 683.10 Td (services ) Tj ET Q q 0 0 0 rg BT 221.24 683.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 260.42 683.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.92 683.10 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 318.50 683.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.92 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.00 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 368.52 683.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 408.81 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.67 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.19 683.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 468.03 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.89 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 519.73 683.10 Td (processing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.46 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.75 671.10 Td (there ) Tj ET Q q 0 0 0 rg BT 103.70 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 117.86 671.10 Td (services ) Tj ET Q q 0 0 0 rg BT 152.03 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.65 671.10 Td (no ) Tj ET Q q 0 0 0 rg BT 177.61 671.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 205.12 671.10 Td (use ) Tj ET Q q 0 0 0 rg BT 220.41 671.10 Td (following ) Tj ET Q q 0 0 0 rg BT 261.26 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.55 671.10 Td (migration ) Tj ET Q q 0 0 0 rg BT 317.39 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.13 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.53 671.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 354.38 671.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 393.55 671.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 427.72 671.10 Td (model ) Tj ET Q q 0 0 0 rg BT 454.67 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.41 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.59 671.10 Td (third ) Tj ET Q q 0 0 0 rg BT 499.43 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 529.71 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.00 671.10 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 96.88 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.28 647.10 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 160.00 647.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.41 647.10 Td (For ) Tj ET Q q 0 0 0 rg BT 183.70 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.32 647.10 Td (three ) Tj ET Q q 0 0 0 rg BT 220.70 647.10 Td (months ) Tj ET Q q 0 0 0 rg BT 252.55 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.83 647.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 322.33 647.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.33 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 347.23 647.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 392.39 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.23 647.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 453.84 647.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 492.34 647.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 532.50 647.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 565.00 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 635.10 Td ($8.6 ) Tj ET Q q 0 0 0 rg BT 79.78 635.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.67 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.67 635.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 155.59 635.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.87 635.10 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 195.87 635.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.76 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.26 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.42 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.14 635.10 Td (three ) Tj ET Q q 0 0 0 rg BT 278.63 635.10 Td (months ) Tj ET Q q 0 0 0 rg BT 310.57 635.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.95 635.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 380.55 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 635.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 119.64 611.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.64 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.01 611.10 Td (Communication ) Tj ET Q q 0 0 0 rg BT 193.81 611.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 232.28 611.10 Td (include ) Tj ET Q q 0 0 0 rg BT 264.08 611.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 286.44 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.47 611.10 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 379.48 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.28 611.10 Td (data ) Tj ET Q q 0 0 0 rg BT 415.30 611.10 Td (communication, ) Tj ET Q q 0 0 0 rg BT 482.37 611.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.95 611.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.26 599.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 96.78 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.87 599.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 149.07 599.10 Td (third ) Tj ET Q q 0 0 0 rg BT 169.39 599.10 Td (party ) Tj ET Q q 0 0 0 rg BT 191.36 599.10 Td (market ) Tj ET Q q 0 0 0 rg BT 220.55 599.10 Td (data ) Tj ET Q q 0 0 0 rg BT 238.63 599.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 289.77 599.10 Td (For ) Tj ET Q q 0 0 0 rg BT 305.09 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.73 599.10 Td (three ) Tj ET Q q 0 0 0 rg BT 340.15 599.10 Td (months ) Tj ET Q q 0 0 0 rg BT 371.02 599.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.33 599.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 438.85 599.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.85 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 462.78 599.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 526.41 599.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.55 587.10 Td (13.3 ) Tj ET Q q 0 0 0 rg BT 109.34 587.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.77 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.06 587.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.13 587.10 Td ($8.6 ) Tj ET Q q 0 0 0 rg BT 170.93 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.82 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 204.61 587.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 246.33 587.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.40 587.10 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 286.20 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.09 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.38 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 331.33 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.85 587.10 Td (three ) Tj ET Q q 0 0 0 rg BT 368.13 587.10 Td (months ) Tj ET Q q 0 0 0 rg BT 399.87 587.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.04 587.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 469.43 587.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.43 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.06 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 511.90 587.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 546.95 587.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.21 575.10 Td (due ) Tj ET Q q 0 0 0 rg BT 106.15 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.43 575.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 144.48 575.10 Td (market ) Tj ET Q q 0 0 0 rg BT 174.74 575.10 Td (data ) Tj ET Q q 0 0 0 rg BT 193.89 575.10 Td (services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 94.14 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 551.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 150.10 551.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 205.84 551.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.82 551.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 258.46 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.88 551.10 Td (business ) Tj ET Q q 0 0 0 rg BT 312.75 551.10 Td (development ) Tj ET Q q 0 0 0 rg BT 367.39 551.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 406.47 551.10 Td (include ) Tj ET Q q 0 0 0 rg BT 438.88 551.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 464.63 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.05 551.10 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 540.01 551.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 565.01 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 97.18 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.87 539.10 Td (third ) Tj ET Q q 0 0 0 rg BT 137.01 539.10 Td (party ) Tj ET Q q 0 0 0 rg BT 160.81 539.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 204.60 539.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 226.45 539.10 Td (For ) Tj ET Q q 0 0 0 rg BT 243.59 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.06 539.10 Td (three ) Tj ET Q q 0 0 0 rg BT 282.30 539.10 Td (months ) Tj ET Q q 0 0 0 rg BT 315.00 539.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.13 539.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 386.48 539.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.48 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.23 539.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 456.02 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.71 539.10 Td (business ) Tj ET Q q 0 0 0 rg BT 510.85 539.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.59 527.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 131.00 527.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 164.00 527.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.77 527.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 195.27 527.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.16 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.66 527.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 272.07 527.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.85 527.10 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 313.34 527.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.23 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.23 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.00 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.21 527.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 431.41 527.10 Td (period ) Tj ET Q q 0 0 0 rg BT 459.96 527.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.28 527.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.28 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 496.56 527.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.10 527.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 546.97 527.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 99.03 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.81 515.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 137.58 515.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 164.34 515.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 206.93 515.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 244.25 515.10 Td (of) Tj ET Q q 0 0 0 rg BT 252.40 515.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 270.84 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 284.83 515.10 Td (an ) Tj ET Q q 0 0 0 rg BT 298.27 515.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 335.02 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.80 515.10 Td (third ) Tj ET Q q 0 0 0 rg BT 369.68 515.10 Td (party ) Tj ET Q q 0 0 0 rg BT 394.23 515.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 438.77 515.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 458.86 515.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 503.95 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 525.73 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 543.06 515.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.09 503.10 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (Deal-Related ) Tj ET Q q 0 0 0 rg BT 104.68 479.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 143.76 479.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.76 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.63 479.10 Td (Deal-related ) Tj ET Q q 0 0 0 rg BT 201.91 479.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 239.88 479.10 Td (include ) Tj ET Q q 0 0 0 rg BT 271.19 479.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 293.06 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 306.59 479.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 341.78 479.10 Td (over ) Tj ET Q q 0 0 0 rg BT 361.42 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.51 479.10 Td (course ) Tj ET Q q 0 0 0 rg BT 403.48 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.68 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.99 479.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 463.51 479.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.26 479.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 543.35 479.10 Td (deal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.13 467.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 115.54 467.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 145.51 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.03 467.10 Td (of) Tj ET Q q 0 0 0 rg BT 164.18 467.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 190.25 467.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 231.04 467.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 255.99 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.63 467.10 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 329.79 467.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 351.99 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.62 467.10 Td (market ) Tj ET Q q 0 0 0 rg BT 398.57 467.10 Td (data ) Tj ET Q q 0 0 0 rg BT 417.42 467.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 454.32 467.10 Td (For ) Tj ET Q q 0 0 0 rg BT 470.40 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.81 467.10 Td (three ) Tj ET Q q 0 0 0 rg BT 506.99 467.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 467.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.06 455.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.06 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.03 455.10 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 167.68 455.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 206.25 455.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.14 455.10 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 248.11 455.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.97 455.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 291.22 455.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 320.89 455.10 Td (January ) Tj ET Q q 0 0 0 rg BT 354.46 455.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 364.42 455.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 389.39 455.10 Td (new ) Tj ET Q q 0 0 0 rg BT 408.51 455.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 442.63 455.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 490.63 455.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 529.19 455.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (us ) Tj ET Q q 0 0 0 rg BT 60.74 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.86 443.10 Td (present ) Tj ET Q q 0 0 0 rg BT 102.08 443.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 121.08 443.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 159.52 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 171.86 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.65 443.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 202.10 443.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 224.45 443.10 Td (under ) Tj ET Q q 0 0 0 rg BT 249.56 443.10 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 299.67 443.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 338.11 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.45 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.01 443.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 417.90 443.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 462.45 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.13 443.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 519.63 443.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 545.29 443.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (netting ) Tj ET Q q 0 0 0 rg BT 79.58 431.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 98.55 431.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 136.96 431.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 172.58 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.55 431.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 230.51 431.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 276.70 431.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 311.23 431.10 Td (deals ) Tj ET Q q 0 0 0 rg BT 334.08 431.10 Td (within ) Tj ET Q q 0 0 0 rg BT 361.95 431.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 402.13 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.99 431.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 452.29 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.93 431.10 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 512.43 431.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 550.84 431.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.88 419.10 Td (year ) Tj ET Q q 0 0 0 rg BT 83.26 419.10 Td (will ) Tj ET Q q 0 0 0 rg BT 100.98 419.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 146.47 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.08 419.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 201.34 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.51 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.89 419.10 Td (level ) Tj ET Q q 0 0 0 rg BT 249.50 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.99 419.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 278.82 419.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 310.97 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.58 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.97 419.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 366.90 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 388.51 419.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 418.99 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.94 419.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 459.42 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.92 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.30 419.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 532.01 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.51 419.10 Td (deal-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 81.39 407.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 106.08 407.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 145.75 407.10 Td (coincides ) Tj ET Q q 0 0 0 rg BT 188.21 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 210.67 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.58 407.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 261.15 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.17 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.29 407.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 334.35 407.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 363.48 407.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.17 407.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 412.29 407.10 Td (years' ) Tj ET Q q 0 0 0 rg BT 439.88 407.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 490.37 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 506.72 407.10 Td (would ) Tj ET Q q 0 0 0 rg BT 536.40 407.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.76 395.10 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 134.76 395.10 Td (million ) Tj ET Q q 0 0 0 rg BT 166.15 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.43 395.10 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 201.43 395.10 Td (million ) Tj ET Q q 0 0 0 rg BT 232.82 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.65 395.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 272.81 395.10 Td (deal-related ) Tj ET Q q 0 0 0 rg BT 322.49 395.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.51 371.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 75.20 371.10 Td (Execution ) Tj ET Q q 0 0 0 rg BT 117.54 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.90 371.10 Td (Clearance ) Tj ET Q q 0 0 0 rg BT 178.92 371.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.92 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.28 371.10 Td (For ) Tj ET Q q 0 0 0 rg BT 202.53 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.11 371.10 Td (three ) Tj ET Q q 0 0 0 rg BT 239.46 371.10 Td (months ) Tj ET Q q 0 0 0 rg BT 271.27 371.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 371.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 340.96 371.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.96 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.82 371.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 388.17 371.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 429.40 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.20 371.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 486.30 371.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 524.76 371.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 565.02 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.52 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 570.02 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.98 359.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 78.18 359.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.07 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.27 359.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 152.39 359.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.87 359.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 191.07 359.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.96 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.66 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.14 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.05 359.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 303.96 359.10 Td (period ) Tj ET Q q 0 0 0 rg BT 331.20 359.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.23 359.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.23 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.43 359.10 Td (due ) Tj ET Q q 0 0 0 rg BT 381.57 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.05 359.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 418.29 359.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 448.32 359.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 488.89 359.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 529.19 359.10 Td (partially ) 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 57.65 347.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 73.64 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 85.19 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.18 347.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 127.15 347.10 Td (from ) Tj ET Q q 0 0 0 rg BT 148.14 347.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 181.33 347.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 211.21 347.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 248.81 347.10 Td (As ) Tj ET Q q 0 0 0 rg BT 261.47 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.46 347.10 Td (result ) Tj ET Q q 0 0 0 rg BT 291.23 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.11 347.10 Td (migrating ) Tj ET Q q 0 0 0 rg BT 341.55 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.88 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.87 347.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 377.31 347.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 416.07 347.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 449.83 347.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 478.88 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.43 347.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 519.74 347.10 Td (processing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.65 335.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.70 335.10 Td (were ) Tj ET Q q 0 0 0 rg BT 126.19 335.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 170.46 335.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 207.49 335.10 Td (under ) Tj ET Q q 0 0 0 rg BT 232.31 335.10 Td (Outside ) Tj ET Q q 0 0 0 rg BT 265.47 335.10 Td (Services, ) Tj ET Q q 0 0 0 rg BT 303.91 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.17 335.10 Td (now ) Tj ET Q q 0 0 0 rg BT 337.44 335.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 374.47 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.85 335.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 406.89 335.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 447.82 335.10 Td (char) Tj ET Q q 0 0 0 rg BT 464.85 335.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 480.23 335.10 Td (due ) Tj ET Q q 0 0 0 rg BT 496.73 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.56 335.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 543.61 335.10 Td (LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (\("Pershing"\), ) Tj ET Q q 0 0 0 rg BT 104.32 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.15 323.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 154.86 323.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 183.46 323.10 Td (dealer) Tj ET Q q 0 0 0 rg BT 207.33 323.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 92.00 299.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 114.51 299.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 168.24 299.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.24 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.75 299.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 216.80 299.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 237.75 299.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 289.79 299.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 324.63 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 299.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 390.39 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.23 299.10 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 455.61 299.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 497.11 299.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 521.94 299.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 287.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 98.64 287.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 151.83 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.34 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.64 287.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 222.51 287.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 244.57 287.10 Td (name. ) Tj ET Q q 0 0 0 rg BT 270.81 287.10 Td (For ) Tj ET Q q 0 0 0 rg BT 286.78 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.07 287.10 Td (three ) Tj ET Q q 0 0 0 rg BT 323.14 287.10 Td (months ) Tj ET Q q 0 0 0 rg BT 354.66 287.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.62 287.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 423.80 287.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 448.38 287.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 490.45 287.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.96 287.10 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 275.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 87.55 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 121.44 275.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 163.37 275.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.65 275.10 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 203.65 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.54 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.04 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.32 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.03 275.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 319.74 275.10 Td (period ) Tj ET Q q 0 0 0 rg BT 347.79 275.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.62 275.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.62 275.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (Back ) Tj ET Q q 0 0 0 rg BT 72.29 251.10 Td (Office ) Tj ET Q q 0 0 0 rg BT 99.53 251.10 Td (Conversion ) Tj ET Q q 0 0 0 rg BT 148.45 251.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.68 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.49 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.30 251.10 Td (In ) Tj ET Q q 0 0 0 rg BT 192.43 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.46 251.10 Td (third ) Tj ET Q q 0 0 0 rg BT 229.15 251.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 260.28 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.41 251.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 296.72 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 311.19 251.10 Td (migrated ) Tj ET Q q 0 0 0 rg BT 349.54 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.13 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.37 251.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 389.07 251.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 429.09 251.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 464.10 251.10 Td (model ) Tj ET Q q 0 0 0 rg BT 491.90 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.15 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.16 251.10 Td (no ) Tj ET Q q 0 0 0 rg BT 536.97 251.10 Td (longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (self ) Tj ET Q q 0 0 0 rg BT 65.84 239.10 Td (clearing. ) Tj ET Q q 0 0 0 rg BT 102.44 239.10 Td (Back ) Tj ET Q q 0 0 0 rg BT 124.89 239.10 Td (of) Tj ET Q q 0 0 0 rg BT 133.04 239.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 149.93 239.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 195.71 239.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 217.61 239.10 Td (included ) Tj ET Q q 0 0 0 rg BT 253.95 239.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.85 239.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 311.06 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.75 239.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 360.42 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.10 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.44 239.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 397.23 239.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 436.35 239.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 470.45 239.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 499.85 239.10 Td (such ) Tj ET Q q 0 0 0 rg BT 520.08 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 530.31 239.10 Td (contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.40 227.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 119.80 227.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 150.37 227.10 Td (migration ) Tj ET Q q 0 0 0 rg BT 192.06 227.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 213.46 227.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 265.14 227.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 286.54 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.78 227.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 346.00 227.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 380.46 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 394.92 227.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 434.37 227.10 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 478.55 227.10 Td (For ) Tj ET Q q 0 0 0 rg BT 495.25 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.27 227.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.05 227.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 75.88 215.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 119.48 215.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.48 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.64 215.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 194.45 215.10 Td (back ) Tj ET Q q 0 0 0 rg BT 215.83 215.10 Td (of) Tj ET Q q 0 0 0 rg BT 223.98 215.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 241.46 215.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 287.84 215.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 310.34 215.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.17 215.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 341.17 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.06 215.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.46 191.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 119.20 191.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 159.03 191.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.03 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.66 191.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 192.06 191.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 232.45 191.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 271.18 191.10 Td (include ) Tj ET Q q 0 0 0 rg BT 303.24 191.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 344.18 191.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 369.31 191.10 Td (license ) Tj ET Q q 0 0 0 rg BT 399.70 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.77 191.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 464.94 191.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 486.17 191.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 524.89 191.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.72 191.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.40 179.10 Td (charitable ) Tj ET Q q 0 0 0 rg BT 107.39 179.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 135.51 179.10 Td (program ) Tj ET Q q 0 0 0 rg BT 171.96 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.96 179.10 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 258.17 179.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 299.34 179.10 Td (which ) Tj ET Q q 0 0 0 rg BT 326.35 179.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 356.69 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.59 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.38 179.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 418.83 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.06 179.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 464.50 179.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 492.61 179.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 509.62 179.10 Td (out ) Tj ET Q q 0 0 0 rg BT 524.96 179.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.73 179.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 70.74 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.98 167.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 129.88 167.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 163.62 167.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 188.20 167.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.77 167.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 265.67 167.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.89 167.10 Td (10.6 ) Tj ET Q q 0 0 0 rg BT 326.20 167.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.62 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.42 167.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.01 167.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 386.31 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.21 167.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.01 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.60 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.62 167.10 Td (first ) Tj ET Q q 0 0 0 rg BT 458.53 167.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 488.65 167.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.98 167.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.79 167.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.79 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.09 167.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.16 155.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 90.55 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.44 155.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.33 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.99 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.09 155.10 Td (first ) Tj ET Q q 0 0 0 rg BT 167.09 155.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 198.29 155.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.62 155.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 155.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.68 155.10 Td (The ) Tj ET Q q 0 0 0 rg BT 253.11 155.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 290.41 155.10 Td (was ) Tj ET Q q 0 0 0 rg BT 308.85 155.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 348.95 155.10 Td (due ) Tj ET Q q 0 0 0 rg BT 366.27 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.94 155.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 402.59 155.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 437.69 155.10 Td (related ) Tj ET Q q 0 0 0 rg BT 467.77 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.44 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.65 155.10 Td (charitable ) Tj ET Q q 0 0 0 rg BT 536.96 155.10 Td (giving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (program ) Tj ET Q q 0 0 0 rg BT 85.88 143.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 113.92 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 126.42 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.25 143.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 167.52 143.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 214.64 143.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.56 119.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.21 119.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.97 119.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.61 119.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.61 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.05 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 132.04 119.10 Td (T) Tj ET Q q 0 0 0 rg BT 137.45 119.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 149.52 119.10 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 170.50 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.57 119.10 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 207.40 119.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 224.47 119.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 258.75 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.60 119.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 313.99 119.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 344.38 119.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 362.00 119.10 Td (from ) Tj ET Q q 0 0 0 rg BT 384.07 119.10 Td (35 ) Tj ET Q q 0 0 0 rg BT 396.70 119.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 428.76 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.17 119.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 451.80 119.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 483.86 119.10 Td (ef) Tj ET Q q 0 0 0 rg BT 491.45 119.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 521.28 119.10 Td (January ) Tj ET Q q 0 0 0 rg BT 555.02 119.10 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 74.38 107.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 95.09 107.10 Td (Staf) Tj ET Q q 0 0 0 rg BT 111.02 107.10 Td (f ) Tj ET Q q 0 0 0 rg BT 116.20 107.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 165.24 107.10 Td (Bulletin ) Tj ET Q q 0 0 0 rg BT 199.83 107.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 216.93 107.10 Td (1) Tj ET Q q 0 0 0 rg BT 221.56 107.10 Td (18, ) Tj ET Q q 0 0 0 rg BT 236.44 107.10 Td ("Income ) Tj ET Q q 0 0 0 rg BT 272.71 107.10 Td (T) Tj ET Q q 0 0 0 rg BT 278.12 107.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 289.41 107.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 338.44 107.10 Td (Implications ) Tj ET Q q 0 0 0 rg BT 390.81 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.52 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.94 107.10 Td (T) Tj ET Q q 0 0 0 rg BT 421.35 107.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 433.17 107.10 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 453.88 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.70 107.10 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 490.33 107.10 Td (Act" ) Tj ET Q q 0 0 0 rg BT 511.23 107.10 Td (\("SAB ) Tj ET Q q 0 0 0 rg BT 540.47 107.10 Td (1) Tj ET Q q 0 0 0 rg BT 545.10 107.10 Td (18"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 90.14 95.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 135.23 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.33 95.10 Td (report ) Tj ET Q q 0 0 0 rg BT 171.53 95.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.29 95.10 Td (provisional ) Tj ET Q q 0 0 0 rg BT 225.61 95.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 257.93 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.03 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.57 95.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 319.88 95.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 364.41 95.10 Td (if ) Tj ET Q q 0 0 0 rg BT 372.84 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.38 95.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 433.58 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 447.56 95.10 Td (income ) Tj ET Q q 0 0 0 rg BT 479.32 95.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 493.86 95.10 Td (ef) Tj ET Q q 0 0 0 rg BT 501.45 95.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 522.65 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.30 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.67 95.10 Td (T) Tj ET Q q 0 0 0 rg BT 553.08 95.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 70.76 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.12 83.10 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 108.18 83.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 125.54 83.10 Td (was ) Tj ET Q q 0 0 0 rg BT 144.01 83.10 Td (incomplete ) Tj ET Q q 0 0 0 rg BT 191.36 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 202.61 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.86 83.10 Td (December ) Tj ET Q q 0 0 0 rg BT 257.86 83.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 273.28 83.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 298.49 83.10 Td (This ) Tj ET Q q 0 0 0 rg BT 319.19 83.10 Td (provisional ) Tj ET Q q 0 0 0 rg BT 367.10 83.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 400.02 83.10 Td (would ) Tj ET Q q 0 0 0 rg BT 427.94 83.10 Td (be ) Tj ET Q q 0 0 0 rg BT 440.29 83.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 471.54 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.24 83.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 529.04 83.10 Td (during ) Tj ET Q q 0 0 0 rg BT 558.07 83.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 81.99 71.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 137.80 71.10 Td (period.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 731.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.61 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.04 731.10 Td (three ) Tj ET Q q 0 0 0 rg BT 105.25 731.10 Td (months ) Tj ET Q q 0 0 0 rg BT 137.91 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.01 731.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 209.32 731.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.32 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.04 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.59 731.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 282.57 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.23 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.88 731.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 361.64 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 380.41 731.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 401.13 731.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 435.74 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 447.29 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.72 731.10 Td (first ) Tj ET Q q 0 0 0 rg BT 482.05 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 513.58 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.13 731.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 550.85 731.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.68 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.33 719.10 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 119.03 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 152.13 719.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 168.56 719.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 200.53 719.10 Td (related ) Tj ET Q q 0 0 0 rg BT 231.93 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.92 719.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 295.33 719.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 355.08 719.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 387.61 719.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 420.70 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 432.12 719.10 Td (values ) Tj ET Q q 0 0 0 rg BT 461.88 719.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 493.84 719.10 Td (than ) Tj ET Q q 0 0 0 rg BT 515.26 719.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 540.02 719.10 Td (price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.24 707.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 141.02 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.13 707.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 172.92 707.10 Td (1) Tj ET Q q 0 0 0 rg BT 177.55 707.10 Td (18, ) Tj ET Q q 0 0 0 rg BT 192.39 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.95 707.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.17 707.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 285.48 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 297.26 707.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 339.59 707.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 359.43 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 390.66 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.32 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 433.09 707.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 447.65 707.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 482.19 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.19 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.75 707.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.07 707.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.59 695.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.90 695.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.90 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 143.61 695.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 186.92 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.35 695.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 230.77 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.31 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 264.07 695.10 Td (two ) Tj ET Q q 0 0 0 rg BT 281.28 695.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 307.66 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.20 695.10 Td (ef) Tj ET Q q 0 0 0 rg BT 330.79 695.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 360.20 695.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 374.63 695.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 391.83 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 409.59 695.10 Td (18.45 ) Tj ET Q q 0 0 0 rg BT 434.30 695.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 465.93 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 482.58 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.57 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.00 695.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 536.42 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.96 695.10 Td (tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 81.43 683.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.37 683.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.30 683.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 197.22 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.16 683.10 Td (lar) Tj ET Q q 0 0 0 rg BT 214.53 683.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 229.80 683.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 261.18 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.01 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.84 683.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 318.66 683.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.61 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.04 661.10 Td (three ) Tj ET Q q 0 0 0 rg BT 105.25 661.10 Td (months ) Tj ET Q q 0 0 0 rg BT 137.91 661.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.01 661.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 209.32 661.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 235.04 661.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.59 661.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 282.57 661.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.23 661.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.88 661.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 361.64 661.10 Td (was ) Tj ET Q q 0 0 0 rg BT 380.41 661.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 401.13 661.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 435.74 661.10 Td (In ) Tj ET Q q 0 0 0 rg BT 447.29 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.72 661.10 Td (first ) Tj ET Q q 0 0 0 rg BT 482.05 661.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 513.58 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.13 661.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 550.85 661.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.98 649.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.91 649.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 113.91 649.10 Td (million ) Tj ET Q q 0 0 0 rg BT 145.31 649.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.02 649.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 190.29 649.10 Td (related ) Tj ET Q q 0 0 0 rg BT 219.99 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.27 649.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 279.97 649.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 338.02 649.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 368.84 649.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 400.22 649.10 Td (at ) Tj ET Q q 0 0 0 rg BT 409.94 649.10 Td (values ) Tj ET Q q 0 0 0 rg BT 437.99 649.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 468.24 649.10 Td (than ) Tj ET Q q 0 0 0 rg BT 487.96 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.67 649.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 525.72 649.10 Td (price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.80 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.98 625.10 Td (second ) Tj ET Q q 0 0 0 rg BT 103.71 625.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 133.99 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.29 625.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 168.75 625.10 Td (we ) Tj ET Q q 0 0 0 rg BT 182.38 625.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 217.66 625.10 Td (recording ) Tj ET Q q 0 0 0 rg BT 257.94 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.35 625.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.53 625.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 308.26 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.56 625.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 378.28 625.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 397.74 625.10 Td (million ) Tj ET Q q 0 0 0 rg BT 428.60 625.10 Td (related ) Tj ET Q q 0 0 0 rg BT 457.77 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.51 625.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 520.00 625.10 Td (share ) Tj ET Q q 0 0 0 rg BT 543.06 625.10 Td (units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 80.89 613.10 Td (as ) Tj ET Q q 0 0 0 rg BT 91.72 613.10 Td (values ) Tj ET Q q 0 0 0 rg BT 119.76 613.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 150.02 613.10 Td (than ) Tj ET Q q 0 0 0 rg BT 169.73 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.45 613.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 207.50 613.10 Td (price.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 591.10 Td (Segment Performance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 567.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.34 567.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 99.42 567.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.17 567.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.46 567.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.23 567.10 Td (business ) Tj ET Q q 0 0 0 rg BT 235.89 567.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 273.48 567.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 290.80 567.10 Td (two ) Tj ET Q q 0 0 0 rg BT 307.56 567.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 349.86 567.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 388.84 567.10 Td (are ) Tj ET Q q 0 0 0 rg BT 402.82 567.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 433.47 567.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 468.00 567.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.82 567.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.81 567.10 Td (Management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 555.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.41 555.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.22 555.10 Td (these ) Tj ET Q q 0 0 0 rg BT 139.60 555.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 180.64 555.10 Td (based ) Tj ET Q q 0 0 0 rg BT 207.24 555.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 231.08 555.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.12 555.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 275.94 555.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.10 555.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 555.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 555.10 Td (products ) Tj ET Q q 0 0 0 rg BT 381.23 555.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.50 555.10 Td (services ) Tj ET Q q 0 0 0 rg BT 435.54 555.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 474.92 555.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.52 555.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 530.90 555.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 555.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 543.10 Td (or) Tj ET Q q 0 0 0 rg BT 112.14 543.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 159.70 543.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 198.09 543.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 229.81 543.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 270.98 543.10 Td (income ) Tj ET Q q 0 0 0 rg BT 303.82 543.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.66 543.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 358.39 543.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 390.11 543.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.27 543.10 Td (mar) Tj ET Q q 0 0 0 rg BT 446.64 543.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 462.82 543.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.43 543.10 Td (used ) Tj ET Q q 0 0 0 rg BT 500.16 543.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.35 543.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 548.06 543.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.40 531.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.31 531.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.42 531.10 Td (by ) Tj ET Q q 0 0 0 rg BT 191.00 531.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.92 531.10 Td (chief ) Tj ET Q q 0 0 0 rg BT 231.49 531.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.84 531.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 309.75 531.10 Td (maker ) Tj ET Q q 0 0 0 rg BT 338.32 531.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.69 531.10 Td (deciding ) Tj ET Q q 0 0 0 rg BT 387.70 531.10 Td (how ) Tj ET Q q 0 0 0 rg BT 408.51 531.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.88 531.10 Td (allocate ) Tj ET Q q 0 0 0 rg BT 454.55 531.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 495.89 531.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.92 531.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.28 531.10 Td (assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.25 519.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.26 519.10 Td (relation ) Tj ET Q q 0 0 0 rg BT 145.04 519.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 519.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.61 519.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 222.55 519.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.66 519.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.33 519.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 318.66 519.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 351.43 519.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 394.76 519.10 Td (with ) Tj ET Q q 0 0 0 rg BT 414.77 519.10 Td (each ) Tj ET Q q 0 0 0 rg BT 435.32 519.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 478.08 519.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 513.64 519.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.07 519.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.55 507.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 112.15 507.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 148.75 507.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 189.79 507.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 221.67 507.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.83 507.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.54 507.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.91 507.10 Td (that ) Tj ET Q q 0 0 0 rg BT 339.18 507.10 Td (are ) Tj ET Q q 0 0 0 rg BT 354.67 507.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.72 507.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 404.54 507.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 453.35 507.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.40 507.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.12 507.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 513.70 507.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 550.30 507.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.97 495.10 Td (based ) Tj ET Q q 0 0 0 rg BT 115.13 495.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 138.51 495.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.23 495.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 198.04 495.10 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 262.81 495.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 303.40 495.10 Td (based ) Tj ET Q q 0 0 0 rg BT 329.55 495.10 Td (on ) Tj ET Q q 0 0 0 rg BT 342.94 495.10 Td (each ) Tj ET Q q 0 0 0 rg BT 364.64 495.10 Td (segment's ) Tj ET Q q 0 0 0 rg BT 407.04 495.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 450.96 495.10 Td (net ) Tj ET Q q 0 0 0 rg BT 466.56 495.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 507.98 495.10 Td (use ) Tj ET Q q 0 0 0 rg BT 524.70 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 495.10 Td (shared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (resources, ) Tj ET Q q 0 0 0 rg BT 92.26 483.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 135.85 483.10 Td (or ) Tj ET Q q 0 0 0 rg BT 146.68 483.10 Td (other ) Tj ET Q q 0 0 0 rg BT 169.73 483.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 204.43 483.10 Td (measures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 99.56 459.10 Td (this ) Tj ET Q q 0 0 0 rg BT 116.85 459.10 Td (section, ) Tj ET Q q 0 0 0 rg BT 150.51 459.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.01 459.10 Td (have ) Tj ET Q q 0 0 0 rg BT 186.73 459.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 227.89 459.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 264.05 459.10 Td (results ) Tj ET Q q 0 0 0 rg BT 293.00 459.10 Td (on ) Tj ET Q q 0 0 0 rg BT 305.84 459.10 Td (both ) Tj ET Q q 0 0 0 rg BT 326.46 459.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.74 459.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.37 459.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.22 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.06 459.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.34 459.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 446.53 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.37 459.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 474.71 459.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.75 459.10 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.61 447.10 Td (presenting ) Tj ET Q q 0 0 0 rg BT 110.39 447.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 145.83 447.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.27 447.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 211.71 447.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.59 447.10 Td (income ) Tj ET Q q 0 0 0 rg BT 283.14 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 447.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 335.14 447.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 370.58 447.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 401.02 447.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.90 447.10 Td (mar) Tj ET Q q 0 0 0 rg BT 456.27 447.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.16 447.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.06 447.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 530.39 447.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 447.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.27 435.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.12 435.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.11 435.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 140.30 435.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 177.72 435.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.14 435.10 Td (more ) Tj ET Q q 0 0 0 rg BT 208.67 435.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 257.20 435.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 280.18 435.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.82 435.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 344.46 435.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.77 435.10 Td (its ) Tj ET Q q 0 0 0 rg BT 368.21 435.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.95 435.10 Td (results ) Tj ET Q q 0 0 0 rg BT 438.04 435.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.47 435.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 501.78 435.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 529.20 435.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.90 Td (periods) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 78.94 421.90 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.69 421.90 Td ( ) Tj ET Q q 0 0 0 rg BT 84.18 421.90 Td (and ) Tj ET Q q 0 0 0 rg BT 101.12 421.90 Td (enhances ) Tj ET Q q 0 0 0 rg BT 140.25 421.90 Td (the ) Tj ET Q q 0 0 0 rg BT 154.97 421.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 185.22 421.90 Td (understanding ) Tj ET Q q 0 0 0 rg BT 244.37 421.90 Td (of ) Tj ET Q q 0 0 0 rg BT 255.20 421.90 Td (our ) Tj ET Q q 0 0 0 rg BT 271.02 421.90 Td (current ) Tj ET Q q 0 0 0 rg BT 301.83 421.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.31 421.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.32 421.90 Td (by ) Tj ET Q q 0 0 0 rg BT 404.82 421.90 Td (excluding ) Tj ET Q q 0 0 0 rg BT 446.74 421.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 476.44 421.90 Td (items ) Tj ET Q q 0 0 0 rg BT 500.60 421.90 Td (that ) Tj ET Q q 0 0 0 rg BT 518.09 421.90 Td (may ) Tj ET Q q 0 0 0 rg BT 537.80 421.90 Td (not ) Tj ET Q q 0 0 0 rg BT 553.07 421.90 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.90 Td (indicative ) Tj ET Q q 0 0 0 rg BT 91.78 409.90 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 409.90 Td (our ) Tj ET Q q 0 0 0 rg BT 119.16 409.90 Td (core ) Tj ET Q q 0 0 0 rg BT 139.22 409.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 179.84 409.90 Td (results. ) Tj ET Q q 0 0 0 rg BT 211.09 409.90 Td (The ) Tj ET Q q 0 0 0 rg BT 229.50 409.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 274.68 409.90 Td ( ) Tj ET Q q 0 0 0 rg BT 277.54 409.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 313.72 409.90 Td (results ) Tj ET Q q 0 0 0 rg BT 342.68 409.90 Td (should ) Tj ET Q q 0 0 0 rg BT 372.21 409.90 Td (be ) Tj ET Q q 0 0 0 rg BT 384.50 409.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.67 409.90 Td (in ) Tj ET Q q 0 0 0 rg BT 441.31 409.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 476.94 409.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 490.07 409.90 Td (not ) Tj ET Q q 0 0 0 rg BT 505.70 409.90 Td (as ) Tj ET Q q 0 0 0 rg BT 516.89 409.90 Td (a ) Tj ET Q q 0 0 0 rg BT 524.18 409.90 Td (substitute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.90 Td (for) Tj ET Q q 0 0 0 rg BT 60.76 397.90 Td (, ) Tj ET Q q 0 0 0 rg BT 65.76 397.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.48 397.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 116.30 397.90 Td (results ) Tj ET Q q 0 0 0 rg BT 144.91 397.90 Td (prepared ) Tj ET Q q 0 0 0 rg BT 182.39 397.90 Td (in ) Tj ET Q q 0 0 0 rg BT 192.66 397.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 240.13 397.90 Td (with ) Tj ET Q q 0 0 0 rg BT 260.40 397.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 280.69 397.90 Td (GAAP) Tj ET Q q 0 0 0 rg BT 306.80 397.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.54 373.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.79 373.90 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.03 373.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.72 373.90 Td (income ) Tj ET Q q 0 0 0 rg BT 229.08 373.90 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 373.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.70 373.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 318.95 373.90 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 350.20 373.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 390.89 373.90 Td (mar) Tj ET Q q 0 0 0 rg BT 406.25 373.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 421.96 373.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 455.98 373.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 470.57 373.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 509.03 373.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.40 373.90 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.90 Td (related ) Tj ET Q q 0 0 0 rg BT 79.97 361.90 Td (to ) Tj ET Q q 0 0 0 rg BT 91.02 361.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 153.17 361.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 192.26 361.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 207.19 361.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 261.00 361.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.60 361.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 315.86 361.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.46 361.90 Td (related ) Tj ET Q q 0 0 0 rg BT 372.93 361.90 Td (to ) Tj ET Q q 0 0 0 rg BT 383.98 361.90 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 435.02 361.90 Td (and ) Tj ET Q q 0 0 0 rg BT 452.73 361.90 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 467.65 361.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 526.47 361.90 Td (and ) Tj ET Q q 0 0 0 rg BT 544.17 361.90 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.62 349.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 146.30 349.90 Td (from ) Tj ET Q q 0 0 0 rg BT 168.32 349.90 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 245.32 349.90 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 295.93 349.90 Td (For ) Tj ET Q q 0 0 0 rg BT 312.40 349.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 332.76 349.90 Td (GAAP) Tj ET Q q 0 0 0 rg BT 359.62 349.90 Td ( ) Tj ET Q q 0 0 0 rg BT 362.20 349.90 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 402.83 349.90 Td (these ) Tj ET Q q 0 0 0 rg BT 425.96 349.90 Td (items ) Tj ET Q q 0 0 0 rg BT 450.21 349.90 Td (are ) Tj ET Q q 0 0 0 rg BT 464.99 349.90 Td (included ) Tj ET Q q 0 0 0 rg BT 502.01 349.90 Td (in ) Tj ET Q q 0 0 0 rg BT 512.37 349.90 Td (each ) Tj ET Q q 0 0 0 rg BT 533.26 349.90 Td (of ) Tj ET Q q 0 0 0 rg BT 544.17 349.90 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 92.53 337.90 Td (line ) Tj ET Q q 0 0 0 rg BT 110.03 337.90 Td (items ) Tj ET Q q 0 0 0 rg BT 134.19 337.90 Td (on ) Tj ET Q q 0 0 0 rg BT 146.69 337.90 Td (the ) Tj ET Q q 0 0 0 rg BT 161.41 337.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 214.45 337.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 259.16 337.90 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 337.90 Td (operations. ) 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 /F3 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 82.00 731.10 Td (Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 707.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.80 707.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.16 707.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 150.09 707.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 172.46 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.61 707.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 219.42 707.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 255.12 707.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 291.38 707.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 327.63 707.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.55 707.10 Td (results ) Tj ET Q q 0 0 0 rg BT 394.59 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.96 707.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 462.66 707.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 504.46 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.17 707.10 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 554.74 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 695.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.37 695.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 138.66 695.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 165.51 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.01 695.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 198.83 695.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.09 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 271.02 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.96 695.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 318.78 695.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 359.04 695.10 Td (mar) Tj ET Q q 0 0 0 rg BT 374.41 695.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 389.69 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.85 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.56 695.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 450.50 695.10 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 633.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 633.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 633.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 633.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 633.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 633.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 633.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 633.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 633.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 633.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 613.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 613.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 613.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 613.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 613.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 613.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 613.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 613.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 613.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 613.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 593.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 593.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 593.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 593.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 593.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 593.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 593.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 593.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 593.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 593.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 593.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 563.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 563.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 563.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 563.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 563.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 563.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 563.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 563.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 563.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 563.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 563.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 533.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 533.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 533.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 533.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 533.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 533.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 533.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 533.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 533.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 533.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 513.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 513.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 513.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 513.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 513.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 513.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 513.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 513.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 513.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 513.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 483.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 483.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 483.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 483.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 483.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 483.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 483.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 483.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 483.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 483.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 453.60 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 453.60 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 453.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 453.60 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 453.60 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 453.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 453.60 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 453.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 453.60 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 453.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 453.60 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 431.60 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 431.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 431.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 431.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 431.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 431.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 431.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 431.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 431.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 431.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 431.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 401.60 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 401.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 401.60 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 401.60 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 401.60 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 401.60 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 401.60 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 401.60 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 401.60 58.00 -10.00 re f /GS0 gs 0.8 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 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 331.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 331.60 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 331.60 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 331.60 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 331.60 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 331.60 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 331.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 331.60 46.00 -20.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 674.6 m 181 674.6 l s 0 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 (Thr) Tj ET Q q 0 0 0 rg BT 307.36 676.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 383.88 676.73 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 666.73 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 666.73 Td (2017) 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 (T) Tj ET Q q 0 0 0 rg BT 154.22 645.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 645.73 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 220.12 645.73 Td (olling) 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 (T) Tj ET Q q 0 0 0 rg BT 370.22 645.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 645.73 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 436.12 645.73 Td (olling) 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 (Inter) Tj ET Q q 0 0 0 rg BT 215.91 635.73 Td (ests) 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 (Inter) Tj ET Q q 0 0 0 rg BT 431.91 635.73 Td (ests) 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 (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 615.60 Td (75,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 615.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 615.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.75 615.60 Td (75,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 615.60 Td (92,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 615.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 615.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 615.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 615.60 Td (92,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 605.60 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 595.60 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 595.60 Td (37,642) 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 (37,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 595.60 Td (23,382) 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 (23,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 585.60 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 585.60 Td (7,686) 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 321.75 585.60 Td (7,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 585.60 Td (16,408) 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 (16,408) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 575.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.58 575.55 Td (otal 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 (120,657) 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 (120,657) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 567.85 Td (132,672) 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 (132,672) 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 (18,006) 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 (18,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 525.60 Td (20,106) 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 (20,106) 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 (16,334) 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 (16,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 515.60 Td (23,240) 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 (23,240) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 505.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.58 505.55 Td (otal 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 (34,340) 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 (34,340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 497.85 Td (43,346) 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 (43,346) 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 (1,388) 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 (1,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 467.85 Td (1,997) 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 537.75 467.85 Td (1,997) 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 (2,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 445.55 Td (919) 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 321.75 445.55 Td (3,298) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 445.55 Td (6,61) Tj ET Q q 0 0 0 rg BT 385.75 445.55 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 445.55 Td (3,897) 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 533.75 445.55 Td (10,508) 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 (\(1,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 415.85 Td (\)) 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 (\(1,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.80 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.10 415.85 Td (\(2,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 415.85 Td (\)) 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 (\(2,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 415.85 Td (\)) 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 (156,977) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 393.60 Td (919) 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 (157,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 393.60 Td (182,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 393.60 Td (3,897) 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 (186,285) 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 (136,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 373.60 Td (903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.75 373.60 Td (1) Tj ET Q q 0 0 0 rg BT 275.75 373.60 Td (1,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.75 373.60 Td (148,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.75 373.60 Td (152,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 373.60 Td (968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 373.60 Td (10,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.75 373.60 Td (164,060) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 345.85 Td (20,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 345.85 Td (16) 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 (\(1) Tj ET Q q 0 0 0 rg BT 275.76 345.85 Td (1,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 345.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 345.85 Td (9,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 345.85 Td (29,827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 345.85 Td (2,929) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 345.85 Td (\(10,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.80 345.85 Td (\)) 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 533.75 345.85 Td (22,225) 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 mar) Tj ET Q q 0 0 0 rg BT 101.50 315.55 Td (gin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 315.85 Td (13.1) 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 329.75 315.85 Td (5.7) 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 (16.4) 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 541.75 315.85 Td (1) Tj ET Q q 0 0 0 rg BT 545.75 315.85 Td (1.9) 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 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 412 185 m 482 185 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 176 m 482 176 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 174 m 482 174 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 185 m 563 185 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 176 m 563 176 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 174 m 563 174 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 (2018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 217.13 Td (2017) 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 ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 207.00 Td (10,204) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 207.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 207.00 Td (7,901) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 197.00 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 197.00 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 197.00 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 197.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 197.00 Td (r) Tj ET Q q 0 0 0 rg BT 181.02 197.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 197.00 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 197.00 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 197.00 Td (1,214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 197.00 Td (2,544) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 187.00 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 132.94 187.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 163.37 187.00 Td (fr) Tj ET Q q 0 0 0 rg BT 168.41 187.00 Td (om ) Tj ET Q q 0 0 0 rg BT 180.18 187.00 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 221.22 187.00 Td (elated ) Tj ET Q q 0 0 0 rg BT 242.77 187.00 Td (agr) Tj ET Q q 0 0 0 rg BT 253.58 187.00 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.80 187.00 Td (169) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.80 187.00 Td (86) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 177.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 177.00 Td (1) Tj ET Q q 0 0 0 rg BT 460.80 177.00 Td (1,587) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 177.00 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.80 177.00 Td (10,531) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.50 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.93 151.50 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.26 151.50 Td (net ) Tj ET Q q 0 0 0 rg BT 131.03 151.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 169.12 151.50 Td (on ) Tj ET Q q 0 0 0 rg BT 181.67 151.50 Td (a ) Tj ET Q q 0 0 0 rg BT 188.66 151.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.00 151.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 235.85 151.50 Td ( ) Tj ET Q q 0 0 0 rg BT 238.40 151.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 260.96 151.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.94 151.50 Td ($157.9 ) Tj ET Q q 0 0 0 rg BT 312.99 151.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.88 151.50 Td ( ) Tj ET Q q 0 0 0 rg BT 344.43 151.50 Td (for ) Tj ET Q q 0 0 0 rg BT 358.65 151.50 Td (the ) Tj ET Q q 0 0 0 rg BT 373.42 151.50 Td (three ) Tj ET Q q 0 0 0 rg BT 395.96 151.50 Td (months ) Tj ET Q q 0 0 0 rg BT 427.96 151.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.39 151.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 498.04 151.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.04 151.50 Td (, ) Tj ET Q q 0 0 0 rg BT 523.09 151.50 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.61 139.50 Td ($186.3 ) Tj ET Q q 0 0 0 rg BT 101.44 139.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.33 139.50 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 139.50 Td (in ) Tj ET Q q 0 0 0 rg BT 144.78 139.50 Td (the ) Tj ET Q q 0 0 0 rg BT 160.33 139.50 Td (prior) Tj ET Q q 0 0 0 rg BT 179.57 139.50 Td (-year ) Tj ET Q q 0 0 0 rg BT 203.44 139.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 234.81 139.50 Td (For ) Tj ET Q q 0 0 0 rg BT 252.04 139.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.59 139.50 Td (three ) Tj ET Q q 0 0 0 rg BT 290.91 139.50 Td (months ) Tj ET Q q 0 0 0 rg BT 323.69 139.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.90 139.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 395.33 139.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.33 139.50 Td (, ) Tj ET Q q 0 0 0 rg BT 421.16 139.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 457.82 139.50 Td (net ) Tj ET Q q 0 0 0 rg BT 473.37 139.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 512.24 139.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 139.50 Td ($157.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 127.50 Td (, ) Tj ET Q q 0 0 0 rg BT 83.71 127.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 125.96 127.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.56 127.50 Td ($182.4 ) Tj ET Q q 0 0 0 rg BT 176.88 127.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.77 127.50 Td ( ) Tj ET Q q 0 0 0 rg BT 208.60 127.50 Td (in ) Tj ET Q q 0 0 0 rg BT 219.20 127.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.24 127.50 Td (first ) Tj ET Q q 0 0 0 rg BT 253.17 127.50 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.48 127.50 Td ( ) Tj ET Q q 0 0 0 rg BT 284.30 127.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.46 127.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.46 127.50 Td (. ) Tj ET Q q 0 0 0 rg BT 320.58 127.50 Td (The ) Tj ET Q q 0 0 0 rg BT 338.94 127.50 Td (variance ) Tj ET Q q 0 0 0 rg BT 375.63 127.50 Td (explanations ) Tj ET Q q 0 0 0 rg BT 428.99 127.50 Td (for ) Tj ET Q q 0 0 0 rg BT 443.48 127.50 Td (net ) Tj ET Q q 0 0 0 rg BT 458.51 127.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 496.87 127.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.13 127.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 550.28 127.50 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.54 115.50 Td (are ) Tj ET Q q 0 0 0 rg BT 102.24 115.50 Td (consistent ) Tj ET Q q 0 0 0 rg BT 144.74 115.50 Td (on ) Tj ET Q q 0 0 0 rg BT 157.24 115.50 Td (both ) Tj ET Q q 0 0 0 rg BT 177.52 115.50 Td (a ) Tj ET Q q 0 0 0 rg BT 184.46 115.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.74 115.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 231.59 115.50 Td ( ) Tj ET Q q 0 0 0 rg BT 234.09 115.50 Td (and ) Tj ET Q q 0 0 0 rg BT 251.03 115.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 296.22 115.50 Td ( ) Tj ET Q q 0 0 0 rg BT 298.72 115.50 Td (basis.) 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 /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 96.14 731.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 130.56 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 168.30 731.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 207.16 731.10 Td (all ) Tj ET Q q 0 0 0 rg BT 219.36 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.90 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.32 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 282.06 731.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 323.13 731.10 Td (through ) Tj ET Q q 0 0 0 rg BT 356.44 731.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 393.08 731.10 Td (services ) Tj ET Q q 0 0 0 rg BT 427.49 731.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 468.30 731.10 Td (which ) Tj ET Q q 0 0 0 rg BT 494.94 731.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 530.47 731.10 Td (mer) Tj ET Q q 0 0 0 rg BT 545.84 731.10 Td (gers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 719.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 120.10 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.04 719.10 Td (private ) Tj ET Q q 0 0 0 rg BT 178.75 719.10 Td (placements, ) Tj ET Q q 0 0 0 rg BT 229.18 719.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 249.34 719.10 Td (advisory) Tj ET Q q 0 0 0 rg BT 283.13 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.58 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.96 719.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 348.90 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.82 719.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 424.21 719.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 477.42 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 488.69 719.10 Td (well ) Tj ET Q q 0 0 0 rg BT 508.86 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 520.13 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 548.07 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.83 707.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 110.71 707.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 152.20 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 157.61 707.10 Td (o ) Tj ET Q q 0 0 0 rg BT 165.73 707.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 193.28 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.62 707.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 259.50 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.94 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 317.94 707.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 355.77 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 370.55 707.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 412.53 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.52 707.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 494.86 707.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 514.07 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 534.96 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 550.30 707.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 113.37 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.20 695.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 158.90 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 202.50 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 222.78 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.82 695.10 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 60.27 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.93 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.48 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.24 671.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.57 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 671.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.02 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 159.96 671.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.28 671.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 240.94 671.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 278.92 671.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.78 671.10 Td (9.1 ) Tj ET Q q 0 0 0 rg BT 335.72 671.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.59 671.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.81 671.10 Td ($120.7 ) Tj ET Q q 0 0 0 rg BT 407.75 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.64 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 441.59 671.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.45 671.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.68 671.10 Td ($132.7 ) 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 (2018) 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 ($75.3 ) 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 84.26 647.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.84 647.10 Td (18.9 ) Tj ET Q q 0 0 0 rg BT 130.71 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.13 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.50 647.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 206.29 647.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.43 647.10 Td ($92.9 ) Tj ET Q q 0 0 0 rg BT 243.30 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.19 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.56 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.70 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.28 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 321.76 647.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.44 647.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.77 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.13 647.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.13 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 391.00 647.10 Td (due ) Tj ET Q q 0 0 0 rg BT 408.80 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.95 647.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 446.08 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 481.09 647.10 Td (per ) Tj ET Q q 0 0 0 rg BT 497.23 647.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 546.97 647.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.08 635.10 Td (services ) Tj ET Q q 0 0 0 rg BT 120.44 635.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 158.12 635.10 Td (can ) Tj ET Q q 0 0 0 rg BT 174.14 635.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.72 635.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 224.52 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 236.66 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.03 635.10 Td (number ) Tj ET Q q 0 0 0 rg BT 283.72 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.30 635.10 Td (size ) Tj ET Q q 0 0 0 rg BT 317.99 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.47 635.10 Td (deals, ) Tj ET Q q 0 0 0 rg BT 353.66 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 380.24 635.10 Td (results ) Tj ET Q q 0 0 0 rg BT 408.50 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.42 635.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 467.78 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.70 635.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 515.38 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 536.97 635.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 623.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 90.25 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.89 623.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.88 623.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.09 623.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.09 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.64 623.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 212.96 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 233.29 623.10 Td (an ) Tj ET Q q 0 0 0 rg BT 245.29 623.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 286.71 623.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 328.69 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 352.90 623.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.78 623.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 383.84 623.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.95 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.84 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.61 623.10 Td (first ) Tj ET Q q 0 0 0 rg BT 456.27 623.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 487.14 623.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.47 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.03 623.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.03 623.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 623.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.31 611.10 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.31 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.35 611.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 134.14 611.10 Td (with ) Tj ET Q q 0 0 0 rg BT 154.96 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 167.43 611.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 209.32 611.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 251.78 611.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.47 611.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.83 611.10 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 308.37 611.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.48 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.51 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.33 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.58 611.10 Td (first ) Tj ET Q q 0 0 0 rg BT 382.72 611.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 414.07 611.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.40 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.43 611.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.43 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 450.97 611.10 Td (For ) Tj ET Q q 0 0 0 rg BT 467.89 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.14 611.10 Td (three ) Tj ET Q q 0 0 0 rg BT 506.16 611.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 611.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.26 599.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.26 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.42 599.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.07 599.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 186.49 599.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 224.69 599.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.78 599.10 Td ($37.6 ) Tj ET Q q 0 0 0 rg BT 271.93 599.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.83 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.98 599.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.64 599.10 Td (61.0 ) Tj ET Q q 0 0 0 rg BT 338.80 599.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.23 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.88 599.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 412.97 599.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.40 599.10 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 458.56 599.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.45 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.11 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.55 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.43 599.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 599.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.68 587.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.68 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.02 587.10 Td (due ) Tj ET Q q 0 0 0 rg BT 103.31 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.93 587.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 142.33 587.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 176.82 587.10 Td (per ) Tj ET Q q 0 0 0 rg BT 192.43 587.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 241.65 587.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 275.05 587.10 Td (lar) Tj ET Q q 0 0 0 rg BT 285.41 587.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 297.70 587.10 Td (swings ) Tj ET Q q 0 0 0 rg BT 328.33 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.95 587.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 377.91 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.53 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.60 587.10 Td (first ) Tj ET Q q 0 0 0 rg BT 422.55 587.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 453.71 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.89 587.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 490.24 587.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.85 587.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (were ) Tj ET Q q 0 0 0 rg BT 70.89 575.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 116.17 575.10 Td (constructive ) Tj ET Q q 0 0 0 rg BT 167.00 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.62 575.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 207.57 575.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 236.18 575.10 Td (raising. ) Tj ET Q q 0 0 0 rg BT 267.72 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 285.23 575.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 323.30 575.10 Td (did ) Tj ET Q q 0 0 0 rg BT 338.04 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 352.77 575.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 376.38 575.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 401.67 575.10 Td (where ) Tj ET Q q 0 0 0 rg BT 428.05 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 435.57 575.10 Td (disintermediated ) Tj ET Q q 0 0 0 rg BT 504.18 575.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 532.79 575.10 Td (raising. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.96 563.10 Td (outperformed ) Tj ET Q q 0 0 0 rg BT 121.76 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.48 563.10 Td (tar) Tj ET Q q 0 0 0 rg BT 147.84 563.10 Td (get ) Tj ET Q q 0 0 0 rg BT 162.44 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 192.59 563.10 Td (where ) Tj ET Q q 0 0 0 rg BT 219.40 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.00 563.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 264.14 563.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 278.73 563.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 298.89 563.10 Td (was ) Tj ET Q q 0 0 0 rg BT 316.82 563.10 Td (down ) Tj ET Q q 0 0 0 rg BT 341.43 563.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 383.23 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.39 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.99 563.10 Td (prior) Tj ET Q q 0 0 0 rg BT 427.23 563.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 450.15 563.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 480.40 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 498.33 563.10 Td (number ) Tj ET Q q 0 0 0 rg BT 531.26 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 563.10 Td (deals ) Tj ET Q 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 59.73 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 86.62 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.73 551.10 Td (were ) Tj ET Q q 0 0 0 rg BT 122.61 551.10 Td (book ) Tj ET Q q 0 0 0 rg BT 145.06 551.10 Td (runner ) Tj ET Q q 0 0 0 rg BT 173.61 551.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 213.82 551.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 274.03 551.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 286.48 551.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 318.35 551.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 360.23 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.46 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.13 551.10 Td (first ) Tj ET Q q 0 0 0 rg BT 403.68 551.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 434.45 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.23 551.10 Td (2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.18 551.10 Td (During ) Tj ET Q q 0 0 0 rg BT 500.96 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.63 551.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 551.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.10 539.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.10 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.88 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 101.81 539.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.74 539.10 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.74 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.01 539.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 188.28 539.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 233.21 539.10 Td (\(of ) Tj ET Q q 0 0 0 rg BT 248.14 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 275.85 539.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 299.12 539.10 Td (were ) Tj ET Q q 0 0 0 rg BT 321.83 539.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 348.43 539.10 Td (public ) Tj ET Q q 0 0 0 rg BT 376.70 539.10 Td (of) Tj ET Q q 0 0 0 rg BT 384.85 539.10 Td (ferings\), ) Tj ET Q q 0 0 0 rg BT 421.72 539.10 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.21 539.10 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 472.99 539.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.37 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 517.31 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.91 539.10 Td (clients, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 90.34 527.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.54 527.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.54 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.95 527.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.37 527.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 190.44 527.10 Td (\(of ) Tj ET Q q 0 0 0 rg BT 203.52 527.10 Td (which ) Tj ET Q q 0 0 0 rg BT 229.37 527.10 Td (four ) Tj ET Q q 0 0 0 rg BT 247.45 527.10 Td (were ) Tj ET Q q 0 0 0 rg BT 268.30 527.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 293.04 527.10 Td (public ) Tj ET Q q 0 0 0 rg BT 319.46 527.10 Td (of) Tj ET Q q 0 0 0 rg BT 327.61 527.10 Td (ferings\), ) Tj ET Q q 0 0 0 rg BT 362.62 527.10 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.26 527.10 Td ($6.2 ) Tj ET Q q 0 0 0 rg BT 410.17 527.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.29 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.71 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 450.78 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.53 527.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 493.05 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.88 527.10 Td (comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.51 515.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 87.90 515.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 119.58 515.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 142.65 515.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 184.04 515.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 223.21 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.50 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.34 515.10 Td (three ) Tj ET Q q 0 0 0 rg BT 277.96 515.10 Td (months ) Tj ET Q q 0 0 0 rg BT 311.04 515.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.54 515.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 383.27 515.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.27 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.90 515.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.96 515.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 451.09 515.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.98 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.11 515.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.96 515.10 Td (53.2 ) Tj ET Q q 0 0 0 rg BT 533.09 515.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.07 503.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 503.10 Td ($16.4 ) Tj ET Q q 0 0 0 rg BT 138.65 503.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.54 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.69 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.62 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.99 503.10 Td (year) Tj ET Q q 0 0 0 rg BT 213.99 503.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 234.91 503.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 266.11 503.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 294.80 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 307.95 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.54 503.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 360.90 503.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 392.92 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.85 503.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 446.99 503.10 Td (market ) Tj ET Q q 0 0 0 rg BT 477.90 503.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 514.93 503.10 Td (volume ) 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 (activity) Tj ET Q q 0 0 0 rg BT 78.84 491.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.37 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 101.10 491.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 132.15 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.12 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.52 491.10 Td (current ) Tj ET Q q 0 0 0 rg BT 187.02 491.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 217.52 491.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 256.91 491.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 290.75 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.37 491.10 Td (record ) Tj ET Q q 0 0 0 rg BT 340.10 491.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 382.27 491.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 418.33 491.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 450.51 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.47 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.87 491.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 501.50 491.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 532.00 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.51 491.10 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.38 479.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 90.15 479.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 137.65 479.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 181.86 479.10 Td (before ) Tj ET Q q 0 0 0 rg BT 209.94 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.71 479.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 290.02 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.90 479.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 331.20 479.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 345.97 479.10 Td (law ) Tj ET Q q 0 0 0 rg BT 362.96 479.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 397.71 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.04 479.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 432.90 479.10 Td (This ) Tj ET Q q 0 0 0 rg BT 453.23 479.10 Td (pulled ) Tj ET Q q 0 0 0 rg BT 480.78 479.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 514.98 479.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 547.51 479.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.37 467.10 Td (would ) Tj ET Q q 0 0 0 rg BT 90.59 467.10 Td (have ) Tj ET Q q 0 0 0 rg BT 111.68 467.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 149.43 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.42 467.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 183.84 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.83 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.26 467.10 Td (first ) Tj ET Q q 0 0 0 rg BT 226.59 467.10 Td (half ) Tj ET Q q 0 0 0 rg BT 244.35 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.89 467.10 Td (2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.61 467.10 Td (During ) Tj ET Q q 0 0 0 rg BT 310.15 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.58 467.10 Td (first ) Tj ET Q q 0 0 0 rg BT 342.91 467.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.44 467.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.77 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.98 467.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.98 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.69 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 422.57 467.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.43 467.10 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.43 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.65 467.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 522.51 467.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 75.94 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 96.28 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.27 455.10 Td (total ) Tj ET Q q 0 0 0 rg BT 123.59 455.10 Td (par ) Tj ET Q q 0 0 0 rg BT 138.91 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 163.12 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.00 455.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 194.06 455.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.17 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.22 455.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 267.20 455.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.53 455.10 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.53 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.08 455.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 349.29 455.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 391.83 455.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 418.27 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 438.61 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.60 455.10 Td (total ) Tj ET Q q 0 0 0 rg BT 465.92 455.10 Td (par ) Tj ET Q q 0 0 0 rg BT 481.24 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 505.45 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.33 455.10 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 536.39 455.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.11 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.83 443.10 Td (prior) Tj ET Q q 0 0 0 rg BT 112.06 443.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 135.10 443.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 99.21 419.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 120.03 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.85 419.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.55 419.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 419.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.50 419.10 Td (all ) Tj ET Q q 0 0 0 rg BT 251.88 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 419.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.10 419.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 352.34 419.10 Td (through ) Tj ET Q q 0 0 0 rg BT 384.83 419.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.53 419.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.51 419.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.33 419.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.49 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 419.10 Td (facilitating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.72 407.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 117.65 407.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 159.09 407.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 208.86 407.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 251.41 407.10 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 309.51 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.51 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.41 407.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 378.84 407.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 409.72 407.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 448.38 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.72 407.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 501.27 407.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 527.73 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.73 407.10 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (government ) Tj ET Q q 0 0 0 rg BT 99.34 395.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 129.72 395.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 171.91 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 177.32 395.10 Td (o ) Tj ET Q q 0 0 0 rg BT 184.39 395.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 210.91 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.20 395.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 275.04 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.44 395.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 335.29 395.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 377.34 395.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 418.01 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 431.75 395.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 472.68 395.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 522.53 395.10 Td (brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.54 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 109.82 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.54 383.10 Td (net ) Tj ET Q q 0 0 0 rg BT 141.26 383.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.19 383.10 Td (income ) Tj ET Q q 0 0 0 rg BT 207.13 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 218.96 383.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 254.67 383.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 299.27 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 320.55 383.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 364.32 383.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 421.69 383.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 457.40 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.35 383.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 509.40 383.10 Td (long ) Tj ET Q q 0 0 0 rg BT 530.69 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 542.52 383.10 Td (short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 89.69 371.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 130.17 371.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 147.59 371.10 Td (results ) Tj ET Q q 0 0 0 rg BT 175.56 371.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.64 371.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 214.27 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 235.58 371.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 265.76 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.40 371.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 305.58 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 315.77 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 322.08 371.10 Td (result ) Tj ET Q q 0 0 0 rg BT 346.16 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.35 371.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 390.42 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.07 371.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 430.25 371.10 Td (mar) Tj ET Q q 0 0 0 rg BT 445.62 371.10 Td (gins, ) Tj ET Q q 0 0 0 rg BT 466.66 371.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 496.84 371.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 519.82 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.12 371.10 Td (losses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.22 359.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 96.15 359.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 131.14 359.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.97 359.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 198.35 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.29 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.01 359.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 258.62 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.45 359.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 319.71 359.10 Td (based ) Tj ET Q q 0 0 0 rg BT 344.98 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.48 359.10 Td (market ) Tj ET Q q 0 0 0 rg BT 387.75 359.10 Td (opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.88 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.58 335.10 Td (three ) Tj ET Q q 0 0 0 rg BT 106.05 335.10 Td (months ) Tj ET Q q 0 0 0 rg BT 138.99 335.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.35 335.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 210.94 335.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.94 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 236.92 335.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 288.19 335.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 331.65 335.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 370.67 335.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.59 335.10 Td ($34.3 ) Tj ET Q q 0 0 0 rg BT 419.57 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.46 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.45 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.38 335.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 500.28 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.09 335.10 Td (20.8 ) Tj ET Q q 0 0 0 rg BT 533.08 335.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.24 323.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.34 323.10 Td ($43.3 ) Tj ET Q q 0 0 0 rg BT 139.16 323.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.05 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.37 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.46 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.00 323.10 Td (prior) Tj ET Q q 0 0 0 rg BT 217.23 323.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 241.09 323.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 272.45 323.10 Td (due ) Tj ET Q q 0 0 0 rg BT 290.21 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.31 323.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 327.39 323.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.71 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.46 323.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 397.33 323.10 Td (income ) Tj ET Q q 0 0 0 rg BT 430.08 323.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 481.17 323.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 524.47 323.10 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.84 311.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 129.29 311.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 171.94 311.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 210.16 311.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.26 311.10 Td ($18.0 ) Tj ET Q q 0 0 0 rg BT 257.43 311.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.33 311.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.45 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.34 311.10 Td (first ) Tj ET Q q 0 0 0 rg BT 333.13 311.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.12 311.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.45 311.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.12 311.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.12 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 400.30 311.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.19 311.10 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 445.37 311.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.79 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.47 311.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.57 311.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 311.10 Td ($20.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.85 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.08 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.75 299.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 165.42 299.10 Td (period ) Tj ET Q q 0 0 0 rg BT 193.42 299.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.21 299.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.21 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.16 299.10 Td (due ) Tj ET Q q 0 0 0 rg BT 246.06 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.29 299.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 281.52 299.10 Td (client ) Tj ET Q q 0 0 0 rg BT 306.18 299.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 336.97 299.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 375.27 299.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 415.50 299.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.95 299.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 481.52 299.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 521.73 299.10 Td (during ) Tj ET Q q 0 0 0 rg BT 550.29 299.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (current ) Tj ET Q q 0 0 0 rg BT 80.39 287.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 108.30 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.38 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.39 287.10 Td (lar) Tj ET Q q 0 0 0 rg BT 130.75 287.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 142.76 287.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 188.64 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.54 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.33 287.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 245.22 287.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 266.13 287.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 303.69 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 325.71 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.49 287.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 379.17 287.10 Td (was ) Tj ET Q q 0 0 0 rg BT 397.30 287.10 Td (centered ) Tj ET Q q 0 0 0 rg BT 433.73 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.08 287.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 476.09 287.10 Td (management ) Tj ET Q q 0 0 0 rg BT 529.76 287.10 Td (vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (where ) Tj ET Q q 0 0 0 rg BT 76.13 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 89.98 275.10 Td (do ) Tj ET Q q 0 0 0 rg BT 102.18 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 117.16 275.10 Td (compete. ) Tj ET Q q 0 0 0 rg BT 155.73 275.10 Td (For ) Tj ET Q q 0 0 0 rg BT 171.81 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.23 275.10 Td (three ) Tj ET Q q 0 0 0 rg BT 208.41 275.10 Td (months ) Tj ET Q q 0 0 0 rg BT 240.06 275.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.13 275.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 309.43 275.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.43 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.12 275.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 356.87 275.10 Td (income ) Tj ET Q q 0 0 0 rg BT 388.50 275.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 438.47 275.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 480.65 275.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 518.38 275.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 275.10 Td ($16.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.56 263.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.45 263.10 Td (29.7 ) Tj ET Q q 0 0 0 rg BT 128.62 263.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.04 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.71 263.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 202.80 263.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.24 263.10 Td ($23.2 ) Tj ET Q q 0 0 0 rg BT 248.41 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.30 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.97 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.42 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.30 263.10 Td (prior) Tj ET Q q 0 0 0 rg BT 324.54 263.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 347.74 263.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 378.46 263.10 Td (due ) Tj ET Q q 0 0 0 rg BT 395.56 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.01 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.12 263.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 444.66 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.10 263.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 494.42 263.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 515.42 263.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 548.08 263.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 75.06 251.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 106.18 251.10 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 164.25 251.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 200.38 251.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 230.94 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.40 251.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 288.18 251.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 314.87 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.45 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.46 251.10 Td (first ) Tj ET Q q 0 0 0 rg BT 359.37 251.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 390.48 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.61 251.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 424.40 251.10 Td (were ) Tj ET Q q 0 0 0 rg BT 446.63 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.64 251.10 Td (worst ) Tj ET Q q 0 0 0 rg BT 486.66 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.24 251.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 525.02 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 532.25 251.10 Td (decade, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.11 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.51 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.57 239.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 136.06 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.46 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.29 239.10 Td (value ) Tj ET Q q 0 0 0 rg BT 185.56 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.51 239.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 239.12 239.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 281.43 239.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 305.44 239.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 344.71 239.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 378.98 239.10 Td (was ) Tj ET Q q 0 0 0 rg BT 397.16 239.10 Td (muted ) Tj ET Q q 0 0 0 rg BT 424.77 239.10 Td (due ) Tj ET Q q 0 0 0 rg BT 441.83 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.22 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.06 239.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 496.89 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.84 239.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.67 239.10 Td (reform ) Tj ET Q q 0 0 0 rg BT 552.50 239.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.93 227.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 106.13 227.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.77 227.10 Td (class. ) Tj ET Q q 0 0 0 rg BT 151.43 227.10 Td (As ) Tj ET Q q 0 0 0 rg BT 164.76 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.63 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 199.71 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.36 227.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 254.11 227.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 291.30 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.29 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.71 227.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 357.91 227.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 390.38 227.10 Td (this ) Tj ET Q q 0 0 0 rg BT 407.04 227.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 450.90 227.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 489.76 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 505.30 227.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 544.17 227.10 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.20 215.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 96.78 215.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 127.64 215.10 Td (which ) Tj ET Q q 0 0 0 rg BT 154.34 215.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 188.24 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 203.83 215.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 243.96 215.10 Td (These ) Tj ET Q q 0 0 0 rg BT 270.10 215.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 320.11 215.10 Td (market ) Tj ET Q q 0 0 0 rg BT 350.13 215.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 394.05 215.10 Td (were ) Tj ET Q q 0 0 0 rg BT 415.74 215.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 465.73 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.99 215.10 Td (low ) Tj ET Q q 0 0 0 rg BT 495.25 215.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 526.94 215.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 548.07 215.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 203.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 80.04 203.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 102.54 203.10 Td (curve. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.60 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.93 179.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 175.35 179.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 194.34 179.10 Td (include ) Tj ET Q q 0 0 0 rg BT 226.67 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.78 179.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 260.77 179.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 302.53 179.10 Td (from ) Tj ET Q q 0 0 0 rg BT 324.86 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.09 179.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 381.18 179.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 418.79 179.10 Td (ener) Tj ET Q q 0 0 0 rg BT 435.82 179.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 448.72 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.05 179.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 493.38 179.10 Td (living ) Tj ET Q q 0 0 0 rg BT 519.61 179.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 544.73 179.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 81.05 167.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 122.32 167.10 Td (For ) Tj ET Q q 0 0 0 rg BT 138.87 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.75 167.10 Td (three ) Tj ET Q q 0 0 0 rg BT 176.40 167.10 Td (months ) Tj ET Q q 0 0 0 rg BT 208.51 167.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.05 167.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.81 167.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.81 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.98 167.10 Td (management ) Tj ET Q q 0 0 0 rg BT 357.73 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.83 167.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 428.01 167.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 446.77 167.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.87 167.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 489.03 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.92 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 167.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.89 155.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 90.01 155.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.90 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.51 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.90 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.73 155.10 Td (prior) Tj ET Q q 0 0 0 rg BT 165.97 155.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 189.12 155.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 219.78 155.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 244.62 155.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 282.23 155.10 Td (new ) Tj ET Q q 0 0 0 rg BT 301.50 155.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 335.76 155.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 383.92 155.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 422.62 155.10 Td (ef) Tj ET Q q 0 0 0 rg BT 430.21 155.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 460.03 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 470.97 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.92 155.10 Td (January ) Tj ET Q q 0 0 0 rg BT 515.63 155.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 525.74 155.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 550.86 155.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (now ) Tj ET Q q 0 0 0 rg BT 69.77 143.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 93.35 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.61 143.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 157.19 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.56 143.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 222.13 143.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 241.27 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.32 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.69 143.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 310.94 143.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 348.70 143.10 Td (ener) Tj ET Q q 0 0 0 rg BT 365.72 143.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 378.77 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.25 143.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 423.73 143.10 Td (living ) Tj ET Q q 0 0 0 rg BT 450.11 143.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 475.37 143.10 Td (until ) Tj ET Q q 0 0 0 rg BT 496.75 143.10 Td (such ) Tj ET Q q 0 0 0 rg BT 518.13 143.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 537.27 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 552.52 143.10 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 131.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 108.37 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.65 131.10 Td (reversal, ) Tj ET Q q 0 0 0 rg BT 155.30 131.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.23 131.10 Td (will ) Tj ET Q q 0 0 0 rg BT 200.29 131.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 225.00 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.94 131.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 256.09 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.37 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.09 131.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 329.13 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.96 131.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.01 131.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 381.60 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 392.43 131.10 Td (revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.18 107.10 Td (income ) Tj ET Q q 0 0 0 rg BT 133.85 107.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 172.42 107.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 209.30 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.98 107.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 275.87 107.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 302.22 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.90 107.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 351.03 107.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.28 107.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 421.79 107.10 Td (including ) Tj ET Q q 0 0 0 rg BT 464.81 107.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 503.94 107.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.72 107.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.23 95.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 147.91 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.53 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.71 95.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 211.77 95.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 248.33 95.10 Td (ener) Tj ET Q q 0 0 0 rg BT 265.36 95.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 277.21 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.50 95.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 319.78 95.10 Td (living ) Tj ET Q q 0 0 0 rg BT 344.97 95.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 371.54 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.83 95.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.22 95.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 429.29 95.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 481.41 95.10 Td (For ) Tj ET Q q 0 0 0 rg BT 497.16 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.22 95.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.06 95.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.14 83.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 120.01 83.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.01 83.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.27 83.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.92 83.10 Td (income ) Tj ET Q q 0 0 0 rg BT 224.12 83.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.43 83.10 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 262.70 83.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.59 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.36 83.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 336.54 83.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.09 83.10 Td ($10.5 ) Tj ET Q q 0 0 0 rg BT 372.35 83.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.24 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.01 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.55 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.54 83.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 489.51 83.10 Td (period ) Tj ET Q q 0 0 0 rg BT 517.82 83.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.91 83.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.91 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 554.18 83.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.38 71.10 Td (first ) Tj ET Q q 0 0 0 rg BT 85.14 71.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.46 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.12 71.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.11 71.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.11 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.26 71.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.58 71.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 209.22 71.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 238.42 71.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 263.19 71.10 Td (on ) Tj ET Q q 0 0 0 rg BT 276.85 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.72 71.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 333.58 71.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 369.46 71.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 391.45 71.10 Td (that ) Tj ET Q q 0 0 0 rg BT 410.10 71.10 Td (we ) Tj ET Q q 0 0 0 rg BT 425.42 71.10 Td (manage. ) Tj ET Q q 0 0 0 rg BT 462.67 71.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 507.44 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 71.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 554.18 71.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.88 59.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 149.21 59.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 185.03 59.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.41 59.10 Td (income ) Tj ET Q q 0 0 0 rg BT 263.35 59.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.40 59.10 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 301.40 59.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.29 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.79 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.95 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.67 59.10 Td (three ) Tj ET Q q 0 0 0 rg BT 384.15 59.10 Td (months ) Tj ET Q q 0 0 0 rg BT 416.10 59.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.48 59.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 486.08 59.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.08 59.10 Td (.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 94.70 719.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.91 719.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 173.45 719.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 213.10 719.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 252.19 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.06 719.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 303.72 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.16 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.93 719.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 358.81 719.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 384.86 719.10 Td (For ) Tj ET Q q 0 0 0 rg BT 401.19 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.84 719.10 Td (three ) Tj ET Q q 0 0 0 rg BT 438.27 719.10 Td (months ) Tj ET Q q 0 0 0 rg BT 470.16 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.48 719.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 540.02 719.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 719.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 91.44 707.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 131.71 707.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 170.32 707.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 212.25 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.53 707.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 242.54 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.43 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 276.44 707.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.39 707.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 318.40 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.29 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.80 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.08 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 707.10 Td (prior) Tj ET Q q 0 0 0 rg BT 394.05 707.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 417.09 707.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 447.47 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 456.11 707.10 Td (e ) Tj ET Q q 0 0 0 rg BT 463.05 707.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 490.55 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.27 707.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 522.78 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 554.18 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 695.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.29 695.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 109.23 695.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 132.83 695.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 155.33 695.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 191.72 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.22 695.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 240.05 695.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.23 671.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.84 671.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 153.01 671.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 184.17 671.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 224.78 671.10 Td (mar) Tj ET Q q 0 0 0 rg BT 240.14 671.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 255.76 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 270.27 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.33 671.10 Td (three ) Tj ET Q q 0 0 0 rg BT 308.16 671.10 Td (months ) Tj ET Q q 0 0 0 rg BT 340.45 671.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.17 671.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 411.12 671.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.12 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.96 671.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.36 671.10 Td (5.7 ) Tj ET Q q 0 0 0 rg BT 467.70 671.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.12 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.47 671.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.74 671.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.13 659.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 69.16 659.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.59 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.12 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.32 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.07 659.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 189.81 659.10 Td (period ) Tj ET Q q 0 0 0 rg BT 217.90 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.76 659.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.76 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.80 659.10 Td (Pre-tax ) Tj ET Q q 0 0 0 rg BT 285.21 659.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 325.51 659.10 Td (mar) Tj ET Q q 0 0 0 rg BT 340.88 659.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 356.19 659.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 398.14 659.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 440.10 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.41 659.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.17 659.10 Td (first ) Tj ET Q q 0 0 0 rg BT 483.81 659.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.13 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.66 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.53 659.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.53 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 659.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 647.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 85.14 647.10 Td (net ) Tj ET Q q 0 0 0 rg BT 99.91 647.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 139.93 647.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 178.59 647.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 214.46 647.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 245.32 647.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 285.63 647.10 Td (mar) Tj ET Q q 0 0 0 rg BT 301.00 647.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 316.33 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 330.53 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.30 647.10 Td (three ) Tj ET Q q 0 0 0 rg BT 367.83 647.10 Td (months ) Tj ET Q q 0 0 0 rg BT 399.83 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 647.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 469.90 647.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.90 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.45 647.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 647.10 Td (13.1 ) Tj ET Q q 0 0 0 rg BT 530.59 647.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 647.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.42 635.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.70 635.10 Td (16.4 ) Tj ET Q q 0 0 0 rg BT 131.70 635.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.13 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.63 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 177.79 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.50 635.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 252.21 635.10 Td (period ) Tj ET Q q 0 0 0 rg BT 280.26 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.09 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.09 635.10 Td (. ) 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 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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 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l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.10 553.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 307.36 553.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 383.88 553.73 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 543.73 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 543.73 Td (2017) 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 (T) Tj ET Q q 0 0 0 rg BT 154.22 522.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 522.73 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 220.12 522.73 Td (olling) 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 (T) Tj ET Q q 0 0 0 rg BT 370.22 522.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 522.73 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 436.12 522.73 Td (olling) 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 (Inter) Tj ET Q q 0 0 0 rg BT 215.91 512.73 Td (ests) 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 (Inter) Tj ET Q q 0 0 0 rg BT 431.91 512.73 Td (ests) 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 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Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 482.60 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 482.60 Td (4,889) 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 319.15 482.60 Td (4,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 482.60 Td (6,661) 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 (6,661) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 472.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.58 472.55 Td (otal management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 472.55 Td (1) Tj ET Q q 0 0 0 rg BT 155.75 472.55 Td (1,193) 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 315.10 472.55 Td (1) Tj ET Q q 0 0 0 rg BT 319.10 472.55 Td (1,193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 472.55 Td (14,010) 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 (14,010) 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 (MLP) 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 329.15 441.60 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 (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.80 431.60 Td (8) 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 333.15 431.60 Td (8) 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 (T) Tj ET Q q 0 0 0 rg BT 56.58 421.60 Td (otal performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.80 421.60 Td (8) 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 333.15 421.60 Td (8) 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 (T) Tj ET Q q 0 0 0 rg BT 56.21 401.55 Td (otal 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 (1) Tj ET Q q 0 0 0 rg BT 155.75 393.85 Td (1,201) 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 315.10 393.85 Td (1) Tj ET Q q 0 0 0 rg BT 319.10 393.85 Td (1,201) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 393.85 Td (14,010) 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 (14,010) 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 163.10 371.60 Td (\(35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 371.60 Td (\)) 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 326.45 371.60 Td (\(35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.15 371.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 371.60 Td (234) 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 543.75 371.60 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 351.60 Td (T) Tj ET Q q 0 0 0 rg BT 57.11 351.60 Td (otal net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 351.60 Td (1) Tj ET Q q 0 0 0 rg BT 155.75 351.60 Td (1,166) 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 315.10 351.60 Td (1) Tj ET Q q 0 0 0 rg BT 319.10 351.60 Td (1,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 351.60 Td (14,244) 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 (14,244) 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 (10,763) 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 (1,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.10 331.60 Td (12,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 331.60 Td (12,382) 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 (1,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 331.60 Td (13,660) 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 57.00 295.55 Td (\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 294.85 Td (403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 294.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.10 294.85 Td (\(1,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 294.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.45 294.85 Td (\(998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.15 294.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 294.85 Td (1,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 294.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 294.85 Td (\(1,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.80 294.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 294.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 294.85 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 272.55 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 264.55 Td (operating mar) Tj ET Q q 0 0 0 rg BT 101.50 264.55 Td (gin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.75 264.85 Td (3.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 264.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.45 264.85 Td (\(8.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.15 264.85 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 264.85 Td (13.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 264.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.75 264.85 Td (4.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 264.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 248.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 248.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 248.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.87 248.50 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 128.83 248.50 Td ( ) Tj ET Q q 0 0 0 rg BT 134.67 248.50 Td (Consists ) Tj ET Q q 0 0 0 rg BT 163.64 248.50 Td (of ) Tj ET Q q 0 0 0 rg BT 171.70 248.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 214.44 248.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.51 248.50 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 263.54 248.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 284.93 248.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 319.22 248.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.18 248.50 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.24 248.50 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 364.09 248.50 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.75 248.50 Td ( ) Tj ET Q q 0 0 0 rg BT 388.60 248.50 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.44 248.50 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 418.28 248.50 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.95 248.50 Td ( ) Tj ET Q q 0 0 0 rg BT 442.80 248.50 Td (for ) Tj ET Q q 0 0 0 rg BT 453.98 248.50 Td (the ) Tj ET Q q 0 0 0 rg BT 465.59 248.50 Td (thr) Tj ET Q q 0 0 0 rg BT 474.63 248.50 Td (ee ) Tj ET Q q 0 0 0 rg BT 483.58 248.50 Td (months ) Tj ET Q q 0 0 0 rg BT 508.53 248.50 Td (ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.48 248.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 542.96 248.50 Td (ch31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 238.90 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.50 238.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 238.90 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.50 238.90 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 115.50 238.90 Td (, ) Tj ET Q q 0 0 0 rg BT 119.50 238.90 Td (r) Tj ET Q q 0 0 0 rg BT 122.32 238.90 Td (espectively) Tj ET Q q 0 0 0 rg BT 156.96 238.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.80 211.90 Td (and ) Tj ET Q q 0 0 0 rg BT 120.33 211.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.95 211.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 187.25 211.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 224.88 211.90 Td (comprise ) Tj ET Q q 0 0 0 rg BT 263.63 211.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.94 211.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 315.57 211.90 Td (generated ) Tj ET Q q 0 0 0 rg BT 356.53 211.90 Td (from ) Tj ET Q q 0 0 0 rg BT 378.06 211.90 Td (management ) Tj ET Q q 0 0 0 rg BT 431.25 211.90 Td (and ) Tj ET Q q 0 0 0 rg BT 447.78 211.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.76 211.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.29 211.90 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.90 Td (performed ) Tj ET Q q 0 0 0 rg BT 93.58 199.90 Td (for ) Tj ET Q q 0 0 0 rg BT 107.67 199.90 Td (separately ) Tj ET Q q 0 0 0 rg BT 150.64 199.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 189.16 199.90 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 229.08 199.90 Td (registered ) Tj ET Q q 0 0 0 rg BT 270.94 199.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.59 199.90 Td (and ) Tj ET Q q 0 0 0 rg BT 312.47 199.90 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 366.28 199.90 Td (Client ) Tj ET Q q 0 0 0 rg BT 393.15 199.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 415.02 199.90 Td (inflows ) Tj ET Q q 0 0 0 rg BT 447.46 199.90 Td (and ) Tj ET Q q 0 0 0 rg BT 464.33 199.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 501.76 199.90 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 199.90 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 101.99 187.90 Td (have ) Tj ET Q q 0 0 0 rg BT 122.83 187.90 Td (a ) Tj ET Q q 0 0 0 rg BT 129.24 187.90 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.97 187.90 Td (ef) Tj ET Q q 0 0 0 rg BT 161.56 187.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 178.51 187.90 Td (on ) Tj ET Q q 0 0 0 rg BT 190.48 187.90 Td (management ) Tj ET Q q 0 0 0 rg BT 243.53 187.90 Td (and ) Tj ET Q q 0 0 0 rg BT 259.94 187.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.43 187.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 326.60 187.90 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 366.60 187.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 420.77 187.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 438.84 187.90 Td (are ) Tj ET Q q 0 0 0 rg BT 453.01 187.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.18 187.90 Td (based ) Tj ET Q q 0 0 0 rg BT 516.92 187.90 Td (on ) Tj ET Q q 0 0 0 rg BT 528.88 187.90 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 187.90 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 175.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.96 175.90 Td (under ) Tj ET Q q 0 0 0 rg BT 111.13 175.90 Td (management ) Tj ET Q q 0 0 0 rg BT 164.62 175.90 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 205.18 175.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 245.90 175.90 Td (monthly ) Tj ET Q q 0 0 0 rg BT 281.64 175.90 Td (or ) Tj ET Q q 0 0 0 rg BT 292.37 175.90 Td (quarterly) Tj ET Q q 0 0 0 rg BT 327.81 175.90 Td (, ) Tj ET Q q 0 0 0 rg BT 332.71 175.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.55 175.90 Td (an ) Tj ET Q q 0 0 0 rg BT 361.39 175.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 396.55 175.90 Td (or ) Tj ET Q q 0 0 0 rg BT 407.28 175.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.45 175.90 Td (in ) Tj ET Q q 0 0 0 rg BT 457.09 175.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 485.33 175.90 Td (due ) Tj ET Q q 0 0 0 rg BT 502.17 175.90 Td (to ) Tj ET Q q 0 0 0 rg BT 512.35 175.90 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 175.90 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.90 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 99.34 163.90 Td (or ) Tj ET Q q 0 0 0 rg BT 110.30 163.90 Td (net ) Tj ET Q q 0 0 0 rg BT 125.15 163.90 Td (client ) Tj ET Q q 0 0 0 rg BT 149.99 163.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.06 163.90 Td (flows, ) Tj ET Q q 0 0 0 rg BT 199.42 163.90 Td (will ) Tj ET Q q 0 0 0 rg BT 217.60 163.90 Td (result ) Tj ET Q q 0 0 0 rg BT 242.45 163.90 Td (in ) Tj ET Q q 0 0 0 rg BT 252.86 163.90 Td (a ) Tj ET Q q 0 0 0 rg BT 259.93 163.90 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 319.77 163.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 355.15 163.90 Td (or ) Tj ET Q q 0 0 0 rg BT 366.11 163.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 403.16 163.90 Td (in ) Tj ET Q q 0 0 0 rg BT 413.57 163.90 Td (management ) Tj ET Q q 0 0 0 rg BT 467.29 163.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 488.52 163.90 Td (Fees ) Tj ET Q q 0 0 0 rg BT 509.48 163.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 529.88 163.90 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 163.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.90 Td (type ) Tj ET Q q 0 0 0 rg BT 69.45 151.90 Td (of ) Tj ET Q q 0 0 0 rg BT 80.51 151.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.57 151.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 145.39 151.90 Td (and ) Tj ET Q q 0 0 0 rg BT 162.56 151.90 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 151.90 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 209.11 151.90 Td (in ) Tj ET Q q 0 0 0 rg BT 219.62 151.90 Td (which ) Tj ET Q q 0 0 0 rg BT 246.79 151.90 Td (they ) Tj ET Q q 0 0 0 rg BT 266.74 151.90 Td (are ) Tj ET Q q 0 0 0 rg BT 281.68 151.90 Td (managed. ) Tj ET Q q 0 0 0 rg BT 323.00 151.90 Td (Performance ) Tj ET Q q 0 0 0 rg BT 376.82 151.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 395.65 151.90 Td (are ) Tj ET Q q 0 0 0 rg BT 410.59 151.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 439.96 151.90 Td (when ) Tj ET Q q 0 0 0 rg BT 464.35 151.90 Td (the ) Tj ET Q q 0 0 0 rg BT 479.30 151.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.91 151.90 Td (return ) Tj ET Q q 0 0 0 rg BT 552.52 151.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 75.51 139.90 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 109.84 139.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 139.72 139.90 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 186.83 139.90 Td (tar) Tj ET Q q 0 0 0 rg BT 197.19 139.90 Td (gets ) Tj ET Q q 0 0 0 rg BT 215.98 139.90 Td (or ) Tj ET Q q 0 0 0 rg BT 226.99 139.90 Td (other ) Tj ET Q q 0 0 0 rg BT 250.22 139.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.42 139.90 Td (tar) Tj ET Q q 0 0 0 rg BT 313.78 139.90 Td (gets ) Tj ET Q q 0 0 0 rg BT 332.57 139.90 Td (over ) Tj ET Q q 0 0 0 rg BT 353.02 139.90 Td (a ) Tj ET Q q 0 0 0 rg BT 360.14 139.90 Td (specified ) Tj ET Q q 0 0 0 rg BT 398.91 139.90 Td (measurement ) Tj ET Q q 0 0 0 rg BT 454.90 139.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 485.44 139.90 Td (These ) Tj ET Q q 0 0 0 rg BT 511.99 139.90 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.20 127.90 Td (are ) Tj ET Q q 0 0 0 rg BT 83.01 127.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 120.60 127.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 149.86 127.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 202.99 127.90 Td (hurdles ) Tj ET Q q 0 0 0 rg BT 235.03 127.90 Td (and ) Tj ET Q q 0 0 0 rg BT 252.07 127.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 298.53 127.90 Td (in ) Tj ET Q q 0 0 0 rg BT 308.91 127.90 Td (the ) Tj ET Q q 0 0 0 rg BT 323.73 127.90 Td (fourth ) Tj ET Q q 0 0 0 rg BT 350.77 127.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 381.69 127.90 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 127.90 Td (the ) Tj ET Q q 0 0 0 rg BT 407.44 127.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 451.14 127.90 Td (year) Tj ET Q q 0 0 0 rg BT 467.94 127.90 Td (, ) Tj ET Q q 0 0 0 rg BT 473.04 127.90 Td (or ) Tj ET Q q 0 0 0 rg BT 483.98 127.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 506.58 127.90 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 554.17 127.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.90 Td (client ) Tj ET Q q 0 0 0 rg BT 73.87 115.90 Td (assets. ) Tj ET Q q 0 0 0 rg BT 101.70 115.90 Td (The ) Tj ET Q q 0 0 0 rg BT 119.40 115.90 Td (level ) Tj ET Q q 0 0 0 rg BT 140.99 115.90 Td (of ) Tj ET Q q 0 0 0 rg BT 151.47 115.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 204.15 115.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 222.40 115.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 251.20 115.90 Td (can ) Tj ET Q q 0 0 0 rg BT 267.23 115.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 287.16 115.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 339.30 115.90 Td (from ) Tj ET Q q 0 0 0 rg BT 360.90 115.90 Td (period ) Tj ET Q q 0 0 0 rg BT 388.60 115.90 Td (to ) Tj ET Q q 0 0 0 rg BT 398.53 115.90 Td (period ) Tj ET Q q 0 0 0 rg BT 426.23 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 442.82 115.90 Td (these ) Tj ET Q q 0 0 0 rg BT 465.53 115.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 483.78 115.90 Td (may ) Tj ET Q q 0 0 0 rg BT 503.15 115.90 Td (not ) Tj ET Q q 0 0 0 rg BT 518.08 115.90 Td (necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.90 Td (be ) Tj ET Q q 0 0 0 rg BT 60.48 103.90 Td (correlated ) Tj ET Q q 0 0 0 rg BT 102.00 103.90 Td (to ) Tj ET Q q 0 0 0 rg BT 111.32 103.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 145.07 103.90 Td (in ) Tj ET Q q 0 0 0 rg BT 154.40 103.90 Td (total ) Tj ET Q q 0 0 0 rg BT 173.37 103.90 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 200.41 103.90 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.96 103.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 254.60 103.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.60 103.90 Td (, ) Tj ET Q q 0 0 0 rg BT 278.64 103.90 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.95 103.90 Td (five ) Tj ET Q q 0 0 0 rg BT 355.04 103.90 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.46 103.90 Td ( ) Tj ET Q q 0 0 0 rg BT 386.01 103.90 Td (of ) Tj ET Q q 0 0 0 rg BT 395.88 103.90 Td (our ) Tj ET Q q 0 0 0 rg BT 410.41 103.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 435.29 103.90 Td (was ) Tj ET Q q 0 0 0 rg BT 452.39 103.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 483.92 103.90 Td (to ) Tj ET Q q 0 0 0 rg BT 493.25 103.90 Td (earn ) Tj ET Q q 0 0 0 rg BT 512.00 103.90 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.90 Td (fees. ) 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 (For ) Tj ET Q q 0 0 0 rg BT 66.51 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.84 731.10 Td (three ) Tj ET Q q 0 0 0 rg BT 104.94 731.10 Td (months ) Tj ET Q q 0 0 0 rg BT 137.50 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.49 731.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 208.70 731.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.70 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.32 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 288.52 731.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 307.73 731.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.28 731.10 Td ($1) Tj ET Q q 0 0 0 rg BT 339.91 731.10 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 355.52 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.41 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 390.03 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.58 731.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 435.11 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.55 731.10 Td (20.1 ) Tj ET Q q 0 0 0 rg BT 467.17 731.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.59 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.20 731.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.74 731.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td ($14.0 ) Tj ET Q q 0 0 0 rg BT 73.59 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.49 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.08 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.45 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.26 719.10 Td (prior) Tj ET Q q 0 0 0 rg BT 146.50 719.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 168.63 719.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 198.27 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 214.31 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.68 719.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 248.04 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 300.73 719.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 318.42 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.45 719.10 Td (both ) Tj ET Q q 0 0 0 rg BT 358.82 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.75 719.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 393.94 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.53 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.57 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 438.15 719.10 Td (product ) Tj ET Q q 0 0 0 rg BT 470.30 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 478.45 719.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 510.31 719.10 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.41 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 90.66 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.80 707.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 127.00 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.81 707.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 170.38 707.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.61 707.10 Td (14.2 ) Tj ET Q q 0 0 0 rg BT 232.92 707.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.35 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.16 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.75 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.78 707.10 Td (first ) Tj ET Q q 0 0 0 rg BT 309.70 707.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 340.83 707.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.16 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.97 707.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.97 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.78 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.37 707.10 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 405.69 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.58 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 439.89 707.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 482.13 707.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.72 707.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 523.03 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.92 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.73 707.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 695.10 Td (first ) Tj ET Q q 0 0 0 rg BT 84.36 695.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 115.95 695.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.28 695.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.55 695.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.55 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.82 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.42 695.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 188.45 695.10 Td (average ) Tj ET Q q 0 0 0 rg BT 222.08 695.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 248.69 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 267.51 695.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 304.10 695.10 Td (of) Tj ET Q q 0 0 0 rg BT 312.25 695.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 329.96 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.22 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.93 695.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 379.75 695.10 Td (average ) Tj ET Q q 0 0 0 rg BT 414.10 695.10 Td (ef) Tj ET Q q 0 0 0 rg BT 421.69 695.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 452.16 695.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 487.07 695.10 Td (yield. ) Tj ET Q q 0 0 0 rg BT 512.60 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 531.42 695.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 683.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.16 683.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 119.67 683.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 141.54 683.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 164.51 683.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 209.69 683.10 Td (management ) Tj ET Q q 0 0 0 rg BT 262.65 683.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.62 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 290.82 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 297.12 683.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 342.29 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.49 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.69 683.10 Td (average ) Tj ET Q q 0 0 0 rg BT 400.64 683.10 Td (month-end ) Tj ET Q q 0 0 0 rg BT 445.43 683.10 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 473.96 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.49 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.69 683.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 522.88 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.75 683.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 565.01 683.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.44 671.10 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.44 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.83 671.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 102.23 671.10 Td (points ) Tj ET Q q 0 0 0 rg BT 129.07 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 143.12 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.73 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 176.23 671.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.54 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.93 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.66 671.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 242.55 671.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 284.36 671.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 671.10 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.53 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.92 671.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 339.32 671.10 Td (points ) Tj ET Q q 0 0 0 rg BT 366.16 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.21 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.82 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 413.32 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 444.02 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.74 671.10 Td (2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.64 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 490.36 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.97 671.10 Td (first ) Tj ET Q q 0 0 0 rg BT 523.47 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.17 671.10 Td (of) 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 (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 75.22 659.10 Td (management ) Tj ET Q q 0 0 0 rg BT 129.53 659.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 148.85 659.10 Td (related ) Tj ET Q q 0 0 0 rg BT 179.27 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.27 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.82 659.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 235.03 659.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 276.02 659.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.67 659.10 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 319.39 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.28 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.00 659.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.44 659.10 Td (26.6 ) Tj ET Q q 0 0 0 rg BT 400.16 659.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.59 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.81 659.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 475.45 659.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.45 659.10 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 507.17 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.06 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.28 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 659.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 109.21 647.10 Td (period ) Tj ET Q q 0 0 0 rg BT 137.25 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.08 647.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.08 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 172.90 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.95 647.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 227.86 647.10 Td (was ) Tj ET Q q 0 0 0 rg BT 245.92 647.10 Td (due ) Tj ET Q q 0 0 0 rg BT 262.85 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.13 647.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 298.40 647.10 Td (average ) Tj ET Q q 0 0 0 rg BT 331.43 647.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 357.27 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 379.21 647.10 Td (net ) Tj ET Q q 0 0 0 rg BT 393.92 647.10 Td (client ) Tj ET Q q 0 0 0 rg BT 418.64 647.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 456.14 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.41 647.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 491.41 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 502.24 647.10 Td (well ) Tj ET Q q 0 0 0 rg BT 521.96 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 532.79 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.73 647.10 Td (lower ) 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 83.87 635.10 Td (ef) Tj ET Q q 0 0 0 rg BT 91.46 635.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 121.95 635.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 156.88 635.10 Td (yield. ) Tj ET Q q 0 0 0 rg BT 182.42 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 201.25 635.10 Td (average ) Tj ET Q q 0 0 0 rg BT 235.63 635.10 Td (ef) Tj ET Q q 0 0 0 rg BT 243.21 635.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 273.70 635.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 308.63 635.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 331.91 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.86 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.48 635.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.76 635.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 432.81 635.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 635.10 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.93 635.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 488.22 635.10 Td (points ) Tj ET Q q 0 0 0 rg BT 515.95 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 530.90 635.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 635.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.82 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.32 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.15 623.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 116.15 623.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 158.07 623.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.35 623.10 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.35 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.85 623.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 213.35 623.10 Td (points ) Tj ET Q q 0 0 0 rg BT 240.30 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.46 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.17 623.10 Td (prior) Tj ET Q q 0 0 0 rg BT 288.41 623.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 311.45 623.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.98 599.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 152.46 599.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 187.83 599.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 210.98 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.47 599.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.41 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 274.89 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.27 599.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 340.09 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.91 599.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 391.38 599.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.65 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 599.10 Td (private ) Tj ET Q q 0 0 0 rg BT 461.94 599.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.21 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.58 599.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 547.51 599.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 587.10 Td (manage. ) Tj ET Q q 0 0 0 rg BT 99.57 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.21 587.10 Td (e ) Tj ET Q q 0 0 0 rg BT 115.15 587.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 152.63 587.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.01 587.10 Td (income ) Tj ET Q q 0 0 0 rg BT 230.94 587.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.77 587.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 261.77 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.66 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.16 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 307.32 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.04 587.10 Td (three ) Tj ET Q q 0 0 0 rg BT 344.52 587.10 Td (months ) Tj ET Q q 0 0 0 rg BT 376.47 587.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.85 587.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 446.45 587.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.45 587.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 88.40 563.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 120.62 563.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 162.29 563.10 Td (mar) Tj ET Q q 0 0 0 rg BT 177.65 563.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 194.34 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.90 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.02 563.10 Td (three ) Tj ET Q q 0 0 0 rg BT 249.91 563.10 Td (months ) Tj ET Q q 0 0 0 rg BT 283.26 563.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.04 563.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 356.05 563.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.95 563.10 Td (was ) Tj ET Q q 0 0 0 rg BT 399.41 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.75 563.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.53 563.10 Td (8.9 ) Tj ET Q q 0 0 0 rg BT 461.93 563.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.36 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.26 563.10 Td (due ) Tj ET Q q 0 0 0 rg BT 513.60 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.29 563.10 Td (declining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 99.63 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.78 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.36 551.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 162.60 551.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 201.07 551.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 236.76 551.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 267.44 551.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 307.57 551.10 Td (mar) Tj ET Q q 0 0 0 rg BT 322.94 551.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 338.08 551.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 374.32 551.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.12 551.10 Td (13.1 ) Tj ET Q q 0 0 0 rg BT 415.99 551.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.41 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.78 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.92 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.51 551.10 Td (first ) Tj ET Q q 0 0 0 rg BT 490.98 551.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 521.66 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.36 551.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 554.72 551.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 64.50 539.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.92 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.42 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.70 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.42 539.10 Td (first ) Tj ET Q q 0 0 0 rg BT 140.03 539.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 170.84 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 539.10 Td (2018.) 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 67.55 515.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 515.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 515.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 515.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.11 515.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.95 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.11 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 515.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 342.76 515.10 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 456.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 456.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 456.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 456.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 456.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 456.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 432.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 432.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 432.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 432.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 432.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 432.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 408.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 408.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 408.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 408.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 408.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 408.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 384.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 384.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 384.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 384.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 384.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 384.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 360.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 360.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 360.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 360.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 360.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 360.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 336.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 336.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 336.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 336.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 336.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 336.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 312.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 312.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 312.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 312.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 312.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 312.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 288.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 288.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 288.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 288.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 288.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 288.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 264.60 277.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 264.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 264.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 264.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 264.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 264.60 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 326 468.6 m 401 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 468.6 m 409 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 468.6 m 484 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.07 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.58 695.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 299.44 695.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 337.05 695.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 371.33 695.25 Td (us ) Tj ET Q q 0 0 0 rg BT 382.30 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.16 695.25 Td (make ) Tj ET Q q 0 0 0 rg BT 415.89 695.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 455.18 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 695.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 523.22 695.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.30 695.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.24 683.25 Td (af) Tj ET Q q 0 0 0 rg BT 99.83 683.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 117.02 683.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.12 683.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 188.64 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.63 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.16 683.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.91 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.10 683.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 351.02 683.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 383.22 683.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 429.29 683.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 462.61 683.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.02 683.25 Td (those ) Tj ET Q q 0 0 0 rg BT 500.33 683.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 533.65 683.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 683.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.07 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.54 671.25 Td (be ) Tj ET Q q 0 0 0 rg BT 103.67 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.58 671.25 Td (most ) Tj ET Q q 0 0 0 rg BT 140.73 671.25 Td (important ) Tj ET Q q 0 0 0 rg BT 182.30 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.77 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 671.25 Td (portrayal ) Tj ET Q q 0 0 0 rg BT 246.47 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.50 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.52 671.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.20 671.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 351.67 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.80 671.25 Td (results ) Tj ET Q q 0 0 0 rg BT 397.60 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.63 671.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 452.97 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.11 671.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.80 671.25 Td (require ) Tj ET Q q 0 0 0 rg BT 518.81 671.25 Td (us ) Tj ET Q q 0 0 0 rg BT 530.39 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.87 671.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.86 659.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.00 659.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.36 659.25 Td (dif) Tj ET Q q 0 0 0 rg BT 134.29 659.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 161.04 659.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 204.73 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 216.21 659.25 Td (complex. ) Tj ET Q q 0 0 0 rg BT 256.29 659.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 280.00 659.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 327.02 659.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 361.27 659.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.63 659.25 Td (not ) Tj ET Q q 0 0 0 rg BT 392.55 659.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 439.02 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 452.17 659.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.21 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.13 659.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 659.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 518.63 659.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 86.40 647.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 119.68 647.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 150.18 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.68 647.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 212.29 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.37 647.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 274.98 647.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 310.48 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.11 647.25 Td (not ) Tj ET Q q 0 0 0 rg BT 338.18 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.92 647.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 374.21 647.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.17 647.25 Td (critical, ) Tj ET Q q 0 0 0 rg BT 417.72 647.25 Td (including ) Tj ET Q q 0 0 0 rg BT 458.79 647.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.29 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.81 647.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.31 647.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.07 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.20 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.77 635.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.66 635.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.00 635.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.56 635.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 277.57 635.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.25 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.05 635.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 324.34 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.91 635.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 366.25 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.93 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.50 635.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 433.57 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.14 635.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 476.04 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.17 635.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 516.29 635.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 550.30 635.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 88.92 623.25 Td (with ) Tj ET Q q 0 0 0 rg BT 108.91 623.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.67 623.25 Td (information ) Tj ET Q q 0 0 0 rg BT 181.10 623.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 203.58 623.25 Td (third ) Tj ET Q q 0 0 0 rg BT 224.68 623.25 Td (party ) Tj ET Q q 0 0 0 rg BT 247.43 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 257.98 623.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 309.06 623.25 Td (sources\), ) Tj ET Q q 0 0 0 rg BT 347.09 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.52 623.25 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 404.85 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.39 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.82 623.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 469.24 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.23 623.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 513.65 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.64 623.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.67 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.60 611.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 145.31 611.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 190.01 611.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 236.38 611.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 272.77 611.25 Td (may ) Tj ET Q q 0 0 0 rg BT 292.48 611.25 Td (be ) Tj ET Q q 0 0 0 rg BT 304.42 611.25 Td (used ) Tj ET Q q 0 0 0 rg BT 325.25 611.25 Td (under ) Tj ET Q q 0 0 0 rg BT 350.52 611.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 376.64 611.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 587.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 587.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.45 587.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.94 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.77 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.60 587.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 185.32 587.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 231.69 587.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 267.79 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.51 587.25 Td (following ) Tj ET Q q 0 0 0 rg BT 323.89 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 338.60 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.43 587.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 384.69 587.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 431.06 587.25 Td (policies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 563.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 563.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 563.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 126.33 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.16 563.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.87 563.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 551.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 551.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 125.78 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.72 551.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 185.21 551.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 539.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 539.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 145.77 539.25 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 527.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 527.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 117.80 527.25 Td (T) Tj ET Q q 0 0 0 rg BT 123.21 527.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (See ) Tj ET Q q 0 0 0 rg BT 67.21 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.70 503.25 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 119.33 503.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 169.26 503.25 Td (Policies" ) Tj ET Q q 0 0 0 rg BT 208.28 503.25 Td (section ) Tj ET Q q 0 0 0 rg BT 239.88 503.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.59 503.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 280.30 503.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.30 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 291.07 503.25 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.16 503.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 337.32 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.92 503.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 395.35 503.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 445.28 503.25 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 503.25 Td (" ) Tj ET Q q 0 0 0 rg BT 484.30 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.36 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 503.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.97 491.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.67 491.25 Td (included ) Tj ET Q q 0 0 0 rg BT 168.60 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.87 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.14 491.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 226.06 491.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 255.77 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 268.26 491.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 292.42 491.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 315.46 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 329.61 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.32 491.25 Td (year ) Tj ET Q q 0 0 0 rg BT 364.02 491.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 390.39 491.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.96 491.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 471.45 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 485.60 491.25 Td (further ) Tj ET Q q 0 0 0 rg BT 515.30 491.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.71 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 79.24 479.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 110.21 479.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 157.29 479.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 194.10 479.25 Td (See ) Tj ET Q q 0 0 0 rg BT 211.75 479.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.06 479.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 253.71 479.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.71 479.25 Td (, ) Tj ET Q q 0 0 0 rg BT 264.41 479.25 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 479.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 318.36 479.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 353.23 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.88 479.25 Td (Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.53 479.25 Td (" ) Tj ET Q q 0 0 0 rg BT 444.82 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.80 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.23 479.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 495.54 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.53 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 523.07 479.25 Td (unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.58 467.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.10 467.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 181.86 467.25 Td (included ) Tj ET Q q 0 0 0 rg BT 217.83 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.15 467.25 Td (this ) Tj ET Q q 0 0 0 rg BT 243.14 467.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 282.99 467.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 311.75 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 323.29 467.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 346.50 467.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 368.59 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.79 467.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 415.54 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.86 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 439.73 467.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 483.48 467.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 528.90 467.25 Td (policies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 455.25 Td (well ) Tj ET Q q 0 0 0 rg BT 80.05 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.88 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.59 455.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 135.31 455.25 Td (from ) Tj ET Q q 0 0 0 rg BT 157.24 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.96 455.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 209.46 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.29 455.25 Td (new ) Tj ET Q q 0 0 0 rg BT 239.45 455.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 285.82 455.25 Td (standards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 88.97 431.25 Td (, Funding and Capital Resour) Tj ET Q q 0 0 0 rg BT 215.76 431.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 88.53 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.00 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.14 407.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 136.70 407.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 183.49 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 407.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.77 407.25 Td (given ) Tj ET Q q 0 0 0 rg BT 227.79 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.82 407.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.61 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.74 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.88 407.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 332.08 407.25 Td (Insuf) Tj ET Q q 0 0 0 rg BT 352.45 407.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.79 407.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.49 407.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.29 407.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.54 407.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 505.88 407.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (contributes ) Tj ET Q q 0 0 0 rg BT 96.33 395.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 109.01 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.85 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.47 395.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.31 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.92 395.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 196.53 395.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 209.76 395.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.14 395.25 Td (institution ) Tj ET Q q 0 0 0 rg BT 290.10 395.25 Td (failure. ) Tj ET Q q 0 0 0 rg BT 320.56 395.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 369.90 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.80 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 388.86 395.25 Td (regularly ) Tj ET Q q 0 0 0 rg BT 427.35 395.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 461.42 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.15 395.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 513.44 395.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.07 395.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.18 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 383.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 130.88 383.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 165.22 383.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 203.45 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.91 383.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 242.69 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.71 383.25 Td (business ) Tj ET Q q 0 0 0 rg BT 295.29 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.75 383.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 342.87 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.33 383.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 385.44 383.25 Td (even ) Tj ET Q q 0 0 0 rg BT 407.00 383.25 Td (under ) Tj ET Q q 0 0 0 rg BT 432.46 383.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 465.68 383.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 527.51 383.25 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (there ) Tj ET Q q 0 0 0 rg BT 71.99 371.25 Td (can ) Tj ET Q q 0 0 0 rg BT 88.36 371.25 Td (be ) Tj ET Q q 0 0 0 rg BT 100.30 371.25 Td (no ) Tj ET Q q 0 0 0 rg BT 112.80 371.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 154.17 371.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.66 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.49 371.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 221.65 371.25 Td (will ) Tj ET Q q 0 0 0 rg BT 239.71 371.25 Td (be ) Tj ET Q q 0 0 0 rg BT 251.64 371.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 295.24 371.25 Td (under ) Tj ET Q q 0 0 0 rg BT 320.51 371.25 Td (all ) Tj ET Q q 0 0 0 rg BT 333.01 371.25 Td (circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 347.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 106.13 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.05 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.98 347.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 170.79 347.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.72 347.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 229.10 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.03 347.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.96 347.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 299.32 347.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.90 347.25 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 347.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.92 347.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.73 347.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 482.00 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.03 347.25 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 347.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.79 335.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 116.61 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.99 335.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 156.48 335.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.87 335.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.91 335.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.74 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.34 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.72 335.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 276.09 335.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 306.02 335.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 352.61 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 335.25 Td (most ) Tj ET Q q 0 0 0 rg BT 384.17 335.25 Td (market ) Tj ET Q q 0 0 0 rg BT 414.10 335.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 460.43 335.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 510.91 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 335.25 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.87 323.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 104.96 323.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.87 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 323.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 187.70 323.25 Td (or) Tj ET Q q 0 0 0 rg BT 195.85 323.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.98 323.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 275.46 323.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 299.16 323.25 Td (within ) Tj ET Q q 0 0 0 rg BT 327.31 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.34 323.25 Td (few ) Tj ET Q q 0 0 0 rg BT 351.93 323.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 374.78 323.25 Td (As ) Tj ET Q q 0 0 0 rg BT 388.49 323.25 Td (part ) Tj ET Q q 0 0 0 rg BT 406.63 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.48 323.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 469.96 323.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 500.97 323.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.06 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.32 323.25 Td (emphasize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (diversification ) Tj ET Q q 0 0 0 rg BT 110.39 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.86 311.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 156.10 311.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 189.22 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.13 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 311.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.05 311.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 278.96 311.25 Td (while ) Tj ET Q q 0 0 0 rg BT 304.32 311.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 354.10 311.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 377.79 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.36 311.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 417.10 311.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.79 311.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.25 311.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 311.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 515.15 311.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.28 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 544.75 311.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.19 299.25 Td (from ) Tj ET Q q 0 0 0 rg BT 96.09 299.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 142.72 299.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.18 299.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 201.80 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.70 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.50 299.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 268.08 299.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 326.73 299.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.74 299.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 394.42 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.67 299.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 424.90 299.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 449.59 299.25 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 299.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.73 299.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.29 299.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.46 287.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.08 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.28 287.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 144.69 287.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.87 287.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.39 287.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.25 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.00 287.25 Td (various ) Tj ET Q q 0 0 0 rg BT 292.85 287.25 Td (businesses.One ) Tj ET Q q 0 0 0 rg BT 359.15 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.90 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.65 287.25 Td (most ) Tj ET Q q 0 0 0 rg BT 407.52 287.25 Td (important ) Tj ET Q q 0 0 0 rg BT 448.82 287.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.24 287.25 Td (management ) Tj ET Q q 0 0 0 rg BT 519.74 287.25 Td (disciplines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 74.10 275.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 101.96 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.04 275.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 145.44 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.95 275.25 Td (size ) Tj ET Q q 0 0 0 rg BT 177.80 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 275.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 246.29 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.55 275.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.39 275.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 330.57 275.25 Td (While ) Tj ET Q q 0 0 0 rg BT 357.31 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 275.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.68 275.25 Td (base ) Tj ET Q q 0 0 0 rg BT 414.75 275.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.26 275.25 Td (due ) Tj ET Q q 0 0 0 rg BT 466.00 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.08 275.25 Td (client ) Tj ET Q q 0 0 0 rg BT 500.60 275.25 Td (activity) Tj ET Q q 0 0 0 rg BT 529.94 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.74 275.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 98.83 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 263.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.40 263.25 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 208.80 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 263.25 Td (size ) Tj ET Q q 0 0 0 rg BT 240.80 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 263.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 308.93 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.38 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.83 263.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.48 263.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 390.15 263.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 417.80 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.25 263.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 463.14 263.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 480.26 263.25 Td (tolerance, ) Tj ET Q q 0 0 0 rg BT 521.52 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 263.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 251.25 Td (access ) Tj ET Q q 0 0 0 rg BT 87.82 251.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 113.64 251.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 147.25 251.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 179.74 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.39 251.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 243.89 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.72 251.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.21 251.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.37 251.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.53 251.25 Td (hold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.60 227.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.03 227.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 156.36 227.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.91 227.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.79 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 227.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 254.23 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 227.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 322.22 227.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 363.51 227.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 402.83 227.25 Td (us ) Tj ET Q q 0 0 0 rg BT 414.39 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.83 227.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 445.28 227.25 Td (lar) Tj ET Q q 0 0 0 rg BT 455.65 227.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 471.08 227.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 512.07 227.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.86 227.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 215.25 Td (than ) Tj ET Q q 0 0 0 rg BT 97.26 215.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.30 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 146.13 215.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 185.28 215.25 Td (us ) Tj ET Q q 0 0 0 rg BT 196.67 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.95 215.25 Td (take ) Tj ET Q q 0 0 0 rg BT 226.11 215.25 Td (other ) Tj ET Q q 0 0 0 rg BT 249.15 215.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 279.98 215.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.47 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 317.19 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 358.01 215.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.72 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.55 215.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.85 191.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 103.75 191.25 Td (component ) Tj ET Q q 0 0 0 rg BT 150.86 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.87 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.89 191.25 Td (employees' ) Tj ET Q q 0 0 0 rg BT 225.13 191.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.36 191.25 Td (is ) Tj ET Q q 0 0 0 rg BT 292.71 191.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 312.61 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.07 191.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.41 191.25 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 407.29 191.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 446.62 191.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 507.15 191.25 Td (The ) Tj ET Q q 0 0 0 rg BT 525.38 191.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.18 191.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.45 179.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 111.50 179.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 169.45 179.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 212.68 179.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.52 179.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.13 179.25 Td (are ) Tj ET Q q 0 0 0 rg BT 293.74 179.25 Td (made ) Tj ET Q q 0 0 0 rg BT 317.80 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.98 179.25 Td (February) Tj ET Q q 0 0 0 rg BT 363.43 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 368.33 179.25 Td (has ) Tj ET Q q 0 0 0 rg BT 384.07 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.91 179.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 435.52 179.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.14 179.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.54 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 179.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.45 179.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.08 179.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 167.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 93.04 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 102.70 143.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 127.08 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 140.62 143.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 175.27 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.36 143.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.67 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.88 143.25 Td (a ) Tj ET Q q 0 0 0 rg BT 242.20 143.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 280.17 143.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.82 143.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 336.70 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.35 143.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 377.67 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.88 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.09 143.25 Td (common ) Tj ET Q q 0 0 0 rg BT 439.96 143.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 465.45 143.25 Td (which ) Tj ET Q q 0 0 0 rg BT 491.77 143.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 526.97 143.25 Td (unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.10 131.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 118.99 131.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 136.93 131.25 Td (board ) Tj ET Q q 0 0 0 rg BT 162.10 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.83 131.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 210.21 131.25 Td (also ) Tj ET Q q 0 0 0 rg BT 228.71 131.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 268.32 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.15 131.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 312.54 131.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 339.93 131.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 376.76 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.94 131.25 Td (return ) Tj ET Q q 0 0 0 rg BT 413.21 131.25 Td (between ) Tj ET Q q 0 0 0 rg BT 448.92 131.25 Td (30 ) Tj ET Q q 0 0 0 rg BT 461.32 131.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 493.14 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.98 131.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 522.37 131.25 Td (percent ) 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 (our ) Tj ET Q q 0 0 0 rg BT 65.46 119.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 101.42 119.25 Td (net ) Tj ET Q q 0 0 0 rg BT 116.27 119.25 Td (income ) Tj ET Q q 0 0 0 rg BT 148.34 119.25 Td (from ) Tj ET Q q 0 0 0 rg BT 170.41 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.26 119.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 222.33 119.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 246.62 119.25 Td (year ) Tj ET Q q 0 0 0 rg BT 266.46 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.87 119.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 332.35 119.25 Td (This ) Tj ET Q q 0 0 0 rg BT 352.76 119.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 388.72 119.25 Td (an ) Tj ET Q q 0 0 0 rg BT 400.79 119.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 430.08 119.25 Td (special ) Tj ET Q q 0 0 0 rg BT 460.48 119.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 480.88 119.25 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 521.01 119.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 554.74 119.25 Td (in ) 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 63.85 107.25 Td (first ) Tj ET Q q 0 0 0 rg BT 82.10 107.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 112.55 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 107.25 Td (each ) Tj ET Q q 0 0 0 rg BT 143.47 107.25 Td (year) Tj ET Q q 0 0 0 rg BT 160.12 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 164.76 107.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 182.45 107.25 Td (board ) Tj ET Q q 0 0 0 rg BT 207.35 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.82 107.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 254.94 107.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 300.95 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.30 107.25 Td (declaration ) Tj ET Q q 0 0 0 rg BT 361.86 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.43 107.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 415.00 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.47 107.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 466.49 107.25 Td (on ) Tj ET Q q 0 0 0 rg BT 478.63 107.25 Td (a ) Tj ET Q q 0 0 0 rg BT 485.20 107.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 523.43 107.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 548.07 107.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 95.25 Td (free ) Tj ET Q q 0 0 0 rg BT 76.71 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 86.99 95.25 Td (change ) Tj ET Q q 0 0 0 rg BT 117.80 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.63 95.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 171.13 95.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 198.62 95.25 Td (at ) Tj ET Q q 0 0 0 rg BT 208.34 95.25 Td (any ) Tj ET Q q 0 0 0 rg BT 225.28 95.25 Td (time. ) 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 (Our board of directors declared the following dividends:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 684.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 684.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 684.60 82.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 684.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 684.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 684.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 684.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 660.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 660.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 660.60 82.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 660.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 660.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 660.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 660.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 636.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 636.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 636.60 82.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 636.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 636.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 636.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 636.60 136.00 -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 49.5 696.6 m 185.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 696.6 m 275.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 696.6 m 418.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 696.6 m 561.5 696.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 701.28 Td (Declaration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.05 711.28 Td (Dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.85 701.28 Td (Per) Tj ET Q q 0 0 0 rg BT 244.65 701.28 Td ( Shar) Tj ET Q q 0 0 0 rg BT 267.54 701.28 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.40 701.28 Td (Record Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.70 701.28 Td (Payment Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 687.22 Td (February 2, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 687.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 687.22 Td (0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.40 687.22 Td (February 20, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 687.22 Td (March 13, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.22 Td (April 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 675.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 675.22 Td (0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 675.22 Td (May 26, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 675.22 Td (June 15, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 663.22 Td (July 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 663.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 663.22 Td (0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 663.22 Td (August 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.70 663.22 Td (September 15, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 651.22 Td (October 26, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 651.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 651.22 Td (0.3125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.25 651.22 Td (November 29, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.40 651.22 Td (December 15, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 639.22 Td (February 1, 2018 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 639.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 639.22 Td (1.6200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.40 639.22 Td (February 26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 639.22 Td (March 15, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 627.22 Td (February 1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 627.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 627.22 Td (0.3750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.40 627.22 Td (February 26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 627.22 Td (March 15, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 615.22 Td (April 27, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 615.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 615.22 Td (0.3750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 615.22 Td (May 25, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 615.22 Td (June 15, 2018) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 600.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 600.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 600.50 Td (Repr) Tj ET Q q 0 0 0 rg BT 82.75 600.50 Td (esents ) Tj ET Q q 0 0 0 rg BT 104.30 600.50 Td (the ) Tj ET Q q 0 0 0 rg BT 116.08 600.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 140.30 600.50 Td (special ) Tj ET Q q 0 0 0 rg BT 164.96 600.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.63 600.50 Td (dividend ) Tj ET Q q 0 0 0 rg BT 211.17 600.50 Td (based ) Tj ET Q q 0 0 0 rg BT 231.84 600.50 Td (on ) Tj ET Q q 0 0 0 rg BT 241.84 600.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 261.17 600.50 Td (year ) Tj ET Q q 0 0 0 rg BT 277.38 600.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 295.38 600.50 Td (r) Tj ET Q q 0 0 0 rg BT 298.20 600.50 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 576.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.08 576.50 Td (September ) Tj ET Q q 0 0 0 rg BT 132.96 576.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 147.58 576.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 172.20 576.50 Td (our ) Tj ET Q q 0 0 0 rg BT 187.65 576.50 Td (board ) Tj ET Q q 0 0 0 rg BT 212.54 576.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.99 576.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 260.09 576.50 Td (authorized ) Tj ET Q q 0 0 0 rg BT 304.41 576.50 Td (the ) Tj ET Q q 0 0 0 rg BT 318.75 576.50 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.17 576.50 Td (of ) Tj ET Q q 0 0 0 rg BT 374.62 576.50 Td (up ) Tj ET Q q 0 0 0 rg BT 386.74 576.50 Td (to ) Tj ET Q q 0 0 0 rg BT 396.64 576.50 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 426.26 576.50 Td (million ) Tj ET Q q 0 0 0 rg BT 457.27 576.50 Td (in ) Tj ET Q q 0 0 0 rg BT 467.17 576.50 Td (common ) Tj ET Q q 0 0 0 rg BT 504.28 576.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.39 576.50 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.50 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 564.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 564.50 Td (2019. ) Tj ET Q q 0 0 0 rg BT 134.76 564.50 Td (No ) Tj ET Q q 0 0 0 rg BT 149.49 564.50 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 199.18 564.50 Td (have ) Tj ET Q q 0 0 0 rg BT 220.56 564.50 Td (been ) Tj ET Q q 0 0 0 rg BT 241.94 564.50 Td (made ) Tj ET Q q 0 0 0 rg BT 266.09 564.50 Td (in ) Tj ET Q q 0 0 0 rg BT 276.37 564.50 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 326.08 564.50 Td (with ) Tj ET Q q 0 0 0 rg BT 346.36 564.50 Td (this ) Tj ET Q q 0 0 0 rg BT 363.31 564.50 Td (authorization ) Tj ET Q q 0 0 0 rg BT 418.57 564.50 Td (through ) Tj ET Q q 0 0 0 rg BT 452.18 564.50 Td (March ) Tj ET Q q 0 0 0 rg BT 480.77 564.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.77 564.50 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 540.50 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 540.50 Td (also ) Tj ET Q q 0 0 0 rg BT 83.55 540.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 121.52 540.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.94 540.50 Td (of ) Tj ET Q q 0 0 0 rg BT 159.70 540.50 Td (common ) Tj ET Q q 0 0 0 rg BT 197.13 540.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.67 540.50 Td (from ) Tj ET Q q 0 0 0 rg BT 242.54 540.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 282.17 540.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 305.71 540.50 Td (award ) Tj ET Q q 0 0 0 rg BT 332.57 540.50 Td (recipients ) Tj ET Q q 0 0 0 rg BT 373.88 540.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 396.31 540.50 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 540.50 Td (award ) Tj ET Q q 0 0 0 rg BT 437.82 540.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 469.13 540.50 Td (as ) Tj ET Q q 0 0 0 rg BT 479.90 540.50 Td (recipients ) Tj ET Q q 0 0 0 rg BT 521.20 540.50 Td (sell ) Tj ET Q q 0 0 0 rg BT 537.52 540.50 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.85 528.50 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.86 528.50 Td (their ) Tj ET Q q 0 0 0 rg BT 102.75 528.50 Td (employment ) Tj ET Q q 0 0 0 rg BT 155.32 528.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.11 528.50 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.62 528.50 Td (During ) Tj ET Q q 0 0 0 rg BT 250.52 528.50 Td (the ) Tj ET Q q 0 0 0 rg BT 265.31 528.50 Td (first ) Tj ET Q q 0 0 0 rg BT 283.99 528.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 314.88 528.50 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 528.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.78 528.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.78 528.50 Td (, ) Tj ET Q q 0 0 0 rg BT 350.86 528.50 Td (we ) Tj ET Q q 0 0 0 rg BT 365.09 528.50 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.20 528.50 Td (187,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.70 528.50 Td ( ) Tj ET Q q 0 0 0 rg BT 443.27 528.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 470.83 528.50 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.73 528.50 Td ($16.8 ) Tj ET Q q 0 0 0 rg BT 506.81 528.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 528.50 Td ( ) Tj ET Q q 0 0 0 rg BT 538.27 528.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 528.50 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.50 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 516.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.60 516.50 Td (for ) Tj ET Q q 0 0 0 rg BT 124.76 516.50 Td (this ) Tj ET Q q 0 0 0 rg BT 141.71 516.50 Td (purpose. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 492.50 Td (Leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.46 468.50 Td (following ) Tj ET Q q 0 0 0 rg BT 110.75 468.50 Td (table ) Tj ET Q q 0 0 0 rg BT 133.59 468.50 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.77 468.50 Td (total ) Tj ET Q q 0 0 0 rg BT 190.95 468.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 220.19 468.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 256.92 468.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 286.16 468.50 Td (total ) Tj ET Q q 0 0 0 rg BT 307.34 468.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 363.09 468.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.49 468.50 Td (and ) Tj ET Q q 0 0 0 rg BT 409.34 468.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.96 468.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 500.71 468.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 529.11 468.50 Td (with ) Tj ET Q q 0 0 0 rg BT 550.30 468.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 456.50 Td (leverage ) Tj ET Q q 0 0 0 rg BT 123.36 456.50 Td (ratios ) Tj ET Q q 0 0 0 rg BT 148.07 456.50 Td (as ) Tj ET Q q 0 0 0 rg BT 158.90 456.50 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 410.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 410.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 410.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 410.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 386.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 386.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 386.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 386.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 362.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 362.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 362.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 362.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 338.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 338.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 338.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 314.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 314.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 314.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 290.00 362.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 290.00 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 290.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 290.00 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 411.5 422 m 482.5 422 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 422 m 561.5 422 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 386 m 482.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 386 m 561.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 375 m 482.5 375 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 373 m 482.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 375 m 561.5 375 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 373 m 561.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 326 m 482.5 326 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 326 m 561.5 326 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 315 m 482.5 315 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 313 m 482.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 315 m 561.5 315 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 313 m 561.5 313 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 436.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 443.44 436.73 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 436.73 Td (December) Tj ET Q q 0 0 0 rg BT 539.62 436.73 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 425.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 424.73 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 424.73 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 412.62 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 412.62 Td (otal assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 412.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 412.73 Td (1,577,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 412.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 412.62 Td (2,024,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 400.62 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 400.78 Td (\(102,074) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 400.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 400.62 Td (\(104,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 400.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 388.62 Td (Deduct: ) Tj ET Q q 0 0 0 rg BT 85.88 388.62 Td (Assets from noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 388.78 Td (\(52,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 388.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 388.62 Td (\(54,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 388.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.62 Td (Adjusted assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 376.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 376.73 Td (1,422,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 376.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 376.62 Td (1,865,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 352.62 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 352.62 Td (otal shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 352.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 352.73 Td (735,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 352.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 352.62 Td (741,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 340.62 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 340.78 Td (\(102,074) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 340.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 340.62 Td (\(104,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 340.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 328.62 Td (Deduct: Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 328.78 Td (\(47,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 328.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 328.62 Td (\(47,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 328.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 316.62 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 316.62 Td (angible common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 316.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 316.73 Td (585,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 316.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 316.62 Td (588,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 292.62 Td (Leverage ratio \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 292.73 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 292.62 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 268.62 Td (Adjusted leverage ratio \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 268.73 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 268.62 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 251.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 251.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 251.50 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 99.27 251.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.82 251.50 Td (equals ) Tj ET Q q 0 0 0 rg BT 139.71 251.50 Td (total ) Tj ET Q q 0 0 0 rg BT 156.38 251.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.49 251.50 Td (divided ) Tj ET Q q 0 0 0 rg BT 203.04 251.50 Td (by ) Tj ET Q q 0 0 0 rg BT 212.59 251.50 Td (total ) Tj ET Q q 0 0 0 rg BT 229.26 251.50 Td (shar) Tj ET Q q 0 0 0 rg BT 243.19 251.50 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 274.45 251.50 Td (equity) Tj ET Q q 0 0 0 rg BT 293.55 251.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 236.50 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 236.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 236.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.50 236.50 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.04 236.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 144.59 236.50 Td (equals ) Tj ET Q q 0 0 0 rg BT 167.48 236.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 196.59 236.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.70 236.50 Td (divided ) Tj ET Q q 0 0 0 rg BT 243.25 236.50 Td (by ) Tj ET Q q 0 0 0 rg BT 252.80 236.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 281.02 236.50 Td (common ) Tj ET Q q 0 0 0 rg BT 310.13 236.50 Td (shar) Tj ET Q q 0 0 0 rg BT 324.05 236.50 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 355.32 236.50 Td (equity) Tj ET Q q 0 0 0 rg BT 374.42 236.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.93 212.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.57 212.50 Td (and ) Tj ET Q q 0 0 0 rg BT 130.33 212.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 164.86 212.50 Td (common ) Tj ET Q q 0 0 0 rg BT 202.17 212.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 256.82 212.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.14 212.50 Td (are ) Tj ET Q q 0 0 0 rg BT 298.66 212.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 343.85 212.50 Td ( ) Tj ET Q q 0 0 0 rg BT 346.16 212.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.46 212.50 Td (measures. ) Tj ET Q q 0 0 0 rg BT 425.48 212.50 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 465.58 212.50 Td (and ) Tj ET Q q 0 0 0 rg BT 482.33 212.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 524.64 212.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 550.29 212.50 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.50 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 92.36 200.50 Td (from ) Tj ET Q q 0 0 0 rg BT 113.56 200.50 Td (total ) Tj ET Q q 0 0 0 rg BT 133.10 200.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.20 200.50 Td (and ) Tj ET Q q 0 0 0 rg BT 174.40 200.50 Td (total ) Tj ET Q q 0 0 0 rg BT 193.94 200.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 248.04 200.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.80 200.50 Td (in ) Tj ET Q q 0 0 0 rg BT 284.35 200.50 Td (determining ) Tj ET Q q 0 0 0 rg BT 334.43 200.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 369.52 200.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.62 200.50 Td (and ) Tj ET Q q 0 0 0 rg BT 410.82 200.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.80 200.50 Td (common ) Tj ET Q q 0 0 0 rg BT 481.56 200.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 535.66 200.50 Td (equity) Tj ET Q q 0 0 0 rg BT 560.01 200.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 188.50 Td (, ) Tj ET Q q 0 0 0 rg BT 101.81 188.50 Td (as ) Tj ET Q q 0 0 0 rg BT 112.29 188.50 Td (we ) Tj ET Q q 0 0 0 rg BT 126.10 188.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 157.12 188.50 Td (that ) Tj ET Q q 0 0 0 rg BT 174.26 188.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 211.97 188.50 Td (and ) Tj ET Q q 0 0 0 rg BT 228.55 188.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 270.69 188.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.17 188.50 Td (do ) Tj ET Q q 0 0 0 rg BT 308.32 188.50 Td (not ) Tj ET Q q 0 0 0 rg BT 323.25 188.50 Td (constitute ) Tj ET Q q 0 0 0 rg BT 364.28 188.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.19 188.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.67 188.50 Td (which ) Tj ET Q q 0 0 0 rg BT 456.25 188.50 Td (can ) Tj ET Q q 0 0 0 rg BT 472.28 188.50 Td (be ) Tj ET Q q 0 0 0 rg BT 483.87 188.50 Td (deployed ) Tj ET Q q 0 0 0 rg BT 522.67 188.50 Td (in ) Tj ET Q q 0 0 0 rg BT 532.60 188.50 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 188.50 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.50 Td (manner) Tj ET Q q 0 0 0 rg BT 78.93 176.50 Td (. ) Tj ET Q q 0 0 0 rg BT 82.75 176.50 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 121.10 176.50 Td (attributed ) Tj ET Q q 0 0 0 rg BT 161.11 176.50 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 176.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 231.14 176.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.15 176.50 Td (are ) Tj ET Q q 0 0 0 rg BT 280.05 176.50 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 322.83 176.50 Td (from ) Tj ET Q q 0 0 0 rg BT 343.95 176.50 Td (total ) Tj ET Q q 0 0 0 rg BT 363.41 176.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.43 176.50 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 176.50 Td (total ) Tj ET Q q 0 0 0 rg BT 424.01 176.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 478.04 176.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.72 176.50 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 176.50 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 84.62 164.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.75 164.50 Td (and ) Tj ET Q q 0 0 0 rg BT 125.98 164.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 159.99 164.50 Td (common ) Tj ET Q q 0 0 0 rg BT 196.79 164.50 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 250.92 164.50 Td (equity) Tj ET Q q 0 0 0 rg BT 275.27 164.50 Td (, ) Tj ET Q q 0 0 0 rg BT 279.56 164.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.22 164.50 Td (, ) Tj ET Q q 0 0 0 rg BT 331.52 164.50 Td (as ) Tj ET Q q 0 0 0 rg BT 341.65 164.50 Td (they ) Tj ET Q q 0 0 0 rg BT 360.66 164.50 Td (represent ) Tj ET Q q 0 0 0 rg BT 399.10 164.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.23 164.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.47 164.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.26 164.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.38 164.50 Td (in ) Tj ET Q q 0 0 0 rg BT 511.96 164.50 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.27 152.50 Td (that ) Tj ET Q q 0 0 0 rg BT 97.14 152.50 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 152.50 Td (not ) Tj ET Q q 0 0 0 rg BT 125.90 152.50 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 175.82 152.50 Td (either ) Tj ET Q q 0 0 0 rg BT 200.47 152.50 Td (directly ) Tj ET Q q 0 0 0 rg BT 232.89 152.50 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 152.50 Td (indirectly) Tj ET Q q 0 0 0 rg BT 280.78 152.50 Td (, ) Tj ET Q q 0 0 0 rg BT 285.16 152.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.82 152.50 Td (Piper ) Tj ET Q q 0 0 0 rg BT 317.81 152.50 Td (Jaf) Tj ET Q q 0 0 0 rg BT 329.29 152.50 Td (fray ) Tj ET Q q 0 0 0 rg BT 347.28 152.50 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 396.52 152.50 Td (W) Tj ET Q q 0 0 0 rg BT 405.16 152.50 Td (e ) Tj ET Q q 0 0 0 rg BT 411.48 152.50 Td (view ) Tj ET Q q 0 0 0 rg BT 432.80 152.50 Td (the ) Tj ET Q q 0 0 0 rg BT 446.90 152.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 483.78 152.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.98 152.50 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 152.50 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.50 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.88 140.50 Td (also ) Tj ET Q q 0 0 0 rg BT 108.01 140.50 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 140.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 160.66 140.50 Td ( ) Tj ET Q q 0 0 0 rg BT 163.68 140.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.68 140.50 Td (measure, ) Tj ET Q q 0 0 0 rg BT 240.52 140.50 Td (as ) Tj ET Q q 0 0 0 rg BT 251.87 140.50 Td (a ) Tj ET Q q 0 0 0 rg BT 259.33 140.50 Td (more ) Tj ET Q q 0 0 0 rg BT 282.90 140.50 Td (relevant ) Tj ET Q q 0 0 0 rg BT 318.12 140.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 354.46 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 140.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.81 140.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.83 140.50 Td (when ) Tj ET Q q 0 0 0 rg BT 446.52 140.50 Td (comparing ) Tj ET Q q 0 0 0 rg BT 492.30 140.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 140.50 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.50 Td (companies. ) Tj ET Q q 0 0 0 rg BT 97.26 128.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.32 128.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 151.14 128.50 Td (leverage ) Tj ET Q q 0 0 0 rg BT 187.50 128.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 208.33 128.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 250.24 128.50 Td (from ) Tj ET Q q 0 0 0 rg BT 272.18 128.50 Td (December ) Tj ET Q q 0 0 0 rg BT 315.76 128.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 330.76 128.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 353.26 128.50 Td (due ) Tj ET Q q 0 0 0 rg BT 370.20 128.50 Td (to ) Tj ET Q q 0 0 0 rg BT 380.48 128.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 405.75 128.50 Td (inventory ) Tj ET Q q 0 0 0 rg BT 446.58 128.50 Td (balances.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 (51) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.61 599.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 85.90 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 100.34 599.25 Td (migrated ) Tj ET Q q 0 0 0 rg BT 138.67 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.23 599.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.45 599.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 178.12 599.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 218.12 599.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 253.10 599.25 Td (model ) Tj ET Q q 0 0 0 rg BT 280.88 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.10 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.09 599.25 Td (no ) Tj ET Q q 0 0 0 rg BT 325.88 599.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 354.21 599.25 Td (self ) Tj ET Q q 0 0 0 rg BT 371.43 599.25 Td (clearing. ) Tj ET Q q 0 0 0 rg BT 408.91 599.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 446.70 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 456.15 599.25 Td (our ) Tj ET Q q 0 0 0 rg BT 472.26 599.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 507.25 599.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 536.13 599.25 Td (dealer) Tj ET Q q 0 0 0 rg BT 560.00 599.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 587.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 113.92 587.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 151.97 587.25 Td (us ) Tj ET Q q 0 0 0 rg BT 163.36 587.25 Td (with ) Tj ET Q q 0 0 0 rg BT 183.64 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 190.58 587.25 Td (new ) Tj ET Q q 0 0 0 rg BT 209.74 587.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 243.35 587.25 Td (source ) Tj ET Q q 0 0 0 rg BT 271.95 587.25 Td (through ) Tj ET Q q 0 0 0 rg BT 305.55 587.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 343.05 587.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 362.49 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 373.32 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.26 587.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 407.48 587.25 Td (changed ) Tj ET Q q 0 0 0 rg BT 443.29 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 459.12 587.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 477.18 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.01 587.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 521.62 587.25 Td (sources.) 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 67.02 563.25 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 112.30 563.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 145.37 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.78 563.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 197.63 563.25 Td (is ) Tj ET Q q 0 0 0 rg BT 206.27 563.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 242.67 563.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 281.84 563.25 Td (through ) Tj ET Q q 0 0 0 rg BT 314.92 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.10 563.25 Td (use ) Tj ET Q q 0 0 0 rg BT 344.40 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.69 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 369.99 563.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 404.15 563.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 456.09 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 475.83 563.25 Td (Pershing, ) Tj ET Q q 0 0 0 rg BT 515.30 563.25 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 73.58 551.25 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 111.84 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.71 551.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 138.92 551.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 166.89 551.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 216.80 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.11 551.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 254.43 551.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 275.19 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.40 551.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 312.54 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.85 551.25 Td (is ) Tj ET Q q 0 0 0 rg BT 337.40 551.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 374.27 551.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 430.00 551.25 Td (by ) Tj ET Q q 0 0 0 rg BT 441.87 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.08 551.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 496.72 551.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 534.39 551.25 Td (. ) Tj ET Q q 0 0 0 rg BT 538.64 551.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 83.42 539.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 116.23 539.25 Td (are ) Tj ET Q q 0 0 0 rg BT 131.25 539.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 161.83 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.42 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.57 539.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 216.94 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.53 539.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 259.77 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.03 539.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 297.62 539.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 335.30 539.25 Td (, ) Tj ET Q q 0 0 0 rg BT 340.62 539.25 Td (which ) Tj ET Q q 0 0 0 rg BT 367.87 539.25 Td (is ) Tj ET Q q 0 0 0 rg BT 377.36 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.61 539.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 426.30 539.25 Td (part ) Tj ET Q q 0 0 0 rg BT 444.66 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.81 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.95 539.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 522.55 539.25 Td (brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 87.33 527.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.42 527.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 139.84 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.72 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.60 527.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 204.47 527.25 Td (is ) Tj ET Q q 0 0 0 rg BT 212.68 527.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 237.56 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.55 527.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.76 527.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 299.39 527.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 328.70 527.25 Td (by ) Tj ET Q q 0 0 0 rg BT 340.25 527.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 383.45 527.25 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 421.92 527.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 452.90 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.78 527.25 Td (these ) Tj ET Q q 0 0 0 rg BT 484.87 527.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 528.07 527.25 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 70.10 515.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 115.42 515.25 Td (line ) Tj ET Q q 0 0 0 rg BT 132.96 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 149.95 515.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 199.70 515.25 Td (paper\) ) Tj ET Q q 0 0 0 rg BT 227.79 515.25 Td (have ) Tj ET Q q 0 0 0 rg BT 249.21 515.25 Td (been ) Tj ET Q q 0 0 0 rg BT 270.64 515.25 Td (established ) Tj ET Q q 0 0 0 rg BT 317.62 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.95 515.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 363.27 515.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 398.03 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.36 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.12 515.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 459.57 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.45 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 486.33 515.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 527.20 515.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.52 515.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 89.62 503.25 Td (market ) Tj ET Q q 0 0 0 rg BT 120.85 503.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 168.47 503.25 Td (In ) Tj ET Q q 0 0 0 rg BT 180.27 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.95 503.25 Td (case ) Tj ET Q q 0 0 0 rg BT 216.62 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.41 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.21 503.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 291.44 503.25 Td (line, ) Tj ET Q q 0 0 0 rg BT 312.40 503.25 Td (it ) Tj ET Q q 0 0 0 rg BT 321.42 503.25 Td (is ) Tj ET Q q 0 0 0 rg BT 331.55 503.25 Td (available ) Tj ET Q q 0 0 0 rg BT 371.10 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.34 503.25 Td (us ) Tj ET Q q 0 0 0 rg BT 394.70 503.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 438.70 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.49 503.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 486.16 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 497.40 503.25 Td (market ) Tj ET Q q 0 0 0 rg BT 528.63 503.25 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 92.56 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 125.06 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.67 491.25 Td (end ) Tj ET Q q 0 0 0 rg BT 154.50 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.22 491.25 Td (its ) Tj ET Q q 0 0 0 rg BT 175.07 491.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 197.28 491.25 Td (although ) Tj ET Q q 0 0 0 rg BT 233.67 491.25 Td (there ) Tj ET Q q 0 0 0 rg BT 255.05 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 273.66 491.25 Td (be ) Tj ET Q q 0 0 0 rg BT 284.49 491.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 328.66 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 340.06 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.67 491.25 Td (type ) Tj ET Q q 0 0 0 rg BT 372.28 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.00 491.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 421.16 491.25 Td (available ) Tj ET Q q 0 0 0 rg BT 458.64 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.81 491.25 Td (pledge. ) Tj ET Q q 0 0 0 rg BT 498.36 491.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 515.30 491.25 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 73.73 479.25 Td (program ) Tj ET Q q 0 0 0 rg BT 109.63 479.25 Td (helps ) Tj ET Q q 0 0 0 rg BT 132.77 479.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 167.56 479.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.79 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 211.60 479.25 Td (market ) Tj ET Q q 0 0 0 rg BT 241.39 479.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 277.30 479.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 321.00 479.25 Td (given ) Tj ET Q q 0 0 0 rg BT 345.24 479.25 Td (it ) Tj ET Q q 0 0 0 rg BT 352.82 479.25 Td (is ) Tj ET Q q 0 0 0 rg BT 361.51 479.25 Td (not ) Tj ET Q q 0 0 0 rg BT 376.32 479.25 Td (an ) Tj ET Q q 0 0 0 rg BT 387.78 479.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 428.13 479.25 Td (facility) Tj ET Q q 0 0 0 rg BT 455.80 479.25 Td (, ) Tj ET Q q 0 0 0 rg BT 460.33 479.25 Td (but ) Tj ET Q q 0 0 0 rg BT 475.13 479.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 511.60 479.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 544.73 479.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.50 467.25 Td (term ) Tj ET Q q 0 0 0 rg BT 77.39 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.29 467.25 Td (27 ) Tj ET Q q 0 0 0 rg BT 100.85 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.20 467.25 Td (270 ) Tj ET Q q 0 0 0 rg BT 128.76 467.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 152.16 467.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.27 467.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 203.95 467.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 236.50 467.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.27 467.25 Td (also ) Tj ET Q q 0 0 0 rg BT 269.95 467.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 313.61 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 326.17 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.95 467.25 Td (types ) Tj ET Q q 0 0 0 rg BT 364.63 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.52 467.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 416.41 467.25 Td (that ) Tj ET Q q 0 0 0 rg BT 433.97 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 449.87 467.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 509.07 467.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.84 467.25 Td (willing ) Tj ET Q q 0 0 0 rg BT 554.74 467.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (accept ) Tj ET Q q 0 0 0 rg BT 77.06 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 87.41 455.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 126.64 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.10 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.34 455.25 Td (number ) Tj ET Q q 0 0 0 rg BT 189.91 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 455.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 258.94 455.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 299.55 455.25 Td (Funding ) Tj ET Q q 0 0 0 rg BT 334.92 455.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.61 455.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.84 455.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 419.30 455.25 Td (at ) Tj ET Q q 0 0 0 rg BT 428.54 455.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 449.44 455.25 Td (based ) Tj ET Q q 0 0 0 rg BT 474.24 455.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 496.26 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.50 455.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 540.28 455.25 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 77.82 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 443.25 Td (London ) Tj ET Q q 0 0 0 rg BT 126.14 443.25 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 166.96 443.25 Td (Of) Tj ET Q q 0 0 0 rg BT 177.33 443.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 190.93 443.25 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 49.5 417.9169921875 m 176.3701171875 417.9169921875 l s q 0 0 0 rg BT 49.50 419.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 87.13 419.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 123.62 419.25 Td (Arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.37 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.00 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 186.44 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 195.08 419.25 Td (e ) Tj ET Q q 0 0 0 rg BT 202.15 419.25 Td (have ) Tj ET Q q 0 0 0 rg BT 223.66 419.25 Td (established ) Tj ET Q q 0 0 0 rg BT 270.73 419.25 Td (an ) Tj ET Q q 0 0 0 rg BT 282.80 419.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 335.40 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.81 419.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 373.44 419.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 413.83 419.25 Td (from ) Tj ET Q q 0 0 0 rg BT 435.90 419.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 473.53 419.25 Td (related ) Tj ET Q q 0 0 0 rg BT 503.37 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.78 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.63 419.25 Td (majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.22 407.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 108.58 407.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 150.21 407.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 178.24 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.60 407.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 216.52 407.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 256.77 407.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 292.00 407.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 339.17 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.42 407.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 391.34 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.70 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.06 407.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.86 407.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 507.32 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.79 407.25 Td (all ) Tj ET Q q 0 0 0 rg BT 537.82 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 407.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.69 395.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 127.33 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 142.08 395.25 Td (held ) Tj ET Q q 0 0 0 rg BT 161.83 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 174.37 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 185.24 395.25 Td (cleared ) Tj ET Q q 0 0 0 rg BT 216.64 395.25 Td (through ) Tj ET Q q 0 0 0 rg BT 250.29 395.25 Td (Pershing. ) Tj ET Q q 0 0 0 rg BT 290.33 395.25 Td (Financing ) Tj ET Q q 0 0 0 rg BT 332.86 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 358.17 395.25 Td (this ) Tj ET Q q 0 0 0 rg BT 375.16 395.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 427.67 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 436.88 395.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 469.95 395.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 509.71 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 522.24 395.25 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.72 383.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 104.70 383.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 149.25 383.25 Td (could ) Tj ET Q q 0 0 0 rg BT 173.25 383.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 201.68 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.67 383.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 247.45 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.56 383.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 290.44 383.25 Td (available ) Tj ET Q q 0 0 0 rg BT 328.31 383.25 Td (under ) Tj ET Q q 0 0 0 rg BT 352.86 383.25 Td (this ) Tj ET Q q 0 0 0 rg BT 369.09 383.25 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 423.34 383.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 440.67 383.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 474.65 383.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 526.40 383.25 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.01 371.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 99.28 371.25 Td (net ) Tj ET Q q 0 0 0 rg BT 112.80 371.25 Td (from ) Tj ET Q q 0 0 0 rg BT 133.54 371.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 163.16 371.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 194.46 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.19 371.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 244.81 371.25 Td (within ) Tj ET Q q 0 0 0 rg BT 271.67 371.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 317.94 371.25 Td (from ) Tj ET Q q 0 0 0 rg BT 338.68 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.31 371.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 384.59 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.67 371.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 427.46 371.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 457.08 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.82 371.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 506.32 371.25 Td (or) Tj ET Q q 0 0 0 rg BT 514.47 371.25 Td (ganizations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 359.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 102.77 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 112.75 359.25 Td (at ) Tj ET Q q 0 0 0 rg BT 123.28 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.81 359.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 181.55 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.19 359.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 231.50 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.25 359.25 Td (could ) Tj ET Q q 0 0 0 rg BT 274.77 359.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.52 359.25 Td (denied. ) Tj ET Q q 0 0 0 rg BT 319.99 359.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 338.85 359.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 361.04 359.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 401.57 359.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 437.08 359.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 482.03 359.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 518.67 359.25 Td (a ) Tj ET Q q 0 0 0 rg BT 526.42 359.25 Td (covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 87.89 347.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 110.74 347.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 122.21 347.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 140.05 347.25 Td (& ) Tj ET Q q 0 0 0 rg BT 149.56 347.25 Td (Co. ) Tj ET Q q 0 0 0 rg BT 165.47 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.98 347.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 211.71 347.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 239.54 347.25 Td (net ) Tj ET Q q 0 0 0 rg BT 253.50 347.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 281.88 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.95 347.25 Td ($120 ) Tj ET Q q 0 0 0 rg BT 313.68 347.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 346.43 347.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.16 347.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 401.00 347.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 347.25 Td (, ) Tj ET Q q 0 0 0 rg BT 425.23 347.25 Td (we ) Tj ET Q q 0 0 0 rg BT 438.63 347.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.81 347.25 Td ($141.0 ) Tj ET Q q 0 0 0 rg BT 484.04 347.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.93 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.67 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.73 347.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.67 335.25 Td (under ) Tj ET Q q 0 0 0 rg BT 123.93 335.25 Td (this ) Tj ET Q q 0 0 0 rg BT 140.88 335.25 Td (arrangement. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 309.9169921875 m 161.0849609375 309.9169921875 l s q 0 0 0 rg BT 49.50 311.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 101.40 311.25 Td (Paper ) Tj ET Q q 0 0 0 rg BT 126.65 311.25 Td (Program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.56 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.03 311.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.06 311.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.32 311.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.89 311.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 264.79 311.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 305.25 311.25 Td (, ) Tj ET Q q 0 0 0 rg BT 310.22 311.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 333.81 311.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.29 311.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 374.14 311.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 393.28 311.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 419.65 311.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.66 311.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 502.33 311.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 527.01 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 537.27 311.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 558.07 311.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 81.24 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.42 299.25 Td (its ) Tj ET Q q 0 0 0 rg BT 104.73 299.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 145.34 299.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 183.02 299.25 Td (. ) Tj ET Q q 0 0 0 rg BT 188.17 299.25 Td (This ) Tj ET Q q 0 0 0 rg BT 208.80 299.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 258.85 299.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 283.91 299.25 Td (is ) Tj ET Q q 0 0 0 rg BT 293.44 299.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 332.38 299.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 360.24 299.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.86 299.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.86 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.72 299.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 439.32 299.25 Td (programs, ) Tj ET Q q 0 0 0 rg BT 482.45 299.25 Td (CP) Tj ET Q q 0 0 0 rg BT 494.31 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.16 299.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 523.82 299.25 Td (A) Tj ET Q q 0 0 0 rg BT 530.49 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.35 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.64 299.25 Td (CP) Tj ET Q q 0 0 0 rg BT 562.50 299.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.03 287.25 Td (II ) Tj ET Q q 0 0 0 rg BT 84.31 287.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 96.12 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.65 287.25 Td (is ) Tj ET Q q 0 0 0 rg BT 121.40 287.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 154.03 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 166.12 287.25 Td (dif) Tj ET Q q 0 0 0 rg BT 177.04 287.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 202.45 287.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 242.86 287.25 Td (classes, ) Tj ET Q q 0 0 0 rg BT 275.22 287.25 Td (which ) Tj ET Q q 0 0 0 rg BT 301.74 287.25 Td (is ) Tj ET Q q 0 0 0 rg BT 310.50 287.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 347.56 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.42 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.73 287.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 403.25 287.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 420.32 287.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 439.63 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 451.71 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.02 287.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 508.64 287.25 Td (program. ) Tj ET Q q 0 0 0 rg BT 546.95 287.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 90.18 275.25 Td (can ) Tj ET Q q 0 0 0 rg BT 106.96 275.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 129.87 275.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 179.98 275.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 205.10 275.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.78 275.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 268.68 275.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.92 275.25 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.92 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 292.83 275.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.52 275.25 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.52 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.43 275.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 345.17 275.25 Td (CP) Tj ET Q q 0 0 0 rg BT 357.03 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 359.94 275.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 387.28 275.25 Td (II ) Tj ET Q q 0 0 0 rg BT 396.21 275.25 Td (A) Tj ET Q q 0 0 0 rg BT 402.88 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 405.79 275.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 442.02 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 449.37 275.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 488.38 275.25 Td (that ) Tj ET Q q 0 0 0 rg BT 506.28 275.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 541.40 275.25 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 60.98 263.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 89.20 263.25 Td (Co. ) Tj ET Q q 0 0 0 rg BT 105.21 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.83 263.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 151.67 263.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 179.61 263.25 Td (net ) Tj ET Q q 0 0 0 rg BT 193.67 263.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 222.16 263.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.34 263.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 254.18 263.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.07 263.25 Td (. ) Tj ET Q q 0 0 0 rg BT 287.28 263.25 Td (The ) Tj ET Q q 0 0 0 rg BT 304.67 263.25 Td (following ) Tj ET Q q 0 0 0 rg BT 345.40 263.25 Td (table ) Tj ET Q q 0 0 0 rg BT 366.68 263.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 402.96 263.25 Td (information ) Tj ET Q q 0 0 0 rg BT 452.02 263.25 Td (about ) Tj ET Q q 0 0 0 rg BT 476.08 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.25 263.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 540.29 263.25 Td (paper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 89.77 251.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 251.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 143.08 251.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.08 251.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 228.75 317.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 228.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 228.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 228.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 228.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 204.75 317.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 204.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 204.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 204.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 204.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 180.75 317.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 180.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 180.75 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 180.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 180.75 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 374 228.75 m 464 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 228.75 m 562 228.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 232.70 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.75 231.48 Td (CP) Tj ET Q q 0 0 0 rg BT 406.80 231.48 Td ( Series ) Tj ET Q q 0 0 0 rg BT 436.80 231.48 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.60 231.48 Td (CP) Tj ET Q q 0 0 0 rg BT 499.38 231.48 Td ( Series II ) Tj ET Q q 0 0 0 rg BT 539.66 231.48 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 219.37 Td (Maximum amount that may be issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 219.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 219.37 Td (300.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 219.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 219.37 Td (200.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 207.37 Td (Amount outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 207.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 207.37 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 183.37 Td (W) Tj ET Q q 0 0 0 rg BT 60.54 183.37 Td (eighted average maturity) Tj ET Q q 0 0 0 rg BT 159.21 183.37 Td (, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 183.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 183.37 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 171.37 Td (W) Tj ET Q q 0 0 0 rg BT 60.14 171.37 Td (eighted average maturity at issuance, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 171.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 171.37 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 49.5 143.9169921875 m 161.830078125 143.9169921875 l s q 0 0 0 rg BT 49.50 145.25 Td (Prime ) Tj ET Q q 0 0 0 rg BT 75.65 145.25 Td (Broker ) Tj ET Q q 0 0 0 rg BT 105.18 145.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 145.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.09 145.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.20 145.25 Td (W) Tj ET Q q 0 0 0 rg BT 179.83 145.25 Td (e ) Tj ET Q q 0 0 0 rg BT 186.54 145.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.68 145.25 Td (established ) Tj ET Q q 0 0 0 rg BT 254.38 145.25 Td (an ) Tj ET Q q 0 0 0 rg BT 266.08 145.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 318.31 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.36 145.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 355.62 145.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 396.21 145.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 436.24 145.25 Td (by ) Tj ET Q q 0 0 0 rg BT 448.50 145.25 Td (a ) Tj ET Q q 0 0 0 rg BT 455.20 145.25 Td (single ) Tj ET Q q 0 0 0 rg BT 481.35 145.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 506.94 145.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 535.31 145.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.07 133.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.06 133.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 129.72 133.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.84 133.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 201.73 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.30 133.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 257.08 133.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 300.30 133.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 350.20 133.25 Td (, ) Tj ET Q q 0 0 0 rg BT 356.49 133.25 Td (we ) Tj ET Q q 0 0 0 rg BT 371.94 133.25 Td (have ) Tj ET Q q 0 0 0 rg BT 394.61 133.25 Td (established ) Tj ET Q q 0 0 0 rg BT 442.83 133.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.06 133.25 Td (second ) Tj ET Q q 0 0 0 rg BT 482.62 133.25 Td (overnight ) Tj ET Q q 0 0 0 rg BT 524.74 133.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 102.33 121.25 Td (with ) Tj ET Q q 0 0 0 rg BT 122.97 121.25 Td (another ) Tj ET Q q 0 0 0 rg BT 155.82 121.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 184.78 121.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 212.06 121.25 Td (related ) Tj ET Q q 0 0 0 rg BT 242.13 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.77 121.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.96 121.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 316.80 121.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 357.42 121.25 Td (inventories. ) Tj ET Q q 0 0 0 rg BT 407.22 121.25 Td (Financing ) Tj ET Q q 0 0 0 rg BT 450.08 121.25 Td (under ) Tj ET Q q 0 0 0 rg BT 475.71 121.25 Td (these ) Tj ET Q q 0 0 0 rg BT 499.11 121.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 555.84 121.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 82.18 109.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.54 109.25 Td (by ) Tj ET Q q 0 0 0 rg BT 133.68 109.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 176.09 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.67 109.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 232.01 109.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 276.93 109.25 Td (could ) Tj ET Q q 0 0 0 rg BT 301.29 109.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 330.08 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.44 109.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.58 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.05 109.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 420.31 109.25 Td (available ) Tj ET Q q 0 0 0 rg BT 458.54 109.25 Td (under ) Tj ET Q q 0 0 0 rg BT 483.45 109.25 Td (these ) Tj ET Q q 0 0 0 rg BT 506.14 109.25 Td (arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.52 97.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 93.31 97.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 121.87 97.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 162.10 97.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 200.66 97.25 Td (are ) Tj ET Q q 0 0 0 rg BT 215.33 97.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.77 97.25 Td (net ) Tj ET Q q 0 0 0 rg BT 267.46 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.25 97.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 325.69 97.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.59 97.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 378.38 97.25 Td (activity) Tj ET Q q 0 0 0 rg BT 407.72 97.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.51 97.25 Td (The ) Tj ET Q q 0 0 0 rg BT 430.52 97.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 464.09 97.25 Td (is ) Tj ET Q q 0 0 0 rg BT 473.23 97.25 Td (at ) Tj ET Q q 0 0 0 rg BT 482.91 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.59 97.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 539.49 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 97.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 75.10 85.25 Td (brokers ) Tj ET Q q 0 0 0 rg BT 107.37 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.09 85.25 Td (could ) Tj ET Q q 0 0 0 rg BT 148.59 85.25 Td (be ) Tj ET Q q 0 0 0 rg BT 160.31 85.25 Td (denied ) Tj ET Q q 0 0 0 rg BT 189.24 85.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 219.84 85.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.90 85.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.62 85.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 263.33 85.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 293.16 85.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.44 85.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 348.81 85.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.81 85.25 Td (, ) Tj ET Q q 0 0 0 rg BT 373.59 85.25 Td (we ) Tj ET Q q 0 0 0 rg BT 387.53 85.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.25 85.25 Td ($136.3 ) Tj ET Q q 0 0 0 rg BT 434.03 85.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.92 85.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.20 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.81 85.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 515.85 85.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 73.25 Td (these ) Tj ET Q q 0 0 0 rg BT 97.82 73.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 123.64 73.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 152.24 73.25 Td (arrangements. ) 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 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 729.7669921875 m 119.11669921875 729.7669921875 l s q 0 0 0 rg BT 49.50 731.10 Td (Committed ) Tj ET Q q 0 0 0 rg BT 96.90 731.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.12 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.52 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.92 731.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 146.87 731.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 192.04 731.10 Td (line ) Tj ET Q q 0 0 0 rg BT 209.43 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.50 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.34 731.10 Td (one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.72 731.10 Td ($200 ) Tj ET Q q 0 0 0 rg BT 285.12 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.01 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.41 731.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 357.13 731.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 390.07 731.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.23 731.10 Td (facility) Tj ET Q q 0 0 0 rg BT 442.90 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 447.63 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 456.27 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 463.11 731.10 Td (use ) Tj ET Q q 0 0 0 rg BT 478.84 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.57 731.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 539.73 731.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 80.63 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.22 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.24 719.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 142.93 719.10 Td (course ) Tj ET Q q 0 0 0 rg BT 171.84 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.98 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 219.68 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.26 719.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 251.40 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.65 719.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 290.35 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.49 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.62 719.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 340.43 719.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 387.39 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.64 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.67 719.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 452.47 719.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 493.60 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 519.18 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.20 719.10 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 707.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 76.38 707.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 99.38 707.10 Td (based ) Tj ET Q q 0 0 0 rg BT 125.15 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.16 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.49 707.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 188.61 707.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 216.22 707.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 258.65 707.10 Td (under ) Tj ET Q q 0 0 0 rg BT 284.42 707.10 Td (this ) Tj ET Q q 0 0 0 rg BT 301.87 707.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 333.20 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.41 707.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 381.95 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.96 707.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 425.16 707.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 472.59 707.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 515.64 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 534.19 707.10 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 85.41 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.44 695.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 131.12 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.70 695.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 183.49 695.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 207.19 695.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 218.67 695.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 247.63 695.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 264.39 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.75 695.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 312.33 695.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 353.81 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 368.61 695.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 397.85 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.77 695.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 431.36 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.25 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.33 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.36 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.16 695.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 526.97 695.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.86 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.55 683.10 Td (all ) Tj ET Q q 0 0 0 rg BT 104.91 683.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 143.92 683.10 Td (under ) Tj ET Q q 0 0 0 rg BT 169.05 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.63 683.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 214.31 683.10 Td (will ) Tj ET Q q 0 0 0 rg BT 232.23 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 244.03 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 260.83 683.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.19 683.10 Td (December14, ) Tj ET Q q 0 0 0 rg BT 331.64 683.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.64 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.33 683.10 Td (This ) Tj ET Q q 0 0 0 rg BT 376.47 683.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 401.59 683.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 432.28 683.10 Td (has ) Tj ET Q q 0 0 0 rg BT 447.97 683.10 Td (been ) Tj ET Q q 0 0 0 rg BT 469.21 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.35 683.10 Td (place ) Tj ET Q q 0 0 0 rg BT 502.81 683.10 Td (since ) Tj ET Q q 0 0 0 rg BT 525.71 683.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 548.08 683.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.75 671.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 100.20 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.00 671.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 145.91 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.16 671.10 Td (another ) Tj ET Q q 0 0 0 rg BT 192.73 671.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 230.29 671.10 Td (term ) Tj ET Q q 0 0 0 rg BT 251.21 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.57 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.38 671.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 303.40 671.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 334.30 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.22 671.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 369.74 671.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.32 671.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 426.01 671.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.01 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.09 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.34 671.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.37 671.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.37 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.95 671.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 534.19 671.10 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.45 659.10 Td (line ) Tj ET Q q 0 0 0 rg BT 83.94 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.77 659.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 633.7669921875 m 125.6171875 633.7669921875 l s q 0 0 0 rg BT 49.50 635.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 107.29 635.10 Td (Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.62 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.42 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.02 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.66 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 151.90 635.10 Td (use ) Tj ET Q q 0 0 0 rg BT 168.03 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 185.28 635.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 240.85 635.10 Td (line ) Tj ET Q q 0 0 0 rg BT 258.65 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.23 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.24 635.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 320.92 635.10 Td (course ) Tj ET Q q 0 0 0 rg BT 349.82 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.95 635.10 Td (business ) Tj ET Q q 0 0 0 rg BT 397.65 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.23 635.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 429.36 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.60 635.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 468.29 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.42 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.55 635.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 518.35 635.10 Td (operations, ) 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 67.03 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.33 623.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 115.42 623.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 156.83 623.10 Td (under ) Tj ET Q q 0 0 0 rg BT 182.69 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.11 623.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 254.97 623.10 Td (line ) Tj ET Q q 0 0 0 rg BT 273.05 623.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 300.02 623.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 323.10 623.10 Td (based ) Tj ET Q q 0 0 0 rg BT 348.96 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.05 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.47 623.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 412.67 623.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 441.03 623.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.67 623.10 Td ($85 ) Tj ET Q q 0 0 0 rg BT 477.76 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.74 623.10 Td (uncommitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 82.55 611.10 Td (line ) Tj ET Q q 0 0 0 rg BT 100.05 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 109.23 611.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 152.83 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.34 611.10 Td (having ) Tj ET Q q 0 0 0 rg BT 195.07 611.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 243.11 611.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 285.31 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 296.15 611.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 343.64 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 356.15 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.88 611.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 392.82 611.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 439.47 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.76 611.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 477.80 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 489.75 611.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 525.01 611.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.29 611.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 71.20 599.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 114.83 599.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 161.81 599.10 Td (could ) Tj ET Q q 0 0 0 rg BT 188.23 599.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 219.08 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.50 599.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 269.70 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.24 599.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 317.55 599.10 Td (available ) Tj ET Q q 0 0 0 rg BT 357.84 599.10 Td (under ) Tj ET Q q 0 0 0 rg BT 384.81 599.10 Td (this ) Tj ET Q q 0 0 0 rg BT 403.46 599.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 438.20 599.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 459.90 599.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 479.66 599.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 536.63 599.10 Td (line ) Tj ET Q q 0 0 0 rg BT 555.83 599.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 104.32 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.38 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.68 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 146.08 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.14 587.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 206.31 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 218.93 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.77 587.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 255.83 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.23 587.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 299.40 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 311.46 587.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 346.83 587.10 Td (under ) Tj ET Q q 0 0 0 rg BT 372.22 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.06 587.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 407.18 587.10 Td (More ) Tj ET Q q 0 0 0 rg BT 431.46 587.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 476.90 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.02 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.86 587.10 Td (line ) Tj ET Q q 0 0 0 rg BT 514.48 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 523.77 587.10 Td (subject ) 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 (approval ) Tj ET Q q 0 0 0 rg BT 86.66 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 98.84 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.23 575.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 134.85 575.10 Td (each ) Tj ET Q q 0 0 0 rg BT 155.34 575.10 Td (time ) Tj ET Q q 0 0 0 rg BT 175.29 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 186.91 575.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 221.84 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.68 575.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 271.17 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.79 575.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 326.61 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.01 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 357.62 575.10 Td (denied, ) Tj ET Q q 0 0 0 rg BT 388.95 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.57 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.96 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 446.58 575.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 494.84 575.10 Td (true ) Tj ET Q q 0 0 0 rg BT 512.57 575.10 Td (during ) Tj ET Q q 0 0 0 rg BT 540.85 575.10 Td (times ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.81 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 89.56 563.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 113.77 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.08 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 153.83 563.10 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 201.91 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.22 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.53 563.10 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 271.86 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 280.50 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 286.92 563.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 320.00 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.32 563.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 384.51 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 404.27 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.48 563.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 439.90 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 456.88 563.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 493.30 563.10 Td (this ) Tj ET Q q 0 0 0 rg BT 509.73 563.10 Td (uncommitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 80.49 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.93 551.10 Td (order ) Tj ET Q q 0 0 0 rg BT 114.69 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.14 551.10 Td (have ) Tj ET Q q 0 0 0 rg BT 146.68 551.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 194.88 551.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 220.87 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.86 551.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 265.63 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.96 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.95 551.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 334.42 551.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.09 551.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 390.85 551.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.85 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.02 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.34 551.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.44 551.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.44 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.11 551.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 499.42 551.10 Td (against ) Tj ET Q q 0 0 0 rg BT 530.41 551.10 Td (this ) Tj ET Q q 0 0 0 rg BT 547.52 551.10 Td (line ) 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 60.33 539.10 Td (credit.) 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 68.35 515.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.55 515.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.18 515.10 Td (present ) Tj ET Q q 0 0 0 rg BT 169.37 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.89 515.10 Td (average ) Tj ET Q q 0 0 0 rg BT 219.29 515.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 257.02 515.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 306.99 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.96 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.60 515.10 Td (various ) Tj ET Q q 0 0 0 rg BT 371.34 515.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 405.76 515.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 439.06 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 452.37 515.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 483.99 515.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.96 515.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.96 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.27 515.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 515.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 515.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 503.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 456.60 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 456.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 456.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 456.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 456.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 456.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 456.60 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 456.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 456.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 456.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 432.60 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 432.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 432.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 432.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 432.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 432.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 432.60 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 432.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 432.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 432.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 408.60 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 408.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 408.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 408.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 408.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 408.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 408.60 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 408.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 408.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 408.60 68.00 -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 194 480.6 m 262 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 480.6 m 270 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 480.6 m 338 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 480.6 m 345 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 480.6 m 413 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 480.6 m 419 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 480.6 m 487 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 480.6 m 494 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 480.6 m 562 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 468.6 m 262 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 468.6 m 338 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 468.6 m 413 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 468.6 m 487 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 468.6 m 562 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 408.6 m 262 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 408.6 m 338 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 408.6 m 413 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 408.6 m 487 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 408.6 m 562 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 397.6 m 262 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 395.6 m 262 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 397.6 m 338 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 395.6 m 338 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 408.6 m 413 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 397.6 m 413 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 395.6 m 413 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 397.6 m 487 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 395.6 m 487 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 397.6 m 562 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 395.6 m 562 395.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.80 483.33 Td (A) Tj ET Q q 0 0 0 rg BT 286.65 483.33 Td (verage Balance for) Tj ET Q q 0 0 0 rg BT 366.16 483.33 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.31 483.33 Td (Thr) Tj ET Q q 0 0 0 rg BT 400.80 483.33 Td (ee Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 472.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 471.33 Td (Mar) Tj ET Q q 0 0 0 rg BT 216.92 471.33 Td (. 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.45 471.33 Td (Dec. 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.05 471.33 Td (Sept. 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.45 471.33 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.50 471.33 Td (Mar) Tj ET Q q 0 0 0 rg BT 516.46 471.33 Td (. 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 459.33 Td (Funding sour) Tj ET Q q 0 0 0 rg BT 108.84 459.33 Td (ce:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 447.22 Td (Pershing clearing arrangement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.50 447.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 447.33 Td (47.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 447.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 447.22 Td (20.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 447.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 447.22 Td (26.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 447.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 447.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 447.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 447.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 435.22 Td (Commercial paper) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 435.33 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 435.22 Td (49.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 435.22 Td (30.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 435.22 Td (1) Tj ET Q q 0 0 0 rg BT 465.65 435.22 Td (17.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 435.22 Td (137.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 423.22 Td (Prime broker arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.65 423.33 Td (328.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 423.22 Td (221.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 423.22 Td (175.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 423.22 Td (192.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 423.22 Td (204.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 411.22 Td (Short-term bank loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.15 411.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 411.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 411.22 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 411.22 Td (67.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 411.22 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 399.22 Td (T) Tj ET Q q 0 0 0 rg BT 56.91 399.22 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.50 399.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.65 399.33 Td (425.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 399.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 399.22 Td (291.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 399.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 399.22 Td (237.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 399.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 399.22 Td (376.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 399.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 399.22 Td (345.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 373.10 Td (average ) Tj ET Q q 0 0 0 rg BT 101.78 373.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.71 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.32 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.36 373.10 Td (first ) Tj ET Q q 0 0 0 rg BT 180.29 373.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 211.43 373.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.76 373.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.59 373.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.59 373.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.41 373.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.16 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.99 373.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.59 373.10 Td ($425.7 ) Tj ET Q q 0 0 0 rg BT 326.92 373.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.81 373.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.13 373.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.38 373.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.98 373.10 Td ($345.1 ) Tj ET Q q 0 0 0 rg BT 454.31 373.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.03 373.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.29 373.10 Td ($291.2 ) Tj ET Q q 0 0 0 rg BT 533.61 373.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.11 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.83 361.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.43 361.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.37 361.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 155.31 361.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.63 361.10 Td (s ) Tj ET Q q 0 0 0 rg BT 190.02 361.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.85 361.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.85 361.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.85 361.10 Td (due ) Tj ET Q q 0 0 0 rg BT 242.79 361.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.06 361.10 Td (an ) Tj ET Q q 0 0 0 rg BT 265.00 361.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 300.26 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.54 361.10 Td (average ) Tj ET Q q 0 0 0 rg BT 344.12 361.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 384.94 361.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 421.87 361.10 Td (during ) Tj ET Q q 0 0 0 rg BT 450.48 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.19 361.10 Td (current ) Tj ET Q q 0 0 0 rg BT 496.01 361.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 523.77 361.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 337.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 337.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 337.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 337.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 223.90 337.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 246.40 337.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 280.01 337.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.50 337.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.00 337.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 355.82 337.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.98 337.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.98 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 337.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.42 337.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.42 337.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.42 337.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 482.08 337.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 314.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 314.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 314.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 314.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 290.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 290.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 290.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 290.60 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 415 314.6 m 485 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 314.6 m 563 314.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 318.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 317.33 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 317.33 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 305.22 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 305.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 305.22 Td (707.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 305.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 305.22 Td (543.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 293.22 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 293.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 293.22 Td (538.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 281.22 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 281.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 281.22 Td (418.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 269.22 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 269.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 269.22 Td (569.9) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (Senior Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 219.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.28 219.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.86 219.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 115.99 219.10 Td (into ) Tj ET Q q 0 0 0 rg BT 133.25 219.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 167.15 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 219.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 205.54 219.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.23 219.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.37 219.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 271.18 219.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.67 219.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.57 219.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 350.16 219.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 382.41 219.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.11 219.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 423.58 219.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.71 219.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 523.62 219.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 100.45 207.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.95 207.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 156.55 207.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.55 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.05 207.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.98 207.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 254.57 207.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.57 207.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.57 207.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.73 207.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 323.98 207.10 Td (an ) Tj ET Q q 0 0 0 rg BT 335.92 207.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 385.09 207.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 412.02 207.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 435.63 207.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 468.67 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.50 207.10 Td ($125.0 ) Tj ET Q q 0 0 0 rg BT 509.50 207.10 Td (million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.48 183.10 Td (October ) Tj ET Q q 0 0 0 rg BT 99.45 183.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 109.72 183.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.98 183.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.40 183.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 181.59 183.10 Td (into ) Tj ET Q q 0 0 0 rg BT 199.91 183.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.11 183.10 Td (second ) Tj ET Q q 0 0 0 rg BT 237.64 183.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 276.50 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.70 183.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 327.55 183.10 Td (note ) Tj ET Q q 0 0 0 rg BT 347.53 183.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.83 183.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 430.24 183.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 469.24 183.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q q 0 0 0 rg BT 503.46 171.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 523.26 171.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 555.29 171.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.66 159.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 91.04 159.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 114.31 159.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 132.02 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.08 159.10 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 163.30 159.10 Td (percent, ) Tj ET Q q 0 0 0 rg BT 197.95 159.10 Td (are ) Tj ET Q q 0 0 0 rg BT 212.88 159.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 246.70 159.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 306.08 159.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.24 159.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 353.73 159.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.45 159.10 Td (October ) Tj ET Q q 0 0 0 rg BT 401.38 159.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 411.61 159.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 436.64 159.10 Td (The ) Tj ET Q q 0 0 0 rg BT 454.91 159.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 484.85 159.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 523.12 159.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 555.84 159.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.12 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 76.09 147.10 Td (full ) Tj ET Q q 0 0 0 rg BT 92.16 147.10 Td (on ) Tj ET Q q 0 0 0 rg BT 104.34 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.75 147.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 154.81 147.10 Td (date ) Tj ET Q q 0 0 0 rg BT 173.65 147.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.28 147.10 Td (may ) Tj ET Q q 0 0 0 rg BT 209.68 147.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.64 147.10 Td (be ) Tj ET Q q 0 0 0 rg BT 236.27 147.10 Td (prepaid. ) Tj ET Q q 0 0 0 rg BT 270.78 147.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.51 147.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 305.69 147.10 Td (million ) Tj ET Q q 0 0 0 rg BT 336.77 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.29 147.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 381.67 147.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 398.84 147.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 422.22 147.10 Td (A) Tj ET Q q 0 0 0 rg BT 428.89 147.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.07 147.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 456.59 147.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 483.77 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.74 147.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 515.92 147.10 Td (were ) Tj ET Q q 0 0 0 rg BT 537.53 147.10 Td (repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 135.10 Td (full ) Tj ET Q q 0 0 0 rg BT 76.17 135.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.67 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.38 135.10 Td (May ) Tj ET Q q 0 0 0 rg BT 124.21 135.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 139.21 135.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 161.71 135.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 198.09 135.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.91 111.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.58 111.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.32 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.62 111.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 195.92 111.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.22 111.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.55 111.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.84 111.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 340.03 111.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.55 111.10 Td (events ) Tj ET Q q 0 0 0 rg BT 412.96 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.15 111.10 Td (default ) Tj ET Q q 0 0 0 rg BT 454.78 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.08 111.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.93 111.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 535.29 111.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.15 99.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 103.21 99.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.63 99.10 Td (us ) Tj ET Q q 0 0 0 rg BT 146.62 99.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.51 99.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 195.60 99.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.15 99.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 245.14 99.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 298.79 99.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 334.11 99.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.43 99.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 375.87 99.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.41 99.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 435.41 99.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 479.61 99.10 Td (net ) Tj ET Q q 0 0 0 rg BT 494.93 99.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 527.19 99.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.18 99.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 85.86 87.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 106.69 87.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.63 87.10 Td (require ) Tj ET Q q 0 0 0 rg BT 154.45 87.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 207.48 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.31 87.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.25 87.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 266.65 87.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 287.48 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.31 87.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 338.57 87.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.85 87.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 379.68 87.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.96 87.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 413.01 87.10 Td (char) Tj ET Q q 0 0 0 rg BT 430.03 87.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 447.81 87.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.32 87.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 503.92 87.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.92 87.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.92 87.10 Td (we ) Tj ET Q q 0 0 0 rg BT 543.08 87.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 75.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 108.37 75.10 Td (with ) Tj ET Q q 0 0 0 rg BT 128.65 75.10 Td (all ) Tj ET Q q 0 0 0 rg BT 141.14 75.10 Td (covenants.) 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q 0 0 0 rg BT 210.28 695.25 Td (, ) Tj ET Q q 0 0 0 rg BT 214.86 695.25 Td (except ) Tj ET Q q 0 0 0 rg BT 243.04 695.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.79 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.20 695.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 312.05 695.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 334.12 695.25 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 383.15 695.25 Td (On ) Tj ET Q q 0 0 0 rg BT 396.99 695.25 Td (April ) Tj ET Q q 0 0 0 rg BT 420.19 695.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 429.77 695.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 454.36 695.25 Td (we ) Tj ET Q q 0 0 0 rg BT 468.10 695.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 499.61 695.25 Td (into ) Tj ET Q q 0 0 0 rg BT 517.25 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 523.78 695.25 Td (new ) Tj ET Q q 0 0 0 rg BT 542.52 695.25 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 93.64 683.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.80 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.63 683.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 162.34 683.25 Td (T) Tj ET Q q 0 0 0 rg BT 167.75 683.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 188.02 683.25 Td (of) Tj ET Q q 0 0 0 rg BT 196.17 683.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 213.66 683.25 Td (location. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 642.75 144.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.00 642.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 642.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 642.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 642.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 642.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 642.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 642.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 642.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 642.75 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 642.75 m 262 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 642.75 m 337 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 642.75 m 412 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 642.75 m 487 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 642.75 m 562 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193 642.75 m 262 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 642.75 m 337 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 642.75 m 412 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 642.75 m 487 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 642.75 m 562 642.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.75 662.43 Td (Remainder) Tj ET Q q 0 0 0 rg BT 245.43 662.43 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 662.43 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.00 662.43 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 662.43 Td (2023 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 647.00 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.00 647.43 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.80 647.43 Td ( - 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 647.43 Td ( - 2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.80 647.43 Td (ther) Tj ET Q q 0 0 0 rg BT 448.39 647.43 Td (eafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.05 647.43 Td (T) Tj ET Q q 0 0 0 rg BT 521.80 647.43 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 632.42 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 632.42 Td (1) Tj ET Q q 0 0 0 rg BT 245.65 632.42 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 632.42 Td (27.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 632.42 Td (17.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 632.42 Td (22.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 632.42 Td (78.7) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 602.45 Td (New ) Tj ET Q q 0 0 0 rg BT 69.78 602.45 Td (Leases ) Tj ET Q q 0 0 0 rg BT 99.50 602.45 Td (Guidance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.45 Td (As ) Tj ET Q q 0 0 0 rg BT 62.49 578.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 102.70 578.45 Td (in ) Tj ET Q q 0 0 0 rg BT 112.35 578.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 133.67 578.45 Td (2 ) Tj ET Q q 0 0 0 rg BT 140.54 578.45 Td (to ) Tj ET Q q 0 0 0 rg BT 150.20 578.45 Td (our ) Tj ET Q q 0 0 0 rg BT 165.40 578.45 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 206.71 578.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 259.13 578.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.99 578.45 Td (statements, ) Tj ET Q q 0 0 0 rg BT 342.58 578.45 Td (we ) Tj ET Q q 0 0 0 rg BT 356.11 578.45 Td (will ) Tj ET Q q 0 0 0 rg BT 373.55 578.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 397.64 578.45 Td (new ) Tj ET Q q 0 0 0 rg BT 416.18 578.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 461.93 578.45 Td (guidance ) Tj ET Q q 0 0 0 rg BT 499.90 578.45 Td (related ) Tj ET Q q 0 0 0 rg BT 528.97 578.45 Td (to ) Tj ET Q q 0 0 0 rg BT 538.63 578.45 Td (leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.45 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 566.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.08 566.45 Td (as ) Tj ET Q q 0 0 0 rg BT 96.19 566.45 Td (of ) Tj ET Q q 0 0 0 rg BT 106.31 566.45 Td (January ) Tj ET Q q 0 0 0 rg BT 139.20 566.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 148.48 566.45 Td (2019. ) Tj ET Q q 0 0 0 rg BT 172.64 566.45 Td (The ) Tj ET Q q 0 0 0 rg BT 189.98 566.45 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.86 566.45 Td (requires ) Tj ET Q q 0 0 0 rg BT 261.85 566.45 Td (lessees ) Tj ET Q q 0 0 0 rg BT 291.41 566.45 Td (to ) Tj ET Q q 0 0 0 rg BT 300.97 566.45 Td (recognize ) Tj ET Q q 0 0 0 rg BT 341.62 566.45 Td (all ) Tj ET Q q 0 0 0 rg BT 353.40 566.45 Td (leases, ) Tj ET Q q 0 0 0 rg BT 381.57 566.45 Td (including ) Tj ET Q q 0 0 0 rg BT 421.13 566.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 460.68 566.45 Td (leases, ) Tj ET Q q 0 0 0 rg BT 488.84 566.45 Td (with ) Tj ET Q q 0 0 0 rg BT 508.41 566.45 Td (a ) Tj ET Q q 0 0 0 rg BT 514.63 566.45 Td (term ) Tj ET Q q 0 0 0 rg BT 534.75 566.45 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.45 Td (than ) Tj ET Q q 0 0 0 rg BT 68.79 554.45 Td (12 ) Tj ET Q q 0 0 0 rg BT 80.86 554.45 Td (months ) Tj ET Q q 0 0 0 rg BT 112.38 554.45 Td (on ) Tj ET Q q 0 0 0 rg BT 124.45 554.45 Td (the ) Tj ET Q q 0 0 0 rg BT 138.74 554.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 183.02 554.45 Td (of ) Tj ET Q q 0 0 0 rg BT 193.43 554.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.48 554.45 Td (position. ) Tj ET Q q 0 0 0 rg BT 266.82 554.45 Td (As ) Tj ET Q q 0 0 0 rg BT 280.00 554.45 Td (of ) Tj ET Q q 0 0 0 rg BT 290.41 554.45 Td (March ) Tj ET Q q 0 0 0 rg BT 318.58 554.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 333.15 554.45 Td (2018, ) Tj ET Q q 0 0 0 rg BT 357.72 554.45 Td (we ) Tj ET Q q 0 0 0 rg BT 371.45 554.45 Td (had ) Tj ET Q q 0 0 0 rg BT 387.96 554.45 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.79 554.45 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.79 554.45 Td ( ) Tj ET Q q 0 0 0 rg BT 459.86 554.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.70 554.45 Td (leases ) Tj ET Q q 0 0 0 rg BT 525.65 554.45 Td (for ) Tj ET Q q 0 0 0 rg BT 539.38 554.45 Td (of) Tj ET Q q 0 0 0 rg BT 547.53 554.45 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.45 Td (space ) Tj ET Q q 0 0 0 rg BT 74.10 542.45 Td (with ) Tj ET Q q 0 0 0 rg BT 94.27 542.45 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 135.52 542.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 176.80 542.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 199.18 542.45 Td (commitments ) Tj ET Q q 0 0 0 rg BT 256.00 542.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.72 542.45 Td ($78.7 ) Tj ET Q q 0 0 0 rg BT 291.61 542.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.51 542.45 Td (. ) Tj ET Q q 0 0 0 rg BT 325.40 542.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 350.01 542.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 387.39 542.45 Td (of ) Tj ET Q q 0 0 0 rg BT 398.11 542.45 Td (the ) Tj ET Q q 0 0 0 rg BT 412.72 542.45 Td (new ) Tj ET Q q 0 0 0 rg BT 431.77 542.45 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 472.75 542.45 Td (this ) Tj ET Q q 0 0 0 rg BT 489.59 542.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 511.97 542.45 Td (commitment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.45 Td (will ) Tj ET Q q 0 0 0 rg BT 67.22 530.45 Td (be ) Tj ET Q q 0 0 0 rg BT 78.82 530.45 Td (reflected ) Tj ET Q q 0 0 0 rg BT 115.95 530.45 Td (on ) Tj ET Q q 0 0 0 rg BT 128.11 530.45 Td (our ) Tj ET Q q 0 0 0 rg BT 143.60 530.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.08 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 194.57 530.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 231.71 530.45 Td (condition ) Tj ET Q q 0 0 0 rg BT 271.65 530.45 Td (as ) Tj ET Q q 0 0 0 rg BT 282.14 530.45 Td (a ) Tj ET Q q 0 0 0 rg BT 288.74 530.45 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 338.10 530.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 359.70 530.45 Td (and ) Tj ET Q q 0 0 0 rg BT 376.30 530.45 Td (a ) Tj ET Q q 0 0 0 rg BT 382.90 530.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 405.05 530.45 Td (commitment ) Tj ET Q q 0 0 0 rg BT 457.75 530.45 Td (liability) Tj ET Q q 0 0 0 rg BT 488.21 530.45 Td (. ) Tj ET Q q 0 0 0 rg BT 492.72 530.45 Td (The ) Tj ET Q q 0 0 0 rg BT 510.43 530.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 539.80 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 530.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.45 Td (new ) Tj ET Q q 0 0 0 rg BT 68.66 518.45 Td (guidance ) Tj ET Q q 0 0 0 rg BT 107.25 518.45 Td (on ) Tj ET Q q 0 0 0 rg BT 119.75 518.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 143.36 518.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 154.84 518.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 173.44 518.45 Td (& ) Tj ET Q q 0 0 0 rg BT 183.72 518.45 Td (Co.'s ) Tj ET Q q 0 0 0 rg BT 206.08 518.45 Td (net ) Tj ET Q q 0 0 0 rg BT 220.80 518.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.95 518.45 Td (is ) Tj ET Q q 0 0 0 rg BT 259.12 518.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 297.15 518.45 Td (to ) Tj ET Q q 0 0 0 rg BT 307.43 518.45 Td (be ) Tj ET Q q 0 0 0 rg BT 319.37 518.45 Td (minimal.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 494.45 Td (Capital Requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.45 Td (As ) Tj ET Q q 0 0 0 rg BT 63.30 470.45 Td (a ) Tj ET Q q 0 0 0 rg BT 70.43 470.45 Td (registered ) Tj ET Q q 0 0 0 rg BT 112.54 470.45 Td (broker ) Tj ET Q q 0 0 0 rg BT 141.32 470.45 Td (dealer ) Tj ET Q q 0 0 0 rg BT 168.43 470.45 Td (and ) Tj ET Q q 0 0 0 rg BT 185.56 470.45 Td (member ) Tj ET Q q 0 0 0 rg BT 221.01 470.45 Td (firm ) Tj ET Q q 0 0 0 rg BT 240.91 470.45 Td (of ) Tj ET Q q 0 0 0 rg BT 251.93 470.45 Td (the ) Tj ET Q q 0 0 0 rg BT 266.83 470.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 306.73 470.45 Td (Industry ) Tj ET Q q 0 0 0 rg BT 342.75 470.45 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 389.28 470.45 Td (Authority) Tj ET Q q 0 0 0 rg BT 427.51 470.45 Td (, ) Tj ET Q q 0 0 0 rg BT 432.70 470.45 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 450.66 470.45 Td (\("FINRA"\), ) Tj ET Q q 0 0 0 rg BT 500.67 470.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.47 470.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.95 470.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 470.45 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.45 Td (Co., ) Tj ET Q q 0 0 0 rg BT 68.52 458.45 Td (our ) Tj ET Q q 0 0 0 rg BT 84.20 458.45 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.34 458.45 Td (broker ) Tj ET Q q 0 0 0 rg BT 132.79 458.45 Td (dealer ) Tj ET Q q 0 0 0 rg BT 159.56 458.45 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 200.02 458.45 Td (, ) Tj ET Q q 0 0 0 rg BT 204.87 458.45 Td (is ) Tj ET Q q 0 0 0 rg BT 213.89 458.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 244.57 458.45 Td (to ) Tj ET Q q 0 0 0 rg BT 254.70 458.45 Td (the ) Tj ET Q q 0 0 0 rg BT 269.27 458.45 Td (uniform ) Tj ET Q q 0 0 0 rg BT 303.83 458.45 Td (net ) Tj ET Q q 0 0 0 rg BT 318.40 458.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 347.40 458.45 Td (rule ) Tj ET Q q 0 0 0 rg BT 365.30 458.45 Td (of ) Tj ET Q q 0 0 0 rg BT 375.98 458.45 Td (the ) Tj ET Q q 0 0 0 rg BT 390.55 458.45 Td (SEC ) Tj ET Q q 0 0 0 rg BT 411.24 458.45 Td (and ) Tj ET Q q 0 0 0 rg BT 428.03 458.45 Td (the ) Tj ET Q q 0 0 0 rg BT 442.60 458.45 Td (net ) Tj ET Q q 0 0 0 rg BT 457.17 458.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 486.17 458.45 Td (rule ) Tj ET Q q 0 0 0 rg BT 504.07 458.45 Td (of ) Tj ET Q q 0 0 0 rg BT 514.75 458.45 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 549.43 458.45 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 458.45 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.45 Td (have ) Tj ET Q q 0 0 0 rg BT 70.56 446.45 Td (elected ) Tj ET Q q 0 0 0 rg BT 101.06 446.45 Td (to ) Tj ET Q q 0 0 0 rg BT 111.03 446.45 Td (use ) Tj ET Q q 0 0 0 rg BT 126.54 446.45 Td (the ) Tj ET Q q 0 0 0 rg BT 140.95 446.45 Td (alternative ) Tj ET Q q 0 0 0 rg BT 185.33 446.45 Td (method ) Tj ET Q q 0 0 0 rg BT 217.51 446.45 Td (permitted ) Tj ET Q q 0 0 0 rg BT 258.02 446.45 Td (by ) Tj ET Q q 0 0 0 rg BT 270.20 446.45 Td (the ) Tj ET Q q 0 0 0 rg BT 284.61 446.45 Td (uniform ) Tj ET Q q 0 0 0 rg BT 319.01 446.45 Td (net ) Tj ET Q q 0 0 0 rg BT 333.41 446.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 362.25 446.45 Td (rule ) Tj ET Q q 0 0 0 rg BT 379.98 446.45 Td (which ) Tj ET Q q 0 0 0 rg BT 406.61 446.45 Td (requires ) Tj ET Q q 0 0 0 rg BT 441.00 446.45 Td (that ) Tj ET Q q 0 0 0 rg BT 458.18 446.45 Td (we ) Tj ET Q q 0 0 0 rg BT 472.03 446.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 509.21 446.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 550.29 446.45 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 77.45 434.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.09 434.45 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 105.89 434.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.78 434.45 Td (. ) Tj ET Q q 0 0 0 rg BT 138.30 434.45 Td (Advances ) Tj ET Q q 0 0 0 rg BT 179.03 434.45 Td (to ) Tj ET Q q 0 0 0 rg BT 188.11 434.45 Td (af) Tj ET Q q 0 0 0 rg BT 195.70 434.45 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 226.71 434.45 Td (repayment ) Tj ET Q q 0 0 0 rg BT 270.22 434.45 Td (of ) Tj ET Q q 0 0 0 rg BT 279.85 434.45 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 332.81 434.45 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 373.83 434.45 Td (dividend ) Tj ET Q q 0 0 0 rg BT 410.12 434.45 Td (payments ) Tj ET Q q 0 0 0 rg BT 449.75 434.45 Td (and ) Tj ET Q q 0 0 0 rg BT 465.49 434.45 Td (other ) Tj ET Q q 0 0 0 rg BT 487.34 434.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.64 434.45 Td (withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.45 Td (are ) Tj ET Q q 0 0 0 rg BT 63.79 422.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 94.21 422.45 Td (to ) Tj ET Q q 0 0 0 rg BT 104.07 422.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 133.36 422.45 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 176.83 422.45 Td (notifications ) Tj ET Q q 0 0 0 rg BT 228.90 422.45 Td (and ) Tj ET Q q 0 0 0 rg BT 245.43 422.45 Td (other ) Tj ET Q q 0 0 0 rg BT 268.06 422.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 311.82 422.45 Td (of ) Tj ET Q q 0 0 0 rg BT 322.24 422.45 Td (the ) Tj ET Q q 0 0 0 rg BT 336.54 422.45 Td (uniform ) Tj ET Q q 0 0 0 rg BT 370.85 422.45 Td (net ) Tj ET Q q 0 0 0 rg BT 385.15 422.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.89 422.45 Td (rules. ) Tj ET Q q 0 0 0 rg BT 437.76 422.45 Td (W) Tj ET Q q 0 0 0 rg BT 446.40 422.45 Td (e ) Tj ET Q q 0 0 0 rg BT 452.93 422.45 Td (expect ) Tj ET Q q 0 0 0 rg BT 481.11 422.45 Td (that ) Tj ET Q q 0 0 0 rg BT 498.19 422.45 Td (these ) Tj ET Q q 0 0 0 rg BT 520.83 422.45 Td (provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.45 Td (will ) Tj ET Q q 0 0 0 rg BT 67.39 410.45 Td (not ) Tj ET Q q 0 0 0 rg BT 82.51 410.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 112.06 410.45 Td (our ) Tj ET Q q 0 0 0 rg BT 127.72 410.45 Td (ability ) Tj ET Q q 0 0 0 rg BT 155.61 410.45 Td (to ) Tj ET Q q 0 0 0 rg BT 165.73 410.45 Td (meet ) Tj ET Q q 0 0 0 rg BT 187.50 410.45 Td (current ) Tj ET Q q 0 0 0 rg BT 218.15 410.45 Td (and ) Tj ET Q q 0 0 0 rg BT 234.92 410.45 Td (future ) Tj ET Q q 0 0 0 rg BT 261.14 410.45 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 309.90 410.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.24 410.45 Td (March31, ) Tj ET Q q 0 0 0 rg BT 365.67 410.45 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.67 410.45 Td (, ) Tj ET Q q 0 0 0 rg BT 390.51 410.45 Td (our ) Tj ET Q q 0 0 0 rg BT 406.17 410.45 Td (net ) Tj ET Q q 0 0 0 rg BT 420.73 410.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 449.71 410.45 Td (under ) Tj ET Q q 0 0 0 rg BT 474.82 410.45 Td (the ) Tj ET Q q 0 0 0 rg BT 489.37 410.45 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 515.74 410.45 Td (uniform ) Tj ET Q q 0 0 0 rg BT 550.30 410.45 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.65 398.45 Td (rule ) Tj ET Q q 0 0 0 rg BT 96.70 398.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.75 398.45 Td ($185.8 ) Tj ET Q q 0 0 0 rg BT 144.75 398.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.64 398.45 Td (, ) Tj ET Q q 0 0 0 rg BT 178.64 398.45 Td (and ) Tj ET Q q 0 0 0 rg BT 195.58 398.45 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 235.27 398.45 Td (the ) Tj ET Q q 0 0 0 rg BT 249.99 398.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 291.38 398.45 Td (net ) Tj ET Q q 0 0 0 rg BT 306.10 398.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 335.25 398.45 Td (required ) Tj ET Q q 0 0 0 rg BT 371.06 398.45 Td (under ) Tj ET Q q 0 0 0 rg BT 396.33 398.45 Td (the ) Tj ET Q q 0 0 0 rg BT 411.05 398.45 Td (SEC ) Tj ET Q q 0 0 0 rg BT 431.89 398.45 Td (rule ) Tj ET Q q 0 0 0 rg BT 449.93 398.45 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.43 398.45 Td ($184.8 ) Tj ET Q q 0 0 0 rg BT 492.43 398.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.33 398.45 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.45 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.75 374.45 Td (we ) Tj ET Q q 0 0 0 rg BT 103.89 374.45 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.79 374.45 Td (with ) Tj ET Q q 0 0 0 rg BT 156.04 374.45 Td (a ) Tj ET Q q 0 0 0 rg BT 162.95 374.45 Td (level ) Tj ET Q q 0 0 0 rg BT 184.86 374.45 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 374.45 Td (net ) Tj ET Q q 0 0 0 rg BT 210.36 374.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.48 374.45 Td (substantially ) Tj ET Q q 0 0 0 rg BT 292.51 374.45 Td (greater ) Tj ET Q q 0 0 0 rg BT 322.74 374.45 Td (than ) Tj ET Q q 0 0 0 rg BT 342.43 374.45 Td (the ) Tj ET Q q 0 0 0 rg BT 357.12 374.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 398.49 374.45 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 442.07 374.45 Td (established ) Tj ET Q q 0 0 0 rg BT 488.98 374.45 Td (by ) Tj ET Q q 0 0 0 rg BT 501.45 374.45 Td (FINRA) Tj ET Q q 0 0 0 rg BT 530.90 374.45 Td ( ) Tj ET Q q 0 0 0 rg BT 533.38 374.45 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 374.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.45 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 72.84 362.45 Td (a ) Tj ET Q q 0 0 0 rg BT 79.78 362.45 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.05 362.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.32 362.45 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 362.45 Td (our ) Tj ET Q q 0 0 0 rg BT 191.98 362.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.13 362.45 Td (would ) Tj ET Q q 0 0 0 rg BT 248.63 362.45 Td (curtail ) Tj ET Q q 0 0 0 rg BT 276.67 362.45 Td (many ) Tj ET Q q 0 0 0 rg BT 301.38 362.45 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 362.45 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 362.45 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.43 362.45 Td (Markets ) Tj ET Q q 0 0 0 rg BT 394.70 362.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.84 362.45 Td (producing ) Tj ET Q q 0 0 0 rg BT 471.89 362.45 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.09 338.45 Td (committed ) Tj ET Q q 0 0 0 rg BT 113.90 338.45 Td (short-term ) Tj ET Q q 0 0 0 rg BT 158.59 338.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 184.39 338.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 215.75 338.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.23 338.45 Td (our ) Tj ET Q q 0 0 0 rg BT 249.60 338.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 277.08 338.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 301.22 338.45 Td (with ) Tj ET Q q 0 0 0 rg BT 322.04 338.45 Td (PIMCO ) Tj ET Q q 0 0 0 rg BT 356.75 338.45 Td (include ) Tj ET Q q 0 0 0 rg BT 389.22 338.45 Td (covenants ) Tj ET Q q 0 0 0 rg BT 432.25 338.45 Td (requiring ) Tj ET Q q 0 0 0 rg BT 471.94 338.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 496.09 338.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 507.57 338.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 526.71 338.45 Td (& ) Tj ET Q q 0 0 0 rg BT 537.52 338.45 Td (Co. ) Tj ET Q q 0 0 0 rg BT 554.73 338.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.30 326.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 128.99 326.45 Td (net ) Tj ET Q q 0 0 0 rg BT 144.01 326.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 173.47 326.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.60 326.45 Td ($120 ) Tj ET Q q 0 0 0 rg BT 207.41 326.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.30 326.45 Td (. ) Tj ET Q q 0 0 0 rg BT 241.61 326.45 Td (Secured ) Tj ET Q q 0 0 0 rg BT 276.62 326.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 326.62 326.45 Td (paper ) Tj ET Q q 0 0 0 rg BT 351.63 326.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 379.44 326.45 Td (under ) Tj ET Q q 0 0 0 rg BT 405.01 326.45 Td (CP) Tj ET Q q 0 0 0 rg BT 416.87 326.45 Td ( ) Tj ET Q q 0 0 0 rg BT 419.68 326.45 Td (Series ) Tj ET Q q 0 0 0 rg BT 446.92 326.45 Td (II ) Tj ET Q q 0 0 0 rg BT 455.77 326.45 Td (A) Tj ET Q q 0 0 0 rg BT 462.44 326.45 Td ( ) Tj ET Q q 0 0 0 rg BT 465.24 326.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 501.37 326.45 Td (a ) Tj ET Q q 0 0 0 rg BT 508.62 326.45 Td (covenant ) Tj ET Q q 0 0 0 rg BT 547.52 326.45 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.45 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.05 314.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 107.49 314.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 118.97 314.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 137.41 314.45 Td (& ) Tj ET Q q 0 0 0 rg BT 147.53 314.45 Td (Co. ) Tj ET Q q 0 0 0 rg BT 164.04 314.45 Td (to ) Tj ET Q q 0 0 0 rg BT 174.15 314.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 211.48 314.45 Td (excess ) Tj ET Q q 0 0 0 rg BT 239.92 314.45 Td (net ) Tj ET Q q 0 0 0 rg BT 254.48 314.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 283.46 314.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.13 314.45 Td ($100 ) Tj ET Q q 0 0 0 rg BT 316.47 314.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.36 314.45 Td (. ) Tj ET Q q 0 0 0 rg BT 350.20 314.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 368.09 314.45 Td (fully ) Tj ET Q q 0 0 0 rg BT 389.32 314.45 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 428.88 314.45 Td (clearing ) Tj ET Q q 0 0 0 rg BT 463.42 314.45 Td (agreement ) Tj ET Q q 0 0 0 rg BT 507.40 314.45 Td (with ) Tj ET Q q 0 0 0 rg BT 527.51 314.45 Td (Pershing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.45 Td (also ) Tj ET Q q 0 0 0 rg BT 68.11 302.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 103.93 302.45 Td (a ) Tj ET Q q 0 0 0 rg BT 110.87 302.45 Td (covenant ) Tj ET Q q 0 0 0 rg BT 149.47 302.45 Td (requiring ) Tj ET Q q 0 0 0 rg BT 188.62 302.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 212.23 302.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.71 302.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 242.31 302.45 Td (& ) Tj ET Q q 0 0 0 rg BT 252.59 302.45 Td (Co. ) Tj ET Q q 0 0 0 rg BT 269.26 302.45 Td (to ) Tj ET Q q 0 0 0 rg BT 279.53 302.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 317.02 302.45 Td (excess ) Tj ET Q q 0 0 0 rg BT 345.62 302.45 Td (net ) Tj ET Q q 0 0 0 rg BT 360.34 302.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 389.49 302.45 Td (of ) Tj ET Q q 0 0 0 rg BT 400.32 302.45 Td ($120 ) Tj ET Q q 0 0 0 rg BT 422.82 302.45 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.90 278.45 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.40 278.45 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.40 278.45 Td (, ) Tj ET Q q 0 0 0 rg BT 130.31 278.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 153.82 278.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 165.30 278.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 183.80 278.45 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 205.09 278.45 Td (our ) Tj ET Q q 0 0 0 rg BT 220.82 278.45 Td (broker ) Tj ET Q q 0 0 0 rg BT 249.32 278.45 Td (dealer ) Tj ET Q q 0 0 0 rg BT 276.15 278.45 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 319.66 278.45 Td (registered ) Tj ET Q q 0 0 0 rg BT 361.48 278.45 Td (in ) Tj ET Q q 0 0 0 rg BT 371.66 278.45 Td (the ) Tj ET Q q 0 0 0 rg BT 386.28 278.45 Td (United ) Tj ET Q q 0 0 0 rg BT 415.90 278.45 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 458.58 278.45 Td (was ) Tj ET Q q 0 0 0 rg BT 476.54 278.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 507.26 278.45 Td (to, ) Tj ET Q q 0 0 0 rg BT 519.94 278.45 Td (and ) Tj ET Q q 0 0 0 rg BT 536.79 278.45 Td (was ) Tj ET Q q 0 0 0 rg BT 554.74 278.45 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.45 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.34 266.45 Td (with, ) Tj ET Q q 0 0 0 rg BT 121.37 266.45 Td (the ) Tj ET Q q 0 0 0 rg BT 136.34 266.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 165.75 266.45 Td (requirements ) Tj ET Q q 0 0 0 rg BT 220.70 266.45 Td (of ) Tj ET Q q 0 0 0 rg BT 231.78 266.45 Td (the ) Tj ET Q q 0 0 0 rg BT 246.75 266.45 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 290.61 266.45 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 336.64 266.45 Td (Authority ) Tj ET Q q 0 0 0 rg BT 378.28 266.45 Td (and ) Tj ET Q q 0 0 0 rg BT 395.47 266.45 Td (the ) Tj ET Q q 0 0 0 rg BT 410.44 266.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 450.40 266.45 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 486.43 266.45 Td (Authority ) Tj ET Q q 0 0 0 rg BT 528.07 266.45 Td (pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.45 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 254.45 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 254.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 114.21 254.45 Td (Services ) Tj ET Q q 0 0 0 rg BT 150.03 254.45 Td (Act ) Tj ET Q q 0 0 0 rg BT 166.97 254.45 Td (of ) Tj ET Q q 0 0 0 rg BT 177.80 254.45 Td (2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.73 230.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.21 230.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.43 230.45 Td (Hong ) Tj ET Q q 0 0 0 rg BT 126.77 230.45 Td (Kong ) Tj ET Q q 0 0 0 rg BT 151.12 230.45 Td (Limited ) Tj ET Q q 0 0 0 rg BT 184.90 230.45 Td (is ) Tj ET Q q 0 0 0 rg BT 193.69 230.45 Td (licensed ) Tj ET Q q 0 0 0 rg BT 228.57 230.45 Td (by ) Tj ET Q q 0 0 0 rg BT 240.70 230.45 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 230.45 Td (Hong ) Tj ET Q q 0 0 0 rg BT 279.38 230.45 Td (Kong ) Tj ET Q q 0 0 0 rg BT 303.72 230.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 345.28 230.45 Td (and ) Tj ET Q q 0 0 0 rg BT 361.84 230.45 Td (Futures ) Tj ET Q q 0 0 0 rg BT 393.96 230.45 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 449.15 230.45 Td (which ) Tj ET Q q 0 0 0 rg BT 475.71 230.45 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 230.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 514.94 230.45 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 230.45 Td (the ) Tj ET Q q 0 0 0 rg BT 539.18 230.45 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 218.45 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.88 218.45 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 218.45 Td (the ) Tj ET Q q 0 0 0 rg BT 163.96 218.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.16 218.45 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 218.45 Td (Futures ) Tj ET Q q 0 0 0 rg BT 259.12 218.45 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 303.43 218.45 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 351.62 218.45 Td (Rule ) Tj ET Q q 0 0 0 rg BT 374.28 218.45 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 428.58 218.45 Td (under ) Tj ET Q q 0 0 0 rg BT 455.12 218.45 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 218.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 514.29 218.45 Td (and ) Tj ET Q q 0 0 0 rg BT 532.50 218.45 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.45 Td (Ordinance. ) Tj ET Q q 0 0 0 rg BT 95.76 206.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 206.45 Td (March31, ) Tj ET Q q 0 0 0 rg BT 152.30 206.45 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.30 206.45 Td (, ) Tj ET Q q 0 0 0 rg BT 177.52 206.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 201.35 206.45 Td (Jaf) Tj ET Q q 0 0 0 rg BT 212.83 206.45 Td (fray ) Tj ET Q q 0 0 0 rg BT 231.64 206.45 Td (Hong ) Tj ET Q q 0 0 0 rg BT 256.58 206.45 Td (Kong ) Tj ET Q q 0 0 0 rg BT 281.52 206.45 Td (Limited ) Tj ET Q q 0 0 0 rg BT 315.90 206.45 Td (was ) Tj ET Q q 0 0 0 rg BT 334.17 206.45 Td (in ) Tj ET Q q 0 0 0 rg BT 344.67 206.45 Td (compliance ) Tj ET Q q 0 0 0 rg BT 393.48 206.45 Td (with ) Tj ET Q q 0 0 0 rg BT 413.98 206.45 Td (the ) Tj ET Q q 0 0 0 rg BT 428.91 206.45 Td (liquid ) Tj ET Q q 0 0 0 rg BT 454.96 206.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 484.33 206.45 Td (requirements ) Tj ET Q q 0 0 0 rg BT 539.25 206.45 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 206.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.45 Td (Hong ) Tj ET Q q 0 0 0 rg BT 74.22 194.45 Td (Kong ) Tj ET Q q 0 0 0 rg BT 98.94 194.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 140.88 194.45 Td (and ) Tj ET Q q 0 0 0 rg BT 157.63 194.45 Td (T) Tj ET Q q 0 0 0 rg BT 163.39 194.45 Td (rade ) Tj ET Q q 0 0 0 rg BT 183.10 194.45 Td (Commission.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 /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 Q q 0 0 0 rg BT 239.68 707.25 Td (various ) Tj ET Q q 0 0 0 rg BT 271.37 707.25 Td (types ) Tj ET Q q 0 0 0 rg BT 294.73 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.31 707.25 Td (of) Tj ET Q q 0 0 0 rg BT 313.46 707.25 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 352.90 707.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 375.69 707.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 434.14 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 451.94 707.25 Td (following ) Tj ET Q q 0 0 0 rg BT 493.07 707.25 Td (table ) Tj ET Q q 0 0 0 rg BT 514.75 707.25 Td (summarizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 695.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 99.49 695.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 134.19 695.25 Td (value ) Tj ET Q q 0 0 0 rg BT 158.35 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.18 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.01 695.25 Td (of) Tj ET Q q 0 0 0 rg BT 193.16 695.25 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 232.85 695.25 Td (sheet ) Tj ET Q q 0 0 0 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 0.9333333333333333 1 rg /GS0 gs 385.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 651.75 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 651.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 651.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 651.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 607.75 102.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.00 607.75 46.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 607.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 607.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 607.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 607.75 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 607.75 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 607.75 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 607.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 607.75 60.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 151 673.75 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 (T) Tj ET Q q 0 0 0 rg BT 459.27 676.83 Td (otalContractual) Tj ET Q q 0 0 0 rg BT 516.90 676.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 665.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.00 665.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 665.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 465.03 665.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.25 665.83 Td (December) Tj ET Q q 0 0 0 rg BT 542.82 665.83 Td ( 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 (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.00 654.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.00 654.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 654.83 Td (- 2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.65 654.83 Td (- 2024) 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 (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 654.83 Td (2017) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.80 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.75 634.00 Td (32,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 634.00 Td (23,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.75 634.00 Td (50,450) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.75 634.00 Td (165,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.75 634.00 Td (2,410,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.50 633.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.75 633.98 Td (2,682,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.50 634.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 634.00 Td (2,819,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 620.00 Td (T) Tj ET Q q 0 0 0 rg BT 56.25 620.00 Td (rading 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 (436,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.75 612.00 Td (9,500) 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 412.75 612.00 Td (9,375) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.80 611.98 Td (455,775) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 612.00 Td (399,450) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 598.00 Td (Equity option derivative) 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 (9,635) 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 (80,301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 577.70 Td (72,467) 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 (\(contractual ) Tj ET Q q 0 0 0 rg BT 530.03 549.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.28 549.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 540.05 Td ($179.9 ) Tj ET Q q 0 0 0 rg BT 90.75 540.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.42 540.05 Td ( ) Tj ET Q q 0 0 0 rg BT 114.67 540.05 Td (at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 122.14 540.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 135.62 540.05 Td (ch31, ) Tj ET Q q 0 0 0 rg BT 156.43 540.05 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 172.43 540.05 Td (\) ) 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 (2018) 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 ($17.0 ) 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 ($12.9 ) 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 (2018) 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 (2017) 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 ($14.7 ) 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 ($20.5 ) 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 101.01 423.65 Td (notional ) Tj ET Q q 0 0 0 rg BT 137.39 423.65 Td (or ) Tj ET Q q 0 0 0 rg BT 149.33 423.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 185.14 423.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 222.64 423.65 Td (are ) Tj ET Q q 0 0 0 rg BT 238.45 423.65 Td (not ) Tj ET Q q 0 0 0 rg BT 254.84 423.65 Td (reflected ) Tj ET Q q 0 0 0 rg BT 293.42 423.65 Td (as ) Tj ET Q q 0 0 0 rg BT 305.36 423.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.30 423.65 Td (or ) Tj ET Q q 0 0 0 rg BT 344.24 423.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.07 423.65 Td (on ) Tj ET Q q 0 0 0 rg BT 398.68 423.65 Td (our ) Tj ET Q q 0 0 0 rg BT 415.62 423.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.77 423.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.59 423.65 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 88.40 387.65 Td (sold, ) Tj ET Q q 0 0 0 rg BT 110.35 387.65 Td (but ) Tj ET Q q 0 0 0 rg BT 125.91 387.65 Td (not ) Tj ET Q q 0 0 0 rg BT 141.47 387.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 156.47 387.65 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 202.28 387.65 Td (as ) Tj ET Q q 0 0 0 rg BT 213.39 387.65 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 259.76 387.65 Td (For ) Tj ET Q q 0 0 0 rg BT 276.44 387.65 Td (a ) Tj ET Q q 0 0 0 rg BT 283.66 387.65 Td (discussion ) Tj ET Q q 0 0 0 rg BT 328.11 387.65 Td (of ) Tj ET Q q 0 0 0 rg BT 339.22 387.65 Td (our ) Tj ET Q q 0 0 0 rg BT 355.33 387.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 394.21 387.65 Td (related ) Tj ET Q q 0 0 0 rg BT 424.19 387.65 Td (to ) Tj ET Q q 0 0 0 rg BT 434.75 387.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 477.51 387.65 Td (products, ) Tj ET Q q 0 0 0 rg BT 517.23 387.65 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.78 387.65 Td (Note ) Tj ET Q q 0 0 0 rg BT 555.00 387.65 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 387.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.65 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.58 375.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.30 375.65 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 143.02 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 159.97 375.65 Td (Other ) Tj ET Q q 0 0 0 rg BT 185.24 375.65 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 226.63 375.65 Td (Positions ) Tj ET Q q 0 0 0 rg BT 265.81 375.65 Td (Owned ) Tj ET Q q 0 0 0 rg BT 297.20 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 314.15 375.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 353.86 375.65 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 403.59 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 420.53 375.65 Td (Other ) Tj ET Q q 0 0 0 rg BT 445.81 375.65 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 487.19 375.65 Td (Positions ) Tj ET Q q 0 0 0 rg BT 526.38 375.65 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 549.72 375.65 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 66.63 363.65 Td (Y) Tj ET Q q 0 0 0 rg BT 72.85 363.65 Td (et ) Tj ET Q q 0 0 0 rg BT 82.57 363.65 Td (Purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.67 363.65 Td (," ) Tj ET Q q 0 0 0 rg BT 132.75 363.65 Td (in ) Tj ET Q q 0 0 0 rg BT 143.03 363.65 Td (the ) Tj ET Q q 0 0 0 rg BT 157.74 363.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 181.35 363.65 Td (to ) Tj ET Q q 0 0 0 rg BT 191.63 363.65 Td (our ) Tj ET Q q 0 0 0 rg BT 207.46 363.65 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 249.39 363.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 302.43 363.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.92 363.65 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 65.11 315.65 Td (have ) Tj ET Q q 0 0 0 rg BT 86.52 315.65 Td (investments, ) Tj ET Q q 0 0 0 rg BT 139.33 315.65 Td (including ) Tj ET Q q 0 0 0 rg BT 179.63 315.65 Td (those ) Tj ET Q q 0 0 0 rg BT 203.27 315.65 Td (made ) Tj ET Q q 0 0 0 rg BT 227.46 315.65 Td (as ) Tj ET Q q 0 0 0 rg BT 238.33 315.65 Td (part ) Tj ET Q q 0 0 0 rg BT 256.41 315.65 Td (of ) Tj ET Q q 0 0 0 rg BT 267.27 315.65 Td (our ) Tj ET Q q 0 0 0 rg BT 283.13 315.65 Td (merchant ) Tj ET Q q 0 0 0 rg BT 322.87 315.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 357.62 315.65 Td (activities, ) Tj ET Q q 0 0 0 rg BT 398.75 315.65 Td (in ) Tj ET Q q 0 0 0 rg BT 409.06 315.65 Td (various ) Tj ET Q q 0 0 0 rg BT 441.03 315.65 Td (limited ) Tj ET Q q 0 0 0 rg BT 471.90 315.65 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 523.31 315.65 Td (or ) Tj ET Q q 0 0 0 rg BT 534.17 315.65 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.65 Td (liability ) Tj ET Q q 0 0 0 rg BT 82.24 303.65 Td (companies ) Tj ET Q q 0 0 0 rg BT 126.64 303.65 Td (that ) Tj ET Q q 0 0 0 rg BT 143.26 303.65 Td (provide ) Tj ET Q q 0 0 0 rg BT 175.44 303.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 214.84 303.65 Td (or ) Tj ET Q q 0 0 0 rg BT 224.80 303.65 Td (make ) Tj ET Q q 0 0 0 rg BT 248.09 303.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 297.50 303.65 Td (in ) Tj ET Q q 0 0 0 rg BT 306.91 303.65 Td (companies. ) Tj ET Q q 0 0 0 rg BT 353.68 303.65 Td (W) Tj ET Q q 0 0 0 rg BT 362.32 303.65 Td (e ) Tj ET Q q 0 0 0 rg BT 368.39 303.65 Td (commit ) Tj ET Q q 0 0 0 rg BT 400.58 303.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 428.86 303.65 Td (and/or ) Tj ET Q q 0 0 0 rg BT 456.04 303.65 Td (act ) Tj ET Q q 0 0 0 rg BT 469.33 303.65 Td (as ) Tj ET Q q 0 0 0 rg BT 479.29 303.65 Td (the ) Tj ET Q q 0 0 0 rg BT 493.14 303.65 Td (managing ) Tj ET Q q 0 0 0 rg BT 534.20 303.65 Td (partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.65 Td (of ) Tj ET Q q 0 0 0 rg BT 59.74 291.65 Td (these ) Tj ET Q q 0 0 0 rg BT 82.20 291.65 Td (entities. ) Tj ET Q q 0 0 0 rg BT 115.36 291.65 Td (W) Tj ET Q q 0 0 0 rg BT 124.00 291.65 Td (e ) Tj ET Q q 0 0 0 rg BT 130.35 291.65 Td (have ) Tj ET Q q 0 0 0 rg BT 151.14 291.65 Td (committed ) Tj ET Q q 0 0 0 rg BT 195.82 291.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 224.38 291.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.63 291.65 Td ($80.3 ) Tj ET Q q 0 0 0 rg BT 259.04 291.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.93 291.65 Td ( ) Tj ET Q q 0 0 0 rg BT 289.84 291.65 Td (to ) Tj ET Q q 0 0 0 rg BT 299.54 291.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 328.65 291.65 Td (entities ) Tj ET Q q 0 0 0 rg BT 359.45 291.65 Td (and ) Tj ET Q q 0 0 0 rg BT 375.80 291.65 Td (these ) Tj ET Q q 0 0 0 rg BT 398.26 291.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 454.61 291.65 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.72 291.65 Td (have ) Tj ET Q q 0 0 0 rg BT 514.51 291.65 Td (no ) Tj ET Q q 0 0 0 rg BT 526.43 291.65 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.65 Td (call ) Tj ET Q q 0 0 0 rg BT 66.43 279.65 Td (dates.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 /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 67.73 623.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 90.40 623.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 135.28 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.29 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.19 623.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 188.30 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.31 623.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 239.20 623.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 276.30 623.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 335.76 623.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 376.76 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.10 623.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 437.66 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.78 623.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 499.11 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 515.12 623.25 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 67.68 599.25 Td (nominating ) Tj ET Q q 0 0 0 rg BT 115.86 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.93 599.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 181.64 599.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 226.48 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.43 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.28 599.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 279.35 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.31 599.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 330.14 599.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 367.20 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.05 599.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 409.12 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.08 599.25 Td (Directors' ) Tj ET Q q 0 0 0 rg BT 461.71 599.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 506.55 599.25 Td (structures ) Tj ET Q q 0 0 0 rg BT 548.06 599.25 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 89.90 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.40 587.25 Td (they ) Tj ET Q q 0 0 0 rg BT 121.80 587.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 147.18 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.14 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.53 587.25 Td (various ) Tj ET Q q 0 0 0 rg BT 206.15 587.25 Td (committees' ) Tj ET Q q 0 0 0 rg BT 257.23 587.25 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 320.96 587.25 Td (with ) Tj ET Q q 0 0 0 rg BT 341.92 587.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 373.41 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.37 587.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 424.76 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.27 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.78 587.25 Td (major ) Tj ET Q q 0 0 0 rg BT 479.29 587.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 497.46 587.25 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 80.26 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.49 575.25 Td (these ) Tj ET Q q 0 0 0 rg BT 113.49 575.25 Td (major ) Tj ET Q q 0 0 0 rg BT 139.26 575.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.71 575.25 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 201.65 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.31 575.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 238.76 575.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 283.41 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 292.53 575.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 340.53 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 354.64 575.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 400.40 575.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 459.63 575.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 506.52 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.41 575.25 Td (control ) Tj ET Q q 0 0 0 rg BT 554.19 575.25 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 65.75 563.25 Td (major ) Tj ET Q q 0 0 0 rg BT 92.00 563.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 109.92 563.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 152.83 563.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 186.29 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.99 563.25 Td (market ) Tj ET Q q 0 0 0 rg BT 227.68 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 248.10 563.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 273.79 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 294.21 563.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 331.02 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 351.44 563.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 373.80 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.16 563.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 435.17 563.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 455.59 563.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 503.49 563.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 521.42 563.25 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (cybersecurity\), ) Tj ET Q q 0 0 0 rg BT 113.33 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.90 551.25 Td (human ) Tj ET Q q 0 0 0 rg BT 163.26 551.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 194.04 551.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 213.18 551.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 247.86 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 259.78 551.25 Td (misconduct, ) Tj ET Q q 0 0 0 rg BT 312.52 551.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 340.25 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.83 551.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 382.40 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.97 551.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 451.20 551.25 Td (matters. ) Tj ET Q q 0 0 0 rg BT 487.27 551.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 506.96 551.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 93.16 539.25 Td (is ) Tj ET Q q 0 0 0 rg BT 101.29 539.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 148.29 539.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.40 539.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 206.17 539.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 264.41 539.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 310.31 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.20 539.25 Td (control ) Tj ET Q q 0 0 0 rg BT 355.98 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.55 539.25 Td (major ) Tj ET Q q 0 0 0 rg BT 405.33 539.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.79 539.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 463.24 539.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 495.23 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.47 539.25 Td (compensation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 527.25 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 107.99 527.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 146.95 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.86 527.25 Td (succession. ) Tj ET Q q 0 0 0 rg BT 209.60 527.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 226.62 527.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 252.53 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.33 527.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 301.01 527.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.16 527.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 356.17 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 369.31 527.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 414.09 527.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 472.35 527.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 518.26 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.18 527.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.14 515.25 Td (major ) Tj ET Q q 0 0 0 rg BT 101.95 515.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.44 515.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 161.91 515.25 Td (related ) Tj ET Q q 0 0 0 rg BT 191.60 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.87 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.69 515.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 257.93 515.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 288.94 515.25 Td (. ) Tj ET Q q 0 0 0 rg BT 293.92 515.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 311.96 515.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 336.67 515.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 379.14 515.25 Td (Of) Tj ET Q q 0 0 0 rg BT 389.51 515.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 410.31 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.24 515.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 451.94 515.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 491.64 515.25 Td (Of) Tj ET Q q 0 0 0 rg BT 502.01 515.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 522.82 515.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 544.74 515.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.89 503.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 86.07 503.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 130.45 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 142.63 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.25 503.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 187.52 503.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 209.70 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.65 503.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 250.72 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.23 503.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 298.67 503.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 331.91 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 336.59 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.21 503.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 374.82 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.43 503.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 434.71 503.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 458.27 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.89 503.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 507.62 503.25 Td (updates ) Tj ET Q q 0 0 0 rg BT 540.34 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 503.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 76.44 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.27 491.25 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 129.48 491.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 151.97 491.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 199.18 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.12 491.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 274.16 491.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 318.87 491.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 365.79 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.51 491.25 Td (other ) Tj ET Q q 0 0 0 rg BT 403.55 491.25 Td (major ) Tj ET Q q 0 0 0 rg BT 429.38 491.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 446.88 491.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 489.37 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 501.87 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 508.81 491.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 539.62 491.25 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 92.63 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.44 431.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 128.36 431.25 Td (leadership, ) Tj ET Q q 0 0 0 rg BT 173.44 431.25 Td (including ) Tj ET Q q 0 0 0 rg BT 212.69 431.25 Td (but ) Tj ET Q q 0 0 0 rg BT 226.95 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 241.20 431.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 271.01 431.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 282.77 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 297.58 431.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 321.28 431.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 362.74 431.25 Td (Of) Tj ET Q q 0 0 0 rg BT 373.11 431.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 391.02 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 395.00 431.25 Td (President, ) Tj ET Q q 0 0 0 rg BT 436.20 431.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 459.90 431.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 498.59 431.25 Td (Of) Tj ET Q q 0 0 0 rg BT 508.96 431.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 526.87 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.85 431.25 Td (General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (Counsel, ) Tj ET Q q 0 0 0 rg BT 88.11 419.25 Td (T) Tj ET Q q 0 0 0 rg BT 93.87 419.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 125.67 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.76 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 156.46 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.39 419.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 200.86 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.89 419.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 247.48 419.25 Td (Risk, ) Tj ET Q q 0 0 0 rg BT 271.92 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 296.62 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.54 419.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 337.69 419.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 372.95 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.98 419.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 415.68 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.60 419.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 453.98 419.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 487.56 419.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 525.03 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.07 419.25 Td (Firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 99.37 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.25 407.25 Td (T) Tj ET Q q 0 0 0 rg BT 121.00 407.25 Td (rading. ) Tj ET Q q 0 0 0 rg BT 150.60 407.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 174.91 407.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 222.56 407.25 Td (that ) Tj ET Q q 0 0 0 rg BT 239.10 407.25 Td (help ) Tj ET Q q 0 0 0 rg BT 257.86 407.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 292.72 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.71 407.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 341.92 407.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 358.46 407.25 Td (include ) Tj ET Q q 0 0 0 rg BT 389.44 407.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 445.15 407.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 487.79 407.25 Td (team ) Tj ET Q q 0 0 0 rg BT 508.77 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.75 407.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (committees. ) Tj ET Q q 0 0 0 rg BT 100.57 395.25 Td (These ) Tj ET Q q 0 0 0 rg BT 127.11 395.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 175.88 395.25 Td (help ) Tj ET Q q 0 0 0 rg BT 195.76 395.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 229.52 395.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.18 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 259.85 395.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 296.95 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.61 395.25 Td (business ) Tj ET Q q 0 0 0 rg BT 351.17 395.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 389.93 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.80 395.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 441.35 395.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 480.10 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.21 395.25 Td (within ) Tj ET Q q 0 0 0 rg BT 525.43 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 532.53 395.25 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 74.23 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.51 383.25 Td (activity) Tj ET Q q 0 0 0 rg BT 113.85 383.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.31 383.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 135.82 383.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 174.99 383.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 221.65 383.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 265.26 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 383.25 Td (members ) Tj ET Q q 0 0 0 rg BT 314.16 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.45 383.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 350.85 383.25 Td (management ) Tj ET Q q 0 0 0 rg BT 403.89 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.29 383.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 437.25 383.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 492.79 383.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 525.29 383.25 Td (oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.54 371.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 96.91 371.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 153.95 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 168.21 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.03 371.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 216.17 371.25 Td (control ) Tj ET Q q 0 0 0 rg BT 247.10 371.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 288.02 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.06 371.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 351.53 371.25 Td (related ) Tj ET Q q 0 0 0 rg BT 381.33 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.71 371.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.19 371.25 Td (value ) Tj ET Q q 0 0 0 rg BT 432.45 371.25 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 494.18 371.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 544.08 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 549.18 371.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 96.38 359.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 113.29 359.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.29 359.25 Td (address ) Tj ET Q q 0 0 0 rg BT 193.19 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.53 359.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 243.10 359.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.00 359.25 Td (related ) Tj ET Q q 0 0 0 rg BT 289.11 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.79 359.25 Td (information ) Tj ET Q q 0 0 0 rg BT 347.91 359.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 381.48 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.83 359.25 Td (security) Tj ET Q q 0 0 0 rg BT 428.83 359.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.24 359.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 457.07 359.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 500.07 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.41 359.25 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 83.93 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.87 347.25 Td (third ) Tj ET Q q 0 0 0 rg BT 122.26 347.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 151.41 347.25 Td (such ) Tj ET Q q 0 0 0 rg BT 172.24 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.07 347.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 217.23 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.17 347.25 Td (service ) Tj ET Q q 0 0 0 rg BT 264.99 347.25 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 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 /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 (3) 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 73.33 383.25 Td (within ) Tj ET Q q 0 0 0 rg BT 100.49 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.32 383.25 Td (shareholders'equity ) Tj ET Q q 0 0 0 rg BT 193.26 383.25 Td (section ) Tj ET Q q 0 0 0 rg BT 223.19 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.13 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.07 383.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 300.22 383.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 344.04 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.98 383.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.57 383.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 429.95 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.99 383.25 Td (other ) Tj ET Q q 0 0 0 rg BT 468.15 383.25 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 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 /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 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0 0 rg BT 86.89 492.50 Td (average ) Tj ET Q q 0 0 0 rg BT 120.23 492.50 Td (V) Tj ET Q q 0 0 0 rg BT 126.35 492.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 139.89 492.50 Td (over ) Tj ET Q q 0 0 0 rg BT 160.10 492.50 Td (a ) Tj ET Q q 0 0 0 rg BT 166.97 492.50 Td (period ) Tj ET Q q 0 0 0 rg BT 194.95 492.50 Td (of ) Tj ET Q q 0 0 0 rg BT 205.72 492.50 Td (time ) Tj ET Q q 0 0 0 rg BT 225.93 492.50 Td (as ) Tj ET Q q 0 0 0 rg BT 236.70 492.50 Td (more ) Tj ET Q q 0 0 0 rg BT 259.68 492.50 Td (representative ) Tj ET Q q 0 0 0 rg BT 318.20 492.50 Td (of ) Tj ET Q q 0 0 0 rg BT 328.96 492.50 Td (trends ) Tj ET Q q 0 0 0 rg BT 355.84 492.50 Td (in ) Tj ET Q q 0 0 0 rg BT 366.05 492.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.71 492.50 Td (business ) Tj ET Q q 0 0 0 rg BT 417.03 492.50 Td (than ) Tj ET Q q 0 0 0 rg BT 436.51 492.50 Td (V) Tj ET Q q 0 0 0 rg BT 442.62 492.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 456.17 492.50 Td (at ) Tj ET Q q 0 0 0 rg BT 465.82 492.50 Td (any ) Tj ET Q q 0 0 0 rg BT 482.70 492.50 Td (single ) Tj ET Q q 0 0 0 rg BT 509.02 492.50 Td (point ) Tj ET Q q 0 0 0 rg BT 532.01 492.50 Td (in ) Tj ET Q q 0 0 0 rg BT 542.23 492.50 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 480.50 Td (table ) Tj ET Q q 0 0 0 rg BT 90.52 480.50 Td (below ) Tj ET Q q 0 0 0 rg BT 117.97 480.50 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 159.87 480.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.11 480.50 Td (daily ) Tj ET Q q 0 0 0 rg BT 198.12 480.50 Td (high, ) Tj ET Q q 0 0 0 rg BT 221.41 480.50 Td (low ) Tj ET Q q 0 0 0 rg BT 239.43 480.50 Td (and ) Tj ET Q q 0 0 0 rg BT 256.89 480.50 Td (average ) Tj ET Q q 0 0 0 rg BT 290.77 480.50 Td (V) Tj ET Q q 0 0 0 rg BT 296.88 480.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 311.01 480.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 354.56 480.50 Td (for ) Tj ET Q q 0 0 0 rg BT 369.23 480.50 Td (each ) Tj ET Q q 0 0 0 rg BT 390.57 480.50 Td (component ) Tj ET Q q 0 0 0 rg BT 438.02 480.50 Td (of ) Tj ET Q q 0 0 0 rg BT 449.36 480.50 Td (market ) Tj ET Q q 0 0 0 rg BT 480.15 480.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 498.16 480.50 Td (during ) Tj ET Q q 0 0 0 rg BT 527.29 480.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 480.50 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.50 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 468.50 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 468.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 468.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 151.42 468.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 468.50 Td ( ) Tj ET Q q 0 0 0 rg BT 173.92 468.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.86 468.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.58 468.50 Td (year ) Tj ET Q q 0 0 0 rg BT 225.29 468.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.66 468.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.25 468.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.25 468.50 Td (, ) Tj ET Q q 0 0 0 rg BT 335.25 468.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 382.91 468.50 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 434.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 434.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 434.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 434.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 434.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 434.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 410.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 410.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 410.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 410.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 410.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 410.00 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 336 446 m 406 446 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 446 m 484 446 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 446 m 562 446 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 449.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 448.73 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 448.73 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 448.73 Td (A) Tj ET Q q 0 0 0 rg BT 515.58 448.73 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 436.73 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 436.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 86.02 436.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 102.50 436.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 198.15 436.73 Td (ch 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.62 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 424.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 424.62 Td (1,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 424.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 424.62 Td (771) 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 (938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.62 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 412.62 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 412.62 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 412.62 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.62 Td (Diversification Ef) Tj ET Q q 0 0 0 rg BT 124.24 400.62 Td (fect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 400.62 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 400.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.62 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 388.62 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.22 388.62 Td (V) Tj ET Q q 0 0 0 rg BT 81.34 388.62 Td (alue-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 388.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 388.62 Td (1,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 388.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 388.62 Td (788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 388.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 388.62 Td (958) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 352.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 352.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 352.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 352.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 352.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 328.00 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 328.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 328.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 328.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 328.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 328.00 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 336 364 m 406 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 364 m 484 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 364 m 562 364 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 367.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 366.73 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 366.73 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 366.73 Td (A) Tj ET Q q 0 0 0 rg BT 515.58 366.73 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 354.73 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 354.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 85.83 354.73 Td (Y) Tj ET Q q 0 0 0 rg BT 91.94 354.73 Td (ear) Tj ET Q q 0 0 0 rg BT 105.63 354.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 181.55 354.73 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 342.62 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 342.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 342.62 Td (1,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 342.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 342.62 Td (480) 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 (785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 330.62 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 330.62 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 330.62 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 330.62 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 318.62 Td (Diversification Ef) Tj ET Q q 0 0 0 rg BT 124.24 318.62 Td (fect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 318.62 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 318.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 306.62 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 306.62 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.22 306.62 Td (V) Tj ET Q q 0 0 0 rg BT 81.34 306.62 Td (alue-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 306.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 306.62 Td (1,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 306.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 306.62 Td (506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 306.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 306.62 Td (809) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 289.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 289.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 289.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 91.94 289.50 Td (the ) Tj ET Q q 0 0 0 rg BT 103.93 289.50 Td (differ) Tj ET Q q 0 0 0 rg BT 120.97 289.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 137.84 289.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.27 289.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 289.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.16 289.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.26 289.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.48 289.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.47 289.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.58 289.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.02 289.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.02 289.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.02 289.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.23 289.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.79 289.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.78 289.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.56 289.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.78 289.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.32 289.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.32 289.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.86 289.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 424.20 289.50 Td (because ) Tj ET Q q 0 0 0 rg BT 452.18 289.50 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 289.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.95 289.50 Td (market ) Tj ET Q q 0 0 0 rg BT 502.38 289.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.60 289.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 552.14 289.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.96 289.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 279.90 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 279.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 111.15 279.90 Td (corr) Tj ET Q q 0 0 0 rg BT 124.63 279.90 Td (elated. ) Tj ET Q q 0 0 0 rg BT 148.91 279.90 Td (Because ) Tj ET Q q 0 0 0 rg BT 178.28 279.90 Td (high ) Tj ET Q q 0 0 0 rg BT 195.23 279.90 Td (and ) Tj ET Q q 0 0 0 rg BT 209.95 279.90 Td (low ) Tj ET Q q 0 0 0 rg BT 224.23 279.90 Td (V) Tj ET Q q 0 0 0 rg BT 228.23 279.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 239.84 279.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 270.12 279.90 Td (for ) Tj ET Q q 0 0 0 rg BT 282.18 279.90 Td (these ) Tj ET Q q 0 0 0 rg BT 301.34 279.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 316.07 279.90 Td (categories ) Tj ET Q q 0 0 0 rg BT 352.11 279.90 Td (may ) Tj ET Q q 0 0 0 rg BT 368.17 279.90 Td (have ) Tj ET Q q 0 0 0 rg BT 385.99 279.90 Td (occurr) Tj ET Q q 0 0 0 rg BT 407.02 279.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 417.30 279.90 Td (on ) Tj ET Q q 0 0 0 rg BT 428.02 279.90 Td (differ) Tj ET Q q 0 0 0 rg BT 445.06 279.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 457.55 279.90 Td (days, ) Tj ET Q q 0 0 0 rg BT 476.94 279.90 Td (high ) Tj ET Q q 0 0 0 rg BT 493.89 279.90 Td (and ) Tj ET Q q 0 0 0 rg BT 508.61 279.90 Td (low ) Tj ET Q q 0 0 0 rg BT 522.89 279.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 553.17 279.90 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 270.30 Td (diversification ) Tj ET Q q 0 0 0 rg BT 115.71 270.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.48 270.30 Td (would ) Tj ET Q q 0 0 0 rg BT 161.04 270.30 Td (not ) Tj ET Q q 0 0 0 rg BT 173.27 270.30 Td (be ) Tj ET Q q 0 0 0 rg BT 182.82 270.30 Td (meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 246.30 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.30 246.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 109.70 246.30 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 149.39 246.30 Td (our ) Tj ET Q q 0 0 0 rg BT 165.22 246.30 Td (one-day ) Tj ET Q q 0 0 0 rg BT 199.74 246.30 Td (V) Tj ET Q q 0 0 0 rg BT 205.86 246.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 219.47 246.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.97 246.30 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.40 246.30 Td ( ) Tj ET Q q 0 0 0 rg BT 248.90 246.30 Td (occasion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.39 246.30 Td (during ) Tj ET Q q 0 0 0 rg BT 315.00 246.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.71 246.30 Td (first ) Tj ET Q q 0 0 0 rg BT 348.32 246.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 379.14 246.30 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.47 246.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.97 246.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.97 246.30 Td (.) 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 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 /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 66.54 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.36 731.10 Td (section ) Tj ET Q q 0 0 0 rg BT 112.29 731.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 144.88 731.10 Td ("Liquidity) Tj ET Q q 0 0 0 rg BT 185.53 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 190.63 731.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 226.57 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.61 731.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 275.10 731.10 Td (Resources" ) Tj ET Q q 0 0 0 rg BT 322.88 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.14 731.10 Td (information ) Tj ET Q q 0 0 0 rg BT 386.96 731.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 427.87 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.80 731.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 480.30 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.34 731.10 Td (how ) Tj ET Q q 0 0 0 rg BT 517.16 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 531.42 731.10 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.89 719.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.78 695.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 108.84 695.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 150.18 695.10 Td (including ) Tj ET Q q 0 0 0 rg BT 190.69 695.10 Td (those ) Tj ET Q q 0 0 0 rg BT 214.52 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.35 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 278.86 695.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 315.46 695.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 346.51 695.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 387.84 695.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.89 695.10 Td (us ) Tj ET Q q 0 0 0 rg BT 430.52 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.02 695.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 478.74 695.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.45 695.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 543.07 695.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.88 683.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 103.82 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.76 683.10 Td (value ) Tj ET Q q 0 0 0 rg BT 137.59 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.08 683.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 179.14 683.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 219.93 683.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 250.97 683.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.14 683.10 Td (can ) Tj ET Q q 0 0 0 rg BT 284.19 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.79 683.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 345.70 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.65 683.10 Td (times ) Tj ET Q q 0 0 0 rg BT 379.48 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.98 683.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 420.47 683.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 462.09 683.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.92 683.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.85 683.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (refrain ) Tj ET Q q 0 0 0 rg BT 78.57 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.44 671.10 Td (transacting ) Tj ET Q q 0 0 0 rg BT 146.73 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.94 671.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 187.69 671.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 229.00 671.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.97 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.61 671.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 297.36 671.10 Td (bid-of) Tj ET Q q 0 0 0 rg BT 321.62 671.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 335.14 671.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 370.06 671.10 Td (Depending ) Tj ET Q q 0 0 0 rg BT 416.36 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.79 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.43 671.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 476.95 671.10 Td (security) Tj ET Q q 0 0 0 rg BT 507.96 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.88 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 671.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.59 659.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 149.49 659.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 177.89 659.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 208.50 659.10 Td (market ) Tj ET Q q 0 0 0 rg BT 239.12 659.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 286.14 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.65 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 320.72 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 333.01 659.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 361.40 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.03 659.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 392.67 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.96 659.10 Td (security ) Tj ET Q q 0 0 0 rg BT 434.46 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.98 659.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 502.38 659.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 530.78 659.10 Td (than ) Tj ET Q q 0 0 0 rg BT 550.85 659.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.44 647.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 100.59 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.42 647.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 139.46 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.74 647.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 187.23 647.10 Td (into ) Tj ET Q q 0 0 0 rg BT 205.29 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.22 647.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 261.38 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 291.64 647.10 Td (if ) Tj ET Q q 0 0 0 rg BT 300.25 647.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 333.86 647.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 371.34 647.10 Td (unavailable. ) Tj ET Q q 0 0 0 rg BT 422.43 647.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (Credit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.76 599.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.02 599.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 119.05 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.09 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.57 599.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 180.83 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.75 599.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 212.58 599.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.28 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.32 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.81 599.10 Td (default ) Tj ET Q q 0 0 0 rg BT 283.83 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.43 599.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 347.78 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.83 599.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.85 599.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 412.89 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.19 599.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 480.07 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.84 599.10 Td (customer) Tj ET Q q 0 0 0 rg BT 521.09 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 599.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.49 587.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 86.47 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.46 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.88 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.20 587.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 172.63 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.06 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 587.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.03 587.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 267.71 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.67 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.88 587.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 318.52 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.61 587.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.26 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.25 587.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.67 587.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.33 587.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 457.75 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 470.41 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.28 587.10 Td (type ) Tj ET Q q 0 0 0 rg BT 505.15 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.14 587.10 Td (transaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 575.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 101.35 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.12 575.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 153.77 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.42 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 181.75 575.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 227.94 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.71 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.25 575.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 288.23 575.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 328.05 575.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 355.37 575.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 372.70 575.10 Td (also ) Tj ET Q q 0 0 0 rg BT 391.13 575.10 Td (results ) Tj ET Q q 0 0 0 rg BT 419.57 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 441.33 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 453.09 575.10 Td (obligor's ) Tj ET Q q 0 0 0 rg BT 490.00 575.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.42 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.52 575.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 550.28 575.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.01 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.64 563.10 Td (any ) Tj ET Q q 0 0 0 rg BT 104.38 563.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 139.88 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.95 563.10 Td (us ) Tj ET Q q 0 0 0 rg BT 173.14 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 184.77 563.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 226.94 563.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 243.57 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.64 563.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 290.15 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.77 563.10 Td (agreed. ) Tj ET Q q 0 0 0 rg BT 333.98 563.10 Td (This ) Tj ET Q q 0 0 0 rg BT 355.05 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 375.57 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.30 563.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 426.57 563.10 Td (through ) Tj ET Q q 0 0 0 rg BT 460.98 563.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 488.17 563.10 Td (such ) Tj ET Q q 0 0 0 rg BT 509.79 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.42 563.10 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.44 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.27 551.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 144.21 551.10 Td (collections.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (Our dif) Tj ET Q q 0 0 0 rg BT 78.48 527.10 Td (ferent types of credit risk include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 503.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 76.94 503.10 Td (Spr) Tj ET Q q 0 0 0 rg BT 90.46 503.10 Td (ead ) Tj ET Q q 0 0 0 rg BT 107.16 503.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.38 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.63 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.89 503.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.14 503.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 194.50 503.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 211.76 503.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 236.78 503.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.48 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 503.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 316.88 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.14 503.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 368.60 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.64 503.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.66 503.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 435.91 503.10 Td (will ) Tj ET Q q 0 0 0 rg BT 453.72 503.10 Td (af) Tj ET Q q 0 0 0 rg BT 461.31 503.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 478.55 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.02 503.10 Td (value ) Tj ET Q q 0 0 0 rg BT 516.94 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.52 503.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 101.06 491.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 128.46 491.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 160.85 491.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 199.89 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.51 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 239.67 491.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.07 491.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 299.46 491.10 Td (required ) Tj ET Q q 0 0 0 rg BT 335.18 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.58 491.10 Td (market ) Tj ET Q q 0 0 0 rg BT 377.74 491.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 426.79 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.85 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.68 491.10 Td (given ) Tj ET Q q 0 0 0 rg BT 472.30 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 497.46 491.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 527.64 491.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 550.30 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.31 479.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 115.12 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 132.93 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.18 479.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.22 479.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 205.81 479.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 233.62 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.44 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.07 479.10 Td (AA-rated ) Tj ET Q q 0 0 0 rg BT 293.65 479.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.24 479.10 Td (must ) Tj ET Q q 0 0 0 rg BT 341.50 479.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 376.53 479.10 Td (over ) Tj ET Q q 0 0 0 rg BT 397.11 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.37 479.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 441.05 479.10 Td (alternative\). ) Tj ET Q q 0 0 0 rg BT 491.89 479.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 529.15 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.74 479.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 82.36 467.10 Td (result ) Tj ET Q q 0 0 0 rg BT 107.45 467.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.77 467.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 167.63 467.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.71 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.36 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 225.67 467.10 Td (issuer's ) Tj ET Q q 0 0 0 rg BT 257.57 467.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 283.21 467.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 309.41 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.61 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.70 467.10 Td (market's ) Tj ET Q q 0 0 0 rg BT 372.03 467.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 417.11 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.31 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.40 467.10 Td (issuer's ) Tj ET Q q 0 0 0 rg BT 475.30 467.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 500.94 467.10 Td (worthiness. ) Tj ET Q q 0 0 0 rg BT 549.43 467.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 467.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.99 455.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 99.05 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.11 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 134.16 455.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 162.55 455.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.84 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.90 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.40 455.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.91 455.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.86 455.10 Td (held ) Tj ET Q q 0 0 0 rg BT 302.36 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.43 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 455.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 358.66 455.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 396.33 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.12 455.10 Td (including ) Tj ET Q q 0 0 0 rg BT 441.18 455.10 Td (those ) Tj ET Q q 0 0 0 rg BT 464.57 455.10 Td (held ) Tj ET Q q 0 0 0 rg BT 484.08 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.02 455.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.18 455.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (activites. ) Tj ET Q q 0 0 0 rg BT 87.98 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.61 443.10 Td (e ) Tj ET Q q 0 0 0 rg BT 103.92 443.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 126.76 443.10 Td (into ) Tj ET Q q 0 0 0 rg BT 145.18 443.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 195.81 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.45 443.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 233.19 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.38 443.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 288.34 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.99 443.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 324.61 443.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 353.57 443.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.44 443.10 Td (through ) Tj ET Q q 0 0 0 rg BT 405.41 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.49 443.10 Td (use ) Tj ET Q q 0 0 0 rg BT 436.68 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.87 443.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 494.61 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.91 443.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.97 443.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.02 431.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 138.72 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.07 431.10 Td (These ) Tj ET Q q 0 0 0 rg BT 167.48 431.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 202.23 431.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 242.53 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.29 431.10 Td (not ) Tj ET Q q 0 0 0 rg BT 277.60 431.10 Td (work ) Tj ET Q q 0 0 0 rg BT 300.69 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.00 431.10 Td (all ) Tj ET Q q 0 0 0 rg BT 323.53 431.10 Td (market ) Tj ET Q q 0 0 0 rg BT 353.83 431.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 410.80 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.77 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 438.64 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.61 431.10 Td (result ) Tj ET Q q 0 0 0 rg BT 470.37 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.12 431.10 Td (not ) Tj ET Q q 0 0 0 rg BT 505.43 431.10 Td (be ) Tj ET Q q 0 0 0 rg BT 517.41 431.10 Td (ef) Tj ET Q q 0 0 0 rg BT 525.00 431.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 554.73 431.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 93.11 419.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.37 419.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 146.97 419.10 Td (risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (Deterioration/Default ) Tj ET Q q 0 0 0 rg BT 140.08 395.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.10 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.91 395.10 Td (Deterioration/default ) Tj ET Q q 0 0 0 rg BT 259.57 395.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.38 395.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 320.73 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.76 395.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.56 395.10 Td (due ) Tj ET Q q 0 0 0 rg BT 370.81 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.40 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.65 395.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 416.58 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.89 395.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 475.23 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 486.37 395.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 525.83 395.10 Td (failing ) Tj ET Q q 0 0 0 rg BT 554.74 395.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 74.89 383.10 Td (its ) Tj ET Q q 0 0 0 rg BT 86.95 383.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 136.32 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.96 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 152.02 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.84 383.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 202.22 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.62 383.10 Td (deterioration/default ) Tj ET Q q 0 0 0 rg BT 296.87 383.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.48 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.88 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.82 383.10 Td (role ) Tj ET Q q 0 0 0 rg BT 358.99 383.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.93 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.99 383.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 407.93 383.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 461.08 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.47 383.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 502.40 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.46 383.10 Td (customers, ) 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 60.45 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.51 371.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 95.68 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.63 371.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 149.51 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.57 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 177.53 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 184.58 371.10 Td (member ) Tj ET Q q 0 0 0 rg BT 219.97 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.92 371.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 277.50 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 295.67 371.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.29 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.24 371.10 Td (default ) Tj ET Q q 0 0 0 rg BT 354.62 371.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 390.01 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.63 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.47 371.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 486.19 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.14 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 371.10 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 77.12 359.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 102.53 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.93 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.22 359.10 Td (security) Tj ET Q q 0 0 0 rg BT 158.23 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.66 359.10 Td (W) Tj ET Q q 0 0 0 rg BT 171.29 359.10 Td (e ) Tj ET Q q 0 0 0 rg BT 177.81 359.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 212.65 359.10 Td (this ) Tj ET Q q 0 0 0 rg BT 229.17 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 246.25 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.32 359.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 308.17 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.69 359.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 371.21 359.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 413.83 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.35 359.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 471.28 359.10 Td (position ) Tj ET Q q 0 0 0 rg BT 505.59 359.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 530.44 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 544.18 359.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 103.39 347.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 136.74 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.88 347.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 186.23 347.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 212.92 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.61 347.10 Td (activity) Tj ET Q q 0 0 0 rg BT 253.95 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.81 347.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 293.73 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.53 347.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 348.22 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.36 347.10 Td (market ) Tj ET Q q 0 0 0 rg BT 390.48 347.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 431.04 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 444.40 347.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 474.97 347.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 528.59 347.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 547.51 347.10 Td (risk ) 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 102.67 335.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 141.97 335.10 Td (also ) Tj ET Q q 0 0 0 rg BT 160.15 335.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 195.54 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.84 335.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 246.91 335.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 263.99 335.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 307.17 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 327.02 335.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 376.88 335.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 435.60 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 455.46 335.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 482.54 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 496.28 335.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 516.14 335.10 Td (derivatives, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 75.89 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.83 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 115.88 323.10 Td (documented ) Tj ET Q q 0 0 0 rg BT 167.25 323.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 217.53 323.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 270.56 323.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 318.59 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 336.09 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 355.80 323.10 Td (give ) Tj ET Q q 0 0 0 rg BT 375.52 323.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 392.46 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.74 323.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.00 323.10 Td (exposure. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 98.72 299.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.93 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.60 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.26 299.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 182.48 299.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 201.14 299.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 227.58 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.68 299.10 Td (inef) Tj ET Q q 0 0 0 rg BT 266.05 299.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 296.91 299.10 Td (management ) Tj ET Q q 0 0 0 rg BT 351.67 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.77 299.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 417.88 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.87 299.10 Td (collecting ) Tj ET Q q 0 0 0 rg BT 472.96 299.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 523.29 299.10 Td (debts ) Tj ET Q q 0 0 0 rg BT 548.07 299.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 97.93 287.10 Td (including ) Tj ET Q q 0 0 0 rg BT 137.19 287.10 Td (those ) Tj ET Q q 0 0 0 rg BT 159.79 287.10 Td (related ) Tj ET Q q 0 0 0 rg BT 188.47 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.74 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.56 287.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 250.70 287.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 280.51 287.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 318.10 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.02 287.10 Td (mar) Tj ET Q q 0 0 0 rg BT 349.39 287.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 363.65 287.10 Td (lending. ) Tj ET Q q 0 0 0 rg BT 397.63 287.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 414.67 287.10 Td (client ) Tj ET Q q 0 0 0 rg BT 438.37 287.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 475.96 287.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 507.44 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.14 287.10 Td (execution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.80 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.44 275.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 152.41 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.94 275.10 Td (various ) Tj ET Q q 0 0 0 rg BT 196.58 275.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 250.05 275.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 277.70 275.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 317.00 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.41 275.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 376.15 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 389.35 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.99 275.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 432.96 275.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 461.71 275.10 Td (payment, ) Tj ET Q q 0 0 0 rg BT 501.85 275.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 522.82 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.35 275.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 275.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 75.14 263.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.83 263.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.73 263.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 158.97 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.89 263.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 220.81 263.10 Td (client ) Tj ET Q q 0 0 0 rg BT 246.16 263.10 Td (business ) Tj ET Q q 0 0 0 rg BT 283.19 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.00 263.10 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 333.91 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.05 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.41 263.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.88 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.34 263.10 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 463.47 263.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 499.37 263.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 528.06 263.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 251.10 Td (depositories ) Tj ET Q q 0 0 0 rg BT 133.93 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.86 251.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 185.56 251.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 213.89 251.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 241.38 251.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 279.98 251.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.57 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.85 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.68 251.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 398.83 251.10 Td (mar) Tj ET Q q 0 0 0 rg BT 414.19 251.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 429.47 251.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 466.95 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.23 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 251.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 512.22 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.39 251.10 Td (monitored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (daily) Tj ET Q q 0 0 0 rg BT 68.85 239.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.06 239.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.33 239.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.05 239.10 Td (management ) Tj ET Q q 0 0 0 rg BT 159.85 239.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 198.78 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.38 239.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 243.86 239.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.57 239.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 293.39 239.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 342.88 239.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 390.13 239.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.61 239.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 439.11 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.27 239.10 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 521.39 239.10 Td (thresholds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 79.49 227.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 122.54 227.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 158.37 227.10 Td (mar) Tj ET Q q 0 0 0 rg BT 173.73 227.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 189.01 227.10 Td (lending.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 108.84 203.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.06 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.62 203.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 195.84 203.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 212.40 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.64 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.42 203.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 250.98 203.10 Td (due ) Tj ET Q q 0 0 0 rg BT 266.99 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.33 203.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 328.97 203.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 366.64 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.98 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.98 203.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 421.86 203.10 Td (product; ) Tj ET Q q 0 0 0 rg BT 456.75 203.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 498.87 203.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 521.79 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 203.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 191.10 Td (counterparty; ) Tj ET Q q 0 0 0 rg BT 114.99 191.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.89 191.10 Td (instrument; ) Tj ET Q q 0 0 0 rg BT 199.36 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.62 191.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 255.96 191.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 276.89 191.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.53 191.10 Td (e ) Tj ET Q q 0 0 0 rg BT 291.89 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 306.02 191.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 336.27 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.97 191.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 402.31 191.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.24 191.10 Td (if ) Tj ET Q q 0 0 0 rg BT 427.27 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 440.85 191.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 460.55 191.10 Td (lar) Tj ET Q q 0 0 0 rg BT 470.92 191.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 482.28 191.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 524.75 191.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 92.28 179.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 126.98 179.10 Td (lar) Tj ET Q q 0 0 0 rg BT 137.35 179.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 150.95 179.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 202.88 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.83 179.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 269.54 179.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 330.35 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.85 179.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 374.24 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.73 179.10 Td (related ) Tj ET Q q 0 0 0 rg BT 418.10 179.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 481.41 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.90 179.10 Td (make ) Tj ET Q q 0 0 0 rg BT 519.72 179.10 Td (substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 103.01 167.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 161.80 167.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 220.30 167.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 237.16 167.10 Td (can ) Tj ET Q q 0 0 0 rg BT 252.89 167.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 276.95 167.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.80 167.10 Td (industry) Tj ET Q q 0 0 0 rg BT 320.93 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.28 167.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 371.56 167.10 Td (area ) Tj ET Q q 0 0 0 rg BT 390.06 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 167.10 Td (type ) Tj ET Q q 0 0 0 rg BT 419.31 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.49 167.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 456.06 167.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 497.34 167.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 539.73 167.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 98.32 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.39 155.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 134.34 155.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 165.40 155.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 205.91 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.53 155.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.58 155.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.87 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.16 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.67 155.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 336.74 155.10 Td (government ) Tj ET Q q 0 0 0 rg BT 387.79 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 155.10 Td (its ) Tj ET Q q 0 0 0 rg BT 412.15 155.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 452.13 155.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.97 155.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 530.90 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 155.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.15 143.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 134.26 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.58 143.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 182.36 143.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 212.79 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.24 143.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 243.14 143.10 Td (government ) Tj ET Q q 0 0 0 rg BT 293.02 143.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 332.90 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.46 143.10 Td (major ) Tj ET Q q 0 0 0 rg BT 374.90 143.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.00 143.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 461.07 143.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 502.07 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 143.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.84 131.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 113.72 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 131.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 189.05 131.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 216.43 131.10 Td (including ) Tj ET Q q 0 0 0 rg BT 257.42 131.10 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 318.69 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.14 131.10 Td (result ) Tj ET Q q 0 0 0 rg BT 364.58 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.58 131.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 414.90 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.90 131.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 469.68 131.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 500.13 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.79 131.10 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (Potential ) Tj ET Q q 0 0 0 rg BT 87.92 119.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 145.21 119.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.08 119.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.63 119.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 211.03 119.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 255.00 119.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.98 119.10 Td (review ) Tj ET Q q 0 0 0 rg BT 319.06 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.26 119.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 389.77 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.08 119.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 450.50 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.81 119.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.35 119.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 516.31 119.10 Td (through ) Tj ET Q q 0 0 0 rg BT 550.29 119.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.33 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 107.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 109.76 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 107.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 151.99 107.10 Td (established ) Tj ET Q q 0 0 0 rg BT 198.92 107.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.42 107.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 238.36 107.10 Td (management. ) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 759.2669921875 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 (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 ($17.0 ) 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 (2018) 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 (75.9 ) 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 ($12.9 ) 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 89.24 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.21 551.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 139.83 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.13 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.99 551.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 211.38 551.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.02 551.10 Td (e ) Tj ET Q q 0 0 0 rg BT 226.98 551.10 Td (also ) Tj ET Q q 0 0 0 rg BT 245.62 551.10 Td (face ) Tj ET Q q 0 0 0 rg BT 264.79 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.53 551.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 297.06 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.92 551.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 355.42 551.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 384.04 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.90 551.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 443.53 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.38 551.10 Td (any ) Tj ET Q q 0 0 0 rg BT 471.35 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.21 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.95 551.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 543.62 551.10 Td (fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 90.28 539.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 126.05 539.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 153.23 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.13 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 189.24 539.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 227.79 539.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 288.55 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.78 539.10 Td (use ) Tj ET Q q 0 0 0 rg BT 320.67 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.02 539.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 370.56 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 387.46 539.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 428.79 539.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 481.83 539.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 502.62 539.10 Td (such ) Tj ET Q q 0 0 0 rg BT 524.52 539.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 554.18 539.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.10 527.10 Td (could ) Tj ET Q q 0 0 0 rg BT 122.82 527.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 163.63 527.10 Td (af) Tj ET Q q 0 0 0 rg BT 171.22 527.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 188.70 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.53 527.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 232.59 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.86 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 250.45 527.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 267.94 527.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 318.20 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.14 527.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 368.73 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.56 527.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 423.16 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.44 527.10 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 80.34 479.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 120.90 479.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 152.03 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.16 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 186.51 479.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 228.19 479.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 252.37 479.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 285.71 479.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 334.61 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.75 479.10 Td (inadvertent ) Tj ET Q q 0 0 0 rg BT 393.53 479.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 419.65 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.89 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 460.23 479.10 Td (events ) Tj ET Q q 0 0 0 rg BT 488.58 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 506.38 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 531.39 479.10 Td (have ) Tj ET Q q 0 0 0 rg BT 553.07 479.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.10 467.10 Td (security ) Tj ET Q q 0 0 0 rg BT 133.14 467.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 165.07 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.00 467.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 229.24 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.96 467.10 Td (one ) Tj ET Q q 0 0 0 rg BT 256.78 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.50 467.10 Td (more ) Tj ET Q q 0 0 0 rg BT 290.43 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.15 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 324.08 467.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 354.52 467.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.34 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.39 467.10 Td (have ) Tj ET Q q 0 0 0 rg BT 416.65 467.10 Td (experienced, ) Tj ET Q q 0 0 0 rg BT 469.84 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 494.44 467.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 538.47 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 554.19 467.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.48 455.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 96.03 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.00 455.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 168.09 455.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 218.49 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.58 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 258.77 455.10 Td (information ) Tj ET Q q 0 0 0 rg BT 308.63 455.10 Td (processed ) Tj ET Q q 0 0 0 rg BT 350.70 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.79 455.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 394.87 455.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 407.79 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.88 455.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 472.51 455.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 508.77 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.74 455.10 Td (computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 84.25 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.76 443.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 144.00 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.40 443.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 197.36 443.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 222.64 443.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 276.82 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.23 443.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 343.51 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.37 443.10 Td (our) Tj ET Q q 0 0 0 rg BT 367.30 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.87 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.28 443.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 422.76 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.17 443.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 500.69 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.09 443.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.06 443.10 Td (parties' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 95.97 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.61 431.10 Td (e ) Tj ET Q q 0 0 0 rg BT 111.55 431.10 Td (take ) Tj ET Q q 0 0 0 rg BT 130.71 431.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 173.19 431.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 212.89 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.83 431.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 268.98 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.26 431.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 310.64 431.10 Td (them ) Tj ET Q q 0 0 0 rg BT 333.14 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.97 431.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 403.11 431.10 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 60.08 335.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 84.83 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.75 335.10 Td (migrated ) Tj ET Q q 0 0 0 rg BT 136.54 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.57 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.26 335.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 174.40 335.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 213.87 335.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 248.33 335.10 Td (model ) Tj ET Q q 0 0 0 rg BT 275.57 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.49 335.10 Td (all ) Tj ET Q q 0 0 0 rg BT 301.73 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.32 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.90 335.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 362.35 335.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 408.76 335.10 Td (In ) Tj ET Q q 0 0 0 rg BT 419.34 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.04 335.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 447.17 335.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 486.64 335.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 521.10 335.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 550.85 335.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (act ) Tj ET Q q 0 0 0 rg BT 64.27 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 75.71 323.10 Td (an ) Tj ET Q q 0 0 0 rg BT 88.27 323.10 Td (introducing ) Tj ET Q q 0 0 0 rg BT 137.48 323.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 166.70 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.47 323.10 Td (client ) Tj ET Q q 0 0 0 rg BT 206.80 323.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 257.68 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.23 323.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 293.89 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.00 323.10 Td (Pershing, ) Tj ET Q q 0 0 0 rg BT 347.62 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.06 323.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 399.38 323.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 428.59 323.10 Td (dealer) Tj ET Q q 0 0 0 rg BT 452.62 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 458.23 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.12 323.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 507.21 323.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 548.07 323.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 92.08 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.90 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.71 311.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 146.10 311.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 185.35 311.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 237.10 311.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 284.69 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.95 311.10 Td (transitioning ) Tj ET Q q 0 0 0 rg BT 345.99 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.25 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.17 311.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 381.55 311.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 420.25 311.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 453.93 311.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 482.91 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.61 311.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 530.30 311.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 87.73 299.10 Td (by ) Tj ET Q q 0 0 0 rg BT 100.41 299.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 138.09 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.97 299.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 183.41 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.87 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.88 299.10 Td (business ) Tj ET Q q 0 0 0 rg BT 246.45 299.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 293.29 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.40 299.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 340.86 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.31 299.10 Td (other ) Tj ET Q q 0 0 0 rg BT 374.54 299.10 Td (services ) Tj ET Q q 0 0 0 rg BT 409.43 299.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 453.75 299.10 Td (by ) Tj ET Q q 0 0 0 rg BT 466.43 299.10 Td (third ) Tj ET Q q 0 0 0 rg BT 488.00 299.10 Td (party ) Tj ET Q q 0 0 0 rg BT 511.23 299.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 548.07 299.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 78.11 287.10 Td (by ) Tj ET Q q 0 0 0 rg BT 90.63 287.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 128.15 287.10 Td (with ) Tj ET Q q 0 0 0 rg BT 148.45 287.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 179.28 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.58 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.31 287.10 Td (services ) Tj ET Q q 0 0 0 rg BT 239.04 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.22 287.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 271.28 287.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.80 287.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 331.32 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.62 287.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 374.68 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 399.42 287.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 424.14 287.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.64 287.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 482.22 287.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 534.73 287.10 Td (disrupt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 275.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 104.22 275.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 137.82 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.65 275.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 199.19 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.13 275.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 256.94 275.10 Td (af) Tj ET Q q 0 0 0 rg BT 264.53 275.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 282.01 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.84 275.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 325.90 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.17 275.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 359.77 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.60 275.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 404.21 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.15 275.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 454.74 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 470.57 275.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 509.17 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.45 275.10 Td (risk.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (Human Capital Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.82 227.10 Td (business ) Tj ET Q q 0 0 0 rg BT 102.48 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 110.92 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.12 227.10 Td (human ) Tj ET Q q 0 0 0 rg BT 146.11 227.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 174.52 227.10 Td (business ) Tj ET Q q 0 0 0 rg BT 210.18 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.39 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.49 227.10 Td (success ) Tj ET Q q 0 0 0 rg BT 273.25 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.68 227.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 324.54 227.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.31 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.30 227.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 385.68 227.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 423.54 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.75 227.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 492.04 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.14 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.23 227.10 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 81.58 215.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.87 215.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 132.40 215.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 171.68 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.53 215.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.06 215.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 234.03 215.10 Td (if ) Tj ET Q q 0 0 0 rg BT 242.78 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.08 215.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 273.04 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.46 215.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 311.08 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.15 215.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 353.55 215.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 391.73 215.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 438.82 215.10 Td (who ) Tj ET Q q 0 0 0 rg BT 458.68 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.52 215.10 Td (motivated ) Tj ET Q q 0 0 0 rg BT 516.15 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.57 215.10 Td (serve ) 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 (best ) Tj ET Q q 0 0 0 rg BT 67.65 203.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 103.02 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.39 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.76 203.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 159.40 203.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 191.43 203.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 222.91 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.17 203.10 Td (best ) Tj ET Q q 0 0 0 rg BT 255.32 203.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 290.68 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.05 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.42 203.10 Td (company) Tj ET Q q 0 0 0 rg BT 352.43 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.52 203.10 Td (Attracting ) Tj ET Q q 0 0 0 rg BT 399.10 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.58 203.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 453.17 203.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.97 203.10 Td (depends, ) Tj ET Q q 0 0 0 rg BT 535.28 203.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.39 191.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 101.68 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.02 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.70 191.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 174.39 191.10 Td (culture, ) Tj ET Q q 0 0 0 rg BT 206.99 191.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 262.93 191.10 Td (work ) Tj ET Q q 0 0 0 rg BT 285.82 191.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 341.21 191.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 387.97 191.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 426.42 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.20 191.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 503.41 191.10 Td (There ) Tj ET Q q 0 0 0 rg BT 529.07 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 543.62 191.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.09 179.10 Td (proper ) Tj ET Q q 0 0 0 rg BT 156.69 179.10 Td (recruitment, ) Tj ET Q q 0 0 0 rg BT 207.78 179.10 Td (development ) Tj ET Q q 0 0 0 rg BT 261.93 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.87 179.10 Td (rewards ) Tj ET Q q 0 0 0 rg BT 313.02 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.85 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.68 179.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 384.94 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.22 179.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 423.82 179.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 454.09 179.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 507.11 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.05 179.10 Td (retention.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (Legal and Regulatory Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.00 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.18 131.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 136.01 131.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 153.75 131.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.77 131.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 222.51 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.57 131.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 300.73 131.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.25 131.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 365.08 131.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 387.25 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.42 131.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 448.26 131.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 503.20 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.37 131.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 538.67 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 131.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 91.83 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 105.27 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 124.28 119.10 Td (suf) Tj ET Q q 0 0 0 rg BT 136.32 119.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 149.20 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 159.32 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.54 119.10 Td (result ) Tj ET Q q 0 0 0 rg BT 189.55 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.66 119.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 227.54 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.11 119.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 268.89 119.10 Td (with ) Tj ET Q q 0 0 0 rg BT 288.45 119.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 311.07 119.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 359.79 119.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 383.51 119.10 Td (related ) Tj ET Q q 0 0 0 rg BT 412.50 119.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 473.15 119.10 Td (or) Tj ET Q q 0 0 0 rg BT 481.30 119.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 524.74 119.10 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.28 107.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 89.39 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.06 107.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 132.05 107.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 174.48 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.60 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.27 107.10 Td (business ) Tj ET Q q 0 0 0 rg BT 233.50 107.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 273.34 107.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.97 107.10 Td (e ) Tj ET Q q 0 0 0 rg BT 287.75 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 301.30 107.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 339.84 107.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 369.50 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.62 107.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 417.73 107.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 459.61 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.72 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.28 107.10 Td (various ) Tj ET Q q 0 0 0 rg BT 513.06 107.10 Td (jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.00 95.10 Td (which ) Tj ET Q q 0 0 0 rg BT 85.17 95.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.55 95.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 131.93 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.99 95.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 184.98 95.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.62 95.10 Td (e ) Tj ET Q q 0 0 0 rg BT 199.78 95.10 Td (have ) Tj ET Q q 0 0 0 rg BT 220.38 95.10 Td (established ) Tj ET Q q 0 0 0 rg BT 266.54 95.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 312.13 95.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.85 95.10 Td (are ) Tj ET Q q 0 0 0 rg BT 342.79 95.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 380.06 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.56 95.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 417.39 95.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 465.20 95.10 Td (with ) Tj ET Q q 0 0 0 rg BT 484.70 95.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 527.52 95.10 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.21 83.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 109.57 83.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 166.54 83.10 Td (such ) Tj ET Q q 0 0 0 rg BT 187.13 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.73 83.10 Td (public ) Tj ET Q q 0 0 0 rg BT 224.99 83.10 Td (company ) Tj ET Q q 0 0 0 rg BT 263.91 83.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 302.84 83.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 352.05 83.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 395.41 83.10 Td (net ) Tj ET Q q 0 0 0 rg BT 409.89 83.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 438.81 83.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 495.78 83.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 517.48 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.19 83.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 89.97 71.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 127.41 71.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 164.28 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.05 71.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 209.43 71.10 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 257.41 71.10 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 305.12 71.10 Td (privacy ) Tj ET Q q 0 0 0 rg BT 337.54 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.42 71.10 Td (recordkeeping. ) Tj ET Q q 0 0 0 rg BT 416.38 71.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.02 71.10 Td (e ) Tj ET Q q 0 0 0 rg BT 431.90 71.10 Td (have ) Tj ET Q q 0 0 0 rg BT 453.22 71.10 Td (also ) Tj ET Q q 0 0 0 rg BT 471.77 71.10 Td (established ) Tj ET Q q 0 0 0 rg BT 518.64 71.10 Td (procedures ) 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 (that ) Tj ET Q q 0 0 0 rg BT 67.04 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.79 731.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 119.88 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.20 731.10 Td (require ) Tj ET Q q 0 0 0 rg BT 161.06 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 178.60 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.47 731.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 228.12 731.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 261.20 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.52 731.10 Td (ethics ) Tj ET Q q 0 0 0 rg BT 297.39 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.37 731.10 Td (business ) Tj ET Q q 0 0 0 rg BT 350.81 731.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 385.00 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 399.75 731.10 Td (followed. ) Tj ET Q q 0 0 0 rg BT 440.16 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 458.25 731.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 480.23 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.21 731.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 540.84 731.10 Td (focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 114.20 719.10 Td (services ) Tj ET Q q 0 0 0 rg BT 148.90 719.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 184.18 719.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 219.45 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.39 719.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 271.66 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 308.05 719.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 348.87 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.03 719.10 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.25 695.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.34 695.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.65 695.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.06 695.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.15 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.55 695.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.18 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.81 695.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.23 695.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.76 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.28 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 695.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.34 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.32 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.96 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 421.81 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 442.89 695.10 Td (business ) Tj ET Q q 0 0 0 rg BT 478.98 695.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 525.33 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 695.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.78 683.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.18 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.47 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.97 683.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.37 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.21 683.10 Td (dif) Tj ET Q q 0 0 0 rg BT 172.14 683.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.52 683.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.35 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.42 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 683.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.19 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.99 683.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 393.26 683.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 451.30 683.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 479.37 683.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.92 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.56 683.10 Td (e ) Tj ET Q q 0 0 0 rg BT 543.07 683.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.92 671.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.35 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 671.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.08 671.10 Td (about ) Tj ET Q q 0 0 0 rg BT 221.06 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 671.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.24 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.34 671.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.65 671.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.96 671.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 398.16 671.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.14 671.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.24 671.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.67 671.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.75 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 671.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 659.10 Td (income ) Tj ET Q q 0 0 0 rg BT 95.59 659.10 Td (taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.05 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.61 611.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 126.17 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.61 611.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 166.17 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 611.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 222.28 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.17 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.17 611.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 305.89 611.10 Td (they ) Tj ET Q q 0 0 0 rg BT 325.34 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 339.78 611.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.79 611.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 407.01 611.10 Td (af) Tj ET Q q 0 0 0 rg BT 414.60 611.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 441.25 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.48 611.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 492.10 611.10 Td (However) Tj ET Q q 0 0 0 rg BT 528.35 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 533.08 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.53 611.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.16 599.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 96.38 599.10 Td (af) Tj ET Q q 0 0 0 rg BT 103.97 599.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 125.18 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.84 599.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 181.77 599.10 Td (such ) Tj ET Q q 0 0 0 rg BT 202.43 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.10 599.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 254.30 599.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 314.68 599.10 Td (of) Tj ET Q q 0 0 0 rg BT 322.83 599.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 340.14 599.10 Td (space ) Tj ET Q q 0 0 0 rg BT 364.68 599.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 395.34 599.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.68 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.45 599.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 502.88 599.10 Td (char) Tj ET Q q 0 0 0 rg BT 519.91 599.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 538.07 599.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.99 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.04 587.10 Td (be ) Tj ET Q q 0 0 0 rg BT 95.75 587.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 125.79 587.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 174.69 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.74 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.23 587.10 Td (price ) Tj ET Q q 0 0 0 rg BT 221.49 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.10 587.10 Td (services ) Tj ET Q q 0 0 0 rg BT 266.58 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.51 587.10 Td (of) Tj ET Q q 0 0 0 rg BT 288.66 587.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 302.03 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.08 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.68 587.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 358.40 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 363.81 587.10 Td (o ) Tj ET Q q 0 0 0 rg BT 371.08 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.57 587.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 412.28 587.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 448.43 587.10 Td (results ) Tj ET Q q 0 0 0 rg BT 476.81 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.86 587.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 511.91 587.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.62 587.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 575.10 Td (has ) Tj ET Q q 0 0 0 rg BT 82.27 575.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 115.31 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 122.89 575.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 144.27 575.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 166.77 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.49 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 221.75 575.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 258.41 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 266.46 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 286.18 575.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 327.00 575.10 Td (af) Tj ET Q q 0 0 0 rg BT 334.58 575.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 352.07 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.90 575.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.38 575.10 Td (position ) Tj ET Q q 0 0 0 rg BT 440.11 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.04 575.10 Td (results ) Tj ET Q q 0 0 0 rg BT 485.65 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.48 575.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 78.67 551.10 Td (3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 551.10 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 147.39 551.10 Td (A) Tj ET Q q 0 0 0 rg BT 153.51 551.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 178.98 551.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 202.59 551.10 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 239.26 551.10 Td (A) Tj ET Q q 0 0 0 rg BT 245.38 551.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 271.22 551.10 Td (DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 341.71 551.10 Td (ABOUT ) Tj ET Q q 0 0 0 rg BT 378.10 551.10 Td (MARKET ) Tj ET Q q 0 0 0 rg BT 422.28 551.10 Td (RISK.) 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 68.07 527.10 Td (information ) Tj ET Q q 0 0 0 rg BT 118.31 527.10 Td (under ) Tj ET Q q 0 0 0 rg BT 144.10 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.34 527.10 Td (caption ) Tj ET Q q 0 0 0 rg BT 191.80 527.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 217.24 527.10 Td (Management" ) Tj ET Q q 0 0 0 rg BT 276.55 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.35 527.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 306.49 527.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 315.34 527.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 336.69 527.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 347.21 527.10 Td ("Management's ) Tj ET Q q 0 0 0 rg BT 412.21 527.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 459.13 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.92 527.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 513.95 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.30 527.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 92.00 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.94 515.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 140.89 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.72 515.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 204.68 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.96 515.10 Td (this ) Tj ET Q q 0 0 0 rg BT 231.91 515.10 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 272.72 515.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 302.44 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 314.94 515.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 339.11 515.10 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 362.16 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 371.33 515.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 424.36 515.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 451.85 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.35 515.10 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (ITEM 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 491.10 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 158.41 491.10 Td (AND PROCEDURES.) 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 63.28 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.27 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.15 467.10 Td (end ) Tj ET Q q 0 0 0 rg BT 106.25 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.25 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.13 467.10 Td (period ) Tj ET Q q 0 0 0 rg BT 160.34 467.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 194.65 467.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.31 467.10 Td (this ) Tj ET Q q 0 0 0 rg BT 224.42 467.10 Td (report, ) Tj ET Q q 0 0 0 rg BT 253.46 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.79 467.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 311.54 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.65 467.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 370.46 467.10 Td (under ) Tj ET Q q 0 0 0 rg BT 395.89 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.77 467.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 459.54 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.65 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.09 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 467.10 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.75 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.00 455.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 115.47 455.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 156.70 455.10 Td (of) Tj ET Q q 0 0 0 rg BT 164.85 455.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 186.08 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.44 455.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 241.91 455.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.81 455.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.96 455.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 305.87 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.30 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.55 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.80 455.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 382.27 455.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.40 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.76 455.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 481.55 455.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 496.13 455.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 529.04 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.74 455.10 Td (Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 90.43 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.93 443.10 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 148.43 443.10 Td (under ) Tj ET Q q 0 0 0 rg BT 173.26 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.54 443.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 229.04 443.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 270.07 443.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 286.58 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.97 443.10 Td (1934\). ) Tj ET Q q 0 0 0 rg BT 324.86 443.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 351.37 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.43 443.10 Td (this ) Tj ET Q q 0 0 0 rg BT 379.94 443.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 426.16 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.55 443.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 479.16 443.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 519.54 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 527.68 443.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 548.06 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.49 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.92 431.10 Td (of) Tj ET Q q 0 0 0 rg BT 133.06 431.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 153.83 431.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 197.37 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.81 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.58 431.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 273.58 431.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 308.24 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.13 431.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 371.44 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.09 431.10 Td (ef) Tj ET Q q 0 0 0 rg BT 393.68 431.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 423.33 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.55 431.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 462.10 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 479.54 431.10 Td (information ) Tj ET Q q 0 0 0 rg BT 529.20 431.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.76 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 73.68 419.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 114.38 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.86 419.10 Td (us ) Tj ET Q q 0 0 0 rg BT 140.23 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.49 419.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 182.74 419.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.21 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 216.35 419.10 Td (file ) Tj ET Q q 0 0 0 rg BT 233.16 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 244.97 419.10 Td (submit ) Tj ET Q q 0 0 0 rg BT 275.67 419.10 Td (under ) Tj ET Q q 0 0 0 rg BT 301.92 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.62 419.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 360.54 419.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 402.67 419.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 420.59 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.40 419.10 Td (1934 ) Tj ET Q q 0 0 0 rg BT 455.88 419.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.03 419.10 Td (\(a\)recorded, ) Tj ET Q q 0 0 0 rg BT 520.59 419.10 Td (processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 102.87 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.81 407.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.63 407.10 Td (within ) Tj ET Q q 0 0 0 rg BT 189.68 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.40 407.10 Td (time ) Tj ET Q q 0 0 0 rg BT 228.68 407.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 262.61 407.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 303.21 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.49 407.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 359.42 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.36 407.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 422.29 407.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 477.35 407.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 501.29 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.23 407.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 548.06 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (\(b\)accumulated ) Tj ET Q q 0 0 0 rg BT 116.86 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.98 395.10 Td (communicated ) Tj ET Q q 0 0 0 rg BT 195.52 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.97 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.98 395.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 278.25 395.10 Td (including ) Tj ET Q q 0 0 0 rg BT 318.69 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.70 395.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 372.92 395.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 413.90 395.10 Td (of) Tj ET Q q 0 0 0 rg BT 422.05 395.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 443.04 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.16 395.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.38 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 536.03 395.10 Td (of) Tj ET Q q 0 0 0 rg BT 544.18 395.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 383.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 84.50 383.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 112.55 383.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 152.26 383.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 193.08 383.10 Td (disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.40 359.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.18 359.10 Td (first ) Tj ET Q q 0 0 0 rg BT 113.86 359.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.18 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.74 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.64 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.54 359.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 195.76 359.10 Td (year ) Tj ET Q q 0 0 0 rg BT 215.54 359.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 245.33 359.10 Td (December ) Tj ET Q q 0 0 0 rg BT 288.98 359.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 304.05 359.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 329.11 359.10 Td (there ) Tj ET Q q 0 0 0 rg BT 351.67 359.10 Td (was ) Tj ET Q q 0 0 0 rg BT 369.79 359.10 Td (no ) Tj ET Q q 0 0 0 rg BT 382.36 359.10 Td (change ) Tj ET Q q 0 0 0 rg BT 413.24 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.59 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.49 359.10 Td (system ) Tj ET Q q 0 0 0 rg BT 469.83 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.73 359.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.84 359.10 Td (control ) Tj ET Q q 0 0 0 rg BT 544.73 359.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.28 347.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 126.74 347.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 141.21 347.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 174.00 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.58 347.10 Td (Rules ) Tj ET Q q 0 0 0 rg BT 210.16 347.10 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 250.73 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.97 347.10 Td (15d-15\(f\) ) Tj ET Q q 0 0 0 rg BT 309.09 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.67 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.69 347.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 391.92 347.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 433.53 347.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 450.78 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.91 347.10 Td (1934\) ) Tj ET Q q 0 0 0 rg BT 488.04 347.10 Td (that ) Tj ET Q q 0 0 0 rg BT 505.84 347.10 Td (has ) Tj ET Q q 0 0 0 rg BT 521.98 347.10 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 335.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 86.51 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.34 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.51 335.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 152.33 335.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 177.60 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.88 335.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 230.92 335.10 Td (af) Tj ET Q q 0 0 0 rg BT 238.50 335.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 258.49 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.32 335.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 307.36 335.10 Td (control ) Tj ET Q q 0 0 0 rg BT 338.19 335.10 Td (over ) Tj ET Q q 0 0 0 rg BT 358.46 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.94 335.10 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (P) Tj ET Q q 0 0 0 rg BT 54.87 311.10 Td (AR) Tj ET Q q 0 0 0 rg BT 68.96 311.10 Td (T) Tj ET Q q 0 0 0 rg BT 75.45 311.10 Td ( II. ) Tj ET Q q 0 0 0 rg BT 103.50 311.10 Td (OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 190.26 311.10 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (ITEM 1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 287.10 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 135.91 287.10 Td ( PROCEEDINGS.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (ITEM 1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 227.10 Td (RISK F) Tj ET Q q 0 0 0 rg BT 134.54 227.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 153.81 227.10 Td (ORS.) 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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 (T) Tj ET Q q 0 0 0 rg BT 354.29 664.20 Td (otal Number) Tj ET Q q 0 0 0 rg BT 402.54 664.20 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 432.88 664.20 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 664.20 Td (Appr) Tj ET Q q 0 0 0 rg BT 490.67 664.20 Td (oximate Dollar) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.70 653.20 Td (Pur) Tj ET Q q 0 0 0 rg BT 369.12 653.20 Td (chased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 653.20 Td (V) Tj ET Q q 0 0 0 rg BT 467.59 653.20 Td (alue of Shar) Tj ET Q q 0 0 0 rg BT 513.59 653.20 Td (es ) Tj ET Q q 0 0 0 rg BT 523.09 653.20 Td (Y) Tj ET Q q 0 0 0 rg BT 528.93 653.20 Td (et to be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.20 642.20 Td (T) Tj ET Q q 0 0 0 rg BT 180.79 642.20 Td (otal Number) Tj ET Q q 0 0 0 rg BT 229.04 642.20 Td ( of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.20 642.20 Td (A) Tj ET Q q 0 0 0 rg BT 274.37 642.20 Td (verage Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.85 642.20 Td (Publicly ) Tj ET Q q 0 0 0 rg BT 389.36 642.20 Td (Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.40 642.20 Td (Pur) Tj ET Q q 0 0 0 rg BT 482.82 642.20 Td (chased Under) Tj ET Q q 0 0 0 rg BT 535.41 642.20 Td ( 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 (Shar) Tj ET Q q 0 0 0 rg BT 191.17 631.20 Td (es Pur) Tj ET Q q 0 0 0 rg BT 215.26 631.20 Td (chased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 631.20 Td (Paid per) Tj ET Q q 0 0 0 rg BT 299.07 631.20 Td ( Shar) Tj ET Q q 0 0 0 rg BT 319.66 631.20 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.65 631.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 390.24 631.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 401.82 631.20 Td (ograms) 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 (\(January 1, 2018 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 600.01 Td (January 31, 2018\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 599.21 Td (71) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 599.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 599.21 Td (92.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 599.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 599.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 599.21 Td (150) 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 (\(February 1, 2018 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 566.01 Td (February 28, 2018\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 565.21 Td (187,789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 565.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 565.21 Td (89.41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 565.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 565.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 565.21 Td (150) 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 (\(March 1, 2018 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 532.01 Td (March 31, 2018\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 531.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 531.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 531.21 Td (150) 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 (T) Tj ET Q q 0 0 0 rg BT 57.37 511.21 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 511.21 Td (187,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 511.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 511.21 Td (89.41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 511.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 511.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 511.21 Td (150) 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 97.48 492.25 Td (September ) Tj ET Q q 0 0 0 rg BT 133.25 492.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 145.25 492.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 165.25 492.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.36 492.25 Td (boar) Tj ET Q q 0 0 0 rg BT 193.18 492.25 Td (d ) Tj ET Q q 0 0 0 rg BT 199.18 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.40 492.25 Td (dir) Tj ET Q q 0 0 0 rg BT 216.44 492.25 Td (ectors ) Tj ET Q q 0 0 0 rg BT 237.99 492.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 274.21 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.98 492.25 Td (r) Tj ET Q q 0 0 0 rg BT 288.80 492.25 Td (epur) Tj ET Q q 0 0 0 rg BT 303.17 492.25 Td (chase ) Tj ET Q q 0 0 0 rg BT 323.38 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.61 492.25 Td (up ) Tj ET Q q 0 0 0 rg BT 341.61 492.25 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.83 492.25 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 373.83 492.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.50 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.72 492.25 Td (common ) Tj ET Q q 0 0 0 rg BT 435.82 492.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 454.26 492.25 Td (thr) Tj ET Q q 0 0 0 rg BT 463.30 492.25 Td (ough ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.30 492.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 529.07 492.25 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.07 492.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.65 Td (ITEM 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 470.65 Td (EXHIBITS.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 432.15 m 109 432.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 432.15 m 486 432.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 432.15 m 563 432.15 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 450.83 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 450.88 Td (Method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 436.83 Td (Number) Tj ET Q q 0 0 0 rg BT 96.67 436.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 436.40 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 436.88 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 436.88 Td (of Filing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 416.72 Td (31.1) 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 126.5 415.3833984375 m 393.16015625 415.3833984375 l s q 0 0 1 rg BT 126.50 416.72 Td (Rule ) Tj ET Q q 0 0 1 rg BT 147.89 416.72 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 1 rg BT 231.46 416.72 Td (Certification ) Tj ET Q q 0 0 1 rg BT 284.50 416.72 Td (of ) Tj ET Q q 0 0 1 rg BT 295.33 416.72 Td (Chief ) Tj ET Q q 0 0 1 rg BT 320.04 416.72 Td (Executive ) Tj ET Q q 0 0 1 rg BT 362.53 416.72 Td (Of) Tj ET Q q 0 0 1 rg BT 372.90 416.72 Td (ficer) Tj ET Q q 0 0 1 rg BT 390.66 416.72 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 393.16 416.72 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 416.72 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 401.72 Td (31.2) 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 126.5 400.3833984375 m 390.3916015625 400.3833984375 l s q 0 0 1 rg BT 126.50 401.72 Td (Rule ) Tj ET Q q 0 0 1 rg BT 147.89 401.72 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 1 rg BT 231.46 401.72 Td (Certification ) Tj ET Q q 0 0 1 rg BT 284.50 401.72 Td (of ) Tj ET Q q 0 0 1 rg BT 295.33 401.72 Td (Chief ) Tj ET Q q 0 0 1 rg BT 320.04 401.72 Td (Financial ) Tj ET Q q 0 0 1 rg BT 359.76 401.72 Td (Of) Tj ET Q q 0 0 1 rg BT 370.13 401.72 Td (ficer) Tj ET Q q 0 0 1 rg BT 387.89 401.72 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.39 401.72 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 401.72 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 386.72 Td (32.1) 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 126.5 385.3833984375 m 238.423828125 385.3833984375 l s q 0 0 1 rg BT 126.50 386.72 Td (Section ) Tj ET Q q 0 0 1 rg BT 159.00 386.72 Td (1350 ) Tj ET Q q 0 0 1 rg BT 181.50 386.72 Td (Certifications.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 238.42 386.72 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 386.72 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 371.72 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 373.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 371.72 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 170.82 371.72 Td (data ) Tj ET Q q 0 0 0 rg BT 189.04 371.72 Td (files ) Tj ET Q q 0 0 0 rg BT 207.82 371.72 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 243.83 371.72 Td (to ) Tj ET Q q 0 0 0 rg BT 253.17 371.72 Td (Rule ) Tj ET Q q 0 0 0 rg BT 273.63 371.72 Td (405 ) Tj ET Q q 0 0 0 rg BT 290.20 371.72 Td (Registration ) Tj ET Q q 0 0 0 rg BT 340.65 371.72 Td (S-T) Tj ET Q q 0 0 0 rg BT 355.15 371.72 Td (: ) Tj ET Q q 0 0 0 rg BT 359.49 371.72 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 370.50 371.72 Td (the ) Tj ET Q q 0 0 0 rg BT 384.28 371.72 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 438.62 371.72 Td (Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 361.72 Td (of ) Tj ET Q q 0 0 0 rg BT 136.79 361.72 Td (Financial ) Tj ET Q q 0 0 0 rg BT 175.97 361.72 Td (Condition ) Tj ET Q q 0 0 0 rg BT 217.93 361.72 Td (as ) Tj ET Q q 0 0 0 rg BT 228.22 361.72 Td (of ) Tj ET Q q 0 0 0 rg BT 238.52 361.72 Td (March ) Tj ET Q q 0 0 0 rg BT 266.58 361.72 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.04 361.72 Td (2018 ) Tj ET Q q 0 0 0 rg BT 303.00 361.72 Td (and ) Tj ET Q q 0 0 0 rg BT 319.40 361.72 Td (December ) Tj ET Q q 0 0 0 rg BT 362.45 361.72 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.91 361.72 Td (2017, ) Tj ET Q q 0 0 0 rg BT 401.37 361.72 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 415.55 361.72 Td (the ) Tj ET Q q 0 0 0 rg BT 429.73 361.72 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 351.72 Td (Statements ) Tj ET Q q 0 0 0 rg BT 173.24 351.72 Td (of ) Tj ET Q q 0 0 0 rg BT 184.42 351.72 Td (Operations ) Tj ET Q q 0 0 0 rg BT 231.16 351.72 Td (for ) Tj ET Q q 0 0 0 rg BT 245.67 351.72 Td (the ) Tj ET Q q 0 0 0 rg BT 260.74 351.72 Td (three ) Tj ET Q q 0 0 0 rg BT 283.58 351.72 Td (months ) Tj ET Q q 0 0 0 rg BT 315.89 351.72 Td (ended ) Tj ET Q q 0 0 0 rg BT 342.62 351.72 Td (March ) Tj ET Q q 0 0 0 rg BT 371.57 351.72 Td (31, ) Tj ET Q q 0 0 0 rg BT 386.93 351.72 Td (2018 ) Tj ET Q q 0 0 0 rg BT 409.79 351.72 Td (and ) Tj ET Q q 0 0 0 rg BT 427.08 351.72 Td (2017, ) Tj ET Q q 0 0 0 rg BT 452.43 351.72 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 470.29 351.72 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 341.72 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 181.32 341.72 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.24 341.72 Td (of ) Tj ET Q q 0 0 0 rg BT 237.62 341.72 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 302.42 341.72 Td (Income ) Tj ET Q q 0 0 0 rg BT 334.45 341.72 Td (for ) Tj ET Q q 0 0 0 rg BT 348.16 341.72 Td (the ) Tj ET Q q 0 0 0 rg BT 362.42 341.72 Td (three ) Tj ET Q q 0 0 0 rg BT 384.44 341.72 Td (months ) Tj ET Q q 0 0 0 rg BT 415.94 341.72 Td (ended ) Tj ET Q q 0 0 0 rg BT 441.86 341.72 Td (March ) Tj ET Q q 0 0 0 rg BT 470.00 341.72 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 331.72 Td (2018 ) Tj ET Q q 0 0 0 rg BT 148.34 331.72 Td (and ) Tj ET Q q 0 0 0 rg BT 164.62 331.72 Td (2017, ) Tj ET Q q 0 0 0 rg BT 188.97 331.72 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 205.25 331.72 Td (the ) Tj ET Q q 0 0 0 rg BT 219.31 331.72 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 273.92 331.72 Td (Statements ) Tj ET Q q 0 0 0 rg BT 319.65 331.72 Td (of ) Tj ET Q q 0 0 0 rg BT 329.82 331.72 Td (Cash ) Tj ET Q q 0 0 0 rg BT 351.66 331.72 Td (Flows ) Tj ET Q q 0 0 0 rg BT 377.96 331.72 Td (for ) Tj ET Q q 0 0 0 rg BT 391.46 331.72 Td (the ) Tj ET Q q 0 0 0 rg BT 405.52 331.72 Td (three ) Tj ET Q q 0 0 0 rg BT 427.34 331.72 Td (months ) Tj ET Q q 0 0 0 rg BT 458.63 331.72 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 321.72 Td (March ) Tj ET Q q 0 0 0 rg BT 155.10 321.72 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.10 321.72 Td (2018 ) Tj ET Q q 0 0 0 rg BT 192.60 321.72 Td (and ) Tj ET Q q 0 0 0 rg BT 209.54 321.72 Td (2017 ) Tj ET Q q 0 0 0 rg BT 232.04 321.72 Td (and ) Tj ET Q q 0 0 0 rg BT 248.98 321.72 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 263.14 321.72 Td (the ) Tj ET Q q 0 0 0 rg BT 277.85 321.72 Td (notes ) Tj ET Q q 0 0 0 rg BT 301.46 321.72 Td (to ) Tj ET Q q 0 0 0 rg BT 311.74 321.72 Td (the ) Tj ET Q q 0 0 0 rg BT 326.46 321.72 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 381.73 321.72 Td (Financial ) Tj ET Q q 0 0 0 rg BT 421.44 321.72 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 371.72 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 708.75 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 708.75 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 684.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 105.19 684.75 Td (to ) Tj ET Q q 0 0 0 rg BT 115.66 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.56 684.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 185.46 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.47 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.38 684.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 253.50 684.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 295.02 684.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 312.15 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.17 684.75 Td (1934, ) Tj ET Q q 0 0 0 rg BT 348.36 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.27 684.75 Td (registrant ) Tj ET Q q 0 0 0 rg BT 403.72 684.75 Td (has ) Tj ET Q q 0 0 0 rg BT 419.74 684.75 Td (duly ) Tj ET Q q 0 0 0 rg BT 440.21 684.75 Td (caused ) Tj ET Q q 0 0 0 rg BT 470.10 684.75 Td (this ) Tj ET Q q 0 0 0 rg BT 487.24 684.75 Td (report ) Tj ET Q q 0 0 0 rg BT 513.81 684.75 Td (to ) Tj ET Q q 0 0 0 rg BT 524.28 684.75 Td (be ) Tj ET Q q 0 0 0 rg BT 536.40 684.75 Td (signed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 672.75 Td (its ) Tj ET Q q 0 0 0 rg BT 73.95 672.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 101.43 672.75 Td (by ) Tj ET Q q 0 0 0 rg BT 113.93 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.65 672.75 Td (undersigned ) Tj ET Q q 0 0 0 rg BT 180.03 672.75 Td (thereunto ) Tj ET Q q 0 0 0 rg BT 220.29 672.75 Td (duly ) Tj ET Q q 0 0 0 rg BT 240.57 672.75 Td (authorized. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 596.25 m 561 596.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 553.25 m 561 553.25 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 628.82 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 359.23 628.82 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 394.90 628.82 Td (Y) Tj ET Q q 0 0 0 rg BT 401.48 628.82 Td ( ) Tj ET Q q 0 0 0 rg BT 403.79 628.82 Td (COMP) Tj ET Q q 0 0 0 rg BT 431.68 628.82 Td (ANIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 600.82 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 600.82 Td (May ) Tj ET Q q 0 0 0 rg BT 108.33 600.82 Td (4, ) Tj ET Q q 0 0 0 rg BT 118.33 600.82 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 600.82 Td (By) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.50 600.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 600.82 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 375.45 600.82 Td (Chad ) Tj ET Q q 0 0 0 rg BT 399.06 600.82 Td (R. ) Tj ET Q q 0 0 0 rg BT 410.45 600.82 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 586.82 Td (Its) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.50 586.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 586.82 Td (Chief ) Tj ET Q q 0 0 0 rg BT 388.22 586.82 Td (Executive ) Tj ET Q q 0 0 0 rg BT 430.70 586.82 Td (Of) Tj ET Q q 0 0 0 rg BT 441.16 586.82 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 557.82 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 557.82 Td (May ) Tj ET Q q 0 0 0 rg BT 108.33 557.82 Td (4, ) Tj ET Q q 0 0 0 rg BT 118.33 557.82 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 557.82 Td (By) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.50 557.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 557.82 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 375.36 557.82 Td (T) Tj ET Q q 0 0 0 rg BT 381.20 557.82 Td (imothy ) Tj ET Q q 0 0 0 rg BT 411.86 557.82 Td (L. ) Tj ET Q q 0 0 0 rg BT 422.97 557.82 Td (Carter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 543.82 Td (Its) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.50 543.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 543.82 Td (Chief ) Tj ET Q q 0 0 0 rg BT 388.22 543.82 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.93 543.82 Td (Of) Tj ET Q q 0 0 0 rg BT 438.30 543.82 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 730.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 730.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (I, Chad R. ) Tj ET Q q 0 0 0 rg BT 93.06 706.25 Td (Abraham, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 682.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 64.00 682.25 Td (I ) Tj ET Q q 0 0 0 rg BT 69.83 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 91.21 682.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 130.35 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 147.30 682.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 185.89 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.27 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 248.94 682.25 Td (10-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.) 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 (May4, ) Tj ET Q q 0 0 0 rg BT 104.99 178.25 Td (2018) 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/ Chad R. ) Tj ET Q q 0 0 0 rg BT 413.95 146.32 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 133.32 Td (Chad R. ) Tj ET Q q 0 0 0 rg BT 402.00 133.32 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 120.32 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 444.57 120.32 Td (ficer) 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 129 0 obj <> endobj 130 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 58.15 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 706.25 Td (imothy ) Tj ET Q q 0 0 0 rg BT 94.74 706.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 105.85 706.25 Td (Carter) Tj ET Q q 0 0 0 rg BT 130.43 706.25 Td (, ) Tj ET Q q 0 0 0 rg BT 135.43 706.25 Td (certify ) Tj ET Q q 0 0 0 rg BT 164.03 706.25 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 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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 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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 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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 (May4, 2018) 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 363.5 142.75 m 561.5 142.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 146.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 377.86 146.32 Td (T) Tj ET Q q 0 0 0 rg BT 383.70 146.32 Td (imothy L. Carter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 133.32 Td (T) Tj ET Q q 0 0 0 rg BT 371.93 133.32 Td (imothy L. Carter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 120.32 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 440.80 120.32 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.75 Td (Exhibit 32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Certification ) Tj ET Q q 0 0 0 rg BT 106.92 730.25 Td (Under) Tj ET Q q 0 0 0 rg BT 133.96 730.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.46 730.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 187.57 730.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.40 730.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.23 730.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 283.96 730.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 301.45 730.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.28 730.25 Td (2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 105.76 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.31 706.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 166.56 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 177.66 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.64 706.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 258.66 706.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 275.86 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.96 706.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 312.22 706.25 Td (each ) Tj ET Q q 0 0 0 rg BT 333.30 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.39 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.37 706.25 Td (undersigned ) Tj ET Q q 0 0 0 rg BT 411.01 706.25 Td (certifies ) Tj ET Q q 0 0 0 rg BT 445.98 706.25 Td (that ) Tj ET Q q 0 0 0 rg BT 463.74 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 480.95 706.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 516.48 706.25 Td (report ) Tj ET Q q 0 0 0 rg BT 543.12 706.25 Td (fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (complies ) Tj ET Q q 0 0 0 rg BT 88.58 694.25 Td (with ) Tj ET Q q 0 0 0 rg BT 108.84 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.54 694.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 178.22 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.03 694.25 Td (Section13\(a\) ) Tj ET Q q 0 0 0 rg BT 245.11 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 255.92 694.25 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 280.06 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.87 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.57 694.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 347.48 694.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 388.84 694.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 405.76 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.57 694.25 Td (1934 ) Tj ET Q q 0 0 0 rg BT 439.05 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.97 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 473.44 694.25 Td (information ) Tj ET Q q 0 0 0 rg BT 523.13 694.25 Td (contained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.85 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 78.38 682.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 114.22 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 141.17 682.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 165.90 682.25 Td (presents, ) Tj ET Q q 0 0 0 rg BT 204.25 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.10 682.25 Td (all ) Tj ET Q q 0 0 0 rg BT 228.17 682.25 Td (material ) Tj ET Q q 0 0 0 rg BT 264.01 682.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 301.79 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.08 682.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.14 682.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 395.99 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.51 682.25 Td (results ) Tj ET Q q 0 0 0 rg BT 442.69 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.10 682.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 498.83 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.23 682.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.42 682.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 545.90 682.25 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Dated: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.16 646.25 Td (May4, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.99 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 595.75 m 561.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 525.75 m 561.5 525.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 600.32 Td (/s/ Chad R. ) Tj ET Q q 0 0 0 rg BT 433.95 600.32 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 586.32 Td (Chad R. ) Tj ET Q q 0 0 0 rg BT 422.00 586.32 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 572.32 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 464.66 572.32 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 530.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 398.86 530.32 Td (T) Tj ET Q q 0 0 0 rg BT 404.70 530.32 Td (imothy L. Carter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 516.32 Td (T) Tj ET Q q 0 0 0 rg BT 392.93 516.32 Td (imothy L. 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