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0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369 742.5 m 387 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 742.5 m 402 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402 742.5 m 418 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 742.5 m 436 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436 742.5 m 451 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 742.5 m 466 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466 742.5 m 484 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 742.5 m 502 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 742.5 m 517 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 742.5 m 535 742.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 535 742.5 m 553 742.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58 737.5 m 65 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65 737.5 m 83 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83 737.5 m 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0 j 3 M 297 737.5 m 312 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 737.5 m 321 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 737.5 m 330 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 737.5 m 339 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 737.5 m 354 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 737.5 m 369 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 737.5 m 387 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 737.5 m 402 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 737.5 m 418 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 737.5 m 436 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 737.5 m 451 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 737.5 m 466 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 737.5 m 484 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 737.5 m 502 737.5 l s 0 0 0 RG /GS0 gs 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 504.5 m 321 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 504.5 m 330 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 504.5 m 339 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 504.5 m 354 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 407.5 m 264 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 407.5 m 279 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 407.5 m 297 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 407.5 m 312 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 407.5 m 321 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 407.5 m 330 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 407.5 m 339 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 407.5 m 354 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 367.5 m 186 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 367.5 m 201 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 367.5 m 216 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 367.5 m 231 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231 367.5 m 249 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 367.5 m 264 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 367.5 m 354 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 367.5 m 369 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 367.5 m 387 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 367.5 m 402 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 367.5 m 418 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 367.5 m 436 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 367.5 m 451 367.5 l s BT /F2 16.00 Tf ET q 0 0 0 rg BT 240.35 724.21 Td (UNITED STATES) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 131.15 708.21 Td (SECURITIES AND EXCHANGE COMMISSION) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 249.45 693.61259765625 m 352.526171875 693.61259765625 l s q 0 0 0 rg BT 249.45 695.18 Td (Washington, D.C. 20549) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 252.15 673.21 Td (FORM 10-K) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.50 661.73 Td (\(Mark One\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.90 648.60 Td ([X]) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 648.18 Td (ANNUAL REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE�SECURITIES EXCHANGE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 633.18 Td (ACT OF 1934) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.45 619.73 Td (For the fiscal year ended March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.25 604.73 Td (or) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.80 592.45 Td ([ ]) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 591.18 Td (TRANSITION REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 576.18 Td (EXCHANGE ACT OF 1934) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.50 560.73 Td (For the transition period from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.15 560.73 Td (to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.95 547.73 Td (Commission File Number 1-8529) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 225.40 526.21 Td (LEGG MASON, INC.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.60 512.73 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 489.23 Td (Maryland) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.30 489.23 Td (52-1200960) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.65 476.73 Td (\(State or other jurisdiction of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.65 476.73 Td (\(I.R.S. Employer) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 123.35 464.58 Td ( incorporation or organization\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.15 464.58 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.20 451.23 Td (100 International Drive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 451.23 Td (21202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.35 438.23 Td (Baltimore, MD) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.90 438.73 Td (\(Zip Code\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.35 426.58 Td (\(Address of principal executive offices\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.50 411.73 Td (Registrant's telephone number, including area code:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.50 411.73 Td (\(410\) 539-0000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.50 395.58 Td (Securities registered pursuant to Section 12\(b\) of the Act:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.35 383.58 Td (Name of each exchange on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.95 371.58 Td (Title of each class) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.30 371.58 Td (which registered) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.70 359.45 Td (Common Stock, $.10 par value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.35 359.45 Td (New York Stock Exchange) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.50 347.58 Td (Securities registered pursuant to Section 12\(g\) of the Act: NONE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 335.45 Td (Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule�405 of the Securities Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.15 335.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.90 335.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.10 335.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.80 335.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 323.45 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section�13 or 15\(d\) of the Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.15 323.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.80 323.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.10 323.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.90 323.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 311.45 Td (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section 13 or 15\(d\) of the Securities Exchange Act of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 299.45 Td (1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\) has been subject to such) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 287.45 Td (filing requirements for the past 90 days.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.65 287.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.90 287.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.60 287.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.80 287.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 275.45 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 263.45 Td (required to be submitted and posted pursuant to Rule�405 of Regulation�S-T \(�232.405 of this chapter\) during the preceding 12�months) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 251.45 Td (\(or such shorter period that the registrant was required to submit and post such files\).�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.65 251.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.90 251.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.10 251.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.80 251.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 239.45 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item�405 of Regulation�S-K \(�229.405 of this chapter\) is not contained herein,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 227.45 Td (and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part�III of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 215.45 Td (this Form 10-K or any amendment to this Form�10-K.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.90 215.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 203.45 Td (Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 191.45 Td (company.��See the definitions of �large accelerated filer,� �accelerated filer� and �smaller reporting company� in Rule 12b-2 of the Exchange Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 179.45 Td (\(Check one\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 167.45 Td (Large accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.90 167.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.50 167.45 Td (Accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.80 167.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 155.45 Td (Non-accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.80 155.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.50 155.45 Td (Smaller reporting company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.80 155.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 143.45 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 131.45 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange Act\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.65 131.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 131.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.10 131.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.90 131.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 119.45 Td (As of September�30, 2015 the aggregate market value of the registrant's voting stock, consisting of the registrant's common stock, held by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 107.45 Td (non-affiliates was $4,446,042,065.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 95.45 Td (As of May 17, 2016, the number of shares outstanding of the registrant's common stock was 105,402,210.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.90 78.18 Td (DOCUMENTS INCORPORATED BY REFERENCE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 65.45 Td (Portions of the registrant's definitive proxy statement for its Annual Meeting of Stockholders to be held on July 26, 2016 are incorporated by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 53.45 Td (reference into Part�III of this Report.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.95 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 256.17 741.90 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.58 741.90 Td ( CONTENTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 536.90 709.19 Td (Page) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 693.220068359375 m 218.85791015625 693.220068359375 l s q 0 0 1 rg BT 95.50 694.62 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 553.25 693.220068359375 m 558.5 693.220068359375 l s q 0 0 1 rg BT 553.25 694.62 Td (1) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 293 667.1454833984375 m 326.95703125 667.1454833984375 l s q 0 0 1 rg BT 293.00 668.79 Td (P) Tj ET Q q 0 0 1 rg BT 298.63 668.79 Td (AR) Tj ET Q q 0 0 1 rg BT 313.43 668.79 Td (T) Tj ET Q q 0 0 1 rg BT 320.25 668.79 Td ( I) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 654.220068359375 m 81.2421875 654.220068359375 l s q 0 0 1 rg BT 51.50 655.62 Td (Item�1.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 654.220068359375 m 132.8408203125 654.220068359375 l s q 0 0 1 rg BT 95.50 655.62 Td (Business) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 553.25 654.220068359375 m 558.5 654.220068359375 l s q 0 0 1 rg BT 553.25 655.62 Td (2) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 640.220068359375 m 88.8251953125 640.220068359375 l s q 0 0 1 rg BT 51.50 641.62 Td (Item�1A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 640.220068359375 m 148.2939453125 640.220068359375 l s q 0 0 1 rg BT 95.50 641.62 Td (Risk Factors) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 640.220068359375 m 558.5 640.220068359375 l s q 0 0 1 rg BT 548.00 641.62 Td (16) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 626.220068359375 m 88.24560546875 626.220068359375 l s q 0 0 1 rg BT 51.50 627.62 Td (Item�1B.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 626.220068359375 m 214.87939453125 626.220068359375 l s q 0 0 1 rg BT 95.50 627.62 Td (Unresolved Staf) Tj ET Q q 0 0 1 rg BT 163.25 627.62 Td (f Comments) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 626.220068359375 m 558.5 626.220068359375 l s q 0 0 1 rg BT 548.00 627.62 Td (28) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 612.220068359375 m 81.2421875 612.220068359375 l s q 0 0 1 rg BT 51.50 613.62 Td (Item�2.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 612.220068359375 m 138.07568359375 612.220068359375 l s q 0 0 1 rg BT 95.50 613.62 Td (Properties) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 612.220068359375 m 558.5 612.220068359375 l s q 0 0 1 rg BT 548.00 613.62 Td (28) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 598.220068359375 m 81.2421875 598.220068359375 l s q 0 0 1 rg BT 51.50 599.62 Td (Item�3.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 598.220068359375 m 173.35009765625 598.220068359375 l s q 0 0 1 rg BT 95.50 599.62 Td (Legal Proceedings) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 598.220068359375 m 558.5 598.220068359375 l s q 0 0 1 rg BT 548.00 599.62 Td (28) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 584.220068359375 m 81.2421875 584.220068359375 l s q 0 0 1 rg BT 51.50 585.62 Td (Item�4.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 584.220068359375 m 198.73486328125 584.220068359375 l s q 0 0 1 rg BT 95.50 585.62 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 584.220068359375 m 558.5 584.220068359375 l s q 0 0 1 rg BT 548.00 585.62 Td (28) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 570.220068359375 m 88.8251953125 570.220068359375 l s q 0 0 1 rg BT 51.50 571.62 Td (Item�4A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 570.220068359375 m 246.92431640625 570.220068359375 l s q 0 0 1 rg BT 95.50 571.62 Td (Executive Of) Tj ET Q q 0 0 1 rg BT 151.00 571.62 Td (ficers of the Registrant) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 570.220068359375 m 558.5 570.220068359375 l s q 0 0 1 rg BT 548.00 571.62 Td (29) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 290.95 556.1454833984375 m 328.99345703125 556.1454833984375 l s q 0 0 1 rg BT 290.95 557.79 Td (P) Tj ET Q q 0 0 1 rg BT 296.58 557.79 Td (AR) Tj ET Q q 0 0 1 rg BT 311.38 557.79 Td (T) Tj ET Q q 0 0 1 rg BT 318.20 557.79 Td ( II) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 543.220068359375 m 81.2421875 543.220068359375 l s q 0 0 1 rg BT 51.50 544.62 Td (Item�5.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 542.270068359375 m 524.22216796875 542.270068359375 l s q 0 0 1 rg BT 95.50 543.67 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 1 rg BT 264.11 543.67 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.50 Tf ET 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 104.5 531.770068359375 m 145.9072265625 531.770068359375 l s q 0 0 1 rg BT 104.50 533.17 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 543.220068359375 m 558.5 543.220068359375 l s q 0 0 1 rg BT 548.00 544.62 Td (30) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 517.220068359375 m 81.2421875 517.220068359375 l s q 0 0 1 rg BT 51.50 518.62 Td (Item�6.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 517.220068359375 m 195.21337890625 517.220068359375 l s q 0 0 1 rg BT 95.50 518.62 Td (Selected Financial Data) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 517.220068359375 m 558.5 517.220068359375 l s q 0 0 1 rg BT 548.00 518.62 Td (31) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 503.220068359375 m 81.2421875 503.220068359375 l s q 0 0 1 rg BT 51.50 504.62 Td (Item�7.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 503.220068359375 m 470.69140625 503.220068359375 l s q 0 0 1 rg BT 95.50 504.62 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 224.84 504.62 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 503.220068359375 m 558.5 503.220068359375 l s q 0 0 1 rg BT 548.00 504.62 Td (32) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 489.220068359375 m 88.8251953125 489.220068359375 l s q 0 0 1 rg BT 51.50 490.62 Td (Item�7A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 489.220068359375 m 349.2109375 489.220068359375 l s q 0 0 1 rg BT 95.50 490.62 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 268.13 490.62 Td (About Market Risk) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 489.220068359375 m 558.5 489.220068359375 l s q 0 0 1 rg BT 548.00 490.62 Td (77) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 475.220068359375 m 81.2421875 475.220068359375 l s q 0 0 1 rg BT 51.50 476.62 Td (Item�8.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 475.220068359375 m 289.70556640625 475.220068359375 l s q 0 0 1 rg BT 95.50 476.62 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 475.220068359375 m 558.5 475.220068359375 l s q 0 0 1 rg BT 548.00 476.62 Td (78) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 461.220068359375 m 81.2421875 461.220068359375 l s q 0 0 1 rg BT 51.50 462.62 Td (Item�9.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 461.220068359375 m 473.9833984375 461.220068359375 l s q 0 0 1 rg BT 95.50 462.62 Td (Changes in and Disagreements ) Tj ET Q q 0 0 1 rg BT 227.70 462.62 Td (W) Tj ET Q q 0 0 1 rg BT 237.19 462.62 Td (ith ) Tj ET Q q 0 0 1 rg BT 250.32 462.62 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 317.98 462.62 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 461.220068359375 m 558.5 461.220068359375 l s q 0 0 1 rg BT 542.75 462.62 Td (144) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 447.220068359375 m 88.8251953125 447.220068359375 l s q 0 0 1 rg BT 51.50 448.62 Td (Item�9A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 447.220068359375 m 198.7333984375 447.220068359375 l s q 0 0 1 rg BT 95.50 448.62 Td (Controls and Procedures) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 447.220068359375 m 558.5 447.220068359375 l s q 0 0 1 rg BT 542.75 448.62 Td (144) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 433.220068359375 m 88.24560546875 433.220068359375 l s q 0 0 1 rg BT 51.50 434.62 Td (Item�9B.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 433.220068359375 m 172.185546875 433.220068359375 l s q 0 0 1 rg BT 95.50 434.62 Td (Other Information) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 433.220068359375 m 558.5 433.220068359375 l s q 0 0 1 rg BT 542.75 434.62 Td (144) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 288.9 419.1454833984375 m 331.0298828125 419.1454833984375 l s q 0 0 1 rg BT 288.90 420.79 Td (P) Tj ET Q q 0 0 1 rg BT 294.53 420.79 Td (AR) Tj ET Q q 0 0 1 rg BT 309.33 420.79 Td (T) Tj ET Q q 0 0 1 rg BT 316.15 420.79 Td ( III) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 406.220068359375 m 86.4921875 406.220068359375 l s q 0 0 1 rg BT 51.50 407.62 Td (Item�10.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 406.220068359375 m 334.37646484375 406.220068359375 l s q 0 0 1 rg BT 95.50 407.62 Td (Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 195.31 407.62 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 406.220068359375 m 558.5 406.220068359375 l s q 0 0 1 rg BT 542.75 407.62 Td (145) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 392.220068359375 m 86.1025390625 392.220068359375 l s q 0 0 1 rg BT 51.50 393.62 Td (Item�1) Tj ET Q q 0 0 1 rg BT 78.23 393.62 Td (1.) 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0 rg BT 189.48 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 200.85 591.30 Td (on ) Tj ET Q q 0 0 0 rg BT 213.98 591.30 Td (behalf ) Tj ET Q q 0 0 0 rg BT 242.84 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 254.21 591.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 278.41 591.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 309.62 591.30 Td (is ) Tj ET Q q 0 0 0 rg BT 319.25 591.30 Td (not ) Tj ET Q q 0 0 0 rg BT 335.29 591.30 Td (a ) Tj ET Q q 0 0 0 rg BT 342.58 591.30 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 386.01 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 397.38 591.30 Td (future ) Tj ET Q q 0 0 0 rg BT 425.08 591.30 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 79.74 566.10 Td (results ) Tj ET Q q 0 0 0 rg BT 109.41 566.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.74 566.10 Td (dif) Tj ET Q q 0 0 0 rg BT 141.21 566.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 155.12 566.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 199.94 566.10 Td (from ) Tj ET Q q 0 0 0 rg BT 222.60 566.10 Td (those ) Tj ET Q q 0 0 0 rg BT 247.02 566.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.44 566.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 328.50 566.10 Td (information ) Tj ET Q q 0 0 0 rg BT 380.33 566.10 Td (as ) Tj ET Q q 0 0 0 rg BT 391.33 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.24 566.10 Td (result ) Tj ET Q q 0 0 0 rg BT 423.82 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.82 566.10 Td (various ) Tj ET Q q 0 0 0 rg BT 467.98 566.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 501.43 566.10 Td (some ) Tj ET Q q 0 0 0 rg BT 525.84 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.84 566.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (are ) Tj ET Q q 0 0 0 rg BT 65.61 553.50 Td (beyond ) Tj ET Q q 0 0 0 rg BT 99.82 553.50 Td (our ) Tj ET Q q 0 0 0 rg BT 117.12 553.50 Td (control, ) Tj ET Q q 0 0 0 rg BT 152.78 553.50 Td (including ) Tj ET Q q 0 0 0 rg BT 195.74 553.50 Td (but ) Tj ET Q q 0 0 0 rg BT 212.45 553.50 Td (not ) Tj ET Q q 0 0 0 rg BT 229.17 553.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 262.21 553.50 Td (to ) Tj ET Q q 0 0 0 rg BT 273.68 553.50 Td (those ) Tj ET Q q 0 0 0 rg BT 299.14 553.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 342.68 553.50 Td (below ) Tj ET Q q 0 0 0 rg BT 371.64 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 390.10 553.50 Td (those ) Tj ET Q q 0 0 0 rg BT 415.56 553.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 459.11 553.50 Td (under ) Tj ET Q q 0 0 0 rg BT 486.31 553.50 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 553.50 Td (heading ) Tj ET Q q 0 0 0 rg BT 538.97 553.50 Td ("Risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.90 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 88.37 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 107.20 540.90 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 152.85 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 164.69 540.90 Td (this ) Tj ET Q q 0 0 0 rg BT 183.53 540.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 215.78 540.90 Td (on ) Tj ET Q q 0 0 0 rg BT 229.95 540.90 Td (Form�10-K ) Tj ET Q q 0 0 0 rg BT 280.58 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 299.41 540.90 Td (our ) Tj ET Q q 0 0 0 rg BT 317.08 540.90 Td (other ) Tj ET Q q 0 0 0 rg BT 342.32 540.90 Td (public ) Tj ET Q q 0 0 0 rg BT 372.24 540.90 Td (filings, ) Tj ET Q q 0 0 0 rg BT 405.37 540.90 Td (press ) Tj ET Q q 0 0 0 rg BT 430.62 540.90 Td (releases ) Tj ET Q q 0 0 0 rg BT 467.52 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 486.35 540.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 534.35 540.90 Td (by ) Tj ET Q q 0 0 0 rg BT 548.52 540.90 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (management. ) Tj ET Q q 0 0 0 rg BT 108.91 528.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.06 528.30 Td (Due ) Tj ET Q q 0 0 0 rg BT 132.69 528.30 Td (to ) Tj ET Q q 0 0 0 rg BT 144.00 528.30 Td (such ) Tj ET Q q 0 0 0 rg BT 166.39 528.30 Td (risks, ) Tj ET Q q 0 0 0 rg BT 192.00 528.30 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 248.79 528.30 Td (and ) Tj ET Q q 0 0 0 rg BT 267.09 528.30 Td (other ) Tj ET Q q 0 0 0 rg BT 291.81 528.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 326.15 528.30 Td (we ) Tj ET Q q 0 0 0 rg BT 341.53 528.30 Td (caution ) Tj ET Q q 0 0 0 rg BT 375.58 528.30 Td (each ) Tj ET Q q 0 0 0 rg BT 397.96 528.30 Td (person ) Tj ET Q q 0 0 0 rg BT 429.09 528.30 Td (receiving ) Tj ET Q q 0 0 0 rg BT 471.30 528.30 Td (such ) Tj ET Q q 0 0 0 rg BT 493.69 528.30 Td (forward-looking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (information ) Tj ET Q q 0 0 0 rg BT 101.61 515.70 Td (not ) Tj ET Q q 0 0 0 rg BT 117.57 515.70 Td (to ) Tj ET Q q 0 0 0 rg BT 128.28 515.70 Td (place ) Tj ET Q q 0 0 0 rg BT 152.97 515.70 Td (undue ) Tj ET Q q 0 0 0 rg BT 181.17 515.70 Td (reliance ) Tj ET Q q 0 0 0 rg BT 216.94 515.70 Td (on ) Tj ET Q q 0 0 0 rg BT 229.98 515.70 Td (such ) Tj ET Q q 0 0 0 rg BT 251.76 515.70 Td (statements. ) Tj ET Q q 0 0 0 rg BT 301.25 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 303.79 515.70 Td (Further) Tj ET Q q 0 0 0 rg BT 334.29 515.70 Td (, ) Tj ET Q q 0 0 0 rg BT 339.45 515.70 Td (such ) Tj ET Q q 0 0 0 rg BT 361.24 515.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 432.59 515.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 479.46 515.70 Td (speak ) Tj ET Q q 0 0 0 rg BT 505.91 515.70 Td (only ) Tj ET Q q 0 0 0 rg BT 527.12 515.70 Td (as ) Tj ET Q q 0 0 0 rg BT 538.40 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 515.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (date ) Tj ET Q q 0 0 0 rg BT 69.00 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 81.52 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.20 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 130.46 503.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 176.80 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.64 503.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 219.02 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.19 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.45 503.10 Td (undertake ) Tj ET Q q 0 0 0 rg BT 293.86 503.10 Td (no ) Tj ET Q q 0 0 0 rg BT 306.38 503.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 355.06 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.25 503.10 Td (update ) Tj ET Q q 0 0 0 rg BT 395.25 503.10 Td (any ) Tj ET Q q 0 0 0 rg BT 412.43 503.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 483.26 503.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 525.51 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.70 503.10 Td (reflect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (events ) Tj ET Q q 0 0 0 rg BT 78.73 490.50 Td (or ) Tj ET Q q 0 0 0 rg BT 89.88 490.50 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 151.76 490.50 Td (after ) Tj ET Q q 0 0 0 rg BT 173.39 490.50 Td (the ) Tj ET Q q 0 0 0 rg BT 188.62 490.50 Td (date ) Tj ET Q q 0 0 0 rg BT 208.52 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 221.42 490.50 Td (which ) Tj ET Q q 0 0 0 rg BT 249.48 490.50 Td (such ) Tj ET Q q 0 0 0 rg BT 271.13 490.50 Td (statement ) Tj ET Q q 0 0 0 rg BT 313.78 490.50 Td (is ) Tj ET Q q 0 0 0 rg BT 323.18 490.50 Td (made ) Tj ET Q q 0 0 0 rg BT 348.32 490.50 Td (or ) Tj ET Q q 0 0 0 rg BT 359.47 490.50 Td (to ) Tj ET Q q 0 0 0 rg BT 370.05 490.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 399.26 490.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.49 490.50 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 462.94 490.50 Td (of ) Tj ET Q q 0 0 0 rg BT 474.09 490.50 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 533.06 490.50 Td (events.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.46 477.90 Td (future ) Tj ET Q q 0 0 0 rg BT 96.16 477.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.10 477.90 Td (may ) Tj ET Q q 0 0 0 rg BT 156.81 477.90 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 196.17 477.90 Td (due ) Tj ET Q q 0 0 0 rg BT 213.96 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 224.76 477.90 Td (numerous ) Tj ET Q q 0 0 0 rg BT 268.80 477.90 Td (factors, ) Tj ET Q q 0 0 0 rg BT 302.62 477.90 Td (such ) Tj ET Q q 0 0 0 rg BT 324.49 477.90 Td (as: ) Tj ET Q q 0 0 0 rg BT 338.79 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 354.24 477.90 Td (total ) Tj ET Q q 0 0 0 rg BT 375.54 477.90 Td (value ) Tj ET Q q 0 0 0 rg BT 400.90 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 418.69 477.90 Td (composition ) Tj ET Q q 0 0 0 rg BT 473.24 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 484.61 477.90 Td (our ) Tj ET Q q 0 0 0 rg BT 500.66 477.90 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 530.71 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 546.17 477.90 Td (mix ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.54 465.30 Td (our ) Tj ET Q q 0 0 0 rg BT 76.33 465.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 103.13 465.30 Td (among ) Tj ET Q q 0 0 0 rg BT 134.00 465.30 Td (our ) Tj ET Q q 0 0 0 rg BT 150.29 465.30 Td (af) Tj ET Q q 0 0 0 rg BT 158.26 465.30 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 191.75 465.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 214.46 465.30 Td (classes, ) Tj ET Q q 0 0 0 rg BT 248.54 465.30 Td (client ) Tj ET Q q 0 0 0 rg BT 274.16 465.30 Td (type ) Tj ET Q q 0 0 0 rg BT 294.53 465.30 Td (and ) Tj ET Q q 0 0 0 rg BT 311.99 465.30 Td (geography; ) Tj ET Q q 0 0 0 rg BT 361.52 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 376.64 465.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 412.17 465.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 435.46 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 446.50 465.30 Td (our ) Tj ET Q q 0 0 0 rg BT 462.29 465.30 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 492.00 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 507.12 465.30 Td (volatility ) Tj ET Q q 0 0 0 rg BT 547.33 465.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (general ) Tj ET Q q 0 0 0 rg BT 83.01 452.70 Td (level ) Tj ET Q q 0 0 0 rg BT 106.03 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 117.39 452.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 159.66 452.70 Td (prices ) Tj ET Q q 0 0 0 rg BT 187.34 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 205.11 452.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.63 452.70 Td (rates; ) Tj ET Q q 0 0 0 rg BT 263.99 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 452.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 313.52 452.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.21 452.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 417.88 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 429.24 452.70 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 452.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.41 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.14 440.10 Td (other ) Tj ET Q q 0 0 0 rg BT 117.29 440.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 140.27 440.10 Td (management ) Tj ET Q q 0 0 0 rg BT 196.49 440.10 Td (products ) Tj ET Q q 0 0 0 rg BT 235.22 440.10 Td (both ) Tj ET Q q 0 0 0 rg BT 256.46 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.20 440.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 304.76 440.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 330.67 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.40 440.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 382.45 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.19 440.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 440.09 440.10 Td (of) Tj ET Q q 0 0 0 rg BT 448.64 440.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 480.37 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.11 440.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.83 440.10 Td (indices; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 87.58 427.50 Td (sentiment ) Tj ET Q q 0 0 0 rg BT 132.65 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 152.06 427.50 Td (confidence; ) Tj ET Q q 0 0 0 rg BT 205.28 427.50 Td (general ) Tj ET Q q 0 0 0 rg BT 240.42 427.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.49 427.50 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 336.40 427.50 Td (our ) Tj ET Q q 0 0 0 rg BT 354.64 427.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 385.72 427.50 Td (to ) Tj ET Q q 0 0 0 rg BT 398.14 427.50 Td (maintain ) Tj ET Q q 0 0 0 rg BT 439.12 427.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 489.45 427.50 Td (management ) Tj ET Q q 0 0 0 rg BT 547.34 427.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (administrative ) Tj ET Q q 0 0 0 rg BT 112.41 414.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 132.15 414.90 Td (at ) Tj ET Q q 0 0 0 rg BT 142.56 414.90 Td (current ) Tj ET Q q 0 0 0 rg BT 175.13 414.90 Td (levels; ) Tj ET Q q 0 0 0 rg BT 205.38 414.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 257.78 414.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 304.37 414.90 Td (in ) Tj ET Q q 0 0 0 rg BT 315.37 414.90 Td (our ) Tj ET Q q 0 0 0 rg BT 332.21 414.90 Td (business; ) Tj ET Q q 0 0 0 rg BT 373.55 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.21 414.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 418.88 414.90 Td (to ) Tj ET Q q 0 0 0 rg BT 429.88 414.90 Td (attract ) Tj ET Q q 0 0 0 rg BT 458.95 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 476.95 414.90 Td (retain ) Tj ET Q q 0 0 0 rg BT 503.69 414.90 Td (key ) Tj ET Q q 0 0 0 rg BT 521.68 414.90 Td (personnel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 402.30 Td (ef) Tj ET Q q 0 0 0 rg BT 90.71 402.30 Td (fects ) Tj ET Q q 0 0 0 rg BT 113.15 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 124.52 402.30 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 179.94 402.30 Td (including ) Tj ET Q q 0 0 0 rg BT 222.23 402.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 245.26 402.30 Td (acquisitions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.85 377.10 Td (future ) Tj ET Q q 0 0 0 rg BT 96.94 377.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.62 377.10 Td (results ) Tj ET Q q 0 0 0 rg BT 170.05 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.89 377.10 Td (also ) Tj ET Q q 0 0 0 rg BT 205.83 377.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 252.00 377.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 276.02 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.87 377.10 Td (level ) Tj ET Q q 0 0 0 rg BT 315.29 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.06 377.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.74 377.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 413.29 377.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.97 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 457.81 377.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.57 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.76 377.10 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 550.27 377.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.51 364.50 Td (following ) Tj ET Q q 0 0 0 rg BT 107.52 364.50 Td (or ) Tj ET Q q 0 0 0 rg BT 118.44 364.50 Td (other ) Tj ET Q q 0 0 0 rg BT 142.20 364.50 Td (reasons: ) Tj ET Q q 0 0 0 rg BT 178.79 364.50 Td (variations ) Tj ET Q q 0 0 0 rg BT 222.37 364.50 Td (in ) Tj ET Q q 0 0 0 rg BT 232.72 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 247.73 364.50 Td (level ) Tj ET Q q 0 0 0 rg BT 270.31 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 281.24 364.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.74 364.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 377.73 364.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 414.90 364.50 Td (as ) Tj ET Q q 0 0 0 rg BT 425.82 364.50 Td (a ) Tj ET Q q 0 0 0 rg BT 432.66 364.50 Td (result ) Tj ET Q q 0 0 0 rg BT 458.17 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 469.10 364.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 505.09 364.50 Td (in ) Tj ET Q q 0 0 0 rg BT 515.44 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 530.45 364.50 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.81 351.90 Td (total ) Tj ET Q q 0 0 0 rg BT 84.03 351.90 Td (employees, ) Tj ET Q q 0 0 0 rg BT 135.12 351.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 188.26 351.90 Td (factors, ) Tj ET Q q 0 0 0 rg BT 223.01 351.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 260.39 351.90 Td (in ) Tj ET Q q 0 0 0 rg BT 272.12 351.90 Td (the ) Tj ET Q q 0 0 0 rg BT 288.51 351.90 Td (percentages ) Tj ET Q q 0 0 0 rg BT 341.63 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 353.94 351.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 394.81 351.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 416.45 351.90 Td (as ) Tj ET Q q 0 0 0 rg BT 428.76 351.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 490.64 351.90 Td (or ) Tj ET Q q 0 0 0 rg BT 502.95 351.90 Td (other ) Tj ET Q q 0 0 0 rg BT 528.09 351.90 Td (reasons; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (increases ) Tj ET Q q 0 0 0 rg BT 90.76 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 101.70 339.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 152.90 339.30 Td (expenses; ) Tj ET Q q 0 0 0 rg BT 196.50 339.30 Td (variations ) Tj ET Q q 0 0 0 rg BT 240.68 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 251.63 339.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.31 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 310.25 339.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 341.01 339.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 367.41 339.30 Td (including ) Tj ET Q q 0 0 0 rg BT 409.85 339.30 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 467.15 339.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 522.99 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 339.30 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 90.10 326.70 Td (char) Tj ET Q q 0 0 0 rg BT 107.98 326.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 124.68 326.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 162.36 326.70 Td (by ) Tj ET Q q 0 0 0 rg BT 175.55 326.70 Td (us ) Tj ET Q q 0 0 0 rg BT 187.59 326.70 Td (to ) Tj ET Q q 0 0 0 rg BT 198.46 326.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 237.89 326.70 Td (our ) Tj ET Q q 0 0 0 rg BT 254.59 326.70 Td (administrative ) Tj ET Q q 0 0 0 rg BT 317.36 326.70 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 379.53 326.70 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 438.79 326.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 462.49 326.70 Td (that ) Tj ET Q q 0 0 0 rg BT 480.93 326.70 Td (may ) Tj ET Q q 0 0 0 rg BT 501.71 326.70 Td (be ) Tj ET Q q 0 0 0 rg BT 514.32 326.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 552.00 326.70 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.96 314.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.43 314.10 Td (from ) Tj ET Q q 0 0 0 rg BT 128.73 314.10 Td (time ) Tj ET Q q 0 0 0 rg BT 150.28 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.33 314.10 Td (time ) Tj ET Q q 0 0 0 rg BT 182.88 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.94 314.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 225.98 314.10 Td (client ) Tj ET Q q 0 0 0 rg BT 252.19 314.10 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 295.03 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.09 314.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 349.80 314.10 Td (support ) Tj ET Q q 0 0 0 rg BT 384.18 314.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.15 314.10 Td (products ) Tj ET Q q 0 0 0 rg BT 472.20 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 483.83 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.88 314.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 543.84 314.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.50 Td (litigation ) Tj ET Q q 0 0 0 rg BT 90.04 301.50 Td (or ) Tj ET Q q 0 0 0 rg BT 101.41 301.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 147.19 301.50 Td (proceedings; ) Tj ET Q q 0 0 0 rg BT 203.46 301.50 Td (and ) Tj ET Q q 0 0 0 rg BT 221.25 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 236.70 301.50 Td (ef) Tj ET Q q 0 0 0 rg BT 244.67 301.50 Td (fects ) Tj ET Q q 0 0 0 rg BT 267.11 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 278.49 301.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 331.28 301.50 Td (and ) Tj ET Q q 0 0 0 rg BT 349.06 301.50 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 276.30 Td (business ) Tj ET Q q 0 0 0 rg BT 107.93 276.30 Td (is ) Tj ET Q q 0 0 0 rg BT 118.19 276.30 Td (also ) Tj ET Q q 0 0 0 rg BT 138.36 276.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.36 276.30 Td (to ) Tj ET Q q 0 0 0 rg BT 182.78 276.30 Td (substantial ) Tj ET Q q 0 0 0 rg BT 230.95 276.30 Td (governmental ) Tj ET Q q 0 0 0 rg BT 291.94 276.30 Td (regulation ) Tj ET Q q 0 0 0 rg BT 337.76 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.18 276.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.25 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.68 276.30 Td (legal, ) Tj ET Q q 0 0 0 rg BT 430.96 276.30 Td (regulatory) Tj ET Q q 0 0 0 rg BT 473.43 276.30 Td (, ) Tj ET Q q 0 0 0 rg BT 479.31 276.30 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 531.26 276.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.35 276.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.70 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.52 263.70 Td (requirements ) Tj ET Q q 0 0 0 rg BT 157.96 263.70 Td (that ) Tj ET Q q 0 0 0 rg BT 176.33 263.70 Td (may ) Tj ET Q q 0 0 0 rg BT 197.03 263.70 Td (have ) Tj ET Q q 0 0 0 rg BT 219.48 263.70 Td (a ) Tj ET Q q 0 0 0 rg BT 226.76 263.70 Td (substantial ) Tj ET Q q 0 0 0 rg BT 274.30 263.70 Td (ef) Tj ET Q q 0 0 0 rg BT 282.27 263.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 300.63 263.70 Td (on ) Tj ET Q q 0 0 0 rg BT 313.76 263.70 Td (our ) Tj ET Q q 0 0 0 rg BT 330.38 263.70 Td (business ) Tj ET Q q 0 0 0 rg BT 368.59 263.70 Td (and ) Tj ET Q q 0 0 0 rg BT 386.38 263.70 Td (results ) Tj ET Q q 0 0 0 rg BT 416.42 263.70 Td (of ) Tj ET Q q 0 0 0 rg BT 427.79 263.70 Td (operations.) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.00 741.90 Td (P) Tj ET Q q 0 0 0 rg BT 294.63 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 309.43 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 316.25 741.90 Td ( I) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 717.30 Td (ITEM 1. BUSINESS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 692.70 Td (General) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 668.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 111.61 668.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 144.23 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.27 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.96 668.10 Td (global ) Tj ET Q q 0 0 0 rg BT 194.24 668.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.69 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 276.37 668.10 Td (company) Tj ET Q q 0 0 0 rg BT 314.18 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 319.95 668.10 Td (Acting ) Tj ET Q q 0 0 0 rg BT 352.56 668.10 Td (through ) Tj ET Q q 0 0 0 rg BT 389.26 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.29 668.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 463.53 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 479.81 668.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 515.92 668.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 655.50 Td (management ) Tj ET Q q 0 0 0 rg BT 105.95 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 123.42 655.50 Td (related ) Tj ET Q q 0 0 0 rg BT 154.30 655.50 Td (services ) Tj ET Q q 0 0 0 rg BT 190.43 655.50 Td (to ) Tj ET Q q 0 0 0 rg BT 200.90 655.50 Td (institutional ) Tj ET Q q 0 0 0 rg BT 253.38 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 270.85 655.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 315.74 655.50 Td (clients, ) Tj ET Q q 0 0 0 rg BT 348.09 655.50 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 434.96 655.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 466.44 655.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 492.08 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 509.55 655.50 Td (other ) Tj ET Q q 0 0 0 rg BT 533.43 655.50 Td (pooled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 642.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.25 642.90 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 137.29 642.90 Td (W) Tj ET Q q 0 0 0 rg BT 146.36 642.90 Td (e ) Tj ET Q q 0 0 0 rg BT 153.19 642.90 Td (of) Tj ET Q q 0 0 0 rg BT 161.74 642.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 175.57 642.90 Td (these ) Tj ET Q q 0 0 0 rg BT 199.31 642.90 Td (products ) Tj ET Q q 0 0 0 rg BT 237.64 642.90 Td (and ) Tj ET Q q 0 0 0 rg BT 254.97 642.90 Td (services ) Tj ET Q q 0 0 0 rg BT 290.96 642.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 325.20 642.90 Td (and ) Tj ET Q q 0 0 0 rg BT 342.53 642.90 Td (through ) Tj ET Q q 0 0 0 rg BT 377.36 642.90 Td (various ) Tj ET Q q 0 0 0 rg BT 410.44 642.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 449.34 642.90 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 514.04 642.90 Td (W) Tj ET Q q 0 0 0 rg BT 523.11 642.90 Td (e ) Tj ET Q q 0 0 0 rg BT 529.94 642.90 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 630.30 Td (our ) Tj ET Q q 0 0 0 rg BT 67.62 630.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 91.65 630.30 Td (management ) Tj ET Q q 0 0 0 rg BT 148.91 630.30 Td (services ) Tj ET Q q 0 0 0 rg BT 186.35 630.30 Td (through ) Tj ET Q q 0 0 0 rg BT 222.63 630.30 Td (a ) Tj ET Q q 0 0 0 rg BT 230.91 630.30 Td (number ) Tj ET Q q 0 0 0 rg BT 266.61 630.30 Td (of ) Tj ET Q q 0 0 0 rg BT 278.98 630.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 303.01 630.30 Td (managers, ) Tj ET Q q 0 0 0 rg BT 349.48 630.30 Td (each ) Tj ET Q q 0 0 0 rg BT 372.33 630.30 Td (of ) Tj ET Q q 0 0 0 rg BT 384.70 630.30 Td (which ) Tj ET Q q 0 0 0 rg BT 413.98 630.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 456.67 630.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 493.52 630.30 Td (its ) Tj ET Q q 0 0 0 rg BT 507.06 630.30 Td (products ) Tj ET Q q 0 0 0 rg BT 546.85 630.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 617.70 Td (services ) Tj ET Q q 0 0 0 rg BT 86.35 617.70 Td (under ) Tj ET Q q 0 0 0 rg BT 112.78 617.70 Td (its ) Tj ET Q q 0 0 0 rg BT 125.23 617.70 Td (own ) Tj ET Q q 0 0 0 rg BT 145.84 617.70 Td (brand ) Tj ET Q q 0 0 0 rg BT 172.27 617.70 Td (name ) Tj ET Q q 0 0 0 rg BT 197.53 617.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 217.85 617.70 Td (in ) Tj ET Q q 0 0 0 rg BT 228.54 617.70 Td (many ) Tj ET Q q 0 0 0 rg BT 254.40 617.70 Td (cases, ) Tj ET Q q 0 0 0 rg BT 281.70 617.70 Td (distributes ) Tj ET Q q 0 0 0 rg BT 327.98 617.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 352.07 617.70 Td (products ) Tj ET Q q 0 0 0 rg BT 390.76 617.70 Td (and ) Tj ET Q q 0 0 0 rg BT 408.45 617.70 Td (services ) Tj ET Q q 0 0 0 rg BT 444.79 617.70 Td (through ) Tj ET Q q 0 0 0 rg BT 479.98 617.70 Td (a ) Tj ET Q q 0 0 0 rg BT 487.17 617.70 Td (centralized ) Tj ET Q q 0 0 0 rg BT 535.75 617.70 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.05 605.10 Td (platform.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 579.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 579.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 109.78 579.90 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 161.84 579.90 Td (was ) Tj ET Q q 0 0 0 rg BT 180.38 579.90 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 235.64 579.90 Td (in ) Tj ET Q q 0 0 0 rg BT 246.01 579.90 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 289.03 579.90 Td (in ) Tj ET Q q 0 0 0 rg BT 299.40 579.90 Td (1981 ) Tj ET Q q 0 0 0 rg BT 322.60 579.90 Td (to ) Tj ET Q q 0 0 0 rg BT 332.97 579.90 Td (serve ) Tj ET Q q 0 0 0 rg BT 357.33 579.90 Td (as ) Tj ET Q q 0 0 0 rg BT 368.28 579.90 Td (a ) Tj ET Q q 0 0 0 rg BT 375.14 579.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 409.43 579.90 Td (company ) Tj ET Q q 0 0 0 rg BT 450.12 579.90 Td (for ) Tj ET Q q 0 0 0 rg BT 464.57 579.90 Td (its ) Tj ET Q q 0 0 0 rg BT 476.69 579.90 Td (various ) Tj ET Q q 0 0 0 rg BT 509.80 579.90 Td (subsidiaries. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 567.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.47 567.30 Td (predecessor ) Tj ET Q q 0 0 0 rg BT 120.18 567.30 Td (companies ) Tj ET Q q 0 0 0 rg BT 167.23 567.30 Td (to ) Tj ET Q q 0 0 0 rg BT 177.54 567.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 201.26 567.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 231.99 567.30 Td (trace ) Tj ET Q q 0 0 0 rg BT 254.54 567.30 Td (back ) Tj ET Q q 0 0 0 rg BT 276.51 567.30 Td (to ) Tj ET Q q 0 0 0 rg BT 286.82 567.30 Td (Legg�&�Co., ) Tj ET Q q 0 0 0 rg BT 341.46 567.30 Td (a ) Tj ET Q q 0 0 0 rg BT 348.27 567.30 Td (Maryland-based ) Tj ET Q q 0 0 0 rg BT 418.64 567.30 Td (broker) Tj ET Q q 0 0 0 rg BT 445.84 567.30 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 477.13 567.30 Td (formed ) Tj ET Q q 0 0 0 rg BT 509.59 567.30 Td (in ) Tj ET Q q 0 0 0 rg BT 519.91 567.30 Td (1899. ) Tj ET Q q 0 0 0 rg BT 545.68 567.30 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 554.70 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 98.38 554.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 129.85 554.70 Td (occurred ) Tj ET Q q 0 0 0 rg BT 168.30 554.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 209.10 554.70 Td (through ) Tj ET Q q 0 0 0 rg BT 243.48 554.70 Td (internal ) Tj ET Q q 0 0 0 rg BT 277.28 554.70 Td (expansion ) Tj ET Q q 0 0 0 rg BT 321.58 554.70 Td (and ) Tj ET Q q 0 0 0 rg BT 338.46 554.70 Td (the ) Tj ET Q q 0 0 0 rg BT 353.01 554.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 400.81 554.70 Td (of ) Tj ET Q q 0 0 0 rg BT 411.28 554.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.41 554.70 Td (management ) Tj ET Q q 0 0 0 rg BT 488.78 554.70 Td (and ) Tj ET Q q 0 0 0 rg BT 505.66 554.70 Td (broker) Tj ET Q q 0 0 0 rg BT 532.86 554.70 Td (-dealer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (firms. ) Tj ET Q q 0 0 0 rg BT 78.20 542.10 Td (In ) Tj ET Q q 0 0 0 rg BT 90.35 542.10 Td (December ) Tj ET Q q 0 0 0 rg BT 136.90 542.10 Td (2005, ) Tj ET Q q 0 0 0 rg BT 163.93 542.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 188.91 542.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 220.90 542.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 268.04 542.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.11 542.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 325.58 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.16 542.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.22 542.10 Td (it ) Tj ET Q q 0 0 0 rg BT 375.47 542.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 396.38 542.10 Td (its ) Tj ET Q q 0 0 0 rg BT 409.70 542.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 446.35 542.10 Td (broker) Tj ET Q q 0 0 0 rg BT 473.54 542.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 506.09 542.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 553.83 542.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 529.50 Td (concentrate ) Tj ET Q q 0 0 0 rg BT 101.01 529.50 Td (on ) Tj ET Q q 0 0 0 rg BT 114.13 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 129.59 529.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 152.62 529.50 Td (management ) Tj ET Q q 0 0 0 rg BT 208.89 529.50 Td (industry) Tj ET Q q 0 0 0 rg BT 242.63 529.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 504.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 504.30 Td (Additional ) Tj ET Q q 0 0 0 rg BT 134.31 504.30 Td (information ) Tj ET Q q 0 0 0 rg BT 187.28 504.30 Td (about ) Tj ET Q q 0 0 0 rg BT 214.00 504.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 238.98 504.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 270.96 504.30 Td (is ) Tj ET Q q 0 0 0 rg BT 281.36 504.30 Td (available ) Tj ET Q q 0 0 0 rg BT 322.65 504.30 Td (on ) Tj ET Q q 0 0 0 rg BT 336.54 504.30 Td (our ) Tj ET Q q 0 0 0 rg BT 353.94 504.30 Td (website ) Tj ET Q q 0 0 0 rg BT 389.41 504.30 Td (at ) Tj ET Q q 0 0 0 rg BT 400.38 504.30 Td (http://www) Tj ET Q q 0 0 0 rg BT 447.54 504.30 Td (.leggmason.com. ) Tj ET Q q 0 0 0 rg BT 522.14 504.30 Td (W) Tj ET Q q 0 0 0 rg BT 531.21 504.30 Td (e ) Tj ET Q q 0 0 0 rg BT 539.26 504.30 Td (make ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 491.70 Td (available, ) Tj ET Q q 0 0 0 rg BT 93.43 491.70 Td (free ) Tj ET Q q 0 0 0 rg BT 112.65 491.70 Td (of ) Tj ET Q q 0 0 0 rg BT 124.31 491.70 Td (char) Tj ET Q q 0 0 0 rg BT 142.19 491.70 Td (ge, ) Tj ET Q q 0 0 0 rg BT 157.63 491.70 Td (our ) Tj ET Q q 0 0 0 rg BT 174.54 491.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 205.44 491.70 Td (reports ) Tj ET Q q 0 0 0 rg BT 237.51 491.70 Td (on ) Tj ET Q q 0 0 0 rg BT 250.92 491.70 Td (Form�10-K, ) Tj ET Q q 0 0 0 rg BT 303.41 491.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 344.22 491.70 Td (reports ) Tj ET Q q 0 0 0 rg BT 376.29 491.70 Td (on ) Tj ET Q q 0 0 0 rg BT 389.69 491.70 Td (Form�10-Q, ) Tj ET Q q 0 0 0 rg BT 442.19 491.70 Td (current ) Tj ET Q q 0 0 0 rg BT 474.83 491.70 Td (reports ) Tj ET Q q 0 0 0 rg BT 506.90 491.70 Td (on ) Tj ET Q q 0 0 0 rg BT 520.31 491.70 Td (Form�8-K ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 68.33 479.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 124.56 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.89 479.10 Td (those ) Tj ET Q q 0 0 0 rg BT 161.22 479.10 Td (reports ) Tj ET Q q 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453.90 Td (soon ) Tj ET Q q 0 0 0 rg BT 288.54 453.90 Td (as ) Tj ET Q q 0 0 0 rg BT 300.21 453.90 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 348.61 453.90 Td (practicable ) Tj ET Q q 0 0 0 rg BT 397.58 453.90 Td (after ) Tj ET Q q 0 0 0 rg BT 419.73 453.90 Td (we ) Tj ET Q q 0 0 0 rg BT 434.90 453.90 Td (electronically ) Tj ET Q q 0 0 0 rg BT 494.96 453.90 Td (file ) Tj ET Q q 0 0 0 rg BT 511.87 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 527.62 453.90 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 441.30 Td (with, ) Tj ET Q q 0 0 0 rg BT 75.13 441.30 Td (or ) Tj ET Q q 0 0 0 rg BT 87.72 441.30 Td (furnish ) Tj ET Q q 0 0 0 rg BT 121.31 441.30 Td (it ) Tj ET Q q 0 0 0 rg BT 130.99 441.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 145.62 441.30 Td (the ) Tj ET Q q 0 0 0 rg BT 162.29 441.30 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.54 441.30 Td (and ) Tj ET Q q 0 0 0 rg BT 226.54 441.30 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 271.78 441.30 Td (Commission ) Tj ET Q q 0 0 0 rg BT 328.72 441.30 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(charters ) Tj ET Q q 0 0 0 rg BT 453.22 428.70 Td (for ) Tj ET Q q 0 0 0 rg BT 468.60 428.70 Td (the ) Tj ET Q q 0 0 0 rg BT 484.57 428.70 Td (committees ) Tj ET Q q 0 0 0 rg BT 536.12 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 548.01 428.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 78.02 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.12 416.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 130.55 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.73 416.10 Td (also ) Tj ET Q q 0 0 0 rg BT 165.00 416.10 Td (available ) Tj ET Q q 0 0 0 rg BT 205.25 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.11 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.47 416.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 276.47 416.10 Td (website ) Tj ET Q q 0 0 0 rg BT 310.90 416.10 Td (at ) Tj ET Q q 0 0 0 rg BT 320.84 416.10 Td (http://www) Tj ET Q q 0 0 0 rg BT 367.99 416.10 Td (.leggmason.com ) Tj ET Q q 0 0 0 rg BT 439.17 416.10 Td (under ) Tj ET Q q 0 0 0 rg BT 465.44 416.10 Td (the ) Tj ET 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rg BT 439.09 365.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 457.90 365.70 Td (, ) Tj ET Q q 0 0 0 rg BT 463.50 365.70 Td (director) Tj ET Q q 0 0 0 rg BT 495.73 365.70 Td (, ) Tj ET Q q 0 0 0 rg BT 501.32 365.70 Td (chief ) Tj ET Q q 0 0 0 rg BT 525.28 365.70 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.56 353.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 77.37 353.10 Td (, ) Tj ET Q q 0 0 0 rg BT 82.49 353.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 122.30 353.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 170.86 353.10 Td (of) Tj ET Q q 0 0 0 rg BT 179.42 353.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 201.15 353.10 Td (or ) Tj ET Q q 0 0 0 rg BT 212.39 353.10 Td (controller) Tj ET Q q 0 0 0 rg BT 252.63 353.10 Td (. ) Tj ET Q q 0 0 0 rg BT 257.56 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 276.38 353.10 Td (information ) Tj ET Q q 0 0 0 rg BT 328.45 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.45 353.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.94 353.10 Td (website ) Tj ET Q q 0 0 0 rg BT 392.51 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 402.00 353.10 Td (not ) Tj ET Q q 0 0 0 rg BT 417.92 353.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 473.47 353.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.46 353.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 528.00 353.10 Td (into ) Tj ET Q q 0 0 0 rg BT 546.83 353.10 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 340.50 Td (Report.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 315.30 Td (Unless ) Tj ET Q q 0 0 0 rg BT 116.84 315.30 Td (the ) Tj ET Q q 0 0 0 rg BT 131.93 315.30 Td (context ) Tj ET Q q 0 0 0 rg BT 165.09 315.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 208.17 315.30 Td (requires, ) Tj ET Q q 0 0 0 rg BT 246.87 315.30 Td (all ) Tj ET Q q 0 0 0 rg BT 259.62 315.30 Td (references ) Tj ET Q q 0 0 0 rg BT 305.01 315.30 Td (in ) Tj ET Q q 0 0 0 rg BT 315.44 315.30 Td (this ) Tj ET Q q 0 0 0 rg BT 332.86 315.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 363.70 315.30 Td (to ) Tj ET Q q 0 0 0 rg BT 374.12 315.30 Td (�we,� ) Tj ET Q q 0 0 0 rg BT 400.57 315.30 Td (�us,� ) Tj ET Q q 0 0 0 rg BT 424.11 315.30 Td (�our� ) Tj ET Q q 0 0 0 rg BT 449.69 315.30 Td (and ) Tj ET Q q 0 0 0 rg BT 467.10 315.30 Td (�Legg ) Tj ET Q q 0 0 0 rg BT 495.60 315.30 Td (Mason� ) Tj ET Q q 0 0 0 rg BT 531.10 315.30 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.22 302.70 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 128.73 302.70 Td (and ) Tj ET Q q 0 0 0 rg BT 147.54 302.70 Td (its ) Tj ET Q q 0 0 0 rg BT 161.10 302.70 Td (predecessors ) Tj ET Q q 0 0 0 rg BT 218.40 302.70 Td (and ) Tj ET Q q 0 0 0 rg BT 237.20 302.70 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 293.05 302.70 Td (and ) Tj ET Q q 0 0 0 rg BT 311.86 302.70 Td (the ) Tj ET Q q 0 0 0 rg BT 328.33 302.70 Td (term ) Tj ET Q q 0 0 0 rg BT 351.22 302.70 Td (�asset ) Tj ET Q q 0 0 0 rg BT 379.94 302.70 Td (managers� ) Tj ET Q q 0 0 0 rg BT 428.48 302.70 Td (refers ) Tj ET Q q 0 0 0 rg BT 456.02 302.70 Td (to ) Tj ET Q q 0 0 0 rg BT 467.83 302.70 Td (the ) Tj ET Q q 0 0 0 rg BT 484.30 302.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.36 302.70 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 96.85 290.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 135.50 290.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.52 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.03 290.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 219.74 290.10 Td (References ) Tj ET Q q 0 0 0 rg BT 268.89 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.57 290.10 Td (�fiscal ) Tj ET Q q 0 0 0 rg BT 309.48 290.10 Td (year ) Tj ET Q q 0 0 0 rg BT 330.06 290.10 Td (2016� ) Tj ET Q q 0 0 0 rg BT 358.24 290.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.49 290.10 Td (other ) Tj ET Q q 0 0 0 rg BT 393.58 290.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 418.83 290.10 Td (years ) Tj ET Q q 0 0 0 rg BT 443.50 290.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 465.82 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.50 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.84 290.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 535.19 290.10 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 277.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.70 277.50 Td (March�31st�of ) Tj ET Q q 0 0 0 rg BT 139.23 277.50 Td (the ) Tj ET Q q 0 0 0 rg BT 154.68 277.50 Td (year ) Tj ET Q q 0 0 0 rg BT 175.37 277.50 Td (specified.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 252.30 Td (Business Developments During the Fiscal ) Tj ET Q q 0 0 0 rg BT 236.58 252.30 Td (Y) Tj ET Q q 0 0 0 rg BT 243.00 252.30 Td (ear) Tj ET Q q 0 0 0 rg BT 257.38 252.30 Td ( Ended Mar) Tj ET Q q 0 0 0 rg BT 311.45 252.30 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 227.10 Td (During ) Tj ET Q q 0 0 0 rg BT 118.51 227.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 144.01 227.10 Td (year ) Tj ET Q q 0 0 0 rg BT 164.84 227.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 191.22 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.15 227.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 239.32 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.25 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.84 227.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 298.34 227.10 Td (course ) Tj ET Q q 0 0 0 rg BT 328.51 227.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 370.92 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.43 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.19 227.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.16 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 455.17 227.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 499.33 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.26 227.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 548.01 227.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 214.50 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 214.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 83.93 214.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 122.14 214.50 Td (through ) Tj ET Q q 0 0 0 rg BT 156.28 214.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 193.32 214.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 244.96 214.50 Td (and ) Tj ET Q q 0 0 0 rg BT 261.59 214.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 289.31 214.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 332.77 214.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 352.32 214.50 Td (to ) Tj ET Q q 0 0 0 rg BT 361.96 214.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 394.33 214.50 Td (those ) Tj ET Q q 0 0 0 rg BT 417.97 214.50 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 472.23 214.50 Td ( ) Tj ET Q q 0 0 0 rg BT 473.59 214.50 Td (W) Tj ET Q q 0 0 0 rg BT 482.66 214.50 Td (e ) Tj ET Q q 0 0 0 rg BT 488.79 214.50 Td (also ) Tj ET Q q 0 0 0 rg BT 507.18 214.50 Td (implemented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 201.90 Td (a ) Tj ET Q q 0 0 0 rg BT 57.71 201.90 Td (management ) Tj ET Q q 0 0 0 rg BT 114.41 201.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 143.71 201.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 164.84 201.90 Td (at ) Tj ET Q q 0 0 0 rg BT 175.47 201.90 Td (one ) Tj ET Q q 0 0 0 rg BT 193.69 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 205.49 201.90 Td (our ) Tj ET Q q 0 0 0 rg BT 222.54 201.90 Td (af) Tj ET Q q 0 0 0 rg BT 230.50 201.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 262.13 201.90 Td (in ) Tj ET Q q 0 0 0 rg BT 273.35 201.90 Td (order ) Tj ET Q q 0 0 0 rg BT 298.56 201.90 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 201.90 Td (better ) Tj ET Q q 0 0 0 rg BT 336.74 201.90 Td (align ) Tj ET Q q 0 0 0 rg BT 360.79 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 376.67 201.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 414.71 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 426.51 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 442.39 201.90 Td (af) Tj ET Q q 0 0 0 rg BT 450.36 201.90 Td (filiate�) Tj ET Q q 0 0 0 rg BT 477.77 201.90 Td (s ) Tj ET Q q 0 0 0 rg BT 484.91 201.90 Td (management ) Tj ET Q q 0 0 0 rg BT 541.61 201.90 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 189.30 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 189.30 Td (those ) Tj ET Q q 0 0 0 rg BT 96.08 189.30 Td (of ) Tj ET Q q 0 0 0 rg BT 107.45 189.30 Td (our ) Tj ET Q q 0 0 0 rg BT 124.08 189.30 Td (shareholders.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 164.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 164.10 Td (Acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 138.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 138.90 Td (On ) Tj ET Q q 0 0 0 rg BT 100.98 138.90 Td (October ) Tj ET Q q 0 0 0 rg BT 136.95 138.90 Td (21, ) Tj ET Q q 0 0 0 rg BT 152.22 138.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 178.00 138.90 Td (we ) Tj ET Q q 0 0 0 rg BT 192.39 138.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 230.68 138.90 Td (a ) Tj ET Q q 0 0 0 rg BT 237.49 138.90 Td (majority ) Tj ET Q q 0 0 0 rg BT 275.22 138.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 303.61 138.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 336.67 138.90 Td (in ) Tj ET Q q 0 0 0 rg BT 346.98 138.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 377.13 138.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 436.42 138.90 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 455.77 138.90 Td (\(�RARE ) Tj ET Q q 0 0 0 rg BT 494.08 138.90 Td (Infrastructure�\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 126.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 81.42 126.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 141.97 126.30 Td (specializes ) Tj ET Q q 0 0 0 rg BT 190.86 126.30 Td (in ) Tj ET Q q 0 0 0 rg BT 202.44 126.30 Td (global ) Tj ET Q q 0 0 0 rg BT 232.10 126.30 Td (listed ) Tj ET Q q 0 0 0 rg BT 258.26 126.30 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 318.23 126.30 Td (investing, ) Tj ET Q q 0 0 0 rg BT 362.77 126.30 Td (is ) Tj ET Q q 0 0 0 rg BT 373.18 126.30 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 436.06 126.30 Td (in ) Tj ET Q q 0 0 0 rg BT 447.64 126.30 Td (Sydney) Tj ET Q q 0 0 0 rg BT 478.46 126.30 Td (, ) Tj ET Q q 0 0 0 rg BT 483.75 126.30 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 528.27 126.30 Td (and ) Tj ET Q q 0 0 0 rg BT 546.85 126.30 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 113.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.63 113.70 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 132.99 113.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 162.39 113.70 Td (in ) Tj ET Q q 0 0 0 rg BT 172.10 113.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 198.59 113.70 Td (as ) Tj ET Q q 0 0 0 rg BT 209.32 113.70 Td (of ) Tj ET Q q 0 0 0 rg BT 220.05 113.70 Td (March ) Tj ET Q q 0 0 0 rg BT 249.44 113.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 264.54 113.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 290.15 113.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 313.71 113.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 344.28 113.70 Td (holds ) Tj ET Q q 0 0 0 rg BT 369.01 113.70 Td (a ) Tj ET Q q 0 0 0 rg BT 375.66 113.70 Td (75% ) Tj ET Q q 0 0 0 rg BT 396.89 113.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 442.61 113.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 475.50 113.70 Td (in ) Tj ET Q q 0 0 0 rg BT 485.65 113.70 Td (the ) Tj ET Q q 0 0 0 rg BT 500.46 113.70 Td (firm, ) Tj ET Q q 0 0 0 rg BT 523.15 113.70 Td (the ) Tj ET Q q 0 0 0 rg BT 537.96 113.70 Td (firm's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (management ) Tj ET Q q 0 0 0 rg BT 106.95 101.10 Td (team ) Tj ET Q q 0 0 0 rg BT 130.65 101.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 167.77 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.73 101.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 198.28 101.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 227.83 101.10 Td (stake ) Tj ET Q q 0 0 0 rg BT 252.71 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.17 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 279.13 101.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 318.59 101.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 358.06 101.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 387.60 101.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 424.72 101.10 Td (10%. ) Tj ET Q q 0 0 0 rg BT 449.89 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.96 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 472.58 101.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 521.96 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.01 101.10 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 88.50 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.76 88.50 Td (fills ) Tj ET Q q 0 0 0 rg BT 128.72 88.50 Td (gaps ) Tj ET Q q 0 0 0 rg BT 150.59 88.50 Td (in ) Tj ET Q q 0 0 0 rg BT 161.39 88.50 Td (our ) Tj ET Q q 0 0 0 rg BT 178.01 88.50 Td (liquid ) Tj ET Q q 0 0 0 rg BT 205.14 88.50 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 256.16 88.50 Td (products ) Tj ET Q q 0 0 0 rg BT 294.94 88.50 Td (line-up.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 63.30 Td (On ) Tj ET Q q 0 0 0 rg BT 100.36 63.30 Td (January ) Tj ET Q q 0 0 0 rg BT 134.54 63.30 Td (21, ) Tj ET Q q 0 0 0 rg BT 149.20 63.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 174.35 63.30 Td (we ) Tj ET Q q 0 0 0 rg BT 188.12 63.30 Td (entered ) Tj ET Q q 0 0 0 rg BT 220.54 63.30 Td (into ) Tj ET Q q 0 0 0 rg BT 238.41 63.30 Td (an ) Tj ET Q q 0 0 0 rg BT 249.85 63.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 295.10 63.30 Td (to ) Tj ET Q q 0 0 0 rg BT 304.79 63.30 Td (acquire ) Tj ET Q q 0 0 0 rg BT 337.22 63.30 Td (an ) Tj ET Q q 0 0 0 rg BT 348.65 63.30 Td (82% ) Tj ET Q q 0 0 0 rg BT 369.43 63.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 397.20 63.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 429.64 63.30 Td (in ) Tj ET Q q 0 0 0 rg BT 439.33 63.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 472.36 63.30 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 510.92 63.30 Td (a ) Tj ET Q q 0 0 0 rg BT 517.11 63.30 Td (diversified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 50.70 Td (real ) Tj ET Q q 0 0 0 rg BT 67.91 50.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 93.98 50.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 116.56 50.70 Td (management ) Tj ET Q q 0 0 0 rg BT 172.38 50.70 Td (firm ) Tj ET Q q 0 0 0 rg BT 192.62 50.70 Td (based ) Tj ET Q q 0 0 0 rg BT 218.70 50.70 Td (in ) Tj ET Q q 0 0 0 rg BT 229.04 50.70 Td (New ) Tj ET Q q 0 0 0 rg BT 250.71 50.70 Td (Y) Tj ET Q q 0 0 0 rg BT 257.24 50.70 Td (ork. ) Tj ET Q q 0 0 0 rg BT 275.56 50.70 Td (As ) Tj ET Q q 0 0 0 rg BT 289.40 50.70 Td (of ) Tj ET Q q 0 0 0 rg BT 299.83 50.70 Td (April ) Tj ET Q q 0 0 0 rg BT 324.17 50.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 339.46 50.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 365.26 50.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 398.92 50.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 435.50 50.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 475.57 50.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 538.39 50.70 Td ($41.5 ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 80.86 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 91.70 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 119.64 741.75 Td (across ) Tj ET Q q 0 0 0 rg BT 149.32 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.59 741.75 Td (real ) Tj ET Q q 0 0 0 rg BT 184.76 741.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 212.10 741.75 Td (risk/return ) Tj ET Q q 0 0 0 rg BT 259.28 741.75 Td (spectrum. ) Tj ET Q q 0 0 0 rg BT 303.58 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 323.34 741.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 358.28 741.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 396.12 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 453.21 741.75 Td (team ) Tj ET Q q 0 0 0 rg BT 477.05 741.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 514.30 741.75 Td (18% ) Tj ET Q q 0 0 0 rg BT 536.98 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 102.68 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 132.60 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 144.44 729.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 179.61 729.15 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 220.06 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 240.06 729.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 289.81 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 302.23 729.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 337.41 729.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 375.49 729.15 Td (fills ) Tj ET Q q 0 0 0 rg BT 395.50 729.15 Td (gaps ) Tj ET Q q 0 0 0 rg BT 418.43 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 430.27 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 447.94 729.15 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 481.96 729.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 529.94 729.15 Td (product ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 58.56 716.55 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 92.78 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 111.73 716.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 160.42 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 181.71 716.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 215.83 716.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 252.86 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 271.82 716.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 318.18 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 330.72 716.55 Td (April ) Tj ET Q q 0 0 0 rg BT 355.51 716.55 Td (13, ) Tj ET Q q 0 0 0 rg BT 371.26 716.55 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 691.35 Td (On ) Tj ET Q q 0 0 0 rg BT 100.97 691.35 Td (January ) Tj ET Q q 0 0 0 rg BT 135.77 691.35 Td (22, ) Tj ET Q q 0 0 0 rg BT 151.03 691.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 176.80 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 191.18 691.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 224.22 691.35 Td (into ) Tj ET Q q 0 0 0 rg BT 242.70 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 254.75 691.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 300.61 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 310.92 691.35 Td (combine ) Tj ET Q q 0 0 0 rg BT 349.22 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 364.19 691.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 396.07 691.35 Td (Group, ) Tj ET Q q 0 0 0 rg BT 427.66 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 443.80 691.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 479.19 691.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 506.40 691.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 527.79 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 538.68 691.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (platform, ) Tj ET Q q 0 0 0 rg BT 91.50 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 112.90 678.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 130.61 678.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 149.08 678.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 182.13 678.75 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 207.62 678.75 Td (rust"\), ) Tj ET Q q 0 0 0 rg BT 236.50 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 243.89 678.75 Td (leading ) Tj ET Q q 0 0 0 rg BT 277.52 678.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 324.55 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.69 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 404.05 678.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 424.86 678.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 487.04 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 497.94 678.75 Td (New ) Tj ET Q q 0 0 0 rg BT 520.08 678.75 Td (Y) Tj ET Q q 0 0 0 rg BT 526.61 678.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 543.33 678.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.25 666.15 Td ($10 ) Tj ET Q q 0 0 0 rg BT 131.59 666.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 161.61 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 171.80 666.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 198.90 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 210.24 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.59 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 251.59 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 267.31 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 293.53 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 311.29 666.15 Td (lar) Tj ET Q q 0 0 0 rg BT 322.17 666.15 Td (gely ) Tj ET Q q 0 0 0 rg BT 342.85 666.15 Td (complementary ) Tj ET Q q 0 0 0 rg BT 410.75 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.43 666.15 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 504.30 666.15 Td (investor ) Tj ET Q q 0 0 0 rg BT 540.73 666.15 Td (base, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.82 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 106.07 653.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 125.07 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 135.90 653.55 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 170.34 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 184.67 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 192.00 653.55 Td (result ) Tj ET Q q 0 0 0 rg BT 217.99 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 229.40 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 244.89 653.55 Td (combination, ) Tj ET Q q 0 0 0 rg BT 302.66 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 317.57 653.55 Td (own ) Tj ET Q q 0 0 0 rg BT 338.31 653.55 Td (65% ) Tj ET Q q 0 0 0 rg BT 360.22 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 371.63 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 387.12 653.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 431.19 653.55 Td (entity) Tj ET Q q 0 0 0 rg BT 454.42 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 459.71 653.55 Td (branded ) Tj ET Q q 0 0 0 rg BT 496.19 653.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 513.90 653.55 Td (rustPermal, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 68.12 640.95 Td (35% ) Tj ET Q q 0 0 0 rg BT 90.32 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 100.28 640.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 131.23 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 144.68 640.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 162.39 640.95 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 216.82 640.95 Td (chief ) Tj ET Q q 0 0 0 rg BT 240.76 640.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 283.94 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 292.50 640.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 311.15 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 316.52 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 335.80 640.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 391.25 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 402.95 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 418.73 640.95 Td (businesses ) Tj ET Q q 0 0 0 rg BT 466.02 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 477.73 640.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 495.43 640.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 514.14 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 532.26 640.95 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 68.96 628.35 Td (create ) Tj ET Q q 0 0 0 rg BT 96.64 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 103.93 628.35 Td (new ) Tj ET Q q 0 0 0 rg BT 124.05 628.35 Td (global ) Tj ET Q q 0 0 0 rg BT 152.92 628.35 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 203.94 628.35 Td (solutions ) Tj ET Q q 0 0 0 rg BT 244.49 628.35 Td (firm. ) Tj ET Q q 0 0 0 rg BT 267.63 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 286.58 628.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 335.27 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 356.56 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 374.27 628.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 392.65 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 411.60 628.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 457.96 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 471.09 628.35 Td (May ) Tj ET Q q 0 0 0 rg BT 492.96 628.35 Td (2, ) Tj ET Q q 0 0 0 rg BT 503.46 628.35 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 603.15 Td (On ) Tj ET Q q 0 0 0 rg BT 101.51 603.15 Td (January ) Tj ET Q q 0 0 0 rg BT 136.84 603.15 Td (22, ) Tj ET Q q 0 0 0 rg BT 152.65 603.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 178.95 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 193.87 603.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 232.70 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 240.04 603.15 Td (minority ) Tj ET Q q 0 0 0 rg BT 278.88 603.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 307.81 603.15 Td (position ) Tj ET Q q 0 0 0 rg BT 344.33 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 355.17 603.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 397.50 603.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 453.55 603.15 Td (LLC ) Tj ET Q q 0 0 0 rg BT 476.06 603.15 Td (\("Precidian"\), ) Tj ET Q q 0 0 0 rg BT 536.58 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 543.92 603.15 Td (firm ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (specializing ) Tj ET Q q 0 0 0 rg BT 103.12 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 114.26 590.55 Td (creating ) Tj ET Q q 0 0 0 rg BT 151.05 590.55 Td (innovative ) Tj ET Q q 0 0 0 rg BT 198.34 590.55 Td (products ) Tj ET Q q 0 0 0 rg BT 237.48 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 255.61 590.55 Td (solutions ) Tj ET Q q 0 0 0 rg BT 296.51 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 314.64 590.55 Td (solving ) Tj ET Q q 0 0 0 rg BT 348.53 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 380.66 590.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 420.37 590.55 Td (issues, ) Tj ET Q q 0 0 0 rg BT 451.05 590.55 Td (particularly ) Tj ET Q q 0 0 0 rg BT 502.42 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 524.06 590.55 Td (regard ) Tj ET Q q 0 0 0 rg BT 553.84 590.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 577.95 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 136.37 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 157.69 577.95 Td (\(�ETF�\) ) Tj ET Q q 0 0 0 rg BT 194.76 577.95 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 250.77 577.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 279.09 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 294.00 577.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 319.41 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 330.24 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 345.15 577.95 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 395.92 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 410.25 577.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 448.47 577.95 Td (preferred ) Tj ET Q q 0 0 0 rg BT 489.02 577.95 Td (units ) Tj ET Q q 0 0 0 rg BT 511.53 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 522.35 577.95 Td (Precidian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 69.16 565.35 Td (entitle ) Tj ET Q q 0 0 0 rg BT 98.81 565.35 Td (us ) Tj ET Q q 0 0 0 rg BT 111.56 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 123.14 565.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 187.20 565.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 209.86 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 222.02 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.26 565.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 268.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 287.08 565.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 331.31 565.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 369.71 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 381.87 565.35 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 427.56 565.35 Td (along ) Tj ET Q q 0 0 0 rg BT 454.30 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 476.38 565.35 Td (customary ) Tj ET Q q 0 0 0 rg BT 523.53 565.35 Td (preferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.59 552.75 Td (protections. ) Tj ET Q q 0 0 0 rg BT 129.70 552.75 Td (At ) Tj ET Q q 0 0 0 rg BT 142.55 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 158.89 552.75 Td (sole ) Tj ET Q q 0 0 0 rg BT 178.15 552.75 Td (option ) Tj ET Q q 0 0 0 rg BT 207.33 552.75 Td (during ) Tj ET Q q 0 0 0 rg BT 237.09 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.26 552.75 Td (48 ) Tj ET Q q 0 0 0 rg BT 265.11 552.75 Td (months ) Tj ET Q q 0 0 0 rg BT 298.38 552.75 Td (following ) Tj ET Q q 0 0 0 rg BT 341.55 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.73 552.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 383.57 552.75 Td (investment, ) Tj ET Q q 0 0 0 rg BT 434.62 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 449.21 552.75 Td (may) Tj ET Q q 0 0 0 rg BT 466.61 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 471.58 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 503.67 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 514.18 552.75 Td (satisfaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.02 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.85 540.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 124.46 540.15 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 173.11 540.15 Td (convert ) Tj ET Q q 0 0 0 rg BT 206.86 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 223.13 540.15 Td (preferred ) Tj ET Q q 0 0 0 rg BT 263.87 540.15 Td (units ) Tj ET Q q 0 0 0 rg BT 286.57 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 297.01 540.15 Td (75% ) Tj ET Q q 0 0 0 rg BT 318.53 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 329.55 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 344.65 540.15 Td (common ) Tj ET Q q 0 0 0 rg BT 383.66 540.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 412.18 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 423.20 540.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 465.13 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 477.90 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 484.83 540.15 Td (fully ) Tj ET Q q 0 0 0 rg BT 506.94 540.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 538.37 540.15 Td (basis. ) Tj ET Q q 0 0 0 rg BT 564.62 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.93 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.61 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 128.39 527.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 170.65 527.55 Td (expands ) Tj ET Q q 0 0 0 rg BT 207.66 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 224.26 527.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 245.54 527.55 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 295.96 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 313.73 527.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 352.49 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 367.93 527.55 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 419.53 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 430.31 527.55 Td (partner ) Tj ET Q q 0 0 0 rg BT 462.64 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 483.92 527.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 526.18 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 536.95 527.55 Td (create ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (new ) Tj ET Q q 0 0 0 rg BT 70.12 514.95 Td (products ) Tj ET Q q 0 0 0 rg BT 108.90 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 126.69 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 135.25 514.95 Td (ferings.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 489.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 143.44 489.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 173.48 489.75 Td (Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 464.55 Td (On ) Tj ET Q q 0 0 0 rg BT 101.32 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 131.22 464.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 141.58 464.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 167.69 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 182.43 464.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 239.74 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 246.89 464.55 Td (management ) Tj ET Q q 0 0 0 rg BT 303.02 464.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 331.75 464.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 352.32 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 369.97 464.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 402.78 464.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 438.50 464.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 471.90 464.55 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 526.86 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 548.02 464.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 92.48 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 97.17 451.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 126.05 451.95 Td (& ) Tj ET Q q 0 0 0 rg BT 135.82 451.95 Td (Associates ) Tj ET Q q 0 0 0 rg BT 182.78 451.95 Td (\(�Royce�\). ) Tj ET Q q 0 0 0 rg BT 230.61 451.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 258.90 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 273.79 451.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 299.17 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 309.98 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.86 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 380.57 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 408.87 451.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 431.63 451.95 Td (Royce�) Tj ET Q q 0 0 0 rg BT 461.37 451.95 Td (s ) Tj ET Q q 0 0 0 rg BT 467.51 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 523.22 451.95 Td (team ) Tj ET Q q 0 0 0 rg BT 545.68 451.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 78.16 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 106.31 439.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 143.22 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 153.29 439.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 182.03 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 209.60 439.35 Td (allow ) Tj ET Q q 0 0 0 rg BT 234.83 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 249.57 439.35 Td (holders ) Tj ET Q q 0 0 0 rg BT 282.39 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 292.47 439.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 324.68 439.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 364.49 439.35 Td (distributions ) Tj ET Q q 0 0 0 rg BT 418.90 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 429.56 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 436.13 439.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 468.37 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.02 439.35 Td (Royce's ) Tj ET Q q 0 0 0 rg BT 513.74 439.35 Td (net ) Tj ET Q q 0 0 0 rg BT 528.47 439.35 Td (income. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.80 426.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 91.69 426.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 127.39 426.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 160.77 426.75 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 215.72 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 236.86 426.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 266.16 426.75 Td (was ) Tj ET Q q 0 0 0 rg BT 284.96 426.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 322.99 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 344.13 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 351.27 426.75 Td (new ) Tj ET Q q 0 0 0 rg BT 371.24 426.75 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 426.18 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 454.31 426.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 490.02 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 505.32 426.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 553.26 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 79.63 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 95.27 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 135.40 414.15 Td (reserved ) Tj ET Q q 0 0 0 rg BT 173.77 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 184.74 414.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 202.71 414.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 243.43 414.15 Td (\(including ) Tj ET Q q 0 0 0 rg BT 289.40 414.15 Td (bonus ) Tj ET Q q 0 0 0 rg BT 317.29 414.15 Td (awards\) ) Tj ET Q q 0 0 0 rg BT 353.34 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 371.31 414.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 413.76 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 429.40 414.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 477.68 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 489.23 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 529.36 414.15 Td (payable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.12 401.55 Td (us. ) Tj ET Q q 0 0 0 rg BT 74.04 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 75.86 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 94.14 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 149.74 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 177.95 401.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 197.98 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 215.10 401.55 Td (new ) Tj ET Q q 0 0 0 rg BT 234.55 401.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 269.73 401.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 302.60 401.55 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 357.03 401.55 Td (help ) Tj ET Q q 0 0 0 rg BT 377.07 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 387.19 401.55 Td (align ) Tj ET Q q 0 0 0 rg BT 410.14 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 424.93 401.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 461.88 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 472.58 401.55 Td (Royce�) Tj ET Q q 0 0 0 rg BT 502.32 401.55 Td (s ) Tj ET Q q 0 0 0 rg BT 508.37 401.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 87.91 388.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 125.53 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 143.32 388.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 178.02 388.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 222.05 388.95 Td (incentives ) Tj ET Q q 0 0 0 rg BT 267.25 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 278.04 388.95 Td (grow ) Tj ET Q q 0 0 0 rg BT 302.24 388.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 342.18 388.95 Td (and�control ) Tj ET Q q 0 0 0 rg BT 392.33 388.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 434.61 388.95 Td (expenses.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 363.75 Td (Financings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 338.55 Td (On ) Tj ET Q q 0 0 0 rg BT 101.42 338.55 Td (December ) Tj ET Q q 0 0 0 rg BT 147.16 338.55 Td (29, ) Tj ET Q q 0 0 0 rg BT 162.87 338.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 189.09 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 203.93 338.55 Td (entered ) Tj ET Q q 0 0 0 rg BT 237.41 338.55 Td (into ) Tj ET Q q 0 0 0 rg BT 256.34 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 263.59 338.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 291.86 338.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 341.10 338.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 360.01 338.55 Td ("Credit ) Tj ET Q q 0 0 0 rg BT 392.56 338.55 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 449.59 338.55 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 488.34 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 499.10 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 527.35 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 542.19 338.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (available ) Tj ET Q q 0 0 0 rg BT 89.84 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 96.45 325.95 Td (multi-currency ) Tj ET Q q 0 0 0 rg BT 160.79 325.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 202.98 325.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 228.83 325.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 260.52 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 270.64 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 282.49 325.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 315.94 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 326.63 325.95 Td ($1 ) Tj ET Q q 0 0 0 rg BT 339.08 325.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 368.45 325.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 382.64 325.95 Td (amended ) Tj ET Q q 0 0 0 rg BT 422.49 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 444.85 325.95 Td (time ) Tj ET Q q 0 0 0 rg BT 465.46 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 475.57 325.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 498.81 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 513.59 325.95 Td (�Revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (Facility�\). ) Tj ET Q q 0 0 0 rg BT 95.08 313.35 Td (W) Tj ET Q q 0 0 0 rg BT 104.15 313.35 Td (e ) Tj ET Q q 0 0 0 rg BT 111.19 313.35 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 153.81 313.35 Td ($40 ) Tj ET Q q 0 0 0 rg BT 171.95 313.35 Td (million ) Tj ET Q q 0 0 0 rg BT 204.67 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 217.56 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.77 313.35 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 278.91 313.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 313.37 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 326.26 313.35 Td (December ) Tj ET Q q 0 0 0 rg BT 371.78 313.35 Td (29, ) Tj ET Q q 0 0 0 rg BT 387.29 313.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 410.68 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 421.23 313.35 Td (repay ) Tj ET Q q 0 0 0 rg BT 446.93 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 462.15 313.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 513.53 313.35 Td ($40 ) Tj ET Q q 0 0 0 rg BT 531.67 313.35 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 84.43 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 97.30 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 113.66 300.75 Td (previous ) Tj ET Q q 0 0 0 rg BT 152.19 300.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 194.80 300.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 221.07 300.75 Td (facility) Tj ET Q q 0 0 0 rg BT 250.13 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 255.12 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 283.15 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 301.85 300.75 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 351.75 300.75 Td (On ) Tj ET Q q 0 0 0 rg BT 366.95 300.75 Td (May ) Tj ET Q q 0 0 0 rg BT 388.56 300.75 Td (4, ) Tj ET Q q 0 0 0 rg BT 398.81 300.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 424.80 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 439.41 300.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 482.02 300.75 Td ($460 ) Tj ET Q q 0 0 0 rg BT 505.39 300.75 Td (million ) Tj ET Q q 0 0 0 rg BT 538.09 300.75 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.41 288.15 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 111.73 288.15 Td (Facility ) Tj ET Q q 0 0 0 rg BT 146.39 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 157.14 288.15 Td (order ) Tj ET Q q 0 0 0 rg BT 181.87 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 192.61 288.15 Td (replenish ) Tj ET Q q 0 0 0 rg BT 233.68 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.92 288.15 Td (used ) Tj ET Q q 0 0 0 rg BT 276.74 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 287.48 288.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 305.22 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 320.04 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 335.45 288.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 388.19 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 399.52 288.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 417.22 288.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 435.55 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 453.29 288.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 487.36 288.15 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 526.98 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 529.37 288.15 Td (W) Tj ET Q q 0 0 0 rg BT 538.44 288.15 Td (e ) Tj ET Q q 0 0 0 rg BT 545.67 288.15 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (use ) Tj ET Q q 0 0 0 rg BT 66.78 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.40 275.55 Td (remainder ) Tj ET Q q 0 0 0 rg BT 127.75 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 139.28 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 154.89 275.55 Td (available ) Tj ET Q q 0 0 0 rg BT 195.57 275.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 246.19 275.55 Td (under ) Tj ET Q q 0 0 0 rg BT 272.89 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 288.50 275.55 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 335.04 275.55 Td (Facility ) Tj ET Q q 0 0 0 rg BT 369.90 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 380.86 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 402.89 275.55 Td (working ) Tj ET Q q 0 0 0 rg BT 440.67 275.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 471.45 275.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 498.14 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 516.09 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 531.12 275.55 Td (general ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 92.27 262.95 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 134.85 262.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 237.75 Td (On ) Tj ET Q q 0 0 0 rg BT 101.91 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 132.39 237.75 Td (14, ) Tj ET Q q 0 0 0 rg BT 148.60 237.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 175.30 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 190.62 237.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 237.44 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.34 237.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 291.99 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.23 237.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 329.64 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 341.46 237.75 Td ($250 ) Tj ET Q q 0 0 0 rg BT 365.54 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 398.96 237.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 442.84 237.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 483.24 237.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 517.82 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.64 237.75 Td (6.375% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (Junior ) Tj ET Q q 0 0 0 rg BT 78.71 225.15 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 137.17 225.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 164.13 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 181.75 225.15 Td (2056 ) Tj ET Q q 0 0 0 rg BT 205.21 225.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 224.00 225.15 Td (�2056 ) Tj ET Q q 0 0 0 rg BT 252.12 225.15 Td (Notes�\). ) Tj ET Q q 0 0 0 rg BT 289.87 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 292.33 225.15 Td (On ) Tj ET Q q 0 0 0 rg BT 307.62 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 337.49 225.15 Td (22, ) Tj ET Q q 0 0 0 rg BT 353.08 225.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 379.17 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 393.87 225.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 440.07 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 455.36 225.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 493.39 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 511.02 225.15 Td (sale ) Tj ET Q q 0 0 0 rg BT 529.80 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 541.01 225.15 Td ($450 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (million ) Tj ET Q q 0 0 0 rg BT 82.09 212.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 124.64 212.55 Td (principal ) Tj ET Q q 0 0 0 rg BT 163.71 212.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 196.96 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 207.45 212.55 Td (4.750% ) Tj ET Q q 0 0 0 rg BT 241.58 212.55 Td (Senior ) Tj ET Q q 0 0 0 rg BT 270.74 212.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 296.99 212.55 Td (due ) Tj ET Q q 0 0 0 rg BT 313.90 212.55 Td (2026 ) Tj ET Q q 0 0 0 rg BT 336.65 212.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 354.72 212.55 Td (�2026 ) Tj ET Q q 0 0 0 rg BT 382.13 212.55 Td (Notes�\). ) Tj ET Q q 0 0 0 rg BT 419.03 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 437.11 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 451.69 212.55 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 490.75 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 501.25 212.55 Td (both ) Tj ET Q q 0 0 0 rg BT 521.66 212.55 Td (of) Tj ET Q q 0 0 0 rg BT 530.22 212.55 Td (ferings, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (together ) Tj ET Q q 0 0 0 rg BT 87.99 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 110.25 199.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 161.67 199.95 Td (under ) Tj ET Q q 0 0 0 rg BT 189.16 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 206.75 199.95 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 254.09 199.95 Td (Facility) Tj ET Q q 0 0 0 rg BT 285.49 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 291.70 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 315.69 199.95 Td (used ) Tj ET Q q 0 0 0 rg BT 338.53 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 350.28 199.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 384.77 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 401.18 199.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 442.09 199.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 470.75 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 483.08 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 499.50 199.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 553.25 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 187.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.08 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 103.87 187.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 137.99 187.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 175.02 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 192.81 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 203.60 187.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 221.39 187.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 240.92 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 258.70 187.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 299.23 187.35 Td (related ) Tj ET Q q 0 0 0 rg BT 330.42 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 341.21 187.35 Td (those ) Tj ET Q q 0 0 0 rg BT 366.00 187.35 Td (transactions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 162.15 Td (See ) Tj ET Q q 0 0 0 rg BT 102.92 162.15 Td (�Item�8. ) Tj ET Q q 0 0 0 rg BT 139.08 162.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 179.91 162.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.75 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 244.67 162.15 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 310.00 162.15 Td (Data� ) Tj ET Q q 0 0 0 rg BT 336.24 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 350.24 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.83 162.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 406.53 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 421.12 162.15 Td (income ) Tj ET Q q 0 0 0 rg BT 453.78 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 470.70 162.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.96 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 507.46 162.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 530.80 162.15 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 77.53 149.55 Td (operates ) Tj ET Q q 0 0 0 rg BT 114.38 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 124.41 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 130.94 149.55 Td (single ) Tj ET Q q 0 0 0 rg BT 157.88 149.55 Td (reportable ) Tj ET Q q 0 0 0 rg BT 202.31 149.55 Td (business ) Tj ET Q q 0 0 0 rg BT 239.76 149.55 Td (segment. ) Tj ET Q q 0 0 0 rg BT 279.25 149.55 Td (See ) Tj ET Q q 0 0 0 rg BT 296.28 149.55 Td (Note�16 ) Tj ET Q q 0 0 0 rg BT 331.68 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 342.29 149.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 368.65 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 378.69 149.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 435.97 149.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 476.91 149.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 524.85 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 534.89 149.55 Td (Item�8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.48 136.95 Td (this ) Tj ET Q q 0 0 0 rg BT 77.38 136.95 Td (Report ) Tj ET Q q 0 0 0 rg BT 107.69 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 121.66 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 137.39 136.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 176.43 136.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 218.97 136.95 Td (in, ) Tj ET Q q 0 0 0 rg BT 231.49 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 248.38 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 264.11 136.95 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 309.00 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.23 136.95 Td (\(consisting ) Tj ET Q q 0 0 0 rg BT 383.04 136.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 423.85 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 434.32 136.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 478.05 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.27 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 521.17 136.95 Td (goodwill\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (located ) Tj ET Q q 0 0 0 rg BT 83.51 124.35 Td (in, ) Tj ET Q q 0 0 0 rg BT 97.49 124.35 Td (each ) Tj ET Q q 0 0 0 rg BT 119.91 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 131.85 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 147.87 124.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 188.38 124.35 Td (geographic ) Tj ET Q q 0 0 0 rg BT 238.22 124.35 Td (regions ) Tj ET Q q 0 0 0 rg BT 272.32 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 283.67 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 312.53 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 327.96 124.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 364.39 124.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 405.79 124.35 Td (See ) Tj ET Q q 0 0 0 rg BT 424.14 124.35 Td (Note�7 ) Tj ET Q q 0 0 0 rg BT 455.62 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 467.56 124.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 495.25 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 506.60 124.35 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.59 111.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 140.18 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 150.86 111.75 Td (Item�8 ) Tj ET Q q 0 0 0 rg BT 180.49 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.74 111.75 Td (this ) Tj ET Q q 0 0 0 rg BT 209.43 111.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 240.52 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 255.27 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 271.78 111.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 309.27 111.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.61 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 351.62 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 362.30 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.64 111.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 398.82 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.50 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.17 111.75 Td (all ) Tj ET Q q 0 0 0 rg BT 440.18 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 464.27 111.75 Td (countries, ) Tj ET Q q 0 0 0 rg BT 507.90 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.58 111.75 Td (aggregate.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Business Overview) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.70 Td (Acting ) Tj ET Q q 0 0 0 rg BT 118.69 716.70 Td (through ) Tj ET Q q 0 0 0 rg BT 155.47 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 173.58 716.70 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 229.90 716.70 Td (we ) Tj ET Q q 0 0 0 rg BT 246.25 716.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 282.44 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 332.63 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 390.39 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 409.67 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 442.34 716.70 Td (services ) Tj ET Q q 0 0 0 rg BT 480.27 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 492.55 716.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 546.84 716.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 95.16 704.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 127.77 704.10 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 214.91 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 263.56 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 289.47 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.20 704.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 331.35 704.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 376.48 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 416.96 704.10 Td (account ) Tj ET Q q 0 0 0 rg BT 452.18 704.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 497.04 704.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 541.60 704.10 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.51 691.50 Td (management ) Tj ET Q q 0 0 0 rg BT 130.25 691.50 Td (of) Tj ET Q q 0 0 0 rg BT 138.81 691.50 Td (fices ) Tj ET Q q 0 0 0 rg BT 161.73 691.50 Td (located ) Tj ET Q q 0 0 0 rg BT 195.15 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 206.41 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 222.34 691.50 Td (United ) Tj ET Q q 0 0 0 rg BT 254.01 691.50 Td (States, ) Tj ET Q q 0 0 0 rg BT 284.82 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 300.75 691.50 Td (United ) Tj ET Q q 0 0 0 rg BT 332.42 691.50 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 375.19 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 393.45 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 401.21 691.50 Td (number ) Tj ET Q q 0 0 0 rg BT 436.38 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 448.22 691.50 Td (other ) Tj ET Q q 0 0 0 rg BT 472.90 691.50 Td (countries ) Tj ET Q q 0 0 0 rg BT 514.48 691.50 Td (worldwide, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.04 678.90 Td (businesses ) Tj ET Q q 0 0 0 rg BT 112.42 678.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 146.53 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 153.24 678.90 Td (broad ) Tj ET Q q 0 0 0 rg BT 179.19 678.90 Td (array ) Tj ET Q q 0 0 0 rg BT 202.80 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 213.59 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.71 678.90 Td (management ) Tj ET Q q 0 0 0 rg BT 317.39 678.90 Td (products ) Tj ET Q q 0 0 0 rg BT 355.60 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 372.80 678.90 Td (services. ) Tj ET Q q 0 0 0 rg BT 411.14 678.90 Td (W) Tj ET Q q 0 0 0 rg BT 420.21 678.90 Td (e ) Tj ET Q q 0 0 0 rg BT 426.91 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 435.47 678.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 449.17 678.90 Td (these ) Tj ET Q q 0 0 0 rg BT 472.79 678.90 Td (products ) Tj ET Q q 0 0 0 rg BT 510.99 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 528.19 678.90 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 85.86 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 104.81 666.30 Td (through ) Tj ET Q q 0 0 0 rg BT 141.27 666.30 Td (various ) Tj ET Q q 0 0 0 rg BT 175.97 666.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.49 666.30 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 282.96 666.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.08 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.95 666.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 392.90 666.30 Td (services ) Tj ET Q q 0 0 0 rg BT 430.51 666.30 Td (include ) Tj ET Q q 0 0 0 rg BT 465.21 666.30 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 523.81 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 542.76 666.30 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 107.73 653.70 Td (management ) Tj ET Q q 0 0 0 rg BT 164.28 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 175.94 653.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 213.25 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.24 653.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.88 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 312.96 653.70 Td (numerous ) Tj ET Q q 0 0 0 rg BT 357.29 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.28 653.70 Td (styles ) Tj ET Q q 0 0 0 rg BT 433.11 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 448.26 653.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 501.34 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 519.42 653.70 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 92.15 641.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.09 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.78 641.10 Td (products ) Tj ET Q q 0 0 0 rg BT 195.55 641.10 Td (include ) Tj ET Q q 0 0 0 rg BT 228.06 641.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 276.32 641.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 307.09 641.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 332.04 641.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 365.72 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 387.74 641.10 Td (money ) Tj ET Q q 0 0 0 rg BT 417.93 641.10 Td (market ) Tj ET Q q 0 0 0 rg BT 448.69 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.46 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 488.65 641.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 525.84 641.10 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.69 628.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 84.78 628.50 Td (income, ) Tj ET Q q 0 0 0 rg BT 120.83 628.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 149.60 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 167.28 628.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 214.11 628.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 239.96 628.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 280.38 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 291.07 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 298.25 628.50 Td (wide ) Tj ET Q q 0 0 0 rg BT 321.18 628.50 Td (variety ) Tj ET Q q 0 0 0 rg BT 352.85 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 364.12 628.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 412.72 628.50 Td (styles. ) Tj ET Q q 0 0 0 rg BT 441.60 628.50 Td (W) Tj ET Q q 0 0 0 rg BT 450.67 628.50 Td (e ) Tj ET Q q 0 0 0 rg BT 457.85 628.50 Td (also ) Tj ET Q q 0 0 0 rg BT 477.28 628.50 Td (of) Tj ET Q q 0 0 0 rg BT 485.84 628.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 500.02 628.50 Td (other ) Tj ET Q q 0 0 0 rg BT 524.11 628.50 Td (domestic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 615.90 Td (of) Tj ET Q q 0 0 0 rg BT 76.34 615.90 Td (fshore ) Tj ET Q q 0 0 0 rg BT 105.21 615.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 131.17 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 141.96 615.90 Td (both ) Tj ET Q q 0 0 0 rg BT 163.25 615.90 Td (retail ) Tj ET Q q 0 0 0 rg BT 187.45 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 205.23 615.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 258.03 615.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 298.57 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.35 615.90 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 383.12 615.90 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 590.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.77 590.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 152.38 590.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.24 590.70 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.91 590.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 262.43 590.70 Td (earn ) Tj ET Q q 0 0 0 rg BT 283.94 590.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 324.70 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 338.65 590.70 Td (char) Tj ET Q q 0 0 0 rg BT 356.52 590.70 Td (ging ) Tj ET Q q 0 0 0 rg BT 378.64 590.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 398.98 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 414.67 590.70 Td (managing ) Tj ET Q q 0 0 0 rg BT 459.52 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 475.79 590.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.31 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.26 590.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 82.54 578.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 104.29 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 119.62 578.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 158.87 578.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 203.93 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.18 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.35 578.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 270.32 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.57 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.91 578.10 Td (value ) Tj ET Q q 0 0 0 rg BT 322.15 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.85 578.10 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 362.78 578.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 411.66 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.79 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.12 578.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 447.45 578.10 Td (income ) Tj ET Q q 0 0 0 rg BT 480.86 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.11 578.10 Td (each ) Tj ET Q q 0 0 0 rg BT 513.85 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.10 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.60 578.10 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (managers ) Tj ET Q q 0 0 0 rg BT 92.74 565.50 Td (will ) Tj ET Q q 0 0 0 rg BT 111.58 565.50 Td (typically ) Tj ET Q q 0 0 0 rg BT 150.83 565.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 187.73 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 198.98 565.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 237.62 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 248.87 565.50 Td (its ) Tj ET Q q 0 0 0 rg BT 261.30 565.50 Td (average ) Tj ET Q q 0 0 0 rg BT 295.89 565.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 322.90 565.50 Td (increases ) Tj ET Q q 0 0 0 rg BT 363.89 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 375.14 565.50 Td (decreases. ) Tj ET Q q 0 0 0 rg BT 420.49 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 423.00 565.50 Td (In ) Tj ET Q q 0 0 0 rg BT 434.25 565.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 473.79 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 489.13 565.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 508.54 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 521.54 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 537.49 565.50 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 70.42 552.90 Td (with ) Tj ET Q q 0 0 0 rg BT 90.85 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 105.44 552.90 Td (type ) Tj ET Q q 0 0 0 rg BT 125.29 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 135.80 552.90 Td (account ) Tj ET Q q 0 0 0 rg BT 170.21 552.90 Td (managed, ) Tj ET Q q 0 0 0 rg BT 212.50 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 227.09 552.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 260.35 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 270.86 552.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 297.12 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 307.05 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 321.64 552.90 Td (account, ) Tj ET Q q 0 0 0 rg BT 358.68 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.27 552.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 395.45 552.90 Td (manager ) Tj ET Q q 0 0 0 rg BT 433.36 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 450.28 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 464.87 552.90 Td (type ) Tj ET Q q 0 0 0 rg BT 484.72 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 495.23 552.90 Td (client. ) Tj ET Q q 0 0 0 rg BT 522.94 552.90 Td (Increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.03 540.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 86.92 540.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 128.37 540.30 Td (result ) Tj ET Q q 0 0 0 rg BT 154.09 540.30 Td (from ) Tj ET Q q 0 0 0 rg BT 176.89 540.30 Td (inflows ) Tj ET Q q 0 0 0 rg BT 210.78 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 221.92 540.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 266.30 540.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 293.19 540.30 Td (from ) Tj ET Q q 0 0 0 rg BT 315.98 540.30 Td (new ) Tj ET Q q 0 0 0 rg BT 335.87 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 353.42 540.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 389.06 540.30 Td (clients ) Tj ET Q q 0 0 0 rg BT 418.86 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 436.41 540.30 Td (from ) Tj ET Q q 0 0 0 rg BT 459.21 540.30 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 513.49 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 524.04 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 539.26 540.30 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.12 527.70 Td (client ) Tj ET Q q 0 0 0 rg BT 86.81 527.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.68 527.70 Td (\(including ) Tj ET Q q 0 0 0 rg BT 159.21 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 207.66 527.70 Td (income ) Tj ET Q q 0 0 0 rg BT 240.94 527.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 271.29 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 284.16 527.70 Td (client ) Tj ET Q q 0 0 0 rg BT 309.85 527.70 Td (assets\). ) Tj ET Q q 0 0 0 rg BT 342.84 527.70 Td (Conversely) Tj ET Q q 0 0 0 rg BT 389.99 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 394.98 527.70 Td (decreases ) Tj ET Q q 0 0 0 rg BT 437.58 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 447.59 527.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 474.47 527.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 515.90 527.70 Td (result ) Tj ET Q q 0 0 0 rg BT 541.60 527.70 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (client ) Tj ET Q q 0 0 0 rg BT 75.36 515.10 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 129.30 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.49 515.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 182.93 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.13 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.99 515.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.76 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.54 515.10 Td (client ) Tj ET Q q 0 0 0 rg BT 268.89 515.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 298.05 515.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 315.96 515.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 342.50 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 362.61 515.10 Td (also ) Tj ET Q q 0 0 0 rg BT 381.56 515.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 417.98 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 428.76 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.46 515.10 Td (result ) Tj ET Q q 0 0 0 rg BT 460.82 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.60 515.10 Td (business ) Tj ET Q q 0 0 0 rg BT 509.22 515.10 Td (acquisitions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 61.37 502.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 100.13 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 111.50 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 118.79 502.50 Td (result ) Tj ET Q q 0 0 0 rg BT 144.74 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 156.12 502.50 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 477.30 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 477.30 Td (e ) Tj ET Q q 0 0 0 rg BT 102.81 477.30 Td (may ) Tj ET Q q 0 0 0 rg BT 123.97 477.30 Td (earn ) Tj ET Q q 0 0 0 rg BT 145.12 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 201.25 477.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 221.24 477.30 Td (from ) Tj ET Q q 0 0 0 rg BT 244.73 477.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 276.38 477.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 316.19 477.30 Td (if ) Tj ET Q q 0 0 0 rg BT 325.69 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.60 477.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 390.76 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 446.89 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 458.72 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.63 477.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 502.21 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 513.46 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 529.36 477.30 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (meets ) Tj ET Q q 0 0 0 rg BT 77.07 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 88.40 464.70 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 124.21 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 131.45 464.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 171.93 464.70 Td (benchmark, ) Tj ET Q q 0 0 0 rg BT 223.78 464.70 Td (high ) Tj ET Q q 0 0 0 rg BT 245.03 464.70 Td (water ) Tj ET Q q 0 0 0 rg BT 270.93 464.70 Td (mark ) Tj ET Q q 0 0 0 rg BT 295.08 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 306.41 464.70 Td (hurdle ) Tj ET Q q 0 0 0 rg BT 335.81 464.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 354.13 464.70 Td (during ) Tj ET Q q 0 0 0 rg BT 384.12 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 391.36 464.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 449.92 464.70 Td (period. ) Tj ET Q q 0 0 0 rg BT 481.95 464.70 Td (For ) Tj ET Q q 0 0 0 rg BT 499.12 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 514.53 464.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 539.84 464.70 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 78.18 452.10 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 124.45 452.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 151.18 452.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 175.29 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.57 452.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 220.30 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.16 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.27 452.10 Td ($2.7 ) Tj ET Q q 0 0 0 rg BT 270.75 452.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 303.91 452.10 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 325.39 452.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 355.92 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.20 452.10 Td ($2.7 ) Tj ET Q q 0 0 0 rg BT 395.68 452.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 426.21 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.49 452.10 Td (total ) Tj ET Q q 0 0 0 rg BT 459.26 452.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 502.32 452.10 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 529.05 452.10 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 76.09 439.50 Td (million ) Tj ET Q q 0 0 0 rg BT 108.90 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 126.52 439.50 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 157.86 439.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 193.29 439.50 Td (respectively ) Tj ET Q q 0 0 0 rg BT 246.49 439.50 Td (represented ) Tj ET Q q 0 0 0 rg BT 297.34 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 352.86 439.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 374.85 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 376.78 439.50 Td (As ) Tj ET Q q 0 0 0 rg BT 390.91 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 402.12 439.50 Td (March ) Tj ET Q q 0 0 0 rg BT 432.00 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 447.59 439.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 473.68 439.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 536.79 439.50 Td (7% ) Tj ET Q q 0 0 0 rg BT 553.26 439.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.62 426.90 Td (total ) Tj ET Q q 0 0 0 rg BT 87.33 426.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 114.46 426.90 Td (was ) Tj ET Q q 0 0 0 rg BT 133.41 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 144.21 426.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 183.57 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 201.94 426.90 Td (were ) Tj ET Q q 0 0 0 rg BT 224.96 426.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 259.08 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.87 426.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 287.66 426.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 343.33 426.90 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 389.70 Td (As ) Tj ET Q q 0 0 0 rg BT 101.02 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 113.11 389.70 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 156.99 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 169.08 389.70 Td (each ) Tj ET Q q 0 0 0 rg BT 191.66 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 203.75 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 219.93 389.70 Td (last ) Tj ET Q q 0 0 0 rg BT 237.85 389.70 Td (three ) Tj ET Q q 0 0 0 rg BT 262.19 389.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 288.27 389.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 316.40 389.70 Td (we ) Tj ET Q q 0 0 0 rg BT 331.99 389.70 Td (had ) Tj ET Q q 0 0 0 rg BT 350.50 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 366.67 389.70 Td (following ) Tj ET Q q 0 0 0 rg BT 410.85 389.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 454.26 389.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 482.11 389.70 Td (\(in ) Tj ET Q q 0 0 0 rg BT 497.12 389.70 Td (billions, ) Tj ET Q q 0 0 0 rg BT 534.60 389.70 Td (except ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 295.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 295.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 295.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 266.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 266.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 266.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 266.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 266.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 266.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 266.60 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 93.5 295.6 m 158.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 295.6 m 222.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 295.6 m 290.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 295.6 m 358.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 295.6 m 426.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 295.6 m 494.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 295.6 m 562.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 295.6 m 426.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 295.6 m 562.5 295.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 111.50 323.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 111.30 311.89 Td (Under) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 96.00 300.39 Td (Management) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 176.80 311.89 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 178.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.35 332.89 Td (% of ) Tj ET Q q 0 0 0 rg BT 258.66 332.89 Td (T) Tj ET Q q 0 0 0 rg BT 264.70 332.89 Td (otal ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 253.60 322.39 Td (in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.80 310.89 Td (Equity ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 313.45 323.39 Td (Fixed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.35 311.89 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 312.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.35 344.39 Td (% of ) Tj ET Q q 0 0 0 rg BT 394.66 344.39 Td (T) Tj ET Q q 0 0 0 rg BT 400.70 344.39 Td (otal ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.60 333.89 Td (in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.45 322.39 Td (Fixed ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.35 311.89 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 380.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.95 311.89 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 506.35 323.39 Td (% of ) Tj ET Q q 0 0 0 rg BT 530.66 323.39 Td (T) Tj ET Q q 0 0 0 rg BT 536.70 323.39 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 503.25 311.89 Td (in Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 300.39 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.00 285.39 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 96.00 285.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 130.85 285.39 Td (669.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 165.00 285.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 194.85 285.39 Td (180.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 269.00 285.39 Td (27) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.50 285.39 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 297.00 285.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 330.85 285.39 Td (376.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.00 285.39 Td (56) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.50 285.39 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.00 285.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.85 285.39 Td (112.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.00 285.39 Td (17) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 551.50 285.39 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 270.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.85 270.82 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.85 270.82 Td (199.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 270.82 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 270.82 Td (376.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.00 270.82 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 270.82 Td (127.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.00 270.82 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 256.82 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.85 256.82 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.85 256.82 Td (186.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 256.82 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 256.82 Td (365.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.00 256.82 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 256.82 Td (150.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.00 256.82 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 228.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 228.50 Td (From ) Tj ET Q q 0 0 0 rg BT 111.56 228.50 Td (time ) Tj ET Q q 0 0 0 rg BT 133.04 228.50 Td (to ) Tj ET Q q 0 0 0 rg BT 144.02 228.50 Td (time, ) Tj ET Q q 0 0 0 rg BT 168.12 228.50 Td (our ) Tj ET Q q 0 0 0 rg BT 184.92 228.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 222.72 228.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 251.77 228.50 Td (or ) Tj ET Q q 0 0 0 rg BT 263.33 228.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 287.72 228.50 Td (income ) Tj ET Q q 0 0 0 rg BT 321.43 228.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.74 228.50 Td (under ) Tj ET Q q 0 0 0 rg BT 375.46 228.50 Td (management ) Tj ET Q q 0 0 0 rg BT 431.92 228.50 Td (may ) Tj ET Q q 0 0 0 rg BT 452.81 228.50 Td (exclude ) Tj ET Q q 0 0 0 rg BT 488.27 228.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 515.58 228.50 Td (that ) Tj ET Q q 0 0 0 rg BT 534.13 228.50 Td (we ) Tj ET Q q 0 0 0 rg BT 549.19 228.50 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 215.90 Td (retained ) Tj ET Q q 0 0 0 rg BT 86.35 215.90 Td (to ) Tj ET Q q 0 0 0 rg BT 97.05 215.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 132.23 215.90 Td (on ) Tj ET Q q 0 0 0 rg BT 145.27 215.90 Td (a ) Tj ET Q q 0 0 0 rg BT 152.46 215.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 198.74 215.90 Td (or ) Tj ET Q q 0 0 0 rg BT 210.02 215.90 Td (temporary ) Tj ET Q q 0 0 0 rg BT 255.70 215.90 Td (basis. ) Tj ET Q q 0 0 0 rg BT 281.86 215.90 Td ( ) Tj ET Q q 0 0 0 rg BT 284.39 215.90 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 330.68 215.90 Td (in ) Tj ET Q q 0 0 0 rg BT 341.38 215.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 366.65 215.90 Td (year ) Tj ET Q q 0 0 0 rg BT 387.25 215.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 413.41 215.90 Td (we ) Tj ET Q q 0 0 0 rg BT 428.19 215.90 Td (will ) Tj ET Q q 0 0 0 rg BT 447.06 215.90 Td (report ) Tj ET Q q 0 0 0 rg BT 474.11 215.90 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 523.31 215.90 Td (Assets ) Tj ET Q q 0 0 0 rg BT 553.27 215.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 203.30 Td (part ) Tj ET Q q 0 0 0 rg BT 70.88 203.30 Td (of ) Tj ET Q q 0 0 0 rg BT 84.19 203.30 Td (our ) Tj ET Q q 0 0 0 rg BT 101.74 203.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 130.80 203.30 Td (classifications. ) Tj ET Q q 0 0 0 rg BT 197.46 203.30 Td ( ) Tj ET Q q 0 0 0 rg BT 201.69 203.30 Td (W) Tj ET Q q 0 0 0 rg BT 210.76 203.30 Td (e ) Tj ET Q q 0 0 0 rg BT 219.98 203.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 262.44 203.30 Td (define ) Tj ET Q q 0 0 0 rg BT 292.23 203.30 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 343.01 203.30 Td (Assets ) Tj ET Q q 0 0 0 rg BT 374.99 203.30 Td (as ) Tj ET Q q 0 0 0 rg BT 388.29 203.30 Td (all ) Tj ET Q q 0 0 0 rg BT 402.34 203.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 431.40 203.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 473.86 203.30 Td (by ) Tj ET Q q 0 0 0 rg BT 488.91 203.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 524.97 203.30 Td (Partners, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 190.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 190.70 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 118.45 190.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 149.08 190.70 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 208.84 190.70 Td (or ) Tj ET Q q 0 0 0 rg BT 220.21 190.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 252.58 190.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 285.53 190.70 Td (Management.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 165.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 165.50 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 165.50 Td (e ) Tj ET Q q 0 0 0 rg BT 102.75 165.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 136.08 165.50 Td (that ) Tj ET Q q 0 0 0 rg BT 154.84 165.50 Td (market ) Tj ET Q q 0 0 0 rg BT 187.01 165.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 233.78 165.50 Td (and ) Tj ET Q q 0 0 0 rg BT 251.95 165.50 Td (our ) Tj ET Q q 0 0 0 rg BT 268.97 165.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.06 165.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 374.13 165.50 Td (are ) Tj ET Q q 0 0 0 rg BT 389.96 165.50 Td (critical ) Tj ET Q q 0 0 0 rg BT 422.12 165.50 Td (elements ) Tj ET Q q 0 0 0 rg BT 462.46 165.50 Td (in ) Tj ET Q q 0 0 0 rg BT 473.64 165.50 Td (our ) Tj ET Q q 0 0 0 rg BT 490.66 165.50 Td (attempts ) Tj ET Q q 0 0 0 rg BT 529.25 165.50 Td (to ) Tj ET Q q 0 0 0 rg BT 540.43 165.50 Td (grow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 152.90 Td (our ) Tj ET Q q 0 0 0 rg BT 67.64 152.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 96.81 152.90 Td (and ) Tj ET Q q 0 0 0 rg BT 116.64 152.90 Td (business. ) Tj ET Q q 0 0 0 rg BT 159.18 152.90 Td (When ) Tj ET Q q 0 0 0 rg BT 188.92 152.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 233.24 152.90 Td (markets ) Tj ET Q q 0 0 0 rg BT 271.15 152.90 Td (are ) Tj ET Q q 0 0 0 rg BT 288.64 152.90 Td (increasing, ) Tj ET Q q 0 0 0 rg BT 339.08 152.90 Td (our ) Tj ET Q q 0 0 0 rg BT 356.71 152.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 385.88 152.90 Td (will ) Tj ET Q q 0 0 0 rg BT 406.89 152.90 Td (tend ) Tj ET Q q 0 0 0 rg BT 429.64 152.90 Td (to ) Tj ET Q q 0 0 0 rg BT 442.47 152.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 481.53 152.90 Td (because ) Tj ET Q q 0 0 0 rg BT 519.43 152.90 Td (of ) Tj ET Q q 0 0 0 rg BT 532.85 152.90 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 140.30 Td (performance, ) Tj ET Q q 0 0 0 rg BT 108.39 140.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 147.85 140.30 Td (in ) Tj ET Q q 0 0 0 rg BT 158.73 140.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 203.43 140.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 226.56 140.30 Td (management ) Tj ET Q q 0 0 0 rg BT 282.92 140.30 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 325.57 140.30 Td (Similarly) Tj ET Q q 0 0 0 rg BT 363.97 140.30 Td (, ) Tj ET Q q 0 0 0 rg BT 369.31 140.30 Td (if ) Tj ET Q q 0 0 0 rg BT 378.44 140.30 Td (we ) Tj ET Q q 0 0 0 rg BT 393.40 140.30 Td (can ) Tj ET Q q 0 0 0 rg BT 410.68 140.30 Td (produce ) Tj ET Q q 0 0 0 rg BT 447.21 140.30 Td (positive ) Tj ET Q q 0 0 0 rg BT 483.17 140.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 531.97 140.30 Td (results, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 127.70 Td (our ) Tj ET Q q 0 0 0 rg BT 66.51 127.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 94.24 127.70 Td (will ) Tj ET Q q 0 0 0 rg BT 113.80 127.70 Td (tend ) Tj ET Q q 0 0 0 rg BT 135.11 127.70 Td (to ) Tj ET Q q 0 0 0 rg BT 146.50 127.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 184.12 127.70 Td (as ) Tj ET Q q 0 0 0 rg BT 196.09 127.70 Td (a ) Tj ET Q q 0 0 0 rg BT 203.98 127.70 Td (result ) Tj ET Q q 0 0 0 rg BT 230.53 127.70 Td (of ) Tj ET Q q 0 0 0 rg BT 242.51 127.70 Td (our ) Tj ET Q q 0 0 0 rg BT 259.73 127.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 283.37 127.70 Td (managers�) Tj ET Q q 0 0 0 rg BT 326.32 127.70 Td ( ) Tj ET Q q 0 0 0 rg BT 329.54 127.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.85 127.70 Td (performance. ) Tj ET Q q 0 0 0 rg BT 437.75 127.70 Td (In ) Tj ET Q q 0 0 0 rg BT 449.72 127.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 489.98 127.70 Td (favorable ) Tj ET Q q 0 0 0 rg BT 532.85 127.70 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.89 115.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.78 115.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 135.18 115.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 168.80 115.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.02 115.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 272.21 115.10 Td (can ) Tj ET Q q 0 0 0 rg BT 288.93 115.10 Td (result ) Tj ET Q q 0 0 0 rg BT 314.40 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.71 115.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 366.50 115.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 400.14 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.45 115.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.09 115.10 Td (from ) Tj ET Q q 0 0 0 rg BT 459.65 115.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 495.04 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.34 115.10 Td (new ) Tj ET Q q 0 0 0 rg BT 531.98 115.10 Td (clients. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 102.50 Td (Conversely) Tj ET Q q 0 0 0 rg BT 97.14 102.50 Td (, ) Tj ET Q q 0 0 0 rg BT 104.40 102.50 Td (in ) Tj ET Q q 0 0 0 rg BT 117.20 102.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 152.75 102.50 Td (when ) Tj ET Q q 0 0 0 rg BT 180.13 102.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 224.42 102.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.29 102.50 Td (are ) Tj ET Q q 0 0 0 rg BT 279.74 102.50 Td (weak ) Tj ET Q q 0 0 0 rg BT 306.53 102.50 Td (or ) Tj ET Q q 0 0 0 rg BT 319.91 102.50 Td (declining, ) Tj ET Q q 0 0 0 rg BT 366.24 102.50 Td (or ) Tj ET Q q 0 0 0 rg BT 379.63 102.50 Td (when ) Tj ET Q q 0 0 0 rg BT 407.00 102.50 Td (we ) Tj ET Q q 0 0 0 rg BT 423.88 102.50 Td (have ) Tj ET Q q 0 0 0 rg BT 448.34 102.50 Td (produced ) Tj ET Q q 0 0 0 rg BT 492.04 102.50 Td (poor ) Tj ET Q q 0 0 0 rg BT 515.92 102.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 89.90 Td (performance, ) Tj ET Q q 0 0 0 rg BT 108.69 89.90 Td (absolute ) Tj ET Q q 0 0 0 rg BT 146.70 89.90 Td (or ) Tj ET Q q 0 0 0 rg BT 158.46 89.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 192.96 89.90 Td (to ) Tj ET Q q 0 0 0 rg BT 204.14 89.90 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 257.89 89.90 Td (or ) Tj ET Q q 0 0 0 rg BT 269.65 89.90 Td (peers, ) Tj ET Q q 0 0 0 rg BT 297.45 89.90 Td (it ) Tj ET Q q 0 0 0 rg BT 306.30 89.90 Td (is ) Tj ET Q q 0 0 0 rg BT 316.32 89.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 343.25 89.90 Td (to ) Tj ET Q q 0 0 0 rg BT 354.43 89.90 Td (be ) Tj ET Q q 0 0 0 rg BT 367.36 89.90 Td (more ) Tj ET Q q 0 0 0 rg BT 391.95 89.90 Td (dif) Tj ET Q q 0 0 0 rg BT 403.43 89.90 Td (ficult ) Tj ET Q q 0 0 0 rg BT 428.60 89.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.79 89.90 Td (grow ) Tj ET Q q 0 0 0 rg BT 464.38 89.90 Td (our ) Tj ET Q q 0 0 0 rg BT 480.73 89.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 508.25 89.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 89.90 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 77.30 Td (and, ) Tj ET Q q 0 0 0 rg BT 70.41 77.30 Td (in ) Tj ET Q q 0 0 0 rg BT 81.20 77.30 Td (such ) Tj ET Q q 0 0 0 rg BT 103.08 77.30 Td (periods, ) Tj ET Q q 0 0 0 rg BT 139.24 77.30 Td (our ) Tj ET Q q 0 0 0 rg BT 155.28 77.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 182.41 77.30 Td (and ) Tj ET Q q 0 0 0 rg BT 200.19 77.30 Td (business ) Tj ET Q q 0 0 0 rg BT 238.40 77.30 Td (may ) Tj ET Q q 0 0 0 rg BT 259.11 77.30 Td (decline.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 741.75 Td (e ) Tj ET Q q 0 0 0 rg BT 103.59 741.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 146.52 741.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 183.03 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.72 741.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 240.32 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.92 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 270.78 741.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 302.06 741.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 342.08 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.11 741.75 Td (written ) Tj ET Q q 0 0 0 rg BT 387.71 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 437.65 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 495.16 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 507.77 741.75 Td (sub-advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.08 729.15 Td (between ) Tj ET Q q 0 0 0 rg BT 127.25 729.15 Td (one ) Tj ET Q q 0 0 0 rg BT 144.59 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 155.52 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 171.70 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 194.29 729.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 236.71 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 254.05 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 269.06 729.15 Td (client ) Tj ET Q q 0 0 0 rg BT 294.57 729.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 308.99 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 315.84 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.75 729.15 Td (intermediary ) Tj ET Q q 0 0 0 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534.61 540.15 Td (except ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 65.11 527.55 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 97.42 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 125.95 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 135.82 527.55 Td (17% ) Tj ET Q q 0 0 0 rg BT 157.93 527.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 188.79 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 202.15 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 214.94 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 271.45 527.55 Td (team, ) Tj ET Q q 0 0 0 rg BT 297.34 527.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 328.21 527.55 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 390.84 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 419.36 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 429.23 527.55 Td (15% ) Tj ET Q q 0 0 0 rg BT 451.34 527.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 482.20 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 495.57 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 508.35 527.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (team ) Tj ET Q q 0 0 0 rg BT 73.03 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 90.82 514.95 Td (10% ) Tj ET Q q 0 0 0 rg BT 112.69 514.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 143.31 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 156.43 514.95 Td (another ) Tj ET Q q 0 0 0 rg BT 190.54 514.95 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 242.15 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 259.93 514.95 Td (one ) Tj ET Q q 0 0 0 rg BT 277.72 514.95 Td (joint ) Tj ET Q q 0 0 0 rg BT 299.60 514.95 Td (venture ) Tj ET Q q 0 0 0 rg BT 333.71 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 352.08 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 366.94 514.95 Td (own ) Tj ET Q q 0 0 0 rg BT 387.65 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 408.95 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 416.23 514.95 Td (former ) Tj ET Q q 0 0 0 rg BT 447.42 514.95 Td (employee. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 489.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 111.06 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.88 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 141.95 489.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 179.27 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 203.75 489.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 248.06 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 259.14 489.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.28 489.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 342.50 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 355.32 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 364.06 489.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 402.53 489.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 444.82 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 457.06 489.75 Td (many ) Tj ET Q q 0 0 0 rg BT 484.46 489.75 Td (cases ) Tj ET Q q 0 0 0 rg BT 510.69 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 533.43 489.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.73 477.15 Td (functions ) Tj ET Q q 0 0 0 rg BT 144.12 477.15 Td (being ) Tj ET Q q 0 0 0 rg BT 170.75 477.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 211.38 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 225.19 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 241.33 477.15 Td (parent ) Tj ET Q q 0 0 0 rg BT 270.87 477.15 Td (company ) Tj ET Q q 0 0 0 rg BT 312.67 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 331.14 477.15 Td (other ) Tj ET Q q 0 0 0 rg BT 356.02 477.15 Td (af) Tj ET Q q 0 0 0 rg BT 363.99 477.15 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 398.50 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 417.55 477.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 457.60 477.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 494.15 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 507.38 477.15 Td (products ) Tj ET Q q 0 0 0 rg BT 546.84 477.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (services ) Tj ET Q q 0 0 0 rg BT 87.11 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 114.31 464.55 Td (its ) Tj ET Q q 0 0 0 rg BT 127.53 464.55 Td (own ) Tj ET Q q 0 0 0 rg BT 148.90 464.55 Td (brand ) Tj ET Q q 0 0 0 rg BT 176.10 464.55 Td (name. ) Tj ET Q q 0 0 0 rg BT 204.76 464.55 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 252.39 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 274.35 464.55 Td (this ) Tj ET Q q 0 0 0 rg BT 292.82 464.55 Td (approach, ) Tj ET Q q 0 0 0 rg BT 337.21 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 352.75 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 375.86 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 387.32 464.55 Td (place ) Tj ET Q q 0 0 0 rg BT 412.77 464.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 449.29 464.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 483.49 464.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 543.34 464.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.29 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 90.76 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 106.48 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.61 451.95 Td (managers: ) Tj ET Q q 0 0 0 rg BT 173.49 451.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 226.53 451.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 256.84 451.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 305.22 451.95 Td (Management, ) Tj ET Q q 0 0 0 rg BT 364.38 451.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 417.42 451.95 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 472.51 451.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.24 451.95 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (Royce�& ) Tj ET Q q 0 0 0 rg BT 88.82 439.35 Td (Associates, ) Tj ET Q q 0 0 0 rg BT 137.89 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 154.48 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 163.55 439.35 Td (estern ) Tj ET Q q 0 0 0 rg BT 189.83 439.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 214.70 439.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 271.05 439.35 Td (Company) Tj ET Q q 0 0 0 rg BT 311.20 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 315.37 439.35 Td (and/or ) Tj ET Q q 0 0 0 rg BT 343.73 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.84 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 384.13 439.35 Td (their ) Tj ET Q q 0 0 0 rg BT 404.91 439.35 Td (key ) Tj ET Q q 0 0 0 rg BT 421.61 439.35 Td (of) Tj ET Q q 0 0 0 rg BT 430.17 439.35 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 457.65 439.35 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 495.94 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 505.65 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 528.77 439.35 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 82.75 426.75 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 143.76 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 150.26 426.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 189.99 426.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 237.29 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.87 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.53 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 284.78 426.75 Td (manager's ) Tj ET Q q 0 0 0 rg BT 328.74 426.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 370.51 426.75 Td (net ) Tj ET Q q 0 0 0 rg BT 385.17 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 395.75 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.15 426.75 Td (third ) Tj ET Q q 0 0 0 rg BT 447.82 426.75 Td (party ) Tj ET Q q 0 0 0 rg BT 471.23 426.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 521.48 426.75 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 414.15 Td (required ) Tj ET Q q 0 0 0 rg BT 96.23 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 106.52 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 118.55 414.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 165.58 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 175.87 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 190.82 414.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 219.19 414.15 Td (owners ) Tj ET Q q 0 0 0 rg BT 251.64 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 262.50 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.45 414.15 Td (business ) Tj ET Q q 0 0 0 rg BT 315.16 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.44 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.39 414.15 Td (balance ) Tj ET Q q 0 0 0 rg BT 381.57 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.44 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.39 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 446.83 414.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 461.19 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 476.14 414.15 Td (revenues\) ) Tj ET Q q 0 0 0 rg BT 519.07 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 528.20 414.15 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.57 401.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 78.14 401.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 120.20 401.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 163.13 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 205.20 401.55 Td (salaries ) Tj ET Q q 0 0 0 rg BT 239.09 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 256.65 401.55 Td (bonuses, ) Tj ET Q q 0 0 0 rg BT 295.52 401.55 Td (but ) Tj ET Q q 0 0 0 rg BT 311.34 401.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 355.15 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 386.12 401.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 426.43 401.55 Td (such ) Tj ET Q q 0 0 0 rg BT 448.08 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 459.23 401.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 514.70 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.85 401.55 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 95.31 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 123.12 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 141.59 388.95 Td (excluding ) Tj ET Q q 0 0 0 rg BT 186.31 388.95 Td (income ) Tj ET Q q 0 0 0 rg BT 220.53 388.95 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 248.05 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 251.36 388.95 Td (Specific ) Tj ET Q q 0 0 0 rg BT 289.08 388.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 350.72 388.95 Td (allocations ) Tj ET Q q 0 0 0 rg BT 399.52 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 415.65 388.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 466.20 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 480.01 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 496.15 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.88 388.95 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (management, ) Tj ET Q q 0 0 0 rg BT 110.01 376.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 143.50 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 155.41 376.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 198.79 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 256.18 376.35 Td (approval ) Tj ET Q q 0 0 0 rg BT 296.66 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 308.57 376.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 340.88 376.35 Td (cases. ) Tj ET Q q 0 0 0 rg BT 368.57 376.35 Td (Although, ) Tj ET Q q 0 0 0 rg BT 414.61 376.35 Td (without ) Tj ET Q q 0 0 0 rg BT 450.44 376.35 Td (renegotiation, ) Tj ET Q q 0 0 0 rg BT 512.20 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 528.77 376.35 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 83.86 363.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 143.36 363.75 Td (impede ) Tj ET Q q 0 0 0 rg BT 177.21 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 194.15 363.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 223.93 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 235.04 363.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.38 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 289.32 363.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 315.59 363.75 Td (mar) Tj ET Q q 0 0 0 rg BT 331.73 363.75 Td (gins ) Tj ET Q q 0 0 0 rg BT 352.18 363.75 Td (from ) Tj ET Q q 0 0 0 rg BT 375.54 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 400.06 363.75 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 449.96 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 465.15 363.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 498.41 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.19 363.75 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 66.01 351.15 Td (important ) Tj ET Q q 0 0 0 rg BT 110.03 351.15 Td (because ) Tj ET Q q 0 0 0 rg BT 146.45 351.15 Td (they ) Tj ET Q q 0 0 0 rg BT 167.72 351.15 Td (help ) Tj ET Q q 0 0 0 rg BT 188.99 351.15 Td (us ) Tj ET Q q 0 0 0 rg BT 201.52 351.15 Td (retain ) Tj ET Q q 0 0 0 rg BT 228.62 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 246.97 351.15 Td (attract ) Tj ET Q q 0 0 0 rg BT 276.40 351.15 Td (talented ) Tj ET Q q 0 0 0 rg BT 312.82 351.15 Td (employees. ) Tj ET Q q 0 0 0 rg BT 363.55 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 366.74 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 378.68 351.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 418.91 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 434.93 351.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 471.35 351.15 Td (sharing ) Tj ET Q q 0 0 0 rg BT 505.46 351.15 Td (arrangements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 84.83 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 141.22 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 152.72 338.55 Td (these ) Tj ET Q q 0 0 0 rg BT 177.05 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.21 338.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 243.20 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 264.62 338.55 Td (incentives ) Tj ET Q q 0 0 0 rg BT 309.94 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 320.86 338.55 Td (\(i\)�grow ) Tj ET Q q 0 0 0 rg BT 357.73 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 373.31 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.47 338.55 Td (managers' ) Tj ET Q q 0 0 0 rg BT 441.35 338.55 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 484.04 338.55 Td (since ) Tj ET Q q 0 0 0 rg BT 508.37 338.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 59.76 325.95 Td (able ) Tj ET Q q 0 0 0 rg BT 80.00 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 90.92 325.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 137.98 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 148.90 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 164.49 325.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 200.47 325.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 232.97 325.95 Td (through ) Tj ET Q q 0 0 0 rg BT 268.39 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 283.97 325.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.05 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 335.55 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 345.31 325.95 Td (retained; ) Tj ET Q q 0 0 0 rg BT 384.79 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 402.71 325.95 Td (\(ii\)�control ) Tj ET Q q 0 0 0 rg BT 450.66 325.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 493.06 325.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 536.34 325.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (will ) Tj ET Q q 0 0 0 rg BT 68.52 313.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 105.10 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 120.12 313.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.63 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 163.57 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 178.58 313.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.08 313.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 254.08 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 272.02 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 281.21 313.35 Td (available ) Tj ET Q q 0 0 0 rg BT 321.29 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 331.64 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 353.07 313.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 385.01 313.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 428.61 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 445.95 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 460.38 313.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 501.06 313.35 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 564.63 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 300.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.02 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.96 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 174.72 300.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 202.33 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.19 300.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 244.13 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 262.41 300.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 293.53 300.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 353.78 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 376.72 300.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 424.16 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 453.52 300.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 491.63 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.91 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 518.85 300.75 Td (applicable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (company) Tj ET Q q 0 0 0 rg BT 87.81 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 92.72 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 120.66 288.15 Td (helps ) Tj ET Q q 0 0 0 rg BT 145.11 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 155.57 288.15 Td (align ) Tj ET Q q 0 0 0 rg BT 178.85 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 193.96 288.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 231.24 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 242.27 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.38 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 313.31 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 324.35 288.15 Td (those ) Tj ET Q q 0 0 0 rg BT 348.79 288.15 Td (two ) Tj ET Q q 0 0 0 rg BT 366.83 288.15 Td (af) Tj ET Q q 0 0 0 rg BT 374.80 288.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 405.66 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 426.61 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 441.72 288.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 479.00 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 490.03 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 506.32 288.15 Td (shareholders. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 262.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 111.38 262.95 Td (Managers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.16 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.40 237.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 171.46 237.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 206.37 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 213.86 237.75 Td (wide ) Tj ET Q q 0 0 0 rg BT 237.10 237.75 Td (range ) Tj ET Q q 0 0 0 rg BT 263.25 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.83 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.73 237.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 362.72 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 399.37 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 410.37 237.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 455.76 237.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 496.49 237.75 Td (account ) Tj ET Q q 0 0 0 rg BT 531.97 237.75 Td (clients, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (including ) Tj ET Q q 0 0 0 rg BT 92.24 225.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 144.98 225.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 174.97 225.15 Td (such ) Tj ET Q q 0 0 0 rg BT 196.79 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 208.12 225.15 Td (pension ) Tj ET Q q 0 0 0 rg BT 243.36 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 261.10 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 285.25 225.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 330.97 225.15 Td (plans, ) Tj ET Q q 0 0 0 rg BT 358.33 225.15 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 416.02 225.15 Td (insurance ) Tj ET Q q 0 0 0 rg BT 458.83 225.15 Td (companies, ) Tj ET Q q 0 0 0 rg BT 508.93 225.15 Td (endowments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.69 212.55 Td (foundations ) Tj ET Q q 0 0 0 rg BT 117.81 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.50 212.55 Td (governments, ) Tj ET Q q 0 0 0 rg BT 192.90 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 203.18 212.55 Td (well ) Tj ET Q q 0 0 0 rg BT 222.79 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 233.07 212.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 256.17 212.55 Td (clients ) Tj ET Q q 0 0 0 rg BT 285.12 212.55 Td (such ) Tj ET Q q 0 0 0 rg BT 305.90 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 316.18 212.55 Td (high ) Tj ET Q q 0 0 0 rg BT 336.38 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 350.74 212.55 Td (worth ) Tj ET Q q 0 0 0 rg BT 376.77 212.55 Td (individuals ) Tj ET Q q 0 0 0 rg BT 424.97 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 441.66 212.55 Td (families, ) Tj ET Q q 0 0 0 rg BT 479.65 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 496.34 212.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 519.44 212.55 Td (separately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.57 199.95 Td (account ) Tj ET Q q 0 0 0 rg BT 125.90 199.95 Td (programs. ) Tj ET Q q 0 0 0 rg BT 170.86 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 173.53 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 184.95 199.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 224.67 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 241.34 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 264.42 199.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 307.33 199.95 Td (also ) Tj ET Q q 0 0 0 rg BT 326.92 199.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 362.24 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 373.67 199.95 Td (sub-advise ) Tj ET Q q 0 0 0 rg BT 421.25 199.95 Td (various ) Tj ET Q q 0 0 0 rg BT 454.83 199.95 Td (groups ) Tj ET Q q 0 0 0 rg BT 486.09 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.51 199.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 546.83 199.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (non-proprietary ) Tj ET Q q 0 0 0 rg BT 118.92 187.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 140.61 187.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 172.80 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 199.15 187.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 243.57 187.35 Td (under ) Tj ET Q q 0 0 0 rg BT 270.50 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 286.35 187.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 336.03 187.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.22 187.35 Td (Act ) Tj ET Q q 0 0 0 rg BT 397.40 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 409.17 187.35 Td (1940, ) Tj ET Q q 0 0 0 rg BT 435.82 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 447.59 187.35 Td (amended, ) Tj ET Q q 0 0 0 rg BT 491.13 187.35 Td (including ) Tj ET Q q 0 0 0 rg BT 533.82 187.35 Td (equity) Tj ET Q q 0 0 0 rg BT 559.38 187.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 73.29 174.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 108.54 174.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 145.84 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.72 174.75 Td (balanced ) Tj ET Q q 0 0 0 rg BT 201.75 174.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 229.42 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 231.14 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.85 174.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 265.48 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.94 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 291.65 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 313.78 174.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 355.73 174.75 Td (also ) Tj ET Q q 0 0 0 rg BT 374.36 174.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 408.72 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 419.19 174.75 Td (sub-advise ) Tj ET Q q 0 0 0 rg BT 465.81 174.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 508.94 174.75 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.79 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 107.75 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 126.12 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 141.56 162.15 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 186.18 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 203.96 162.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 251.50 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 262.29 162.15 Td (countries ) Tj ET Q q 0 0 0 rg BT 303.41 162.15 Td (around ) Tj ET Q q 0 0 0 rg BT 335.19 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.64 162.15 Td (globe.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 136.95 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 136.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 123.12 136.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 150.27 136.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 208.90 136.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.54 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 264.36 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 272.84 136.95 Td (leading ) Tj ET Q q 0 0 0 rg BT 307.56 136.95 Td (global ) Tj ET Q q 0 0 0 rg BT 337.62 136.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 363.01 136.95 Td (income ) Tj ET Q q 0 0 0 rg BT 397.74 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.96 136.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 461.93 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 477.98 136.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 531.97 136.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 564.63 136.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 113.70 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 123.77 124.35 Td (Pasadena, ) Tj ET Q q 0 0 0 rg BT 167.37 124.35 Td (California, ) Tj ET Q q 0 0 0 rg BT 214.33 124.35 Td (W) Tj ET Q q 0 0 0 rg BT 223.40 124.35 Td (estern ) Tj ET Q q 0 0 0 rg BT 249.95 124.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 275.19 124.35 Td (Management's ) Tj ET Q q 0 0 0 rg BT 337.89 124.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 383.53 124.35 Td (include ) Tj ET Q q 0 0 0 rg BT 416.34 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 464.32 124.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 509.96 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 520.03 124.35 Td (New ) Tj ET Q q 0 0 0 rg BT 541.48 124.35 Td (Y) Tj ET Q q 0 0 0 rg BT 548.01 124.35 Td (ork ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (City) Tj ET Q q 0 0 0 rg BT 67.41 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 73.51 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.82 111.75 Td (United ) Tj ET Q q 0 0 0 rg BT 121.88 111.75 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 167.66 111.75 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 197.67 111.75 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 228.67 111.75 Td (Australia ) Tj ET Q q 0 0 0 rg BT 270.64 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.28 111.75 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 337.96 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 341.19 111.75 Td (W) Tj ET Q q 0 0 0 rg BT 350.26 111.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 378.05 111.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 404.86 111.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 463.16 111.75 Td (of) Tj ET Q q 0 0 0 rg BT 471.71 111.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 490.94 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 499.08 111.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 526.47 111.75 Td (range ) Tj ET Q q 0 0 0 rg BT 553.27 111.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (products ) Tj ET Q q 0 0 0 rg BT 88.74 99.15 Td (spanning ) Tj ET Q q 0 0 0 rg BT 129.23 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.64 99.15 Td (yield ) Tj ET Q q 0 0 0 rg BT 168.22 99.15 Td (curve ) Tj ET Q q 0 0 0 rg BT 194.11 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.85 99.15 Td (encompassing ) Tj ET Q q 0 0 0 rg BT 273.92 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 289.33 99.15 Td (world's ) Tj ET Q q 0 0 0 rg BT 322.38 99.15 Td (major ) Tj ET Q q 0 0 0 rg BT 349.45 99.15 Td (bond ) Tj ET Q q 0 0 0 rg BT 373.03 99.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 411.48 99.15 Td (including ) Tj ET Q q 0 0 0 rg BT 453.72 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 460.96 99.15 Td (suite ) Tj ET Q q 0 0 0 rg BT 483.37 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 494.70 99.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 527.02 99.15 Td (duration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 68.58 86.55 Td (core ) Tj ET Q q 0 0 0 rg BT 90.06 86.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 132.26 86.55 Td (emer) Tj ET Q q 0 0 0 rg BT 153.05 86.55 Td (ging ) Tj ET Q q 0 0 0 rg BT 175.14 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 207.70 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 226.28 86.55 Td (high ) Tj ET Q q 0 0 0 rg BT 248.36 86.55 Td (yield ) Tj ET Q q 0 0 0 rg BT 272.77 86.55 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 319.64 86.55 Td (municipal ) Tj ET Q q 0 0 0 rg BT 365.05 86.55 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 409.29 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 427.87 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 435.95 86.55 Td (variety ) Tj ET Q q 0 0 0 rg BT 468.51 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 480.67 86.55 Td (sector) Tj ET Q q 0 0 0 rg BT 505.54 86.55 Td (-oriented ) Tj ET Q q 0 0 0 rg BT 546.85 86.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (global ) Tj ET Q q 0 0 0 rg BT 78.84 73.95 Td (products. ) Tj ET Q q 0 0 0 rg BT 120.22 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 122.25 73.95 Td (Among ) Tj ET Q q 0 0 0 rg BT 156.34 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 171.77 73.95 Td (services ) Tj ET Q q 0 0 0 rg BT 207.99 73.95 Td (W) Tj ET Q q 0 0 0 rg BT 217.06 73.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 244.16 73.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 270.09 73.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 327.50 73.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 366.25 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 381.67 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 437.91 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 449.25 73.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 486.24 73.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 525.57 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 543.33 73.95 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 80.72 61.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 108.23 61.35 Td (one ) Tj ET Q q 0 0 0 rg BT 124.94 61.35 Td (real ) Tj ET Q q 0 0 0 rg BT 142.23 61.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 167.68 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.31 61.35 Td (trust, ) Tj ET Q q 0 0 0 rg BT 238.16 61.35 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 285.19 61.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 312.70 61.35 Td (international ) Tj ET Q q 0 0 0 rg BT 367.32 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 392.21 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 408.92 61.35 Td (other ) Tj ET Q q 0 0 0 rg BT 432.04 61.35 Td (structured ) Tj ET Q q 0 0 0 rg BT 475.58 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 523.21 61.35 Td (products. ) Tj ET Q q 0 0 0 rg BT 564.62 61.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 48.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 48.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.51 48.75 Td (W) Tj ET Q q 0 0 0 rg BT 156.58 48.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 183.69 48.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 209.65 48.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 267.09 48.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 307.62 48.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 334.74 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 356.03 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 363.32 48.75 Td (value ) Tj ET Q q 0 0 0 rg BT 388.68 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 400.05 48.75 Td ($428.9 ) Tj ET Q q 0 0 0 rg BT 431.55 48.75 Td (billion.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 729.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 140.63 729.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 194.68 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 205.00 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 218.22 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 247.77 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.50 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 328.45 729.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 349.84 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 377.06 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 388.54 729.15 Td (New ) Tj ET Q q 0 0 0 rg BT 411.18 729.15 Td (Y) Tj ET Q q 0 0 0 rg BT 417.71 729.15 Td (ork ) Tj ET Q q 0 0 0 rg BT 435.02 729.15 Td (City ) Tj ET Q q 0 0 0 rg BT 456.42 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 475.48 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 495.70 729.15 Td (has ) Tj ET Q q 0 0 0 rg BT 513.01 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 526.23 729.15 Td (of) Tj ET Q q 0 0 0 rg BT 534.79 729.15 Td (fice ) Tj ET Q q 0 0 0 rg BT 553.83 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Baltimore, ) Tj ET Q q 0 0 0 rg BT 96.29 716.55 Td (Maryland. ) Tj ET Q q 0 0 0 rg BT 141.41 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 143.09 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 144.76 716.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 197.76 716.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 250.17 716.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 288.01 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 310.10 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 365.42 716.55 Td (services ) Tj ET Q q 0 0 0 rg BT 400.91 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 410.76 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 440.99 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 451.42 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 465.92 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.84 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 518.85 716.55 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (balanced ) Tj ET Q q 0 0 0 rg BT 89.81 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 115.65 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 133.32 703.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 181.30 703.95 Td (funds\) ) Tj ET Q q 0 0 0 rg BT 210.64 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 221.31 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 236.64 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 260.72 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 291.81 703.95 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 322.61 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 333.29 703.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 357.36 703.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 402.43 703.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 442.83 703.95 Td (account ) Tj ET Q q 0 0 0 rg BT 477.98 703.95 Td (programs, ) Tj ET Q q 0 0 0 rg BT 522.77 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 533.44 703.95 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.76 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 78.78 691.35 Td (international ) Tj ET Q q 0 0 0 rg BT 134.86 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.21 691.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 182.01 691.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 224.10 691.35 Td (through ) Tj ET Q q 0 0 0 rg BT 259.79 691.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 297.20 691.35 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 339.57 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 350.76 691.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 403.94 691.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 437.00 691.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 491.33 691.35 Td (Investments ) Tj ET Q q 0 0 0 rg BT 545.09 691.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (sub-advises ) Tj ET Q q 0 0 0 rg BT 101.16 678.75 Td (non-proprietary ) Tj ET Q q 0 0 0 rg BT 169.22 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.06 678.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 221.39 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 246.89 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 264.81 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 279.79 678.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 324.54 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 337.21 678.75 Td (third ) Tj ET Q q 0 0 0 rg BT 359.21 678.75 Td (parties. ) Tj ET Q q 0 0 0 rg BT 391.99 678.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 445.47 678.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 498.38 678.75 Td (of) Tj ET Q q 0 0 0 rg BT 506.94 678.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 524.85 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 531.68 678.75 Td (diverse ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (array ) Tj ET Q q 0 0 0 rg BT 74.67 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 86.53 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 135.71 666.15 Td (styles ) Tj ET Q q 0 0 0 rg BT 162.74 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 181.01 666.15 Td (disciplines, ) Tj ET Q q 0 0 0 rg BT 231.66 666.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 272.09 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 283.37 666.15 Td (address ) Tj ET Q q 0 0 0 rg BT 317.97 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 325.73 666.15 Td (range ) Tj ET Q q 0 0 0 rg BT 352.16 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 364.02 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.20 666.15 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 461.51 666.15 Td (Significant ) Tj ET Q q 0 0 0 rg BT 510.69 666.15 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 105.81 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.95 653.55 Td (styles ) Tj ET Q q 0 0 0 rg BT 185.93 653.55 Td (include ) Tj ET Q q 0 0 0 rg BT 221.90 653.55 Td (low ) Tj ET Q q 0 0 0 rg BT 242.71 653.55 Td (volatility) Tj ET Q q 0 0 0 rg BT 279.94 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 287.63 653.55 Td (high ) Tj ET Q q 0 0 0 rg BT 311.36 653.55 Td (active ) Tj ET Q q 0 0 0 rg BT 341.49 653.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 372.79 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 393.02 653.55 Td (income ) Tj ET Q q 0 0 0 rg BT 428.98 653.55 Td (solutions. ) Tj ET Q q 0 0 0 rg BT 474.60 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 488.41 653.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 534.88 653.55 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 104.67 640.95 Td (Investments ) Tj ET Q q 0 0 0 rg BT 158.77 640.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 201.18 640.95 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 234.86 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 242.88 640.95 Td (bottoms-up, ) Tj ET Q q 0 0 0 rg BT 296.69 640.95 Td (research ) Tj ET Q q 0 0 0 rg BT 335.02 640.95 Td (intensive, ) Tj ET Q q 0 0 0 rg BT 378.90 640.95 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 434.74 640.95 Td (approach ) Tj ET Q q 0 0 0 rg BT 476.57 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 488.09 640.95 Td (security ) Tj ET Q q 0 0 0 rg BT 524.68 640.95 Td (selection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 67.51 628.35 Td (seeks ) Tj ET Q q 0 0 0 rg BT 92.02 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 101.95 628.35 Td (identify ) Tj ET Q q 0 0 0 rg BT 136.38 628.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 183.05 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 203.48 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 218.07 628.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 256.58 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 266.51 628.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 300.35 628.35 Td (solid ) Tj ET Q q 0 0 0 rg BT 322.54 628.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 365.12 628.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 396.04 628.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 429.29 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 439.22 628.35 Td (their ) Tj ET Q q 0 0 0 rg BT 460.23 628.35 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 516.23 628.35 Td (valuations. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 615.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 121.45 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.70 615.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 201.64 615.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 255.01 615.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 295.53 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.65 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 343.95 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 351.23 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 376.60 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 387.97 615.75 Td ($96.0 ) Tj ET Q q 0 0 0 rg BT 414.22 615.75 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 590.55 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 140.81 590.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 172.87 590.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 223.02 590.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 281.32 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 291.81 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 299.95 590.55 Td (global ) Tj ET Q q 0 0 0 rg BT 329.69 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.58 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 410.71 590.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 432.28 590.55 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 495.23 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 506.88 590.55 Td (Philadelphia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (Pennsylvania ) Tj ET Q q 0 0 0 rg BT 109.07 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 130.82 577.95 Td (of) Tj ET Q q 0 0 0 rg BT 139.38 577.95 Td (fices ) Tj ET Q q 0 0 0 rg BT 162.28 577.95 Td (also ) Tj ET Q q 0 0 0 rg BT 182.27 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 193.52 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.43 577.95 Td (United ) Tj ET Q q 0 0 0 rg BT 241.09 577.95 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 286.46 577.95 Td (Canada ) Tj ET Q q 0 0 0 rg BT 321.03 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 339.27 577.95 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 387.55 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 390.63 577.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 445.03 577.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 476.69 577.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 515.93 577.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.17 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 125.99 565.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.07 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 179.25 565.35 Td (separately ) Tj ET Q q 0 0 0 rg BT 224.82 565.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 265.72 565.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 305.46 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 320.71 565.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 373.89 565.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 404.31 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 415.48 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 423.15 565.35 Td (range ) Tj ET Q q 0 0 0 rg BT 449.47 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 461.23 565.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 485.81 565.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 522.35 565.35 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (global ) Tj ET Q q 0 0 0 rg BT 80.08 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.07 552.75 Td (international ) Tj ET Q q 0 0 0 rg BT 155.96 552.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 181.37 552.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 218.73 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.72 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 267.79 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 317.70 552.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 363.81 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 367.64 552.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 422.79 552.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 455.20 552.75 Td (also ) Tj ET Q q 0 0 0 rg BT 475.95 552.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 515.94 552.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.01 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 123.68 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 133.70 540.15 Td (high ) Tj ET Q q 0 0 0 rg BT 154.22 540.15 Td (net ) Tj ET Q q 0 0 0 rg BT 168.90 540.15 Td (worth ) Tj ET Q q 0 0 0 rg BT 195.25 540.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 224.51 540.15 Td (through ) Tj ET Q q 0 0 0 rg BT 259.03 540.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 303.44 540.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 343.19 540.15 Td (account ) Tj ET Q q 0 0 0 rg BT 377.70 540.15 Td (programs, ) Tj ET Q q 0 0 0 rg BT 421.83 540.15 Td (including ) Tj ET Q q 0 0 0 rg BT 463.35 540.15 Td (various ) Tj ET Q q 0 0 0 rg BT 496.11 540.15 Td (non-proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (wrap ) Tj ET Q q 0 0 0 rg BT 74.30 527.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 114.35 527.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 160.25 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 174.06 527.55 Td (third ) Tj ET Q q 0 0 0 rg BT 197.21 527.55 Td (parties. ) Tj ET Q q 0 0 0 rg BT 231.14 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 243.20 527.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 283.55 527.55 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 338.19 527.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 370.08 527.55 Td (manages ) Tj ET Q q 0 0 0 rg BT 410.13 527.55 Td (nine ) Tj ET Q q 0 0 0 rg BT 431.52 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 443.59 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 460.90 527.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 510.86 527.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 532.84 527.55 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.09 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 94.01 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 101.43 514.95 Td (number ) Tj ET Q q 0 0 0 rg BT 136.27 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 147.77 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 164.53 514.95 Td (international ) Tj ET Q q 0 0 0 rg BT 220.36 514.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 249.07 514.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 303.16 514.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 334.49 514.95 Td (pursues ) Tj ET Q q 0 0 0 rg BT 369.33 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 376.75 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 402.25 514.95 Td (investing ) Tj ET Q q 0 0 0 rg BT 443.51 514.95 Td (approach ) Tj ET Q q 0 0 0 rg BT 484.75 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 495.68 514.95 Td (its ) Tj ET Q q 0 0 0 rg BT 508.36 514.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.69 502.35 Td (both ) Tj ET Q q 0 0 0 rg BT 83.31 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 112.50 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.61 502.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 155.13 502.35 Td (income ) Tj ET Q q 0 0 0 rg BT 188.98 502.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 218.40 502.35 Td (As ) Tj ET Q q 0 0 0 rg BT 233.02 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 244.71 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 275.06 502.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.13 502.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.71 502.35 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 371.97 502.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 403.50 502.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 444.35 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 471.79 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 493.41 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 501.01 502.35 Td (value ) Tj ET Q q 0 0 0 rg BT 526.70 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 538.39 502.35 Td ($70.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 464.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 101.14 464.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 141.34 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 150.06 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 156.44 464.55 Td (customized ) Tj ET Q q 0 0 0 rg BT 205.97 464.55 Td (solutions ) Tj ET Q q 0 0 0 rg BT 245.61 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 262.49 464.55 Td (global ) Tj ET Q q 0 0 0 rg BT 290.44 464.55 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 341.73 464.55 Td (equities ) Tj ET Q q 0 0 0 rg BT 376.10 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 423.89 464.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 443.69 464.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 486.23 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.36 464.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.05 451.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 105.11 451.95 Td (services ) Tj ET Q q 0 0 0 rg BT 140.82 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 150.88 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 157.43 451.95 Td (diverse ) Tj ET Q q 0 0 0 rg BT 189.65 451.95 Td (array ) Tj ET Q q 0 0 0 rg BT 213.11 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 223.75 451.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 275.81 451.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 307.74 451.95 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 371.43 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 381.49 451.95 Td (New ) Tj ET Q q 0 0 0 rg BT 402.93 451.95 Td (Y) Tj ET Q q 0 0 0 rg BT 409.46 451.95 Td (ork ) Tj ET Q q 0 0 0 rg BT 425.35 451.95 Td (City) Tj ET Q q 0 0 0 rg BT 442.75 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 447.27 451.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 462.59 451.95 Td (Investors ) Tj ET Q q 0 0 0 rg BT 502.98 451.95 Td (has ) Tj ET Q q 0 0 0 rg BT 518.87 451.95 Td (developed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (approaches ) Tj ET Q q 0 0 0 rg BT 101.45 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 113.84 439.35 Td (integrating ) Tj ET Q q 0 0 0 rg BT 163.55 439.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 217.34 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 236.73 439.35 Td (behavioral ) Tj ET Q q 0 0 0 rg BT 285.27 439.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.57 439.35 Td (insights ) Tj ET Q q 0 0 0 rg BT 372.47 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 391.85 439.35 Td (dynamically ) Tj ET Q q 0 0 0 rg BT 447.98 439.35 Td (weighting ) Tj ET Q q 0 0 0 rg BT 494.20 439.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 553.83 439.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (response ) Tj ET Q q 0 0 0 rg BT 89.42 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 100.27 426.75 Td (changing ) Tj ET Q q 0 0 0 rg BT 141.44 426.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 187.87 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.72 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.23 426.75 Td (economy ) Tj ET Q q 0 0 0 rg BT 255.40 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 273.24 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.75 426.75 Td (market. ) Tj ET Q q 0 0 0 rg BT 323.21 426.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 339.32 426.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 380.49 426.75 Td (of) Tj ET Q q 0 0 0 rg BT 389.05 426.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 407.47 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 414.82 426.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 441.40 426.75 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 482.58 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.00 426.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 536.34 426.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 89.45 414.15 Td (actively ) Tj ET Q q 0 0 0 rg BT 127.14 414.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 169.50 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 192.63 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 212.25 414.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 245.29 414.15 Td (equities, ) Tj ET Q q 0 0 0 rg BT 285.03 414.15 Td (Liquid ) Tj ET Q q 0 0 0 rg BT 316.51 414.15 Td (Alternatives, ) Tj ET Q q 0 0 0 rg BT 374.91 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 394.53 414.15 Td (Customized ) Tj ET Q q 0 0 0 rg BT 449.15 414.15 Td (Solutions. ) Tj ET Q q 0 0 0 rg BT 495.91 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 500.37 414.15 Td (Following ) Tj ET Q q 0 0 0 rg BT 548.00 414.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 97.77 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.21 401.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 123.32 401.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 163.50 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 173.36 401.55 Td (May ) Tj ET Q q 0 0 0 rg BT 194.30 401.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 219.61 401.55 Td (two ) Tj ET Q q 0 0 0 rg BT 237.05 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 247.49 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 263.18 401.55 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 325.53 401.55 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 379.42 401.55 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 438.25 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 455.11 401.55 Td (LMGAA, ) Tj ET Q q 0 0 0 rg BT 497.92 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 520.01 401.55 Td (integrated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (into ) Tj ET Q q 0 0 0 rg BT 68.96 388.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 85.01 388.95 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 128.75 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 131.38 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 133.42 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 147.72 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 159.09 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 189.12 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.87 388.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 231.12 388.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 247.17 388.95 Td (Investors ) Tj ET Q q 0 0 0 rg BT 288.29 388.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 328.81 388.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 392.08 388.95 Td ($18.1 ) Tj ET Q q 0 0 0 rg BT 418.33 388.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 448.38 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 459.17 388.95 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 363.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 115.30 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.79 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 363.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 188.65 363.75 Td (advisor ) Tj ET Q q 0 0 0 rg BT 222.04 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 232.69 363.75 Td (all ) Tj ET Q q 0 0 0 rg BT 245.66 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 256.71 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 275.51 363.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 304.82 363.75 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 335.60 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 342.74 363.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 391.86 363.75 Td (range ) Tj ET Q q 0 0 0 rg BT 417.66 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.88 363.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 457.61 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.76 363.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 510.40 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 536.21 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 553.85 363.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.81 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 91.79 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 108.03 351.15 Td (international ) Tj ET Q q 0 0 0 rg BT 163.34 351.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 191.54 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 202.53 351.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 241.81 351.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 270.87 351.15 Td (manages ) Tj ET Q q 0 0 0 rg BT 309.85 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 333.67 351.15 Td (pooled ) Tj ET Q q 0 0 0 rg BT 364.49 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 381.89 351.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 426.69 351.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 466.83 351.15 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 508.44 351.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 549.75 351.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 103.35 338.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 136.56 338.55 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 201.53 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 212.87 338.55 Td (New ) Tj ET Q q 0 0 0 rg BT 235.41 338.55 Td (Y) Tj ET Q q 0 0 0 rg BT 241.94 338.55 Td (ork ) Tj ET Q q 0 0 0 rg BT 259.11 338.55 Td (City) Tj ET Q q 0 0 0 rg BT 276.52 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 282.32 338.55 Td (Royce�generally ) Tj ET Q q 0 0 0 rg BT 354.01 338.55 Td (invests ) Tj ET Q q 0 0 0 rg BT 386.35 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 397.70 338.55 Td (smaller ) Tj ET Q q 0 0 0 rg BT 431.78 338.55 Td (company ) Tj ET Q q 0 0 0 rg BT 473.44 338.55 Td (stocks, ) Tj ET Q q 0 0 0 rg BT 505.50 338.55 Td (using ) Tj ET Q q 0 0 0 rg BT 531.43 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 539.26 338.55 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (approach. ) Tj ET Q q 0 0 0 rg BT 93.67 325.95 Td (Royce�) Tj ET Q q 0 0 0 rg BT 123.41 325.95 Td (s ) Tj ET Q q 0 0 0 rg BT 130.07 325.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 154.80 325.95 Td (selection ) Tj ET Q q 0 0 0 rg BT 194.69 325.95 Td (process ) Tj ET Q q 0 0 0 rg BT 228.75 325.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 270.38 325.95 Td (seeks ) Tj ET Q q 0 0 0 rg BT 295.70 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 306.43 325.95 Td (identify ) Tj ET Q q 0 0 0 rg BT 341.66 325.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 389.13 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 410.37 325.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 439.19 325.95 Td (balance ) Tj ET Q q 0 0 0 rg BT 473.82 325.95 Td (sheets ) Tj ET Q q 0 0 0 rg BT 502.05 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 519.78 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 535.18 325.95 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 61.09 313.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 99.56 313.35 Td (free ) Tj ET Q q 0 0 0 rg BT 118.80 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.38 313.35 Td (flow) Tj ET Q q 0 0 0 rg BT 158.94 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 164.49 313.35 Td (Royce�pursues ) Tj ET Q q 0 0 0 rg BT 228.94 313.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 271.51 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 290.17 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 305.91 313.35 Td (priced ) Tj ET Q q 0 0 0 rg BT 335.07 313.35 Td (below ) Tj ET Q q 0 0 0 rg BT 363.65 313.35 Td (its ) Tj ET Q q 0 0 0 rg BT 376.49 313.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 414.40 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 426.06 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 441.81 313.35 Td (issuer) Tj ET Q q 0 0 0 rg BT 466.70 313.35 Td (�) Tj ET Q q 0 0 0 rg BT 469.62 313.35 Td (s ) Tj ET Q q 0 0 0 rg BT 476.62 313.35 Td (current ) Tj ET Q q 0 0 0 rg BT 509.28 313.35 Td (worth. ) Tj ET Q q 0 0 0 rg BT 538.67 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 553.26 313.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 95.78 300.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 122.03 300.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 151.48 300.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 192.00 300.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 219.13 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 240.42 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 247.71 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 273.07 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 284.44 300.75 Td ($17.7�billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 275.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 117.66 275.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 146.40 275.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 181.55 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 190.47 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 197.04 275.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 229.86 275.55 Td (global ) Tj ET Q q 0 0 0 rg BT 258.02 275.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 324.08 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 349.32 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 404.88 275.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 424.87 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 445.45 275.55 Td (its ) Tj ET Q q 0 0 0 rg BT 457.29 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 505.28 275.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 531.68 275.55 Td (located ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 262.95 Td (London, ) Tj ET Q q 0 0 0 rg BT 98.74 262.95 Td (New ) Tj ET Q q 0 0 0 rg BT 120.82 262.95 Td (Y) Tj ET Q q 0 0 0 rg BT 127.35 262.95 Td (ork ) Tj ET Q q 0 0 0 rg BT 144.00 262.95 Td (City ) Tj ET Q q 0 0 0 rg BT 164.73 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 182.53 262.95 Td (Paris ) Tj ET Q q 0 0 0 rg BT 206.18 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 223.98 262.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 268.62 262.95 Td (of) Tj ET Q q 0 0 0 rg BT 277.17 262.95 Td (fices ) Tj ET Q q 0 0 0 rg BT 299.64 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 310.45 262.95 Td (Boston, ) Tj ET Q q 0 0 0 rg BT 345.48 262.95 Td (Dubai, ) Tj ET Q q 0 0 0 rg BT 376.41 262.95 Td (Hong ) Tj ET Q q 0 0 0 rg BT 402.39 262.95 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 430.99 262.95 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 476.21 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 494.01 262.95 Td (Nassau. ) Tj ET Q q 0 0 0 rg BT 529.61 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 532.25 262.95 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 80.19 250.35 Td (manages ) Tj ET Q q 0 0 0 rg BT 120.29 250.35 Td (products ) Tj ET Q q 0 0 0 rg BT 159.81 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 188.83 250.35 Td (include ) Tj ET Q q 0 0 0 rg BT 223.10 250.35 Td (both ) Tj ET Q q 0 0 0 rg BT 245.13 250.35 Td (directional ) Tj ET Q q 0 0 0 rg BT 293.39 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 311.92 250.35 Td (absolute ) Tj ET Q q 0 0 0 rg BT 350.27 250.35 Td (return ) Tj ET Q q 0 0 0 rg BT 378.70 250.35 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 424.34 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 442.87 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 459.05 250.35 Td (available ) Tj ET Q q 0 0 0 rg BT 500.30 250.35 Td (through ) Tj ET Q q 0 0 0 rg BT 536.33 250.35 Td (multi-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 87.66 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.33 237.75 Td (single ) Tj ET Q q 0 0 0 rg BT 130.92 237.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 168.58 237.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 196.05 237.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 240.12 237.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 279.53 237.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 317.78 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.45 237.75 Td (structured ) Tj ET Q q 0 0 0 rg BT 377.95 237.75 Td (products ) Tj ET Q q 0 0 0 rg BT 415.62 237.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 459.71 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 471.72 237.75 Td (several ) Tj ET Q q 0 0 0 rg BT 502.97 237.75 Td (lar) Tj ET Q q 0 0 0 rg BT 513.85 237.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 525.27 237.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 103.57 225.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 137.57 225.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 168.66 225.15 Td (selects ) Tj ET Q q 0 0 0 rg BT 200.92 225.15 Td (from ) Tj ET Q q 0 0 0 rg BT 225.59 225.15 Td (among ) Tj ET Q q 0 0 0 rg BT 258.43 225.15 Td (thousands ) Tj ET Q q 0 0 0 rg BT 304.70 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 317.71 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.05 225.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 412.54 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 431.97 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.31 225.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 508.74 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 521.17 225.15 Td (designing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 93.76 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 112.44 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 128.19 212.55 Td (intended ) Tj ET Q q 0 0 0 rg BT 167.28 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 178.38 212.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 201.72 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 209.31 212.55 Td (wide ) Tj ET Q q 0 0 0 rg BT 232.66 212.55 Td (variety ) Tj ET Q q 0 0 0 rg BT 264.74 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 276.42 212.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 312.01 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 361.02 212.55 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 409.14 212.55 Td (including ) Tj ET Q q 0 0 0 rg BT 451.74 212.55 Td (global, ) Tj ET Q q 0 0 0 rg BT 483.54 212.55 Td (regional, ) Tj ET Q q 0 0 0 rg BT 523.50 212.55 Td (class ) Tj ET Q q 0 0 0 rg BT 546.85 212.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (sector ) Tj ET Q q 0 0 0 rg BT 78.24 199.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 114.05 199.95 Td (of) Tj ET Q q 0 0 0 rg BT 122.61 199.95 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 157.55 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 169.46 199.95 Td (managing ) Tj ET Q q 0 0 0 rg BT 214.03 199.95 Td (its ) Tj ET Q q 0 0 0 rg BT 227.12 199.95 Td (directional ) Tj ET Q q 0 0 0 rg BT 275.18 199.95 Td (of) Tj ET Q q 0 0 0 rg BT 283.74 199.95 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 318.68 199.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 351.59 199.95 Td (Group's ) Tj ET Q q 0 0 0 rg BT 387.56 199.95 Td (objective ) Tj ET Q q 0 0 0 rg BT 429.21 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 439.38 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 450.71 199.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 498.18 199.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 553.83 199.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 79.15 187.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 117.92 187.35 Td (preserve ) Tj ET Q q 0 0 0 rg BT 156.38 187.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.26 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 198.33 187.35 Td (down ) Tj ET Q q 0 0 0 rg BT 224.56 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 236.21 187.35 Td (volatile ) Tj ET Q q 0 0 0 rg BT 270.60 187.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 306.74 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 324.80 187.35 Td (outperform ) Tj ET Q q 0 0 0 rg BT 374.94 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 406.99 187.35 Td (indices ) Tj ET Q q 0 0 0 rg BT 439.63 187.35 Td (over ) Tj ET Q q 0 0 0 rg BT 461.19 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 468.75 187.35 Td (full ) Tj ET Q q 0 0 0 rg BT 486.24 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 518.29 187.35 Td (cycle ) Tj ET Q q 0 0 0 rg BT 543.34 187.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 86.15 174.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.82 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.90 174.75 Td (volatility) Tj ET Q q 0 0 0 rg BT 160.13 174.75 Td (. ) Tj ET Q q 0 0 0 rg BT 165.68 174.75 Td (In ) Tj ET Q q 0 0 0 rg BT 177.34 174.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 221.67 174.75 Td (its ) Tj ET Q q 0 0 0 rg BT 234.51 174.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 272.42 174.75 Td (return ) Tj ET Q q 0 0 0 rg BT 300.42 174.75 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 345.61 174.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 378.28 174.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 408.03 174.75 Td (seeks ) Tj ET Q q 0 0 0 rg BT 433.69 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.78 174.75 Td (achieve ) Tj ET Q q 0 0 0 rg BT 479.76 174.75 Td (positive ) Tj ET Q q 0 0 0 rg BT 515.93 174.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 81.52 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 92.04 162.15 Td (all ) Tj ET Q q 0 0 0 rg BT 104.90 162.15 Td (market ) Tj ET Q q 0 0 0 rg BT 136.41 162.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 182.52 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 203.54 162.15 Td (low ) Tj ET Q q 0 0 0 rg BT 221.65 162.15 Td (correlation ) Tj ET Q q 0 0 0 rg BT 269.49 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 280.01 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 295.20 162.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 326.71 162.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.31 162.15 Td (markets. ) Tj ET Q q 0 0 0 rg BT 393.54 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 395.37 162.15 Td (As ) Tj ET Q q 0 0 0 rg BT 409.40 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 420.51 162.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 466.02 162.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 492.00 162.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 524.10 162.15 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.05 149.55 Td (with ) Tj ET Q q 0 0 0 rg BT 98.26 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 105.47 149.55 Td (value ) Tj ET Q q 0 0 0 rg BT 130.76 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 142.06 149.55 Td ($16.4�billion. ) Tj ET Q q 0 0 0 rg BT 200.90 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 203.45 149.55 Td (On ) Tj ET Q q 0 0 0 rg BT 218.83 149.55 Td (May ) Tj ET Q q 0 0 0 rg BT 240.63 149.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 251.06 149.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 277.23 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 292.02 149.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 338.31 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 345.52 149.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 394.13 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 422.34 149.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 466.30 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 481.68 149.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 513.97 149.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 543.35 149.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 136.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.08 136.95 Td (Capital. ) Tj ET Q q 0 0 0 rg BT 121.47 136.95 Td (W) Tj ET Q q 0 0 0 rg BT 130.54 136.95 Td (e ) Tj ET Q q 0 0 0 rg BT 137.83 136.95 Td (own ) Tj ET Q q 0 0 0 rg BT 158.54 136.95 Td (65% ) Tj ET Q q 0 0 0 rg BT 180.41 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 191.78 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 207.23 136.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 251.26 136.95 Td (firm, ) Tj ET Q q 0 0 0 rg BT 274.59 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 277.22 136.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 294.93 136.95 Td (rustPermal. ) Tj ET Q q 0 0 0 rg BT 345.67 136.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 111.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 117.05 111.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 146.35 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 155.82 111.75 Td (an ) Tj ET Q q 0 0 0 rg BT 168.20 111.75 Td (international ) Tj ET Q q 0 0 0 rg BT 223.74 111.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 252.46 111.75 Td (specialist ) Tj ET Q q 0 0 0 rg BT 294.00 111.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 355.94 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 366.58 111.75 Td (Edinbur) Tj ET Q q 0 0 0 rg BT 400.21 111.75 Td (gh, ) Tj ET Q q 0 0 0 rg BT 415.81 111.75 Td (Scotland. ) Tj ET Q q 0 0 0 rg BT 457.65 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 460.12 111.75 Td (It ) Tj ET Q q 0 0 0 rg BT 469.01 111.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 508.22 111.75 Td (active ) Tj ET Q q 0 0 0 rg BT 535.75 111.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 92.71 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 106.83 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 113.36 99.15 Td (global ) Tj ET Q q 0 0 0 rg BT 141.48 99.15 Td (client ) Tj ET Q q 0 0 0 rg BT 166.68 99.15 Td (base ) Tj ET Q q 0 0 0 rg BT 187.21 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.83 99.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.44 99.15 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 287.62 99.15 Td (charities, ) Tj ET Q q 0 0 0 rg BT 327.69 99.15 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 381.76 99.15 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 439.34 99.15 Td (pension ) Tj ET Q q 0 0 0 rg BT 473.88 99.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 501.71 99.15 Td (family ) Tj ET Q q 0 0 0 rg BT 531.00 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 539.55 99.15 Td (fices, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (government ) Tj ET Q q 0 0 0 rg BT 103.07 86.55 Td (agencies ) Tj ET Q q 0 0 0 rg BT 142.13 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 160.21 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 209.20 86.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 238.08 86.55 Td (Following ) Tj ET Q q 0 0 0 rg BT 284.17 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 301.08 86.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 350.07 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 361.74 86.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 393.23 86.55 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 425.60 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 442.51 86.55 Td (Melbourne-based ) Tj ET Q q 0 0 0 rg BT 518.26 86.55 Td (Australian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (equities ) Tj ET Q q 0 0 0 rg BT 85.84 73.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 135.10 73.95 Td (team, ) Tj ET Q q 0 0 0 rg BT 161.31 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 190.15 73.95 Td (specializes ) Tj ET Q q 0 0 0 rg BT 238.81 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 249.46 73.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 296.38 73.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.80 73.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 367.07 73.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 413.99 73.95 Td (property ) Tj ET Q q 0 0 0 rg BT 452.74 73.95 Td (trusts ) Tj ET Q q 0 0 0 rg BT 478.67 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 497.01 73.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 520.60 73.95 Td (allocation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 90.13 61.35 Td (was ) Tj ET Q q 0 0 0 rg BT 107.80 61.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 150.55 61.35 Td (into ) Tj ET Q q 0 0 0 rg BT 168.22 61.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 198.15 61.35 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 228.94 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 229.98 61.35 Td (As ) Tj ET Q q 0 0 0 rg BT 242.99 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 253.08 61.35 Td (March ) Tj ET Q q 0 0 0 rg BT 281.83 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 296.29 61.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 321.26 61.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 351.18 61.35 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 381.97 61.35 Td (including ) Tj ET Q q 0 0 0 rg BT 422.98 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 436.85 61.35 Td (Australian ) Tj ET Q q 0 0 0 rg BT 481.93 61.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 515.94 61.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (team, ) Tj ET Q q 0 0 0 rg BT 75.66 48.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 116.18 48.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 179.45 48.75 Td ($1) Tj ET Q q 0 0 0 rg BT 189.56 48.75 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 205.31 48.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 235.36 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 245.57 48.75 Td (AUM.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 87.79 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 117.58 729.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 176.51 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 185.30 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 191.75 729.15 Td (global ) Tj ET Q q 0 0 0 rg BT 219.79 729.15 Td (listed ) Tj ET Q q 0 0 0 rg BT 244.33 729.15 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 302.67 729.15 Td (investing ) Tj ET Q q 0 0 0 rg BT 342.96 729.15 Td (specialist, ) Tj ET Q q 0 0 0 rg BT 386.45 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 413.90 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 427.94 729.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 465.87 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 475.83 729.15 Td (October ) Tj ET Q q 0 0 0 rg BT 511.44 729.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 536.85 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 538.64 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 540.43 729.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.98 716.55 Td (holds ) Tj ET Q q 0 0 0 rg BT 106.13 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 113.19 716.55 Td (75% ) Tj ET Q q 0 0 0 rg BT 134.84 716.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 180.98 716.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 214.28 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 224.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 240.07 716.55 Td (firm, ) Tj ET Q q 0 0 0 rg BT 263.18 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 278.40 716.55 Td (firm's ) Tj ET Q q 0 0 0 rg BT 304.86 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 360.90 716.55 Td (team ) Tj ET Q q 0 0 0 rg BT 383.70 716.55 Td (retained ) Tj ET Q q 0 0 0 rg BT 419.92 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 426.97 716.55 Td (15% ) Tj ET Q q 0 0 0 rg BT 448.62 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 477.26 716.55 Td (stake ) Tj ET Q q 0 0 0 rg BT 501.23 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 518.79 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 525.85 716.55 Td (previous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 88.50 703.95 Td (owner ) Tj ET Q q 0 0 0 rg BT 117.07 703.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 153.22 703.95 Td (10%. ) Tj ET Q q 0 0 0 rg BT 177.42 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 179.76 703.95 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 243.89 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 254.39 703.95 Td (Sydney) Tj ET Q q 0 0 0 rg BT 285.21 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 289.65 703.95 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 333.10 703.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 363.43 703.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 422.90 703.95 Td (had ) Tj ET Q q 0 0 0 rg BT 440.40 703.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 503.38 703.95 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 524.09 703.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 553.84 703.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.13 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 88.50 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 99.87 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 129.90 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 145.65 691.35 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 102.61 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 120.65 666.15 Td (one ) Tj ET Q q 0 0 0 rg BT 138.69 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 150.31 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 167.19 666.15 Td (former ) Tj ET Q q 0 0 0 rg BT 198.64 666.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 246.42 666.15 Td (each ) Tj ET Q q 0 0 0 rg BT 268.53 666.15 Td (own ) Tj ET Q q 0 0 0 rg BT 289.49 666.15 Td (50% ) Tj ET Q q 0 0 0 rg BT 311.62 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.24 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 330.78 666.15 Td (joint ) Tj ET Q q 0 0 0 rg BT 352.91 666.15 Td (venture ) Tj ET Q q 0 0 0 rg BT 387.28 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 405.90 666.15 Td (serves ) Tj ET Q q 0 0 0 rg BT 435.02 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 446.65 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 495.60 666.15 Td (manager ) Tj ET Q q 0 0 0 rg BT 534.63 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 546.25 666.15 Td (two ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 79.40 653.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 101.23 653.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 133.54 653.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 162.65 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 178.63 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 203.36 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 235.10 653.55 Td (Opportunity ) Tj ET Q q 0 0 0 rg BT 289.36 653.55 Td (T) Tj ET Q q 0 0 0 rg BT 295.40 653.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 314.31 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.62 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 348.60 653.55 Td (Miller ) Tj ET Q q 0 0 0 rg BT 378.00 653.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 412.64 653.55 Td (Opportunity ) Tj ET Q q 0 0 0 rg BT 466.90 653.55 Td (T) Tj ET Q q 0 0 0 rg BT 472.94 653.55 Td (rust, ) Tj ET Q q 0 0 0 rg BT 494.47 653.55 Td (within ) Tj ET Q q 0 0 0 rg BT 524.46 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 540.44 653.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.82 640.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 110.73 640.95 Td (family) Tj ET Q q 0 0 0 rg BT 137.46 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 143.08 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 152.15 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 160.05 640.95 Td (include ) Tj ET Q q 0 0 0 rg BT 194.19 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 207.92 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 219.91 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 235.97 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 263.70 640.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 304.84 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 318.57 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 334.64 640.95 Td (joint ) Tj ET Q q 0 0 0 rg BT 357.12 640.95 Td (venture, ) Tj ET Q q 0 0 0 rg BT 394.47 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 423.37 640.95 Td (totaled ) Tj ET Q q 0 0 0 rg BT 455.17 640.95 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 476.79 640.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 507.44 640.95 Td (at ) Tj ET Q q 0 0 0 rg BT 518.25 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 548.89 640.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 76.25 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 87.04 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 103.08 628.35 Td (AUM. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 112.59 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 146.18 603.15 Td (Poland ) Tj ET Q q 0 0 0 rg BT 180.36 603.15 Td (engages ) Tj ET Q q 0 0 0 rg BT 219.19 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 232.37 603.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 274.13 603.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 335.41 603.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 378.91 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 399.08 603.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 452.51 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 466.27 603.15 Td (both ) Tj ET Q q 0 0 0 rg BT 489.95 603.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 529.35 603.15 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 105.28 590.55 Td (services ) Tj ET Q q 0 0 0 rg BT 140.73 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 157.52 590.55 Td (local ) Tj ET Q q 0 0 0 rg BT 179.56 590.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 204.53 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 214.33 590.55 Td (Poland. ) Tj ET Q q 0 0 0 rg BT 247.75 590.55 Td (Based ) Tj ET Q q 0 0 0 rg BT 275.05 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 284.73 590.55 Td (W) Tj ET Q q 0 0 0 rg BT 293.80 590.55 Td (arsaw) Tj ET Q q 0 0 0 rg BT 317.61 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 321.86 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.32 590.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 356.04 590.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 393.83 590.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 432.21 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 487.49 590.55 Td (services ) Tj ET Q q 0 0 0 rg BT 522.94 590.55 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.63 577.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 93.26 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.15 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 130.70 577.95 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 182.39 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 224.44 577.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 266.47 577.95 Td (pension ) Tj ET Q q 0 0 0 rg BT 301.52 577.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 326.07 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 343.62 577.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 386.24 577.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 436.15 577.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 456.33 577.95 Td (through ) Tj ET Q q 0 0 0 rg BT 491.38 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 517.10 577.95 Td (distributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (through ) Tj ET Q q 0 0 0 rg BT 86.12 565.35 Td (banks ) Tj ET Q q 0 0 0 rg BT 114.06 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 132.68 565.35 Td (insurance ) Tj ET Q q 0 0 0 rg BT 176.36 565.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 224.72 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 243.33 565.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 289.36 565.35 Td (investors. ) Tj ET Q q 0 0 0 rg BT 332.59 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 347.71 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 359.91 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 390.77 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.34 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 434.42 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 459.45 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 491.48 565.35 Td (Poland ) Tj ET Q q 0 0 0 rg BT 524.10 565.35 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.12 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 98.42 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 105.70 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 131.07 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.44 552.75 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 163.44 552.75 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 96.57 527.55 Td (April ) Tj ET Q q 0 0 0 rg BT 121.08 527.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.05 527.55 Td (we ) Tj ET Q q 0 0 0 rg BT 161.64 527.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 200.13 527.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 233.96 527.55 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 273.17 527.55 Td (W) Tj ET Q q 0 0 0 rg BT 282.24 527.55 Td (e ) Tj ET Q q 0 0 0 rg BT 289.24 527.55 Td (hold ) Tj ET Q q 0 0 0 rg BT 310.26 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 322.51 527.55 Td (82% ) Tj ET Q q 0 0 0 rg BT 344.10 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 372.69 527.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.94 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 416.45 527.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 450.29 527.55 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 489.66 527.55 Td (while ) Tj ET Q q 0 0 0 rg BT 515.34 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 530.51 527.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.55 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 142.34 514.95 Td (team ) Tj ET Q q 0 0 0 rg BT 164.88 514.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 189.78 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 204.75 514.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 249.46 514.95 Td (18% ) Tj ET Q q 0 0 0 rg BT 270.85 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 281.74 514.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 332.88 514.95 Td (equity) Tj ET Q q 0 0 0 rg BT 358.44 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 363.21 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 365.35 514.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 398.99 514.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 435.54 514.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 475.58 514.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 538.37 514.95 Td ($41.5 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 80.04 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 90.26 502.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 117.39 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 128.76 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.55 502.35 Td (April ) Tj ET Q q 0 0 0 rg BT 164.34 502.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 180.09 502.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 206.34 502.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 477.15 Td (United ) Tj ET Q q 0 0 0 rg BT 117.79 477.15 Td (States ) Tj ET Q q 0 0 0 rg BT 146.09 477.15 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 180.82 477.15 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 451.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.83 451.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 128.01 451.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 160.68 451.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.52 451.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 230.10 451.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 262.77 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 275.02 451.95 Td (two ) Tj ET Q q 0 0 0 rg BT 294.28 451.95 Td (groups ) Tj ET Q q 0 0 0 rg BT 326.37 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 338.62 451.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 388.77 451.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 421.44 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 440.11 451.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 489.09 451.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 515.93 451.95 Td (\(the ) Tj ET Q q 0 0 0 rg BT 535.76 451.95 Td (�Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.85 439.35 Td (Funds� ) Tj ET Q q 0 0 0 rg BT 113.46 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.89 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 145.99 439.35 Td ("Royce ) Tj ET Q q 0 0 0 rg BT 179.37 439.35 Td (Funds"\). ) Tj ET Q q 0 0 0 rg BT 217.56 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 236.15 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 260.00 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 290.85 439.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 318.80 439.35 Td (invest ) Tj ET Q q 0 0 0 rg BT 346.15 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 356.59 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 363.52 439.35 Td (wide ) Tj ET Q q 0 0 0 rg BT 386.20 439.35 Td (range ) Tj ET Q q 0 0 0 rg BT 411.79 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 422.81 439.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 462.99 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 480.42 439.35 Td (international ) Tj ET Q q 0 0 0 rg BT 535.75 439.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.47 426.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 91.35 426.75 Td (income ) Tj ET Q q 0 0 0 rg BT 124.57 426.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.53 426.75 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 203.84 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.81 426.75 Td (number ) Tj ET Q q 0 0 0 rg BT 245.19 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 256.24 426.75 Td (dif) Tj ET Q q 0 0 0 rg BT 267.72 426.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 294.51 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.90 426.75 Td (styles, ) Tj ET Q q 0 0 0 rg BT 371.75 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.22 426.75 Td (also ) Tj ET Q q 0 0 0 rg BT 408.44 426.75 Td (include ) Tj ET Q q 0 0 0 rg BT 441.65 426.75 Td (several ) Tj ET Q q 0 0 0 rg BT 473.70 426.75 Td (money ) Tj ET Q q 0 0 0 rg BT 504.58 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 536.04 426.75 Td (funds. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 414.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 98.40 414.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 126.70 414.15 Td (invest ) Tj ET Q q 0 0 0 rg BT 154.41 414.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 196.11 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.90 414.15 Td (smaller) Tj ET Q q 0 0 0 rg BT 237.60 414.15 Td (-cap ) Tj ET Q q 0 0 0 rg BT 258.29 414.15 Td (company ) Tj ET Q q 0 0 0 rg BT 299.40 414.15 Td (stocks ) Tj ET Q q 0 0 0 rg BT 328.28 414.15 Td (using ) Tj ET Q q 0 0 0 rg BT 353.66 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 360.94 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 386.31 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 435.01 414.15 Td (approach.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 104.74 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 128.72 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 159.72 388.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 187.80 388.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 219.38 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 230.54 388.95 Td (128 ) Tj ET Q q 0 0 0 rg BT 248.70 388.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 280.28 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 306.02 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 323.59 388.95 Td (32 ) Tj ET Q q 0 0 0 rg BT 336.50 388.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 384.40 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 410.14 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 420.72 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 435.96 388.95 Td (United ) Tj ET Q q 0 0 0 rg BT 466.95 388.95 Td (States, ) Tj ET Q q 0 0 0 rg BT 497.07 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 509.97 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 521.13 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 549.20 388.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.75 376.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 132.33 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 143.75 376.35 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 196.59 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 209.77 376.35 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 263.77 376.35 Td (Global, ) Tj ET Q q 0 0 0 rg BT 297.65 376.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 351.64 376.35 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 407.69 376.35 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 442.73 376.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 458.83 376.35 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 502.44 376.35 Td (W) Tj ET Q q 0 0 0 rg BT 511.51 376.35 Td (estern ) Tj ET Q q 0 0 0 rg BT 538.67 376.35 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 110.72 363.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 142.57 363.75 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 175.30 363.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 206.58 363.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 266.99 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.43 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 302.70 363.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 325.23 363.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 359.99 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 381.93 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 389.87 363.75 Td (former ) Tj ET Q q 0 0 0 rg BT 421.72 363.75 Td (employee. ) Tj ET Q q 0 0 0 rg BT 468.20 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 487.80 363.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 520.24 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 546.85 363.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 98.56 351.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 124.96 351.15 Td (within ) Tj ET Q q 0 0 0 rg BT 154.88 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 170.78 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 195.43 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 227.09 351.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 255.84 351.15 Td (include ) Tj ET Q q 0 0 0 rg BT 289.82 351.15 Td (69 ) Tj ET Q q 0 0 0 rg BT 303.39 351.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.71 351.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 359.12 351.15 Td (\(including ) Tj ET Q q 0 0 0 rg BT 405.35 351.15 Td (balanced ) Tj ET Q q 0 0 0 rg BT 445.74 351.15 Td (funds\) ) Tj ET Q q 0 0 0 rg BT 475.64 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 494.46 351.15 Td (invest ) Tj ET Q q 0 0 0 rg BT 522.62 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 533.86 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 541.60 351.15 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 93.35 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 106.96 338.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.07 338.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.58 338.55 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 222.44 338.55 Td (numerous ) Tj ET Q q 0 0 0 rg BT 268.72 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 319.66 338.55 Td (styles, ) Tj ET Q q 0 0 0 rg BT 351.06 338.55 Td (including ) Tj ET Q q 0 0 0 rg BT 395.59 338.55 Td (lar) Tj ET Q q 0 0 0 rg BT 406.47 338.55 Td (ge- ) Tj ET Q q 0 0 0 rg BT 424.74 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.77 338.55 Td (mid-cap ) Tj ET Q q 0 0 0 rg BT 484.03 338.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 518.64 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 546.84 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (international ) Tj ET Q q 0 0 0 rg BT 104.87 325.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 132.50 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 150.63 325.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 174.01 325.95 Td (income ) Tj ET Q q 0 0 0 rg BT 206.72 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 223.69 325.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 261.08 325.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 292.05 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.19 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 334.15 325.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 381.44 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 406.58 325.95 Td (within ) Tj ET Q q 0 0 0 rg BT 435.22 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 449.85 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 473.23 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 503.62 325.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 531.10 325.95 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (91 ) Tj ET Q q 0 0 0 rg BT 63.08 313.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 89.00 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 107.33 313.35 Td (of) Tj ET Q q 0 0 0 rg BT 115.88 313.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 130.12 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 137.36 313.35 Td (wide ) Tj ET Q q 0 0 0 rg BT 160.36 313.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 192.09 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.42 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.08 313.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 294.32 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 312.06 313.35 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 359.84 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 402.08 313.35 Td (income ) Tj ET Q q 0 0 0 rg BT 435.57 313.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 464.11 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.77 313.35 Td (grade ) Tj ET Q q 0 0 0 rg BT 538.67 313.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.35 300.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 111.54 300.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 153.38 300.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 181.53 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 183.24 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 197.10 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.04 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 237.64 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 252.95 300.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 276.14 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.50 300.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 319.31 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.33 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 358.10 300.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 388.88 300.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 416.74 300.75 Td (included ) Tj ET Q q 0 0 0 rg BT 455.09 300.75 Td ($147.5 ) Tj ET Q q 0 0 0 rg BT 486.16 300.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 515.77 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 533.12 300.75 Td ($157.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 78.96 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 88.66 288.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 117.32 288.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 167.36 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 171.52 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 181.23 288.15 Td (their ) Tj ET Q q 0 0 0 rg BT 202.01 288.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 232.70 288.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.57 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.27 288.15 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 321.29 288.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 348.78 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 359.06 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 386.26 288.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 448.44 288.15 Td (34% ) Tj ET Q q 0 0 0 rg BT 469.23 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 485.92 288.15 Td (37%, ) Tj ET Q q 0 0 0 rg BT 509.33 288.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 288.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 72.85 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 101.54 275.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 131.11 275.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 194.21 275.55 Td (37% ) Tj ET Q q 0 0 0 rg BT 215.91 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 233.51 275.55 Td (35%, ) Tj ET Q q 0 0 0 rg BT 257.83 275.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 307.88 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 312.95 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 335.80 275.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 359.83 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 393.18 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.13 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 437.74 275.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 500.83 275.55 Td (29% ) Tj ET Q q 0 0 0 rg BT 522.53 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 540.14 275.55 Td (28%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 105.30 262.95 Td (were ) Tj ET Q q 0 0 0 rg BT 128.32 262.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 166.53 262.95 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.40 237.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 133.30 237.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 161.05 237.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 192.29 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.11 237.75 Td (20 ) Tj ET Q q 0 0 0 rg BT 215.68 237.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 246.92 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 272.33 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.56 237.75 Td (three ) Tj ET Q q 0 0 0 rg BT 312.62 237.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 360.18 237.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 388.21 237.75 Td (most ) Tj ET Q q 0 0 0 rg BT 410.70 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.52 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 449.26 237.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 476.41 237.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 517.56 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.80 237.75 Td (smaller) Tj ET Q q 0 0 0 rg BT 558.50 237.75 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (cap ) Tj ET Q q 0 0 0 rg BT 66.54 225.15 Td (company ) Tj ET Q q 0 0 0 rg BT 106.99 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 117.71 225.15 Td (micro-cap ) Tj ET Q q 0 0 0 rg BT 162.23 225.15 Td (company ) Tj ET Q q 0 0 0 rg BT 202.69 225.15 Td (stocks ) Tj ET Q q 0 0 0 rg BT 230.90 225.15 Td (using ) Tj ET Q q 0 0 0 rg BT 255.62 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 262.25 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 286.96 225.15 Td (approach. ) Tj ET Q q 0 0 0 rg BT 329.88 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 348.18 225.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 373.47 225.15 Td (dif) Tj ET Q q 0 0 0 rg BT 384.95 225.15 Td (fer ) Tj ET Q q 0 0 0 rg BT 398.57 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 408.70 225.15 Td (their ) Tj ET Q q 0 0 0 rg BT 429.91 225.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 470.36 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 480.49 225.15 Td (investing ) Tj ET Q q 0 0 0 rg BT 520.96 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 531.09 225.15 Td (smaller ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 97.99 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 116.23 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 212.55 Td (universe ) Tj ET Q q 0 0 0 rg BT 170.80 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 182.64 212.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.37 212.55 Td (from ) Tj ET Q q 0 0 0 rg BT 248.87 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 277.62 212.55 Td (they ) Tj ET Q q 0 0 0 rg BT 298.78 212.55 Td (can ) Tj ET Q q 0 0 0 rg BT 316.44 212.55 Td (select. ) Tj ET Q q 0 0 0 rg BT 345.37 212.55 Td (As ) Tj ET Q q 0 0 0 rg BT 360.12 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 371.95 212.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 418.19 212.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 442.28 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 460.52 212.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 487.01 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 506.42 212.55 Td (Royce ) Tj ET Q q 0 0 0 rg BT 536.33 212.55 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (included ) Tj ET Q q 0 0 0 rg BT 89.45 199.95 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 116.37 199.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 147.08 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 165.53 199.95 Td ($26.9 ) Tj ET Q q 0 0 0 rg BT 192.45 199.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 223.16 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 234.63 199.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 265.04 199.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 315.09 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 321.01 199.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 377.38 199.95 Td (all ) Tj ET Q q 0 0 0 rg BT 391.17 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 403.21 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 432.16 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 455.86 199.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 485.39 199.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 515.57 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 535.19 199.95 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 79.93 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 97.00 187.35 Td (distributed ) Tj ET Q q 0 0 0 rg BT 146.17 187.35 Td (through ) Tj ET Q q 0 0 0 rg BT 183.09 187.35 Td (non-af) Tj ET Q q 0 0 0 rg BT 210.31 187.35 Td (filiated ) Tj ET Q q 0 0 0 rg BT 244.30 187.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 267.80 187.35 Td (supermarkets, ) Tj ET Q q 0 0 0 rg BT 330.67 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.50 187.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 389.33 187.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 422.17 187.35 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 479.80 187.35 Td (non-af) Tj ET Q q 0 0 0 rg BT 507.02 187.35 Td (filiated ) Tj ET Q q 0 0 0 rg BT 541.01 187.35 Td (wrap ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (programs, ) Tj ET Q q 0 0 0 rg BT 93.92 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.72 174.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 136.26 174.75 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 188.95 174.75 Td (In ) Tj ET Q q 0 0 0 rg BT 199.33 174.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 238.01 174.75 Td (two ) Tj ET Q q 0 0 0 rg BT 255.40 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.79 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.25 174.75 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 322.73 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 332.41 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 350.38 174.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 378.84 174.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 406.16 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 420.61 174.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 467.17 174.75 Td (only ) Tj ET Q q 0 0 0 rg BT 487.47 174.75 Td (through ) Tj ET Q q 0 0 0 rg BT 521.78 174.75 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (companies.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 136.95 Td (International Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 111.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 121.63 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 137.42 111.75 Td (United ) Tj ET Q q 0 0 0 rg BT 168.95 111.75 Td (States, ) Tj ET Q q 0 0 0 rg BT 199.62 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 214.83 111.75 Td (manage, ) Tj ET Q q 0 0 0 rg BT 253.06 111.75 Td (support ) Tj ET Q q 0 0 0 rg BT 287.52 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 305.65 111.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 348.27 111.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 392.64 111.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 442.25 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 468.54 111.75 Td (across ) Tj ET Q q 0 0 0 rg BT 497.75 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 505.37 111.75 Td (wide ) Tj ET Q q 0 0 0 rg BT 528.74 111.75 Td (array ) Tj ET Q q 0 0 0 rg BT 553.26 111.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (global ) Tj ET Q q 0 0 0 rg BT 78.13 99.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 101.59 99.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 137.01 99.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 174.48 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 191.53 99.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 219.66 99.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 267.62 99.15 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 311.78 99.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 330.00 99.15 Td (international ) Tj ET Q q 0 0 0 rg BT 384.95 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 410.17 99.15 Td (include ) Tj ET Q q 0 0 0 rg BT 442.96 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 449.51 99.15 Td (broad ) Tj ET Q q 0 0 0 rg BT 475.30 99.15 Td (range ) Tj ET Q q 0 0 0 rg BT 500.50 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 511.13 99.15 Td (cross ) Tj ET Q q 0 0 0 rg BT 534.60 99.15 Td (border ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.82 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 96.06 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 112.37 86.55 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 157.85 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 169.51 86.55 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 202.73 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 221.38 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 237.69 86.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 258.68 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 270.34 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 278.49 86.55 Td (number ) Tj ET Q q 0 0 0 rg BT 314.06 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 326.29 86.55 Td (countries ) Tj ET Q q 0 0 0 rg BT 368.27 86.55 Td (across ) Tj ET Q q 0 0 0 rg BT 397.23 86.55 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 422.60 86.55 Td (Europe ) Tj ET Q q 0 0 0 rg BT 456.41 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 475.06 86.55 Td (Latin ) Tj ET Q q 0 0 0 rg BT 499.94 86.55 Td (America. ) Tj ET Q q 0 0 0 rg BT 542.20 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 86.55 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (international ) Tj ET Q q 0 0 0 rg BT 106.11 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 132.49 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 152.45 73.95 Td (include ) Tj ET Q q 0 0 0 rg BT 186.41 73.95 Td (local ) Tj ET Q q 0 0 0 rg BT 209.86 73.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 232.15 73.95 Td (ranges ) Tj ET Q q 0 0 0 rg BT 262.60 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 281.40 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 297.26 73.95 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 342.30 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 353.51 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 369.39 73.95 Td (United ) Tj ET Q q 0 0 0 rg BT 401.02 73.95 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 445.68 73.95 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 489.84 73.95 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 519.42 73.95 Td (Singapore ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.28 61.35 Td (Poland ) Tj ET Q q 0 0 0 rg BT 98.57 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 115.86 61.35 Td (of) Tj ET Q q 0 0 0 rg BT 124.41 61.35 Td (fered ) Tj ET Q q 0 0 0 rg BT 148.10 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 158.39 61.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 198.43 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 208.72 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 223.67 61.35 Td (country ) Tj ET Q q 0 0 0 rg BT 257.87 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 268.74 61.35 Td (domicile. ) Tj ET Q q 0 0 0 rg BT 310.22 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 312.35 61.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 330.80 61.35 Td (international ) Tj ET Q q 0 0 0 rg BT 385.99 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 411.44 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 426.38 61.35 Td (distributed ) Tj ET Q q 0 0 0 rg BT 473.42 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 490.70 61.35 Td (serviced ) Tj ET Q q 0 0 0 rg BT 527.81 61.35 Td (by ) Tj ET Q q 0 0 0 rg BT 540.43 61.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.02 48.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 112.03 48.75 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 167.84 48.75 Td (as ) Tj ET Q q 0 0 0 rg BT 179.01 48.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 221.69 48.75 Td (below) Tj ET Q q 0 0 0 rg BT 246.67 48.75 Td (. ) Tj ET Q q 0 0 0 rg BT 251.73 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 254.16 48.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 272.92 48.75 Td (international ) Tj ET Q q 0 0 0 rg BT 328.42 48.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 356.81 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 384.90 48.75 Td (include ) Tj ET Q q 0 0 0 rg BT 418.24 48.75 Td (equity) Tj ET Q q 0 0 0 rg BT 443.80 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 448.86 48.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 472.87 48.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 508.83 48.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 546.85 48.75 Td (and ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (balanced ) Tj ET Q q 0 0 0 rg BT 91.86 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 119.74 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 137.11 741.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 180.74 741.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 223.19 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 236.49 741.75 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 291.19 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 306.25 741.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 362.12 741.75 Td (Global, ) Tj ET Q q 0 0 0 rg BT 397.87 741.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 453.74 741.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 511.66 741.75 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 548.58 741.75 Td (QS ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 94.20 729.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 125.85 729.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 158.38 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 189.47 729.15 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 252.31 729.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 282.21 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 300.23 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 309.30 729.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 336.77 729.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 363.18 729.15 Td (Management. ) Tj ET Q q 0 0 0 rg BT 423.70 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 426.78 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 429.85 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 441.68 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 457.59 729.15 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 504.10 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 519.42 729.15 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.77 716.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 108.28 716.55 Td (208 ) Tj ET Q q 0 0 0 rg BT 126.64 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 144.40 716.55 Td (187 ) Tj ET Q q 0 0 0 rg BT 162.76 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 174.12 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 198.30 716.55 Td (international ) Tj ET Q q 0 0 0 rg BT 253.98 716.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 282.54 716.55 Td (respectively ) Tj ET Q q 0 0 0 rg BT 335.88 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 346.06 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 376.08 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 391.81 716.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.42 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 433.19 716.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 459.42 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 487.69 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 497.88 716.55 Td (those ) Tj ET Q q 0 0 0 rg BT 522.65 716.55 Td (dates ) Tj ET Q q 0 0 0 rg BT 546.83 716.55 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 62.85 703.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 106.61 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.30 703.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 181.89 703.95 Td ($105.9 ) Tj ET Q q 0 0 0 rg BT 213.71 703.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 244.07 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 262.18 703.95 Td ($1) Tj ET Q q 0 0 0 rg BT 272.29 703.95 Td (19.8 ) Tj ET Q q 0 0 0 rg BT 293.61 703.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 323.97 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 335.08 703.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 365.15 703.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 415.20 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 420.77 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 432.46 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 461.06 703.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 524.66 703.95 Td (17% ) Tj ET Q q 0 0 0 rg BT 546.85 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (14%, ) Tj ET Q q 0 0 0 rg BT 73.39 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 123.44 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 127.59 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 149.51 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 177.28 691.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 205.93 691.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 268.10 691.35 Td (22% ) Tj ET Q q 0 0 0 rg BT 288.87 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 305.55 691.35 Td (20%, ) Tj ET Q q 0 0 0 rg BT 328.95 691.35 Td (respectively ) Tj ET Q q 0 0 0 rg BT 381.20 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 403.12 691.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 426.22 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 458.65 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 484.67 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 501.35 691.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (61% ) Tj ET Q q 0 0 0 rg BT 70.66 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 87.23 678.75 Td (66%, ) Tj ET Q q 0 0 0 rg BT 110.52 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 160.57 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 164.60 678.75 Td (were ) Tj ET Q q 0 0 0 rg BT 186.42 678.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 223.42 678.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 251.85 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 269.59 678.75 Td (information ) Tj ET Q q 0 0 0 rg BT 320.58 678.75 Td (above ) Tj ET Q q 0 0 0 rg BT 347.06 678.75 Td (does ) Tj ET Q q 0 0 0 rg BT 367.73 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 382.56 678.75 Td (include ) Tj ET Q q 0 0 0 rg BT 414.88 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.12 678.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 494.68 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 519.42 678.75 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 666.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 108.31 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 121.44 666.15 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 156.43 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 167.80 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 183.25 666.15 Td (Brazil-domiciled ) Tj ET Q q 0 0 0 rg BT 257.02 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 282.98 666.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 323.50 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 336.44 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 345.51 666.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 372.63 666.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 398.59 666.15 Td (Management.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 640.95 Td (Retail Separately Managed ) Tj ET Q q 0 0 0 rg BT 205.48 640.95 Td (Account Programs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 101.84 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 116.77 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 123.54 615.75 Td (leading ) Tj ET Q q 0 0 0 rg BT 156.55 615.75 Td (provider ) Tj ET Q q 0 0 0 rg BT 194.24 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.09 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 227.61 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 283.37 615.75 Td (services ) Tj ET Q q 0 0 0 rg BT 319.30 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 329.57 615.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 353.25 615.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 397.93 615.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 437.93 615.75 Td (account ) Tj ET Q q 0 0 0 rg BT 472.69 615.75 Td (programs, ) Tj ET Q q 0 0 0 rg BT 517.09 615.75 Td (commonly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (known ) Tj ET Q q 0 0 0 rg BT 83.21 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 96.59 603.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 139.12 603.15 Td (account ) Tj ET Q q 0 0 0 rg BT 176.40 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 189.77 603.15 Td (wrap ) Tj ET Q q 0 0 0 rg BT 215.39 603.15 Td (programs. ) Tj ET Q q 0 0 0 rg BT 261.97 603.15 Td (These ) Tj ET Q q 0 0 0 rg BT 291.67 603.15 Td (programs ) Tj ET Q q 0 0 0 rg BT 335.96 603.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 377.33 603.15 Td (allow ) Tj ET Q q 0 0 0 rg BT 405.29 603.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 449.57 603.15 Td (brokers ) Tj ET Q q 0 0 0 rg BT 485.69 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 499.07 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 525.27 603.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 111.90 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 121.91 590.55 Td (of) Tj ET Q q 0 0 0 rg BT 130.47 590.55 Td (fer ) Tj ET Q q 0 0 0 rg BT 143.96 590.55 Td (their ) Tj ET Q q 0 0 0 rg BT 165.04 590.55 Td (clients ) Tj ET Q q 0 0 0 rg BT 194.29 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 208.96 590.55 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 259.80 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 269.81 590.55 Td (choose ) Tj ET Q q 0 0 0 rg BT 300.81 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 323.06 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 329.56 590.55 Td (number ) Tj ET Q q 0 0 0 rg BT 363.48 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 374.07 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.32 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 451.80 590.55 Td (services ) Tj ET Q q 0 0 0 rg BT 487.46 590.55 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 526.06 590.55 Td (dif) Tj ET Q q 0 0 0 rg BT 537.53 590.55 Td (ferent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.99 577.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 141.55 577.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 181.79 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 195.20 577.95 Td (one ) Tj ET Q q 0 0 0 rg BT 213.27 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 224.93 577.95 Td (more ) Tj ET Q q 0 0 0 rg BT 249.41 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.73 577.95 Td (managers, ) Tj ET Q q 0 0 0 rg BT 318.50 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 336.57 577.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 378.55 577.95 Td (char) Tj ET Q q 0 0 0 rg BT 396.43 577.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 409.25 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 422.07 577.95 Td (all-inclusive ) Tj ET Q q 0 0 0 rg BT 476.88 577.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 492.61 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 511.27 577.95 Td (covers ) Tj ET Q q 0 0 0 rg BT 541.58 577.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (management, ) Tj ET Q q 0 0 0 rg BT 107.76 565.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 130.23 565.35 Td (execution, ) Tj ET Q q 0 0 0 rg BT 175.16 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 197.06 565.35 Td (allocation ) Tj ET Q q 0 0 0 rg BT 239.94 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 256.59 565.35 Td (custodial ) Tj ET Q q 0 0 0 rg BT 295.99 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 312.64 565.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 374.19 565.35 Td (services. ) Tj ET Q q 0 0 0 rg BT 412.02 565.35 Td (W) Tj ET Q q 0 0 0 rg BT 421.09 565.35 Td (e ) Tj ET Q q 0 0 0 rg BT 427.23 565.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 460.80 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.36 565.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (services ) Tj ET Q q 0 0 0 rg BT 86.44 552.75 Td (through ) Tj ET Q q 0 0 0 rg BT 121.73 552.75 Td (more ) Tj ET Q q 0 0 0 rg BT 145.93 552.75 Td (than ) Tj ET Q q 0 0 0 rg BT 166.64 552.75 Td (100 ) Tj ET Q q 0 0 0 rg BT 185.01 552.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 209.21 552.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 254.39 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 294.92 552.75 Td (account ) Tj ET Q q 0 0 0 rg BT 330.19 552.75 Td (programs ) Tj ET Q q 0 0 0 rg BT 372.47 552.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 417.68 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 430.80 552.75 Td (various ) Tj ET Q q 0 0 0 rg BT 464.34 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 503.70 552.75 Td (institutions.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 527.55 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.71 502.35 Td (centralized ) Tj ET Q q 0 0 0 rg BT 157.14 502.35 Td (global ) Tj ET Q q 0 0 0 rg BT 187.77 502.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 240.57 502.35 Td (group, ) Tj ET Q q 0 0 0 rg BT 272.07 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 298.02 502.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 330.98 502.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 363.94 502.35 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 421.70 502.35 Td (operates ) Tj ET Q q 0 0 0 rg BT 461.06 502.35 Td (two ) Tj ET Q q 0 0 0 rg BT 481.19 502.35 Td (divisions, ) Tj ET Q q 0 0 0 rg BT 526.12 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 543.33 502.35 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 102.74 489.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 131.55 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 148.70 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.51 489.75 Td (International ) Tj ET Q q 0 0 0 rg BT 219.14 489.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 271.88 489.75 Td (Group. ) Tj ET Q q 0 0 0 rg BT 303.32 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 305.16 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 323.47 489.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 344.13 489.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 396.87 489.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 425.69 489.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 463.54 489.75 Td (distributes ) Tj ET Q q 0 0 0 rg BT 509.27 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 489.75 Td (supports ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 67.68 477.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 90.04 477.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 122.88 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 149.90 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 168.74 477.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 194.00 477.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 240.24 477.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 281.83 477.15 Td (account ) Tj ET Q q 0 0 0 rg BT 318.16 477.15 Td (programs. ) Tj ET Q q 0 0 0 rg BT 363.86 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 383.87 477.15 Td (International ) Tj ET Q q 0 0 0 rg BT 441.20 477.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 495.63 477.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 526.15 477.15 Td (markets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (distributes ) Tj ET Q q 0 0 0 rg BT 95.88 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 113.16 464.55 Td (supports ) Tj ET Q q 0 0 0 rg BT 150.87 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 166.99 464.55 Td (international ) Tj ET Q q 0 0 0 rg BT 222.19 464.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 250.27 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 261.14 464.55 Td (general, ) Tj ET Q q 0 0 0 rg BT 296.79 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 312.91 464.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 333.71 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 350.99 464.55 Td (international ) Tj ET Q q 0 0 0 rg BT 406.18 464.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 428.72 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 446.00 464.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 490.70 464.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 517.32 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 532.26 464.55 Td (housed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 451.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 97.81 451.95 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 150.02 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 173.05 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 189.67 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 212.71 451.95 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 426.75 Td (In ) Tj ET Q q 0 0 0 rg BT 96.32 426.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.93 426.75 Td (each ) Tj ET Q q 0 0 0 rg BT 155.73 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.05 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 181.62 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 203.61 426.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 245.41 426.75 Td (has ) Tj ET Q q 0 0 0 rg BT 260.98 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 272.48 426.75 Td (own ) Tj ET Q q 0 0 0 rg BT 292.13 426.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 314.12 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.85 426.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 374.99 426.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 401.06 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 418.38 426.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 459.61 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 471.11 426.75 Td (products ) Tj ET Q q 0 0 0 rg BT 508.84 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.58 426.75 Td (services, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (primarily) Tj ET Q q 0 0 0 rg BT 88.39 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 94.34 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 105.83 414.15 Td (most ) Tj ET Q q 0 0 0 rg BT 129.58 414.15 Td (cases, ) Tj ET Q q 0 0 0 rg BT 157.68 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 169.18 414.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 222.67 414.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 263.91 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 275.98 414.15 Td (high ) Tj ET Q q 0 0 0 rg BT 297.97 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 314.13 414.15 Td (worth ) Tj ET Q q 0 0 0 rg BT 341.95 414.15 Td (individuals ) Tj ET Q q 0 0 0 rg BT 391.94 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 410.43 414.15 Td (families. ) Tj ET Q q 0 0 0 rg BT 449.96 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 469.61 414.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 523.10 414.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 546.84 414.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 95.10 401.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 122.13 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 133.40 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 149.93 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.87 401.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 215.64 401.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 257.83 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 280.78 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 336.95 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 373.30 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 384.00 401.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 423.27 401.55 Td (clients, ) Tj ET Q q 0 0 0 rg BT 455.84 401.55 Td (both ) Tj ET Q q 0 0 0 rg BT 477.04 401.55 Td (directly ) Tj ET Q q 0 0 0 rg BT 511.64 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 529.33 401.55 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 101.32 388.95 Td (Consultants ) Tj ET Q q 0 0 0 rg BT 152.36 388.95 Td (play ) Tj ET Q q 0 0 0 rg BT 171.89 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 178.00 388.95 Td (lar) Tj ET Q q 0 0 0 rg BT 188.88 388.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 200.24 388.95 Td (role ) Tj ET Q q 0 0 0 rg BT 218.02 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 227.64 388.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 279.25 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 301.12 388.95 Td (management ) Tj ET Q q 0 0 0 rg BT 356.21 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 368.16 388.95 Td (helping ) Tj ET Q q 0 0 0 rg BT 401.11 388.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 429.97 388.95 Td (select ) Tj ET Q q 0 0 0 rg BT 455.32 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 471.93 388.95 Td (retain ) Tj ET Q q 0 0 0 rg BT 497.28 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.14 388.95 Td (managers. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 103.79 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.24 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 183.92 376.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 214.37 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 232.57 376.35 Td (their ) Tj ET Q q 0 0 0 rg BT 254.85 376.35 Td (consultants ) Tj ET Q q 0 0 0 rg BT 305.14 376.35 Td (tend ) Tj ET Q q 0 0 0 rg BT 326.26 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 337.46 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 350.41 376.35 Td (highly ) Tj ET Q q 0 0 0 rg BT 380.29 376.35 Td (sophisticated ) Tj ET Q q 0 0 0 rg BT 438.15 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 456.35 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 505.47 376.35 Td (performance-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (driven. ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 106.71 338.55 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 105.30 313.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.95 313.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 180.68 313.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 210.48 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 222.20 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.75 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 278.31 313.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 309.86 313.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 363.59 313.35 Td (employs ) Tj ET Q q 0 0 0 rg BT 402.15 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 409.79 313.35 Td (team ) Tj ET Q q 0 0 0 rg BT 433.17 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 444.89 313.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.54 313.35 Td (based ) Tj ET Q q 0 0 0 rg BT 493.42 313.35 Td (sales, ) Tj ET Q q 0 0 0 rg BT 519.43 313.35 Td (marketing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.38 300.75 Td (support ) Tj ET Q q 0 0 0 rg BT 101.09 300.75 Td (staf) Tj ET Q q 0 0 0 rg BT 116.07 300.75 Td (f ) Tj ET Q q 0 0 0 rg BT 121.78 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 139.74 300.75 Td (market, ) Tj ET Q q 0 0 0 rg BT 173.73 300.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 215.61 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.99 300.75 Td (support ) Tj ET Q q 0 0 0 rg BT 266.71 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 282.92 300.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 303.81 300.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 335.19 300.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 363.36 300.75 Td (including ) Tj ET Q q 0 0 0 rg BT 405.24 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.29 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 444.08 300.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 474.88 300.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 502.77 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 520.15 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.19 300.75 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (Funds. ) Tj ET Q q 0 0 0 rg BT 80.93 288.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 99.89 288.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.69 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 153.57 288.15 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 205.77 288.15 Td (distribute ) Tj ET Q q 0 0 0 rg BT 248.06 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.52 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 287.73 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 318.94 288.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 347.25 288.15 Td (through ) Tj ET Q q 0 0 0 rg BT 382.54 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 389.84 288.15 Td (number ) Tj ET Q q 0 0 0 rg BT 424.54 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 435.92 288.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 483.46 288.15 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 536.36 288.15 Td (While ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 65.20 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 87.97 275.55 Td (worked ) Tj ET Q q 0 0 0 rg BT 122.41 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 133.54 275.55 Td (diversify ) Tj ET Q q 0 0 0 rg BT 173.81 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 190.76 275.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 242.14 275.55 Td (network, ) Tj ET Q q 0 0 0 rg BT 282.12 275.55 Td (historically) Tj ET Q q 0 0 0 rg BT 328.68 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 334.26 275.55 Td (many ) Tj ET Q q 0 0 0 rg BT 360.54 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 372.24 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 388.02 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.55 275.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 444.09 275.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 472.72 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 496.07 275.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 544.51 275.55 Td (sold ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (through ) Tj ET Q q 0 0 0 rg BT 86.23 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 102.63 262.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 127.77 262.95 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 173.32 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 212.48 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 224.80 262.95 Td (Citigroup. ) Tj ET Q q 0 0 0 rg BT 270.99 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 290.88 262.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 316.02 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 355.18 262.95 Td (created ) Tj ET Q q 0 0 0 rg BT 389.06 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 403.13 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 419.53 262.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 475.59 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 487.91 262.95 Td (Mor) Tj ET Q q 0 0 0 rg BT 505.80 262.95 Td (gan ) Tj ET Q q 0 0 0 rg BT 524.53 262.95 Td (Stanley's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 97.23 250.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 118.81 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 139.23 250.35 Td (Citigroup's ) Tj ET Q q 0 0 0 rg BT 190.71 250.35 Td (Smith ) Tj ET Q q 0 0 0 rg BT 221.05 250.35 Td (Barney ) Tj ET Q q 0 0 0 rg BT 256.63 250.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 278.21 250.35 Td (into ) Tj ET Q q 0 0 0 rg BT 299.80 250.35 Td (Mor) Tj ET Q q 0 0 0 rg BT 317.69 250.35 Td (gan ) Tj ET Q q 0 0 0 rg BT 338.11 250.35 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 374.48 250.35 Td (W) Tj ET Q q 0 0 0 rg BT 383.55 250.35 Td (ealth ) Tj ET Q q 0 0 0 rg BT 409.20 250.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 469.27 250.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 507.76 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 517.67 250.35 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 106.27 237.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 136.89 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.35 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 176.55 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 207.76 237.75 Td (Funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 104.66 212.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 125.67 212.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 178.76 212.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 207.92 212.55 Td (distributes ) Tj ET Q q 0 0 0 rg BT 254.01 212.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 306.51 212.55 Td (share ) Tj ET Q q 0 0 0 rg BT 331.00 212.55 Td (classes ) Tj ET Q q 0 0 0 rg BT 362.50 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.58 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 388.74 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.65 212.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 443.57 212.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 471.58 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 482.09 212.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 534.59 212.55 Td (clients ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.75 199.95 Td (also ) Tj ET Q q 0 0 0 rg BT 85.26 199.95 Td (distributes ) Tj ET Q q 0 0 0 rg BT 130.60 199.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 166.01 199.95 Td (annuity ) Tj ET Q q 0 0 0 rg BT 199.09 199.95 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 254.93 199.95 Td (services ) Tj ET Q q 0 0 0 rg BT 290.34 199.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 329.26 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 341.35 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 356.94 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.94 199.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 420.76 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 430.52 199.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 472.35 199.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 518.84 199.95 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.53 187.35 Td (services ) Tj ET Q q 0 0 0 rg BT 124.71 187.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 164.41 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 174.94 187.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.87 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 216.99 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.18 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.12 187.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 287.07 187.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 315.12 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 333.23 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 348.41 187.35 Td (specifically ) Tj ET Q q 0 0 0 rg BT 399.18 187.35 Td (designed ) Tj ET Q q 0 0 0 rg BT 438.87 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 453.48 187.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 493.16 187.35 Td (through ) Tj ET Q q 0 0 0 rg BT 528.19 187.35 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 82.90 174.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 122.21 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.78 174.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 174.00 174.75 Td (life ) Tj ET Q q 0 0 0 rg BT 189.41 174.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 231.05 174.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 265.12 174.75 Td (of) Tj ET Q q 0 0 0 rg BT 273.67 174.75 Td (fered ) Tj ET Q q 0 0 0 rg BT 296.65 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 308.55 174.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 363.03 174.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 404.67 174.75 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 457.10 174.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 474.84 174.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 526.42 174.75 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.45 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 92.39 162.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 134.58 162.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 182.62 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 196.01 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 205.08 162.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 232.58 162.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 259.04 162.15 Td (Management's ) Tj ET Q q 0 0 0 rg BT 322.95 162.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 346.48 162.15 Td (team. ) Tj ET Q q 0 0 0 rg BT 372.41 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 391.85 162.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 421.80 162.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 450.59 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 466.53 162.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 514.56 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 528.18 162.15 Td (Royce�) Tj ET Q q 0 0 0 rg BT 557.92 162.15 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 73.04 149.55 Td (team ) Tj ET Q q 0 0 0 rg BT 96.07 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 106.86 149.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 143.90 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 154.69 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 170.14 149.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 191.44 149.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 244.82 149.55 Td (Group.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 124.35 Td (In ) Tj ET Q q 0 0 0 rg BT 97.47 124.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 134.60 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 145.49 124.35 Td (distributing ) Tj ET Q q 0 0 0 rg BT 196.63 124.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 225.30 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.85 124.35 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 293.14 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 304.03 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.32 124.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.63 124.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 390.92 124.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 444.40 124.35 Td (also ) Tj ET Q q 0 0 0 rg BT 464.03 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 495.90 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 513.78 124.35 Td (support ) Tj ET Q q 0 0 0 rg BT 548.00 124.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 74.05 111.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 119.10 111.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 159.48 111.75 Td (account ) Tj ET Q q 0 0 0 rg BT 194.61 111.75 Td (program ) Tj ET Q q 0 0 0 rg BT 232.67 111.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 271.41 111.75 Td (These ) Tj ET Q q 0 0 0 rg BT 298.97 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 335.27 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 350.57 111.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 390.38 111.75 Td (through ) Tj ET Q q 0 0 0 rg BT 425.52 111.75 Td (programs ) Tj ET Q q 0 0 0 rg BT 467.67 111.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 512.73 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 525.71 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 532.85 111.75 Td (variety ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 99.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 100.73 99.15 Td (institutions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td ( ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (9) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (International ) Tj ET Q q 0 0 0 rg BT 108.04 741.75 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 104.99 716.55 Td (International ) Tj ET Q q 0 0 0 rg BT 161.31 716.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 214.73 716.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 244.23 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 255.65 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 279.89 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 311.15 716.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 342.40 716.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 395.82 716.55 Td (employs ) Tj ET Q q 0 0 0 rg BT 434.07 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 441.40 716.55 Td (team ) Tj ET Q q 0 0 0 rg BT 464.48 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 475.89 716.55 Td (sales, ) Tj ET Q q 0 0 0 rg BT 501.60 716.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 546.84 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (support ) Tj ET Q q 0 0 0 rg BT 84.52 703.95 Td (staf) Tj ET Q q 0 0 0 rg BT 99.49 703.95 Td (f ) Tj ET Q q 0 0 0 rg BT 106.01 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 124.77 703.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 163.66 703.95 Td (distributes ) Tj ET Q q 0 0 0 rg BT 210.43 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 228.61 703.95 Td (supports ) Tj ET Q q 0 0 0 rg BT 267.22 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 284.23 703.95 Td (international ) Tj ET Q q 0 0 0 rg BT 340.32 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 366.67 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 377.86 703.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 423.46 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 441.64 703.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 494.83 703.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 535.77 703.95 Td (across ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 74.50 691.35 Td (Europe ) Tj ET Q q 0 0 0 rg BT 107.45 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 125.24 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 140.11 691.35 Td (Americas. ) Tj ET Q q 0 0 0 rg BT 185.60 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 188.04 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 206.99 691.35 Td (International ) Tj ET Q q 0 0 0 rg BT 263.26 691.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 316.64 691.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 346.10 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 362.72 691.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.76 691.35 Td (teams ) Tj ET Q q 0 0 0 rg BT 412.88 691.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 455.16 691.35 Td (out ) Tj ET Q q 0 0 0 rg BT 471.21 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 482.58 691.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 533.63 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 542.19 691.35 Td (fices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 61.21 678.75 Td (16 ) Tj ET Q q 0 0 0 rg BT 74.75 678.75 Td (cities ) Tj ET Q q 0 0 0 rg BT 99.96 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.17 678.75 Td (13 ) Tj ET Q q 0 0 0 rg BT 124.71 678.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 166.24 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.45 678.75 Td (distributing ) Tj ET Q q 0 0 0 rg BT 235.91 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 252.95 678.75 Td (cross ) Tj ET Q q 0 0 0 rg BT 277.57 678.75 Td (border ) Tj ET Q q 0 0 0 rg BT 308.02 678.75 Td (international ) Tj ET Q q 0 0 0 rg BT 364.13 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 390.50 678.75 Td (globally ) Tj ET Q q 0 0 0 rg BT 427.96 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 446.16 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 463.20 678.75 Td (international ) Tj ET Q q 0 0 0 rg BT 519.31 678.75 Td (local ) Tj ET Q q 0 0 0 rg BT 542.76 678.75 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (ranges ) Tj ET Q q 0 0 0 rg BT 79.88 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 90.52 666.15 Td (their ) Tj ET Q q 0 0 0 rg BT 112.23 666.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 157.27 666.15 Td (countries. ) Tj ET Q q 0 0 0 rg BT 200.67 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 219.47 666.15 Td (goal ) Tj ET Q q 0 0 0 rg BT 240.02 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 251.24 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 267.71 666.15 Td (International ) Tj ET Q q 0 0 0 rg BT 323.83 666.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 377.05 666.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 406.36 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 415.83 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 426.47 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 438.86 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 445.99 666.15 Td (global ) Tj ET Q q 0 0 0 rg BT 474.71 666.15 Td (partner ) Tj ET Q q 0 0 0 rg BT 506.91 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 521.63 666.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 546.27 666.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 80.09 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 92.69 653.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 136.21 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 160.47 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 217.97 653.55 Td (products ) Tj ET Q q 0 0 0 rg BT 257.98 653.55 Td (around ) Tj ET Q q 0 0 0 rg BT 290.99 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 307.67 653.55 Td (world, ) Tj ET Q q 0 0 0 rg BT 338.64 653.55 Td (but ) Tj ET Q q 0 0 0 rg BT 355.91 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 376.68 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 388.69 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 402.46 653.55 Td (viewed ) Tj ET Q q 0 0 0 rg BT 436.63 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 449.23 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 457.74 653.55 Td (local ) Tj ET Q q 0 0 0 rg BT 482.00 653.55 Td (partner ) Tj ET Q q 0 0 0 rg BT 515.58 653.55 Td (through ) Tj ET Q q 0 0 0 rg BT 552.10 653.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (understanding ) Tj ET Q q 0 0 0 rg BT 113.31 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 125.88 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.53 640.95 Td (nuances ) Tj ET Q q 0 0 0 rg BT 180.18 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 199.16 640.95 Td (needs ) Tj ET Q q 0 0 0 rg BT 226.89 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.46 640.95 Td (each ) Tj ET Q q 0 0 0 rg BT 262.52 640.95 Td (local ) Tj ET Q q 0 0 0 rg BT 286.74 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 319.72 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 339.29 640.95 Td (they ) Tj ET Q q 0 0 0 rg BT 361.19 640.95 Td (cover) Tj ET Q q 0 0 0 rg BT 383.93 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 390.10 640.95 Td (These ) Tj ET Q q 0 0 0 rg BT 419.00 640.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 470.66 640.95 Td (seek ) Tj ET Q q 0 0 0 rg BT 493.14 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 505.13 640.95 Td (develop ) Tj ET Q q 0 0 0 rg BT 542.19 640.95 Td (deep ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.15 628.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 155.53 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 175.93 628.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 199.23 628.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 228.07 628.35 Td (private ) Tj ET Q q 0 0 0 rg BT 258.95 628.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 287.80 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 309.94 628.35 Td (managers, ) Tj ET Q q 0 0 0 rg BT 354.52 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 375.50 628.35 Td (platforms, ) Tj ET Q q 0 0 0 rg BT 420.09 628.35 Td (pension ) Tj ET Q q 0 0 0 rg BT 454.48 628.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 478.37 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 495.26 628.35 Td (insurance ) Tj ET Q q 0 0 0 rg BT 537.22 628.35 Td (plans. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.29 615.75 Td (international ) Tj ET Q q 0 0 0 rg BT 127.31 615.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 179.68 615.75 Td (of) Tj ET Q q 0 0 0 rg BT 188.24 615.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 212.02 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 232.89 615.75 Td (work ) Tj ET Q q 0 0 0 rg BT 258.42 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 281.05 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 299.00 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.37 615.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 367.55 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 382.01 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 390.63 615.75 Td (case-by-case ) Tj ET Q q 0 0 0 rg BT 448.21 615.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 473.17 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 485.29 615.75 Td (take ) Tj ET Q q 0 0 0 rg BT 506.73 615.75 Td (advantage ) Tj ET Q q 0 0 0 rg BT 553.25 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (preferences ) Tj ET Q q 0 0 0 rg BT 101.51 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 116.89 603.15 Td (local ) Tj ET Q q 0 0 0 rg BT 140.43 603.15 Td (distributors ) Tj ET Q q 0 0 0 rg BT 191.40 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 203.28 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 214.58 603.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 238.12 603.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 284.40 603.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 342.35 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 353.65 603.15 Td (distributing ) Tj ET Q q 0 0 0 rg BT 405.21 603.15 Td (products ) Tj ET Q q 0 0 0 rg BT 444.50 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 499.75 603.15 Td (into ) Tj ET Q q 0 0 0 rg BT 519.22 603.15 Td (their ) Tj ET Q q 0 0 0 rg BT 541.59 603.15 Td (local ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 111.74 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 144.49 565.35 Td (Investments ) Tj ET Q q 0 0 0 rg BT 199.39 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 210.56 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 227.55 565.35 Td (lar) Tj ET Q q 0 0 0 rg BT 238.44 565.35 Td (gest ) Tj ET Q q 0 0 0 rg BT 259.51 565.35 Td (business ) Tj ET Q q 0 0 0 rg BT 299.27 565.35 Td (component ) Tj ET Q q 0 0 0 rg BT 350.09 565.35 Td (within ) Tj ET Q q 0 0 0 rg BT 381.08 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 398.08 565.35 Td (International ) Tj ET Q q 0 0 0 rg BT 455.88 565.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 510.80 565.35 Td (Group. ) Tj ET Q q 0 0 0 rg BT 544.42 565.35 Td (It ) Tj ET Q q 0 0 0 rg BT 555.00 565.35 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 100.55 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.51 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.06 552.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 182.21 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 200.09 552.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 241.30 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.77 552.75 Td (cross ) Tj ET Q q 0 0 0 rg BT 277.08 552.75 Td (border ) Tj ET Q q 0 0 0 rg BT 307.20 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.08 552.75 Td (local ) Tj ET Q q 0 0 0 rg BT 348.21 552.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 370.18 552.75 Td (ranges ) Tj ET Q q 0 0 0 rg BT 400.31 552.75 Td (across ) Tj ET Q q 0 0 0 rg BT 429.27 552.75 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 464.94 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.89 552.75 Td (Americas ) Tj ET Q q 0 0 0 rg BT 522.85 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 540.13 552.75 Td (Asia. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.77 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.55 540.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 160.49 540.15 Td (has ) Tj ET Q q 0 0 0 rg BT 177.68 540.15 Td (of) Tj ET Q q 0 0 0 rg BT 186.24 540.15 Td (fices ) Tj ET Q q 0 0 0 rg BT 209.25 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 220.62 540.15 Td (locations ) Tj ET Q q 0 0 0 rg BT 261.72 540.15 Td (including ) Tj ET Q q 0 0 0 rg BT 304.58 540.15 Td (London, ) Tj ET Q q 0 0 0 rg BT 343.06 540.15 Td (Paris, ) Tj ET Q q 0 0 0 rg BT 369.89 540.15 Td (Milan, ) Tj ET Q q 0 0 0 rg BT 400.79 540.15 Td (Zurich, ) Tj ET Q q 0 0 0 rg BT 434.60 540.15 Td (Frankfurt, ) Tj ET Q q 0 0 0 rg BT 480.08 540.15 Td (Madrid, ) Tj ET Q q 0 0 0 rg BT 516.81 540.15 Td (Singapore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (Hong ) Tj ET Q q 0 0 0 rg BT 75.67 527.55 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 103.80 527.55 Td (T) Tj ET Q q 0 0 0 rg BT 109.48 527.55 Td (aipei, ) Tj ET Q q 0 0 0 rg BT 134.85 527.55 Td (Miami, ) Tj ET Q q 0 0 0 rg BT 167.82 527.55 Td (Santiago ) Tj ET Q q 0 0 0 rg BT 206.90 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 224.40 527.55 Td (New ) Tj ET Q q 0 0 0 rg BT 246.22 527.55 Td (Y) Tj ET Q q 0 0 0 rg BT 252.75 527.55 Td (ork. ) Tj ET Q q 0 0 0 rg BT 271.71 527.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 290.38 527.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 341.14 527.55 Td (ef) Tj ET Q q 0 0 0 rg BT 349.11 527.55 Td (forts ) Tj ET Q q 0 0 0 rg BT 370.70 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 385.85 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 401.61 527.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 433.70 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 444.20 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.37 527.55 Td (locations ) Tj ET Q q 0 0 0 rg BT 499.62 527.55 Td (where ) Tj ET Q q 0 0 0 rg BT 527.61 527.55 Td (we ) Tj ET Q q 0 0 0 rg BT 542.19 527.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 58.56 514.95 Td (fices, ) Tj ET Q q 0 0 0 rg BT 83.35 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 94.45 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 118.37 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 149.30 514.95 Td (Investments ) Tj ET Q q 0 0 0 rg BT 202.39 514.95 Td (distributes ) Tj ET Q q 0 0 0 rg BT 248.49 514.95 Td (cross ) Tj ET Q q 0 0 0 rg BT 272.42 514.95 Td (border ) Tj ET Q q 0 0 0 rg BT 302.17 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 327.85 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 338.37 514.95 Td (more ) Tj ET Q q 0 0 0 rg BT 362.29 514.95 Td (than ) Tj ET Q q 0 0 0 rg BT 382.72 514.95 Td (30 ) Tj ET Q q 0 0 0 rg BT 395.57 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 397.91 514.95 Td (countries ) Tj ET Q q 0 0 0 rg BT 438.75 514.95 Td (around ) Tj ET Q q 0 0 0 rg BT 470.26 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 485.43 514.95 Td (world. ) Tj ET Q q 0 0 0 rg BT 514.73 514.95 Td (This ) Tj ET Q q 0 0 0 rg BT 535.75 514.95 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (presence ) Tj ET Q q 0 0 0 rg BT 90.22 502.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 129.88 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.96 502.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 187.04 502.35 Td (Investments ) Tj ET Q q 0 0 0 rg BT 241.28 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 263.44 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 279.77 502.35 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 331.08 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 342.75 502.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 378.32 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 386.48 502.35 Td (platform ) Tj ET Q q 0 0 0 rg BT 426.14 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 438.38 502.35 Td (sales, ) Tj ET Q q 0 0 0 rg BT 464.92 502.35 Td (service, ) Tj ET Q q 0 0 0 rg BT 500.77 502.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 546.84 502.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (products ) Tj ET Q q 0 0 0 rg BT 88.98 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 107.55 489.75 Td (can ) Tj ET Q q 0 0 0 rg BT 124.95 489.75 Td (cater ) Tj ET Q q 0 0 0 rg BT 148.17 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.16 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.81 489.75 Td (dif) Tj ET Q q 0 0 0 rg BT 186.29 489.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 213.59 489.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 264.84 489.75 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 307.90 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 318.89 489.75 Td (each ) Tj ET Q q 0 0 0 rg BT 340.95 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 352.52 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.17 489.75 Td (three ) Tj ET Q q 0 0 0 rg BT 391.98 489.75 Td (regions ) Tj ET Q q 0 0 0 rg BT 425.72 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 444.29 489.75 Td (it ) Tj ET Q q 0 0 0 rg BT 452.94 489.75 Td (covers. ) Tj ET Q q 0 0 0 rg BT 485.80 489.75 Td (Client ) Tj ET Q q 0 0 0 rg BT 514.29 489.75 Td (coverage ) Tj ET Q q 0 0 0 rg BT 555.00 489.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (local, ) Tj ET Q q 0 0 0 rg BT 75.01 477.15 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 126.55 477.15 Td (across ) Tj ET Q q 0 0 0 rg BT 154.77 477.15 Td (regions, ) Tj ET Q q 0 0 0 rg BT 190.28 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 207.42 477.15 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 264.22 477.15 Td (multiple ) Tj ET Q q 0 0 0 rg BT 301.19 477.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 351.59 477.15 Td (channels ) Tj ET Q q 0 0 0 rg BT 390.30 477.15 Td (including ) Tj ET Q q 0 0 0 rg BT 431.94 477.15 Td (broker) Tj ET Q q 0 0 0 rg BT 459.14 477.15 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 496.97 477.15 Td (funds-of-funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 464.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 117.53 464.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 170.97 464.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.83 464.55 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 248.99 464.55 Td (banks, ) Tj ET Q q 0 0 0 rg BT 278.25 464.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 299.62 464.55 Td (platforms, ) Tj ET Q q 0 0 0 rg BT 344.62 464.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 386.98 464.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 434.01 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 451.30 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 475.00 464.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 525.55 464.55 Td (partners. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 451.95 Td (extent ) Tj ET Q q 0 0 0 rg BT 97.23 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 108.02 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 136.31 451.95 Td (each ) Tj ET Q q 0 0 0 rg BT 158.17 451.95 Td (channel ) Tj ET Q q 0 0 0 rg BT 193.44 451.95 Td (takes ) Tj ET Q q 0 0 0 rg BT 217.64 451.95 Td (precedence ) Tj ET Q q 0 0 0 rg BT 267.48 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 278.27 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 296.05 451.95 Td (one ) Tj ET Q q 0 0 0 rg BT 313.84 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 345.62 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 355.25 451.95 Td (governed ) Tj ET Q q 0 0 0 rg BT 396.94 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 410.06 451.95 Td (local ) Tj ET Q q 0 0 0 rg BT 433.10 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 464.87 451.95 Td (dynamics.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 426.75 Td (In ) Tj ET Q q 0 0 0 rg BT 97.06 426.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 133.79 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.27 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.17 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 199.06 426.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 254.75 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 278.64 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 309.54 426.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 340.43 426.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 393.50 426.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 430.81 426.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 467.52 426.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 518.26 426.75 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.18 414.15 Td (Australia ) Tj ET Q q 0 0 0 rg BT 101.26 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 119.01 414.15 Td (Japan. ) Tj ET Q q 0 0 0 rg BT 148.13 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 150.72 414.15 Td (In ) Tj ET Q q 0 0 0 rg BT 161.48 414.15 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 205.19 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 221.77 414.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 272.78 414.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 319.11 414.15 Td (distribute ) Tj ET Q q 0 0 0 rg BT 361.36 414.15 Td (local ) Tj ET Q q 0 0 0 rg BT 384.35 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 402.10 414.15 Td (cross ) Tj ET Q q 0 0 0 rg BT 426.27 414.15 Td (border ) Tj ET Q q 0 0 0 rg BT 456.26 414.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 482.18 414.15 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 534.93 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 548.01 414.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.94 401.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 115.71 401.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 157.32 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 168.02 401.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 192.12 401.55 Td (investors, ) Tj ET Q q 0 0 0 rg BT 235.19 401.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 270.39 401.55 Td (plans, ) Tj ET Q q 0 0 0 rg BT 297.71 401.55 Td (fund-of-funds ) Tj ET Q q 0 0 0 rg BT 358.56 401.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 403.95 401.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 446.72 401.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 494.15 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 511.85 401.55 Td (government ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (funds/agencies. ) Tj ET Q q 0 0 0 rg BT 120.29 388.95 Td (In ) Tj ET Q q 0 0 0 rg BT 134.30 388.95 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 166.10 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 185.36 388.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 239.05 388.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 288.05 388.95 Td (distribute ) Tj ET Q q 0 0 0 rg BT 332.98 388.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 376.16 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 427.50 388.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 458.72 388.95 Td (cross ) Tj ET Q q 0 0 0 rg BT 485.57 388.95 Td (border ) Tj ET Q q 0 0 0 rg BT 518.24 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 546.84 388.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 103.40 376.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 141.01 376.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 180.98 376.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 223.28 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 234.67 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 250.72 376.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 275.52 376.35 Td (market, ) Tj ET Q q 0 0 0 rg BT 310.52 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 339.41 376.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 377.63 376.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 402.43 376.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 432.77 376.35 Td (private ) Tj ET Q q 0 0 0 rg BT 465.15 376.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 495.50 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.14 376.35 Td (managers, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.96 363.75 Td (platforms ) Tj ET Q q 0 0 0 rg BT 118.83 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.61 363.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 179.47 363.75 Td (companies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 338.55 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 124.70 338.55 Td (products ) Tj ET Q q 0 0 0 rg BT 163.85 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 181.99 338.55 Td (services ) Tj ET Q q 0 0 0 rg BT 218.79 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 234.59 338.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 255.07 338.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 288.39 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 304.20 338.55 Td (United ) Tj ET Q q 0 0 0 rg BT 335.76 338.55 Td (States ) Tj ET Q q 0 0 0 rg BT 363.82 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 374.97 338.55 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 415.87 338.55 Td (high ) Tj ET Q q 0 0 0 rg BT 437.52 338.55 Td (net ) Tj ET Q q 0 0 0 rg BT 453.33 338.55 Td (worth ) Tj ET Q q 0 0 0 rg BT 480.81 338.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 521.70 338.55 Td (through ) Tj ET Q q 0 0 0 rg BT 557.35 338.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (network ) Tj ET Q q 0 0 0 rg BT 87.77 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 99.88 325.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.97 325.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 203.39 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 217.25 325.95 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 256.33 325.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 308.11 325.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 355.21 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 367.32 325.95 Td (well ) Tj ET Q q 0 0 0 rg BT 388.76 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 400.87 325.95 Td (through ) Tj ET Q q 0 0 0 rg BT 436.89 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 454.25 325.95 Td (International ) Tj ET Q q 0 0 0 rg BT 511.26 325.95 Td (Distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (Group. ) Tj ET Q q 0 0 0 rg BT 82.33 313.35 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 120.92 313.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 177.45 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 198.99 313.35 Td (its ) Tj ET Q q 0 0 0 rg BT 211.78 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.38 313.35 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 314.31 313.35 Td (have ) Tj ET Q q 0 0 0 rg BT 337.01 313.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 373.12 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 384.16 313.35 Td (wide ) Tj ET Q q 0 0 0 rg BT 407.44 313.35 Td (international ) Tj ET Q q 0 0 0 rg BT 463.37 313.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 514.67 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 526.28 313.35 Td (Permal's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (products ) Tj ET Q q 0 0 0 rg BT 88.25 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.50 300.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 144.03 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 146.12 300.75 Td (In ) Tj ET Q q 0 0 0 rg BT 156.95 300.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 196.08 300.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 227.91 300.75 Td (distributes ) Tj ET Q q 0 0 0 rg BT 273.75 300.75 Td (its ) Tj ET Q q 0 0 0 rg BT 285.76 300.75 Td (products ) Tj ET Q q 0 0 0 rg BT 324.00 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.25 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 377.16 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 387.42 300.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 408.18 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.42 300.75 Td (international ) Tj ET Q q 0 0 0 rg BT 480.58 300.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 529.34 300.75 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 88.35 288.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 123.04 288.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 174.09 288.15 Td (teams.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.63 262.95 Td (Employees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (At ) Tj ET Q q 0 0 0 rg BT 98.29 237.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 143.24 237.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 168.66 237.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 191.45 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.41 237.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 233.82 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 247.86 237.75 Td (had ) Tj ET Q q 0 0 0 rg BT 264.81 237.75 Td (3,066, ) Tj ET Q q 0 0 0 rg BT 292.86 237.75 Td (2,982 ) Tj ET Q q 0 0 0 rg BT 318.27 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 335.23 237.75 Td (2,843 ) Tj ET Q q 0 0 0 rg BT 360.65 237.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 409.97 237.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 460.01 237.75 Td (. ) Tj ET Q q 0 0 0 rg BT 464.43 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 466.22 237.75 Td (None ) Tj ET Q q 0 0 0 rg BT 490.76 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.30 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 517.09 237.75 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.75 225.15 Td (covered ) Tj ET Q q 0 0 0 rg BT 99.92 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 112.36 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 118.95 225.15 Td (collective ) Tj ET Q q 0 0 0 rg BT 161.70 225.15 Td (bar) Tj ET Q q 0 0 0 rg BT 174.92 225.15 Td (gaining ) Tj ET Q q 0 0 0 rg BT 208.35 225.15 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 256.50 225.15 Td (W) Tj ET Q q 0 0 0 rg BT 265.57 225.15 Td (e ) Tj ET Q q 0 0 0 rg BT 272.17 225.15 Td (consider ) Tj ET Q q 0 0 0 rg BT 309.67 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 325.61 225.15 Td (relations ) Tj ET Q q 0 0 0 rg BT 363.70 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 384.30 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 400.24 225.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 447.08 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 457.18 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 469.03 225.15 Td (satisfactory) Tj ET Q q 0 0 0 rg BT 516.75 225.15 Td (. ) Tj ET Q q 0 0 0 rg BT 521.31 225.15 Td (However) Tj ET Q q 0 0 0 rg BT 559.37 225.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (competition ) Tj ET Q q 0 0 0 rg BT 103.53 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 119.14 212.55 Td (experienced ) Tj ET Q q 0 0 0 rg BT 173.23 212.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 197.01 212.55 Td (management ) Tj ET Q q 0 0 0 rg BT 254.02 212.55 Td (personnel ) Tj ET Q q 0 0 0 rg BT 298.22 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 308.59 212.55 Td (intense ) Tj ET Q q 0 0 0 rg BT 341.70 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 360.23 212.55 Td (from ) Tj ET Q q 0 0 0 rg BT 384.01 212.55 Td (time ) Tj ET Q q 0 0 0 rg BT 406.04 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 417.58 212.55 Td (time ) Tj ET Q q 0 0 0 rg BT 439.61 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 455.23 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 476.68 212.55 Td (experience ) Tj ET Q q 0 0 0 rg BT 525.51 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 533.54 212.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 553.25 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (valuable ) Tj ET Q q 0 0 0 rg BT 88.19 199.95 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 134.07 199.95 Td (W) Tj ET Q q 0 0 0 rg BT 143.14 199.95 Td (e ) Tj ET Q q 0 0 0 rg BT 150.43 199.95 Td (recognize ) Tj ET Q q 0 0 0 rg BT 193.86 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.31 199.95 Td (importance ) Tj ET Q q 0 0 0 rg BT 259.17 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 269.96 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 286.58 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 324.80 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 336.17 199.95 Td (hiring, ) Tj ET Q q 0 0 0 rg BT 366.50 199.95 Td (training ) Tj ET Q q 0 0 0 rg BT 401.78 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 419.57 199.95 Td (retaining ) Tj ET Q q 0 0 0 rg BT 459.52 199.95 Td (skilled ) Tj ET Q q 0 0 0 rg BT 490.14 199.95 Td (professionals.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (Competition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 149.55 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 149.55 Td (e ) Tj ET Q q 0 0 0 rg BT 102.71 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 118.50 149.55 Td (engaged ) Tj ET Q q 0 0 0 rg BT 156.46 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 167.60 149.55 Td (an ) Tj ET Q q 0 0 0 rg BT 180.48 149.55 Td (extremely ) Tj ET Q q 0 0 0 rg BT 225.44 149.55 Td (competitive ) Tj ET Q q 0 0 0 rg BT 277.98 149.55 Td (business ) Tj ET Q q 0 0 0 rg BT 316.55 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.68 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 350.48 149.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 383.19 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 394.34 149.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 442.23 149.55 Td (competition ) Tj ET Q q 0 0 0 rg BT 495.36 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 506.50 149.55 Td (all ) Tj ET Q q 0 0 0 rg BT 519.97 149.55 Td (aspects ) Tj ET Q q 0 0 0 rg BT 553.27 149.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 67.10 136.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 108.41 136.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 127.84 136.95 Td (competition ) Tj ET Q q 0 0 0 rg BT 181.11 136.95 Td (includes, ) Tj ET Q q 0 0 0 rg BT 221.83 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 243.60 136.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 276.43 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 287.70 136.95 Td (one ) Tj ET Q q 0 0 0 rg BT 305.96 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 317.81 136.95 Td (more ) Tj ET Q q 0 0 0 rg BT 342.49 136.95 Td (aspects ) Tj ET Q q 0 0 0 rg BT 375.91 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 387.76 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 404.86 136.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 446.17 136.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 490.69 136.95 Td (international ) Tj ET Q q 0 0 0 rg BT 546.85 136.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 90.66 124.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 113.83 124.35 Td (management ) Tj ET Q q 0 0 0 rg BT 170.23 124.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 195.15 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 213.06 124.35 Td (broker) Tj ET Q q 0 0 0 rg BT 240.25 124.35 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 278.86 124.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 310.78 124.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 332.78 124.35 Td (complexes, ) Tj ET Q q 0 0 0 rg BT 383.06 124.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 410.88 124.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 439.59 124.35 Td (commercial ) Tj ET Q q 0 0 0 rg BT 491.91 124.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 521.78 124.35 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 100.84 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 125.73 111.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 175.13 111.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 223.35 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.82 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 266.71 111.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.76 111.75 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 359.38 111.75 Td (Many ) Tj ET Q q 0 0 0 rg BT 387.19 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 399.26 111.75 Td (these ) Tj ET Q q 0 0 0 rg BT 424.15 111.75 Td (or) Tj ET Q q 0 0 0 rg BT 432.70 111.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 483.84 111.75 Td (of) Tj ET Q q 0 0 0 rg BT 492.40 111.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 507.37 111.75 Td (products ) Tj ET Q q 0 0 0 rg BT 546.84 111.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (services ) Tj ET Q q 0 0 0 rg BT 87.57 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 107.07 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 123.65 99.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 156.56 99.15 Td (to, ) Tj ET Q q 0 0 0 rg BT 171.11 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 183.61 99.15 Td (compete ) Tj ET Q q 0 0 0 rg BT 222.93 99.15 Td (with, ) Tj ET Q q 0 0 0 rg BT 247.98 99.15 Td (those ) Tj ET Q q 0 0 0 rg BT 273.90 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 289.90 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 298.45 99.15 Td (fer) Tj ET Q q 0 0 0 rg BT 309.69 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 316.07 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.98 99.15 Td (many ) Tj ET Q q 0 0 0 rg BT 362.06 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 374.57 99.15 Td (these ) Tj ET Q q 0 0 0 rg BT 399.90 99.15 Td (or) Tj ET Q q 0 0 0 rg BT 408.45 99.15 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 460.03 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 483.60 99.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 540.44 99.15 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (personnel ) Tj ET Q q 0 0 0 rg BT 92.55 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 109.45 86.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 140.32 86.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 178.78 86.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 220.16 86.55 Td (than ) Tj ET Q q 0 0 0 rg BT 239.97 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 253.95 86.55 Td (have. ) Tj ET Q q 0 0 0 rg BT 278.12 86.55 Td (Some ) Tj ET Q q 0 0 0 rg BT 303.77 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 314.25 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 337.56 86.55 Td (competitors ) Tj ET Q q 0 0 0 rg BT 388.86 86.55 Td (have ) Tj ET Q q 0 0 0 rg BT 410.42 86.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 458.79 86.55 Td (products ) Tj ET Q q 0 0 0 rg BT 496.69 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 513.58 86.55 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (channels ) Tj ET Q q 0 0 0 rg BT 89.32 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 107.65 73.95 Td (make ) Tj ET Q q 0 0 0 rg BT 132.98 73.95 Td (it ) Tj ET Q q 0 0 0 rg BT 141.40 73.95 Td (more ) Tj ET Q q 0 0 0 rg BT 165.56 73.95 Td (dif) Tj ET Q q 0 0 0 rg BT 177.04 73.95 Td (ficult ) Tj ET Q q 0 0 0 rg BT 201.78 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 216.61 73.95 Td (us ) Tj ET Q q 0 0 0 rg BT 228.54 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 239.29 73.95 Td (compete ) Tj ET Q q 0 0 0 rg BT 277.44 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 298.70 73.95 Td (them. ) Tj ET Q q 0 0 0 rg BT 324.90 73.95 Td (In ) Tj ET Q q 0 0 0 rg BT 336.24 73.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 375.86 73.95 Td (many ) Tj ET Q q 0 0 0 rg BT 401.78 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 413.11 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 429.69 73.95 Td (competitors ) Tj ET Q q 0 0 0 rg BT 481.85 73.95 Td (have ) Tj ET Q q 0 0 0 rg BT 504.26 73.95 Td (long-standing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.52 61.35 Td (established ) Tj ET Q q 0 0 0 rg BT 116.54 61.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 172.56 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 193.59 61.35 Td (distributors ) Tj ET Q q 0 0 0 rg BT 243.78 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 261.30 61.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 293.53 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 312.21 61.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 351.89 61.35 Td (competitive ) Tj ET Q q 0 0 0 rg BT 403.82 61.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 434.75 61.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 469.18 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 479.71 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 496.06 61.35 Td (business ) Tj ET Q q 0 0 0 rg BT 534.01 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 549.19 61.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 82.02 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.62 48.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 123.87 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 141.88 48.75 Td (services ) Tj ET Q q 0 0 0 rg BT 178.55 48.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 218.73 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.75 48.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 273.15 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.83 48.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 344.73 48.75 Td (records ) Tj ET Q q 0 0 0 rg BT 378.48 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 390.08 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 408.68 48.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 438.93 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.95 48.75 Td (service, ) Tj ET Q q 0 0 0 rg BT 492.16 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 507.84 48.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 553.26 48.75 Td (of ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.79 741.75 Td (company ) Tj ET Q q 0 0 0 rg BT 105.25 741.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 148.05 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.84 741.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 201.25 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.05 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 239.00 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.71 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.51 741.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 302.92 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.71 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 355.84 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 372.96 741.75 Td (services ) Tj ET Q q 0 0 0 rg BT 408.75 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 417.31 741.75 Td (fered ) Tj ET Q q 0 0 0 rg BT 440.84 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.96 741.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 508.35 741.75 Td (relationships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 128.73 729.15 Td (of) Tj ET Q q 0 0 0 rg BT 137.29 729.15 Td (fered ) Tj ET Q q 0 0 0 rg BT 161.48 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 172.27 729.15 Td (distributors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 703.95 Td (Competition ) Tj ET Q q 0 0 0 rg BT 141.36 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 152.38 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 169.23 703.95 Td (business ) Tj ET Q q 0 0 0 rg BT 207.68 703.95 Td (periodically ) Tj ET Q q 0 0 0 rg BT 260.68 703.95 Td (has ) Tj ET Q q 0 0 0 rg BT 277.53 703.95 Td (been ) Tj ET Q q 0 0 0 rg BT 300.21 703.95 Td (af) Tj ET Q q 0 0 0 rg BT 308.18 703.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 336.68 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 350.04 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 397.22 703.95 Td (developments ) Tj ET Q q 0 0 0 rg BT 458.39 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.42 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 485.10 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.37 703.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (industry) Tj ET Q q 0 0 0 rg BT 83.74 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 90.78 691.35 Td (See ) Tj ET Q q 0 0 0 rg BT 110.37 691.35 Td (�Item�1A. ) Tj ET Q q 0 0 0 rg BT 156.78 691.35 Td (Risk ) Tj ET Q q 0 0 0 rg BT 180.46 691.35 Td (Factors�- ) Tj ET Q q 0 0 0 rg BT 221.91 691.35 Td (Risks ) Tj ET Q q 0 0 0 rg BT 249.68 691.35 Td (Related ) Tj ET Q q 0 0 0 rg BT 286.17 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 298.76 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 316.20 691.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 343.96 691.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 403.20 691.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 444.96 691.35 Td (- ) Tj ET Q q 0 0 0 rg BT 452.88 691.35 Td (Competition ) Tj ET Q q 0 0 0 rg BT 509.80 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 522.39 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 538.67 691.35 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.44 678.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 145.06 678.75 Td (Could ) Tj ET Q q 0 0 0 rg BT 173.36 678.75 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 207.47 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 224.09 678.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 267.54 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.32 678.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 303.11 678.75 Td (Income.�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.87 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.83 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 184.02 628.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.99 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 231.70 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 247.08 628.35 Td (United ) Tj ET Q q 0 0 0 rg BT 278.20 628.35 Td (States ) Tj ET Q q 0 0 0 rg BT 305.83 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 315.38 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.67 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 358.39 628.35 Td (extensive ) Tj ET Q q 0 0 0 rg BT 400.59 628.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 445.70 628.35 Td (under ) Tj ET Q q 0 0 0 rg BT 472.16 628.35 Td (both ) Tj ET Q q 0 0 0 rg BT 493.37 628.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 525.06 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 542.77 628.35 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.92 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.34 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 136.18 615.75 Td (laws. ) Tj ET Q q 0 0 0 rg BT 161.08 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 180.67 615.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 203.20 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 213.46 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.56 615.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 261.96 615.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 294.96 615.75 Td (char) Tj ET Q q 0 0 0 rg BT 312.84 615.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 331.26 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 353.20 615.75 Td (administration ) Tj ET Q q 0 0 0 rg BT 417.12 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.13 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.23 615.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 477.63 615.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.55 615.75 Td (laws. ) Tj ET Q q 0 0 0 rg BT 545.69 615.75 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.40 603.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 140.28 603.15 Td (also ) Tj ET Q q 0 0 0 rg BT 159.17 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 179.23 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 191.11 603.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.83 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 232.98 603.15 Td (regulation ) Tj ET Q q 0 0 0 rg BT 277.52 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 290.00 603.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 321.12 603.15 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 361.87 603.15 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 425.65 603.15 Td (or) Tj ET Q q 0 0 0 rg BT 434.21 603.15 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 484.00 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 501.14 603.15 Td (state ) Tj ET Q q 0 0 0 rg BT 522.36 603.15 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (commissions ) Tj ET Q q 0 0 0 rg BT 107.82 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 118.97 590.55 Td (those ) Tj ET Q q 0 0 0 rg BT 144.12 590.55 Td (states ) Tj ET Q q 0 0 0 rg BT 170.43 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 181.58 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 210.22 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 225.44 590.55 Td (conduct ) Tj ET Q q 0 0 0 rg BT 261.66 590.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 302.86 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 314.59 590.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 354.60 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.00 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 434.62 590.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 459.77 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 475.57 590.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 508.29 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 519.44 590.55 Td (regulation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 63.27 577.95 Td (various ) Tj ET Q q 0 0 0 rg BT 96.95 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 130.04 577.95 Td (governments, ) Tj ET Q q 0 0 0 rg BT 189.68 577.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 232.10 577.95 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 281.22 577.95 Td (central ) Tj ET Q q 0 0 0 rg BT 312.56 577.95 Td (banks ) Tj ET Q q 0 0 0 rg BT 339.83 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 357.76 577.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 403.68 577.95 Td (bodies, ) Tj ET Q q 0 0 0 rg BT 436.48 577.95 Td (particularly ) Tj ET Q q 0 0 0 rg BT 487.65 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 498.59 577.95 Td (those ) Tj ET Q q 0 0 0 rg BT 523.52 577.95 Td (countries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (where ) Tj ET Q q 0 0 0 rg BT 78.79 565.35 Td (they ) Tj ET Q q 0 0 0 rg BT 100.01 565.35 Td (have ) Tj ET Q q 0 0 0 rg BT 122.97 565.35 Td (established ) Tj ET Q q 0 0 0 rg BT 172.77 565.35 Td (of) Tj ET Q q 0 0 0 rg BT 181.33 565.35 Td (fices. ) Tj ET Q q 0 0 0 rg BT 206.91 565.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 227.55 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 238.85 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 254.82 565.35 Td (extensive ) Tj ET Q q 0 0 0 rg BT 297.62 565.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 320.00 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 338.30 565.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 388.10 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 399.41 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 428.21 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 443.59 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 459.55 565.35 Td (subject, ) Tj ET Q q 0 0 0 rg BT 495.06 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 510.44 565.35 Td (must ) Tj ET Q q 0 0 0 rg BT 534.00 565.35 Td (devote ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 97.69 552.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 121.75 552.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 158.34 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.27 552.75 Td (ef) Tj ET Q q 0 0 0 rg BT 184.24 552.75 Td (fort ) Tj ET Q q 0 0 0 rg BT 202.17 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 213.11 552.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 258.45 552.75 Td (vigilant ) Tj ET Q q 0 0 0 rg BT 293.31 552.75 Td (about, ) Tj ET Q q 0 0 0 rg BT 322.03 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 339.97 552.75 Td (addressing, ) Tj ET Q q 0 0 0 rg BT 390.27 552.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 413.45 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 431.38 552.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 477.31 552.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 528.47 552.75 Td (matters. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Moreover) Tj ET Q q 0 0 0 rg BT 90.98 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 96.23 540.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 142.00 540.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 178.45 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 189.24 540.15 Td (one ) Tj ET Q q 0 0 0 rg BT 207.03 540.15 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 257.48 540.15 Td (often ) Tj ET Q q 0 0 0 rg BT 281.68 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 289.65 540.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.01 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 324.63 540.15 Td (business ) Tj ET Q q 0 0 0 rg BT 362.84 540.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.21 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 420.00 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 444.20 540.15 Td (jurisdictions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 514.95 Td (V) Tj ET Q q 0 0 0 rg BT 92.95 514.95 Td (irtually ) Tj ET Q q 0 0 0 rg BT 126.12 514.95 Td (all ) Tj ET Q q 0 0 0 rg BT 139.46 514.95 Td (aspects ) Tj ET Q q 0 0 0 rg BT 172.63 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 184.22 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 201.06 514.95 Td (business ) Tj ET Q q 0 0 0 rg BT 239.49 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 255.16 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 287.74 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 298.75 514.95 Td (various ) Tj ET Q q 0 0 0 rg BT 332.51 514.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 354.60 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 372.61 514.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 422.11 514.95 Td (around ) Tj ET Q q 0 0 0 rg BT 454.11 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 469.78 514.95 Td (world, ) Tj ET Q q 0 0 0 rg BT 499.75 514.95 Td (some ) Tj ET Q q 0 0 0 rg BT 524.76 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 536.35 514.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.45 502.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 117.40 502.35 Td (below) Tj ET Q q 0 0 0 rg BT 142.38 502.35 Td (. ) Tj ET Q q 0 0 0 rg BT 146.52 502.35 Td (These ) Tj ET Q q 0 0 0 rg BT 173.23 502.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 194.11 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 210.91 502.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 259.20 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 273.65 502.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.36 502.35 Td (intended ) Tj ET Q q 0 0 0 rg BT 352.15 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 361.95 502.35 Td (protect ) Tj ET Q q 0 0 0 rg BT 392.74 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 440.45 502.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 478.24 502.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.29 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 524.08 502.35 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.92 489.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 105.06 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.97 489.75 Td (unregistered ) Tj ET Q q 0 0 0 rg BT 177.62 489.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.45 489.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 276.72 489.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 305.71 489.75 Td (these ) Tj ET Q q 0 0 0 rg BT 330.04 489.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 352.04 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.95 489.75 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 421.98 489.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 460.87 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 479.37 489.75 Td (regulate ) Tj ET Q q 0 0 0 rg BT 515.93 489.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 88.94 477.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 136.93 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.17 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 179.24 477.15 Td (other ) Tj ET Q q 0 0 0 rg BT 202.73 477.15 Td (individuals ) Tj ET Q q 0 0 0 rg BT 251.30 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 268.37 477.15 Td (entities ) Tj ET Q q 0 0 0 rg BT 300.61 477.15 Td (have ) Tj ET Q q 0 0 0 rg BT 322.34 477.15 Td (broad ) Tj ET Q q 0 0 0 rg BT 348.16 477.15 Td (administrative ) Tj ET Q q 0 0 0 rg BT 410.14 477.15 Td (powers, ) Tj ET Q q 0 0 0 rg BT 445.00 477.15 Td (including ) Tj ET Q q 0 0 0 rg BT 486.57 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 501.31 477.15 Td (power ) Tj ET Q q 0 0 0 rg BT 529.46 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 539.54 477.15 Td (limit, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (restrict ) Tj ET Q q 0 0 0 rg BT 80.86 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 91.31 464.55 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 126.26 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.79 464.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 181.56 464.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 207.18 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 217.63 464.55 Td (person ) Tj ET Q q 0 0 0 rg BT 247.32 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 269.44 464.55 Td (conducting ) Tj ET Q q 0 0 0 rg BT 317.80 464.55 Td (business ) Tj ET Q q 0 0 0 rg BT 355.09 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 363.21 464.55 Td (it ) Tj ET Q q 0 0 0 rg BT 370.74 464.55 Td (fails ) Tj ET Q q 0 0 0 rg BT 390.53 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 400.40 464.55 Td (comply ) Tj ET Q q 0 0 0 rg BT 433.60 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 453.97 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 474.92 464.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 495.87 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 512.73 464.55 Td (regulations. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (Regulators ) Tj ET Q q 0 0 0 rg BT 98.31 451.95 Td (also ) Tj ET Q q 0 0 0 rg BT 118.03 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 140.67 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 148.14 451.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 180.11 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 191.67 451.95 Td (informal ) Tj ET Q q 0 0 0 rg BT 230.64 451.95 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 285.92 451.95 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 340.64 451.95 Td (available ) Tj ET Q q 0 0 0 rg BT 381.35 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 399.91 451.95 Td (could ) Tj ET Q q 0 0 0 rg BT 426.05 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 448.69 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 456.16 451.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 503.30 451.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 534.69 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 548.00 451.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 90.33 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 92.45 439.35 Td (Possible ) Tj ET Q q 0 0 0 rg BT 129.58 439.35 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 170.77 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 185.14 439.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 231.58 439.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 282.09 439.35 Td (failures ) Tj ET Q q 0 0 0 rg BT 315.70 439.35 Td (include ) Tj ET Q q 0 0 0 rg BT 348.72 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.67 439.35 Td (suspension ) Tj ET Q q 0 0 0 rg BT 411.88 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 422.74 439.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 467.44 439.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 517.09 439.35 Td (limitations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.18 426.75 Td (engaging ) Tj ET Q q 0 0 0 rg BT 102.35 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.21 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 142.45 426.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 163.97 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 174.40 426.75 Td (business ) Tj ET Q q 0 0 0 rg BT 211.67 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 225.59 426.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 265.18 426.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 297.77 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.20 426.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 331.17 426.75 Td (revocation ) Tj ET Q q 0 0 0 rg BT 377.17 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 387.60 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 435.36 426.75 Td (adviser ) Tj ET Q q 0 0 0 rg BT 467.36 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.21 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 507.47 426.75 Td (registrations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (censures ) Tj ET Q q 0 0 0 rg BT 87.73 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 104.48 414.15 Td (fines. ) Tj ET Q q 0 0 0 rg BT 128.74 414.15 Td (A) Tj ET Q q 0 0 0 rg BT 135.75 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 137.33 414.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 182.06 414.15 Td (proceeding, ) Tj ET Q q 0 0 0 rg BT 232.91 414.15 Td (regardless ) Tj ET Q q 0 0 0 rg BT 277.06 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 287.39 414.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 322.79 414.15 Td (it ) Tj ET Q q 0 0 0 rg BT 330.20 414.15 Td (results ) Tj ET Q q 0 0 0 rg BT 359.20 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 368.95 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 375.19 414.15 Td (sanction, ) Tj ET Q q 0 0 0 rg BT 414.39 414.15 Td (can ) Tj ET Q q 0 0 0 rg BT 430.54 414.15 Td (require ) Tj ET Q q 0 0 0 rg BT 461.86 414.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 508.35 414.15 Td (expenditures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 401.55 Td (can ) Tj ET Q q 0 0 0 rg BT 84.98 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 107.43 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 119.96 401.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 154.65 401.55 Td (ef) Tj ET Q q 0 0 0 rg BT 162.62 401.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 180.98 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 194.11 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 210.73 401.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 255.92 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 267.30 401.55 Td (business.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 376.35 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 136.46 376.35 Td (Reform) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 351.15 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 351.15 Td (e ) Tj ET Q q 0 0 0 rg BT 102.05 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 117.19 351.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.25 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 159.73 351.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 203.46 351.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.93 351.15 Td (reform ) Tj ET Q q 0 0 0 rg BT 279.82 351.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 323.55 351.15 Td (around ) Tj ET Q q 0 0 0 rg BT 355.03 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 370.17 351.15 Td (world. ) Tj ET Q q 0 0 0 rg BT 399.10 351.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 419.50 351.15 Td (such ) Tj ET Q q 0 0 0 rg BT 441.07 351.15 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 483.34 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 494.41 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 511.89 351.15 Td (new ) Tj ET Q q 0 0 0 rg BT 531.70 351.15 Td (laws ) Tj ET Q q 0 0 0 rg BT 553.26 351.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 99.14 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 110.38 338.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 146.68 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 157.34 338.55 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 212.29 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 223.53 338.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 259.26 338.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 281.00 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 292.23 338.55 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 344.00 338.55 Td (could ) Tj ET Q q 0 0 0 rg BT 369.81 338.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 414.87 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 432.52 338.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 475.23 338.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 506.29 338.55 Td (us ) Tj ET Q q 0 0 0 rg BT 518.12 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 531.10 338.55 Td (leading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.61 325.95 Td (business ) Tj ET Q q 0 0 0 rg BT 100.64 325.95 Td (disruptions, ) Tj ET Q q 0 0 0 rg BT 153.37 325.95 Td (requiring ) Tj ET Q q 0 0 0 rg BT 195.30 325.95 Td (us ) Tj ET Q q 0 0 0 rg BT 208.08 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 219.69 325.95 Td (change ) Tj ET Q q 0 0 0 rg BT 252.86 325.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 284.86 325.95 Td (business ) Tj ET Q q 0 0 0 rg BT 323.89 325.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 364.64 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.24 325.95 Td (exposing ) Tj ET Q q 0 0 0 rg BT 424.60 325.95 Td (us ) Tj ET Q q 0 0 0 rg BT 437.38 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 448.98 325.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 494.41 325.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.86 325.95 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 101.38 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 119.52 313.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 142.91 313.35 Td (costs\). ) Tj ET Q q 0 0 0 rg BT 172.80 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 192.11 313.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 215.50 313.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 261.06 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 276.87 313.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 322.42 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 334.15 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.86 313.35 Td (institutions ) Tj ET Q q 0 0 0 rg BT 423.52 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.67 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 463.89 313.35 Td (holding ) Tj ET Q q 0 0 0 rg BT 498.96 313.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 546.84 313.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 102.32 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.89 300.75 Td (very ) Tj ET Q q 0 0 0 rg BT 139.29 300.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 175.27 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.17 300.75 Td (technical. ) Tj ET Q q 0 0 0 rg BT 235.83 300.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 287.63 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 293.00 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 300.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 355.07 300.75 Td (below ) Tj ET Q q 0 0 0 rg BT 383.48 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 393.23 300.75 Td (general ) Tj ET Q q 0 0 0 rg BT 426.87 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 437.78 300.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 469.38 300.75 Td (does ) Tj ET Q q 0 0 0 rg BT 491.37 300.75 Td (not ) Tj ET Q q 0 0 0 rg BT 507.54 300.75 Td (purport ) Tj ET Q q 0 0 0 rg BT 541.19 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 552.10 300.75 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (complete ) Tj ET Q q 0 0 0 rg BT 91.11 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 108.90 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 118.52 288.15 Td (current ) Tj ET Q q 0 0 0 rg BT 150.88 288.15 Td (only ) Tj ET Q q 0 0 0 rg BT 172.17 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 183.55 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 194.92 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 210.37 288.15 Td (date ) Tj ET Q q 0 0 0 rg BT 230.48 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 241.86 288.15 Td (this ) Tj ET Q q 0 0 0 rg BT 259.65 288.15 Td (report.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 262.95 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 141.12 262.95 Td (W) Tj ET Q q 0 0 0 rg BT 148.90 262.95 Td (all ) Tj ET Q q 0 0 0 rg BT 162.61 262.95 Td (Str) Tj ET Q q 0 0 0 rg BT 174.47 262.95 Td (eet ) Tj ET Q q 0 0 0 rg BT 189.34 262.95 Td (Reform ) Tj ET Q q 0 0 0 rg BT 222.87 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 241.25 262.95 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 287.04 262.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 297.15 262.95 Td (otection ) Tj ET Q q 0 0 0 rg BT 333.41 262.95 Td (Act) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (In ) Tj ET Q q 0 0 0 rg BT 96.67 237.75 Td (July ) Tj ET Q q 0 0 0 rg BT 116.10 237.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 141.65 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.40 237.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 209.52 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 218.59 237.75 Td (all ) Tj ET Q q 0 0 0 rg BT 231.01 237.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 257.43 237.75 Td (Reform ) Tj ET Q q 0 0 0 rg BT 291.43 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 308.51 237.75 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 353.60 237.75 Td (Protection ) Tj ET Q q 0 0 0 rg BT 398.26 237.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 415.35 237.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 433.60 237.75 Td (�Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 491.09 237.75 Td (Act�\) ) Tj ET Q q 0 0 0 rg BT 516.33 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 534.59 237.75 Td (signed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (into ) Tj ET Q q 0 0 0 rg BT 68.86 225.15 Td (law ) Tj ET Q q 0 0 0 rg BT 86.55 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 97.25 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 112.61 225.15 Td (United ) Tj ET Q q 0 0 0 rg BT 143.71 225.15 Td (States. ) Tj ET Q q 0 0 0 rg BT 173.77 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 192.62 225.15 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 245.92 225.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 263.61 225.15 Td (requires ) Tj ET Q q 0 0 0 rg BT 299.96 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.31 225.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 354.59 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.86 225.15 Td (extensive ) Tj ET Q q 0 0 0 rg BT 408.05 225.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 457.23 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 474.92 225.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 518.86 225.15 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 94.92 212.55 Td (many ) Tj ET Q q 0 0 0 rg BT 121.46 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 133.41 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 162.29 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 185.32 212.55 Td (been ) Tj ET Q q 0 0 0 rg BT 208.35 212.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 244.80 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 263.18 212.55 Td (others ) Tj ET Q q 0 0 0 rg BT 292.05 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 304.01 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 332.88 212.55 Td (will ) Tj ET Q q 0 0 0 rg BT 352.43 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 365.55 212.55 Td (forthcoming. ) Tj ET Q q 0 0 0 rg BT 422.59 212.55 Td (As ) Tj ET Q q 0 0 0 rg BT 437.47 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.51 212.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 485.29 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 497.25 212.55 Td (these ) Tj ET Q q 0 0 0 rg BT 522.04 212.55 Td (rules ) Tj ET Q q 0 0 0 rg BT 545.66 212.55 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (become ) Tj ET Q q 0 0 0 rg BT 86.49 199.95 Td (evident ) Tj ET Q q 0 0 0 rg BT 121.24 199.95 Td (over ) Tj ET Q q 0 0 0 rg BT 143.74 199.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 168.88 199.95 Td (it ) Tj ET Q q 0 0 0 rg BT 178.55 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 189.40 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 206.66 199.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 223.34 199.95 Td (possible ) Tj ET Q q 0 0 0 rg BT 261.60 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 273.61 199.95 Td (predict ) Tj ET Q q 0 0 0 rg BT 306.61 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 323.28 199.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 361.53 199.95 Td (ef) Tj ET Q q 0 0 0 rg BT 369.50 199.95 Td (fects ) Tj ET Q q 0 0 0 rg BT 393.16 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 412.75 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 429.42 199.95 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 483.75 199.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 502.75 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 515.34 199.95 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (implementing ) Tj ET Q q 0 0 0 rg BT 110.95 187.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 160.23 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 178.02 187.35 Td (decisions ) Tj ET Q q 0 0 0 rg BT 219.72 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 238.68 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 261.13 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 274.25 187.35 Td (us.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 162.15 Td (Systemically ) Tj ET Q q 0 0 0 rg BT 141.11 162.15 Td (Important ) Tj ET Q q 0 0 0 rg BT 185.73 162.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 229.19 162.15 Td (Institution ) Tj ET Q q 0 0 0 rg BT 274.98 162.15 Td (Review) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 136.95 Td (On ) Tj ET Q q 0 0 0 rg BT 101.55 136.95 Td (July ) Tj ET Q q 0 0 0 rg BT 121.77 136.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 137.61 136.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 163.95 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.49 136.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 221.28 136.95 Td (Stability ) Tj ET Q q 0 0 0 rg BT 259.59 136.95 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 303.72 136.95 Td (Council ) Tj ET Q q 0 0 0 rg BT 339.68 136.95 Td (\(�FSOC�\) ) Tj ET Q q 0 0 0 rg BT 384.98 136.95 Td (principals ) Tj ET Q q 0 0 0 rg BT 429.10 136.95 Td (directed ) Tj ET Q q 0 0 0 rg BT 465.63 136.95 Td (the ) Tj ET Q q 0 0 0 rg 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124.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.35 124.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (industry) Tj ET Q q 0 0 0 rg BT 83.74 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 88.59 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.99 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 118.72 111.75 Td (December ) Tj ET Q q 0 0 0 rg BT 164.09 111.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 179.45 111.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 202.68 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.75 111.75 Td (FSOC ) Tj ET Q q 0 0 0 rg BT 246.24 111.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 274.73 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 281.62 111.75 Td (Request ) Tj ET Q q 0 0 0 rg BT 317.68 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 332.16 111.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 384.54 111.75 Td (related ) Tj ET Q q 0 0 0 rg BT 415.34 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 425.74 111.75 Td (this ) Tj ET Q q 0 0 0 rg BT 443.15 111.75 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 481.83 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.07 111.75 Td (On ) Tj ET Q q 0 0 0 rg BT 498.64 111.75 Td (April ) Tj ET Q q 0 0 0 rg BT 523.04 111.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 538.39 111.75 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 66.13 99.15 Td (FSOC ) Tj ET Q q 0 0 0 rg BT 95.70 99.15 Td (released ) Tj ET Q q 0 0 0 rg BT 133.40 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 141.36 99.15 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.90 99.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 229.04 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 242.25 99.15 Td (update ) Tj ET Q q 0 0 0 rg BT 273.54 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 287.35 99.15 Td (its ) Tj ET Q q 0 0 0 rg BT 300.57 99.15 Td (review ) Tj ET Q q 0 0 0 rg BT 332.44 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.49 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.21 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 425.16 99.15 Td (products ) Tj ET Q q 0 0 0 rg BT 464.62 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 483.08 99.15 Td (activities ) Tj 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ET Q q 0 0 0 rg BT 505.66 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 521.17 86.55 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (areas: ) Tj ET Q q 0 0 0 rg BT 76.71 73.95 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 88.84 73.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 126.65 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 144.03 73.95 Td (redemption; ) Tj ET Q q 0 0 0 rg BT 196.99 73.95 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 212.04 73.95 Td (leverage; ) Tj ET Q q 0 0 0 rg BT 252.74 73.95 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 270.71 73.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 320.16 73.95 Td (functions; ) Tj ET Q q 0 0 0 rg BT 364.38 73.95 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 381.76 73.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 423.64 73.95 Td (lending; ) Tj ET Q q 0 0 0 rg BT 460.28 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 477.66 73.95 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 492.13 73.95 Td (resolvability ) Tj ET Q q 0 0 0 rg BT 546.84 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 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Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.90 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 305.76 31.25 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 96.06 729.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.41 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 146.22 729.15 Td (January ) Tj ET Q q 0 0 0 rg BT 180.19 729.15 Td (8, ) Tj ET Q q 0 0 0 rg BT 189.38 729.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 214.31 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 228.45 729.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 268.84 729.15 Td (Stability ) Tj ET Q q 0 0 0 rg BT 305.74 729.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 332.71 729.15 Td (\(�FSB�\) ) Tj ET Q q 0 0 0 rg BT 369.02 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 385.50 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.64 729.15 Td (International ) Tj ET Q q 0 0 0 rg BT 454.60 729.15 Td (Or) Tj ET Q q 0 0 0 rg BT 465.49 729.15 Td (ganization ) Tj ET Q q 0 0 0 rg BT 510.53 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 520.59 729.15 Td (Securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 110.57 716.55 Td (\(�IOSCO�\) ) Tj ET Q q 0 0 0 rg BT 161.77 716.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 191.41 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 199.46 716.55 Td (consultative ) Tj ET Q q 0 0 0 rg BT 253.58 716.55 Td (document ) Tj ET Q q 0 0 0 rg BT 298.37 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 312.26 716.55 Td (proposed ) Tj ET Q q 0 0 0 rg BT 354.13 716.55 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 419.35 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 430.90 716.55 Td (identify ) Tj ET Q q 0 0 0 rg BT 466.95 716.55 Td (nonbank/noninsurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (global ) Tj ET Q q 0 0 0 rg BT 77.76 703.95 Td (systemically ) Tj ET Q q 0 0 0 rg BT 131.77 703.95 Td (important ) Tj ET Q q 0 0 0 rg BT 174.11 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.35 703.95 Td (institutions ) Tj ET Q q 0 0 0 rg BT 260.54 703.95 Td (\(�G-SIFI�\). ) Tj ET Q q 0 0 0 rg BT 310.75 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 311.93 703.95 Td (A) Tj ET Q q 0 0 0 rg BT 318.93 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 320.44 703.95 Td (second ) Tj ET Q q 0 0 0 rg BT 351.12 703.95 Td (FSB-IOSCO ) Tj ET Q q 0 0 0 rg BT 406.31 703.95 Td (consultation ) Tj ET Q q 0 0 0 rg BT 459.16 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 467.67 703.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 506.50 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 516.18 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 527.60 703.95 Td (released ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 691.35 Td (near ) Tj ET Q q 0 0 0 rg BT 96.94 691.35 Td (future.) 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(direct ) Tj ET Q q 0 0 0 rg BT 154.51 653.55 Td (supervision ) Tj ET Q q 0 0 0 rg BT 205.43 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 218.44 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 233.78 653.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 261.95 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 273.21 653.55 Td (Governors ) Tj ET Q q 0 0 0 rg BT 320.04 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 331.30 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 346.64 653.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 380.64 653.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 416.97 653.55 Td (System ) Tj ET Q q 0 0 0 rg BT 450.40 653.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 469.23 653.55 Td (�Federal ) Tj ET Q q 0 0 0 rg BT 507.89 653.55 Td (Reserve�\). ) Tj ET Q q 0 0 0 rg BT 555.00 653.55 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 64.69 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 75.87 640.95 Td (any ) Tj ET Q q 0 0 0 rg BT 93.48 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 117.49 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 140.35 640.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 178.93 640.95 Td (were ) Tj ET Q q 0 0 0 rg BT 201.78 640.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 249.12 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 256.23 640.95 Td (SIFI ) Tj ET Q q 0 0 0 rg BT 277.34 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 288.53 640.95 Td (G-SIFI, ) Tj ET Q q 0 0 0 rg BT 323.35 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 338.03 640.95 Td (could ) Tj ET Q q 0 0 0 rg BT 363.80 640.95 Td (become ) Tj ET Q q 0 0 0 rg BT 398.89 640.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.08 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 441.69 640.95 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 483.77 640.95 Td (prudential, ) Tj ET Q q 0 0 0 rg BT 531.41 640.95 Td (capital, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 103.75 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.68 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 150.01 628.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 212.21 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 236.22 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 249.73 628.35 Td (risk-based ) Tj ET Q q 0 0 0 rg BT 297.64 628.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 330.39 628.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 392.59 628.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 432.90 628.35 Td (limits, ) Tj ET Q q 0 0 0 rg BT 464.21 628.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 504.56 628.35 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (resolution ) Tj ET Q q 0 0 0 rg BT 94.98 615.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 116.04 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 134.19 615.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 161.07 615.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 201.96 615.75 Td (report ) Tj ET Q q 0 0 0 rg BT 230.02 615.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 290.44 615.75 Td (concentration ) Tj ET Q q 0 0 0 rg BT 350.56 615.75 Td (limits, ) Tj ET Q q 0 0 0 rg BT 380.10 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 387.74 615.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 435.05 615.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 466.02 615.75 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 522.35 615.75 Td (enhanced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (public ) Tj ET Q q 0 0 0 rg BT 79.35 603.15 Td (disclosures, ) Tj ET Q q 0 0 0 rg BT 131.73 603.15 Td (short-term ) Tj ET Q q 0 0 0 rg BT 178.57 603.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 199.75 603.15 Td (limits ) Tj ET Q q 0 0 0 rg BT 226.78 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 245.04 603.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 277.29 603.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 296.14 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 352.89 603.15 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 413.43 603.15 Td (Requirements ) Tj ET Q q 0 0 0 rg BT 474.85 603.15 Td (such ) Tj ET Q q 0 0 0 rg BT 497.20 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 509.04 603.15 Td (these, ) Tj ET Q q 0 0 0 rg BT 536.35 603.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 73.16 590.55 Td (designed ) 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Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 552.75 Td (Money ) Tj ET Q q 0 0 0 rg BT 117.19 552.75 Td (Market ) Tj ET Q q 0 0 0 rg BT 150.14 552.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 174.93 552.75 Td (Reform) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 527.55 Td (On ) Tj ET Q q 0 0 0 rg BT 100.70 527.55 Td (July ) Tj ET Q q 0 0 0 rg BT 120.06 527.55 Td (23, ) Tj ET Q q 0 0 0 rg BT 135.05 527.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 160.54 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 175.23 527.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 196.35 527.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 231.46 527.55 Td (final ) Tj ET Q q 0 0 0 rg BT 252.56 527.55 Td (rules ) Tj ET Q q 0 0 0 rg BT 274.84 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 287.20 527.55 Td (money ) Tj ET Q q 0 0 0 rg BT 317.64 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 348.66 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 369.77 527.55 Td (reform ) Tj ET Q q 0 0 0 rg BT 400.20 527.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 418.39 527.55 Td (�2014 ) Tj ET Q q 0 0 0 rg BT 445.92 527.55 Td (Rules�\), ) Tj ET Q q 0 0 0 rg BT 482.48 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 510.00 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 524.69 527.55 Td (designed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 514.95 Td (reform ) Tj ET Q q 0 0 0 rg BT 90.69 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 105.49 514.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 150.61 514.95 Td (structure ) Tj ET Q q 0 0 0 rg BT 189.32 514.95 Td (governing ) Tj ET Q q 0 0 0 rg BT 233.87 514.95 Td (money ) Tj ET Q q 0 0 0 rg BT 264.43 514.95 Td (market ) Tj ET Q q 0 0 0 rg BT 295.56 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 320.86 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 338.00 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 348.14 514.95 Td (address ) Tj ET Q q 0 0 0 rg BT 381.61 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 396.41 514.95 Td (perceived ) Tj ET Q q 0 0 0 rg BT 439.19 514.95 Td (systemic ) Tj ET Q q 0 0 0 rg BT 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502.35 Td (tax-exempt\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (money ) Tj ET Q q 0 0 0 rg BT 82.12 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 114.82 489.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 137.61 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 156.90 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 167.45 489.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 212.39 489.75 Td (under ) Tj ET Q q 0 0 0 rg BT 239.84 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.21 489.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 306.41 489.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.00 489.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 368.71 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.00 489.75 Td (1940 ) Tj ET Q q 0 0 0 rg BT 405.54 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 417.26 489.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 447.04 489.75 Td (market-based ) Tj ET Q q 0 0 0 rg BT 507.14 489.75 Td (valuations ) Tj ET Q q 0 0 0 rg BT 553.85 489.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (calculate ) Tj ET Q q 0 0 0 rg BT 89.84 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 97.04 477.15 Td (floating ) Tj ET Q q 0 0 0 rg BT 132.24 477.15 Td (net ) Tj ET Q q 0 0 0 rg BT 147.61 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 170.56 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 195.83 477.15 Td (\(�NA) Tj ET Q q 0 0 0 rg BT 217.80 477.15 Td (V�\) ) Tj ET Q q 0 0 0 rg BT 236.08 477.15 Td (rather ) Tj ET Q q 0 0 0 rg BT 263.10 477.15 Td (than ) Tj ET Q q 0 0 0 rg BT 283.72 477.15 Td (using ) Tj ET Q q 0 0 0 rg BT 309.01 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.38 477.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 368.89 477.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 388.35 477.15 Td (method ) Tj ET Q q 0 0 0 rg BT 422.38 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 437.16 477.15 Td (valuing ) Tj ET Q q 0 0 0 rg BT 471.20 477.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.39 477.15 Td (maturing ) Tj ET Q q 0 0 0 rg BT 553.84 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (more ) Tj ET Q q 0 0 0 rg BT 73.42 464.55 Td (than ) Tj ET Q q 0 0 0 rg BT 93.34 464.55 Td (60 ) Tj ET Q q 0 0 0 rg BT 105.68 464.55 Td (days ) Tj ET Q q 0 0 0 rg BT 126.77 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 136.78 464.55 Td (seek ) Tj ET Q q 0 0 0 rg BT 157.28 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 167.29 464.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 205.87 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 212.37 464.55 Td (stable ) Tj ET Q q 0 0 0 rg BT 238.71 464.55 Td (NA) Tj ET Q q 0 0 0 rg BT 252.52 464.55 Td (V) Tj ET Q q 0 0 0 rg BT 258.75 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 263.08 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 281.25 464.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 304.09 464.55 Td (Rules ) Tj ET Q q 0 0 0 rg BT 329.85 464.55 Td (also ) Tj ET Q q 0 0 0 rg BT 348.61 464.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 382.52 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 396.61 464.55 Td (new ) Tj ET Q q 0 0 0 rg BT 415.94 464.55 Td (tools ) Tj ET Q q 0 0 0 rg BT 438.21 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 452.29 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 466.96 464.55 Td (funds�) Tj ET Q q 0 0 0 rg BT 493.01 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 494.85 464.55 Td (boards ) Tj ET Q q 0 0 0 rg BT 524.69 464.55 Td (designed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.12 451.95 Td (address ) Tj ET Q q 0 0 0 rg BT 95.57 451.95 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 155.08 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 191.86 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 202.98 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.76 451.95 Td (demand ) Tj ET Q q 0 0 0 rg BT 254.96 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 270.15 451.95 Td (liquidity) Tj ET Q q 0 0 0 rg BT 305.06 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 310.64 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 322.34 451.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 360.88 451.95 Td (shocks, ) Tj ET Q q 0 0 0 rg BT 395.04 451.95 Td (including ) Tj ET Q q 0 0 0 rg BT 437.66 451.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 476.20 451.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 496.06 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 514.18 451.95 Td (redemption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (gates. ) Tj ET Q q 0 0 0 rg BT 76.44 439.35 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 129.42 439.35 Td (prime ) Tj ET Q q 0 0 0 rg BT 156.15 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 173.55 439.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 225.96 439.35 Td (municipal ) Tj ET Q q 0 0 0 rg BT 270.19 439.35 Td (money ) Tj ET Q q 0 0 0 rg BT 301.00 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 332.40 439.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 357.97 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 375.36 439.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 399.17 439.35 Td (money ) Tj ET Q q 0 0 0 rg BT 429.99 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 461.38 439.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.95 439.35 Td (must ) Tj ET Q q 0 0 0 rg BT 509.61 439.35 Td (comply ) Tj ET Q q 0 0 0 rg BT 543.34 439.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 90.41 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 112.13 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.11 426.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 184.75 426.75 Td (gate ) Tj ET Q q 0 0 0 rg BT 207.06 426.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 269.31 426.75 Td (but ) Tj ET Q q 0 0 0 rg BT 287.55 426.75 Td (these ) Tj ET Q q 0 0 0 rg BT 313.94 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 331.58 426.75 Td (optional ) Tj ET Q q 0 0 0 rg BT 370.81 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 387.87 426.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 411.37 426.75 Td (Government ) Tj ET Q q 0 0 0 rg BT 468.67 426.75 Td (money ) Tj ET Q q 0 0 0 rg BT 502.07 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 536.04 426.75 Td (funds. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 116.31 414.15 Td (16% ) Tj ET Q q 0 0 0 rg BT 138.31 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.80 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 165.93 414.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 193.18 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 204.67 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.16 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 246.31 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 262.18 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 288.55 414.15 Td (consisted ) Tj ET Q q 0 0 0 rg BT 330.37 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 341.86 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.10 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 380.01 414.15 Td (money ) Tj ET Q q 0 0 0 rg BT 411.34 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 443.23 414.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 471.94 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 483.43 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 511.83 414.15 Td (institutional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (prime ) Tj ET Q q 0 0 0 rg BT 77.64 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 89.53 401.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 142.84 401.55 Td (municipal ) Tj ET Q q 0 0 0 rg BT 187.98 401.55 Td (money ) Tj ET Q q 0 0 0 rg BT 219.70 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 251.99 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 278.47 401.55 Td (\(including ) Tj ET Q q 0 0 0 rg BT 324.78 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 333.33 401.55 Td (fshore ) Tj ET Q q 0 0 0 rg BT 362.72 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 389.19 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 408.08 401.55 Td (feed ) Tj ET Q q 0 0 0 rg BT 429.30 401.55 Td (into ) Tj ET Q q 0 0 0 rg BT 448.77 401.55 Td (such ) Tj ET Q q 0 0 0 rg BT 471.17 401.55 Td (money ) Tj ET Q q 0 0 0 rg BT 502.89 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 535.18 401.55 Td (funds\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 96.34 388.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 159.59 388.95 Td (80% ) Tj ET Q q 0 0 0 rg BT 181.44 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 192.78 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 211.13 388.95 Td (total. ) Tj ET Q q 0 0 0 rg BT 234.83 388.95 Td (While ) Tj ET Q q 0 0 0 rg BT 263.09 388.95 Td (various ) Tj ET Q q 0 0 0 rg BT 296.60 388.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 333.02 388.95 Td (prompted ) Tj ET Q q 0 0 0 rg BT 375.86 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 388.96 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 404.39 388.95 Td (2014 ) Tj ET Q q 0 0 0 rg BT 427.99 388.95 Td (Rules ) Tj ET Q q 0 0 0 rg BT 454.51 388.95 Td (have ) Tj ET Q q 0 0 0 rg BT 476.93 388.95 Td (phased ) Tj ET Q q 0 0 0 rg BT 508.69 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 519.46 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 540.72 388.95 Td (time, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (final ) Tj ET Q q 0 0 0 rg BT 72.09 376.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 140.84 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 152.44 376.35 Td (all ) Tj ET Q q 0 0 0 rg BT 165.78 376.35 Td (reforms ) Tj ET Q q 0 0 0 rg BT 201.28 376.35 Td (must ) Tj ET Q q 0 0 0 rg BT 224.55 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 237.31 376.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 283.89 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 297.24 376.35 Td (October ) Tj ET Q q 0 0 0 rg BT 333.91 376.35 Td (14, ) Tj ET Q q 0 0 0 rg BT 349.88 376.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 376.36 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 379.00 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 398.17 376.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 437.76 376.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 469.18 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 480.78 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 496.45 376.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 519.71 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 538.31 376.35 Td (af) Tj ET Q q 0 0 0 rg BT 546.27 376.35 Td (fect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 363.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 104.81 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.19 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.64 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 157.60 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 170.72 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 187.34 363.75 Td (business ) Tj ET Q q 0 0 0 rg BT 225.56 363.75 Td (remains ) Tj ET Q q 0 0 0 rg BT 261.42 363.75 Td (untested.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 338.55 Td (Securities ) Tj ET Q q 0 0 0 rg BT 130.03 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 148.41 338.55 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 192.43 338.55 Td (Commission ) Tj ET Q q 0 0 0 rg BT 246.98 338.55 Td (Review ) Tj ET Q q 0 0 0 rg BT 279.92 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 290.53 338.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 315.32 338.55 Td (Managers ) Tj ET Q q 0 0 0 rg BT 360.52 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 378.90 338.55 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 411.85 338.55 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 313.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.93 313.35 Td (business ) Tj ET Q q 0 0 0 rg BT 143.11 313.35 Td (may ) Tj ET Q q 0 0 0 rg BT 163.79 313.35 Td (also ) Tj ET Q q 0 0 0 rg BT 183.30 313.35 Td (be ) Tj ET Q q 0 0 0 rg BT 195.81 313.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 236.89 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 249.99 313.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.58 313.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 340.33 313.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 384.34 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 397.44 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 412.86 313.35 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 437.34 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 439.94 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 451.29 313.35 Td (December ) Tj ET Q q 0 0 0 rg BT 497.02 313.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 523.25 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 538.67 313.35 Td (Chair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 63.05 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.19 300.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 103.75 300.75 Td (recommended ) Tj ET Q q 0 0 0 rg BT 167.54 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 187.59 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.73 300.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 228.29 300.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 266.99 300.75 Td (its ) Tj ET Q q 0 0 0 rg BT 281.22 300.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 324.61 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.66 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 362.38 300.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 406.92 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 421.73 300.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 435.95 300.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 483.99 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.46 300.75 Td (updating ) Tj ET Q q 0 0 0 rg BT 544.51 300.75 Td (data ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.78 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 127.42 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 155.05 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 177.44 288.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.64 288.15 Td (must ) Tj ET Q q 0 0 0 rg BT 242.03 288.15 Td (comply) Tj ET Q q 0 0 0 rg BT 272.84 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 277.44 288.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 292.24 288.15 Td (improving ) Tj ET Q q 0 0 0 rg BT 337.96 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 359.17 288.15 Td (level ) Tj ET Q q 0 0 0 rg BT 381.55 288.15 Td (controls, ) Tj ET Q q 0 0 0 rg BT 419.97 288.15 Td (including ) Tj ET Q q 0 0 0 rg BT 461.61 288.15 Td (those ) Tj ET Q q 0 0 0 rg BT 485.74 288.15 Td (related ) Tj ET Q q 0 0 0 rg BT 516.28 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 526.41 288.15 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 76.52 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 93.70 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 108.55 275.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 136.81 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 147.58 275.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 182.26 275.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 233.28 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 250.47 275.55 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 268.23 275.55 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 306.42 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 324.19 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 346.63 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 402.29 275.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 426.48 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 448.33 275.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 498.16 275.55 Td (transition ) Tj ET Q q 0 0 0 rg BT 539.85 275.55 Td (plans ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.72 262.95 Td (place ) Tj ET Q q 0 0 0 rg BT 85.43 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 96.16 262.95 Td (deal ) Tj ET Q q 0 0 0 rg BT 116.20 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 137.43 262.95 Td (market ) Tj ET Q q 0 0 0 rg BT 169.14 262.95 Td (stress ) Tj ET Q q 0 0 0 rg BT 195.03 262.95 Td (events ) Tj ET Q q 0 0 0 rg BT 224.41 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 235.71 262.95 Td (situations ) Tj ET Q q 0 0 0 rg BT 278.52 262.95 Td (where ) Tj ET Q q 0 0 0 rg BT 306.73 262.95 Td (an ) Tj ET Q q 0 0 0 rg BT 319.20 262.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 367.83 262.95 Td (adviser ) Tj ET Q q 0 0 0 rg BT 400.71 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 410.27 262.95 Td (no ) Tj ET Q q 0 0 0 rg BT 423.33 262.95 Td (longer ) Tj ET Q q 0 0 0 rg BT 452.71 262.95 Td (able ) Tj ET Q q 0 0 0 rg BT 472.76 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 483.48 262.95 Td (serve ) Tj ET Q q 0 0 0 rg BT 508.20 262.95 Td (its ) Tj ET Q q 0 0 0 rg BT 520.67 262.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 553.27 262.95 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (May ) Tj ET Q q 0 0 0 rg BT 72.27 250.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 98.91 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 114.76 250.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 137.03 250.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 166.30 250.35 Td (proposed ) Tj ET Q q 0 0 0 rg BT 207.81 250.35 Td (amendments ) Tj ET Q q 0 0 0 rg BT 263.90 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 275.09 250.35 Td (Form ) Tj ET Q q 0 0 0 rg BT 300.20 250.35 Td (ADV) Tj ET Q q 0 0 0 rg BT 321.59 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 327.23 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 343.08 250.35 Td (form ) Tj ET Q q 0 0 0 rg BT 366.51 250.35 Td (filed ) Tj ET Q q 0 0 0 rg BT 388.77 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 402.29 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 415.22 250.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 464.31 250.35 Td (adviser ) Tj ET Q q 0 0 0 rg BT 497.66 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 508.84 250.35 Td (register ) Tj ET Q q 0 0 0 rg BT 543.35 250.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.51 237.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 89.44 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 101.86 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 115.45 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 165.21 237.75 Td (adviser) Tj ET Q q 0 0 0 rg BT 195.11 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 201.41 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 213.26 237.75 Td (require ) Tj ET Q q 0 0 0 rg BT 246.66 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 266.09 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 274.43 237.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 319.50 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 369.25 237.75 Td (adviser ) Tj ET Q q 0 0 0 rg BT 403.25 237.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 439.00 237.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 484.67 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.51 237.75 Td (more ) Tj ET Q q 0 0 0 rg BT 528.76 237.75 Td (detailed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (information ) Tj ET Q q 0 0 0 rg BT 101.40 225.15 Td (about ) Tj ET Q q 0 0 0 rg BT 126.56 225.15 Td (itself ) Tj ET Q q 0 0 0 rg BT 149.38 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 166.37 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 181.02 225.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 225.41 225.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 265.13 225.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 303.70 225.15 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 324.47 225.15 Td (non-pooled ) Tj ET Q q 0 0 0 rg BT 374.12 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.03 225.15 Td (vehicles\) ) Tj ET Q q 0 0 0 rg BT 461.75 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 479.33 225.15 Td (it ) Tj ET Q q 0 0 0 rg BT 486.99 225.15 Td (advises, ) Tj ET Q q 0 0 0 rg BT 522.35 225.15 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (information ) Tj ET Q q 0 0 0 rg BT 101.83 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 114.59 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.67 212.55 Td (types ) Tj ET Q q 0 0 0 rg BT 154.10 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.10 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 191.85 212.55 Td (held ) Tj ET Q q 0 0 0 rg BT 212.19 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 222.62 212.55 Td (client ) Tj ET Q q 0 0 0 rg BT 248.20 212.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 287.19 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 304.61 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 319.69 212.55 Td (use ) Tj ET Q q 0 0 0 rg BT 335.95 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 346.95 212.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 395.28 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 412.69 212.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 462.78 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 473.21 212.55 Td (client ) Tj ET Q q 0 0 0 rg BT 498.79 212.55 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 540.41 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 542.16 212.55 Td (Also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.84 199.95 Td (May ) Tj ET Q q 0 0 0 rg BT 80.76 199.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 106.06 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 120.56 199.95 Td (SEC ) Tj ET Q q 0 0 0 rg BT 141.49 199.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 181.66 199.95 Td (new ) Tj ET Q q 0 0 0 rg BT 200.83 199.95 Td (rules ) Tj ET Q q 0 0 0 rg BT 222.91 199.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 236.83 199.95 Td (well ) Tj ET Q q 0 0 0 rg BT 256.58 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 267.00 199.95 Td (amendments ) Tj ET Q q 0 0 0 rg BT 321.75 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 331.59 199.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 366.51 199.95 Td (rules\) ) Tj ET Q q 0 0 0 rg BT 392.10 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 401.94 199.95 Td (modernize ) Tj ET Q q 0 0 0 rg BT 447.92 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 462.43 199.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 502.59 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 519.42 199.95 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.03 187.35 Td (information ) Tj ET Q q 0 0 0 rg BT 112.90 187.35 Td (by ) Tj ET Q q 0 0 0 rg BT 125.68 187.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 169.37 187.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.73 187.35 Td (companies. ) Tj ET Q q 0 0 0 rg BT 267.05 187.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 309.00 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 324.12 187.35 Td (proposed ) Tj ET Q q 0 0 0 rg BT 364.90 187.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 401.01 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 423.12 187.35 Td (not ) Tj ET Q q 0 0 0 rg BT 438.82 187.35 Td (been ) Tj ET Q q 0 0 0 rg BT 460.93 187.35 Td (finalized, ) Tj ET Q q 0 0 0 rg BT 502.58 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 520.02 187.35 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 72.22 174.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 114.27 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 125.98 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.77 174.75 Td (introduction ) Tj ET Q q 0 0 0 rg BT 196.06 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.77 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 225.90 174.75 Td (new ) Tj ET Q q 0 0 0 rg BT 246.36 174.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 290.44 174.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 335.98 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 347.69 174.75 Td (control ) Tj ET Q q 0 0 0 rg BT 380.40 174.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 438.17 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 464.47 174.75 Td (expose ) Tj ET Q q 0 0 0 rg BT 496.59 174.75 Td (us ) Tj ET Q q 0 0 0 rg BT 508.89 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 520.02 174.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 101.02 162.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 124.65 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 142.43 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 163.13 162.15 Td (require ) Tj ET Q q 0 0 0 rg BT 195.49 162.15 Td (us ) Tj ET Q q 0 0 0 rg BT 207.45 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 218.25 162.15 Td (change ) Tj ET Q q 0 0 0 rg BT 250.60 162.15 Td (how ) Tj ET Q q 0 0 0 rg BT 271.31 162.15 Td (we ) Tj ET Q q 0 0 0 rg BT 286.18 162.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 319.70 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 336.32 162.15 Td (business.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 136.95 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 134.70 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 145.49 136.95 Td (Derivatives) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 111.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.77 111.75 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 129.09 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.36 111.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 179.45 111.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 218.63 111.75 Td (Service ) Tj ET Q q 0 0 0 rg BT 252.56 111.75 Td (\(�IRS�\) ) Tj ET Q q 0 0 0 rg BT 287.65 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 305.26 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.53 111.75 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 373.14 111.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 406.91 111.75 Td (T) Tj ET Q q 0 0 0 rg BT 412.95 111.75 Td (rading ) Tj ET Q q 0 0 0 rg BT 442.22 111.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 497.76 111.75 Td (\(�CFTC�\) ) Tj ET Q q 0 0 0 rg BT 542.77 111.75 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 88.40 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 98.80 99.15 Td (review ) Tj ET Q q 0 0 0 rg BT 129.61 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.68 99.15 Td (use ) Tj ET Q q 0 0 0 rg BT 160.91 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.90 99.15 Td (futures, ) Tj ET Q q 0 0 0 rg BT 205.92 99.15 Td (swaps ) Tj ET Q q 0 0 0 rg BT 233.83 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.23 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 275.04 99.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 323.35 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 336.09 99.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 367.49 99.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 395.69 99.15 Td (Such ) Tj ET Q q 0 0 0 rg BT 418.93 99.15 Td (reviews ) Tj ET Q q 0 0 0 rg BT 453.82 99.15 Td (could ) Tj ET Q q 0 0 0 rg BT 479.39 99.15 Td (result ) Tj ET Q q 0 0 0 rg BT 504.96 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 515.36 99.15 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 68.40 86.55 Td (further ) Tj ET Q q 0 0 0 rg BT 99.62 86.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 122.11 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 137.59 86.55 Td (use ) Tj ET Q q 0 0 0 rg BT 154.24 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.63 86.55 Td (such ) Tj ET Q q 0 0 0 rg BT 187.53 86.55 Td (products ) Tj ET Q q 0 0 0 rg BT 226.35 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 239.50 86.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 271.31 86.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 299.92 86.55 Td (If ) Tj ET Q q 0 0 0 rg BT 309.57 86.55 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 348.08 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 372.31 86.55 Td (limitations ) Tj ET Q q 0 0 0 rg BT 419.88 86.55 Td (could ) Tj ET Q q 0 0 0 rg BT 445.86 86.55 Td (require ) Tj ET Q q 0 0 0 rg BT 478.25 86.55 Td (us ) Tj ET Q q 0 0 0 rg BT 490.23 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 501.05 86.55 Td (change ) Tj ET Q q 0 0 0 rg BT 533.44 86.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.83 73.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.75 73.95 Td (business ) Tj ET Q q 0 0 0 rg BT 142.00 73.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 181.98 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 193.40 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 204.23 73.95 Td (register ) Tj ET Q q 0 0 0 rg BT 238.39 73.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 283.05 73.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 316.04 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 337.38 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 352.88 73.95 Td (CFTC, ) Tj ET Q q 0 0 0 rg BT 384.43 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 412.76 73.95 Td (could ) Tj ET Q q 0 0 0 rg BT 438.76 73.95 Td (result ) Tj ET Q q 0 0 0 rg BT 464.75 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 475.59 73.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 520.25 73.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 543.92 73.95 Td (and/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 61.46 61.35 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 113.25 61.35 Td (W) Tj ET Q q 0 0 0 rg BT 122.32 61.35 Td (e ) Tj ET Q q 0 0 0 rg BT 129.69 61.35 Td (also ) Tj ET Q q 0 0 0 rg BT 149.32 61.35 Td (report ) Tj ET Q q 0 0 0 rg BT 177.10 61.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 208.37 61.35 Td (information ) Tj ET Q q 0 0 0 rg BT 260.65 61.35 Td (about ) Tj ET Q q 0 0 0 rg BT 286.69 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 294.06 61.35 Td (number ) Tj ET Q q 0 0 0 rg BT 328.85 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 340.30 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 357.01 61.35 Td (private ) Tj ET Q q 0 0 0 rg BT 388.87 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 414.91 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 425.79 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 441.33 61.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 463.29 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 481.16 61.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 512.44 61.35 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.65 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 73.96 48.75 Td (CFTC, ) Tj ET Q q 0 0 0 rg BT 104.32 48.75 Td (under ) Tj ET Q q 0 0 0 rg BT 129.71 48.75 Td (systemic ) Tj ET Q q 0 0 0 rg BT 167.94 48.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 185.17 48.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 225.14 48.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 281.43 48.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 316.15 48.75 Td (by ) Tj ET Q q 0 0 0 rg BT 328.13 48.75 Td (both ) Tj ET Q q 0 0 0 rg BT 348.28 48.75 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 388.42 48.75 Td (These ) Tj ET Q q 0 0 0 rg BT 414.98 48.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 454.95 48.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 503.09 48.75 Td (have ) Tj ET Q q 0 0 0 rg BT 524.40 48.75 Td (required, ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.77 741.75 Td (will ) Tj ET Q q 0 0 0 rg BT 88.71 741.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 128.48 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 140.26 741.75 Td (require, ) Tj ET Q q 0 0 0 rg BT 176.22 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 230.00 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 241.77 741.75 Td (people ) Tj ET Q q 0 0 0 rg BT 273.37 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.14 741.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 329.01 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 340.78 741.75 Td (assure ) Tj ET Q q 0 0 0 rg BT 370.63 741.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 401.07 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.84 741.75 Td (accurate ) Tj ET Q q 0 0 0 rg BT 458.42 741.75 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 502.88 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 522.82 741.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 546.84 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.58 729.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 143.65 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.75 729.15 Td (of) Tj ET Q q 0 0 0 rg BT 162.30 729.15 Td (fshore ) Tj ET Q q 0 0 0 rg BT 190.47 729.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 218.35 729.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 257.01 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.10 729.15 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 335.50 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 353.76 729.15 Td (require ) Tj ET Q q 0 0 0 rg BT 385.42 729.15 Td (us ) Tj ET Q q 0 0 0 rg BT 396.68 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 406.77 729.15 Td (build ) Tj ET Q q 0 0 0 rg BT 430.28 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 447.37 729.15 Td (implement ) Tj ET Q q 0 0 0 rg BT 494.20 729.15 Td (new ) Tj ET Q q 0 0 0 rg BT 513.62 729.15 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 100.13 716.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 149.66 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 161.29 716.55 Td (address ) Tj ET Q q 0 0 0 rg BT 196.24 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 212.54 716.55 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 255.64 716.55 Td (level ) Tj ET Q q 0 0 0 rg BT 279.51 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 291.72 716.55 Td (oversight ) Tj ET Q q 0 0 0 rg BT 334.27 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 345.90 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 375.02 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 390.73 716.55 Td (will ) Tj ET Q q 0 0 0 rg BT 410.53 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 423.91 716.55 Td (subject. ) Tj ET Q q 0 0 0 rg BT 459.49 716.55 Td (These ) Tj ET Q q 0 0 0 rg BT 488.03 716.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 507.81 716.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 545.10 716.55 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (introduce ) Tj ET Q q 0 0 0 rg BT 92.74 703.95 Td (new ) Tj ET Q q 0 0 0 rg BT 113.32 703.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 171.22 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 186.54 703.95 Td (centrally ) Tj ET Q q 0 0 0 rg BT 226.36 703.95 Td (clearing ) Tj ET Q q 0 0 0 rg BT 263.26 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 294.91 703.95 Td (swap, ) Tj ET Q q 0 0 0 rg BT 322.20 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 340.44 703.95 Td (eventually ) Tj ET Q q 0 0 0 rg BT 387.26 703.95 Td (security-based ) Tj ET Q q 0 0 0 rg BT 450.99 703.95 Td (swap, ) Tj ET Q q 0 0 0 rg BT 478.28 703.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 531.52 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 549.76 703.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (executing ) Tj ET Q q 0 0 0 rg BT 93.94 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.63 691.35 Td (swap, ) Tj ET Q q 0 0 0 rg BT 152.95 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 171.24 691.35 Td (eventually ) Tj ET Q q 0 0 0 rg BT 218.09 691.35 Td (security-based ) Tj ET Q q 0 0 0 rg BT 281.86 691.35 Td (swap, ) Tj ET Q q 0 0 0 rg BT 309.19 691.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 362.46 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 376.09 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 387.96 691.35 Td (through ) Tj ET Q q 0 0 0 rg BT 423.74 691.35 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 453.13 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 464.99 691.35 Td (SEC-registered ) Tj ET Q q 0 0 0 rg BT 532.27 691.35 Td (trading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (venues. ) Tj ET Q q 0 0 0 rg BT 83.72 678.75 Td (Jurisdictions ) Tj ET Q q 0 0 0 rg BT 138.74 678.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 171.00 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.76 678.75 Td (United ) Tj ET Q q 0 0 0 rg BT 216.27 678.75 Td (States ) Tj ET Q q 0 0 0 rg BT 243.29 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 253.39 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 280.98 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 295.16 678.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 327.99 678.75 Td (also ) Tj ET Q q 0 0 0 rg BT 346.84 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 368.59 678.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 403.76 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 420.86 678.75 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 480.23 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 490.91 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 505.67 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 515.77 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.53 678.75 Td (process ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.78 666.15 Td (considering, ) Tj ET Q q 0 0 0 rg BT 116.44 666.15 Td (adopting ) Tj ET Q q 0 0 0 rg BT 156.22 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 168.00 666.15 Td (implementing ) Tj ET Q q 0 0 0 rg BT 229.37 666.15 Td (more ) Tj ET Q q 0 0 0 rg BT 253.98 666.15 Td (pervasive ) Tj ET Q q 0 0 0 rg BT 297.25 666.15 Td (regulation ) Tj ET Q q 0 0 0 rg BT 342.86 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 354.64 666.15 Td (many ) Tj ET Q q 0 0 0 rg BT 381.01 666.15 Td (elements ) Tj ET Q q 0 0 0 rg BT 421.37 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 433.15 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 449.02 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.78 666.15 Td (services ) Tj ET Q q 0 0 0 rg BT 525.64 666.15 Td (industry) Tj ET Q q 0 0 0 rg BT 559.38 666.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 78.47 653.55 Td (could ) Tj ET Q q 0 0 0 rg BT 104.61 653.55 Td (further ) Tj ET Q q 0 0 0 rg BT 135.98 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 167.36 653.55 Td (us ) Tj ET Q q 0 0 0 rg BT 179.51 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 197.48 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 213.11 653.55 Td (broader ) Tj ET Q q 0 0 0 rg BT 247.99 653.55 Td (markets. ) Tj ET Q q 0 0 0 rg BT 286.46 653.55 Td (This ) Tj ET Q q 0 0 0 rg BT 307.93 653.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 345.73 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 361.37 653.55 Td (implementation ) Tj ET Q q 0 0 0 rg BT 430.08 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 441.64 653.55 Td (mandated ) Tj ET Q q 0 0 0 rg BT 485.26 653.55 Td (central ) Tj ET Q q 0 0 0 rg BT 516.63 653.55 Td (clearing ) Tj ET Q q 0 0 0 rg BT 553.25 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (swaps ) Tj ET Q q 0 0 0 rg BT 78.15 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 88.79 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 104.10 640.95 Td (European ) Tj ET Q q 0 0 0 rg BT 146.81 640.95 Td (Union ) Tj ET Q q 0 0 0 rg BT 175.54 640.95 Td (\(�EU�\) ) Tj ET Q q 0 0 0 rg BT 208.33 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 225.97 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 241.28 640.95 Td (implementation ) Tj ET Q q 0 0 0 rg BT 309.66 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 320.89 640.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 344.35 640.95 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 387.94 640.95 Td (documentation, ) Tj ET Q q 0 0 0 rg BT 455.45 640.95 Td (central ) Tj ET Q q 0 0 0 rg BT 486.49 640.95 Td (clearing ) Tj ET Q q 0 0 0 rg BT 522.78 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.42 640.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 107.44 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 118.23 628.35 Td (various ) Tj ET Q q 0 0 0 rg BT 151.77 628.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 206.31 628.35 Td (globally) Tj ET Q q 0 0 0 rg BT 240.04 628.35 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 603.15 Td (Use of Derivatives by US Register) Tj ET Q q 0 0 0 rg BT 229.37 603.15 Td (ed Investment Companies - SEC Pr) Tj ET Q q 0 0 0 rg BT 377.42 603.15 Td (oposed Rule) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 577.95 Td (On ) Tj ET Q q 0 0 0 rg BT 103.31 577.95 Td (December ) Tj ET Q q 0 0 0 rg BT 150.92 577.95 Td (1) Tj ET Q q 0 0 0 rg BT 155.78 577.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 168.13 577.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 193.60 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 210.90 577.95 Td (SEC ) Tj ET Q q 0 0 0 rg BT 234.63 577.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 277.60 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 286.73 577.95 Td (new ) Tj ET Q q 0 0 0 rg BT 308.70 577.95 Td (exemptive ) Tj ET Q q 0 0 0 rg BT 356.91 577.95 Td (rule ) Tj ET Q q 0 0 0 rg BT 377.71 577.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 419.50 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 432.14 577.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 468.69 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 483.08 577.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 520.79 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.42 577.95 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 116.14 565.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 157.19 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 167.94 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 183.34 565.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 228.49 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.81 565.35 Td (US ) Tj ET Q q 0 0 0 rg BT 255.81 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 287.55 565.35 Td (funds�) Tj ET Q q 0 0 0 rg BT 313.60 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 316.17 565.35 Td (use ) Tj ET Q q 0 0 0 rg BT 332.75 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.07 565.35 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 395.15 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 414.05 565.35 Td (proposed ) Tj ET Q q 0 0 0 rg BT 455.12 565.35 Td (rule ) Tj ET Q q 0 0 0 rg BT 474.02 565.35 Td (would ) Tj ET Q q 0 0 0 rg BT 502.85 565.35 Td (permit ) Tj ET Q q 0 0 0 rg BT 532.84 565.35 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 78.14 552.75 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 105.69 552.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 153.35 552.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 181.49 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 198.83 552.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 245.91 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 263.83 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 285.83 552.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 317.74 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 328.08 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 340.17 552.75 Td (treated ) Tj ET Q q 0 0 0 rg BT 370.91 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.84 552.75 Td (business ) Tj ET Q q 0 0 0 rg BT 419.60 552.75 Td (development ) Tj ET Q q 0 0 0 rg BT 476.01 552.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 523.09 552.75 Td (under ) Tj ET Q q 0 0 0 rg BT 549.18 552.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 69.08 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 81.17 540.15 Td (enter ) Tj ET Q q 0 0 0 rg BT 106.08 540.15 Td (into ) Tj ET Q q 0 0 0 rg BT 126.33 540.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 176.32 540.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 230.40 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 249.48 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.13 540.15 Td (commitment ) Tj ET Q q 0 0 0 rg BT 347.13 540.15 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 403.83 540.15 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 475.41 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.16 540.15 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 546.84 540.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 99.87 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 113.58 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.62 527.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 168.41 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.36 527.55 Td (senior ) Tj ET Q q 0 0 0 rg BT 209.24 527.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.10 527.55 Td (under ) Tj ET Q q 0 0 0 rg BT 279.22 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 294.55 527.55 Td (Act, ) Tj ET Q q 0 0 0 rg BT 315.55 527.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 356.09 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 375.05 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 391.09 527.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 417.63 527.55 Td (comply ) Tj ET Q q 0 0 0 rg BT 452.34 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 474.22 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 490.26 527.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 537.22 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 91.40 514.95 Td (rule. ) Tj ET Q q 0 0 0 rg BT 112.61 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 119.61 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 122.52 514.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 144.67 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 163.31 514.95 Td (relies ) Tj ET Q q 0 0 0 rg BT 188.96 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 202.36 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.09 514.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 259.49 514.95 Td (rule ) Tj ET Q q 0 0 0 rg BT 278.72 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 289.79 514.95 Td (order ) Tj ET Q q 0 0 0 rg BT 314.85 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 325.92 514.95 Td (enter ) Tj ET Q q 0 0 0 rg BT 349.80 514.95 Td (into ) Tj ET Q q 0 0 0 rg BT 369.04 514.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 418.01 514.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 471.07 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 500.22 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 513.04 514.95 Td (required ) Tj ET Q q 0 0 0 rg BT 550.92 514.95 Td (to: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (comply ) Tj ET Q q 0 0 0 rg BT 83.83 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 104.82 502.35 Td (one ) Tj ET Q q 0 0 0 rg BT 122.31 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 133.39 502.35 Td (two ) Tj ET Q q 0 0 0 rg BT 151.47 502.35 Td (alternative ) Tj ET Q q 0 0 0 rg BT 198.11 502.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 237.19 502.35 Td (limitations ) Tj ET Q q 0 0 0 rg BT 284.44 502.35 Td (designed ) Tj ET Q q 0 0 0 rg BT 324.09 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 334.59 502.35 Td (impose ) Tj ET Q q 0 0 0 rg BT 367.25 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 374.24 502.35 Td (limit ) Tj ET Q q 0 0 0 rg BT 396.41 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 409.24 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 424.40 502.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 458.22 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 469.30 502.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 507.19 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 522.34 502.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 543.92 502.35 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 78.62 489.75 Td (through ) Tj ET Q q 0 0 0 rg BT 113.65 489.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 162.09 489.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 214.61 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.14 489.75 Td (other ) Tj ET Q q 0 0 0 rg BT 256.09 489.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 284.12 489.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.14 489.75 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 381.58 489.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 416.60 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.80 489.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 454.01 489.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 499.53 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 520.57 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.77 489.75 Td (fund�) Tj ET Q q 0 0 0 rg BT 557.93 489.75 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 99.04 477.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 152.16 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 165.63 477.15 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 218.76 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 231.65 477.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 266.11 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 277.83 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.37 477.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 339.46 477.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 373.92 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 385.06 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.85 477.15 Td (proposed ) Tj ET Q q 0 0 0 rg BT 442.32 477.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 461.62 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 473.33 477.15 Td (�qualifying ) Tj ET Q q 0 0 0 rg BT 524.13 477.15 Td (coverage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (assets,� ) Tj ET Q q 0 0 0 rg BT 84.37 464.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 124.29 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 135.05 464.55 Td (enable ) Tj ET Q q 0 0 0 rg BT 165.04 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.46 464.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.29 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 213.05 464.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 236.05 464.55 Td (its ) Tj ET Q q 0 0 0 rg BT 248.56 464.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 297.82 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 324.31 464.55 Td (its ) Tj ET Q q 0 0 0 rg BT 336.83 464.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 385.48 464.55 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 441.14 464.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 461.52 464.55 Td (depending ) Tj ET Q q 0 0 0 rg BT 507.85 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 520.94 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 536.36 464.55 Td (extent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.84 451.95 Td (its ) Tj ET Q q 0 0 0 rg BT 72.86 451.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 121.03 451.95 Td (usage, ) Tj ET Q q 0 0 0 rg BT 149.66 451.95 Td (establish ) Tj ET Q q 0 0 0 rg BT 188.51 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 195.26 451.95 Td (formalized ) Tj ET Q q 0 0 0 rg BT 242.84 451.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 291.01 451.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.85 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 364.60 451.95 Td (program. ) Tj ET Q q 0 0 0 rg BT 404.43 451.95 Td (A) Tj ET Q q 0 0 0 rg BT 411.43 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 413.53 451.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 434.88 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 452.72 451.95 Td (relies ) Tj ET Q q 0 0 0 rg BT 477.56 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 490.15 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 505.08 451.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 545.67 451.95 Td (rule ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.74 439.35 Td (order ) Tj ET Q q 0 0 0 rg BT 85.47 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 96.21 439.35 Td (enter ) Tj ET Q q 0 0 0 rg BT 119.76 439.35 Td (into ) Tj ET Q q 0 0 0 rg BT 138.67 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.97 439.35 Td (commitment ) Tj ET Q q 0 0 0 rg BT 233.62 439.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 286.35 439.35 Td (would ) Tj ET Q q 0 0 0 rg BT 315.17 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 327.65 439.35 Td (required ) Tj ET Q q 0 0 0 rg BT 365.21 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 375.95 439.35 Td (maintain ) Tj ET Q q 0 0 0 rg BT 415.26 439.35 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 460.99 439.35 Td (coverage ) Tj ET Q q 0 0 0 rg BT 501.45 439.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 528.52 439.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 553.84 439.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 75.41 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 86.25 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 101.75 426.75 Td (fund�) Tj ET Q q 0 0 0 rg BT 123.92 426.75 Td (s ) Tj ET Q q 0 0 0 rg BT 130.67 426.75 Td (full ) Tj ET Q q 0 0 0 rg BT 147.93 426.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.27 426.75 Td (under ) Tj ET Q q 0 0 0 rg BT 223.85 426.75 Td (those ) Tj ET Q q 0 0 0 rg BT 248.68 426.75 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 304.14 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 306.61 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 325.61 426.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 365.03 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 396.27 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.69 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.19 426.75 Td (new ) Tj ET Q q 0 0 0 rg BT 443.36 426.75 Td (rule, ) Tj ET Q q 0 0 0 rg BT 464.98 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 493.31 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 502.99 426.75 Td (still ) Tj ET Q q 0 0 0 rg BT 521.42 426.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 553.83 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (change ) Tj ET Q q 0 0 0 rg BT 82.00 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 99.44 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 108.71 414.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 134.90 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 145.34 414.15 Td (have ) Tj ET Q q 0 0 0 rg BT 167.43 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 174.37 414.15 Td (lengthy ) Tj ET Q q 0 0 0 rg BT 208.13 414.15 Td (transition ) Tj ET Q q 0 0 0 rg BT 250.07 414.15 Td (period ) Tj ET Q q 0 0 0 rg BT 279.17 414.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 301.85 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 312.29 414.15 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 383.09 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 395.86 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 410.97 414.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 436.57 414.15 Td (and/or ) Tj ET Q q 0 0 0 rg BT 465.67 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 481.94 414.15 Td (business ) Tj ET Q q 0 0 0 rg BT 519.80 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 529.07 414.15 Td (unclear) Tj ET Q q 0 0 0 rg BT 559.39 414.15 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 388.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 96.11 388.95 Td (oposed SEC Liquidity Management Rule covering US Register) Tj ET Q q 0 0 0 rg BT 359.05 388.95 Td (ed Open-End Funds, including ETFs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 363.75 Td (On ) Tj ET Q q 0 0 0 rg BT 102.06 363.75 Td (September ) Tj ET Q q 0 0 0 rg BT 150.20 363.75 Td (22, ) Tj ET Q q 0 0 0 rg BT 166.56 363.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 193.41 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.47 363.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 231.96 363.75 Td (proposed ) Tj ET Q q 0 0 0 rg BT 273.69 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 281.58 363.75 Td (new ) Tj ET Q q 0 0 0 rg BT 302.30 363.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 321.86 363.75 Td (\(and ) Tj ET Q q 0 0 0 rg BT 343.75 363.75 Td (amendments ) Tj ET Q q 0 0 0 rg BT 400.05 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.45 363.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 447.93 363.75 Td (rules\) ) Tj ET Q q 0 0 0 rg BT 475.07 363.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 515.63 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 527.02 363.75 Td (promote ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (ef) Tj ET Q q 0 0 0 rg BT 57.97 351.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.95 351.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 128.97 351.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 148.14 351.15 Td (management ) Tj ET Q q 0 0 0 rg BT 205.21 351.15 Td (throughout ) Tj ET Q q 0 0 0 rg BT 254.71 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.96 351.15 Td (open-end ) Tj ET Q q 0 0 0 rg BT 313.46 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 336.13 351.15 Td (industry) Tj ET Q q 0 0 0 rg BT 369.86 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 375.91 351.15 Td (thereby ) Tj ET Q q 0 0 0 rg BT 410.82 351.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 450.98 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 467.23 351.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 486.40 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 505.57 351.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 532.33 351.15 Td (will ) Tj ET Q q 0 0 0 rg BT 552.09 351.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (unable ) Tj ET Q q 0 0 0 rg BT 82.69 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 95.56 338.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 120.67 338.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 173.19 338.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 224.56 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 244.42 338.55 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 292.29 338.55 Td (dilution ) Tj ET Q q 0 0 0 rg BT 329.66 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 343.11 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 360.64 338.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 400.33 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 413.78 338.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 437.73 338.55 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 498.12 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 502.48 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 523.51 338.55 Td (proposed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (amendments ) Tj ET Q q 0 0 0 rg BT 106.53 325.95 Td (also ) Tj ET Q q 0 0 0 rg BT 126.90 325.95 Td (seek ) Tj ET Q q 0 0 0 rg BT 149.01 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 160.64 325.95 Td (enhance ) Tj ET Q q 0 0 0 rg BT 198.49 325.95 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 244.52 325.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 288.21 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 310.91 325.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 349.96 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 368.58 325.95 Td (redemption ) Tj ET Q q 0 0 0 rg BT 419.85 325.95 Td (practices. ) Tj ET Q q 0 0 0 rg BT 463.00 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 482.78 325.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 524.73 325.95 Td (new ) Tj ET Q q 0 0 0 rg BT 545.68 325.95 Td (rule ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (would ) Tj ET Q q 0 0 0 rg BT 78.18 313.35 Td (require ) Tj ET Q q 0 0 0 rg BT 109.84 313.35 Td (each ) Tj ET Q q 0 0 0 rg BT 131.00 313.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 174.33 313.35 Td (open-end ) Tj ET Q q 0 0 0 rg BT 215.33 313.35 Td (fund, ) Tj ET Q q 0 0 0 rg BT 239.13 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 280.72 313.35 Td (open-end ) Tj ET Q q 0 0 0 rg BT 321.72 313.35 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 346.41 313.35 Td (\(but ) Tj ET Q q 0 0 0 rg BT 365.25 313.35 Td (not ) Tj ET Q q 0 0 0 rg BT 380.60 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 422.19 313.35 Td (money ) Tj ET Q q 0 0 0 rg BT 452.70 313.35 Td (market ) Tj ET Q q 0 0 0 rg BT 483.78 313.35 Td (funds\), ) Tj ET Q q 0 0 0 rg BT 515.17 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 525.27 313.35 Td (establish ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.17 300.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 95.27 300.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 113.53 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 169.69 300.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 210.21 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 229.05 300.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 284.65 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 304.08 300.75 Td (proposed ) Tj ET Q q 0 0 0 rg BT 345.08 300.75 Td (amendments ) Tj ET Q q 0 0 0 rg BT 400.67 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.34 300.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 447.10 300.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 465.94 300.75 Td (22c-1 ) Tj ET Q q 0 0 0 rg BT 492.36 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 503.04 300.75 Td (permit ) Tj ET Q q 0 0 0 rg BT 532.96 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 540.13 300.75 Td (fund, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (under ) Tj ET Q q 0 0 0 rg BT 75.38 288.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 105.41 288.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 168.97 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 178.61 288.15 Td (use ) Tj ET Q q 0 0 0 rg BT 194.07 288.15 Td (�swing ) Tj ET Q q 0 0 0 rg BT 225.29 288.15 Td (pricing,� ) Tj ET Q q 0 0 0 rg BT 263.79 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.08 288.15 Td (process ) Tj ET Q q 0 0 0 rg BT 311.04 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 321.25 288.15 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 361.22 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 375.52 288.15 Td (net ) Tj ET Q q 0 0 0 rg BT 389.81 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 411.69 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 435.90 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.11 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 452.24 288.15 Td (fund�) Tj ET Q q 0 0 0 rg BT 474.41 288.15 Td (s ) Tj ET Q q 0 0 0 rg BT 479.96 288.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 507.67 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 517.30 288.15 Td (ef) Tj ET Q q 0 0 0 rg BT 525.27 288.15 Td (fectively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (pass ) Tj ET Q q 0 0 0 rg BT 69.75 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 81.92 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 96.41 275.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 119.08 275.55 Td (stemming ) Tj ET Q q 0 0 0 rg BT 162.17 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 184.25 275.55 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 234.89 275.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.87 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 284.29 275.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 333.78 275.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 366.93 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 376.77 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 391.27 275.55 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 446.00 275.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.82 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 511.15 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 528.56 275.55 Td (activity) Tj ET Q q 0 0 0 rg BT 559.37 275.55 Td (. ) Tj ET Q q 0 0 0 rg BT 564.62 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 567.25 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 262.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 106.49 262.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 136.77 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 147.23 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 262.95 Td (new ) Tj ET Q q 0 0 0 rg BT 180.97 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.84 262.95 Td (amended ) Tj ET Q q 0 0 0 rg BT 237.45 262.95 Td (rules, ) Tj ET Q q 0 0 0 rg BT 262.19 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 289.56 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 304.09 262.95 Td (still ) Tj ET Q q 0 0 0 rg BT 321.56 262.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.01 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 362.89 262.95 Td (change ) Tj ET Q q 0 0 0 rg BT 394.33 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 411.20 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 425.73 262.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 451.35 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 461.23 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 482.76 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 489.13 262.95 Td (lengthy ) Tj ET Q q 0 0 0 rg BT 522.34 262.95 Td (transition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (period ) Tj ET Q q 0 0 0 rg BT 79.45 250.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 102.49 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 113.28 250.35 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 184.43 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 197.56 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.01 250.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 238.97 250.35 Td (and/or ) Tj ET Q q 0 0 0 rg BT 268.42 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 285.04 250.35 Td (business ) Tj ET Q q 0 0 0 rg BT 323.25 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 332.88 250.35 Td (unclear) Tj ET Q q 0 0 0 rg BT 363.20 250.35 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 225.15 Td (Benchmark ) Tj ET Q q 0 0 0 rg BT 136.44 225.15 Td (Reform) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 35.00 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 53.00 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 96.79 199.95 Td (2013, ) Tj ET Q q 0 0 0 rg BT 122.47 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 137.34 199.95 Td (IOSCO ) Tj ET Q q 0 0 0 rg BT 170.90 199.95 Td (published ) Tj ET Q q 0 0 0 rg BT 213.78 199.95 Td (principles ) Tj ET Q q 0 0 0 rg BT 257.23 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 271.53 199.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 316.72 199.95 Td (oversight ) Tj ET Q q 0 0 0 rg BT 357.85 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.65 199.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.42 199.95 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 462.83 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 483.55 199.95 Td (standards ) Tj ET Q q 0 0 0 rg BT 525.25 199.95 Td (applying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 65.69 187.35 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 132.04 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 148.81 187.35 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 199.98 187.35 Td (calculation, ) Tj ET Q q 0 0 0 rg BT 253.19 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 272.88 187.35 Td (transparency ) Tj ET Q q 0 0 0 rg BT 331.04 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 350.73 187.35 Td (governance ) Tj ET Q q 0 0 0 rg BT 403.64 187.35 Td (issues ) Tj ET Q q 0 0 0 rg BT 433.25 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 445.95 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 463.30 187.35 Td (benchmarking ) Tj ET Q q 0 0 0 rg BT 527.89 187.35 Td (process. ) Tj ET Q q 0 0 0 rg BT 564.63 187.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 174.75 Td (Regulators ) Tj ET Q q 0 0 0 rg BT 101.23 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.14 174.75 Td (some ) Tj ET Q q 0 0 0 rg BT 137.05 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 148.54 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.11 174.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 218.77 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 229.68 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 258.08 174.75 Td (we ) Tj ET Q q 0 0 0 rg BT 273.06 174.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 306.70 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 322.26 174.75 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 365.82 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.39 174.75 Td (application ) Tj ET Q q 0 0 0 rg BT 430.78 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 442.27 174.75 Td (these ) Tj ET Q q 0 0 0 rg BT 466.59 174.75 Td (principles, ) Tj ET Q q 0 0 0 rg BT 513.36 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 534.77 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 542.17 174.75 Td (draft ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 162.15 Td (European ) Tj ET Q q 0 0 0 rg BT 96.38 162.15 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 145.60 162.15 Td (published ) Tj ET Q q 0 0 0 rg BT 189.58 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 200.90 162.15 Td (September ) Tj ET Q q 0 0 0 rg BT 248.95 162.15 Td (2013. ) Tj ET Q q 0 0 0 rg BT 275.72 162.15 Td (In ) Tj ET Q q 0 0 0 rg BT 287.62 162.15 Td (July ) Tj ET Q q 0 0 0 rg BT 308.27 162.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 335.04 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 351.02 162.15 Td (FSB ) Tj ET Q q 0 0 0 rg BT 372.85 162.15 Td (published ) Tj ET Q q 0 0 0 rg BT 416.83 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 424.64 162.15 Td (report ) Tj ET Q q 0 0 0 rg BT 452.86 162.15 Td (aimed ) Tj ET Q q 0 0 0 rg BT 481.66 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 492.39 162.15 Td (reforming ) Tj ET Q q 0 0 0 rg BT 537.52 162.15 Td (major ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 149.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 86.52 149.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 104.86 149.55 Td (benchmarks. ) Tj ET Q q 0 0 0 rg BT 160.64 149.55 Td (These ) Tj ET Q q 0 0 0 rg BT 188.33 149.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 237.59 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 258.28 149.55 Td (result ) Tj ET Q q 0 0 0 rg BT 284.22 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 295.00 149.55 Td (business ) Tj ET Q q 0 0 0 rg BT 333.20 149.55 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 382.48 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 393.84 149.55 Td (strictly ) Tj ET Q q 0 0 0 rg BT 425.61 149.55 Td (control ) Tj ET Q q 0 0 0 rg BT 457.97 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 473.41 149.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 513.92 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.28 149.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 136.95 Td (services ) Tj ET Q q 0 0 0 rg BT 89.44 136.95 Td (firms.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 111.75 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 135.28 111.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 183.39 111.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 208.17 111.75 Td (Managers ) Tj ET Q q 0 0 0 rg BT 253.38 111.75 Td (Dir) Tj ET Q q 0 0 0 rg BT 267.58 111.75 Td (ective) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 86.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.26 86.55 Td (European ) Tj ET Q q 0 0 0 rg BT 146.43 86.55 Td (business ) Tj ET Q q 0 0 0 rg BT 183.95 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 192.89 86.55 Td (impacted ) Tj ET Q q 0 0 0 rg BT 233.31 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 245.74 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 260.50 86.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 276.01 86.55 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 325.17 86.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 373.76 86.55 Td (Fund ) Tj ET Q q 0 0 0 rg BT 397.29 86.55 Td (Managers ) Tj ET Q q 0 0 0 rg BT 440.62 86.55 Td (Directive ) Tj ET Q q 0 0 0 rg BT 481.62 86.55 Td (\(�AIFMD�\), ) Tj ET Q q 0 0 0 rg BT 536.33 86.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (became ) Tj ET Q q 0 0 0 rg BT 84.15 73.95 Td (ef) Tj ET Q q 0 0 0 rg BT 92.12 73.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 122.77 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 135.36 73.95 Td (July ) Tj ET Q q 0 0 0 rg BT 154.96 73.95 Td (21, ) Tj ET Q q 0 0 0 rg BT 170.17 73.95 Td (201) Tj ET Q q 0 0 0 rg BT 185.53 73.95 Td (1. ) Tj ET Q q 0 0 0 rg BT 195.35 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 213.30 73.95 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 249.23 73.95 Td (regulates ) Tj ET Q q 0 0 0 rg BT 289.22 73.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 331.54 73.95 Td (of, ) Tj ET Q q 0 0 0 rg BT 345.00 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 362.26 73.95 Td (service ) Tj ET Q q 0 0 0 rg BT 394.08 73.95 Td (providers ) Tj ET Q q 0 0 0 rg BT 435.83 73.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 448.71 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 455.46 73.95 Td (broad ) Tj ET Q q 0 0 0 rg BT 481.46 73.95 Td (range ) Tj ET Q q 0 0 0 rg BT 506.87 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 517.70 73.95 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.06 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 123.38 61.35 Td (\(�AIFs�\) ) Tj ET Q q 0 0 0 rg BT 162.68 61.35 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 206.66 61.35 Td (within ) Tj ET Q q 0 0 0 rg BT 235.48 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 252.62 61.35 Td (\(depending ) Tj ET Q q 0 0 0 rg BT 301.84 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 314.33 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.14 61.35 Td (precise ) Tj ET Q q 0 0 0 rg BT 360.86 61.35 Td (circumstances\) ) Tj ET Q q 0 0 0 rg BT 425.81 61.35 Td (outside ) Tj ET Q q 0 0 0 rg BT 458.13 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 472.94 61.35 Td (EU. ) Tj ET Q q 0 0 0 rg BT 491.41 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 509.28 61.35 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 545.10 61.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (regulates ) Tj ET Q q 0 0 0 rg BT 91.25 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 107.43 48.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 153.35 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.45 48.75 Td (all ) Tj ET Q q 0 0 0 rg BT 178.56 48.75 Td (AIFs ) Tj ET Q q 0 0 0 rg BT 202.92 48.75 Td (inside ) Tj ET Q q 0 0 0 rg BT 231.35 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 247.53 48.75 Td (European ) Tj ET Q q 0 0 0 rg BT 291.11 48.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 336.30 48.75 Td (Area ) Tj ET Q q 0 0 0 rg BT 360.05 48.75 Td (\(�EEA�\). ) Tj ET Q q 0 0 0 rg BT 402.51 48.75 Td (The ) Tj ET Q q 0 0 0 rg BT 421.45 48.75 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 458.64 48.75 Td (is ) Tj ET Q q 0 0 0 rg BT 468.99 48.75 Td (being ) Tj ET Q q 0 0 0 rg BT 495.67 48.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 553.84 48.75 Td (in ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (stages, ) Tj ET Q q 0 0 0 rg BT 80.36 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 108.09 741.75 Td (run ) Tj ET Q q 0 0 0 rg BT 124.15 741.75 Td (through ) Tj ET Q q 0 0 0 rg BT 158.89 741.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 184.58 741.75 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 237.39 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 258.13 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.57 741.75 Td (AIFMD�) Tj ET Q q 0 0 0 rg BT 309.33 741.75 Td (s ) Tj ET Q q 0 0 0 rg BT 315.48 741.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 372.37 741.75 Td (restrict ) Tj ET Q q 0 0 0 rg BT 403.59 741.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 449.97 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.12 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 519.43 741.75 Td (marketing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 69.64 729.15 Td (impose ) Tj ET Q q 0 0 0 rg BT 104.45 729.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.92 729.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 203.80 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 223.44 729.15 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 270.50 729.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 321.64 729.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 366.35 729.15 Td (remuneration, ) Tj ET Q q 0 0 0 rg BT 429.44 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 461.90 729.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 523.82 729.15 Td (leverage, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 95.41 716.55 Td (stakes ) Tj ET Q q 0 0 0 rg BT 124.78 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 136.66 716.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 154.37 716.55 Td (companies, ) Tj ET Q q 0 0 0 rg BT 205.61 716.55 Td (depositaries, ) Tj ET Q q 0 0 0 rg BT 262.10 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 278.64 716.55 Td (domicile ) Tj ET Q q 0 0 0 rg BT 319.10 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 331.56 716.55 Td (custodians ) Tj ET Q q 0 0 0 rg BT 379.60 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 398.47 716.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 437.77 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 495.13 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 509.34 716.55 Td (us. ) Tj ET Q q 0 0 0 rg BT 524.74 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 533.81 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 542.18 716.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 91.68 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 110.91 703.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 142.38 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.62 703.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 194.85 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 207.09 703.95 Td (incur) Tj ET Q q 0 0 0 rg BT 228.24 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 234.94 703.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 281.00 703.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 322.98 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 355.61 703.95 Td (satisfying ) Tj ET Q q 0 0 0 rg BT 400.51 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 426.16 703.95 Td (new ) Tj ET Q q 0 0 0 rg BT 447.73 703.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 500.19 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 519.42 703.95 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 99.29 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 117.08 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.53 691.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 178.31 691.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 196.68 691.35 Td (management ) Tj ET Q q 0 0 0 rg BT 252.95 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 270.74 691.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 311.85 691.35 Td (requirements.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 666.15 Td (Markets ) Tj ET Q q 0 0 0 rg BT 123.03 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.83 666.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 177.28 666.15 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 225.40 666.15 Td (Dir) Tj ET Q q 0 0 0 rg BT 239.60 666.15 Td (ectives) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 103.37 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 119.83 640.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 153.22 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 165.02 640.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 210.08 640.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 256.87 640.95 Td (reform ) Tj ET Q q 0 0 0 rg BT 289.08 640.95 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 334.13 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 345.94 640.95 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 382.27 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 402.23 640.95 Td (United ) Tj ET Q q 0 0 0 rg BT 434.45 640.95 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 477.76 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 496.56 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 521.78 640.95 Td (European ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.79 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 115.83 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 144.37 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 159.49 628.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 193.26 628.35 Td (have ) Tj ET Q q 0 0 0 rg BT 215.96 628.35 Td (implemented ) Tj ET Q q 0 0 0 rg BT 273.65 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 289.35 628.35 Td (Markets ) Tj ET Q q 0 0 0 rg BT 326.64 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 337.68 628.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 379.63 628.35 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 432.08 628.35 Td (Directive ) Tj ET Q q 0 0 0 rg BT 474.02 628.35 Td (\(�MiFID�\) ) Tj ET Q q 0 0 0 rg BT 522.39 628.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 545.67 628.35 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (national ) Tj ET Q q 0 0 0 rg BT 85.83 615.75 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 134.20 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.36 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 173.19 615.75 Td (begun ) Tj ET Q q 0 0 0 rg BT 200.85 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 211.02 615.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 257.94 615.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 289.11 615.75 Td (2. ) Tj ET Q q 0 0 0 rg BT 298.99 615.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 330.17 615.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 337.42 615.75 Td (builds ) Tj ET Q q 0 0 0 rg BT 365.10 615.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.10 615.75 Td (many ) Tj ET Q q 0 0 0 rg BT 413.43 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.18 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 439.01 615.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 482.43 615.75 Td (introduced ) Tj ET Q q 0 0 0 rg BT 529.34 615.75 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (MiFID, ) Tj ET Q q 0 0 0 rg BT 83.39 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 110.63 603.15 Td (focused ) Tj ET Q q 0 0 0 rg BT 144.87 603.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.54 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 197.62 603.15 Td (equities, ) Tj ET Q q 0 0 0 rg BT 234.49 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 244.25 603.15 Td (encourage ) Tj ET Q q 0 0 0 rg BT 288.97 603.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 320.30 603.15 Td (across ) Tj ET Q q 0 0 0 rg BT 348.13 603.15 Td (all ) Tj ET Q q 0 0 0 rg BT 360.21 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 382.21 603.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 412.96 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 422.71 603.15 Td (migrate ) Tj ET Q q 0 0 0 rg BT 456.37 603.15 Td (onto ) Tj ET Q q 0 0 0 rg BT 476.62 603.15 Td (open ) Tj ET Q q 0 0 0 rg BT 498.62 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 515.37 603.15 Td (transparent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (markets. ) Tj ET Q q 0 0 0 rg BT 87.93 590.55 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 119.16 590.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 129.10 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 156.83 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 175.23 590.55 Td (come ) Tj ET Q q 0 0 0 rg BT 200.03 590.55 Td (into ) Tj ET Q q 0 0 0 rg BT 218.43 590.55 Td (full ) Tj ET Q q 0 0 0 rg BT 235.07 590.55 Td (ef) Tj ET Q q 0 0 0 rg BT 243.04 590.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 260.84 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 271.07 590.55 Td (January ) Tj ET Q q 0 0 0 rg BT 305.79 590.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 331.48 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 349.88 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 361.85 590.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 418.73 590.55 Td (through ) Tj ET Q q 0 0 0 rg BT 453.46 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 460.18 590.55 Td (number ) Tj ET Q q 0 0 0 rg BT 494.32 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 505.13 590.55 Td (more ) Tj ET Q q 0 0 0 rg BT 528.77 590.55 Td (detailed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (directives, ) Tj ET Q q 0 0 0 rg BT 95.79 577.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 144.80 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 162.30 577.95 Td (standards ) Tj ET Q q 0 0 0 rg BT 204.31 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.83 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 227.08 577.95 Td (made ) Tj ET Q q 0 0 0 rg BT 252.17 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 265.02 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 280.20 577.95 Td (European ) Tj ET Q q 0 0 0 rg BT 322.78 577.95 Td (Commission ) Tj ET Q q 0 0 0 rg BT 378.22 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 395.73 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 408.58 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.75 577.95 Td (European ) Tj ET Q q 0 0 0 rg BT 466.33 577.95 Td (Securities ) Tj ET Q q 0 0 0 rg BT 510.09 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 527.60 577.95 Td (Markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (Authority ) Tj ET Q q 0 0 0 rg BT 94.28 565.35 Td (\(�ESMA�\). ) Tj ET Q q 0 0 0 rg BT 145.84 565.35 Td (It ) Tj ET Q q 0 0 0 rg BT 155.69 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 166.14 565.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 206.90 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 226.09 565.35 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 258.71 565.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 267.40 565.35 Td (will ) Tj ET Q q 0 0 0 rg BT 287.19 565.35 Td (have ) Tj ET Q q 0 0 0 rg BT 310.45 565.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 358.22 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 376.83 565.35 Td (wide-ranging ) Tj ET Q q 0 0 0 rg BT 436.25 565.35 Td (impacts ) Tj ET Q q 0 0 0 rg BT 472.36 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 486.31 565.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 503.75 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 546.85 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 98.52 552.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 136.83 552.75 Td (including ) Tj ET Q q 0 0 0 rg BT 178.94 552.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 191.30 552.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 233.39 552.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 269.67 552.75 Td (protection ) Tj ET Q q 0 0 0 rg BT 314.69 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.30 552.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 383.14 552.75 Td (standards, ) Tj ET Q q 0 0 0 rg BT 427.87 552.75 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 443.15 552.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 466.01 552.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 508.69 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.97 552.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 553.25 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 88.89 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 144.68 540.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 168.99 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 179.30 540.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 211.76 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 229.06 540.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 246.37 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 260.76 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 308.98 540.15 Td (research ) Tj ET Q q 0 0 0 rg BT 346.10 540.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 380.31 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 390.63 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 403.27 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 425.83 540.15 Td (classes, ) Tj ET Q q 0 0 0 rg BT 459.75 540.15 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 477.65 540.15 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 519.43 540.15 Td (regulation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.39 527.55 Td (algorithmic ) Tj ET Q q 0 0 0 rg BT 112.44 527.55 Td (trading, ) Tj ET Q q 0 0 0 rg BT 147.44 527.55 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 165.25 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.72 527.55 Td (movement ) Tj ET Q q 0 0 0 rg BT 227.68 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 239.07 527.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 271.45 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 282.26 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.47 527.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 342.35 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 360.15 527.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 408.86 527.55 Td (onto ) Tj ET Q q 0 0 0 rg BT 430.17 527.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 471.88 527.55 Td (execution ) Tj ET Q q 0 0 0 rg BT 515.33 527.55 Td (venues, ) Tj ET Q q 0 0 0 rg BT 549.76 527.55 Td (\(v\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.10 514.95 Td (extension ) Tj ET Q q 0 0 0 rg BT 107.62 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.64 514.95 Td (pre- ) Tj ET Q q 0 0 0 rg BT 137.82 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 155.26 514.95 Td (post-trade ) Tj ET Q q 0 0 0 rg BT 199.52 514.95 Td (transparency ) Tj ET Q q 0 0 0 rg BT 255.43 514.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 312.52 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 322.96 514.95 Td (wider ) Tj ET Q q 0 0 0 rg BT 349.15 514.95 Td (categories ) Tj ET Q q 0 0 0 rg BT 393.98 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 405.00 514.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.01 514.95 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 497.91 514.95 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 515.34 514.95 Td (restrictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 63.69 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.71 502.35 Td (use ) Tj ET Q q 0 0 0 rg BT 96.90 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 108.84 502.35 Td (so-called ) Tj ET Q q 0 0 0 rg BT 149.93 502.35 Td (dark ) Tj ET Q q 0 0 0 rg BT 171.78 502.35 Td (pool ) Tj ET Q q 0 0 0 rg BT 193.64 502.35 Td (trading, ) Tj ET Q q 0 0 0 rg BT 229.19 502.35 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 250.46 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 266.48 502.35 Td (creation ) Tj ET Q q 0 0 0 rg BT 303.49 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 315.43 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 323.28 502.35 Td (new ) Tj ET Q q 0 0 0 rg BT 343.96 502.35 Td (type ) Tj ET Q q 0 0 0 rg BT 365.23 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 377.17 502.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 410.10 502.35 Td (venue ) Tj ET Q q 0 0 0 rg BT 438.37 502.35 Td (called ) Tj ET Q q 0 0 0 rg BT 466.63 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 482.65 502.35 Td (Or) Tj ET Q q 0 0 0 rg BT 493.54 502.35 Td (ganized ) Tj ET Q q 0 0 0 rg BT 529.15 502.35 Td (T) Tj ET Q q 0 0 0 rg BT 535.19 502.35 Td (rading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Facility ) Tj ET Q q 0 0 0 rg BT 84.53 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 99.23 489.75 Td (non-equity ) Tj ET Q q 0 0 0 rg BT 147.18 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.36 489.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 240.44 489.75 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 263.89 489.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 314.17 489.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 358.60 489.75 Td (position ) Tj ET Q q 0 0 0 rg BT 394.90 489.75 Td (limits ) Tj ET Q q 0 0 0 rg BT 421.27 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.89 489.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 479.83 489.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 539.72 489.75 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 557.33 489.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (move ) Tj ET Q q 0 0 0 rg BT 76.63 477.15 Td (away ) Tj ET Q q 0 0 0 rg BT 102.09 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 125.81 477.15 Td (vertical ) Tj ET Q q 0 0 0 rg BT 160.59 477.15 Td (silos ) Tj ET Q q 0 0 0 rg BT 183.15 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 194.62 477.15 Td (execution, ) Tj ET Q q 0 0 0 rg BT 241.37 477.15 Td (clearing ) Tj ET Q q 0 0 0 rg BT 278.49 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 296.95 477.15 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 346.04 477.15 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 361.59 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 374.80 477.15 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 417.75 477.15 Td (role ) Tj ET Q q 0 0 0 rg BT 437.38 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 452.92 477.15 Td (ESMA) Tj ET Q q 0 0 0 rg BT 481.52 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 484.82 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 496.29 477.15 Td (supervising ) Tj ET Q q 0 0 0 rg BT 548.01 477.15 Td (EU ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.66 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 110.83 464.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 159.90 464.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 196.15 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 214.32 464.55 Td (\(xi\) ) Tj ET Q q 0 0 0 rg BT 232.48 464.55 Td (new ) Tj ET Q q 0 0 0 rg BT 252.98 464.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 310.80 464.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 354.04 464.55 Td (non-EU ) Tj ET Q q 0 0 0 rg BT 390.29 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.38 464.55 Td (firms�) Tj ET Q q 0 0 0 rg BT 464.26 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 467.27 464.55 Td (access ) Tj ET Q q 0 0 0 rg BT 497.09 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 508.26 464.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 525.27 464.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (markets. ) Tj ET Q q 0 0 0 rg BT 88.49 451.95 Td (Implementation ) Tj ET Q q 0 0 0 rg BT 157.60 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 168.97 451.95 Td (these ) Tj ET Q q 0 0 0 rg BT 193.17 451.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 234.86 451.95 Td (will ) Tj ET Q q 0 0 0 rg BT 253.82 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 276.27 451.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 302.80 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 320.58 451.95 Td (indirect ) Tj ET Q q 0 0 0 rg BT 355.28 451.95 Td (impacts ) Tj ET Q q 0 0 0 rg BT 390.56 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 403.69 451.95 Td (us ) Tj ET Q q 0 0 0 rg BT 415.65 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.44 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 464.62 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 476.00 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 492.62 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 500.59 451.95 Td (filiates.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 426.75 Td (Undertakings ) Tj ET Q q 0 0 0 rg BT 145.79 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 160.67 426.75 Td (Collective ) Tj ET Q q 0 0 0 rg BT 205.86 426.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 253.96 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 264.76 426.75 Td (T) Tj ET Q q 0 0 0 rg BT 270.02 426.75 Td (ransferable ) Tj ET Q q 0 0 0 rg BT 321.06 426.75 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 105.31 401.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 122.29 401.55 Td (has ) Tj ET Q q 0 0 0 rg BT 139.27 401.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 175.49 401.55 Td (directives ) Tj ET Q q 0 0 0 rg BT 219.29 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 232.77 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.58 401.55 Td (coordination ) Tj ET Q q 0 0 0 rg BT 304.63 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 316.36 401.55 Td (laws, ) Tj ET Q q 0 0 0 rg BT 341.22 401.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 390.86 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 409.00 401.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 472.05 401.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 518.79 401.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 553.84 401.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (undertakings ) Tj ET Q q 0 0 0 rg BT 110.29 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 128.58 388.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 175.44 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 227.57 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 241.79 388.95 Td (transferable ) Tj ET Q q 0 0 0 rg BT 297.39 388.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.09 388.95 Td (\(�UCITS�\) ) Tj ET Q q 0 0 0 rg BT 395.79 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 420.51 388.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 456.29 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 470.51 388.95 Td (depositary ) Tj ET Q q 0 0 0 rg BT 520.30 388.95 Td (functions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 108.98 376.35 Td (policies ) Tj ET Q q 0 0 0 rg BT 144.65 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 162.82 376.35 Td (sanctions. ) Tj ET Q q 0 0 0 rg BT 207.53 376.35 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 240.66 376.35 Td (V) Tj ET Q q 0 0 0 rg BT 246.89 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 252.52 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 281.19 376.35 Td (became ) Tj ET Q q 0 0 0 rg BT 316.25 376.35 Td (ef) Tj ET Q q 0 0 0 rg BT 324.22 376.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 355.79 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 366.97 376.35 Td (September ) Tj ET Q q 0 0 0 rg BT 414.88 376.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 441.51 376.35 Td (seeks ) Tj ET Q q 0 0 0 rg BT 467.26 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 478.43 376.35 Td (align ) Tj ET Q q 0 0 0 rg BT 502.44 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 518.27 376.35 Td (depositary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (regime, ) Tj ET Q q 0 0 0 rg BT 83.70 363.75 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 141.59 363.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 163.92 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 181.00 363.75 Td (sanctioning ) Tj ET Q q 0 0 0 rg BT 231.33 363.75 Td (powers ) Tj ET Q q 0 0 0 rg BT 263.58 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.24 363.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 318.15 363.75 Td (under ) Tj ET Q q 0 0 0 rg BT 343.97 363.75 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 376.23 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 396.82 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.56 363.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 468.30 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 478.96 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.29 363.75 Td (AIFMD. ) Tj ET Q q 0 0 0 rg BT 531.67 363.75 Td (UCITS ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (V) Tj ET Q q 0 0 0 rg BT 57.39 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 60.21 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 70.03 351.15 Td (required ) Tj ET Q q 0 0 0 rg BT 107.83 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 118.82 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 131.55 351.15 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 187.43 351.15 Td (into ) Tj ET Q q 0 0 0 rg BT 206.58 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 222.23 351.15 Td (national ) Tj ET Q q 0 0 0 rg BT 258.87 351.15 Td (law ) Tj ET Q q 0 0 0 rg BT 276.85 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 288.41 351.15 Td (each ) Tj ET Q q 0 0 0 rg BT 310.46 351.15 Td (EU ) Tj ET Q q 0 0 0 rg BT 327.28 351.15 Td (member ) Tj ET Q q 0 0 0 rg BT 364.50 351.15 Td (state ) Tj ET Q q 0 0 0 rg BT 386.56 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 399.88 351.15 Td (second ) Tj ET Q q 0 0 0 rg BT 431.86 351.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 464.41 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 475.97 351.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 502.41 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 513.98 351.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 553.84 351.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (August ) Tj ET Q q 0 0 0 rg BT 82.53 338.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 105.72 338.55 Td (ESMA) Tj ET Q q 0 0 0 rg BT 134.31 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 136.50 338.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 169.01 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 184.03 338.55 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 229.38 338.55 Td (it ) Tj ET Q q 0 0 0 rg BT 237.40 338.55 Td (published ) Tj ET Q q 0 0 0 rg BT 280.42 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 290.78 338.55 Td (2012 ) Tj ET Q q 0 0 0 rg BT 313.97 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 326.66 338.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 351.60 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 368.95 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 392.72 338.55 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 425.24 338.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 453.23 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 471.75 338.55 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 517.10 338.55 Td (introduced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (new ) Tj ET Q q 0 0 0 rg BT 69.52 325.95 Td (collateral ) Tj ET Q q 0 0 0 rg BT 110.60 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 166.27 325.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 223.11 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 237.37 325.95 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 269.74 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.09 325.95 Td (concerning ) Tj ET Q q 0 0 0 rg BT 343.76 325.95 Td (collateral ) Tj ET Q q 0 0 0 rg BT 384.85 325.95 Td (received ) Tj ET Q q 0 0 0 rg BT 422.43 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 432.62 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 447.47 325.95 Td (context ) Tj ET Q q 0 0 0 rg BT 480.40 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 491.17 325.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 539.26 325.95 Td (using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 313.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 92.12 313.35 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 135.04 313.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 195.43 313.35 Td (\(�EPM�\) ) Tj ET Q q 0 0 0 rg BT 238.92 313.35 Td (techniques ) Tj ET Q q 0 0 0 rg BT 289.40 313.35 Td (\(including ) Tj ET Q q 0 0 0 rg BT 338.14 313.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.37 313.35 Td (lending\) ) Tj ET Q q 0 0 0 rg BT 423.95 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.69 313.35 Td (over) Tj ET Q q 0 0 0 rg BT 463.13 313.35 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 520.02 313.35 Td (derivative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 106.55 300.75 Td (These ) Tj ET Q q 0 0 0 rg BT 135.68 300.75 Td (rules, ) Tj ET Q q 0 0 0 rg BT 162.78 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 192.50 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 209.38 300.75 Td (now ) Tj ET Q q 0 0 0 rg BT 231.53 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 243.76 300.75 Td (ef) Tj ET Q q 0 0 0 rg BT 251.73 300.75 Td (fect, ) Tj ET Q q 0 0 0 rg BT 274.15 300.75 Td (required ) Tj ET Q q 0 0 0 rg BT 313.19 300.75 Td (us ) Tj ET Q q 0 0 0 rg BT 326.59 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 338.82 300.75 Td (make ) Tj ET Q q 0 0 0 rg BT 365.62 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 374.34 300.75 Td (series ) Tj ET Q q 0 0 0 rg BT 402.31 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 415.12 300.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 453.00 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 465.23 300.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 508.35 300.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 109.25 288.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 155.08 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 165.93 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 181.45 288.15 Td (EPM ) Tj ET Q q 0 0 0 rg BT 205.73 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 217.16 288.15 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 250.19 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 272.12 288.15 Td (ranges ) Tj ET Q q 0 0 0 rg BT 302.21 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 320.06 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 339.09 288.15 Td (cause ) Tj ET Q q 0 0 0 rg BT 365.09 288.15 Td (us ) Tj ET Q q 0 0 0 rg BT 377.12 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 387.97 288.15 Td (incur ) Tj ET Q q 0 0 0 rg BT 412.24 288.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 456.91 288.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 497.51 288.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.35 288.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (new ) Tj ET Q q 0 0 0 rg BT 70.12 275.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 88.49 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 144.76 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 162.55 275.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 203.66 275.55 Td (requirements.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 86.00 250.35 Td (Extension ) Tj ET Q q 0 0 0 rg BT 130.03 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 140.82 250.35 Td (Retail ) Tj ET Q q 0 0 0 rg BT 168.53 250.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 222.49 250.35 Td (Review) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 106.38 225.15 Td (United ) Tj ET Q q 0 0 0 rg BT 139.00 225.15 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 182.72 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.94 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 227.56 225.15 Td (European ) Tj ET Q q 0 0 0 rg BT 271.84 225.15 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 327.81 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 340.03 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 369.74 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 386.04 225.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 420.98 225.15 Td (have ) Tj ET Q q 0 0 0 rg BT 444.85 225.15 Td (recently ) Tj ET Q q 0 0 0 rg BT 482.72 225.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 541.59 225.15 Td (rules ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 93.42 212.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 118.18 212.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 169.78 212.55 Td (review ) Tj ET Q q 0 0 0 rg BT 201.54 212.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 221.05 212.55 Td (�RDR�\) ) Tj ET Q q 0 0 0 rg BT 258.64 212.55 Td (aimed ) Tj ET Q q 0 0 0 rg BT 287.49 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 298.25 212.55 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 344.59 212.55 Td (consumer ) Tj ET Q q 0 0 0 rg BT 388.59 212.55 Td (protections, ) Tj ET Q q 0 0 0 rg BT 441.06 212.55 Td (overhauling ) Tj ET Q q 0 0 0 rg BT 494.40 212.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 526.75 212.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 549.18 212.55 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (structures ) Tj ET Q q 0 0 0 rg BT 93.96 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 112.25 199.95 Td (increasing ) Tj ET Q q 0 0 0 rg BT 158.53 199.95 Td (professionalism ) Tj ET Q q 0 0 0 rg BT 228.16 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 239.46 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 255.42 199.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 280.12 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 329.33 199.95 Td (sector) Tj ET Q q 0 0 0 rg BT 353.83 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 359.58 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 371.46 199.95 Td (order ) Tj ET Q q 0 0 0 rg BT 396.75 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 408.05 199.95 Td (achieve ) Tj ET Q q 0 0 0 rg BT 443.24 199.95 Td (this, ) Tj ET Q q 0 0 0 rg BT 464.17 199.95 Td (RDR ) Tj ET Q q 0 0 0 rg BT 488.89 199.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 525.85 199.95 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 76.02 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 88.04 187.35 Td (explicitly ) Tj ET Q q 0 0 0 rg BT 131.56 187.35 Td (disclose ) Tj ET Q q 0 0 0 rg BT 169.24 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 188.26 187.35 Td (separately ) Tj ET Q q 0 0 0 rg BT 234.67 187.35 Td (char) Tj ET Q q 0 0 0 rg BT 252.55 187.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 266.32 187.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 297.58 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 313.68 187.35 Td (their ) Tj ET Q q 0 0 0 rg BT 336.78 187.35 Td (services ) Tj ET Q q 0 0 0 rg BT 374.45 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 393.47 187.35 Td (clearly ) Tj ET Q q 0 0 0 rg BT 425.89 187.35 Td (describe ) Tj ET Q q 0 0 0 rg BT 464.73 187.35 Td (their ) Tj ET Q q 0 0 0 rg BT 487.83 187.35 Td (services ) Tj ET Q q 0 0 0 rg BT 525.50 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 538.10 187.35 Td (either ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 104.56 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 116.55 174.75 Td (restricted. ) Tj ET Q q 0 0 0 rg BT 161.48 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 164.72 174.75 Td (It ) Tj ET Q q 0 0 0 rg BT 174.38 174.75 Td (also ) Tj ET Q q 0 0 0 rg BT 194.54 174.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 231.60 174.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 277.42 174.75 Td (advisers ) Tj ET Q q 0 0 0 rg BT 315.07 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.48 174.75 Td (adhere ) Tj ET Q q 0 0 0 rg BT 357.70 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 369.11 174.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 414.35 174.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 468.92 174.75 Td (standards, ) Tj ET Q q 0 0 0 rg BT 514.44 174.75 Td (including ) Tj ET Q q 0 0 0 rg BT 557.35 174.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (code ) Tj ET Q q 0 0 0 rg BT 72.51 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 83.95 162.15 Td (ethics. ) Tj ET Q q 0 0 0 rg BT 113.76 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 116.46 162.15 Td (Similarly) Tj ET Q q 0 0 0 rg BT 154.86 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 160.18 162.15 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 192.04 162.15 Td (2 ) Tj ET Q q 0 0 0 rg BT 199.99 162.15 Td (will ) Tj ET Q q 0 0 0 rg BT 219.02 162.15 Td (contain ) Tj ET Q q 0 0 0 rg BT 252.61 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 259.97 162.15 Td (ban ) Tj ET Q q 0 0 0 rg BT 277.82 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 291.01 162.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 322.27 162.15 Td (advisers ) Tj ET Q q 0 0 0 rg BT 359.37 162.15 Td (recovering ) Tj ET Q q 0 0 0 rg BT 406.96 162.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 464.49 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 482.34 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 506.61 162.15 Td (nonmonetary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 85.65 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 108.48 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 130.14 149.55 Td (managers. ) Tj ET Q q 0 0 0 rg BT 175.24 149.55 Td (These ) Tj ET Q q 0 0 0 rg BT 202.73 149.55 Td (rules, ) Tj ET Q q 0 0 0 rg BT 228.18 149.55 Td (if ) Tj ET Q q 0 0 0 rg BT 237.01 149.55 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 296.87 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 317.36 149.55 Td (lead ) Tj ET Q q 0 0 0 rg BT 337.26 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 347.85 149.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 384.08 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 394.66 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 409.90 149.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 429.22 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 446.80 149.55 Td (commissions ) Tj ET Q q 0 0 0 rg BT 504.05 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 518.71 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 533.95 149.55 Td (able ) Tj ET Q q 0 0 0 rg BT 553.85 149.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (char) Tj ET Q q 0 0 0 rg BT 67.88 136.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 80.41 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 91.21 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 107.83 136.95 Td (clients, ) Tj ET Q q 0 0 0 rg BT 140.49 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 151.86 136.95 Td (well ) Tj ET Q q 0 0 0 rg BT 172.56 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 183.94 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 194.73 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 211.35 136.95 Td (client ) Tj ET Q q 0 0 0 rg BT 237.30 136.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 278.41 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 296.20 136.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 347.24 136.95 Td (models.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 111.75 Td (Existing ) Tj ET Q q 0 0 0 rg BT 124.81 111.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 146.10 111.75 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 86.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.30 86.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 124.94 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.32 86.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 189.52 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 204.31 86.55 Td (registered ) Tj ET Q q 0 0 0 rg BT 247.67 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 258.39 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 306.44 86.55 Td (advisors ) Tj ET Q q 0 0 0 rg BT 343.40 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 364.04 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 378.84 86.55 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 402.69 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 413.40 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 428.19 86.55 Td (several ) Tj ET Q q 0 0 0 rg BT 459.89 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 470.61 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 486.57 86.55 Td (international ) Tj ET Q q 0 0 0 rg BT 541.61 86.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (managers, ) Tj ET Q q 0 0 0 rg BT 95.81 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 113.92 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 129.69 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 149.56 73.95 Td (required ) Tj ET Q q 0 0 0 rg BT 187.49 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 198.61 73.95 Td (make ) Tj ET Q q 0 0 0 rg BT 224.30 73.95 Td (notice ) Tj ET Q q 0 0 0 rg BT 252.91 73.95 Td (filings ) Tj ET Q q 0 0 0 rg BT 282.70 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 293.81 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.33 73.95 Td (states. ) Tj ET Q q 0 0 0 rg BT 354.02 73.95 Td (W) Tj ET Q q 0 0 0 rg BT 363.09 73.95 Td (e ) Tj ET Q q 0 0 0 rg BT 370.70 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 388.82 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.33 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 432.03 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 448.98 73.95 Td (af) Tj ET Q q 0 0 0 rg BT 456.95 73.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 488.47 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 504.24 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 524.11 73.95 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 83.81 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 96.04 61.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 142.67 61.35 Td (by ) Tj ET Q q 0 0 0 rg BT 157.24 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 174.13 61.35 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 200.08 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 216.97 61.35 Td (Department ) Tj ET Q q 0 0 0 rg BT 270.60 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 283.41 61.35 Td (Labor ) Tj ET Q q 0 0 0 rg BT 312.55 61.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 332.93 61.35 Td (�DOL�\), ) Tj ET Q q 0 0 0 rg BT 374.02 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 390.91 61.35 Td (Federal ) Tj ET Q q 0 0 0 rg BT 426.46 61.35 Td (Reserve, ) Tj ET Q q 0 0 0 rg BT 466.97 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 483.87 61.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 527.00 61.35 Td (Industry ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 98.24 48.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 141.11 48.75 Td (\(�FINRA�\), ) Tj ET Q q 0 0 0 rg BT 193.58 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.44 48.75 Td (National ) Tj ET Q q 0 0 0 rg BT 246.63 48.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 279.72 48.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 331.33 48.75 Td (\(�NF) Tj ET Q q 0 0 0 rg BT 352.13 48.75 Td (A�\), ) Tj ET Q q 0 0 0 rg BT 372.53 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.39 48.75 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 415.68 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.88 48.75 Td (other ) Tj ET Q q 0 0 0 rg BT 456.49 48.75 Td (government ) Tj ET Q q 0 0 0 rg BT 508.67 48.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 546.85 48.75 Td (and ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.09 741.75 Td (bodies. ) Tj ET Q q 0 0 0 rg BT 127.08 741.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 159.93 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.62 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 186.56 741.75 Td (af) Tj ET Q q 0 0 0 rg BT 194.53 741.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 225.05 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 239.81 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 258.67 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 290.35 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.47 741.75 Td (various ) Tj ET Q q 0 0 0 rg BT 333.32 741.75 Td (anti-terrorist ) Tj ET Q q 0 0 0 rg BT 387.75 741.75 Td (financing, ) Tj ET Q q 0 0 0 rg BT 431.97 741.75 Td (privacy) Tj ET Q q 0 0 0 rg BT 462.77 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 467.34 741.75 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 517.11 741.75 Td (laundering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 99.28 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 117.07 729.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 160.51 729.15 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 202.21 729.15 Td (laws ) Tj ET Q q 0 0 0 rg BT 224.09 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 241.87 729.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 291.15 729.15 Td (established ) Tj ET Q q 0 0 0 rg BT 340.44 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 353.56 729.15 Td (various ) Tj ET Q q 0 0 0 rg BT 387.10 729.15 Td (agencies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 88.63 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 105.86 703.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 155.27 703.95 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 195.35 703.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 214.05 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 226.33 703.95 Td (1940 ) Tj ET Q q 0 0 0 rg BT 250.86 703.95 Td (imposes ) Tj ET Q q 0 0 0 rg BT 288.82 703.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 333.76 703.95 Td (obligations ) Tj ET Q q 0 0 0 rg BT 383.96 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 397.99 703.95 Td (registered ) Tj ET Q q 0 0 0 rg BT 442.92 703.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.54 703.95 Td (advisers ) Tj ET Q q 0 0 0 rg BT 530.48 703.95 Td (such ) Tj ET Q q 0 0 0 rg BT 553.26 703.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.89 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 93.97 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 111.29 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 135.03 691.35 Td (managers, ) Tj ET Q q 0 0 0 rg BT 181.22 691.35 Td (including ) Tj ET Q q 0 0 0 rg BT 224.21 691.35 Td (record-keeping, ) Tj ET Q q 0 0 0 rg BT 293.71 691.35 Td (operational ) Tj ET Q q 0 0 0 rg BT 344.27 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 362.76 691.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 408.66 691.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 469.43 691.35 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 515.33 691.35 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.35 678.75 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 120.29 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 132.98 678.75 Td (fraudulent ) Tj ET Q q 0 0 0 rg BT 178.31 678.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 220.88 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 239.39 678.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 288.23 678.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 330.77 678.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 348.12 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 359.05 678.75 Td (1940 ) Tj ET Q q 0 0 0 rg BT 382.24 678.75 Td (imposes ) Tj ET Q q 0 0 0 rg BT 418.85 678.75 Td (stringent ) Tj ET Q q 0 0 0 rg BT 457.78 678.75 Td (governance, ) Tj ET Q q 0 0 0 rg BT 510.98 678.75 Td (compliance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (operational, ) Tj ET Q q 0 0 0 rg BT 104.18 666.15 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 151.09 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 170.57 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 203.46 666.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 254.46 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 269.29 666.15 Td (registered ) Tj ET Q q 0 0 0 rg BT 315.01 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 365.41 666.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 414.64 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 434.13 666.15 Td (their ) Tj ET Q q 0 0 0 rg BT 457.70 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.11 666.15 Td (advisers ) Tj ET Q q 0 0 0 rg BT 546.84 666.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 102.71 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 121.46 653.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 143.15 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 152.58 653.55 Td (authorized ) Tj ET Q q 0 0 0 rg BT 199.32 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 209.91 653.55 Td (institute ) Tj ET Q q 0 0 0 rg BT 246.17 653.55 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 299.33 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 316.92 653.55 Td (impose ) Tj ET Q q 0 0 0 rg BT 349.67 653.55 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 391.18 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 405.85 653.55 Td (violations ) Tj ET Q q 0 0 0 rg BT 449.69 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 460.87 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 476.12 653.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 524.67 653.55 Td (Advisers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 68.50 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 80.58 640.95 Td (1940 ) Tj ET Q q 0 0 0 rg BT 104.92 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.41 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 139.58 640.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 189.57 640.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.00 640.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 251.50 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 263.58 640.95 Td (1940, ) Tj ET Q q 0 0 0 rg BT 290.55 640.95 Td (ranging ) Tj ET Q q 0 0 0 rg BT 325.96 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 349.70 640.95 Td (fines ) Tj ET Q q 0 0 0 rg BT 373.45 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 391.95 640.95 Td (censure ) Tj ET Q q 0 0 0 rg BT 427.35 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 438.85 640.95 Td (termination ) Tj ET Q q 0 0 0 rg BT 490.60 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 502.68 640.95 Td (an ) Tj ET Q q 0 0 0 rg BT 515.93 640.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (adviser) Tj ET Q q 0 0 0 rg BT 80.71 628.35 Td (�) Tj ET Q q 0 0 0 rg BT 83.63 628.35 Td (s ) Tj ET Q q 0 0 0 rg BT 90.14 628.35 Td (registration. ) Tj ET Q q 0 0 0 rg BT 143.02 628.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 192.10 628.35 Td (advisers ) Tj ET Q q 0 0 0 rg BT 228.94 628.35 Td (also ) Tj ET Q q 0 0 0 rg BT 248.28 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 263.53 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 295.70 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 306.30 628.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 337.29 628.35 Td (state ) Tj ET Q q 0 0 0 rg BT 358.96 628.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 401.04 628.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 422.72 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 440.31 628.35 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 492.02 628.35 Td (Non-compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 71.45 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.06 615.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.88 615.75 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 175.38 615.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 193.32 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.85 615.75 Td (1940, ) Tj ET Q q 0 0 0 rg BT 231.26 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.87 615.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 296.31 615.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.31 615.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 357.25 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.78 615.75 Td (1940 ) Tj ET Q q 0 0 0 rg BT 392.56 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 404.08 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 428.44 615.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 460.36 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.31 615.75 Td (state ) Tj ET Q q 0 0 0 rg BT 500.33 615.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 542.77 615.75 Td (laws ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 603.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 117.07 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 143.02 603.15 Td (result ) Tj ET Q q 0 0 0 rg BT 168.97 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 179.77 603.15 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 243.35 603.15 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 287.68 603.15 Td (disgor) Tj ET Q q 0 0 0 rg BT 313.74 603.15 Td (gement, ) Tj ET Q q 0 0 0 rg BT 349.89 603.15 Td (fines ) Tj ET Q q 0 0 0 rg BT 372.93 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 390.72 603.15 Td (reputational ) Tj ET Q q 0 0 0 rg BT 443.49 603.15 Td (damage.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 577.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.00 577.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 137.41 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 155.25 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.00 577.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 244.57 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 259.49 577.95 Td (client ) Tj ET Q q 0 0 0 rg BT 285.48 577.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 324.89 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 340.38 577.95 Td (regulated ) Tj ET Q q 0 0 0 rg BT 382.11 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 408.69 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.19 577.95 Td (Securities ) Tj ET Q q 0 0 0 rg BT 468.27 577.95 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 511.75 577.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 529.58 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 541.00 577.95 Td (1934 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 67.76 565.35 Td (�Exchange ) Tj ET Q q 0 0 0 rg BT 114.94 565.35 Td (Act�\), ) Tj ET Q q 0 0 0 rg BT 142.32 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 152.50 565.35 Td (well ) Tj ET Q q 0 0 0 rg BT 172.02 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 182.20 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 196.47 565.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 218.32 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 228.50 565.35 Td (various ) Tj ET Q q 0 0 0 rg BT 260.85 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 280.96 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 297.55 565.35 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 336.91 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 378.00 565.35 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 423.17 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 439.77 565.35 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 503.01 565.35 Td (or) Tj ET Q q 0 0 0 rg BT 511.57 565.35 Td (ganizations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (including ) Tj ET Q q 0 0 0 rg BT 91.74 552.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 113.07 552.75 Td (governing ) Tj ET Q q 0 0 0 rg BT 157.72 552.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 189.54 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 202.12 552.75 Td (inside ) Tj ET Q q 0 0 0 rg BT 229.28 552.75 Td (information, ) Tj ET Q q 0 0 0 rg BT 283.56 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 314.79 552.75 Td (manipulation ) Tj ET Q q 0 0 0 rg BT 372.28 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.52 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 396.26 552.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 422.25 552.75 Td (number ) Tj ET Q q 0 0 0 rg BT 456.40 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 467.23 552.75 Td (technical ) Tj ET Q q 0 0 0 rg BT 507.20 552.75 Td (requirements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 99.56 540.15 Td (regulation ) Tj ET Q q 0 0 0 rg BT 144.76 540.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 180.04 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 190.84 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 206.29 540.15 Td (United ) Tj ET Q q 0 0 0 rg BT 237.49 540.15 Td (States ) Tj ET Q q 0 0 0 rg BT 265.20 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 282.99 540.15 Td (globally) Tj ET Q q 0 0 0 rg BT 316.72 540.15 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 514.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.07 514.95 Td (broker) Tj ET Q q 0 0 0 rg BT 132.26 514.95 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 164.14 514.95 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 216.46 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 232.01 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 264.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 275.40 514.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 324.79 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 343.28 514.95 Td (cover ) Tj ET Q q 0 0 0 rg BT 369.33 514.95 Td (all ) Tj ET Q q 0 0 0 rg BT 382.57 514.95 Td (aspects ) Tj ET Q q 0 0 0 rg BT 415.63 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 427.11 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.68 514.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 485.07 514.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 526.02 514.95 Td (Much ) Tj ET Q q 0 0 0 rg BT 553.25 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.21 502.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 108.17 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 118.30 502.35 Td (broker) Tj ET Q q 0 0 0 rg BT 145.50 502.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 180.11 502.35 Td (has ) Tj ET Q q 0 0 0 rg BT 195.49 502.35 Td (been ) Tj ET Q q 0 0 0 rg BT 216.70 502.35 Td (delegated ) Tj ET Q q 0 0 0 rg BT 258.31 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 267.87 502.35 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 331.06 502.35 Td (or) Tj ET Q q 0 0 0 rg BT 339.62 502.35 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 391.45 502.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 438.32 502.35 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 473.74 502.35 Td (These ) Tj ET Q q 0 0 0 rg BT 500.20 502.35 Td (self-regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (or) Tj ET Q q 0 0 0 rg BT 58.56 489.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 108.66 489.75 Td (have ) Tj ET Q q 0 0 0 rg BT 130.77 489.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 166.29 489.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 208.23 489.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 253.66 489.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 310.76 489.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 345.11 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.57 489.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 388.76 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 410.29 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 421.32 489.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 444.02 489.75 Td (practices, ) Tj ET Q q 0 0 0 rg BT 486.23 489.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 546.84 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (disclosure, ) Tj ET Q q 0 0 0 rg BT 98.11 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 116.19 477.15 Td (conduct ) Tj ET Q q 0 0 0 rg BT 152.34 477.15 Td (periodic ) Tj ET Q q 0 0 0 rg BT 189.65 477.15 Td (examinations ) Tj ET Q q 0 0 0 rg BT 248.55 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 260.21 477.15 Td (member ) Tj ET Q q 0 0 0 rg BT 297.53 477.15 Td (broker) Tj ET Q q 0 0 0 rg BT 324.72 477.15 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 360.86 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 371.94 477.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 422.06 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 443.64 477.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 466.97 477.15 Td (they ) Tj ET Q q 0 0 0 rg BT 487.96 477.15 Td (have ) Tj ET Q q 0 0 0 rg BT 510.69 477.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 546.84 477.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (amended ) Tj ET Q q 0 0 0 rg BT 91.16 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 114.84 464.55 Td (time ) Tj ET Q q 0 0 0 rg BT 136.77 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 148.20 464.55 Td (time, ) Tj ET Q q 0 0 0 rg BT 172.75 464.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 205.76 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 217.19 464.55 Td (approval ) Tj ET Q q 0 0 0 rg BT 257.19 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 270.96 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 287.05 464.55 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 311.96 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 331.55 464.55 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 356.70 464.55 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 421.77 464.55 Td (or) Tj ET Q q 0 0 0 rg BT 430.33 464.55 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 481.41 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 499.84 464.55 Td (state ) Tj ET Q q 0 0 0 rg BT 522.34 464.55 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 107.33 451.95 Td (may ) Tj ET Q q 0 0 0 rg BT 127.90 451.95 Td (conduct ) Tj ET Q q 0 0 0 rg BT 163.62 451.95 Td (administrative ) Tj ET Q q 0 0 0 rg BT 226.18 451.95 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 279.41 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 297.64 451.95 Td (can ) Tj ET Q q 0 0 0 rg BT 314.70 451.95 Td (result ) Tj ET Q q 0 0 0 rg BT 340.52 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 351.18 451.95 Td (censure, ) Tj ET Q q 0 0 0 rg BT 388.35 451.95 Td (fine, ) Tj ET Q q 0 0 0 rg BT 409.79 451.95 Td (suspension ) Tj ET Q q 0 0 0 rg BT 458.37 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 469.61 451.95 Td (expulsion ) Tj ET Q q 0 0 0 rg BT 512.93 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 524.16 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 531.31 451.95 Td (broker) Tj ET Q q 0 0 0 rg BT 558.51 451.95 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (dealer) Tj ET Q q 0 0 0 rg BT 75.23 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 80.27 439.35 Td (its ) Tj ET Q q 0 0 0 rg BT 92.62 439.35 Td (of) Tj ET Q q 0 0 0 rg BT 101.18 439.35 Td (ficers ) Tj ET Q q 0 0 0 rg BT 126.92 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 138.09 439.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 181.91 439.35 Td (employees. ) Tj ET Q q 0 0 0 rg BT 231.69 439.35 Td (These ) Tj ET Q q 0 0 0 rg BT 259.18 439.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 321.68 439.35 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 377.46 439.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 413.70 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 424.87 439.35 Td (not ) Tj ET Q q 0 0 0 rg BT 440.71 439.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 479.88 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 490.47 439.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 524.96 439.35 Td (findings, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (can ) Tj ET Q q 0 0 0 rg BT 67.40 426.75 Td (require ) Tj ET Q q 0 0 0 rg BT 99.96 426.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 147.70 426.75 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 204.18 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 222.17 426.75 Td (can ) Tj ET Q q 0 0 0 rg BT 239.56 426.75 Td (have ) Tj ET Q q 0 0 0 rg BT 262.21 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 274.95 426.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 309.84 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 341.25 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 354.57 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.23 426.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 415.63 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 427.20 426.75 Td (business ) Tj ET Q q 0 0 0 rg BT 465.62 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.19 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 484.68 426.75 Td (broker) Tj ET Q q 0 0 0 rg BT 511.87 426.75 Td (-dealer) Tj ET Q q 0 0 0 rg BT 540.44 426.75 Td (. ) Tj ET Q q 0 0 0 rg BT 545.69 426.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 89.58 414.15 Td (purpose ) Tj ET Q q 0 0 0 rg BT 125.08 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 136.09 414.15 Td (regulation ) Tj ET Q q 0 0 0 rg BT 180.92 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 198.34 414.15 Td (discipline ) Tj ET Q q 0 0 0 rg BT 241.43 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 252.43 414.15 Td (broker) Tj ET Q q 0 0 0 rg BT 279.63 414.15 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 315.12 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 324.38 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 339.47 414.15 Td (protection ) Tj ET Q q 0 0 0 rg BT 384.30 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.30 414.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 424.97 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 442.40 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 457.48 414.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.40 414.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 537.52 414.15 Td (rather ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (than ) Tj ET Q q 0 0 0 rg BT 70.70 401.55 Td (protection ) Tj ET Q q 0 0 0 rg BT 115.90 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 127.27 401.55 Td (creditors ) Tj ET Q q 0 0 0 rg BT 166.63 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.42 401.55 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 240.12 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 251.49 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 266.94 401.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 308.63 401.55 Td (entity) Tj ET Q q 0 0 0 rg BT 331.86 401.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 376.35 Td (In ) Tj ET Q q 0 0 0 rg BT 97.44 376.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.18 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 153.88 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.99 376.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.92 376.35 Td (also ) Tj ET Q q 0 0 0 rg BT 239.53 376.35 Td (may ) Tj ET Q q 0 0 0 rg BT 260.31 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 272.91 376.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 305.36 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 316.22 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 331.75 376.35 Td (Employee ) Tj ET Q q 0 0 0 rg BT 377.02 376.35 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 426.37 376.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 460.55 376.35 Td (Security ) Tj ET Q q 0 0 0 rg BT 497.65 376.35 Td (Act ) Tj ET Q q 0 0 0 rg BT 515.50 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 526.95 376.35 Td (1974, ) Tj ET Q q 0 0 0 rg BT 553.27 376.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 90.51 363.75 Td (\(�ERISA�\), ) Tj ET Q q 0 0 0 rg BT 142.39 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 160.16 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 191.33 363.75 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 243.22 363.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 294.23 363.75 Td (insofar ) Tj ET Q q 0 0 0 rg BT 325.99 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.35 363.75 Td (they ) Tj ET Q q 0 0 0 rg BT 358.04 363.75 Td (act ) Tj ET Q q 0 0 0 rg BT 372.88 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 384.24 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.51 363.75 Td (�fiduciary� ) Tj ET Q q 0 0 0 rg BT 441.34 363.75 Td (under ) Tj ET Q q 0 0 0 rg BT 467.85 363.75 Td (ERISA) Tj ET Q q 0 0 0 rg BT 497.61 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.22 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 521.49 363.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 553.83 363.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 80.88 351.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 100.69 351.15 Td (clients. ) Tj ET Q q 0 0 0 rg BT 132.46 351.15 Td (ERISA) Tj ET Q q 0 0 0 rg BT 162.22 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 163.95 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 180.84 351.15 Td (related ) Tj ET Q q 0 0 0 rg BT 211.14 351.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 256.62 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.10 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 281.66 351.15 Td (Internal ) Tj ET Q q 0 0 0 rg BT 316.04 351.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 354.51 351.15 Td (Code ) Tj ET Q q 0 0 0 rg BT 378.40 351.15 Td (impose ) Tj ET Q q 0 0 0 rg BT 410.47 351.15 Td (duties ) Tj ET Q q 0 0 0 rg BT 437.28 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 449.51 351.15 Td (persons ) Tj ET Q q 0 0 0 rg BT 483.32 351.15 Td (who ) Tj ET Q q 0 0 0 rg BT 503.14 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 517.69 351.15 Td (fiduciaries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (under ) Tj ET Q q 0 0 0 rg BT 76.80 338.55 Td (ERISA, ) Tj ET Q q 0 0 0 rg BT 112.66 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 130.72 338.55 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 166.86 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 198.32 338.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 251.37 338.55 Td (involving ) Tj ET Q q 0 0 0 rg BT 294.52 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 310.24 338.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.63 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 349.28 338.55 Td (ERISA) Tj ET Q q 0 0 0 rg BT 379.03 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 381.93 338.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 402.90 338.55 Td (clients ) Tj ET Q q 0 0 0 rg BT 433.21 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 451.26 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 482.72 338.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 535.77 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 338.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (fiduciaries ) Tj ET Q q 0 0 0 rg BT 97.22 325.95 Td (\(and ) Tj ET Q q 0 0 0 rg BT 118.77 325.95 Td (several ) Tj ET Q q 0 0 0 rg BT 151.41 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 175.89 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 207.35 325.95 Td (parties\) ) Tj ET Q q 0 0 0 rg BT 241.74 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 252.81 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 268.54 325.95 Td (plans. ) Tj ET Q q 0 0 0 rg BT 296.02 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 315.25 325.95 Td (Department ) Tj ET Q q 0 0 0 rg BT 367.71 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.36 325.95 Td (Labor) Tj ET Q q 0 0 0 rg BT 404.01 325.95 Td (, ) Tj ET Q q 0 0 0 rg BT 409.54 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 438.10 325.95 Td (administers ) Tj ET Q q 0 0 0 rg BT 489.41 325.95 Td (ERISA, ) Tj ET Q q 0 0 0 rg BT 525.28 325.95 Td (has ) Tj ET Q q 0 0 0 rg BT 542.18 325.95 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 104.13 313.35 Td (active ) Tj ET Q q 0 0 0 rg BT 132.01 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 142.99 313.35 Td (proposing ) Tj ET Q q 0 0 0 rg BT 187.81 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 205.78 313.35 Td (adopting ) Tj ET Q q 0 0 0 rg BT 245.34 313.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 294.81 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 302.78 313.35 Td (fecting ) Tj ET Q q 0 0 0 rg BT 334.74 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 350.39 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 373.61 313.35 Td (management ) Tj ET Q q 0 0 0 rg BT 430.07 313.35 Td (industry) Tj ET Q q 0 0 0 rg BT 463.81 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 469.24 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 472.06 313.35 Td (On ) Tj ET Q q 0 0 0 rg BT 487.08 313.35 Td (April ) Tj ET Q q 0 0 0 rg BT 512.06 313.35 Td (6, ) Tj ET Q q 0 0 0 rg BT 522.75 313.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 549.19 313.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (Department ) Tj ET Q q 0 0 0 rg BT 103.06 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 115.31 300.75 Td (Labor ) Tj ET Q q 0 0 0 rg BT 143.88 300.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 173.63 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 181.80 300.75 Td (final ) Tj ET Q q 0 0 0 rg BT 204.54 300.75 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 245.94 300.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 265.76 300.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 313.00 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.33 300.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 392.31 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 403.98 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 433.14 300.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 464.04 300.75 Td (furnished ) Tj ET Q q 0 0 0 rg BT 507.19 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 518.86 300.75 Td (retirement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 90.18 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 108.78 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 120.96 288.15 Td (treated ) Tj ET Q q 0 0 0 rg BT 151.78 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 162.79 288.15 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 202.96 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 213.39 288.15 Td (nature ) Tj ET Q q 0 0 0 rg BT 241.89 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 252.90 288.15 Td (well ) Tj ET Q q 0 0 0 rg BT 273.25 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 284.26 288.15 Td (related ) Tj ET Q q 0 0 0 rg BT 315.09 288.15 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 360.51 288.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 408.84 288.15 Td (class ) Tj ET Q q 0 0 0 rg BT 431.52 288.15 Td (exemptions. ) Tj ET Q q 0 0 0 rg BT 484.82 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 486.92 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 505.51 288.15 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 545.67 288.15 Td (rule ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 275.55 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 117.54 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 132.35 275.55 Td (focused ) Tj ET Q q 0 0 0 rg BT 166.99 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 179.48 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.19 275.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 280.24 275.55 Td (who ) Tj ET Q q 0 0 0 rg BT 300.31 275.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 334.37 275.55 Td (advice ) Tj ET Q q 0 0 0 rg BT 363.76 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 373.91 275.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 426.07 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 443.22 275.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 466.77 275.55 Td (retirement ) Tj ET Q q 0 0 0 rg BT 511.91 275.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 531.97 275.55 Td (clients, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 93.00 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 109.17 262.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 157.42 262.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 208.60 262.95 Td (who ) Tj ET Q q 0 0 0 rg BT 230.02 262.95 Td (market ) Tj ET Q q 0 0 0 rg BT 262.51 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 281.02 262.95 Td (sell ) Tj ET Q q 0 0 0 rg BT 298.94 262.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 323.85 262.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 355.78 262.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 384.80 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 403.30 262.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 449.20 262.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 490.44 262.95 Td (account ) Tj ET Q q 0 0 0 rg BT 526.43 262.95 Td (program ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 89.28 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 107.27 250.35 Td (mandate ) Tj ET Q q 0 0 0 rg BT 145.67 250.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 188.14 250.35 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 233.55 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 245.13 250.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.70 250.35 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 341.17 250.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 402.33 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 420.32 250.35 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 466.32 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 477.90 250.35 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 516.89 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 528.46 250.35 Td (interest. ) Tj ET Q q 0 0 0 rg BT 564.62 250.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.33 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.08 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 100.67 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.68 237.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 166.51 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 187.18 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 199.69 237.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 242.52 237.75 Td (impacted ) Tj ET Q q 0 0 0 rg BT 283.60 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 296.69 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.12 237.75 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 352.61 237.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 371.53 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.29 237.75 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 440.30 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 451.06 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.48 237.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 494.73 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 513.08 237.75 Td (they ) Tj ET Q q 0 0 0 rg BT 533.75 237.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 553.83 237.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.78 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 97.90 225.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.59 225.15 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 194.20 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 212.31 225.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 258.42 225.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 279.46 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 328.49 225.15 Td (preferences ) Tj ET Q q 0 0 0 rg BT 379.83 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 397.95 225.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 440.55 225.15 Td (pressure ) Tj ET Q q 0 0 0 rg BT 478.50 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 491.95 225.15 Td (product ) Tj ET Q q 0 0 0 rg BT 526.99 225.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 546.85 225.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (expenses.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 187.35 Td (Existing ) Tj ET Q q 0 0 0 rg BT 124.81 187.35 Td (International ) Tj ET Q q 0 0 0 rg BT 185.21 187.35 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 162.15 Td (In ) Tj ET Q q 0 0 0 rg BT 99.56 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 118.38 162.15 Td (international ) Tj ET Q q 0 0 0 rg BT 176.26 162.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 219.29 162.15 Td (we ) Tj ET Q q 0 0 0 rg BT 236.35 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 260.98 162.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.05 162.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 346.13 162.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 371.36 162.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 432.45 162.15 Td (broker) Tj ET Q q 0 0 0 rg BT 459.64 162.15 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 493.60 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 513.58 162.15 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 104.17 149.55 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 150.74 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 163.50 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 172.75 149.55 Td (number ) Tj ET Q q 0 0 0 rg BT 209.41 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 222.74 149.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 281.87 149.55 Td (including ) Tj ET Q q 0 0 0 rg BT 325.11 149.55 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 370.81 149.55 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 403.68 149.55 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 434.80 149.55 Td (Hong ) Tj ET Q q 0 0 0 rg BT 462.72 149.55 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 493.26 149.55 Td (Ireland, ) Tj ET Q q 0 0 0 rg BT 530.21 149.55 Td (Poland, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 97.89 136.95 Td (T) Tj ET Q q 0 0 0 rg BT 103.57 136.95 Td (aiwan ) Tj ET Q q 0 0 0 rg BT 131.55 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 149.61 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 165.34 136.95 Td (United ) Tj ET Q q 0 0 0 rg BT 196.82 136.95 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 239.39 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 258.04 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 273.76 136.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 306.40 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 317.47 136.95 Td (extensive ) Tj ET Q q 0 0 0 rg BT 360.03 136.95 Td (regulation ) Tj ET Q q 0 0 0 rg BT 405.50 136.95 Td (under ) Tj ET Q q 0 0 0 rg BT 432.31 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 448.04 136.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 470.19 136.95 Td (of, ) Tj ET Q q 0 0 0 rg BT 484.46 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 502.52 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 513.59 136.95 Td (supervision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (by) Tj ET Q q 0 0 0 rg BT 59.82 124.35 Td (, ) Tj ET Q q 0 0 0 rg BT 65.25 124.35 Td (governmental ) Tj ET Q q 0 0 0 rg BT 125.79 124.35 Td (authorities ) Tj ET Q q 0 0 0 rg BT 172.92 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 124.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 236.84 124.35 Td (agencies ) Tj ET Q q 0 0 0 rg BT 275.79 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 286.76 124.35 Td (each ) Tj ET Q q 0 0 0 rg BT 308.80 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.35 124.35 Td (these ) Tj ET Q q 0 0 0 rg BT 344.73 124.35 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 402.08 124.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 421.22 124.35 Td (international ) Tj ET Q q 0 0 0 rg BT 477.09 124.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 529.47 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 545.10 124.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 96.92 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 108.27 111.75 Td (licensed ) Tj ET Q q 0 0 0 rg BT 145.28 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.05 111.75 Td (of) Tj ET Q q 0 0 0 rg BT 164.61 111.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 178.86 111.75 Td (their ) Tj ET Q q 0 0 0 rg BT 200.71 111.75 Td (products ) Tj ET Q q 0 0 0 rg BT 239.48 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.24 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 293.67 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 304.44 111.75 Td (several ) Tj ET Q q 0 0 0 rg BT 336.77 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 360.95 111.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 402.05 111.75 Td (around ) Tj ET Q q 0 0 0 rg BT 433.81 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.24 111.75 Td (world, ) Tj ET Q q 0 0 0 rg BT 478.97 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.73 111.75 Td (thus ) Tj ET Q q 0 0 0 rg BT 516.84 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 532.26 111.75 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 61.44 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 77.55 99.15 Td (laws ) Tj ET Q q 0 0 0 rg BT 100.07 99.15 Td (of, ) Tj ET Q q 0 0 0 rg BT 114.71 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 133.15 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 144.59 99.15 Td (supervision ) Tj ET Q q 0 0 0 rg BT 196.28 99.15 Td (by) Tj ET Q q 0 0 0 rg BT 206.10 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 212.00 99.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 273.01 99.15 Td (authorities ) Tj ET Q q 0 0 0 rg BT 320.61 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 332.05 99.15 Td (these ) Tj ET Q q 0 0 0 rg BT 356.90 99.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 402.16 99.15 Td (countries. ) Tj ET Q q 0 0 0 rg BT 446.55 99.15 Td (In ) Tj ET Q q 0 0 0 rg BT 458.57 99.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 498.89 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 506.82 99.15 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 553.26 99.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 82.24 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 91.73 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 98.89 86.55 Td (Bahamas ) Tj ET Q q 0 0 0 rg BT 139.87 86.55 Td (bank ) Tj ET Q q 0 0 0 rg BT 162.77 86.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 204.33 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 217.32 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 232.64 86.55 Td (Central ) Tj ET Q q 0 0 0 rg BT 266.04 86.55 Td (Bank ) Tj ET Q q 0 0 0 rg BT 290.70 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 301.94 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 317.26 86.55 Td (Bahamas. ) Tj ET Q q 0 0 0 rg BT 360.87 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 372.11 86.55 Td (some ) Tj ET Q q 0 0 0 rg BT 396.77 86.55 Td (instances, ) Tj ET Q q 0 0 0 rg BT 440.37 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 456.86 86.55 Td (international ) Tj ET Q q 0 0 0 rg BT 512.42 86.55 Td (subsidiaries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 66.08 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 86.26 73.95 Td (af) Tj ET Q q 0 0 0 rg BT 94.23 73.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 123.14 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 136.91 73.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 158.85 73.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 181.36 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 199.79 73.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 249.71 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 268.72 73.95 Td (have ) Tj ET Q q 0 0 0 rg BT 291.81 73.95 Td (extra-territorial ) Tj ET Q q 0 0 0 rg BT 359.21 73.95 Td (application. ) Tj ET Q q 0 0 0 rg BT 411.75 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 415.02 73.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 434.61 73.95 Td (of) Tj ET Q q 0 0 0 rg BT 443.17 73.95 Td (fshore ) Tj ET Q q 0 0 0 rg BT 472.68 73.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 522.59 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.19 73.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.90 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.22 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 107.21 61.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 128.61 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 145.93 61.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 191.23 61.35 Td (bodies ) Tj ET Q q 0 0 0 rg BT 220.80 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 231.70 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 246.69 61.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 300.76 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 311.08 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 338.90 61.35 Td (they ) Tj ET Q q 0 0 0 rg BT 359.13 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 374.11 61.35 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 418.25 61.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 438.20 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 452.60 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 478.08 61.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 502.99 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 515.65 61.35 Td (exchanges, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.02 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.69 48.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 96.95 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.55 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.22 48.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 167.22 48.75 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 215.42 48.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 248.17 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.77 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 274.61 48.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 299.79 48.75 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 343.63 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.65 48.75 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 385.23 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 399.89 48.75 Td (also ) Tj ET Q q 0 0 0 rg BT 418.66 48.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 461.90 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 475.99 48.75 Td (public ) Tj ET Q q 0 0 0 rg BT 504.09 48.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 522.26 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 532.27 48.75 Td (several ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 90.32 741.75 Td (around ) Tj ET Q q 0 0 0 rg BT 121.31 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.97 741.75 Td (world ) Tj ET Q q 0 0 0 rg BT 162.29 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 179.29 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 193.93 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 225.51 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 235.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.16 741.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 271.24 741.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 284.44 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 301.44 741.75 Td (supervision ) Tj ET Q q 0 0 0 rg BT 351.68 741.75 Td (by) Tj ET Q q 0 0 0 rg BT 361.50 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 365.95 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 380.61 741.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 440.17 741.75 Td (authorities ) Tj ET Q q 0 0 0 rg BT 486.33 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.91 741.75 Td (those ) Tj ET Q q 0 0 0 rg BT 520.90 741.75 Td (countries. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (All ) Tj ET Q q 0 0 0 rg BT 65.42 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 99.73 729.15 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 139.65 729.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 199.38 729.15 Td (authorities ) Tj ET Q q 0 0 0 rg BT 245.70 729.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 286.76 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 308.58 729.15 Td (broad ) Tj ET Q q 0 0 0 rg BT 334.48 729.15 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 385.47 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 402.63 729.15 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 454.20 729.15 Td (powers, ) Tj ET Q q 0 0 0 rg BT 489.15 729.15 Td (including, ) Tj ET Q q 0 0 0 rg BT 533.43 729.15 Td (among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (others, ) Tj ET Q q 0 0 0 rg BT 80.82 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 96.19 716.55 Td (power ) Tj ET Q q 0 0 0 rg BT 124.97 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 135.67 716.55 Td (set ) Tj ET Q q 0 0 0 rg BT 149.88 716.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 193.25 716.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 223.77 716.55 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 283.75 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 294.46 716.55 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 345.98 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 357.26 716.55 Td (permanently ) Tj ET Q q 0 0 0 rg BT 412.28 716.55 Td (revoke ) Tj ET Q q 0 0 0 rg BT 443.39 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 458.76 716.55 Td (authorization ) Tj ET Q q 0 0 0 rg BT 516.69 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 527.40 716.55 Td (carry ) Tj ET Q q 0 0 0 rg BT 551.50 716.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (regulated ) Tj ET Q q 0 0 0 rg BT 91.81 703.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 132.76 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 143.67 703.95 Td (suspend ) Tj ET Q q 0 0 0 rg BT 180.25 703.95 Td (registered ) Tj ET Q q 0 0 0 rg BT 224.39 703.95 Td (employees, ) Tj ET Q q 0 0 0 rg BT 274.66 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 292.56 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 303.48 703.95 Td (invoke ) Tj ET Q q 0 0 0 rg BT 334.80 703.95 Td (censures ) Tj ET Q q 0 0 0 rg BT 373.69 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 391.59 703.95 Td (fines ) Tj ET Q q 0 0 0 rg BT 414.75 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 429.74 703.95 Td (both ) Tj ET Q q 0 0 0 rg BT 451.15 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 466.72 703.95 Td (regulated ) Tj ET Q q 0 0 0 rg BT 508.52 703.95 Td (business ) Tj ET Q q 0 0 0 rg BT 546.85 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 62.55 691.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 106.57 691.35 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 106.09 666.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 148.94 666.15 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 187.46 666.15 Td (Authority ) Tj ET Q q 0 0 0 rg BT 232.06 666.15 Td (\(�FCA�\) ) Tj ET Q q 0 0 0 rg BT 272.57 666.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 314.24 666.15 Td (regulates ) Tj ET Q q 0 0 0 rg BT 355.91 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.24 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 400.76 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 418.52 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 426.49 666.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 458.83 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 470.77 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 487.37 666.15 Td (United ) Tj ET Q q 0 0 0 rg BT 519.72 666.15 Td (Kingdom. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Authorization ) Tj ET Q q 0 0 0 rg BT 111.30 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 124.79 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.60 653.55 Td (FCA) Tj ET Q q 0 0 0 rg BT 160.44 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 163.43 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 173.41 653.55 Td (required ) Tj ET Q q 0 0 0 rg BT 211.38 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 222.53 653.55 Td (conduct ) Tj ET Q q 0 0 0 rg BT 258.75 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 290.29 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.01 653.55 Td (services ) Tj ET Q q 0 0 0 rg BT 366.81 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 398.35 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 436.92 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 448.07 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 463.88 653.55 Td (United ) Tj ET Q q 0 0 0 rg BT 495.44 653.55 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 538.10 653.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.70 640.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.65 640.95 Td (Services ) Tj ET Q q 0 0 0 rg BT 143.10 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 160.13 640.95 Td (Markets ) Tj ET Q q 0 0 0 rg BT 196.00 640.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 213.04 640.95 Td (2000. ) Tj ET Q q 0 0 0 rg BT 238.40 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 256.60 640.95 Td (FCA) Tj ET Q q 0 0 0 rg BT 275.86 640.95 Td (�) Tj ET Q q 0 0 0 rg BT 278.78 640.95 Td (s ) Tj ET Q q 0 0 0 rg BT 284.74 640.95 Td (rules ) Tj ET Q q 0 0 0 rg BT 307.02 640.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 342.14 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 367.92 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 385.12 640.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 402.16 640.95 Td (govern ) Tj ET Q q 0 0 0 rg BT 433.19 640.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 463.05 640.95 Td (resources ) Tj ET Q q 0 0 0 rg BT 504.57 640.95 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (senior ) Tj ET Q q 0 0 0 rg BT 77.41 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 132.81 628.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 193.75 628.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 228.74 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.24 628.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 279.21 628.35 Td (interaction ) Tj ET Q q 0 0 0 rg BT 325.86 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 346.28 628.35 Td (clients, ) Tj ET Q q 0 0 0 rg BT 378.07 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 394.98 628.35 Td (systems ) Tj ET Q q 0 0 0 rg BT 429.99 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 446.90 628.35 Td (controls. ) Tj ET Q q 0 0 0 rg BT 484.99 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 503.06 628.35 Td (FCA) Tj ET Q q 0 0 0 rg BT 522.91 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 524.66 628.35 Td (monitors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.81 615.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 116.02 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 136.50 615.75 Td (its ) Tj ET Q q 0 0 0 rg BT 148.23 615.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 204.86 615.75 Td (through ) Tj ET Q q 0 0 0 rg BT 239.33 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 245.81 615.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 300.11 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 310.67 615.75 Td (proactive ) Tj ET Q q 0 0 0 rg BT 351.55 615.75 Td (engagement, ) Tj ET Q q 0 0 0 rg BT 406.71 615.75 Td (event-driven ) Tj ET Q q 0 0 0 rg BT 461.58 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.56 615.75 Td (reactive ) Tj ET Q q 0 0 0 rg BT 513.59 615.75 Td (supervision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 603.15 Td (thematic ) Tj ET Q q 0 0 0 rg BT 106.56 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 133.10 603.15 Td (reviews. ) Tj ET Q q 0 0 0 rg BT 171.00 603.15 Td (Breaches ) Tj ET Q q 0 0 0 rg BT 212.10 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 223.48 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 238.93 603.15 Td (FCA) Tj ET Q q 0 0 0 rg BT 258.19 603.15 Td (�) Tj ET Q q 0 0 0 rg BT 261.11 603.15 Td (s ) Tj ET Q q 0 0 0 rg BT 267.82 603.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 290.86 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 311.56 603.15 Td (result ) Tj ET Q q 0 0 0 rg BT 337.51 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 348.31 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 355.59 603.15 Td (wide ) Tj ET Q q 0 0 0 rg BT 378.63 603.15 Td (range ) Tj ET Q q 0 0 0 rg BT 404.57 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 415.94 603.15 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 468.14 603.15 Td (actions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 97.33 577.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.96 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 168.11 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.45 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 196.03 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 204.00 577.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 235.16 577.95 Td (must ) Tj ET Q q 0 0 0 rg BT 258.17 577.95 Td (comply ) Tj ET Q q 0 0 0 rg BT 292.25 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 313.51 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 328.93 577.95 Td (pan-European ) Tj ET Q q 0 0 0 rg BT 390.40 577.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 436.14 577.95 Td (regime ) Tj ET Q q 0 0 0 rg BT 467.88 577.95 Td (established ) Tj ET Q q 0 0 0 rg BT 517.13 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 530.21 577.95 Td (MiFID, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 78.21 565.35 Td (became ) Tj ET Q q 0 0 0 rg BT 112.81 565.35 Td (ef) Tj ET Q q 0 0 0 rg BT 120.78 565.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 151.89 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 164.93 565.35 Td (November ) Tj ET Q q 0 0 0 rg BT 211.79 565.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 222.21 565.35 Td (2007 ) Tj ET Q q 0 0 0 rg BT 245.76 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 263.46 565.35 Td (regulates ) Tj ET Q q 0 0 0 rg BT 303.91 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 319.28 565.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 361.49 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 372.78 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 421.40 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 457.77 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 475.47 565.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 515.92 565.35 Td (throughout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.60 552.75 Td (wider ) Tj ET Q q 0 0 0 rg BT 92.27 552.75 Td (EEA. ) Tj ET Q q 0 0 0 rg BT 118.07 552.75 Td (MiFID, ) Tj ET Q q 0 0 0 rg BT 152.64 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.23 552.75 Td (scope ) Tj ET Q q 0 0 0 rg BT 194.91 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.42 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 234.85 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.62 552.75 Td (being ) Tj ET Q q 0 0 0 rg BT 270.72 552.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 313.13 552.75 Td (through ) Tj ET Q q 0 0 0 rg BT 348.56 552.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 380.50 552.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 391.14 552.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 409.66 552.75 Td (out ) Tj ET Q q 0 0 0 rg BT 425.84 552.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 461.84 552.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 519.43 552.75 Td (governing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 66.05 540.15 Td (or) Tj ET Q q 0 0 0 rg BT 74.60 540.15 Td (ganization ) Tj ET Q q 0 0 0 rg BT 121.56 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 139.94 540.15 Td (conduct ) Tj ET Q q 0 0 0 rg BT 176.39 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 188.36 540.15 Td (business ) Tj ET Q q 0 0 0 rg BT 227.16 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 239.13 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.42 540.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 313.81 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.19 540.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 374.47 540.15 Td (markets. ) Tj ET Q q 0 0 0 rg BT 413.55 540.15 Td (It ) Tj ET Q q 0 0 0 rg BT 423.18 540.15 Td (also ) Tj ET Q q 0 0 0 rg BT 443.31 540.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 481.53 540.15 Td (pre- ) Tj ET Q q 0 0 0 rg BT 501.65 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 520.03 540.15 Td (post-trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (transparency ) Tj ET Q q 0 0 0 rg BT 106.26 527.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 163.70 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 178.57 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 207.44 527.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 243.31 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 261.09 527.55 Td (extensive ) Tj ET Q q 0 0 0 rg BT 303.37 527.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 352.06 527.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 393.18 527.55 Td (requirements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 120.92 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 133.68 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 151.69 502.35 Td (af) Tj ET Q q 0 0 0 rg BT 159.66 502.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 192.25 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 209.08 502.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 242.84 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 255.02 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 268.94 502.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 286.95 502.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 333.54 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 348.05 502.35 Td (OTC ) Tj ET Q q 0 0 0 rg BT 373.07 502.35 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 425.77 502.35 Td (central ) Tj ET Q q 0 0 0 rg BT 458.35 502.35 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 521.84 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 541.02 502.35 Td (trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (repositories, ) Tj ET Q q 0 0 0 rg BT 103.67 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 131.38 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 149.76 489.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 185.05 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.81 489.75 Td (August ) Tj ET Q q 0 0 0 rg BT 227.20 489.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 250.25 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.46 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 295.18 489.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 331.04 489.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 343.01 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.88 489.75 Td (central ) Tj ET Q q 0 0 0 rg BT 388.50 489.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 424.36 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.16 489.75 Td (standardized ) Tj ET Q q 0 0 0 rg BT 490.27 489.75 Td (OTC ) Tj ET Q q 0 0 0 rg BT 513.32 489.75 Td (derivatives, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 66.62 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 83.24 477.15 Td (application ) Tj ET Q q 0 0 0 rg BT 133.68 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 146.21 477.15 Td (risk-mitigation ) Tj ET Q q 0 0 0 rg BT 212.42 477.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 261.11 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 273.07 477.15 Td (non-centrally ) Tj ET Q q 0 0 0 rg BT 332.84 477.15 Td (cleared ) Tj ET Q q 0 0 0 rg BT 366.93 477.15 Td (OTC ) Tj ET Q q 0 0 0 rg BT 391.72 477.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 441.58 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.53 477.15 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 480.07 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 496.69 477.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 538.96 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 551.50 477.15 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 94.61 464.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 135.13 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 158.17 464.55 Td (February ) Tj ET Q q 0 0 0 rg BT 198.70 464.55 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 439.35 Td (In ) Tj ET Q q 0 0 0 rg BT 95.79 439.35 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 138.25 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 153.59 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 161.56 439.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 191.48 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 205.64 439.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.72 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.23 439.35 Td (various ) Tj ET Q q 0 0 0 rg BT 278.19 439.35 Td (Australian ) Tj ET Q q 0 0 0 rg BT 323.28 439.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 353.76 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 370.27 439.35 Td (state ) Tj ET Q q 0 0 0 rg BT 390.85 439.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 411.44 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 427.95 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 457.85 439.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 508.78 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 522.94 439.35 Td (regulated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 63.34 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 426.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 124.96 426.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 169.20 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.20 426.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 240.78 426.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 296.71 426.75 Td (\(�ASIC�\). ) Tj ET Q q 0 0 0 rg BT 341.79 426.75 Td (ASIC ) Tj ET Q q 0 0 0 rg BT 368.55 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 377.77 426.75 Td (Australia�) Tj ET Q q 0 0 0 rg BT 419.17 426.75 Td (s ) Tj ET Q q 0 0 0 rg BT 426.10 426.75 Td (corporate, ) Tj ET Q q 0 0 0 rg BT 471.20 426.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.28 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.28 426.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (services ) Tj ET Q q 0 0 0 rg BT 86.44 414.15 Td (regulator ) Tj ET Q q 0 0 0 rg BT 126.97 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 144.75 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 154.38 414.15 Td (responsible ) Tj ET Q q 0 0 0 rg BT 204.83 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 219.70 414.15 Td (promoting ) Tj ET Q q 0 0 0 rg BT 266.08 414.15 Td (investor) Tj ET Q q 0 0 0 rg BT 299.48 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 304.73 414.15 Td (creditor ) Tj ET Q q 0 0 0 rg BT 340.01 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 357.79 414.15 Td (consumer ) Tj ET Q q 0 0 0 rg BT 401.24 414.15 Td (protection.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 388.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.79 388.95 Td (Capital ) Tj ET Q q 0 0 0 rg BT 137.92 388.95 Td (Requirements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 363.75 Td (e ) Tj ET Q q 0 0 0 rg BT 103.17 363.75 Td (have ) Tj ET Q q 0 0 0 rg BT 126.43 363.75 Td (three ) Tj ET Q q 0 0 0 rg BT 150.86 363.75 Td (small, ) Tj ET Q q 0 0 0 rg BT 179.67 363.75 Td (non-clearing ) Tj ET Q q 0 0 0 rg BT 236.17 363.75 Td (broker) Tj ET Q q 0 0 0 rg BT 263.37 363.75 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 295.95 363.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 348.97 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 368.16 363.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 410.67 363.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 453.77 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 471.21 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 497.99 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.59 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 541.60 363.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (management ) Tj ET Q q 0 0 0 rg BT 107.08 351.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 149.31 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 152.50 351.15 Td (These ) Tj ET Q q 0 0 0 rg BT 181.00 351.15 Td (broker) Tj ET Q q 0 0 0 rg BT 208.20 351.15 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 240.78 351.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 293.80 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 310.05 351.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 343.23 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 354.84 351.15 Td (net ) Tj ET Q q 0 0 0 rg BT 371.10 351.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 402.52 351.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 426.37 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 445.56 351.15 Td (mandate ) Tj ET Q q 0 0 0 rg BT 484.56 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 503.74 351.15 Td (they ) Tj ET Q q 0 0 0 rg BT 525.26 351.15 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.46 338.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 106.85 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 117.49 338.55 Td (capital. ) Tj ET Q q 0 0 0 rg BT 149.99 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 160.64 338.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 199.57 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 230.03 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 240.67 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 256.56 338.55 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 308.04 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 325.68 338.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 358.47 338.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 390.70 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.42 338.55 Td (United ) Tj ET Q q 0 0 0 rg BT 435.90 338.55 Td (States ) Tj ET Q q 0 0 0 rg BT 462.87 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 338.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 509.23 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 519.29 338.55 Td (net ) Tj ET Q q 0 0 0 rg BT 534.01 338.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 62.65 325.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 102.15 325.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 160.87 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 172.95 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 189.68 325.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 245.51 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 257.59 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 287.16 325.95 Td (they ) Tj ET Q q 0 0 0 rg BT 309.14 325.95 Td (operate. ) Tj ET Q q 0 0 0 rg BT 346.57 325.95 Td (For ) Tj ET Q q 0 0 0 rg BT 365.07 325.95 Td (example, ) Tj ET Q q 0 0 0 rg BT 407.17 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 419.24 325.95 Td (addition ) Tj ET Q q 0 0 0 rg BT 457.56 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 469.64 325.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 528.36 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 540.44 325.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 107.77 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 124.99 313.35 Td (United ) Tj ET Q q 0 0 0 rg BT 156.79 313.35 Td (Kingdom-based ) Tj ET Q q 0 0 0 rg BT 227.09 313.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 279.90 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 298.28 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 315.50 313.35 Td (Singapore-based ) Tj ET Q q 0 0 0 rg BT 388.71 313.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 441.51 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 457.55 313.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.52 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 501.92 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 517.97 313.35 Td (net ) Tj ET Q q 0 0 0 rg BT 534.02 313.35 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 107.44 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.81 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.26 300.75 Td (FCA) Tj ET Q q 0 0 0 rg BT 154.11 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.74 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.52 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.97 300.75 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 232.84 300.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 276.30 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.67 300.75 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 335.50 300.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 385.54 300.75 Td (.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (16) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 741.90 Td (1A. ) Tj ET Q q 0 0 0 rg BT 98.71 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 101.34 741.90 Td (RISK ) Tj ET Q q 0 0 0 rg BT 129.64 741.90 Td (F) Tj ET Q q 0 0 0 rg BT 135.27 741.90 Td (ACT) Tj ET Q q 0 0 0 rg BT 157.25 741.90 Td (ORS.) 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0 0 0 rg BT 172.19 414.90 Td (face ) Tj ET Q q 0 0 0 rg BT 192.08 414.90 Td (these ) Tj ET Q q 0 0 0 rg BT 216.07 414.90 Td (issues, ) Tj ET Q q 0 0 0 rg BT 246.19 414.90 Td (particularly ) Tj ET Q q 0 0 0 rg BT 297.00 414.90 Td (in ) Tj ET Q q 0 0 0 rg BT 307.58 414.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 356.06 414.90 Td (with ) Tj ET Q q 0 0 0 rg BT 377.14 414.90 Td (shorter) Tj ET Q q 0 0 0 rg BT 406.08 414.90 Td (-term ) Tj ET Q q 0 0 0 rg BT 431.24 414.90 Td (performance. ) Tj ET Q q 0 0 0 rg BT 489.32 414.90 Td ( ) Tj ET Q q 0 0 0 rg BT 491.56 414.90 Td (W) Tj ET Q q 0 0 0 rg BT 500.63 414.90 Td (e ) Tj ET Q q 0 0 0 rg BT 507.70 414.90 Td (face ) Tj ET Q q 0 0 0 rg BT 527.59 414.90 Td (periodic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 402.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.02 402.30 Td (issues ) Tj ET Q q 0 0 0 rg BT 132.08 402.30 Td (with ) Tj ET Q q 0 0 0 rg BT 152.72 402.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 183.26 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 193.98 402.30 Td (our ) Tj ET Q q 0 0 0 rg BT 209.95 402.30 Td (products, ) Tj ET Q q 0 0 0 rg BT 250.71 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 267.84 402.30 Td (there ) Tj ET Q q 0 0 0 rg BT 290.80 402.30 Td (is ) Tj ET Q q 0 0 0 rg BT 299.77 402.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 338.49 402.30 Td (a ) Tj ET Q q 0 0 0 rg BT 345.12 402.30 Td (lag ) Tj ET Q q 0 0 0 rg BT 359.92 402.30 Td (before ) Tj ET Q q 0 0 0 rg BT 388.71 402.30 Td (improvements ) Tj ET Q q 0 0 0 rg BT 450.76 402.30 Td (in ) Tj ET Q q 0 0 0 rg BT 460.90 402.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.95 402.30 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.70 Td (produce ) Tj ET Q q 0 0 0 rg BT 86.56 389.70 Td (a ) Tj ET Q q 0 0 0 rg BT 93.97 389.70 Td (positive ) Tj ET Q q 0 0 0 rg BT 129.96 389.70 Td (ef) Tj ET Q q 0 0 0 rg BT 137.93 389.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 156.41 389.70 Td (on ) Tj ET Q q 0 0 0 rg BT 169.66 389.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 192.82 389.70 Td (flows. ) Tj ET Q q 0 0 0 rg BT 221.32 389.70 Td (There ) Tj ET Q q 0 0 0 rg BT 248.55 389.70 Td (can ) Tj ET Q q 0 0 0 rg BT 265.87 389.70 Td (be ) Tj ET Q q 0 0 0 rg BT 278.52 389.70 Td (no ) Tj ET Q q 0 0 0 rg BT 291.77 389.70 Td (assurances ) Tj ET Q q 0 0 0 rg BT 339.41 389.70 Td (as ) Tj ET Q q 0 0 0 rg BT 350.91 389.70 Td (to ) Tj ET Q q 0 0 0 rg BT 361.82 389.70 Td (when, ) Tj ET Q q 0 0 0 rg BT 389.93 389.70 Td (or ) Tj ET Q q 0 0 0 rg BT 401.42 389.70 Td (if, ) Tj ET Q q 0 0 0 rg BT 413.21 389.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.03 389.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 517.83 389.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 545.66 389.70 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (cease ) Tj ET Q q 0 0 0 rg BT 75.35 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.15 377.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 132.51 377.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 174.19 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.24 377.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 217.36 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.15 377.10 Td (revenues.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 351.90 Td (Assets ) Tj ET Q q 0 0 0 rg BT 115.47 351.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 145.51 351.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 205.31 351.90 Td (May ) Tj ET Q q 0 0 0 rg BT 227.18 351.90 Td (Be ) Tj ET Q q 0 0 0 rg BT 241.28 351.90 Td (W) Tj ET Q q 0 0 0 rg BT 250.23 351.90 Td (ithdrawn, ) Tj ET Q q 0 0 0 rg BT 294.39 351.90 Td (Which ) Tj ET Q q 0 0 0 rg BT 325.61 351.90 Td (May ) Tj ET Q q 0 0 0 rg BT 347.48 351.90 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 382.18 351.90 Td (our ) Tj ET Q q 0 0 0 rg BT 399.98 351.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 444.02 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 462.99 351.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 480.77 351.90 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 326.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.99 326.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.73 326.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 189.56 326.70 Td (and ) Tj ET Q q 0 0 0 rg BT 206.38 326.70 Td (administrative ) Tj ET Q q 0 0 0 rg BT 268.11 326.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 307.67 326.70 Td (are ) Tj ET Q q 0 0 0 rg BT 322.15 326.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 362.88 326.70 Td (terminable ) Tj ET Q q 0 0 0 rg BT 409.44 326.70 Td (at ) Tj ET Q q 0 0 0 rg BT 418.68 326.70 Td (will ) Tj ET Q q 0 0 0 rg BT 436.68 326.70 Td (or ) Tj ET Q q 0 0 0 rg BT 447.09 326.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 469.75 326.70 Td (relatively ) Tj ET Q q 0 0 0 rg BT 511.06 326.70 Td (short ) Tj ET Q q 0 0 0 rg BT 533.73 326.70 Td (notice, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 314.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 106.88 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.95 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.67 314.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 162.74 314.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.97 314.10 Td (that ) Tj ET Q q 0 0 0 rg BT 205.62 314.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.76 314.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 254.31 314.10 Td (may ) Tj ET Q q 0 0 0 rg BT 274.29 314.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 307.09 314.10 Td (their ) Tj ET Q q 0 0 0 rg BT 328.23 314.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 380.30 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.37 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.10 314.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 430.33 314.10 Td (at ) Tj ET Q q 0 0 0 rg BT 439.81 314.10 Td (any ) Tj ET Q q 0 0 0 rg BT 456.87 314.10 Td (time ) Tj ET Q q 0 0 0 rg BT 477.43 314.10 Td (without ) Tj ET Q q 0 0 0 rg BT 511.42 314.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 533.73 314.10 Td (notice. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 103.25 301.50 Td (and ) Tj ET Q q 0 0 0 rg BT 120.91 301.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 165.99 301.50 Td (clients ) Tj ET Q q 0 0 0 rg BT 195.90 301.50 Td (can ) Tj ET Q q 0 0 0 rg BT 212.97 301.50 Td (terminate ) Tj ET Q q 0 0 0 rg BT 255.12 301.50 Td (their ) Tj ET Q q 0 0 0 rg BT 276.87 301.50 Td (relationships ) Tj ET Q q 0 0 0 rg BT 333.03 301.50 Td (with ) Tj ET Q q 0 0 0 rg BT 354.19 301.50 Td (us, ) Tj ET Q q 0 0 0 rg BT 368.66 301.50 Td (reduce ) Tj ET Q q 0 0 0 rg BT 399.14 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.46 301.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 457.77 301.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 491.77 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 502.46 301.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 532.09 301.50 Td (or ) Tj ET Q q 0 0 0 rg BT 543.34 301.50 Td (shift ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.90 Td (their ) Tj ET Q q 0 0 0 rg BT 73.52 288.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 101.14 288.90 Td (to ) Tj ET Q q 0 0 0 rg BT 113.58 288.90 Td (other ) Tj ET Q q 0 0 0 rg BT 139.44 288.90 Td (types ) Tj ET Q q 0 0 0 rg BT 165.89 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 178.91 288.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 219.93 288.90 Td (with ) Tj ET Q q 0 0 0 rg BT 242.88 288.90 Td (dif) Tj ET Q q 0 0 0 rg BT 254.35 288.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 283.12 288.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 303.13 288.90 Td (structures ) Tj ET Q q 0 0 0 rg BT 348.23 288.90 Td (for ) Tj ET Q q 0 0 0 rg BT 364.76 288.90 Td (any ) Tj ET Q q 0 0 0 rg BT 384.20 288.90 Td (number ) Tj ET Q q 0 0 0 rg BT 420.56 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 433.58 288.90 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 471.98 288.90 Td (including ) Tj ET Q q 0 0 0 rg BT 515.92 288.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.30 Td (performance, ) Tj ET Q q 0 0 0 rg BT 107.96 276.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 144.05 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 154.50 276.30 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 199.35 276.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.54 276.30 Td (rates, ) Tj ET Q q 0 0 0 rg BT 257.27 276.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 293.36 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 303.81 276.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.17 276.30 Td (preferences ) Tj ET Q q 0 0 0 rg BT 402.83 276.30 Td (of ) Tj ET Q q 0 0 0 rg BT 413.86 276.30 Td (clients, ) Tj ET Q q 0 0 0 rg BT 446.17 276.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 482.27 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 492.72 276.30 Td (our ) Tj ET Q q 0 0 0 rg BT 509.00 276.30 Td (reputation ) Tj ET Q q 0 0 0 rg BT 553.85 276.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.34 263.70 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 121.78 263.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 158.11 263.70 Td (in ) Tj ET Q q 0 0 0 rg BT 168.80 263.70 Td (management ) Tj ET Q q 0 0 0 rg BT 224.95 263.70 Td (or ) Tj ET Q q 0 0 0 rg BT 236.21 263.70 Td (control ) Tj ET Q q 0 0 0 rg BT 268.47 263.70 Td (of ) Tj ET Q q 0 0 0 rg BT 279.73 263.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 309.65 263.70 Td (or ) Tj ET Q q 0 0 0 rg BT 320.92 263.70 Td (third-party ) Tj ET Q q 0 0 0 rg BT 368.33 263.70 Td (distributors ) Tj ET Q q 0 0 0 rg BT 418.68 263.70 Td (with ) Tj ET Q q 0 0 0 rg BT 439.86 263.70 Td (whom ) Tj ET Q q 0 0 0 rg BT 468.63 263.70 Td (we ) Tj ET Q q 0 0 0 rg BT 483.38 263.70 Td (have ) Tj ET Q q 0 0 0 rg BT 505.72 263.70 Td (relationships, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 69.18 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.77 251.10 Td (key ) Tj ET Q q 0 0 0 rg BT 98.77 251.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 147.69 251.10 Td (management ) Tj ET Q q 0 0 0 rg BT 204.18 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.77 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 240.18 251.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 283.85 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.85 251.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.42 251.10 Td (market ) Tj ET Q q 0 0 0 rg BT 373.42 251.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 431.73 251.10 Td (This ) Tj ET Q q 0 0 0 rg BT 453.24 251.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 471.83 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 481.68 251.10 Td (underscored ) Tj ET Q q 0 0 0 rg BT 535.83 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 251.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.50 Td (fact ) Tj ET Q q 0 0 0 rg BT 68.83 238.50 Td (that ) Tj ET Q q 0 0 0 rg BT 87.67 238.50 Td (we ) Tj ET Q q 0 0 0 rg BT 103.00 238.50 Td (have ) Tj ET Q q 0 0 0 rg BT 125.92 238.50 Td (one ) Tj ET Q q 0 0 0 rg BT 144.17 238.50 Td (international ) Tj ET Q q 0 0 0 rg BT 200.33 238.50 Td (client ) Tj ET Q q 0 0 0 rg BT 226.75 238.50 Td (that ) Tj ET Q q 0 0 0 rg BT 245.58 238.50 Td (represents ) Tj ET Q q 0 0 0 rg BT 291.24 238.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 354.98 238.50 Td (7% ) Tj ET Q q 0 0 0 rg BT 372.07 238.50 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 417.74 238.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 456.42 238.50 Td (assets\) ) Tj ET Q q 0 0 0 rg BT 487.50 238.50 Td (of ) Tj ET Q q 0 0 0 rg BT 499.34 238.50 Td (our ) Tj ET Q q 0 0 0 rg BT 516.43 238.50 Td (total ) Tj ET Q q 0 0 0 rg BT 537.51 238.50 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.90 Td (that ) Tj ET Q q 0 0 0 rg BT 67.88 225.90 Td (generates ) Tj ET Q q 0 0 0 rg BT 109.66 225.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 172.44 225.90 Td (2% ) Tj ET Q q 0 0 0 rg BT 188.57 225.90 Td (of ) Tj ET Q q 0 0 0 rg BT 199.45 225.90 Td (our ) Tj ET Q q 0 0 0 rg BT 215.58 225.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 257.37 225.90 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 299.44 225.90 Td ( ) Tj ET Q q 0 0 0 rg BT 301.58 225.90 Td (In ) Tj ET Q q 0 0 0 rg BT 312.46 225.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 351.63 225.90 Td (in ) Tj ET Q q 0 0 0 rg BT 361.93 225.90 Td (a ) Tj ET Q q 0 0 0 rg BT 368.73 225.90 Td (declining ) Tj ET Q q 0 0 0 rg BT 409.94 225.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 451.72 225.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 485.64 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 500.60 225.90 Td (pace ) Tj ET Q q 0 0 0 rg BT 521.96 225.90 Td (of ) Tj ET Q q 0 0 0 rg BT 532.85 225.90 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 213.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.78 213.30 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 126.22 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 143.92 213.30 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 193.69 213.30 Td (of ) Tj ET Q q 0 0 0 rg BT 204.97 213.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 232.00 213.30 Td (from ) Tj ET Q q 0 0 0 rg BT 254.94 213.30 Td (other ) Tj ET Q q 0 0 0 rg BT 279.05 213.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 318.32 213.30 Td (could ) Tj ET Q q 0 0 0 rg BT 344.19 213.30 Td (accelerate. ) Tj ET Q q 0 0 0 rg BT 391.30 213.30 Td ( ) Tj ET Q q 0 0 0 rg BT 393.84 213.30 Td ( ) Tj ET Q q 0 0 0 rg BT 396.37 213.30 Td (Poor ) Tj ET Q q 0 0 0 rg BT 418.74 213.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 467.35 213.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 522.94 213.30 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.70 Td (or ) Tj ET Q q 0 0 0 rg BT 60.34 200.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 93.42 200.70 Td (to ) Tj ET Q q 0 0 0 rg BT 103.18 200.70 Td (other ) Tj ET Q q 0 0 0 rg BT 126.35 200.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 174.03 200.70 Td (management ) Tj ET Q q 0 0 0 rg BT 229.27 200.70 Td (firms ) Tj ET Q q 0 0 0 rg BT 253.03 200.70 Td (tends ) Tj ET Q q 0 0 0 rg BT 276.79 200.70 Td (to ) Tj ET Q q 0 0 0 rg BT 286.55 200.70 Td (result ) Tj ET Q q 0 0 0 rg BT 311.47 200.70 Td (in ) Tj ET Q q 0 0 0 rg BT 321.24 200.70 Td (decreased ) Tj ET Q q 0 0 0 rg BT 364.22 200.70 Td (purchases ) Tj ET Q q 0 0 0 rg BT 407.22 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 417.56 200.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 438.40 200.70 Td (shares, ) Tj ET Q q 0 0 0 rg BT 468.86 200.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 510.10 200.70 Td (redemptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 188.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 83.24 188.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 114.73 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.52 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.97 188.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.94 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.31 188.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 231.10 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.48 188.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 287.68 188.10 Td (accounts.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 162.90 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 162.90 Td (e ) Tj ET Q q 0 0 0 rg BT 101.77 162.90 Td (have ) Tj ET Q q 0 0 0 rg BT 123.64 162.90 Td (experienced ) Tj ET Q q 0 0 0 rg BT 176.40 162.90 Td (net ) Tj ET Q q 0 0 0 rg BT 191.27 162.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 230.06 162.90 Td (of ) Tj ET Q q 0 0 0 rg BT 240.85 162.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 268.68 162.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 295.23 162.90 Td (for ) Tj ET Q q 0 0 0 rg BT 309.51 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 324.38 162.90 Td (last ) Tj ET Q q 0 0 0 rg BT 341.01 162.90 Td (ten ) Tj ET Q q 0 0 0 rg BT 355.88 162.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 380.66 162.90 Td (years ) Tj ET Q q 0 0 0 rg BT 404.85 162.90 Td (due ) Tj ET Q q 0 0 0 rg BT 422.06 162.90 Td (in ) Tj ET Q q 0 0 0 rg BT 432.27 162.90 Td (part ) Tj ET Q q 0 0 0 rg BT 450.63 162.90 Td (to ) Tj ET Q q 0 0 0 rg BT 460.84 162.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.96 162.90 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 150.30 Td (issues. ) Tj ET Q q 0 0 0 rg BT 80.13 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 82.56 150.30 Td (During ) Tj ET Q q 0 0 0 rg BT 114.72 150.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 139.88 150.30 Td (years ) Tj ET Q q 0 0 0 rg BT 164.46 150.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 187.88 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 205.46 150.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 231.51 150.30 Td (we ) Tj ET Q q 0 0 0 rg BT 246.17 150.30 Td (had ) Tj ET Q q 0 0 0 rg BT 263.76 150.30 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 289.80 150.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 319.64 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 337.23 150.30 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 358.02 150.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 387.86 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 399.03 150.30 Td (net ) Tj ET Q q 0 0 0 rg BT 414.28 150.30 Td (client ) Tj ET Q q 0 0 0 rg BT 440.03 150.30 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 481.82 150.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 531.87 150.30 Td (. ) Tj ET Q q 0 0 0 rg BT 536.92 150.30 Td (Fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.70 Td (year ) Tj ET Q q 0 0 0 rg BT 71.04 137.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 95.01 137.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 134.73 137.70 Td (included ) Tj ET Q q 0 0 0 rg BT 173.86 137.70 Td ($14.9 ) Tj ET Q q 0 0 0 rg BT 200.46 137.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 233.47 137.70 Td ($10.8 ) Tj ET Q q 0 0 0 rg BT 260.07 137.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 293.08 137.70 Td (and ) Tj ET Q q 0 0 0 rg BT 311.22 137.70 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 332.56 137.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 362.95 137.70 Td (of ) Tj ET Q q 0 0 0 rg BT 374.67 137.70 Td (liquidity) Tj ET Q q 0 0 0 rg BT 409.58 137.70 Td (, ) Tj ET Q q 0 0 0 rg BT 415.17 137.70 Td (equity) Tj ET Q q 0 0 0 rg BT 440.74 137.70 Td (, ) Tj ET Q q 0 0 0 rg BT 446.33 137.70 Td (and ) Tj ET Q q 0 0 0 rg BT 464.47 137.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 489.01 137.70 Td (income ) Tj ET Q q 0 0 0 rg BT 522.89 137.70 Td (net ) Tj ET Q q 0 0 0 rg BT 538.69 137.70 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 91.65 125.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 141.69 125.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.59 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.86 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.13 125.10 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 178.49 125.10 Td (year ) Tj ET Q q 0 0 0 rg BT 198.83 125.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 222.10 125.10 Td (net ) Tj ET Q q 0 0 0 rg BT 237.20 125.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 276.22 125.10 Td (included ) Tj ET Q q 0 0 0 rg BT 314.65 125.10 Td ($22.2 ) Tj ET Q q 0 0 0 rg BT 340.54 125.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 370.24 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.67 125.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 418.53 125.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 457.56 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.99 125.10 Td ($2.7 ) Tj ET Q q 0 0 0 rg BT 495.63 125.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 525.33 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.77 125.10 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 92.00 112.50 Td (which ) Tj ET Q q 0 0 0 rg BT 120.29 112.50 Td (were ) Tj ET Q q 0 0 0 rg BT 143.31 112.50 Td (partially ) Tj ET Q q 0 0 0 rg BT 180.93 112.50 Td (of) Tj ET Q q 0 0 0 rg BT 189.48 112.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 207.27 112.50 Td (by ) Tj ET Q q 0 0 0 rg BT 220.39 112.50 Td ($19.2 ) Tj ET Q q 0 0 0 rg BT 246.64 112.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 276.69 112.50 Td (in ) Tj ET Q q 0 0 0 rg BT 287.48 112.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 311.68 112.50 Td (income ) Tj ET Q q 0 0 0 rg BT 345.21 112.50 Td (inflows. ) Tj ET Q q 0 0 0 rg BT 381.96 112.50 Td ( ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 52.63 741.75 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 96.43 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 110.52 741.75 Td (Are ) Tj ET Q q 0 0 0 rg BT 129.13 741.75 Td (Unable ) Tj ET Q q 0 0 0 rg BT 163.48 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 174.50 741.75 Td (Maintain ) Tj ET Q q 0 0 0 rg BT 217.61 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 235.64 741.75 Td (Fee ) Tj ET Q q 0 0 0 rg BT 254.82 741.75 Td (Levels ) Tj ET Q q 0 0 0 rg BT 285.07 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 297.25 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 307.69 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 325.29 741.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 350.90 741.75 Td (Mix ) Tj ET Q q 0 0 0 rg BT 371.25 741.75 Td (Changes, ) Tj ET Q q 0 0 0 rg BT 414.66 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 432.68 741.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 476.95 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.14 741.75 Td (Margins ) Tj ET Q q 0 0 0 rg BT 535.75 741.75 Td (Could ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Be ) Tj ET Q q 0 0 0 rg BT 64.29 729.15 Td (Reduced) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 703.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.62 703.95 Td (profit ) Tj ET Q q 0 0 0 rg BT 130.24 703.95 Td (mar) Tj ET Q q 0 0 0 rg BT 146.37 703.95 Td (gins ) Tj ET Q q 0 0 0 rg BT 166.17 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 183.62 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 198.74 703.95 Td (income ) Tj ET Q q 0 0 0 rg BT 231.94 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 247.04 703.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 292.48 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 302.94 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 349.56 703.95 Td (part ) Tj ET Q q 0 0 0 rg BT 368.17 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 380.96 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 397.25 703.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 426.37 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 436.83 703.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 475.86 703.95 Td (current ) Tj ET Q q 0 0 0 rg BT 507.88 703.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 522.99 703.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 549.77 703.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.50 691.35 Td (products ) Tj ET Q q 0 0 0 rg BT 104.33 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 122.16 691.35 Td (services ) Tj ET Q q 0 0 0 rg BT 158.65 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 177.07 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 193.74 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 216.82 691.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 259.73 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 268.28 691.35 Td (fer) Tj ET Q q 0 0 0 rg BT 279.36 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 284.46 691.35 Td (There ) Tj ET Q q 0 0 0 rg BT 311.61 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 328.28 691.35 Td (been ) Tj ET Q q 0 0 0 rg BT 350.78 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 358.11 691.35 Td (trend ) Tj ET Q q 0 0 0 rg BT 382.35 691.35 Td (toward ) Tj ET Q q 0 0 0 rg BT 414.18 691.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 440.76 691.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 460.34 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 471.18 691.35 Td (some ) Tj ET Q q 0 0 0 rg BT 496.01 691.35 Td (segments ) Tj ET Q q 0 0 0 rg BT 537.76 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 74.13 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 131.50 678.75 Td (industry) Tj ET Q q 0 0 0 rg BT 165.23 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 171.58 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.46 678.75 Td (no ) Tj ET Q q 0 0 0 rg BT 204.68 678.75 Td (assurances ) Tj ET Q q 0 0 0 rg BT 253.30 678.75 Td (can ) Tj ET Q q 0 0 0 rg BT 271.59 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 285.22 678.75 Td (given ) Tj ET Q q 0 0 0 rg BT 312.26 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 331.73 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 347.69 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 367.75 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 381.38 678.75 Td (able ) Tj ET Q q 0 0 0 rg BT 402.59 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 414.47 678.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 454.94 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 472.65 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 506.10 678.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 522.64 678.75 Td (structure. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (Competition ) Tj ET Q q 0 0 0 rg BT 104.92 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 130.67 666.15 Td (lead ) Tj ET Q q 0 0 0 rg BT 150.58 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 161.17 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 177.58 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.41 666.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 243.07 666.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 282.22 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 297.47 666.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 316.79 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 334.96 666.15 Td (they ) Tj ET Q q 0 0 0 rg BT 355.46 666.15 Td (char) Tj ET Q q 0 0 0 rg BT 373.34 666.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 385.67 666.15 Td (their ) Tj ET Q q 0 0 0 rg BT 407.33 666.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 437.16 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 451.82 666.15 Td (products ) Tj ET Q q 0 0 0 rg BT 490.40 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 507.98 666.15 Td (services. ) Tj ET Q q 0 0 0 rg BT 546.85 666.15 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (�Competition ) Tj ET Q q 0 0 0 rg BT 110.93 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 122.86 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 138.63 653.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.73 653.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 224.31 653.55 Td (Industry ) Tj ET Q q 0 0 0 rg BT 263.07 653.55 Td (Could ) Tj ET Q q 0 0 0 rg BT 292.51 653.55 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 327.76 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 345.53 653.55 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 390.12 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 409.04 653.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 427.97 653.55 Td (Income.� ) Tj ET Q q 0 0 0 rg BT 470.51 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 483.02 653.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 523.83 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 541.59 653.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 93.31 640.95 Td (may ) Tj ET Q q 0 0 0 rg BT 114.48 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 127.47 640.95 Td (required ) Tj ET Q q 0 0 0 rg BT 165.53 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 176.78 640.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 207.84 640.95 Td (their ) Tj ET Q q 0 0 0 rg BT 230.17 640.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 246.07 640.95 Td (levels, ) Tj ET Q q 0 0 0 rg BT 276.27 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 288.10 640.95 Td (restructure ) Tj ET Q q 0 0 0 rg BT 336.07 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 351.98 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 371.97 640.95 Td (they ) Tj ET Q q 0 0 0 rg BT 393.13 640.95 Td (char) Tj ET Q q 0 0 0 rg BT 411.01 640.95 Td (ge, ) Tj ET Q q 0 0 0 rg BT 426.63 640.95 Td (because ) Tj ET Q q 0 0 0 rg BT 462.94 640.95 Td (of, ) Tj ET Q q 0 0 0 rg BT 477.39 640.95 Td (among ) Tj ET Q q 0 0 0 rg BT 509.06 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 533.71 640.95 Td (things, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.49 628.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 139.24 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 150.33 628.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 203.40 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 221.49 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 236.65 628.35 Td (either ) Tj ET Q q 0 0 0 rg BT 262.89 628.35 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 323.56 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 334.64 628.35 Td (specifically ) Tj ET Q q 0 0 0 rg BT 385.38 628.35 Td (tar) Tj ET Q q 0 0 0 rg BT 396.26 628.35 Td (geted, ) Tj ET Q q 0 0 0 rg BT 423.97 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 435.05 628.35 Td (court ) Tj ET Q q 0 0 0 rg BT 458.97 628.35 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 502.50 628.35 Td (A) Tj ET Q q 0 0 0 rg BT 509.50 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 511.84 628.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.83 628.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.76 615.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 85.59 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 104.26 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 121.19 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 144.52 615.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 187.69 615.75 Td (char) Tj ET Q q 0 0 0 rg BT 205.56 615.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 218.40 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 233.57 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 255.74 615.75 Td (products ) Tj ET Q q 0 0 0 rg BT 294.83 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.92 615.75 Td (services ) Tj ET Q q 0 0 0 rg BT 349.67 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 368.93 615.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 399.84 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 416.76 615.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 457.00 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 475.09 615.75 Td (could ) Tj ET Q q 0 0 0 rg BT 501.35 615.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 532.25 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 549.18 615.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (income. ) Tj ET Q q 0 0 0 rg BT 85.97 603.15 Td (These ) Tj ET Q q 0 0 0 rg BT 113.66 603.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 144.86 603.15 Td (also ) Tj ET Q q 0 0 0 rg BT 164.40 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 190.35 603.15 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 220.39 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 237.02 603.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 266.47 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 277.26 603.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 314.28 603.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 333.81 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 348.68 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 379.87 603.15 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 577.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.55 577.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 131.90 577.95 Td (can ) Tj ET Q q 0 0 0 rg BT 149.32 577.95 Td (generate ) Tj ET Q q 0 0 0 rg BT 187.72 577.95 Td (very ) Tj ET Q q 0 0 0 rg BT 209.22 577.95 Td (dif) Tj ET Q q 0 0 0 rg BT 220.70 577.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 248.03 577.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 288.19 577.95 Td (per ) Tj ET Q q 0 0 0 rg BT 304.44 577.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 331.78 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 343.37 577.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 384.12 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 411.46 577.95 Td (based ) Tj ET Q q 0 0 0 rg BT 438.22 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 451.57 577.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 482.98 577.95 Td (such ) Tj ET Q q 0 0 0 rg BT 505.07 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 516.67 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.34 577.95 Td (type ) Tj ET Q q 0 0 0 rg BT 553.27 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.05 565.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 113.60 565.35 Td (\(equity ) Tj ET Q q 0 0 0 rg BT 145.98 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.12 565.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 214.83 565.35 Td (produce ) Tj ET Q q 0 0 0 rg BT 251.29 565.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 283.08 565.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 323.03 565.35 Td (than ) Tj ET Q q 0 0 0 rg BT 343.76 565.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 367.97 565.35 Td (income ) Tj ET Q q 0 0 0 rg BT 401.52 565.35 Td (assets\), ) Tj ET Q q 0 0 0 rg BT 434.79 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 450.26 565.35 Td (type ) Tj ET Q q 0 0 0 rg BT 470.98 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 482.37 565.35 Td (client ) Tj ET Q q 0 0 0 rg BT 508.33 565.35 Td (\(institutional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 80.25 552.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 122.16 552.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 140.16 552.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 166.91 552.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 186.66 552.75 Td (than ) Tj ET Q q 0 0 0 rg BT 207.58 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 231.99 552.75 Td (clients\), ) Tj ET Q q 0 0 0 rg BT 268.37 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.04 552.75 Td (type ) Tj ET Q q 0 0 0 rg BT 304.96 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.54 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 339.80 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 396.28 552.75 Td (product ) Tj ET Q q 0 0 0 rg BT 431.20 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 442.79 552.75 Td (service ) Tj ET Q q 0 0 0 rg BT 475.36 552.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 515.53 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 533.53 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 549.20 552.75 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (schedule ) Tj ET Q q 0 0 0 rg BT 89.33 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 100.67 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 116.09 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 139.09 540.15 Td (manager ) Tj ET Q q 0 0 0 rg BT 177.83 540.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 221.25 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 236.67 540.15 Td (service. ) Tj ET Q q 0 0 0 rg BT 271.05 540.15 Td (A) Tj ET Q q 0 0 0 rg BT 278.05 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 280.64 540.15 Td (shift ) Tj ET Q q 0 0 0 rg BT 301.90 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 312.66 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.08 540.15 Td (mix ) Tj ET Q q 0 0 0 rg BT 347.01 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 358.35 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 374.36 540.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 401.46 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 424.46 540.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 453.88 540.15 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 537.51 540.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 61.18 527.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 88.10 527.55 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 172.16 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 199.67 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 220.76 527.55 Td (result ) Tj ET Q q 0 0 0 rg BT 247.11 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 258.29 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 265.96 527.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 305.11 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 316.30 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 333.31 527.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 373.64 527.55 Td (even ) Tj ET Q q 0 0 0 rg BT 396.47 527.55 Td (if ) Tj ET Q q 0 0 0 rg BT 405.90 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 422.91 527.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 466.73 527.55 Td (level ) Tj ET Q q 0 0 0 rg BT 490.16 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 501.25 527.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 528.77 527.55 Td (remains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 98.70 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 110.66 514.95 Td (increases. ) Tj ET Q q 0 0 0 rg BT 154.27 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 161.27 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 164.49 514.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 203.84 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 215.23 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 232.44 514.95 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 275.59 514.95 Td (without ) Tj ET Q q 0 0 0 rg BT 310.90 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 318.77 514.95 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 383.22 514.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 426.08 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 437.47 514.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 481.21 514.95 Td (will ) Tj ET Q q 0 0 0 rg BT 500.76 514.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 531.96 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 549.17 514.95 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (income. ) Tj ET Q q 0 0 0 rg BT 86.22 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 88.71 502.35 Td (W) Tj ET Q q 0 0 0 rg BT 97.78 502.35 Td (e ) Tj ET Q q 0 0 0 rg BT 105.13 502.35 Td (experienced ) Tj ET Q q 0 0 0 rg BT 158.54 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 165.89 502.35 Td (shift ) Tj ET Q q 0 0 0 rg BT 187.24 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 198.10 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.61 502.35 Td (mix ) Tj ET Q q 0 0 0 rg BT 232.64 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 244.07 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 260.16 502.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 287.35 502.35 Td (during ) Tj ET Q q 0 0 0 rg BT 317.45 502.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 342.88 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 363.64 502.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 389.95 502.35 Td (during ) Tj ET Q q 0 0 0 rg BT 420.05 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 448.40 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 465.09 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.43 502.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 520.62 502.35 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 61.11 489.75 Td ($180.5 ) Tj ET Q q 0 0 0 rg BT 92.93 489.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 123.30 489.75 Td (\(27% ) Tj ET Q q 0 0 0 rg BT 148.98 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.67 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.61 489.75 Td (total ) Tj ET Q q 0 0 0 rg BT 198.57 489.75 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 229.52 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 242.96 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 273.31 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.38 489.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 313.32 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 336.68 489.75 Td ($199.4 ) Tj ET Q q 0 0 0 rg BT 368.50 489.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 398.86 489.75 Td (\(28% ) Tj ET Q q 0 0 0 rg BT 424.55 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.24 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 453.18 489.75 Td (total ) Tj ET Q q 0 0 0 rg BT 474.14 489.75 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 505.08 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 518.53 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 548.87 489.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 76.67 477.15 Td (In ) Tj ET Q q 0 0 0 rg BT 88.47 477.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 128.56 477.15 Td (average ) Tj ET Q q 0 0 0 rg BT 163.57 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 191.13 477.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 233.83 477.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 270.10 477.15 Td (yields, ) Tj ET Q q 0 0 0 rg BT 300.86 477.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 345.32 477.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 401.42 477.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 423.99 477.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 468.43 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 479.65 477.15 Td (38.2 ) Tj ET Q q 0 0 0 rg BT 501.07 477.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 525.12 477.15 Td (points ) Tj ET Q q 0 0 0 rg BT 553.84 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 75.11 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 95.55 464.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 118.92 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 141.71 464.55 Td (38.9 ) Tj ET Q q 0 0 0 rg BT 162.46 464.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 185.83 464.55 Td (points ) Tj ET Q q 0 0 0 rg BT 213.87 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 224.41 464.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 249.52 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 269.97 464.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 293.34 464.55 Td (due ) Tj ET Q q 0 0 0 rg BT 310.87 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 321.41 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 328.44 464.55 Td (less ) Tj ET Q q 0 0 0 rg BT 346.57 464.55 Td (favorable ) Tj ET Q q 0 0 0 rg BT 388.58 464.55 Td (product ) Tj ET Q q 0 0 0 rg BT 423.03 464.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 441.74 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 462.78 464.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 489.06 464.55 Td (yielding ) Tj ET Q q 0 0 0 rg BT 525.84 464.55 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (comprising ) Tj ET Q q 0 0 0 rg BT 99.83 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 107.06 451.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 136.47 451.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 184.52 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 195.84 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 212.42 451.95 Td (total ) Tj ET Q q 0 0 0 rg BT 233.66 451.95 Td (average ) Tj ET Q q 0 0 0 rg BT 268.31 451.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 295.39 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 310.21 451.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 335.53 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 356.18 451.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 379.76 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 391.08 451.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 435.06 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 445.80 451.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 471.12 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 491.77 451.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 517.97 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 520.37 451.95 Td (There ) Tj ET Q q 0 0 0 rg BT 547.43 451.95 Td (can ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 62.54 439.35 Td (no ) Tj ET Q q 0 0 0 rg BT 75.66 439.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 119.10 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 137.47 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 152.34 439.35 Td (will ) Tj ET Q q 0 0 0 rg BT 171.30 439.35 Td (achieve ) Tj ET Q q 0 0 0 rg BT 205.98 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 213.27 439.35 Td (more ) Tj ET Q q 0 0 0 rg BT 237.47 439.35 Td (favorable ) Tj ET Q q 0 0 0 rg BT 279.74 439.35 Td (product ) Tj ET Q q 0 0 0 rg BT 314.44 439.35 Td (mix ) Tj ET Q q 0 0 0 rg BT 333.40 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 344.19 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 371.88 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 397.25 439.35 Td (years.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 414.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.65 414.15 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 141.90 414.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 168.97 414.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 229.29 414.15 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 274.44 414.15 Td (May ) Tj ET Q q 0 0 0 rg BT 296.83 414.15 Td (Not ) Tj ET Q q 0 0 0 rg BT 315.73 414.15 Td (Be ) Tj ET Q q 0 0 0 rg BT 330.53 414.15 Td (Renewed, ) Tj ET Q q 0 0 0 rg BT 375.15 414.15 Td (Which ) Tj ET Q q 0 0 0 rg BT 406.89 414.15 Td (May ) Tj ET Q q 0 0 0 rg BT 429.28 414.15 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 464.50 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 482.82 414.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 527.37 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 546.86 414.15 Td (Net ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 376.35 Td (A) Tj ET Q q 0 0 0 rg BT 93.00 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 95.83 376.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 143.57 376.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 176.72 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 188.30 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 205.12 376.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 241.17 376.35 Td (comes ) Tj ET Q q 0 0 0 rg BT 270.82 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 294.06 376.35 Td (managing ) Tj ET Q q 0 0 0 rg BT 338.29 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.79 376.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 391.78 376.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 420.35 376.35 Td (W) Tj ET Q q 0 0 0 rg BT 429.42 376.35 Td (e ) Tj ET Q q 0 0 0 rg BT 436.91 376.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 478.80 376.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 514.27 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 538.67 376.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 89.68 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.37 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 158.54 363.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 199.96 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 222.15 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.50 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 265.36 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 284.63 363.75 Td (must ) Tj ET Q q 0 0 0 rg BT 308.57 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 322.00 363.75 Td (renewed ) Tj ET Q q 0 0 0 rg BT 361.09 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.77 363.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 422.36 363.75 Td (by ) Tj ET Q q 0 0 0 rg BT 436.38 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 452.74 363.75 Td (funds' ) Tj ET Q q 0 0 0 rg BT 481.48 363.75 Td (boards ) Tj ET Q q 0 0 0 rg BT 513.00 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.27 363.75 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (annually) Tj ET Q q 0 0 0 rg BT 85.47 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 90.15 351.15 Td (A) Tj ET Q q 0 0 0 rg BT 97.16 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 99.79 351.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 138.01 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.39 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 164.86 351.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 204.23 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 215.61 351.15 Td (each ) Tj ET Q q 0 0 0 rg BT 237.48 351.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 269.28 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 291.16 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 306.62 351.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 360.57 351.15 Td (from ) Tj ET Q q 0 0 0 rg BT 383.62 351.15 Td (us. ) Tj ET Q q 0 0 0 rg BT 397.64 351.15 Td (Although ) Tj ET Q q 0 0 0 rg BT 439.94 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 455.41 351.15 Td (funds' ) Tj ET Q q 0 0 0 rg BT 483.27 351.15 Td (boards ) Tj ET Q q 0 0 0 rg BT 513.90 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.28 351.15 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (have ) Tj ET Q q 0 0 0 rg BT 72.29 338.55 Td (historically ) Tj ET Q q 0 0 0 rg BT 122.01 338.55 Td (approved ) Tj ET Q q 0 0 0 rg BT 163.55 338.55 Td (each ) Tj ET Q q 0 0 0 rg BT 185.26 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 196.48 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 212.95 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 269.07 338.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 312.06 338.55 Td (there ) Tj ET Q q 0 0 0 rg BT 335.52 338.55 Td (can ) Tj ET Q q 0 0 0 rg BT 352.57 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 364.95 338.55 Td (no ) Tj ET Q q 0 0 0 rg BT 377.93 338.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 421.21 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 439.43 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 454.73 338.55 Td (board ) Tj ET Q q 0 0 0 rg BT 481.11 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.33 338.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 531.54 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 542.76 338.55 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.50 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 89.51 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 104.01 325.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 138.91 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 157.51 325.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 195.92 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 206.35 325.95 Td (approve ) Tj ET Q q 0 0 0 rg BT 242.42 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 257.51 325.95 Td (funds�) Tj ET Q q 0 0 0 rg BT 283.56 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 285.81 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 341.72 325.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 381.87 325.95 Td (each ) Tj ET Q q 0 0 0 rg BT 403.36 325.95 Td (year) Tj ET Q q 0 0 0 rg BT 421.01 325.95 Td (, ) Tj ET Q q 0 0 0 rg BT 425.89 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 436.90 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 455.49 325.95 Td (not ) Tj ET Q q 0 0 0 rg BT 471.16 325.95 Td (condition ) Tj ET Q q 0 0 0 rg BT 513.08 325.95 Td (its ) Tj ET Q q 0 0 0 rg BT 525.26 325.95 Td (approval ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 62.77 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 77.86 313.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 103.46 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.47 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.57 313.35 Td (management ) Tj ET Q q 0 0 0 rg BT 185.48 313.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.56 313.35 Td (being ) Tj ET Q q 0 0 0 rg BT 247.16 313.35 Td (revised ) Tj ET Q q 0 0 0 rg BT 279.75 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 290.18 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 297.11 313.35 Td (way ) Tj ET Q q 0 0 0 rg BT 316.87 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 334.89 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 344.16 313.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 378.49 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 388.92 313.35 Td (us. ) Tj ET Q q 0 0 0 rg BT 403.15 313.35 Td (If ) Tj ET Q q 0 0 0 rg BT 412.41 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 419.34 313.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 450.77 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 472.29 313.35 Td (management ) Tj ET Q q 0 0 0 rg BT 528.20 313.35 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.39 300.75 Td (not ) Tj ET Q q 0 0 0 rg BT 75.20 300.75 Td (renewed, ) Tj ET Q q 0 0 0 rg BT 115.77 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 126.91 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 136.30 300.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 169.01 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 179.56 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 186.61 300.75 Td (way ) Tj ET Q q 0 0 0 rg BT 206.49 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 224.62 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 234.02 300.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 268.47 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 279.02 300.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 293.37 300.75 Td (it ) Tj ET Q q 0 0 0 rg BT 301.60 300.75 Td (could ) Tj ET Q q 0 0 0 rg BT 327.31 300.75 Td (result ) Tj ET Q q 0 0 0 rg BT 353.03 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.58 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 370.63 300.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 412.67 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.23 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 439.61 300.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.31 300.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 499.49 300.75 Td (if ) Tj ET Q q 0 0 0 rg BT 508.29 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 524.67 300.75 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (decline ) Tj ET Q q 0 0 0 rg BT 82.94 288.15 Td (without ) Tj ET Q q 0 0 0 rg BT 117.65 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 124.94 288.15 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 188.79 288.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 231.07 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 241.86 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 258.48 288.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 301.64 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 318.26 288.15 Td (net ) Tj ET Q q 0 0 0 rg BT 333.71 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 367.24 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 386.20 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 398.74 288.15 Td (reduced.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 262.95 Td (Unavailability ) Tj ET Q q 0 0 0 rg BT 149.39 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 159.97 262.95 Td (Appropriate ) Tj ET Q q 0 0 0 rg BT 214.04 262.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 264.02 262.95 Td (Opportunities ) Tj ET Q q 0 0 0 rg BT 325.68 262.95 Td (Could ) Tj ET Q q 0 0 0 rg BT 354.09 262.95 Td (Hamper ) Tj ET Q q 0 0 0 rg BT 391.81 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 409.14 262.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 459.12 262.95 Td (Performance ) Tj ET Q q 0 0 0 rg BT 517.84 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 529.32 262.95 Td (Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (An ) Tj ET Q q 0 0 0 rg BT 101.18 237.75 Td (important ) Tj ET Q q 0 0 0 rg BT 144.35 237.75 Td (component ) Tj ET Q q 0 0 0 rg BT 193.35 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.44 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.86 237.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.25 237.75 Td (is ) Tj ET Q q 0 0 0 rg BT 317.60 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.77 237.75 Td (availability ) Tj ET Q q 0 0 0 rg BT 382.35 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.44 237.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 443.59 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.01 237.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 549.77 237.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (new ) Tj ET Q q 0 0 0 rg BT 70.40 225.15 Td (client ) Tj ET Q q 0 0 0 rg BT 96.64 225.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 125.51 225.15 Td (If ) Tj ET Q q 0 0 0 rg BT 135.41 225.15 Td (any ) Tj ET Q q 0 0 0 rg BT 153.48 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.14 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 182.05 225.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 205.37 225.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 248.51 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 264.24 225.15 Td (not ) Tj ET Q q 0 0 0 rg BT 280.57 225.15 Td (able ) Tj ET Q q 0 0 0 rg BT 300.97 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 312.05 225.15 Td (find ) Tj ET Q q 0 0 0 rg BT 331.87 225.15 Td (suf) Tj ET Q q 0 0 0 rg BT 344.51 225.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 374.25 225.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 427.32 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 442.47 225.15 Td (new ) Tj ET Q q 0 0 0 rg BT 462.88 225.15 Td (client ) Tj ET Q q 0 0 0 rg BT 489.11 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.52 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 527.60 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 535.17 225.15 Td (timely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (manner) Tj ET Q q 0 0 0 rg BT 81.06 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 85.71 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 100.55 212.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 122.98 212.55 Td (manager's ) Tj ET Q q 0 0 0 rg BT 167.12 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.21 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.28 212.55 Td (could ) Tj ET Q q 0 0 0 rg BT 295.62 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 307.55 212.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.80 212.55 Td (af) Tj ET Q q 0 0 0 rg BT 357.77 212.55 Td (fected. ) Tj ET Q q 0 0 0 rg BT 387.61 212.55 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 442.33 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 446.97 212.55 Td (if ) Tj ET Q q 0 0 0 rg BT 455.40 212.55 Td (one ) Tj ET Q q 0 0 0 rg BT 472.57 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 483.34 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 499.35 212.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 521.78 212.55 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (does ) Tj ET Q q 0 0 0 rg BT 71.27 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 86.70 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 108.55 199.95 Td (suf) Tj ET Q q 0 0 0 rg BT 121.19 199.95 Td (ficient ) Tj ET Q q 0 0 0 rg BT 150.03 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.13 199.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 255.56 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 269.82 199.95 Td (new ) Tj ET Q q 0 0 0 rg BT 289.34 199.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 317.32 199.95 Td (it ) Tj ET Q q 0 0 0 rg BT 325.17 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 345.27 199.95 Td (elect ) Tj ET Q q 0 0 0 rg BT 367.11 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 377.29 199.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 399.15 199.95 Td (its ) Tj ET Q q 0 0 0 rg BT 411.09 199.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 442.86 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 455.38 199.95 Td (reducing ) Tj ET Q q 0 0 0 rg BT 494.13 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 508.98 199.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 526.74 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 536.34 199.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (it ) Tj ET Q q 0 0 0 rg BT 59.05 187.35 Td (receives ) Tj ET Q q 0 0 0 rg BT 96.66 187.35 Td (new ) Tj ET Q q 0 0 0 rg BT 117.37 187.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 146.54 187.35 Td (Depending ) Tj ET Q q 0 0 0 rg BT 195.83 187.35 Td (on, ) Tj ET Q q 0 0 0 rg BT 212.17 187.35 Td (among ) Tj ET Q q 0 0 0 rg BT 243.97 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 268.76 187.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 303.17 187.35 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 348.95 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 381.32 187.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 430.91 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.95 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 470.58 187.35 Td (manager's ) Tj ET Q q 0 0 0 rg BT 515.92 187.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (style, ) Tj ET Q q 0 0 0 rg BT 75.68 174.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 122.05 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.43 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 165.23 174.75 Td (limits ) Tj ET Q q 0 0 0 rg BT 192.38 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 210.76 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.81 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 259.18 174.75 Td (sectors ) Tj ET Q q 0 0 0 rg BT 291.56 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.95 174.75 Td (types ) Tj ET Q q 0 0 0 rg BT 335.33 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.30 174.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 405.94 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 417.33 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 446.21 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.26 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.90 174.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 525.26 174.75 Td (typically ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (invests ) Tj ET Q q 0 0 0 rg BT 81.79 162.15 Td (\(such ) Tj ET Q q 0 0 0 rg BT 107.16 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 118.53 162.15 Td (less ) Tj ET Q q 0 0 0 rg BT 136.90 162.15 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 185.00 162.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 232.52 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 250.31 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 274.50 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 298.70 162.15 Td (thinly ) Tj ET Q q 0 0 0 rg BT 325.82 162.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 354.68 162.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 396.96 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 407.75 162.15 Td (which ) Tj ET Q q 0 0 0 rg BT 436.03 162.15 Td (relatively ) Tj ET Q q 0 0 0 rg BT 478.30 162.15 Td (smaller ) Tj ET Q q 0 0 0 rg BT 511.83 162.15 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 64.53 149.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 102.98 149.55 Td (made\), ) Tj ET Q q 0 0 0 rg BT 133.55 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 148.09 149.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.63 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.09 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 195.22 149.55 Td (having ) Tj ET Q q 0 0 0 rg BT 225.51 149.55 Td (suf) Tj ET Q q 0 0 0 rg BT 238.15 149.55 Td (ficient ) Tj ET Q q 0 0 0 rg BT 266.68 149.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.47 149.55 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 371.59 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 391.38 149.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 427.48 149.55 Td (when ) Tj ET Q q 0 0 0 rg BT 451.94 149.55 Td (an ) Tj ET Q q 0 0 0 rg BT 463.56 149.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.68 149.55 Td (manager ) Tj ET Q q 0 0 0 rg BT 523.53 149.55 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (its ) Tj ET Q q 0 0 0 rg BT 60.97 136.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 89.45 136.95 Td (particularly ) Tj ET Q q 0 0 0 rg BT 139.20 136.95 Td (when ) Tj ET Q q 0 0 0 rg BT 163.29 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.47 136.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 213.22 136.95 Td (occurs ) Tj ET Q q 0 0 0 rg BT 241.97 136.95 Td (very ) Tj ET Q q 0 0 0 rg BT 261.98 136.95 Td (quickly) Tj ET Q q 0 0 0 rg BT 292.79 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 296.77 136.95 Td (If ) Tj ET Q q 0 0 0 rg BT 305.11 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 320.46 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 342.23 136.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 383.81 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 397.98 136.95 Td (not ) Tj ET Q q 0 0 0 rg BT 412.75 136.95 Td (able ) Tj ET Q q 0 0 0 rg BT 431.59 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 441.10 136.95 Td (identify ) Tj ET Q q 0 0 0 rg BT 475.12 136.95 Td (suf) Tj ET Q q 0 0 0 rg BT 487.76 136.95 Td (ficient ) Tj ET Q q 0 0 0 rg BT 515.93 136.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 108.04 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 122.91 124.35 Td (new ) Tj ET Q q 0 0 0 rg BT 143.03 124.35 Td (client ) Tj ET Q q 0 0 0 rg BT 168.97 124.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 197.56 124.35 Td (their ) Tj ET Q q 0 0 0 rg BT 219.42 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 268.13 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 323.80 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 335.17 124.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 364.63 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 375.42 124.35 Td (grow ) Tj ET Q q 0 0 0 rg BT 399.63 124.35 Td (may ) Tj ET Q q 0 0 0 rg BT 420.33 124.35 Td (be ) Tj ET Q q 0 0 0 rg BT 432.86 124.35 Td (reduced.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (18) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Changes ) Tj ET Q q 0 0 0 rg BT 126.56 741.90 Td (in ) Tj ET Q q 0 0 0 rg BT 137.94 741.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 183.15 741.90 Td (Markets ) Tj ET Q q 0 0 0 rg BT 221.36 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 240.33 741.90 Td (Prices ) Tj ET Q q 0 0 0 rg BT 269.78 741.90 Td (May ) Tj ET Q q 0 0 0 rg BT 291.26 741.90 Td (Af) Tj ET Q q 0 0 0 rg BT 301.57 741.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.93 741.90 Td (our ) Tj ET Q q 0 0 0 rg BT 337.73 741.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 381.77 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 400.73 741.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 418.52 741.90 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.70 Td (A) Tj ET Q q 0 0 0 rg BT 93.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 95.87 716.70 Td (lar) Tj ET Q q 0 0 0 rg BT 106.75 716.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 119.53 716.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.72 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 164.33 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 181.19 716.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 217.28 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 227.15 716.70 Td (derived ) Tj ET Q q 0 0 0 rg BT 261.50 716.70 Td (from ) Tj ET Q q 0 0 0 rg BT 284.77 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 333.71 716.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 372.74 716.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 413.50 716.70 Td (with ) Tj ET Q q 0 0 0 rg BT 435.03 716.70 Td (clients. ) Tj ET Q q 0 0 0 rg BT 467.93 716.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 497.03 716.70 Td (these ) Tj ET Q q 0 0 0 rg BT 521.47 716.70 Td (contracts, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.27 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 113.79 704.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 152.39 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 171.73 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 186.42 704.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 219.16 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.42 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 273.60 704.10 Td (based ) Tj ET Q q 0 0 0 rg BT 299.95 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.89 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.16 704.10 Td (market ) Tj ET Q q 0 0 0 rg BT 359.75 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 384.93 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.12 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 423.06 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 449.41 704.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 507.58 704.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 559.38 704.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 57.29 691.50 Td (decline ) Tj ET Q q 0 0 0 rg BT 90.23 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 101.02 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 116.47 691.50 Td (prices ) Tj ET Q q 0 0 0 rg BT 144.17 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 155.54 691.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 197.82 691.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 239.51 691.50 Td (may ) Tj ET Q q 0 0 0 rg BT 260.21 691.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 286.16 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 302.78 691.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 342.72 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 360.50 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 394.03 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 404.83 691.50 Td (decline ) Tj ET Q q 0 0 0 rg BT 437.77 691.50 Td (by:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 666.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 666.30 Td (causing the value of our ) Tj ET Q q 0 0 0 rg BT 206.93 666.30 Td (AUM to decrease, which would result in lower investment advisory and other fees;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 653.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 653.70 Td (causing ) Tj ET Q q 0 0 0 rg BT 138.54 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 155.01 653.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 184.89 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 195.52 653.70 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 237.65 653.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.45 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 274.09 653.70 Td (favor ) Tj ET Q q 0 0 0 rg BT 298.71 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 309.93 653.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 362.56 653.70 Td (they ) Tj ET Q q 0 0 0 rg BT 383.11 653.70 Td (perceive ) Tj ET Q q 0 0 0 rg BT 421.13 653.70 Td (of) Tj ET Q q 0 0 0 rg BT 429.69 653.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 443.81 653.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 475.42 653.70 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 526.89 653.70 Td (or ) Tj ET Q q 0 0 0 rg BT 538.11 653.70 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 641.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 125.00 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 153.29 641.10 Td (would ) Tj ET Q q 0 0 0 rg BT 182.16 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 201.70 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 227.66 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.45 641.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 264.98 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 313.68 641.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 352.47 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.25 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.45 641.10 Td (fees; ) Tj ET Q q 0 0 0 rg BT 416.90 641.10 Td (or) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 628.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 628.50 Td (decreasing the performance fees earned by our asset managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 603.30 Td (There ) Tj ET Q q 0 0 0 rg BT 113.13 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 128.59 603.30 Td (often ) Tj ET Q q 0 0 0 rg BT 152.81 603.30 Td (substantial ) Tj ET Q q 0 0 0 rg BT 200.37 603.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 252.59 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 263.40 603.30 Td (price ) Tj ET Q q 0 0 0 rg BT 287.03 603.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 314.17 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 324.99 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 340.46 603.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.76 603.30 Td (markets. ) Tj ET Q q 0 0 0 rg BT 421.08 603.30 Td (These ) Tj ET Q q 0 0 0 rg BT 448.79 603.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 501.01 603.30 Td (can ) Tj ET Q q 0 0 0 rg BT 518.23 603.30 Td (occur ) Tj ET Q q 0 0 0 rg BT 544.19 603.30 Td (on ) Tj ET Q q 0 0 0 rg BT 557.34 603.30 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (daily ) Tj ET Q q 0 0 0 rg BT 74.23 590.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 98.47 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 116.87 590.70 Td (over ) Tj ET Q q 0 0 0 rg BT 138.77 590.70 Td (longer ) Tj ET Q q 0 0 0 rg BT 168.83 590.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 202.98 590.70 Td (as ) Tj ET Q q 0 0 0 rg BT 214.97 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 222.87 590.70 Td (result ) Tj ET Q q 0 0 0 rg BT 249.44 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 261.42 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 269.32 590.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 301.71 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 313.70 590.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 348.13 590.70 Td (including ) Tj ET Q q 0 0 0 rg BT 391.03 590.70 Td (national ) Tj ET Q q 0 0 0 rg BT 428.09 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 446.49 590.70 Td (international ) Tj ET Q q 0 0 0 rg BT 502.80 590.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 546.85 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (political ) Tj ET Q q 0 0 0 rg BT 85.89 578.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 116.81 578.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 142.20 578.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 169.33 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.98 578.10 Td (business ) Tj ET Q q 0 0 0 rg BT 216.04 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.68 578.10 Td (finance, ) Tj ET Q q 0 0 0 rg BT 267.68 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.31 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 316.70 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 333.91 578.10 Td (movements. ) Tj ET Q q 0 0 0 rg BT 386.42 578.10 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 424.63 578.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 465.76 578.10 Td (market ) Tj ET Q q 0 0 0 rg BT 496.39 578.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 522.94 578.10 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (may ) Tj ET Q q 0 0 0 rg BT 71.28 565.50 Td (result ) Tj ET Q q 0 0 0 rg BT 97.82 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.19 565.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 145.62 565.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 186.14 565.50 Td (from ) Tj ET Q q 0 0 0 rg BT 209.76 565.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 236.87 565.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 264.57 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 275.81 565.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 303.52 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 321.88 565.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 341.43 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 353.38 565.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 396.24 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 407.61 565.50 Td (advisory) Tj ET Q q 0 0 0 rg BT 443.09 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 448.92 565.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 490.61 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 508.97 565.50 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 71.15 552.90 Td (Periods ) Tj ET Q q 0 0 0 rg BT 104.27 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 114.63 552.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 149.48 552.90 Td (market ) Tj ET Q q 0 0 0 rg BT 180.25 552.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 206.94 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 226.64 552.90 Td (adversely ) Tj ET Q q 0 0 0 rg BT 268.49 552.90 Td (af) Tj ET Q q 0 0 0 rg BT 276.46 552.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 293.81 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 309.43 552.90 Td (profitability ) Tj ET Q q 0 0 0 rg BT 361.20 552.90 Td (because ) Tj ET Q q 0 0 0 rg BT 396.05 552.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 419.25 552.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 441.86 552.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 472.64 552.90 Td (relatively ) Tj ET Q q 0 0 0 rg BT 513.90 552.90 Td (unchanged. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (Because ) Tj ET Q q 0 0 0 rg BT 86.91 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 101.09 540.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 133.92 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 144.02 540.30 Td (one ) Tj ET Q q 0 0 0 rg BT 161.11 540.30 Td (industry) Tj ET Q q 0 0 0 rg BT 194.84 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 199.40 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 214.16 540.30 Td (business ) Tj ET Q q 0 0 0 rg BT 251.68 540.30 Td (cycles ) Tj ET Q q 0 0 0 rg BT 279.85 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 290.53 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 306.45 540.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 328.80 540.30 Td (managers ) Tj ET Q q 0 0 0 rg BT 370.96 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 390.97 540.30 Td (occur ) Tj ET Q q 0 0 0 rg BT 416.22 540.30 Td (contemporaneously) Tj ET Q q 0 0 0 rg BT 497.77 540.30 Td (. ) Tj ET Q q 0 0 0 rg BT 502.32 540.30 Td (Consequently) Tj ET Q q 0 0 0 rg BT 559.39 540.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 73.42 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 91.78 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 103.15 527.70 Td (an ) Tj ET Q q 0 0 0 rg BT 115.69 527.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 159.13 527.70 Td (downturn ) Tj ET Q q 0 0 0 rg BT 202.00 527.70 Td (may ) Tj ET Q q 0 0 0 rg BT 222.71 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 245.15 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 252.44 527.70 Td (magnified ) Tj ET Q q 0 0 0 rg BT 297.63 527.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 335.82 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 343.79 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 362.15 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 375.28 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 391.90 527.70 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.50 Td (In ) Tj ET Q q 0 0 0 rg BT 97.04 502.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.37 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 147.41 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.45 502.50 Td (March ) Tj ET Q q 0 0 0 rg BT 188.15 502.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 203.57 502.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 229.48 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 236.44 502.50 Td (substantial ) Tj ET Q q 0 0 0 rg BT 283.64 502.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 316.27 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 327.31 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 343.60 502.50 Td (invested ) Tj ET Q q 0 0 0 rg BT 380.88 502.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.67 502.50 Td (consisted ) Tj ET Q q 0 0 0 rg BT 449.05 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 460.09 502.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 502.03 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 519.49 502.50 Td (other ) Tj ET Q q 0 0 0 rg BT 543.35 502.50 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.76 489.90 Td (investments. ) Tj ET Q q 0 0 0 rg BT 136.33 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 138.49 489.90 Td (A) Tj ET Q q 0 0 0 rg BT 145.50 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 148.27 489.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 181.37 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 192.31 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 207.92 489.90 Td (value ) Tj ET Q q 0 0 0 rg BT 233.43 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 244.96 489.90 Td (equity) Tj ET Q q 0 0 0 rg BT 270.52 489.90 Td (, ) Tj ET Q q 0 0 0 rg BT 275.92 489.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 300.28 489.90 Td (income ) Tj ET Q q 0 0 0 rg BT 333.96 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 345.48 489.90 Td (other ) Tj ET Q q 0 0 0 rg BT 369.84 489.90 Td (alternative ) Tj ET Q q 0 0 0 rg BT 416.92 489.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.35 489.90 Td (could ) Tj ET Q q 0 0 0 rg BT 485.46 489.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 512.14 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 527.75 489.90 Td (value ) Tj ET Q q 0 0 0 rg BT 553.27 489.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (these ) Tj ET Q q 0 0 0 rg BT 74.42 477.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 127.42 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 145.42 477.30 Td (result ) Tj ET Q q 0 0 0 rg BT 171.59 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.60 477.30 Td (declines ) Tj ET Q q 0 0 0 rg BT 219.84 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 230.85 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 247.69 477.30 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 309.43 477.30 Td (income ) Tj ET Q q 0 0 0 rg BT 343.17 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 361.17 477.30 Td (net ) Tj ET Q q 0 0 0 rg BT 376.84 477.30 Td (income. ) Tj ET Q q 0 0 0 rg BT 413.21 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 416.05 477.30 Td (Increases ) Tj ET Q q 0 0 0 rg BT 457.95 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 469.54 477.30 Td (decreases ) Tj ET Q q 0 0 0 rg BT 512.60 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 523.61 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 539.28 477.30 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 464.70 Td (these ) Tj ET Q q 0 0 0 rg BT 85.57 464.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 138.36 464.70 Td (could ) Tj ET Q q 0 0 0 rg BT 164.31 464.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 201.33 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 216.79 464.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 257.33 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 268.70 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 285.32 464.70 Td (earnings.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 439.50 Td (Changes ) Tj ET Q q 0 0 0 rg BT 126.56 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 137.94 439.50 Td (Interest ) Tj ET Q q 0 0 0 rg BT 173.82 439.50 Td (Rates ) Tj ET Q q 0 0 0 rg BT 200.36 439.50 Td (Could ) Tj ET Q q 0 0 0 rg BT 229.25 439.50 Td (Have ) Tj ET Q q 0 0 0 rg BT 254.22 439.50 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 291.25 439.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 301.56 439.50 Td (fects ) Tj ET Q q 0 0 0 rg BT 324.01 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 337.73 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 355.14 439.50 Td (Assets ) Tj ET Q q 0 0 0 rg BT 384.60 439.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 414.65 439.50 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 414.30 Td (Increases ) Tj ET Q q 0 0 0 rg BT 127.44 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 138.00 414.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 171.29 414.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 193.50 414.30 Td (from ) Tj ET Q q 0 0 0 rg BT 216.29 414.30 Td (their ) Tj ET Q q 0 0 0 rg BT 237.92 414.30 Td (historically ) Tj ET Q q 0 0 0 rg BT 287.55 414.30 Td (low ) Tj ET Q q 0 0 0 rg BT 305.68 414.30 Td (present ) Tj ET Q q 0 0 0 rg BT 338.39 414.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 365.27 414.30 Td (may ) Tj ET Q q 0 0 0 rg BT 385.73 414.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 428.35 414.30 Td (af) Tj ET Q q 0 0 0 rg BT 436.32 414.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 454.44 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 469.65 414.30 Td (net ) Tj ET Q q 0 0 0 rg BT 484.86 414.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 507.66 414.30 Td (values ) Tj ET Q q 0 0 0 rg BT 536.87 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 548.00 414.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 79.70 401.70 Td (In ) Tj ET Q q 0 0 0 rg BT 91.02 401.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 130.63 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 141.36 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 148.60 401.70 Td (rising ) Tj ET Q q 0 0 0 rg BT 175.09 401.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.56 401.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 226.87 401.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 285.14 401.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 337.88 401.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 378.36 401.70 Td (may ) Tj ET Q q 0 0 0 rg BT 399.01 401.70 Td (shift ) Tj ET Q q 0 0 0 rg BT 420.25 401.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 458.41 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 485.48 401.70 Td (that ) Tj ET Q q 0 0 0 rg BT 503.80 401.70 Td (we ) Tj ET Q q 0 0 0 rg BT 518.61 401.70 Td (manage ) Tj ET Q q 0 0 0 rg BT 553.83 401.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (pooled ) Tj ET Q q 0 0 0 rg BT 80.73 389.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 128.97 389.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 165.53 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.85 389.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 201.91 389.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 254.23 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.55 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.54 389.10 Td (types ) Tj ET Q q 0 0 0 rg BT 303.86 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.76 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.41 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.73 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 379.55 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.54 389.10 Td (pooled ) Tj ET Q q 0 0 0 rg BT 425.27 389.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 461.83 389.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 489.07 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.39 389.10 Td (order ) Tj ET Q q 0 0 0 rg BT 523.70 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.02 389.10 Td (realize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 80.12 376.50 Td (yields ) Tj ET Q q 0 0 0 rg BT 108.50 376.50 Td (than ) Tj ET Q q 0 0 0 rg BT 129.88 376.50 Td (those ) Tj ET Q q 0 0 0 rg BT 155.34 376.50 Td (available ) Tj ET Q q 0 0 0 rg BT 196.53 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 207.99 376.50 Td (money ) Tj ET Q q 0 0 0 rg BT 239.87 376.50 Td (market ) Tj ET Q q 0 0 0 rg BT 272.32 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 290.78 376.50 Td (other ) Tj ET Q q 0 0 0 rg BT 315.65 376.50 Td (products ) Tj ET Q q 0 0 0 rg BT 355.10 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 367.15 376.50 Td (strategies ) Tj ET Q q 0 0 0 rg BT 410.10 376.50 Td (holding ) Tj ET Q q 0 0 0 rg BT 445.48 376.50 Td (lower) Tj ET Q q 0 0 0 rg BT 469.18 376.50 Td (-yielding ) Tj ET Q q 0 0 0 rg BT 510.39 376.50 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 564.64 376.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.38 363.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 150.13 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 161.56 363.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 195.74 363.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 218.83 363.90 Td (may ) Tj ET Q q 0 0 0 rg BT 240.18 363.90 Td (result ) Tj ET Q q 0 0 0 rg BT 266.77 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 278.21 363.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 314.71 363.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 343.05 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 354.48 363.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.00 363.90 Td (markets. ) Tj ET Q q 0 0 0 rg BT 423.13 363.90 Td (Conversely) Tj ET Q q 0 0 0 rg BT 470.27 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 476.17 363.90 Td (decreases ) Tj ET Q q 0 0 0 rg BT 519.66 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 531.09 363.90 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.14 351.30 Td (could ) Tj ET Q q 0 0 0 rg BT 97.78 351.30 Td (lead ) Tj ET Q q 0 0 0 rg BT 117.58 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 128.06 351.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 167.12 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 177.61 351.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 201.49 351.30 Td (income ) Tj ET Q q 0 0 0 rg BT 234.71 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 245.77 351.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 283.67 351.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 310.49 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 328.54 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 343.10 351.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 378.06 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 389.13 351.30 Td (investors ) Tj ET Q q 0 0 0 rg BT 429.35 351.30 Td (seek ) Tj ET Q q 0 0 0 rg BT 450.33 351.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 479.46 351.30 Td (yields. ) Tj ET Q q 0 0 0 rg BT 508.97 351.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 529.37 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 540.43 351.30 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (ef) Tj ET Q q 0 0 0 rg BT 57.97 338.70 Td (fects ) Tj ET Q q 0 0 0 rg BT 80.03 338.70 Td (could ) Tj ET Q q 0 0 0 rg BT 105.60 338.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 131.75 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 147.49 338.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 174.24 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.64 338.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 231.20 338.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 251.22 338.70 Td (if ) Tj ET Q q 0 0 0 rg BT 259.88 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 276.12 338.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 315.68 338.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 348.23 338.70 Td (without ) Tj ET Q q 0 0 0 rg BT 382.56 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 389.46 338.70 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 452.93 338.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 494.83 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 505.24 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 521.48 338.70 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.62 326.10 Td (net ) Tj ET Q q 0 0 0 rg BT 82.07 326.10 Td (income ) Tj ET Q q 0 0 0 rg BT 115.61 326.10 Td (will ) Tj ET Q q 0 0 0 rg BT 134.57 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 147.10 326.10 Td (reduced.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 105.24 300.90 Td (current ) Tj ET Q q 0 0 0 rg BT 137.90 300.90 Td (historically ) Tj ET Q q 0 0 0 rg BT 188.06 300.90 Td (low ) Tj ET Q q 0 0 0 rg BT 206.73 300.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 240.56 300.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 259.21 300.90 Td (environment ) Tj ET Q q 0 0 0 rg BT 315.20 300.90 Td (af) Tj ET Q q 0 0 0 rg BT 323.17 300.90 Td (fects ) Tj ET Q q 0 0 0 rg BT 345.91 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.66 300.90 Td (yields ) Tj ET Q q 0 0 0 rg BT 389.66 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 401.33 300.90 Td (money ) Tj ET Q q 0 0 0 rg BT 432.82 300.90 Td (market ) Tj ET Q q 0 0 0 rg BT 464.90 300.90 Td (funds, ) Tj ET Q q 0 0 0 rg BT 493.78 300.90 Td (which ) Tj ET Q q 0 0 0 rg BT 522.36 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 538.09 300.90 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 63.17 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 78.67 288.30 Td (income ) Tj ET Q q 0 0 0 rg BT 112.24 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 135.32 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 150.82 288.30 Td (underlying ) Tj ET Q q 0 0 0 rg BT 198.98 288.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 241.30 288.30 Td (less ) Tj ET Q q 0 0 0 rg BT 259.72 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 275.21 288.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 317.54 288.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 341.21 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 352.62 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 368.12 288.30 Td (funds. ) Tj ET Q q 0 0 0 rg BT 396.55 288.30 Td (W) Tj ET Q q 0 0 0 rg BT 406.04 288.30 Td (ith ) Tj ET Q q 0 0 0 rg BT 419.79 288.30 Td (short-term ) Tj ET Q q 0 0 0 rg BT 466.20 288.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 499.78 288.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 522.27 288.30 Td (at ) Tj ET Q q 0 0 0 rg BT 532.51 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 543.93 288.30 Td (near ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (zero, ) Tj ET Q q 0 0 0 rg BT 73.54 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 89.22 275.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 131.72 275.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.47 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 184.07 275.70 Td (money ) Tj ET Q q 0 0 0 rg BT 215.49 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 247.49 275.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 273.67 275.70 Td (may ) Tj ET Q q 0 0 0 rg BT 294.60 275.70 Td (become ) Tj ET Q q 0 0 0 rg BT 330.10 275.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 362.09 275.70 Td (than ) Tj ET Q q 0 0 0 rg BT 383.02 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 275.70 Td (income ) Tj ET Q q 0 0 0 rg BT 432.45 275.70 Td (from ) Tj ET Q q 0 0 0 rg BT 455.70 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 471.38 275.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 519.72 275.70 Td (securities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.47 263.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 111.34 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.98 263.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 148.78 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.33 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.97 263.10 Td (money ) Tj ET Q q 0 0 0 rg BT 204.35 263.10 Td (market ) Tj ET Q q 0 0 0 rg BT 235.31 263.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 260.45 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.43 263.10 Td (very ) Tj ET Q q 0 0 0 rg BT 290.89 263.10 Td (low ) Tj ET Q q 0 0 0 rg BT 308.45 263.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 337.37 263.10 Td (In ) Tj ET Q q 0 0 0 rg BT 347.93 263.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 386.77 263.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 408.99 263.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 445.22 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 465.10 263.10 Td (become ) Tj ET Q q 0 0 0 rg BT 499.56 263.10 Td (more ) Tj ET Q q 0 0 0 rg BT 522.94 263.10 Td (attractive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 61.19 250.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 102.14 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 120.32 250.50 Td (money ) Tj ET Q q 0 0 0 rg BT 151.93 250.50 Td (market ) Tj ET Q q 0 0 0 rg BT 184.11 250.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 210.47 250.50 Td (could ) Tj ET Q q 0 0 0 rg BT 236.82 250.50 Td (experience ) Tj ET Q q 0 0 0 rg BT 285.31 250.50 Td (redemptions, ) Tj ET Q q 0 0 0 rg BT 342.87 250.50 Td (which ) Tj ET Q q 0 0 0 rg BT 371.56 250.50 Td (could ) Tj ET Q q 0 0 0 rg BT 397.91 250.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 437.08 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 454.10 250.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 494.44 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 512.63 250.50 Td (net ) Tj ET Q q 0 0 0 rg BT 528.48 250.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 564.64 250.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 237.90 Td (e ) Tj ET Q q 0 0 0 rg BT 66.56 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 82.21 237.90 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 131.71 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 147.37 237.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 184.62 237.90 Td (wide ) Tj ET Q q 0 0 0 rg BT 207.86 237.90 Td (low ) Tj ET Q q 0 0 0 rg BT 226.44 237.90 Td (yields ) Tj ET Q q 0 0 0 rg BT 254.36 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 265.94 237.90 Td (money ) Tj ET Q q 0 0 0 rg BT 297.34 237.90 Td (market ) Tj ET Q q 0 0 0 rg BT 329.33 237.90 Td (funds, ) Tj ET Q q 0 0 0 rg BT 358.12 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 386.61 237.90 Td (may ) Tj ET Q q 0 0 0 rg BT 407.52 237.90 Td (result ) Tj ET Q q 0 0 0 rg BT 433.68 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 444.68 237.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 483.08 237.90 Td (yields, ) Tj ET Q q 0 0 0 rg BT 513.62 237.90 Td (particularly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 225.30 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 96.35 225.30 Td (which ) Tj ET Q q 0 0 0 rg BT 124.63 225.30 Td (could ) Tj ET Q q 0 0 0 rg BT 150.58 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 173.02 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 180.30 225.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 227.24 225.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 261.92 225.30 Td (ef) Tj ET Q q 0 0 0 rg BT 269.89 225.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 288.25 225.30 Td (on ) Tj ET Q q 0 0 0 rg BT 301.36 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.81 225.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 353.85 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 364.63 225.30 Td (general ) Tj ET Q q 0 0 0 rg BT 398.15 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 415.93 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 432.54 225.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 470.75 225.30 Td (business ) Tj ET Q q 0 0 0 rg BT 508.95 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 519.74 225.30 Td (particular) Tj ET Q q 0 0 0 rg BT 559.39 225.30 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (During ) Tj ET Q q 0 0 0 rg BT 83.55 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.19 212.70 Td (past ) Tj ET Q q 0 0 0 rg BT 120.91 212.70 Td (four ) Tj ET Q q 0 0 0 rg BT 142.21 212.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 168.76 212.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 197.34 212.70 Td (we ) Tj ET Q q 0 0 0 rg BT 213.39 212.70 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 263.28 212.70 Td (waived ) Tj ET Q q 0 0 0 rg BT 297.40 212.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 329.77 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 350.48 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 363.04 212.70 Td (assumed ) Tj ET Q q 0 0 0 rg BT 403.01 212.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 444.72 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 457.27 212.70 Td (money ) Tj ET Q q 0 0 0 rg BT 489.66 212.70 Td (market ) Tj ET Q q 0 0 0 rg BT 522.62 212.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.75 212.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 101.80 200.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 138.14 200.10 Td (such ) Tj ET Q q 0 0 0 rg BT 159.61 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.59 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.98 200.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 219.95 200.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 271.75 200.10 Td (yields, ) Tj ET Q q 0 0 0 rg BT 301.68 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 329.57 200.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 363.87 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.09 200.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 418.48 200.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 433.52 200.10 Td (income ) Tj ET Q q 0 0 0 rg BT 466.66 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.05 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 499.10 200.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 534.86 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.93 200.10 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 64.89 187.50 Td (waivers ) Tj ET Q q 0 0 0 rg BT 99.63 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 113.95 187.50 Td (competitive ) Tj ET Q q 0 0 0 rg BT 165.59 187.50 Td (reasons ) Tj ET Q q 0 0 0 rg BT 199.16 187.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 234.48 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 244.72 187.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 307.44 187.50 Td ($70 ) Tj ET Q q 0 0 0 rg BT 325.27 187.50 Td (million ) Tj ET Q q 0 0 0 rg BT 357.69 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 367.93 187.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 403.23 187.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.39 187.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 489.63 187.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 529.02 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 539.26 187.50 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (year ) Tj ET Q q 0 0 0 rg BT 70.69 174.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 96.94 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 114.73 174.90 Td (have ) Tj ET Q q 0 0 0 rg BT 137.17 174.90 Td (continued ) Tj ET Q q 0 0 0 rg BT 181.21 174.90 Td (into ) Tj ET Q q 0 0 0 rg BT 200.17 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 215.62 174.90 Td (present ) Tj ET Q q 0 0 0 rg BT 248.57 174.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 273.93 174.90 Td (year) Tj ET Q q 0 0 0 rg BT 291.42 174.90 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 149.70 Td (Competition ) Tj ET Q q 0 0 0 rg BT 141.72 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 153.10 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 168.75 149.70 Td (Asset ) Tj ET Q q 0 0 0 rg BT 194.13 149.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 253.93 149.70 Td (Industry ) Tj ET Q q 0 0 0 rg BT 293.32 149.70 Td (Could ) Tj ET Q q 0 0 0 rg BT 322.21 149.70 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 356.91 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 374.71 149.70 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 418.75 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 437.71 149.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 455.50 149.70 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 124.50 Td (The ) Tj ET Q q 0 0 0 rg BT 106.92 124.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.93 124.50 Td (management ) Tj ET Q q 0 0 0 rg BT 190.18 124.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.19 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 241.96 124.50 Td (which ) Tj ET Q q 0 0 0 rg BT 272.22 124.50 Td (we ) Tj ET Q q 0 0 0 rg BT 289.06 124.50 Td (are ) Tj ET Q q 0 0 0 rg BT 306.48 124.50 Td (engaged ) Tj ET Q q 0 0 0 rg BT 346.06 124.50 Td (is ) Tj ET Q q 0 0 0 rg BT 357.66 124.50 Td (extremely ) Tj ET Q q 0 0 0 rg BT 404.24 124.50 Td (competitive ) Tj ET Q q 0 0 0 rg BT 458.41 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 478.17 124.50 Td (we ) Tj ET Q q 0 0 0 rg BT 495.01 124.50 Td (face ) Tj ET Q q 0 0 0 rg BT 517.09 124.50 Td (substantial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (competition ) Tj ET Q q 0 0 0 rg BT 102.68 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 113.37 111.90 Td (all ) Tj ET Q q 0 0 0 rg BT 126.39 111.90 Td (aspects ) Tj ET Q q 0 0 0 rg BT 159.23 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 170.50 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 187.02 111.90 Td (business. ) Tj ET Q q 0 0 0 rg BT 227.57 111.90 Td (W) Tj ET Q q 0 0 0 rg BT 236.64 111.90 Td (e ) Tj ET Q q 0 0 0 rg BT 243.83 111.90 Td (compete ) Tj ET Q q 0 0 0 rg BT 281.92 111.90 Td (with ) Tj ET Q q 0 0 0 rg BT 303.11 111.90 Td (numerous ) Tj ET Q q 0 0 0 rg BT 347.04 111.90 Td (international ) Tj ET Q q 0 0 0 rg BT 402.63 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 420.31 111.90 Td (domestic ) Tj ET Q q 0 0 0 rg BT 460.75 111.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 483.68 111.90 Td (management ) Tj ET Q q 0 0 0 rg BT 539.85 111.90 Td (firms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 69.72 99.30 Td (broker) Tj ET Q q 0 0 0 rg BT 96.92 99.30 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 137.33 99.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 171.05 99.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.86 99.30 Td (complexes, ) Tj ET Q q 0 0 0 rg BT 246.95 99.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.58 99.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 307.10 99.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 361.22 99.30 Td (banks, ) Tj ET Q q 0 0 0 rg BT 392.91 99.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 437.70 99.30 Td (companies, ) Tj ET Q q 0 0 0 rg BT 489.79 99.30 Td (other ) Tj ET Q q 0 0 0 rg BT 515.92 99.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (companies ) Tj ET Q q 0 0 0 rg BT 97.87 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 116.01 86.70 Td (other ) Tj ET Q q 0 0 0 rg BT 140.55 86.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.25 86.70 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 232.53 86.70 Td (Many ) Tj ET Q q 0 0 0 rg BT 260.00 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 271.71 86.70 Td (these ) Tj ET Q q 0 0 0 rg BT 296.26 86.70 Td (or) Tj ET Q q 0 0 0 rg BT 304.82 86.70 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 355.61 86.70 Td (of) Tj ET Q q 0 0 0 rg BT 364.17 86.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 378.79 86.70 Td (products ) Tj ET Q q 0 0 0 rg BT 417.92 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 436.06 86.70 Td (services ) Tj ET Q q 0 0 0 rg BT 472.85 86.70 Td (that ) Tj ET Q q 0 0 0 rg BT 491.56 86.70 Td (are ) Tj ET Q q 0 0 0 rg BT 507.35 86.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 539.49 86.70 Td (to, ) Tj ET Q q 0 0 0 rg BT 553.25 86.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 88.48 74.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 112.68 74.10 Td (those ) Tj ET Q q 0 0 0 rg BT 137.76 74.10 Td (of) Tj ET Q q 0 0 0 rg BT 146.31 74.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 170.79 74.10 Td (by ) Tj ET Q q 0 0 0 rg BT 184.20 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.11 74.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.43 74.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 267.57 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.64 74.10 Td (have ) Tj ET Q q 0 0 0 rg BT 308.38 74.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 364.37 74.10 Td (more ) Tj ET Q q 0 0 0 rg BT 388.85 74.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 432.58 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.66 74.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 482.71 74.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 522.35 74.10 Td (resources ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (than ) Tj ET Q q 0 0 0 rg BT 70.86 61.50 Td (we ) Tj ET Q q 0 0 0 rg BT 85.88 61.50 Td (do. ) Tj ET Q q 0 0 0 rg BT 101.78 61.50 Td (Some ) Tj ET Q q 0 0 0 rg BT 128.48 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 140.01 61.50 Td (these ) Tj ET Q q 0 0 0 rg BT 164.36 61.50 Td (competitors ) Tj ET Q q 0 0 0 rg BT 216.71 61.50 Td (have ) Tj ET Q q 0 0 0 rg BT 239.31 61.50 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 288.74 61.50 Td (products ) Tj ET Q q 0 0 0 rg BT 327.68 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 345.62 61.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 396.82 61.50 Td (channels ) Tj ET Q q 0 0 0 rg BT 436.33 61.50 Td (that ) Tj ET Q q 0 0 0 rg BT 454.85 61.50 Td (make ) Tj ET Q q 0 0 0 rg BT 480.37 61.50 Td (it ) Tj ET Q q 0 0 0 rg BT 488.99 61.50 Td (more ) Tj ET Q q 0 0 0 rg BT 513.34 61.50 Td (dif) Tj ET Q q 0 0 0 rg BT 524.81 61.50 Td (ficult ) Tj ET Q q 0 0 0 rg BT 549.75 61.50 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.90 Td (us ) Tj ET Q q 0 0 0 rg BT 63.31 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 75.44 48.90 Td (compete ) Tj ET Q q 0 0 0 rg BT 114.98 48.90 Td (with ) Tj ET Q q 0 0 0 rg BT 137.61 48.90 Td (them. ) Tj ET Q q 0 0 0 rg BT 165.20 48.90 Td (In ) Tj ET Q q 0 0 0 rg BT 177.92 48.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 218.93 48.90 Td (many ) Tj ET Q q 0 0 0 rg BT 246.22 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 258.94 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 276.90 48.90 Td (competitors ) Tj ET Q q 0 0 0 rg BT 330.45 48.90 Td (have ) Tj ET Q q 0 0 0 rg BT 354.24 48.90 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 415.95 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 435.08 48.90 Td (established ) Tj ET Q q 0 0 0 rg BT 485.71 48.90 Td (relationships ) Tj ET Q q 0 0 0 rg BT 543.34 48.90 Td (with ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (distributors ) Tj ET Q q 0 0 0 rg BT 100.90 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.13 741.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 152.23 741.75 Td (From ) Tj ET Q q 0 0 0 rg BT 178.06 741.75 Td (time ) Tj ET Q q 0 0 0 rg BT 199.79 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 211.02 741.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 235.38 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 252.44 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.92 741.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 319.22 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 339.20 741.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 377.83 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 399.57 741.75 Td (each ) Tj ET Q q 0 0 0 rg BT 421.87 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 446.51 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 461.82 741.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 492.30 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.53 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.09 741.75 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (management. ) Tj ET Q q 0 0 0 rg BT 107.82 729.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 125.70 729.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 154.08 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 163.80 729.15 Td (compete ) Tj ET Q q 0 0 0 rg BT 200.91 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 220.54 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 232.00 729.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 273.78 729.15 Td (af) Tj ET Q q 0 0 0 rg BT 281.75 729.15 Td (fected ) Tj ET Q q 0 0 0 rg BT 308.95 729.15 Td (if, ) Tj ET Q q 0 0 0 rg BT 319.54 729.15 Td (among ) Tj ET Q q 0 0 0 rg BT 349.66 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 372.79 729.15 Td (things, ) Tj ET Q q 0 0 0 rg BT 402.64 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 418.18 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 440.14 729.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 481.93 729.15 Td (lose ) Tj ET Q q 0 0 0 rg BT 500.39 729.15 Td (key ) Tj ET Q q 0 0 0 rg BT 517.10 729.15 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (or) Tj ET Q q 0 0 0 rg BT 58.33 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 63.11 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 74.02 716.55 Td (has ) Tj ET Q q 0 0 0 rg BT 90.18 716.55 Td (been ) Tj ET Q q 0 0 0 rg BT 112.17 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 127.16 716.55 Td (case ) Tj ET Q q 0 0 0 rg BT 147.39 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 161.79 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 192.52 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 203.43 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.42 716.55 Td (products ) Tj ET Q q 0 0 0 rg BT 256.74 716.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 296.80 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 309.46 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 325.62 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.19 716.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 393.21 716.55 Td (under) Tj ET Q q 0 0 0 rg BT 416.91 716.55 Td (-perform ) Tj ET Q q 0 0 0 rg BT 456.39 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 466.72 716.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 517.87 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 528.20 716.55 Td (relevant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.67 703.95 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 159.03 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 170.40 703.95 Td (peer ) Tj ET Q q 0 0 0 rg BT 191.10 703.95 Td (groups.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.00 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 126.10 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 181.42 678.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 217.52 678.75 Td (has ) Tj ET Q q 0 0 0 rg BT 233.20 678.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 285.59 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 307.69 678.75 Td (time ) Tj ET Q q 0 0 0 rg BT 328.03 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.88 678.75 Td (time ) Tj ET Q q 0 0 0 rg BT 358.22 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 372.73 678.75 Td (entry ) Tj ET Q q 0 0 0 rg BT 395.98 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.41 678.75 Td (many ) Tj ET Q q 0 0 0 rg BT 431.42 678.75 Td (new ) Tj ET Q q 0 0 0 rg BT 450.59 678.75 Td (firms, ) Tj ET Q q 0 0 0 rg BT 477.06 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 487.49 678.75 Td (well ) Tj ET Q q 0 0 0 rg BT 507.25 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 517.67 678.75 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 109.57 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 121.31 666.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 165.71 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 189.11 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 245.74 666.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 270.90 666.15 Td (have ) Tj ET Q q 0 0 0 rg BT 293.71 666.15 Td (either ) Tj ET Q q 0 0 0 rg BT 320.60 666.15 Td (been ) Tj ET Q q 0 0 0 rg BT 343.41 666.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 382.55 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 396.04 666.15 Td (other ) Tj ET Q q 0 0 0 rg BT 420.61 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.33 666.15 Td (services ) Tj ET Q q 0 0 0 rg BT 497.14 666.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 522.29 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 534.03 666.15 Td (ceased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 98.76 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 109.89 653.55 Td (many ) Tj ET Q q 0 0 0 rg BT 135.61 653.55 Td (cases, ) Tj ET Q q 0 0 0 rg BT 162.79 653.55 Td (this ) Tj ET Q q 0 0 0 rg BT 180.35 653.55 Td (has ) Tj ET Q q 0 0 0 rg BT 196.74 653.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 232.37 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 242.93 653.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 267.48 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 288.54 653.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 320.08 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.20 653.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 401.24 653.55 Td (than ) Tj ET Q q 0 0 0 rg BT 421.71 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 436.34 653.55 Td (have. ) Tj ET Q q 0 0 0 rg BT 461.18 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 472.32 653.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 511.75 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 518.80 653.55 Td (number ) Tj ET Q q 0 0 0 rg BT 553.27 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (heavily ) Tj ET Q q 0 0 0 rg BT 84.22 640.95 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 133.00 640.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 183.84 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 226.82 640.95 Td (commercial ) Tj ET Q q 0 0 0 rg BT 279.69 640.95 Td (banks ) Tj ET Q q 0 0 0 rg BT 307.50 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.97 640.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 359.60 640.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 393.24 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 416.38 640.95 Td (made ) Tj ET Q q 0 0 0 rg BT 442.43 640.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 495.90 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 507.38 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 525.86 640.95 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.40 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 128.03 628.35 Td (firms. ) Tj ET Q q 0 0 0 rg BT 154.36 628.35 Td (Access ) Tj ET Q q 0 0 0 rg BT 186.08 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 196.24 628.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 227.38 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 248.61 628.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 299.02 628.35 Td (channels ) Tj ET Q q 0 0 0 rg BT 337.74 628.35 Td (has ) Tj ET Q q 0 0 0 rg BT 353.72 628.35 Td (also ) Tj ET Q q 0 0 0 rg BT 372.62 628.35 Td (become ) Tj ET Q q 0 0 0 rg BT 407.25 628.35 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 460.55 628.35 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 514.30 628.35 Td (All ) Tj ET Q q 0 0 0 rg BT 529.70 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 540.43 628.35 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 80.58 615.75 Td (could ) Tj ET Q q 0 0 0 rg BT 105.92 615.75 Td (make ) Tj ET Q q 0 0 0 rg BT 130.66 615.75 Td (it ) Tj ET Q q 0 0 0 rg BT 138.51 615.75 Td (more ) Tj ET Q q 0 0 0 rg BT 162.09 615.75 Td (dif) Tj ET Q q 0 0 0 rg BT 173.57 615.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 197.74 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 211.99 615.75 Td (us ) Tj ET Q q 0 0 0 rg BT 223.34 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 233.51 615.75 Td (compete, ) Tj ET Q q 0 0 0 rg BT 273.72 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.89 615.75 Td (no ) Tj ET Q q 0 0 0 rg BT 303.40 615.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 346.22 615.75 Td (can ) Tj ET Q q 0 0 0 rg BT 362.80 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 374.72 615.75 Td (given ) Tj ET Q q 0 0 0 rg BT 400.06 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 417.81 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 432.07 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 450.41 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 462.33 615.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 507.50 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.67 615.75 Td (competing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.28 603.15 Td (growing ) Tj ET Q q 0 0 0 rg BT 104.40 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 120.05 603.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 146.67 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 163.96 603.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 204.29 603.15 Td (If ) Tj ET Q q 0 0 0 rg BT 213.40 603.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 242.93 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 260.22 603.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 299.08 603.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 328.61 603.15 Td (decide ) Tj ET Q q 0 0 0 rg BT 358.13 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 368.42 603.15 Td (use ) Tj ET Q q 0 0 0 rg BT 384.54 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.49 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 435.43 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.29 603.15 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 500.61 603.15 Td (it ) Tj ET Q q 0 0 0 rg BT 508.57 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 534.02 603.15 Td (reduce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 67.40 590.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 108.12 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 126.68 590.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 159.83 590.55 Td (rate, ) Tj ET Q q 0 0 0 rg BT 181.59 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.16 590.55 Td (if ) Tj ET Q q 0 0 0 rg BT 209.97 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 227.37 590.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 268.09 590.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 307.63 590.55 Td (without ) Tj ET Q q 0 0 0 rg BT 343.12 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 351.18 590.55 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 415.81 590.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 458.87 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 470.44 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 487.84 590.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 531.77 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 549.17 590.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 83.80 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 103.02 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 115.82 577.95 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 154.57 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 166.20 577.95 Td (this ) Tj ET Q q 0 0 0 rg BT 184.26 577.95 Td (regard, ) Tj ET Q q 0 0 0 rg BT 216.59 577.95 Td (there ) Tj ET Q q 0 0 0 rg BT 240.47 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 256.18 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 263.73 577.95 Td (number ) Tj ET Q q 0 0 0 rg BT 298.69 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 310.33 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 333.63 577.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 365.68 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.73 577.95 Td (product ) Tj ET Q q 0 0 0 rg BT 418.70 577.95 Td (types ) Tj ET Q q 0 0 0 rg BT 443.75 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 462.39 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 478.09 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 494.40 577.95 Td (well ) Tj ET Q q 0 0 0 rg BT 515.37 577.95 Td (covered ) Tj ET Q q 0 0 0 rg BT 551.49 577.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 65.37 565.35 Td (current ) Tj ET Q q 0 0 0 rg BT 96.48 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 134.01 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 150.55 565.35 Td (services. ) Tj ET Q q 0 0 0 rg BT 188.27 565.35 Td (When ) Tj ET Q q 0 0 0 rg BT 214.71 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 237.66 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 259.45 565.35 Td (classes ) Tj ET Q q 0 0 0 rg BT 289.98 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 300.10 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 337.63 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 351.83 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 361.37 565.35 Td (favor ) Tj ET Q q 0 0 0 rg BT 384.90 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 404.94 565.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 446.85 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 460.47 565.35 Td (will ) Tj ET Q q 0 0 0 rg BT 478.18 565.35 Td (miss ) Tj ET Q q 0 0 0 rg BT 498.81 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 513.01 565.35 Td (opportunity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 61.03 552.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 81.97 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.66 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 125.02 552.75 Td (under ) Tj ET Q q 0 0 0 rg BT 151.78 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 208.29 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 226.90 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 242.57 552.75 Td (being ) Tj ET Q q 0 0 0 rg BT 268.76 552.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 306.62 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 317.65 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 342.08 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.44 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.46 552.75 Td (face ) Tj ET Q q 0 0 0 rg BT 407.80 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.49 552.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.10 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 453.71 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 470.57 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 511.33 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.69 552.75 Td (being ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 97.08 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.42 540.15 Td (favor ) Tj ET Q q 0 0 0 rg BT 131.74 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 142.66 540.15 Td (competitors ) Tj ET Q q 0 0 0 rg BT 194.40 540.15 Td (who ) Tj ET Q q 0 0 0 rg BT 214.65 540.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 248.90 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 284.89 540.15 Td (covering ) Tj ET Q q 0 0 0 rg BT 323.79 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 347.54 540.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 378.87 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 389.78 540.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 430.74 540.15 Td (For ) Tj ET Q q 0 0 0 rg BT 447.49 540.15 Td (example, ) Tj ET Q q 0 0 0 rg BT 487.86 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 498.19 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 513.19 540.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 541.02 540.15 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 59.34 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 66.33 527.55 Td (trend ) Tj ET Q q 0 0 0 rg BT 90.24 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.74 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 115.90 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.64 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 194.62 527.55 Td (business ) Tj ET Q q 0 0 0 rg BT 232.54 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 243.04 527.55 Td (favor ) Tj ET Q q 0 0 0 rg BT 267.53 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.61 527.55 Td (passive ) Tj ET Q q 0 0 0 rg BT 311.85 527.55 Td (products ) Tj ET Q q 0 0 0 rg BT 350.35 527.55 Td (such ) Tj ET Q q 0 0 0 rg BT 371.93 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 383.01 527.55 Td (index ) Tj ET Q q 0 0 0 rg BT 408.67 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 426.16 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 457.06 527.55 Td (types ) Tj ET Q q 0 0 0 rg BT 481.56 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.64 527.55 Td (exchange-traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 78.47 514.95 Td (it ) Tj ET Q q 0 0 0 rg BT 86.81 514.95 Td (favors ) Tj ET Q q 0 0 0 rg BT 115.56 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 132.07 514.95 Td (competitors ) Tj ET Q q 0 0 0 rg BT 184.15 514.95 Td (who ) Tj ET Q q 0 0 0 rg BT 204.75 514.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 239.33 514.95 Td (those ) Tj ET Q q 0 0 0 rg BT 264.00 514.95 Td (products ) Tj ET Q q 0 0 0 rg BT 302.68 514.95 Td (over ) Tj ET Q q 0 0 0 rg BT 323.84 514.95 Td (active ) Tj ET Q q 0 0 0 rg BT 351.42 514.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 394.16 514.95 Td (like ) Tj ET Q q 0 0 0 rg BT 412.42 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 428.92 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 451.84 514.95 Td (managers. ) Tj ET Q q 0 0 0 rg BT 497.21 514.95 Td (In ) Tj ET Q q 0 0 0 rg BT 508.47 514.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 548.02 514.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.21 502.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 116.24 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 131.85 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 148.07 502.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 187.60 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 203.23 502.35 Td (lowest ) Tj ET Q q 0 0 0 rg BT 233.44 502.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 253.15 502.35 Td (provider ) Tj ET Q q 0 0 0 rg BT 291.52 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 303.06 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 326.27 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 382.72 502.35 Td (services. ) Tj ET Q q 0 0 0 rg BT 421.75 502.35 Td (T) Tj ET Q q 0 0 0 rg BT 427.43 502.35 Td (o ) Tj ET Q q 0 0 0 rg BT 435.48 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 451.11 502.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 479.56 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 498.10 502.35 Td (we ) Tj ET Q q 0 0 0 rg BT 513.14 502.35 Td (compete ) Tj ET Q q 0 0 0 rg BT 551.51 502.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.36 489.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 88.90 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.18 489.75 Td (price ) Tj ET Q q 0 0 0 rg BT 123.70 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 134.40 489.75 Td (any ) Tj ET Q q 0 0 0 rg BT 152.10 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 163.38 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 179.91 489.75 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 229.41 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 244.19 489.75 Td (may ) Tj ET Q q 0 0 0 rg BT 264.80 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 280.75 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 293.20 489.75 Td (able ) Tj ET Q q 0 0 0 rg BT 313.22 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.93 489.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 363.20 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 379.73 489.75 Td (current ) Tj ET Q q 0 0 0 rg BT 412.00 489.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 427.35 489.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 466.62 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 477.33 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 495.61 489.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 536.36 489.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (could ) Tj ET Q q 0 0 0 rg BT 76.09 477.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 119.08 477.15 Td (af) Tj ET Q q 0 0 0 rg BT 127.04 477.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 145.54 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 162.29 477.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.37 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 220.29 477.15 Td (net ) Tj ET Q q 0 0 0 rg BT 235.87 477.15 Td (income. ) Tj ET Q q 0 0 0 rg BT 272.16 477.15 Td (In ) Tj ET Q q 0 0 0 rg BT 283.67 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 299.25 477.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 323.58 477.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 368.90 477.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 409.56 477.15 Td (account ) Tj ET Q q 0 0 0 rg BT 444.97 477.15 Td (program ) Tj ET Q q 0 0 0 rg BT 483.30 477.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.27 477.15 Td (there ) Tj ET Q q 0 0 0 rg BT 548.01 477.15 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (been ) Tj ET Q q 0 0 0 rg BT 72.15 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 79.15 464.55 Td (trend ) Tj ET Q q 0 0 0 rg BT 103.05 464.55 Td (toward ) Tj ET Q q 0 0 0 rg BT 134.54 464.55 Td (more ) Tj ET Q q 0 0 0 rg BT 158.45 464.55 Td (open ) Tj ET Q q 0 0 0 rg BT 181.19 464.55 Td (programs ) Tj ET Q q 0 0 0 rg BT 223.18 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 241.26 464.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 275.08 464.55 Td (more ) Tj ET Q q 0 0 0 rg BT 298.99 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 321.73 464.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 364.30 464.55 Td (who ) Tj ET Q q 0 0 0 rg BT 384.71 464.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 419.12 464.55 Td (only ) Tj ET Q q 0 0 0 rg BT 440.12 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.52 464.55 Td (models ) Tj ET Q q 0 0 0 rg BT 521.19 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 549.18 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.76 451.95 Td (institution ) Tj ET Q q 0 0 0 rg BT 135.38 451.95 Td (sponsor's ) Tj ET Q q 0 0 0 rg BT 177.06 451.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 224.99 451.95 Td (use ) Tj ET Q q 0 0 0 rg BT 242.02 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 253.22 451.95 Td (allocate ) Tj ET Q q 0 0 0 rg BT 288.90 451.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 318.38 451.95 Td (A) Tj ET Q q 0 0 0 rg BT 325.38 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 328.41 451.95 Td (number ) Tj ET Q q 0 0 0 rg BT 363.52 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 375.30 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 391.15 451.95 Td (programs ) Tj ET Q q 0 0 0 rg BT 433.84 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 449.12 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 477.81 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 493.08 451.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 528.19 451.95 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 71.99 439.35 Td (followed ) Tj ET Q q 0 0 0 rg BT 111.48 439.35 Td (this ) Tj ET Q q 0 0 0 rg BT 128.82 439.35 Td (trend, ) Tj ET Q q 0 0 0 rg BT 155.18 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 172.51 439.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 216.67 439.35 Td (programs ) Tj ET Q q 0 0 0 rg BT 258.49 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 283.98 439.35 Td (do ) Tj ET Q q 0 0 0 rg BT 296.65 439.35 Td (so ) Tj ET Q q 0 0 0 rg BT 308.15 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 318.49 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 333.48 439.35 Td (future. ) Tj ET Q q 0 0 0 rg BT 363.34 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 365.35 439.35 Td (This ) Tj ET Q q 0 0 0 rg BT 386.19 439.35 Td (trend ) Tj ET Q q 0 0 0 rg BT 409.93 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 435.42 439.35 Td (result ) Tj ET Q q 0 0 0 rg BT 460.92 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 470.77 439.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 497.44 439.35 Td (retention ) Tj ET Q q 0 0 0 rg BT 536.93 439.35 Td (issues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (due ) Tj ET Q q 0 0 0 rg BT 70.16 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 83.32 426.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 130.31 426.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 185.47 426.75 Td (within ) Tj ET Q q 0 0 0 rg BT 217.30 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.12 426.75 Td (programs, ) Tj ET Q q 0 0 0 rg BT 282.40 426.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 335.80 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 353.04 426.75 Td (products ) Tj ET Q q 0 0 0 rg BT 394.19 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 417.86 426.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 475.91 426.75 Td (issues, ) Tj ET Q q 0 0 0 rg BT 508.62 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.77 426.75 Td (reduced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 106.27 414.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 128.42 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 156.71 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 172.15 414.15 Td (typical ) Tj ET Q q 0 0 0 rg BT 203.35 414.15 Td (results ) Tj ET Q q 0 0 0 rg BT 233.39 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 244.76 414.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 288.22 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.92 414.15 Td (models ) Tj ET Q q 0 0 0 rg BT 369.88 414.15 Td (rather ) Tj ET Q q 0 0 0 rg BT 396.99 414.15 Td (than ) Tj ET Q q 0 0 0 rg BT 417.69 414.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 456.48 414.15 Td (services.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 388.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.31 388.95 Td (business ) Tj ET Q q 0 0 0 rg BT 143.88 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 153.86 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 177.25 388.95 Td (management. ) Tj ET Q q 0 0 0 rg BT 235.84 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 250.49 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 258.13 388.95 Td (result, ) Tj ET Q q 0 0 0 rg BT 287.06 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 302.28 388.95 Td (may ) Tj ET Q q 0 0 0 rg BT 323.34 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 336.23 388.95 Td (more ) Tj ET Q q 0 0 0 rg BT 360.78 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 368.75 388.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 397.38 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 410.86 388.95 Td (trends ) Tj ET Q q 0 0 0 rg BT 439.50 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 457.64 388.95 Td (issues ) Tj ET Q q 0 0 0 rg BT 485.70 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 493.67 388.95 Td (fecting ) Tj ET Q q 0 0 0 rg BT 525.80 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 541.61 388.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 106.19 376.35 Td (industry) Tj ET Q q 0 0 0 rg BT 139.93 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 145.10 376.35 Td (such ) Tj ET Q q 0 0 0 rg BT 166.90 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 178.20 376.35 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 239.07 376.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 284.77 376.35 Td (issues ) Tj ET Q q 0 0 0 rg BT 312.41 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 330.12 376.35 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 372.04 376.35 Td (publicity ) Tj ET Q q 0 0 0 rg BT 411.92 376.35 Td (about, ) Tj ET Q q 0 0 0 rg BT 440.42 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 458.13 376.35 Td (public ) Tj ET Q q 0 0 0 rg BT 486.93 376.35 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 537.88 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 87.00 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.75 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.75 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 183.98 363.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.98 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 252.72 363.75 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 284.17 363.75 Td (than ) Tj ET Q q 0 0 0 rg BT 304.83 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 328.99 363.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.31 363.75 Td (services ) Tj ET Q q 0 0 0 rg BT 404.71 363.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 452.20 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 470.53 363.75 Td (have ) Tj ET Q q 0 0 0 rg BT 492.94 363.75 Td (more ) Tj ET Q q 0 0 0 rg BT 517.10 363.75 Td (diversified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (businesses.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 325.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.56 325.95 Td (e ) Tj ET Q q 0 0 0 rg BT 100.92 325.95 Td (May ) Tj ET Q q 0 0 0 rg BT 121.87 325.95 Td (Support ) Tj ET Q q 0 0 0 rg BT 158.01 325.95 Td (Money ) Tj ET Q q 0 0 0 rg BT 189.46 325.95 Td (Market ) Tj ET Q q 0 0 0 rg BT 222.67 325.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 252.39 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 262.26 325.95 Td (Maintain ) Tj ET Q q 0 0 0 rg BT 304.23 325.95 Td (Their ) Tj ET Q q 0 0 0 rg BT 329.85 325.95 Td (Stable ) Tj ET Q q 0 0 0 rg BT 358.39 325.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 375.00 325.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 399.46 325.95 Td (V) Tj ET Q q 0 0 0 rg BT 405.30 325.95 Td (alues, ) Tj ET Q q 0 0 0 rg BT 432.39 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 443.43 325.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 470.22 325.95 Td (Products ) Tj ET Q q 0 0 0 rg BT 510.42 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 523.79 325.95 Td (Manage, ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (Which ) Tj ET Q q 0 0 0 rg BT 81.22 313.35 Td (Could ) Tj ET Q q 0 0 0 rg BT 109.72 313.35 Td (Af) Tj ET Q q 0 0 0 rg BT 120.03 313.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 138.39 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 156.19 313.35 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 200.22 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 212.19 313.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 258.57 313.35 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 288.15 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 151.89 288.15 Td (16% ) Tj ET Q q 0 0 0 rg BT 173.46 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 184.52 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 200.32 288.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 227.15 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 238.21 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 249.28 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 279.00 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.44 288.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 320.39 288.15 Td (consisted ) Tj ET Q q 0 0 0 rg BT 361.79 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 372.85 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 399.67 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 410.15 288.15 Td (money ) Tj ET Q q 0 0 0 rg BT 441.05 288.15 Td (market ) Tj ET Q q 0 0 0 rg BT 472.52 288.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 500.80 288.15 Td (Money ) Tj ET Q q 0 0 0 rg BT 532.87 288.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.35 275.55 Td (seek ) Tj ET Q q 0 0 0 rg BT 96.03 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 106.21 275.55 Td (preserve ) Tj ET Q q 0 0 0 rg BT 143.79 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 150.47 275.55 Td (stable ) Tj ET Q q 0 0 0 rg BT 176.98 275.55 Td (net ) Tj ET Q q 0 0 0 rg BT 191.83 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 214.26 275.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 241.50 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 259.84 275.55 Td (money ) Tj ET Q q 0 0 0 rg BT 290.44 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 321.61 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.96 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 362.98 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 385.41 275.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 427.66 275.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 462.33 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 484.17 275.55 Td (always ) Tj ET Q q 0 0 0 rg BT 515.34 275.55 Td (maintained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (this ) Tj ET Q q 0 0 0 rg BT 68.51 262.95 Td (stable ) Tj ET Q q 0 0 0 rg BT 96.34 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 112.51 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 136.26 262.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 164.96 262.95 Td (However) Tj ET Q q 0 0 0 rg BT 203.03 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 208.99 262.95 Td (there ) Tj ET Q q 0 0 0 rg BT 233.31 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 243.66 262.95 Td (no ) Tj ET Q q 0 0 0 rg BT 257.50 262.95 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 301.64 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 320.73 262.95 Td (this ) Tj ET Q q 0 0 0 rg BT 339.24 262.95 Td (stable ) Tj ET Q q 0 0 0 rg BT 367.07 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 383.23 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 406.98 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 433.06 262.95 Td (will ) Tj ET Q q 0 0 0 rg BT 452.74 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 465.99 262.95 Td (achieved ) Tj ET Q q 0 0 0 rg BT 506.63 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 518.14 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 534.31 262.95 Td (future. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (Market ) Tj ET Q q 0 0 0 rg BT 82.84 250.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 129.10 250.35 Td (could ) Tj ET Q q 0 0 0 rg BT 154.94 250.35 Td (lead ) Tj ET Q q 0 0 0 rg BT 174.95 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 185.63 250.35 Td (severe ) Tj ET Q q 0 0 0 rg BT 214.96 250.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 253.06 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 264.32 250.35 Td (security ) Tj ET Q q 0 0 0 rg BT 300.08 250.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 332.33 250.35 Td (issues, ) Tj ET Q q 0 0 0 rg BT 362.56 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 390.74 250.35 Td (could ) Tj ET Q q 0 0 0 rg BT 416.58 250.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 447.67 250.35 Td (their ) Tj ET Q q 0 0 0 rg BT 469.42 250.35 Td (net ) Tj ET Q q 0 0 0 rg BT 484.77 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 507.69 250.35 Td (values. ) Tj ET Q q 0 0 0 rg BT 539.66 250.35 Td (If ) Tj ET Q q 0 0 0 rg BT 549.17 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (net ) Tj ET Q q 0 0 0 rg BT 65.97 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.52 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 115.40 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.29 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 135.09 237.75 Td (money ) Tj ET Q q 0 0 0 rg BT 166.81 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 199.11 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 221.50 237.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 262.54 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 276.18 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 293.32 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.87 237.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 360.24 237.75 Td (were ) Tj ET Q q 0 0 0 rg BT 383.79 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 395.10 237.75 Td (fall ) Tj ET Q q 0 0 0 rg BT 412.23 237.75 Td (below ) Tj ET Q q 0 0 0 rg BT 441.03 237.75 Td (its ) Tj ET Q q 0 0 0 rg BT 454.10 237.75 Td (stable ) Tj ET Q q 0 0 0 rg BT 481.73 237.75 Td (net ) Tj ET Q q 0 0 0 rg BT 497.70 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 521.25 237.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 549.76 237.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (would ) Tj ET Q q 0 0 0 rg BT 78.43 225.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 104.51 225.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 152.16 225.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 198.66 225.15 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 252.74 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 262.60 225.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 289.28 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 306.61 225.15 Td (reputational ) Tj ET Q q 0 0 0 rg BT 358.94 225.15 Td (harm, ) Tj ET Q q 0 0 0 rg BT 385.31 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 413.15 225.15 Td (could ) Tj ET Q q 0 0 0 rg BT 438.65 225.15 Td (have ) Tj ET Q q 0 0 0 rg BT 460.65 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 467.49 225.15 Td (material ) Tj ET Q q 0 0 0 rg BT 504.06 225.15 Td (adverse ) Tj ET Q q 0 0 0 rg BT 538.30 225.15 Td (ef) Tj ET Q q 0 0 0 rg BT 546.27 225.15 Td (fect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 63.13 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 79.75 212.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 119.69 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 131.06 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 146.51 212.55 Td (income.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 187.35 Td (If ) Tj ET Q q 0 0 0 rg BT 95.76 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 103.18 187.35 Td (money ) Tj ET Q q 0 0 0 rg BT 134.53 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 166.44 187.35 Td (fund's ) Tj ET Q q 0 0 0 rg BT 194.43 187.35 Td (stable ) Tj ET Q q 0 0 0 rg BT 221.69 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 237.28 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.46 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 285.96 187.35 Td (comes ) Tj ET Q q 0 0 0 rg BT 315.55 187.35 Td (under ) Tj ET Q q 0 0 0 rg BT 342.22 187.35 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 382.60 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 397.61 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 418.45 187.35 Td (elect, ) Tj ET Q q 0 0 0 rg BT 443.66 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 455.17 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 470.18 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 492.77 187.35 Td (done ) Tj ET Q q 0 0 0 rg BT 515.94 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 526.87 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 542.47 187.35 Td (past, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.58 174.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 95.06 174.75 Td (credit, ) Tj ET Q q 0 0 0 rg BT 124.00 174.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 158.91 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 163.95 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 175.10 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 199.09 174.75 Td (support ) Tj ET Q q 0 0 0 rg BT 233.00 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 243.58 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.82 174.75 Td (fund. ) Tj ET Q q 0 0 0 rg BT 282.93 174.75 Td (W) Tj ET Q q 0 0 0 rg BT 292.00 174.75 Td (e ) Tj ET Q q 0 0 0 rg BT 299.07 174.75 Td (may ) Tj ET Q q 0 0 0 rg BT 319.56 174.75 Td (also ) Tj ET Q q 0 0 0 rg BT 338.88 174.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 361.11 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 371.69 174.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 406.18 174.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 437.75 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 448.91 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 472.89 174.75 Td (support, ) Tj ET Q q 0 0 0 rg BT 509.43 174.75 Td (including ) Tj ET Q q 0 0 0 rg BT 551.50 174.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 92.96 162.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 130.68 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 140.97 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 147.76 162.15 Td (fund, ) Tj ET Q q 0 0 0 rg BT 171.76 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 182.06 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 205.76 162.15 Td (products ) Tj ET Q q 0 0 0 rg BT 244.05 162.15 Td (we ) Tj ET Q q 0 0 0 rg BT 258.43 162.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 293.20 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 307.58 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 324.87 162.15 Td (number ) Tj ET Q q 0 0 0 rg BT 359.07 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 369.94 162.15 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 406.04 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 415.11 162.15 Td (e ) Tj ET Q q 0 0 0 rg BT 421.90 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 436.84 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 452.39 162.15 Td (legally ) Tj ET Q q 0 0 0 rg BT 483.09 162.15 Td (required ) Tj ET Q q 0 0 0 rg BT 520.20 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 530.50 162.15 Td (support ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (any ) Tj ET Q q 0 0 0 rg BT 68.31 149.55 Td (money ) Tj ET Q q 0 0 0 rg BT 100.03 149.55 Td (market ) Tj ET Q q 0 0 0 rg BT 132.34 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 154.73 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 166.62 149.55 Td (other ) Tj ET Q q 0 0 0 rg BT 191.35 149.55 Td (product ) Tj ET Q q 0 0 0 rg BT 226.57 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 244.88 149.55 Td (there ) Tj ET Q q 0 0 0 rg BT 269.01 149.55 Td (can ) Tj ET Q q 0 0 0 rg BT 286.73 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 299.79 149.55 Td (no ) Tj ET Q q 0 0 0 rg BT 313.44 149.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 357.40 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 376.29 149.55 Td (any ) Tj ET Q q 0 0 0 rg BT 394.60 149.55 Td (support ) Tj ET Q q 0 0 0 rg BT 429.25 149.55 Td (would ) Tj ET Q q 0 0 0 rg BT 458.65 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 471.71 149.55 Td (suf) Tj ET Q q 0 0 0 rg BT 484.35 149.55 Td (ficient ) Tj ET Q q 0 0 0 rg BT 514.32 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 525.63 149.55 Td (avoid ) Tj ET Q q 0 0 0 rg BT 552.11 149.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 84.47 136.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 115.44 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 128.34 136.95 Td (any ) Tj ET Q q 0 0 0 rg BT 145.91 136.95 Td (product ) Tj ET Q q 0 0 0 rg BT 180.38 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 191.53 136.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 231.85 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 242.42 136.95 Td (any ) Tj ET Q q 0 0 0 rg BT 259.98 136.95 Td (product. ) Tj ET Q q 0 0 0 rg BT 296.55 136.95 Td (A) Tj ET Q q 0 0 0 rg BT 303.56 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 305.96 136.95 Td (decision ) Tj ET Q q 0 0 0 rg BT 343.35 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 353.92 136.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 388.40 136.95 Td (support ) Tj ET Q q 0 0 0 rg BT 422.30 136.95 Td (may ) Tj ET Q q 0 0 0 rg BT 442.78 136.95 Td (arise ) Tj ET Q q 0 0 0 rg BT 465.00 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 487.82 136.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 518.79 136.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 553.84 136.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 65.92 124.35 Td (products ) Tj ET Q q 0 0 0 rg BT 104.00 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 114.67 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 137.01 124.35 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 197.25 124.35 Td (factors. ) Tj ET Q q 0 0 0 rg BT 230.37 124.35 Td (If ) Tj ET Q q 0 0 0 rg BT 239.29 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 253.45 124.35 Td (elect ) Tj ET Q q 0 0 0 rg BT 275.19 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 285.28 124.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 319.28 124.35 Td (support, ) Tj ET Q q 0 0 0 rg BT 355.33 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 369.50 124.35 Td (could ) Tj ET Q q 0 0 0 rg BT 394.75 124.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 418.24 124.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 445.25 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 467.59 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 482.34 124.35 Td (support ) Tj ET Q q 0 0 0 rg BT 515.76 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 529.93 124.35 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 111.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 90.90 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 134.97 111.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 160.67 111.75 Td (including ) Tj ET Q q 0 0 0 rg BT 202.42 111.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 244.15 111.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 269.85 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.10 111.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 328.25 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 349.00 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.91 111.75 Td (support. ) Tj ET Q q 0 0 0 rg BT 399.96 111.75 Td (These ) Tj ET Q q 0 0 0 rg BT 427.11 111.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 454.28 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.52 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 515.59 111.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 538.67 111.75 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 63.22 99.15 Td (material, ) Tj ET Q q 0 0 0 rg BT 103.55 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 122.02 99.15 Td (could ) Tj ET Q q 0 0 0 rg BT 148.65 99.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 192.19 99.15 Td (af) Tj ET Q q 0 0 0 rg BT 200.16 99.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 219.20 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 236.50 99.15 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 278.01 99.15 Td (If ) Tj ET Q q 0 0 0 rg BT 288.31 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 303.86 99.15 Td (were ) Tj ET Q q 0 0 0 rg BT 327.57 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 339.04 99.15 Td (take ) Tj ET Q q 0 0 0 rg BT 359.84 99.15 Td (such ) Tj ET Q q 0 0 0 rg BT 382.39 99.15 Td (actions ) Tj ET Q q 0 0 0 rg BT 415.44 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 430.99 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 452.38 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 472.60 99.15 Td (restrict ) Tj ET Q q 0 0 0 rg BT 505.06 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 522.36 99.15 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 80.64 86.55 Td (limiting ) Tj ET Q q 0 0 0 rg BT 117.40 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 134.91 86.55 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 179.84 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 191.52 86.55 Td (use ) Tj ET Q q 0 0 0 rg BT 209.03 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 234.12 86.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.13 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 277.89 86.55 Td (other ) Tj ET Q q 0 0 0 rg BT 302.97 86.55 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 346.44 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 365.12 86.55 Td (may ) Tj ET Q q 0 0 0 rg BT 386.71 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 400.13 86.55 Td (required ) Tj ET Q q 0 0 0 rg BT 438.63 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 450.31 86.55 Td (raise ) Tj ET Q q 0 0 0 rg BT 473.64 86.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 519.15 86.55 Td (capital. ) Tj ET Q q 0 0 0 rg BT 553.27 86.55 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 89.30 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.13 73.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 160.89 73.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.30 73.95 Td (reforms ) Tj ET Q q 0 0 0 rg BT 241.22 73.95 Td (could ) Tj ET Q q 0 0 0 rg BT 266.81 73.95 Td (adversely ) Tj ET Q q 0 0 0 rg BT 309.31 73.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 340.14 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.23 73.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 397.15 73.95 Td (results ) Tj ET Q q 0 0 0 rg BT 426.83 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 437.84 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 454.10 73.95 Td (money ) Tj ET Q q 0 0 0 rg BT 484.94 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 516.36 73.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 544.58 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 73.95 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (�Item ) Tj ET Q q 0 0 0 rg BT 76.53 61.35 Td (1. ) Tj ET Q q 0 0 0 rg BT 87.03 61.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 126.99 61.35 Td (- ) Tj ET Q q 0 0 0 rg BT 133.12 61.35 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 181.82 61.35 Td (- ) Tj ET Q q 0 0 0 rg BT 187.94 61.35 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 237.22 61.35 Td (Reform ) Tj ET Q q 0 0 0 rg BT 271.92 61.35 Td (- ) Tj ET Q q 0 0 0 rg BT 278.04 61.35 Td (Money ) Tj ET Q q 0 0 0 rg BT 310.41 61.35 Td (Market ) Tj ET Q q 0 0 0 rg BT 343.36 61.35 Td (Fund ) Tj ET Q q 0 0 0 rg BT 367.58 61.35 Td (Reform.�) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (20) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Failure ) Tj ET Q q 0 0 0 rg BT 121.58 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 132.65 741.90 Td (Comply ) Tj ET Q q 0 0 0 rg BT 168.59 741.90 Td (W) Tj ET Q q 0 0 0 rg BT 177.53 741.90 Td (ith ) Tj ET Q q 0 0 0 rg BT 192.11 741.90 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 246.95 741.90 Td (Requirements ) Tj ET Q q 0 0 0 rg BT 309.94 741.90 Td (or ) Tj ET Q q 0 0 0 rg BT 322.18 741.90 Td (Guidelines ) Tj ET Q q 0 0 0 rg BT 371.75 741.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 400.91 741.90 Td (Result ) Tj ET Q q 0 0 0 rg BT 431.24 741.90 Td (in ) Tj ET Q q 0 0 0 rg BT 442.90 741.90 Td (Liability ) Tj ET Q q 0 0 0 rg BT 481.96 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 501.21 741.90 Td (Loss ) Tj ET Q q 0 0 0 rg BT 523.94 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 535.16 741.90 Td (Assets ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 80.04 729.30 Td (Management, ) Tj ET Q q 0 0 0 rg BT 142.47 729.30 Td (Both ) Tj ET Q q 0 0 0 rg BT 166.10 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 177.29 729.30 Td (Which ) Tj ET Q q 0 0 0 rg BT 208.50 729.30 Td (Could ) Tj ET Q q 0 0 0 rg BT 237.39 729.30 Td (Cause ) Tj ET Q q 0 0 0 rg BT 266.86 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 284.66 729.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 302.44 729.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 337.73 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 348.53 729.30 Td (Decline) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.79 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.67 704.10 Td (management ) Tj ET Q q 0 0 0 rg BT 183.78 704.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 224.15 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 250.52 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.65 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.36 704.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 328.48 704.10 Td (client ) Tj ET Q q 0 0 0 rg BT 354.27 704.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 383.86 704.10 Td (including ) Tj ET Q q 0 0 0 rg BT 425.99 704.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 466.36 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.50 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 536.04 704.10 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (often ) Tj ET Q q 0 0 0 rg BT 73.23 691.50 Td (specify ) Tj ET Q q 0 0 0 rg BT 105.21 691.50 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 150.03 691.50 Td (or ) Tj ET Q q 0 0 0 rg BT 160.44 691.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 208.74 691.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 265.21 691.50 Td (that ) Tj ET Q q 0 0 0 rg BT 282.62 691.50 Td (we ) Tj ET Q q 0 0 0 rg BT 296.52 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 310.99 691.50 Td (obligated ) Tj ET Q q 0 0 0 rg BT 351.73 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 361.55 691.50 Td (observe ) Tj ET Q q 0 0 0 rg BT 395.87 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 405.69 691.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 448.18 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 470.25 691.50 Td (management ) Tj ET Q q 0 0 0 rg BT 525.56 691.50 Td (services. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (A) Tj ET Q q 0 0 0 rg BT 57.00 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 59.52 678.90 Td (failure ) Tj ET Q q 0 0 0 rg BT 89.44 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 100.13 678.90 Td (comply ) Tj ET Q q 0 0 0 rg BT 134.15 678.90 Td (with ) Tj ET Q q 0 0 0 rg BT 155.34 678.90 Td (these ) Tj ET Q q 0 0 0 rg BT 179.44 678.90 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 225.12 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 236.38 678.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 293.72 678.90 Td (could ) Tj ET Q q 0 0 0 rg BT 319.57 678.90 Td (result ) Tj ET Q q 0 0 0 rg BT 345.42 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 356.11 678.90 Td (damage ) Tj ET Q q 0 0 0 rg BT 391.28 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 401.96 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 418.48 678.90 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 466.20 678.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 501.39 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 512.07 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 527.42 678.90 Td (client ) Tj ET Q q 0 0 0 rg BT 553.27 678.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.05 666.30 Td (client ) Tj ET Q q 0 0 0 rg BT 90.60 666.30 Td (reducing ) Tj ET Q q 0 0 0 rg BT 129.56 666.30 Td (its ) Tj ET Q q 0 0 0 rg BT 141.70 666.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.42 666.30 Td (under ) Tj ET Q q 0 0 0 rg BT 194.56 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 210.78 666.30 Td (management, ) Tj ET Q q 0 0 0 rg BT 269.27 666.30 Td (any ) Tj ET Q q 0 0 0 rg BT 286.65 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 297.62 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 325.51 666.30 Td (could ) Tj ET Q q 0 0 0 rg BT 351.06 666.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 376.60 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 392.82 666.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 432.36 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 449.75 666.30 Td (net ) Tj ET Q q 0 0 0 rg BT 464.80 666.30 Td (income ) Tj ET Q q 0 0 0 rg BT 497.93 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 508.32 666.30 Td (decline. ) Tj ET Q q 0 0 0 rg BT 543.32 666.30 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 68.67 653.70 Td (is ) Tj ET Q q 0 0 0 rg BT 78.59 653.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 121.15 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 134.56 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.31 653.70 Td (trend ) Tj ET Q q 0 0 0 rg BT 174.80 653.70 Td (toward ) Tj ET Q q 0 0 0 rg BT 206.87 653.70 Td (customized, ) Tj ET Q q 0 0 0 rg BT 260.23 653.70 Td (specialized ) Tj ET Q q 0 0 0 rg BT 309.79 653.70 Td (mandates ) Tj ET Q q 0 0 0 rg BT 352.36 653.70 Td (seen ) Tj ET Q q 0 0 0 rg BT 373.93 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 387.35 653.70 Td (many ) Tj ET Q q 0 0 0 rg BT 413.59 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 425.26 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 442.17 653.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 465.50 653.70 Td (managers, ) Tj ET Q q 0 0 0 rg BT 511.27 653.70 Td (which ) Tj ET Q q 0 0 0 rg BT 539.85 653.70 Td (tends ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 86.75 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.54 641.10 Td (more ) Tj ET Q q 0 0 0 rg BT 121.74 641.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 160.52 641.10 Td (mandates ) Tj ET Q q 0 0 0 rg BT 202.80 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 221.17 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 236.61 641.10 Td (more ) Tj ET Q q 0 0 0 rg BT 260.81 641.10 Td (dif) Tj ET Q q 0 0 0 rg BT 272.29 641.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 297.07 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.86 641.10 Td (administer) Tj ET Q q 0 0 0 rg BT 351.61 641.10 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 615.90 Td (The ) Tj ET Q q 0 0 0 rg BT 105.54 615.90 Td (Soundness ) Tj ET Q q 0 0 0 rg BT 154.86 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 166.23 615.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 193.94 615.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 239.16 615.90 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 291.40 615.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 319.90 615.90 Td (Adversely ) Tj ET Q q 0 0 0 rg BT 364.12 615.90 Td (Af) Tj ET Q q 0 0 0 rg BT 374.43 615.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 392.79 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 410.59 615.90 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 590.70 Td (V) Tj ET Q q 0 0 0 rg BT 92.23 590.70 Td (olatility ) Tj ET Q q 0 0 0 rg BT 128.84 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 140.96 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 157.73 590.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 194.92 590.70 Td (has ) Tj ET Q q 0 0 0 rg BT 212.86 590.70 Td (highlighted ) Tj ET Q q 0 0 0 rg BT 264.64 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 281.42 590.70 Td (interconnection ) Tj ET Q q 0 0 0 rg BT 350.67 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 363.37 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 380.14 590.70 Td (global ) Tj ET Q q 0 0 0 rg BT 410.33 590.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 447.52 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 466.63 590.70 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 527.14 590.70 Td (how ) Tj ET Q q 0 0 0 rg BT 549.17 590.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (deteriorating ) Tj ET Q q 0 0 0 rg BT 105.34 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.76 578.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 185.11 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.55 578.10 Td (one ) Tj ET Q q 0 0 0 rg BT 212.40 578.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 256.68 578.10 Td (may ) Tj ET Q q 0 0 0 rg BT 276.45 578.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 320.71 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.56 578.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 379.48 578.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 409.74 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.26 578.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 479.00 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.44 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 512.70 578.10 Td (institutions. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.81 565.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 107.24 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 124.64 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 139.69 565.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 165.26 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 182.65 565.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 221.61 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 239.59 565.50 Td (we ) Tj ET Q q 0 0 0 rg BT 254.06 565.50 Td (manage, ) Tj ET Q q 0 0 0 rg BT 291.57 565.50 Td (has ) Tj ET Q q 0 0 0 rg BT 307.80 565.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 347.93 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 358.33 565.50 Td (many ) Tj ET Q q 0 0 0 rg BT 383.89 565.50 Td (dif) Tj ET Q q 0 0 0 rg BT 395.36 565.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 422.08 565.50 Td (industries ) Tj ET Q q 0 0 0 rg BT 465.14 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 482.53 565.50 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 546.86 565.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (routinely ) Tj ET Q q 0 0 0 rg BT 90.95 552.90 Td (executes ) Tj ET Q q 0 0 0 rg BT 130.14 552.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 183.34 552.90 Td (with ) Tj ET Q q 0 0 0 rg BT 205.05 552.90 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 267.57 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 278.78 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 294.65 552.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.42 552.90 Td (industry) Tj ET Q q 0 0 0 rg BT 368.16 552.90 Td (. ) Tj ET Q q 0 0 0 rg BT 373.61 552.90 Td (W) Tj ET Q q 0 0 0 rg BT 382.68 552.90 Td (e, ) Tj ET Q q 0 0 0 rg BT 393.01 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 411.21 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.08 552.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.46 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 471.66 552.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 511.44 552.90 Td (we ) Tj ET Q q 0 0 0 rg BT 526.73 552.90 Td (manage, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 71.04 540.30 Td (be ) Tj ET Q q 0 0 0 rg BT 83.92 540.30 Td (exposed ) Tj ET Q q 0 0 0 rg BT 121.29 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 132.43 540.30 Td (credit, ) Tj ET Q q 0 0 0 rg BT 161.92 540.30 Td (operational ) Tj ET Q q 0 0 0 rg BT 212.12 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 223.83 540.30 Td (other ) Tj ET Q q 0 0 0 rg BT 248.37 540.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 267.09 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 278.22 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 294.01 540.30 Td (event ) Tj ET Q q 0 0 0 rg BT 319.72 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 331.43 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 339.06 540.30 Td (default ) Tj ET Q q 0 0 0 rg BT 371.18 540.30 Td (by ) Tj ET Q q 0 0 0 rg BT 384.64 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 392.27 540.30 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 448.29 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 460.01 540.30 Td (client, ) Tj ET Q q 0 0 0 rg BT 488.92 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 500.63 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 511.77 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 527.56 540.30 Td (event ) Tj ET Q q 0 0 0 rg BT 553.27 540.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (other ) Tj ET Q q 0 0 0 rg BT 74.20 527.70 Td (unrelated ) Tj ET Q q 0 0 0 rg BT 115.89 527.70 Td (systemic ) Tj ET Q q 0 0 0 rg BT 155.26 527.70 Td (failures ) Tj ET Q q 0 0 0 rg BT 189.37 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 200.16 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.62 527.70 Td (markets.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 502.50 Td (Performance-Based ) Tj ET Q q 0 0 0 rg BT 174.94 502.50 Td (Fee ) Tj ET Q q 0 0 0 rg BT 193.50 502.50 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 257.98 502.50 Td (May ) Tj ET Q q 0 0 0 rg BT 279.85 502.50 Td (Increase ) Tj ET Q q 0 0 0 rg BT 319.81 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 335.85 502.50 Td (V) Tj ET Q q 0 0 0 rg BT 341.69 502.50 Td (olatility ) Tj ET Q q 0 0 0 rg BT 376.98 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 388.35 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 406.15 502.50 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 477.30 Td (A) Tj ET Q q 0 0 0 rg BT 93.00 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 95.33 477.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 127.99 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 139.06 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 155.39 477.30 Td (total ) Tj ET Q q 0 0 0 rg BT 176.38 477.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 216.02 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 225.35 477.30 Td (derived ) Tj ET Q q 0 0 0 rg BT 259.17 477.30 Td (from ) Tj ET Q q 0 0 0 rg BT 281.90 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 337.28 477.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 359.14 477.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 377.80 477.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 400.54 477.30 Td (managers ) Tj ET Q q 0 0 0 rg BT 443.10 477.30 Td (earn ) Tj ET Q q 0 0 0 rg BT 463.49 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.87 477.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 538.10 477.30 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.98 464.70 Td (client ) Tj ET Q q 0 0 0 rg BT 108.72 464.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 159.95 464.70 Td (if ) Tj ET Q q 0 0 0 rg BT 169.78 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.02 464.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.51 464.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 291.98 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 303.56 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 319.81 464.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 359.97 464.70 Td (meets ) Tj ET Q q 0 0 0 rg BT 387.88 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 400.04 464.70 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 436.69 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 444.76 464.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 486.08 464.70 Td (benchmark. ) Tj ET Q q 0 0 0 rg BT 538.76 464.70 Td (If ) Tj ET Q q 0 0 0 rg BT 549.17 464.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.16 452.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 153.28 452.10 Td (does ) Tj ET Q q 0 0 0 rg BT 174.61 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 190.10 452.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 212.59 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.41 452.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 254.63 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.54 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 317.69 452.10 Td (return ) Tj ET Q q 0 0 0 rg BT 344.84 452.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 393.56 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.89 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.62 452.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 456.93 452.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 488.46 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.36 452.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 525.85 452.10 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (will ) Tj ET Q q 0 0 0 rg BT 68.46 439.50 Td (not ) Tj ET Q q 0 0 0 rg BT 84.00 439.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 121.68 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 128.47 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.64 439.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 198.58 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 212.95 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 230.82 439.50 Td (period ) Tj ET Q q 0 0 0 rg BT 259.77 439.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 279.68 439.50 Td (if ) Tj ET Q q 0 0 0 rg BT 288.22 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 303.17 439.50 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 351.94 439.50 Td (is ) Tj ET Q q 0 0 0 rg BT 361.07 439.50 Td (based ) Tj ET Q q 0 0 0 rg BT 387.10 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 399.72 439.50 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 448.50 439.50 Td (returns, ) Tj ET Q q 0 0 0 rg BT 482.40 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 497.36 439.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.89 439.50 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.41 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 90.16 426.90 Td (earn ) Tj ET Q q 0 0 0 rg BT 110.80 426.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 166.43 426.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 185.92 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 196.66 426.90 Td (future ) Tj ET Q q 0 0 0 rg BT 224.31 426.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 257.80 426.90 Td (may ) Tj ET Q q 0 0 0 rg BT 278.46 426.90 Td (be ) Tj ET Q q 0 0 0 rg BT 290.95 426.90 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 332.90 426.90 Td (As ) Tj ET Q q 0 0 0 rg BT 347.15 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.48 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 388.46 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.17 426.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 430.37 426.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 493.60 426.90 Td (7% ) Tj ET Q q 0 0 0 rg BT 510.17 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 521.50 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 537.51 426.90 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (was ) Tj ET Q q 0 0 0 rg BT 68.87 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 79.59 414.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 118.87 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 130.16 414.30 Td (products ) Tj ET Q q 0 0 0 rg BT 168.86 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 187.15 414.30 Td (are ) Tj ET Q q 0 0 0 rg BT 202.52 414.30 Td (eligible ) Tj ET Q q 0 0 0 rg BT 236.55 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 247.26 414.30 Td (earn ) Tj ET Q q 0 0 0 rg BT 267.88 414.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 323.47 414.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 345.54 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 347.90 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 356.97 414.30 Td (e ) Tj ET Q q 0 0 0 rg BT 364.18 414.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 394.70 414.30 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 420.87 414.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 456.38 414.30 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 482.55 414.30 Td (million ) Tj ET Q q 0 0 0 rg BT 515.43 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 533.13 414.30 Td ($107.1 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (million ) Tj ET Q q 0 0 0 rg BT 82.83 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 93.49 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 149.03 401.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 168.43 401.70 Td (during ) Tj ET Q q 0 0 0 rg BT 198.34 401.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 223.57 401.70 Td (years ) Tj ET Q q 0 0 0 rg BT 248.22 401.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 274.34 401.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 297.83 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 315.48 401.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 341.60 401.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 391.65 401.70 Td (. ) Tj ET Q q 0 0 0 rg BT 396.22 401.70 Td (An ) Tj ET Q q 0 0 0 rg BT 411.54 401.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 448.43 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 459.67 401.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 498.30 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 508.96 401.70 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 72.15 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.53 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.32 389.10 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 177.40 389.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 192.84 389.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 252.02 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 273.32 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.94 389.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 322.60 389.10 Td (could ) Tj ET Q q 0 0 0 rg BT 348.55 389.10 Td (create ) Tj ET Q q 0 0 0 rg BT 376.23 389.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 408.00 389.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 460.20 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.99 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.61 389.10 Td (revenues.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 363.90 Td (W) Tj ET Q q 0 0 0 rg BT 94.56 363.90 Td (e ) Tj ET Q q 0 0 0 rg BT 101.84 363.90 Td (Rely ) Tj ET Q q 0 0 0 rg BT 123.71 363.90 Td (Significantly ) Tj ET Q q 0 0 0 rg BT 181.76 363.90 Td (on ) Tj ET Q q 0 0 0 rg BT 195.47 363.90 Td (Third ) Tj ET Q q 0 0 0 rg BT 222.61 363.90 Td (Parties ) Tj ET Q q 0 0 0 rg BT 255.56 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 266.36 363.90 Td (Distribute ) Tj ET Q q 0 0 0 rg BT 312.16 363.90 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 346.88 363.90 Td (Funds ) Tj ET Q q 0 0 0 rg BT 377.53 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 396.49 363.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 431.79 363.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 459.51 363.90 Td (Products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 338.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.89 338.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 138.29 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 151.02 338.70 Td (market ) Tj ET Q q 0 0 0 rg BT 184.73 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 204.46 338.70 Td (distribute ) Tj ET Q q 0 0 0 rg BT 248.69 338.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 282.41 338.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 310.31 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 330.03 338.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 363.16 338.70 Td (other ) Tj ET Q q 0 0 0 rg BT 389.30 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.94 338.70 Td (products ) Tj ET Q q 0 0 0 rg BT 480.66 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 500.97 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 517.78 338.70 Td (manage ) Tj ET Q q 0 0 0 rg BT 554.99 338.70 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 105.63 326.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 151.91 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.54 326.10 Td (access ) Tj ET Q q 0 0 0 rg BT 195.49 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.79 326.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 254.83 326.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.69 326.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 357.89 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.77 326.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 419.56 326.10 Td (these ) Tj ET Q q 0 0 0 rg BT 444.27 326.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 485.97 326.10 Td (These ) Tj ET Q q 0 0 0 rg BT 514.17 326.10 Td (distributors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 64.34 313.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 104.93 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 119.87 313.50 Td (contractually ) Tj ET Q q 0 0 0 rg BT 176.20 313.50 Td (required ) Tj ET Q q 0 0 0 rg BT 212.71 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 222.40 313.50 Td (distribute ) Tj ET Q q 0 0 0 rg BT 263.59 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 279.11 313.50 Td (products, ) Tj ET Q q 0 0 0 rg BT 319.42 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 336.10 313.50 Td (typically ) Tj ET Q q 0 0 0 rg BT 374.37 313.50 Td (of) Tj ET Q q 0 0 0 rg BT 382.93 313.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 396.10 313.50 Td (their ) Tj ET Q q 0 0 0 rg BT 416.87 313.50 Td (clients ) Tj ET Q q 0 0 0 rg BT 445.80 313.50 Td (various ) Tj ET Q q 0 0 0 rg BT 478.24 313.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.84 313.50 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.61 300.90 Td (services, ) Tj ET Q q 0 0 0 rg BT 106.51 300.90 Td (including ) Tj ET Q q 0 0 0 rg BT 148.62 300.90 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 197.72 300.90 Td (products ) Tj ET Q q 0 0 0 rg BT 236.33 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 253.94 300.90 Td (services, ) Tj ET Q q 0 0 0 rg BT 292.83 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 303.45 300.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 340.32 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 350.93 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 368.55 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 379.16 300.90 Td (competition ) Tj ET Q q 0 0 0 rg BT 431.77 300.90 Td (with ) Tj ET Q q 0 0 0 rg BT 452.89 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 469.34 300.90 Td (products ) Tj ET Q q 0 0 0 rg BT 507.95 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 525.56 300.90 Td (services. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (Relying ) Tj ET Q q 0 0 0 rg BT 85.50 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 98.25 288.30 Td (third-party ) Tj ET Q q 0 0 0 rg BT 145.41 288.30 Td (distributors ) Tj ET Q q 0 0 0 rg BT 195.50 288.30 Td (also ) Tj ET Q q 0 0 0 rg BT 214.66 288.30 Td (exposes ) Tj ET Q q 0 0 0 rg BT 250.16 288.30 Td (us ) Tj ET Q q 0 0 0 rg BT 261.75 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 272.17 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 287.25 288.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 305.25 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 316.25 288.30 Td (increasing ) Tj ET Q q 0 0 0 rg BT 361.65 288.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 384.90 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 395.90 288.30 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 449.20 288.30 Td (as ) Tj ET Q q 0 0 0 rg BT 460.20 288.30 Td (we ) Tj ET Q q 0 0 0 rg BT 474.69 288.30 Td (compensate ) Tj ET Q q 0 0 0 rg BT 526.51 288.30 Td (them ) Tj ET Q q 0 0 0 rg BT 549.76 288.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (selling ) Tj ET Q q 0 0 0 rg BT 81.22 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 98.43 275.70 Td (products ) Tj ET Q q 0 0 0 rg BT 137.81 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 156.19 275.70 Td (services ) Tj ET Q q 0 0 0 rg BT 193.22 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 204.61 275.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 243.41 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 262.37 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 278.41 275.70 Td (agreed ) Tj ET Q q 0 0 0 rg BT 309.60 275.70 Td (between ) Tj ET Q q 0 0 0 rg BT 347.80 275.70 Td (them ) Tj ET Q q 0 0 0 rg BT 372.01 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 390.39 275.70 Td (us ) Tj ET Q q 0 0 0 rg BT 402.95 275.70 Td (but ) Tj ET Q q 0 0 0 rg BT 419.58 275.70 Td (which, ) Tj ET Q q 0 0 0 rg BT 451.08 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 462.47 275.70 Td (many ) Tj ET Q q 0 0 0 rg BT 489.01 275.70 Td (cases, ) Tj ET Q q 0 0 0 rg BT 517.01 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 533.05 275.70 Td (lar) Tj ET Q q 0 0 0 rg BT 543.93 275.70 Td (gely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 101.07 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.40 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.07 263.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 175.24 263.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.42 263.10 Td (There ) Tj ET Q q 0 0 0 rg BT 209.74 263.10 Td (has ) Tj ET Q q 0 0 0 rg BT 227.58 263.10 Td (been ) Tj ET Q q 0 0 0 rg BT 251.23 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.73 263.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 289.21 263.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 314.62 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.21 263.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 374.19 263.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 394.93 263.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 416.85 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.85 263.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 461.25 263.10 Td (distributors ) Tj ET Q q 0 0 0 rg BT 512.92 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.93 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.59 263.10 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (management ) Tj ET Q q 0 0 0 rg BT 105.00 250.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 144.56 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 161.08 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 176.43 250.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 226.20 250.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 248.56 250.50 Td (have ) Tj ET Q q 0 0 0 rg BT 269.73 250.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 310.73 250.50 Td (as ) Tj ET Q q 0 0 0 rg BT 320.83 250.50 Td (a ) Tj ET Q q 0 0 0 rg BT 326.84 250.50 Td (result. ) Tj ET Q q 0 0 0 rg BT 354.15 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 355.41 250.50 Td (While ) Tj ET Q q 0 0 0 rg BT 382.42 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 396.01 250.50 Td (have ) Tj ET Q q 0 0 0 rg BT 417.19 250.50 Td (worked ) Tj ET Q q 0 0 0 rg BT 450.03 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 459.55 250.50 Td (diversify ) Tj ET Q q 0 0 0 rg BT 498.23 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 513.58 250.50 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (network, ) Tj ET Q q 0 0 0 rg BT 88.53 237.90 Td (historically) Tj ET Q q 0 0 0 rg BT 135.09 237.90 Td (, ) Tj ET Q q 0 0 0 rg BT 139.21 237.90 Td (many ) Tj ET Q q 0 0 0 rg BT 164.03 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 174.27 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.59 237.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 211.66 237.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 241.74 237.90 Td (Funds ) Tj ET Q q 0 0 0 rg BT 268.91 237.90 Td (were ) Tj ET Q q 0 0 0 rg BT 290.81 237.90 Td (principally ) Tj ET Q q 0 0 0 rg BT 337.79 237.90 Td (sold ) Tj ET Q q 0 0 0 rg BT 356.79 237.90 Td (through ) Tj ET Q q 0 0 0 rg BT 390.95 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 405.27 237.90 Td (retail ) Tj ET Q q 0 0 0 rg BT 428.33 237.90 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 471.80 237.90 Td (business ) Tj ET Q q 0 0 0 rg BT 508.89 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 519.13 237.90 Td (Citigroup. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.99 225.30 Td (retail ) Tj ET Q q 0 0 0 rg BT 93.23 225.30 Td (business ) Tj ET Q q 0 0 0 rg BT 131.48 225.30 Td (created ) Tj ET Q q 0 0 0 rg BT 164.46 225.30 Td (by ) Tj ET Q q 0 0 0 rg BT 177.63 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 193.12 225.30 Td (combination ) Tj ET Q q 0 0 0 rg BT 248.28 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 259.69 225.30 Td (Mor) Tj ET Q q 0 0 0 rg BT 277.59 225.30 Td (gan ) Tj ET Q q 0 0 0 rg BT 295.42 225.30 Td (Stanley's ) Tj ET Q q 0 0 0 rg BT 335.56 225.30 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 380.20 225.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 399.20 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 417.03 225.30 Td (Citigroup's ) Tj ET Q q 0 0 0 rg BT 465.93 225.30 Td (Smith ) Tj ET Q q 0 0 0 rg BT 493.69 225.30 Td (Barney ) Tj ET Q q 0 0 0 rg BT 526.68 225.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 545.68 225.30 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (Mor) Tj ET Q q 0 0 0 rg BT 67.89 212.70 Td (gan ) Tj ET Q q 0 0 0 rg BT 85.97 212.70 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 120.17 212.70 Td (W) Tj ET Q q 0 0 0 rg BT 129.24 212.70 Td (ealth ) Tj ET Q q 0 0 0 rg BT 152.56 212.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 210.28 212.70 Td (remains ) Tj ET Q q 0 0 0 rg BT 246.44 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 254.01 212.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 301.25 212.70 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 357.81 212.70 Td (selling ) Tj ET Q q 0 0 0 rg BT 388.72 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 404.46 212.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 428.95 212.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 460.45 212.70 Td (Funds. ) Tj ET Q q 0 0 0 rg BT 491.66 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 494.37 212.70 Td (While ) Tj ET Q q 0 0 0 rg BT 522.94 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 538.68 212.70 Td (third-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (party ) Tj ET Q q 0 0 0 rg BT 74.77 200.10 Td (distributors ) Tj ET Q q 0 0 0 rg BT 125.79 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 141.80 200.10 Td (compensated ) Tj ET Q q 0 0 0 rg BT 199.81 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.24 200.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 266.85 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.04 200.10 Td (products ) Tj ET Q q 0 0 0 rg BT 323.40 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.75 200.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 381.38 200.10 Td (there ) Tj ET Q q 0 0 0 rg BT 405.56 200.10 Td (can ) Tj ET Q q 0 0 0 rg BT 423.32 200.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.42 200.10 Td (no ) Tj ET Q q 0 0 0 rg BT 450.12 200.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 498.21 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 517.14 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.58 200.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.10 200.10 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (successful ) Tj ET Q q 0 0 0 rg BT 96.55 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 108.11 187.50 Td (distributing ) Tj ET Q q 0 0 0 rg BT 159.92 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 177.31 187.50 Td (products ) Tj ET Q q 0 0 0 rg BT 216.86 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 235.42 187.50 Td (services ) Tj ET Q q 0 0 0 rg BT 272.63 187.50 Td (through ) Tj ET Q q 0 0 0 rg BT 308.69 187.50 Td (them. ) Tj ET Q q 0 0 0 rg BT 335.70 187.50 Td (In ) Tj ET Q q 0 0 0 rg BT 347.84 187.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 388.27 187.50 Td (mer) Tj ET Q q 0 0 0 rg BT 404.40 187.50 Td (gers ) Tj ET Q q 0 0 0 rg BT 425.29 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 443.84 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 468.81 187.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 511.85 187.50 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (among ) Tj ET Q q 0 0 0 rg BT 80.93 174.90 Td (distributors ) Tj ET Q q 0 0 0 rg BT 131.12 174.90 Td (may ) Tj ET Q q 0 0 0 rg BT 151.55 174.90 Td (af) Tj ET Q q 0 0 0 rg BT 159.52 174.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 177.61 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 193.96 174.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 244.73 174.90 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 303.37 174.90 Td (For ) Tj ET Q q 0 0 0 rg BT 320.31 174.90 Td (example, ) Tj ET Q q 0 0 0 rg BT 360.86 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 375.46 174.90 Td (are ) Tj ET Q q 0 0 0 rg BT 390.63 174.90 Td (not ) Tj ET Q q 0 0 0 rg BT 406.40 174.90 Td (able ) Tj ET Q q 0 0 0 rg BT 426.24 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 436.76 174.90 Td (predict ) Tj ET Q q 0 0 0 rg BT 468.27 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 483.45 174.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 527.21 174.90 Td (ef) Tj ET Q q 0 0 0 rg BT 535.18 174.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 553.27 174.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.54 162.30 Td (Mor) Tj ET Q q 0 0 0 rg BT 83.43 162.30 Td (gan ) Tj ET Q q 0 0 0 rg BT 101.30 162.30 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 135.32 162.30 Td (W) Tj ET Q q 0 0 0 rg BT 144.39 162.30 Td (ealth ) Tj ET Q q 0 0 0 rg BT 167.50 162.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 225.03 162.30 Td (business ) Tj ET Q q 0 0 0 rg BT 263.33 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 276.54 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 293.24 162.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 322.79 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 333.66 162.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 372.53 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 383.41 162.30 Td (successfully ) Tj ET Q q 0 0 0 rg BT 437.44 162.30 Td (distribute ) Tj ET Q q 0 0 0 rg BT 479.82 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 496.53 162.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 522.57 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 540.44 162.30 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (products ) Tj ET Q q 0 0 0 rg BT 89.12 149.70 Td (through ) Tj ET Q q 0 0 0 rg BT 124.74 149.70 Td (it, ) Tj ET Q q 0 0 0 rg BT 136.16 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 147.87 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 163.65 149.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 187.61 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 199.32 149.70 Td (doing ) Tj ET Q q 0 0 0 rg BT 226.19 149.70 Td (so. ) Tj ET Q q 0 0 0 rg BT 241.11 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 244.07 149.70 Td (If ) Tj ET Q q 0 0 0 rg BT 254.02 149.70 Td (we ) Tj ET Q q 0 0 0 rg BT 269.23 149.70 Td (are ) Tj ET Q q 0 0 0 rg BT 285.00 149.70 Td (unable ) Tj ET Q q 0 0 0 rg BT 315.95 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 327.07 149.70 Td (distribute ) Tj ET Q q 0 0 0 rg BT 369.70 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 386.65 149.70 Td (products ) Tj ET Q q 0 0 0 rg BT 425.77 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 443.89 149.70 Td (services ) Tj ET Q q 0 0 0 rg BT 480.67 149.70 Td (successfully) Tj ET Q q 0 0 0 rg BT 531.31 149.70 Td (, ) Tj ET Q q 0 0 0 rg BT 536.89 149.70 Td (it ) Tj ET Q q 0 0 0 rg BT 545.69 149.70 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 92.90 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 100.87 137.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 119.28 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.94 137.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 175.93 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.76 137.10 Td (net ) Tj ET Q q 0 0 0 rg BT 209.26 137.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 245.46 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.29 137.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.12 137.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.18 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.02 137.10 Td (distribution-related ) Tj ET Q q 0 0 0 rg BT 412.17 137.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 452.74 137.10 Td (could ) Tj ET Q q 0 0 0 rg BT 478.74 137.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 521.64 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 529.61 137.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.02 137.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (net ) Tj ET Q q 0 0 0 rg BT 65.45 124.50 Td (income.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (21) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.13 741.90 Td (Funds-of-Hedge ) Tj ET Q q 0 0 0 rg BT 180.51 741.90 Td (Funds ) Tj ET Q q 0 0 0 rg BT 211.15 741.90 Td (Business ) Tj ET Q q 0 0 0 rg BT 252.30 741.90 Td (Entails ) Tj ET Q q 0 0 0 rg BT 285.85 741.90 Td (a ) Tj ET Q q 0 0 0 rg BT 293.73 741.90 Td (Number ) Tj ET Q q 0 0 0 rg BT 331.94 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 342.92 741.90 Td (Additional ) Tj ET Q q 0 0 0 rg BT 391.06 741.90 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 118.74 716.70 Td (operates ) Tj ET Q q 0 0 0 rg BT 156.73 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 164.39 716.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 197.73 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 209.47 716.70 Td (its ) Tj ET Q q 0 0 0 rg BT 222.40 716.70 Td (business ) Tj ET Q q 0 0 0 rg BT 260.99 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 272.16 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 287.99 716.70 Td (international ) Tj ET Q q 0 0 0 rg BT 344.05 716.70 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 411.20 716.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 437.53 716.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 478.53 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 497.86 716.70 Td (funds-of-hedge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.50 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 113.25 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 152.15 704.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 189.90 704.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 219.47 704.10 Td (being ) Tj ET Q q 0 0 0 rg BT 244.96 704.10 Td (char) Tj ET Q q 0 0 0 rg BT 262.84 704.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 280.17 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 299.23 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.90 704.10 Td (two ) Tj ET Q q 0 0 0 rg BT 329.81 704.10 Td (levels�- ) Tj ET Q q 0 0 0 rg BT 362.59 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 372.33 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.32 704.10 Td (funds-of-funds ) Tj ET Q q 0 0 0 rg BT 451.89 704.10 Td (level ) Tj ET Q q 0 0 0 rg BT 474.46 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.79 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 501.53 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.52 704.10 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.21 691.50 Td (level. ) Tj ET Q q 0 0 0 rg BT 101.91 691.50 Td (These ) Tj ET Q q 0 0 0 rg BT 129.86 691.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 149.65 691.50 Td (may ) Tj ET Q q 0 0 0 rg BT 170.60 691.50 Td (include ) Tj ET Q q 0 0 0 rg BT 204.39 691.50 Td (management ) Tj ET Q q 0 0 0 rg BT 260.91 691.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.70 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 298.74 691.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 354.67 691.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 377.07 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 379.74 691.50 Td (There ) Tj ET Q q 0 0 0 rg BT 407.11 691.50 Td (can ) Tj ET Q q 0 0 0 rg BT 424.56 691.50 Td (be ) Tj ET Q q 0 0 0 rg BT 437.35 691.50 Td (no ) Tj ET Q q 0 0 0 rg BT 450.72 691.50 Td (assurance ) Tj ET Q q 0 0 0 rg BT 494.42 691.50 Td (that ) Tj ET Q q 0 0 0 rg BT 513.04 691.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 545.66 691.50 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 66.21 678.90 Td (be ) Tj ET Q q 0 0 0 rg BT 78.91 678.90 Td (forced ) Tj ET Q q 0 0 0 rg BT 108.52 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 119.48 678.90 Td (change ) Tj ET Q q 0 0 0 rg BT 152.01 678.90 Td (its ) Tj ET Q q 0 0 0 rg BT 164.72 678.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 180.33 678.90 Td (structures ) Tj ET Q q 0 0 0 rg BT 223.95 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 237.24 678.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 289.60 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 301.14 678.90 Td (other ) Tj ET Q q 0 0 0 rg BT 325.51 678.90 Td (pressures ) Tj ET Q q 0 0 0 rg BT 367.38 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 378.92 678.90 Td (that ) Tj ET Q q 0 0 0 rg BT 397.45 678.90 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 435.97 678.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 451.58 678.90 Td (structures ) Tj ET Q q 0 0 0 rg BT 495.19 678.90 Td (will ) Tj ET Q q 0 0 0 rg BT 514.32 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 530.53 678.90 Td (hamper ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (its ) Tj ET Q q 0 0 0 rg BT 62.91 666.30 Td (growth. ) Tj ET Q q 0 0 0 rg BT 98.28 666.30 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 156.38 666.30 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 191.74 666.30 Td (consistent ) Tj ET Q q 0 0 0 rg BT 236.73 666.30 Td (with ) Tj ET Q q 0 0 0 rg BT 258.39 666.30 Td (other ) Tj ET Q q 0 0 0 rg BT 282.96 666.30 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 350.10 666.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 376.42 666.30 Td (managers, ) Tj ET Q q 0 0 0 rg BT 422.27 666.30 Td (has ) Tj ET Q q 0 0 0 rg BT 439.26 666.30 Td (experienced ) Tj ET Q q 0 0 0 rg BT 492.97 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 500.63 666.30 Td (trend ) Tj ET Q q 0 0 0 rg BT 525.19 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 536.35 666.30 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (years ) Tj ET Q q 0 0 0 rg BT 74.63 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 85.85 653.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 125.08 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 135.72 653.70 Td (business ) Tj ET Q q 0 0 0 rg BT 173.78 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 196.67 653.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 220.71 653.70 Td (high ) Tj ET Q q 0 0 0 rg BT 241.86 653.70 Td (net ) Tj ET Q q 0 0 0 rg BT 257.16 653.70 Td (worth ) Tj ET Q q 0 0 0 rg BT 284.13 653.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 314.02 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 331.65 653.70 Td (inflows ) Tj ET Q q 0 0 0 rg BT 365.63 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 388.51 653.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 441.16 653.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 473.67 653.70 Td (which ) Tj ET Q q 0 0 0 rg BT 501.81 653.70 Td (has ) Tj ET Q q 0 0 0 rg BT 518.28 653.70 Td (negatively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 90.35 641.10 Td (Permal�) Tj ET Q q 0 0 0 rg BT 123.01 641.10 Td (s ) Tj ET Q q 0 0 0 rg BT 128.96 641.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 168.14 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.17 641.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 217.07 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.93 641.10 Td (On ) Tj ET Q q 0 0 0 rg BT 233.63 641.10 Td (May ) Tj ET Q q 0 0 0 rg BT 254.74 641.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 264.48 641.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 289.97 641.10 Td (we ) Tj ET Q q 0 0 0 rg BT 304.08 641.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 349.68 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.21 641.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 404.14 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 431.66 641.10 Td (combines ) Tj ET Q q 0 0 0 rg BT 473.77 641.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 505.38 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 525.91 641.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 543.62 641.10 Td (rust, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 58.08 628.50 Td (leading ) Tj ET Q q 0 0 0 rg BT 92.41 628.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 147.15 628.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 175.65 628.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 198.32 628.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 235.57 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 254.15 628.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 301.89 628.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 325.72 628.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 365.29 628.50 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 428.18 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 439.77 628.50 Td (New ) Tj ET Q q 0 0 0 rg BT 462.51 628.50 Td (Y) Tj ET Q q 0 0 0 rg BT 469.04 628.50 Td (ork. ) Tj ET Q q 0 0 0 rg BT 489.09 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 492.26 628.50 Td (There ) Tj ET Q q 0 0 0 rg BT 520.17 628.50 Td (can ) Tj ET Q q 0 0 0 rg BT 538.16 628.50 Td (be ) Tj ET Q q 0 0 0 rg BT 551.50 628.50 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (assurance ) Tj ET Q q 0 0 0 rg BT 94.09 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 113.11 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.22 615.90 Td (combined ) Tj ET Q q 0 0 0 rg BT 173.90 615.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 191.61 615.90 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 240.38 615.90 Td (will ) Tj ET Q q 0 0 0 rg BT 259.99 615.90 Td (be ) Tj ET Q q 0 0 0 rg BT 273.18 615.90 Td (able ) Tj ET Q q 0 0 0 rg BT 293.95 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 305.39 615.90 Td (continue ) Tj ET Q q 0 0 0 rg BT 344.83 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 356.27 615.90 Td (transition ) Tj ET Q q 0 0 0 rg BT 399.21 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 415.32 615.90 Td (historical ) Tj ET Q q 0 0 0 rg BT 457.67 615.90 Td (Permal ) Tj ET Q q 0 0 0 rg BT 490.69 615.90 Td (business ) Tj ET Q q 0 0 0 rg BT 529.55 615.90 Td (into ) Tj ET Q q 0 0 0 rg BT 549.17 615.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (institutional ) Tj ET Q q 0 0 0 rg BT 103.26 603.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 144.56 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 156.40 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 175.23 603.30 Td (this ) Tj ET Q q 0 0 0 rg BT 193.49 603.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 236.24 603.30 Td (will ) Tj ET Q q 0 0 0 rg BT 255.67 603.30 Td (not ) Tj ET Q q 0 0 0 rg BT 272.17 603.30 Td (further ) Tj ET Q q 0 0 0 rg BT 303.83 603.30 Td (af) Tj ET Q q 0 0 0 rg BT 311.80 603.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 330.62 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 346.54 603.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 386.94 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 398.78 603.30 Td (profits ) Tj ET Q q 0 0 0 rg BT 429.28 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 441.12 603.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 458.83 603.30 Td (rustPermal. ) Tj ET Q q 0 0 0 rg BT 510.03 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 513.12 603.30 Td (In ) Tj ET Q q 0 0 0 rg BT 524.96 603.30 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 590.70 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 116.67 590.70 Td (may ) Tj ET Q q 0 0 0 rg BT 138.22 590.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 177.24 590.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.03 590.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 281.55 590.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 301.92 590.70 Td (from ) Tj ET Q q 0 0 0 rg BT 325.80 590.70 Td (time ) Tj ET Q q 0 0 0 rg BT 347.94 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 359.57 590.70 Td (time, ) Tj ET Q q 0 0 0 rg BT 384.33 590.70 Td (which ) Tj ET Q q 0 0 0 rg BT 413.46 590.70 Td (could ) Tj ET Q q 0 0 0 rg BT 440.25 590.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 478.11 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 494.41 590.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 535.79 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 548.01 590.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 91.28 578.10 Td (See ) Tj ET Q q 0 0 0 rg BT 107.77 578.10 Td (�Performance-Based ) Tj ET Q q 0 0 0 rg BT 196.57 578.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 212.77 578.10 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 273.58 578.10 Td (May ) Tj ET Q q 0 0 0 rg BT 294.17 578.10 Td (Increase ) Tj ET Q q 0 0 0 rg BT 330.47 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.54 578.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.77 578.10 Td (olatility ) Tj ET Q q 0 0 0 rg BT 384.77 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.85 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.18 578.10 Td (Revenues.� ) Tj ET Q q 0 0 0 rg BT 459.63 578.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 495.95 578.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 527.02 578.10 Td (operates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.79 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 74.23 565.50 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 139.99 565.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 164.94 565.50 Td (business ) Tj ET Q q 0 0 0 rg BT 202.15 565.50 Td (globally) Tj ET Q q 0 0 0 rg BT 235.88 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 240.12 565.50 Td (it ) Tj ET Q q 0 0 0 rg BT 247.58 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 256.20 565.50 Td (exposed ) Tj ET Q q 0 0 0 rg BT 292.22 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 302.01 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 308.29 565.50 Td (number ) Tj ET Q q 0 0 0 rg BT 341.98 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 352.34 565.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 397.11 565.50 Td (authorities ) Tj ET Q q 0 0 0 rg BT 443.05 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 459.83 565.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 516.26 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 526.05 565.50 Td (dif) Tj ET Q q 0 0 0 rg BT 537.52 565.50 Td (ferent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (jurisdictions.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (Risks ) Tj ET Q q 0 0 0 rg BT 77.14 527.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 114.17 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 125.54 527.70 Td (our) Tj ET Q q 0 0 0 rg BT 141.10 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 143.73 527.70 Td (Company) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 502.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.13 502.50 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 148.40 502.50 Td (May ) Tj ET Q q 0 0 0 rg BT 169.88 502.50 Td (Af) Tj ET Q q 0 0 0 rg BT 180.20 502.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 198.56 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 216.36 502.50 Td (Business ) Tj ET Q q 0 0 0 rg BT 257.50 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 276.47 502.50 Td (May ) Tj ET Q q 0 0 0 rg BT 298.34 502.50 Td (Restrict ) Tj ET Q q 0 0 0 rg BT 334.21 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 352.02 502.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 398.40 502.50 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 477.30 Td (At ) Tj ET Q q 0 0 0 rg BT 99.97 477.30 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 146.59 477.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 173.68 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 187.65 477.30 Td (a ) Tj ET Q q 0 0 0 rg BT 195.78 477.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 252.32 477.30 Td (basis, ) Tj ET Q q 0 0 0 rg BT 279.42 477.30 Td (we ) Tj ET Q q 0 0 0 rg BT 295.13 477.30 Td (had ) Tj ET Q q 0 0 0 rg BT 313.76 477.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 377.87 477.30 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 399.72 477.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 430.60 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 442.24 477.30 Td (total ) Tj ET Q q 0 0 0 rg BT 464.37 477.30 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 524.70 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 543.33 477.30 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 109.70 464.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 140.68 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 154.16 464.70 Td ($4.2�billion, ) Tj ET Q q 0 0 0 rg BT 209.93 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 229.83 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 248.56 464.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 290.62 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 310.52 464.70 Td (other ) Tj ET Q q 0 0 0 rg BT 336.82 464.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 383.55 464.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 412.78 464.70 Td (were ) Tj ET Q q 0 0 0 rg BT 437.91 464.70 Td ($1.5�billion ) Tj ET Q q 0 0 0 rg BT 491.06 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 510.96 464.70 Td ($3.1�billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.27 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.29 452.10 Td (After ) Tj ET Q q 0 0 0 rg BT 132.04 452.10 Td (drawing ) Tj ET Q q 0 0 0 rg BT 169.04 452.10 Td ($460 ) Tj ET Q q 0 0 0 rg BT 192.63 452.10 Td (million ) Tj ET Q q 0 0 0 rg BT 225.56 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.66 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.25 452.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 298.09 452.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 324.58 452.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 356.91 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.68 452.10 Td (May ) Tj ET Q q 0 0 0 rg BT 389.52 452.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 415.74 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.50 452.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 475.16 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 496.42 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.84 452.10 Td (acquisitions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.96 439.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 78.66 439.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 96.62 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 113.99 439.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 147.70 439.50 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 186.94 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 201.39 439.50 Td (had ) Tj ET Q q 0 0 0 rg BT 218.76 439.50 Td ($500�million ) Tj ET Q q 0 0 0 rg BT 274.93 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 285.89 439.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 330.08 439.50 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 376.04 439.50 Td (capacity ) Tj ET Q q 0 0 0 rg BT 413.22 439.50 Td (available ) Tj ET Q q 0 0 0 rg BT 453.33 439.50 Td (under ) Tj ET Q q 0 0 0 rg BT 479.44 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 495.65 439.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 538.10 439.50 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (facility) Tj ET Q q 0 0 0 rg BT 79.06 426.90 Td (, ) Tj ET Q q 0 0 0 rg BT 83.39 426.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 114.85 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 124.73 426.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 155.00 426.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 200.47 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 217.34 426.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 267.45 426.90 Td (with ) Tj ET Q q 0 0 0 rg BT 287.83 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 302.37 426.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 346.07 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 355.95 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 371.65 426.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 397.27 426.90 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 444.95 426.90 Td (As ) Tj ET Q q 0 0 0 rg BT 458.34 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 464.71 426.90 Td (result ) Tj ET Q q 0 0 0 rg BT 489.75 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 500.21 426.90 Td (this ) Tj ET Q q 0 0 0 rg BT 517.09 426.90 Td (substantial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 109.17 414.30 Td (we ) Tj ET Q q 0 0 0 rg BT 123.72 414.30 Td (are ) Tj ET Q q 0 0 0 rg BT 138.84 414.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 179.05 414.30 Td (required ) Tj ET Q q 0 0 0 rg BT 216.34 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 226.81 414.30 Td (use ) Tj ET Q q 0 0 0 rg BT 243.11 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 250.08 414.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 282.72 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 293.77 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 310.07 414.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.03 414.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 352.59 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 363.06 414.30 Td (service ) Tj ET Q q 0 0 0 rg BT 395.10 414.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.31 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 441.12 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 457.42 414.30 Td (debt, ) Tj ET Q q 0 0 0 rg BT 480.43 414.30 Td (which ) Tj ET Q q 0 0 0 rg BT 508.39 414.30 Td (will ) Tj ET Q q 0 0 0 rg BT 527.03 414.30 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.18 414.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.64 401.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.87 401.70 Td (available ) Tj ET Q q 0 0 0 rg BT 134.75 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 149.97 401.70 Td (other ) Tj ET Q q 0 0 0 rg BT 174.53 401.70 Td (business ) Tj ET Q q 0 0 0 rg BT 213.10 401.70 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 274.12 401.70 Td (In ) Tj ET Q q 0 0 0 rg BT 285.85 401.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 325.87 401.70 Td (these ) Tj ET Q q 0 0 0 rg BT 350.43 401.70 Td (servicing ) Tj ET Q q 0 0 0 rg BT 391.90 401.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 441.55 401.70 Td (will ) Tj ET Q q 0 0 0 rg BT 460.87 401.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 498.24 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 509.39 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 525.20 401.70 Td (future ) Tj ET Q q 0 0 0 rg BT 553.26 401.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 389.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 105.40 389.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 148.27 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.39 389.10 Td (this ) Tj ET Q q 0 0 0 rg BT 179.19 389.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 199.89 389.10 Td (become ) Tj ET Q q 0 0 0 rg BT 235.17 389.10 Td (due ) Tj ET Q q 0 0 0 rg BT 252.95 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.32 389.10 Td (if ) Tj ET Q q 0 0 0 rg BT 273.36 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 288.23 389.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 312.43 389.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 357.05 389.10 Td (indebtedness.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 363.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.51 363.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.52 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 143.87 363.90 Td (make ) Tj ET Q q 0 0 0 rg BT 168.78 363.90 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 212.95 363.90 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.37 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 266.30 363.90 Td (principal, ) Tj ET Q q 0 0 0 rg BT 308.42 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 318.77 363.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 336.11 363.90 Td (interest, ) Tj ET Q q 0 0 0 rg BT 371.82 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 382.74 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 393.09 363.90 Td (refinance ) Tj ET Q q 0 0 0 rg BT 434.32 363.90 Td (our ) Tj ET Q q 0 0 0 rg BT 450.50 363.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 506.92 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 524.26 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 534.60 363.90 Td (satisfy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 66.21 351.30 Td (other ) Tj ET Q q 0 0 0 rg BT 89.99 351.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 110.27 351.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 159.15 351.30 Td (will ) Tj ET Q q 0 0 0 rg BT 177.69 351.30 Td (depend ) Tj ET Q q 0 0 0 rg BT 210.22 351.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 233.43 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 249.64 351.30 Td (future ) Tj ET Q q 0 0 0 rg BT 276.92 351.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 318.78 351.30 Td (performance, ) Tj ET Q q 0 0 0 rg BT 376.66 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 404.53 351.30 Td (may ) Tj ET Q q 0 0 0 rg BT 424.82 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 436.94 351.30 Td (af) Tj ET Q q 0 0 0 rg BT 444.91 351.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 472.76 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 485.47 351.30 Td (general ) Tj ET Q q 0 0 0 rg BT 518.57 351.30 Td (economic, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (financial, ) Tj ET Q q 0 0 0 rg BT 92.93 338.70 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 148.71 338.70 Td (legislative, ) Tj ET Q q 0 0 0 rg BT 198.07 338.70 Td (regulatory) Tj ET Q q 0 0 0 rg BT 240.53 338.70 Td (, ) Tj ET Q q 0 0 0 rg BT 246.74 338.70 Td (business ) Tj ET Q q 0 0 0 rg BT 285.90 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 304.64 338.70 Td (other ) Tj ET Q q 0 0 0 rg BT 329.80 338.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 361.94 338.70 Td (beyond ) Tj ET Q q 0 0 0 rg BT 396.43 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 414.01 338.70 Td (control ) Tj ET Q q 0 0 0 rg BT 447.33 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 466.07 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 480.15 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 488.39 338.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 521.12 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 533.44 338.70 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 85.27 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.07 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.69 326.10 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 104.95 300.90 Td (level ) Tj ET Q q 0 0 0 rg BT 127.98 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 139.35 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 155.97 300.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 212.84 300.90 Td (could:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 275.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 275.70 Td (limit ) Tj ET Q q 0 0 0 rg BT 125.99 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 142.13 275.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 171.11 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 181.43 275.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 209.82 275.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 253.97 275.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 274.19 275.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 316.00 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 326.31 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 275.70 Td (future ) Tj ET Q q 0 0 0 rg BT 368.51 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 379.41 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 389.72 275.70 Td (borrow ) Tj ET Q q 0 0 0 rg BT 422.20 275.70 Td (under ) Tj ET Q q 0 0 0 rg BT 448.26 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 464.40 275.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 499.80 275.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.85 275.70 Td (facilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 263.10 Td (\(our ) Tj ET Q q 0 0 0 rg BT 123.75 263.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 163.32 263.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 185.98 263.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 206.32 263.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 238.31 263.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 274.38 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 292.38 263.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 304.54 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.79 263.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 342.29 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.29 263.10 Td (net ) Tj ET Q q 0 0 0 rg BT 368.37 263.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 388.70 263.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 413.11 263.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.45 263.10 Td (less ) Tj ET Q q 0 0 0 rg BT 451.45 263.10 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 503.27 263.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.18 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.60 263.10 Td (excess ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.78 250.50 Td (working ) Tj ET Q q 0 0 0 rg BT 153.81 250.50 Td (capital\) ) Tj ET Q q 0 0 0 rg BT 188.33 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 199.53 250.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 257.98 250.50 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 295.90 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 298.93 250.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 314.21 250.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 348.73 250.50 Td (therein\) ) Tj ET Q q 0 0 0 rg BT 384.42 250.50 Td (not ) Tj ET Q q 0 0 0 rg BT 400.87 250.50 Td (exceed ) Tj ET Q q 0 0 0 rg BT 433.05 250.50 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 447.73 250.50 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 463.89 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 475.10 250.50 Td (1 ) Tj ET Q q 0 0 0 rg BT 483.38 250.50 Td (at ) Tj ET Q q 0 0 0 rg BT 494.00 250.50 Td (any ) Tj ET Q q 0 0 0 rg BT 512.19 250.50 Td (time ) Tj ET Q q 0 0 0 rg BT 533.89 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 549.17 250.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 237.90 Td (period ) Tj ET Q q 0 0 0 rg BT 132.96 237.90 Td (from ) Tj ET Q q 0 0 0 rg BT 155.51 237.90 Td (March ) Tj ET Q q 0 0 0 rg BT 185.05 237.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.32 237.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 223.46 237.90 Td (through ) Tj ET Q q 0 0 0 rg BT 258.26 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 275.56 237.90 Td (including ) Tj ET Q q 0 0 0 rg BT 317.36 237.90 Td (September ) Tj ET Q q 0 0 0 rg BT 364.40 237.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 379.66 237.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 405.43 237.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 419.81 237.90 Td (3.25 ) Tj ET Q q 0 0 0 rg BT 440.32 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 450.63 237.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 458.01 237.90 Td (at ) Tj ET Q q 0 0 0 rg BT 467.73 237.90 Td (any ) Tj ET Q q 0 0 0 rg BT 485.03 237.90 Td (time ) Tj ET Q q 0 0 0 rg BT 505.83 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 520.21 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.18 237.90 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 225.30 Td (from ) Tj ET Q q 0 0 0 rg BT 126.88 225.30 Td (October ) Tj ET Q q 0 0 0 rg BT 163.17 225.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 173.51 225.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 199.60 225.30 Td (through ) Tj ET Q q 0 0 0 rg BT 234.74 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 252.37 225.30 Td (including ) Tj ET Q q 0 0 0 rg BT 294.50 225.30 Td (December ) Tj ET Q q 0 0 0 rg BT 340.11 225.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 355.70 225.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 379.17 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 396.80 225.30 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 410.92 225.30 Td (3 ) Tj ET Q q 0 0 0 rg BT 418.64 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 429.28 225.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 436.99 225.30 Td (at ) Tj ET Q q 0 0 0 rg BT 447.04 225.30 Td (any ) Tj ET Q q 0 0 0 rg BT 464.67 225.30 Td (other ) Tj ET Q q 0 0 0 rg BT 488.71 225.30 Td (time., ) Tj ET Q q 0 0 0 rg BT 515.10 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 532.73 225.30 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 548.02 225.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 212.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 126.80 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 139.10 212.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 198.07 212.70 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 235.99 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 239.54 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 251.27 212.70 Td (total ) Tj ET Q q 0 0 0 rg BT 273.49 212.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 295.70 212.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.17 212.70 Td (payments ) Tj ET Q q 0 0 0 rg BT 373.96 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 388.02 212.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.14 212.70 Td (Indebtedness ) Tj ET Q q 0 0 0 rg BT 478.52 212.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 494.32 212.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 529.36 212.70 Td (therein\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 200.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 139.85 200.10 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 155.60 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.40 200.10 Td (1\);) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 187.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 187.50 Td (limit ) Tj ET Q q 0 0 0 rg BT 126.88 187.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.58 187.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 170.86 187.50 Td (available ) Tj ET Q q 0 0 0 rg BT 211.80 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 227.08 187.50 Td (general ) Tj ET Q q 0 0 0 rg BT 261.02 187.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 303.70 187.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 344.07 187.50 Td (due ) Tj ET Q q 0 0 0 rg BT 362.27 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 373.48 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 389.35 187.50 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 426.81 187.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 448.51 187.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 470.79 187.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 528.65 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 543.93 187.50 Td (debt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 174.90 Td (service;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 162.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 162.30 Td (limit ) Tj ET Q q 0 0 0 rg BT 125.72 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 141.61 162.30 Td (flexibility) Tj ET Q q 0 0 0 rg BT 182.34 162.30 Td (, ) Tj ET Q q 0 0 0 rg BT 186.85 162.30 Td (including ) Tj ET Q q 0 0 0 rg BT 228.40 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 244.28 162.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 273.00 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 283.05 162.30 Td (react ) Tj ET Q q 0 0 0 rg BT 305.34 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 315.39 162.30 Td (competitive ) Tj ET Q q 0 0 0 rg BT 366.85 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 383.89 162.30 Td (other ) Tj ET Q q 0 0 0 rg BT 407.36 162.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 443.06 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 453.12 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 467.83 162.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 504.13 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 521.18 162.30 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 149.70 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 153.29 149.70 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 137.10 Td (place us at a competitive disadvantage compared to our competitors that have less debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 111.90 Td (As ) Tj ET Q q 0 0 0 rg BT 99.96 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 111.00 111.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 156.45 111.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 182.37 111.90 Td (under ) Tj ET Q q 0 0 0 rg BT 208.57 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.69 111.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.31 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 260.35 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 276.64 111.90 Td (bank ) Tj ET Q q 0 0 0 rg BT 299.34 111.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 325.54 111.90 Td (agreement ) Tj ET Q q 0 0 0 rg BT 371.56 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 387.85 111.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 409.38 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 420.42 111.90 Td (net ) Tj ET Q q 0 0 0 rg BT 435.54 111.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 455.91 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.37 111.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 524.08 111.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 561.99 111.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (was ) Tj ET Q q 0 0 0 rg BT 69.49 99.30 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 85.77 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 97.09 99.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 105.50 99.30 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 153.56 99.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.37 99.30 Td (held ) Tj ET Q q 0 0 0 rg BT 196.61 99.30 Td (on ) Tj ET Q q 0 0 0 rg BT 210.27 99.30 Td (that ) Tj ET Q q 0 0 0 rg BT 229.17 99.30 Td (date ) Tj ET Q q 0 0 0 rg BT 249.81 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 261.14 99.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 283.54 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 299.53 99.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 352.85 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 364.75 99.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 399.40 99.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 436.97 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 455.28 99.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 472.99 99.30 Td (rust\) ) Tj ET Q q 0 0 0 rg BT 495.40 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 513.71 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 530.87 99.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 553.27 99.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 109.01 86.70 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 146.92 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 150.52 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 162.28 86.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.78 86.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 234.19 86.70 Td (was ) Tj ET Q q 0 0 0 rg BT 254.12 86.70 Td (13.0 ) Tj ET Q q 0 0 0 rg BT 276.09 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 287.85 86.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 299.32 86.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 320.70 86.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 364.80 86.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 389.97 86.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 422.15 86.70 Td (was ) Tj ET Q q 0 0 0 rg BT 442.08 86.70 Td (in ) Tj ET Q q 0 0 0 rg BT 453.84 86.70 Td (compliance ) Tj ET Q q 0 0 0 rg BT 505.83 86.70 Td (with ) Tj ET Q q 0 0 0 rg BT 528.09 86.70 Td (its ) Tj ET Q q 0 0 0 rg BT 541.60 86.70 Td (bank ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.92 74.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 135.72 74.10 Td (If ) Tj ET Q q 0 0 0 rg BT 144.90 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.09 74.10 Td (net ) Tj ET Q q 0 0 0 rg BT 176.11 74.10 Td (income ) Tj ET Q q 0 0 0 rg BT 209.20 74.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 263.88 74.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 300.48 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 314.91 74.10 Td (any ) Tj ET Q q 0 0 0 rg BT 332.26 74.10 Td (reason, ) Tj ET Q q 0 0 0 rg BT 364.48 74.10 Td (it ) Tj ET Q q 0 0 0 rg BT 372.50 74.10 Td (may ) Tj ET Q q 0 0 0 rg BT 392.77 74.10 Td (be ) Tj ET Q q 0 0 0 rg BT 404.87 74.10 Td (dif) Tj ET Q q 0 0 0 rg BT 416.34 74.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 440.69 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.05 74.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 482.39 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.75 74.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 543.33 74.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (these ) Tj ET Q q 0 0 0 rg BT 73.82 61.50 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 120.68 61.50 Td (Similarly) Tj ET Q q 0 0 0 rg BT 159.08 61.50 Td (, ) Tj ET Q q 0 0 0 rg BT 163.95 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 174.36 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 189.44 61.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 217.34 61.50 Td (that ) Tj ET Q q 0 0 0 rg BT 235.33 61.50 Td (we ) Tj ET Q q 0 0 0 rg BT 249.82 61.50 Td (spend ) Tj ET Q q 0 0 0 rg BT 276.56 61.50 Td (our ) Tj ET Q q 0 0 0 rg BT 292.80 61.50 Td (available ) Tj ET Q q 0 0 0 rg BT 332.95 61.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.85 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 368.34 61.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 407.91 61.50 Td (other ) Tj ET Q q 0 0 0 rg BT 431.73 61.50 Td (than ) Tj ET Q q 0 0 0 rg BT 452.06 61.50 Td (repaying ) Tj ET Q q 0 0 0 rg BT 491.04 61.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 511.36 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 522.35 61.50 Td (acquiring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.90 Td (businesses ) Tj ET Q q 0 0 0 rg BT 97.77 48.90 Td (that ) Tj ET Q q 0 0 0 rg BT 116.96 48.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 154.79 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 172.23 48.90 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 216.78 48.90 Td (we ) Tj ET Q q 0 0 0 rg BT 232.47 48.90 Td (will ) Tj ET Q q 0 0 0 rg BT 252.24 48.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 290.07 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 307.51 48.90 Td (net ) Tj ET Q q 0 0 0 rg BT 323.78 48.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 345.29 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 356.90 48.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 415.75 48.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 453.67 48.90 Td ( ) Tj ET Q q 0 0 0 rg BT 457.10 48.90 Td (ratio. ) Tj ET Q q 0 0 0 rg BT 481.65 48.90 Td (Although ) Tj ET Q q 0 0 0 rg BT 524.76 48.90 Td (there ) Tj ET Q q 0 0 0 rg BT 549.18 48.90 Td (are ) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 81.86 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 99.72 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 114.08 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 134.27 741.75 Td (take ) Tj ET Q q 0 0 0 rg BT 153.88 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 162.41 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 178.52 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 217.37 741.75 Td (covenant ) Tj ET Q q 0 0 0 rg BT 257.39 741.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 307.90 741.75 Td (becomes ) Tj ET Q q 0 0 0 rg BT 346.75 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 358.78 741.75 Td (issue, ) Tj ET Q q 0 0 0 rg BT 384.52 741.75 Td (there ) Tj ET Q q 0 0 0 rg BT 407.62 741.75 Td (can ) Tj ET Q q 0 0 0 rg BT 424.31 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 436.33 741.75 Td (no ) Tj ET Q q 0 0 0 rg BT 448.95 741.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 491.88 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 509.74 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.43 741.75 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 68.96 729.15 Td (remain ) Tj ET Q q 0 0 0 rg BT 100.74 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 111.53 729.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 162.55 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 183.84 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 196.39 729.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 219.43 729.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 240.13 729.15 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 703.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.04 703.95 Td (access ) Tj ET Q q 0 0 0 rg BT 134.56 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 145.43 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 172.04 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 185.24 703.95 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 232.84 703.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 258.88 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 268.59 703.95 Td (also ) Tj ET Q q 0 0 0 rg BT 288.21 703.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 325.90 703.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 371.75 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 384.96 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 401.66 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.27 703.95 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 462.18 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 464.88 703.95 Td (If ) Tj ET Q q 0 0 0 rg BT 474.58 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 491.29 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 517.89 703.95 Td (ratings ) Tj ET Q q 0 0 0 rg BT 549.18 703.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (downgraded, ) Tj ET Q q 0 0 0 rg BT 106.90 691.35 Td (it ) Tj ET Q q 0 0 0 rg BT 115.10 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 133.81 691.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 160.09 691.35 Td (become ) Tj ET Q q 0 0 0 rg BT 195.11 691.35 Td (more ) Tj ET Q q 0 0 0 rg BT 219.06 691.35 Td (dif) Tj ET Q q 0 0 0 rg BT 230.53 691.35 Td (ficult ) Tj ET Q q 0 0 0 rg BT 255.07 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 272.60 691.35 Td (costly ) Tj ET Q q 0 0 0 rg BT 300.05 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 314.66 691.35 Td (us ) Tj ET Q q 0 0 0 rg BT 326.37 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 336.91 691.35 Td (access ) Tj ET Q q 0 0 0 rg BT 366.10 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 381.30 691.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.57 691.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 443.18 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 454.30 691.35 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 497.49 691.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 521.44 691.35 Td (new ) Tj ET Q q 0 0 0 rg BT 541.30 691.35 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 666.15 Td (Upon ) Tj ET Q q 0 0 0 rg BT 111.61 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.72 666.15 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 175.04 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 186.07 666.15 Td (various ) Tj ET Q q 0 0 0 rg BT 219.26 666.15 Td (events, ) Tj ET Q q 0 0 0 rg BT 250.99 666.15 Td (such ) Tj ET Q q 0 0 0 rg BT 272.51 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 283.54 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 290.48 666.15 Td (change ) Tj ET Q q 0 0 0 rg BT 322.49 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 333.52 666.15 Td (control, ) Tj ET Q q 0 0 0 rg BT 368.16 666.15 Td (some ) Tj ET Q q 0 0 0 rg BT 392.60 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 403.63 666.15 Td (all ) Tj ET Q q 0 0 0 rg BT 416.40 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.43 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 443.71 666.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 494.98 666.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 515.34 666.15 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 71.41 653.55 Td (come ) Tj ET Q q 0 0 0 rg BT 97.47 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 115.96 653.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 139.70 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 151.20 653.55 Td (their ) Tj ET Q q 0 0 0 rg BT 173.77 653.55 Td (maturity ) Tj ET Q q 0 0 0 rg BT 212.68 653.55 Td (dates ) Tj ET Q q 0 0 0 rg BT 237.58 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 256.07 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 277.48 653.55 Td (require ) Tj ET Q q 0 0 0 rg BT 310.54 653.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 354.11 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 365.60 653.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 396.34 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 408.41 653.55 Td (their ) Tj ET Q q 0 0 0 rg BT 430.98 653.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 483.31 653.55 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 524.85 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 553.84 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.19 640.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 143.29 640.95 Td (may ) Tj ET Q q 0 0 0 rg BT 163.99 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 176.53 640.95 Td (significant.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.56 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 101.84 615.75 Td (May ) Tj ET Q q 0 0 0 rg BT 123.71 615.75 Td (Engage ) Tj ET Q q 0 0 0 rg BT 159.59 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 170.98 615.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 212.10 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.13 615.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 270.94 615.75 Td (That ) Tj ET Q q 0 0 0 rg BT 293.98 615.75 Td (Could ) Tj ET Q q 0 0 0 rg BT 322.87 615.75 Td (Create ) Tj ET Q q 0 0 0 rg BT 354.07 615.75 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 99.32 590.55 Td (part ) Tj ET Q q 0 0 0 rg BT 117.30 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 127.71 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 143.36 590.55 Td (business ) Tj ET Q q 0 0 0 rg BT 180.60 590.55 Td (strategy) Tj ET Q q 0 0 0 rg BT 213.16 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 217.44 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 231.33 590.55 Td (regularly ) Tj ET Q q 0 0 0 rg BT 270.89 590.55 Td (review) Tj ET Q q 0 0 0 rg BT 298.77 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 303.05 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 317.53 590.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 357.08 590.55 Td (reviewing, ) Tj ET Q q 0 0 0 rg BT 403.35 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 420.16 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 442.23 590.55 Td (time ) Tj ET Q q 0 0 0 rg BT 462.55 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 472.37 590.55 Td (time ) Tj ET Q q 0 0 0 rg BT 492.69 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 514.16 590.55 Td (discussions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 71.19 577.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 103.44 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 114.13 577.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 153.39 577.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 191.48 577.95 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 246.78 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 288.96 577.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 328.22 577.95 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 383.53 577.95 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 438.85 577.95 Td (consolidations, ) Tj ET Q q 0 0 0 rg BT 504.66 577.95 Td (joint ) Tj ET Q q 0 0 0 rg BT 526.43 577.95 Td (ventures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 62.03 565.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 94.48 565.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 147.92 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 166.37 565.35 Td (�lift-outs� ) Tj ET Q q 0 0 0 rg BT 212.23 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 224.26 565.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 264.29 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 321.23 565.35 Td (teams, ) Tj ET Q q 0 0 0 rg BT 351.63 565.35 Td (some ) Tj ET Q q 0 0 0 rg BT 377.08 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 389.11 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 418.06 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 439.43 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 452.62 565.35 Td (material. ) Tj ET Q q 0 0 0 rg BT 492.70 565.35 Td (There ) Tj ET Q q 0 0 0 rg BT 520.47 565.35 Td (can ) Tj ET Q q 0 0 0 rg BT 538.32 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 551.52 565.35 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.59 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 110.12 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 124.15 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 142.27 552.75 Td (find ) Tj ET Q q 0 0 0 rg BT 160.96 552.75 Td (suitable ) Tj ET Q q 0 0 0 rg BT 195.41 552.75 Td (candidates ) Tj ET Q q 0 0 0 rg BT 241.50 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 255.53 552.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 292.88 552.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 344.82 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 354.18 552.75 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 400.26 552.75 Td (prices, ) Tj ET Q q 0 0 0 rg BT 429.74 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 451.34 552.75 Td (suf) Tj ET Q q 0 0 0 rg BT 463.99 552.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 492.59 552.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.36 552.75 Td (resources ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 59.66 540.15 Td (accomplish ) Tj ET Q q 0 0 0 rg BT 108.98 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 124.48 540.15 Td (strategy) Tj ET Q q 0 0 0 rg BT 157.03 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 161.16 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 171.40 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 182.81 540.15 Td (successful ) Tj ET Q q 0 0 0 rg BT 227.46 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 237.12 540.15 Td (entering ) Tj ET Q q 0 0 0 rg BT 273.02 540.15 Td (into ) Tj ET Q q 0 0 0 rg BT 290.86 540.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 340.16 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 353.90 540.15 Td (desired ) Tj ET Q q 0 0 0 rg BT 385.72 540.15 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 440.00 540.15 Td (In ) Tj ET Q q 0 0 0 rg BT 450.24 540.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 488.78 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 511.85 540.15 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 89.37 527.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 123.49 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 130.77 527.55 Td (number ) Tj ET Q q 0 0 0 rg BT 165.47 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 176.84 527.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 199.31 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 217.09 527.55 Td (present ) Tj ET Q q 0 0 0 rg BT 250.04 527.55 Td (financial, ) Tj ET Q q 0 0 0 rg BT 292.02 527.55 Td (managerial ) Tj ET Q q 0 0 0 rg BT 341.29 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 359.07 527.55 Td (operational ) Tj ET Q q 0 0 0 rg BT 408.93 527.55 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 458.49 527.55 Td (including:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 502.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 502.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 138.72 502.35 Td (ef) Tj ET Q q 0 0 0 rg BT 146.68 502.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 169.16 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 182.31 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 198.96 502.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.59 502.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 274.82 502.35 Td (per ) Tj ET Q q 0 0 0 rg BT 290.88 502.35 Td (share ) Tj ET Q q 0 0 0 rg BT 315.68 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 326.50 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 341.98 502.35 Td (event ) Tj ET Q q 0 0 0 rg BT 367.37 502.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 406.17 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 450.81 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 477.96 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 489.36 502.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 529.35 502.35 Td (become ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 489.75 Td (impaired;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 477.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 477.15 Td (existence of unknown liabilities or contingencies that arise after closing; and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 464.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 464.55 Td (potential disputes with counterparties.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 439.35 Td (Acquisitions, ) Tj ET Q q 0 0 0 rg BT 144.50 439.35 Td (related ) Tj ET Q q 0 0 0 rg BT 175.86 439.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 228.81 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 246.76 439.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 293.29 439.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 348.87 439.35 Td (including ) Tj ET Q q 0 0 0 rg BT 391.33 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 406.95 439.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 459.90 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 471.44 439.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.24 439.35 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 84.45 426.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 121.82 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.94 426.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 157.65 426.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 176.36 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.48 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.26 426.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 265.71 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 277.42 426.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 295.13 426.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 313.84 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 335.46 426.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 368.16 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 379.29 426.75 Td (form ) Tj ET Q q 0 0 0 rg BT 402.66 426.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 420.37 426.75 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 471.44 426.75 Td (pose ) Tj ET Q q 0 0 0 rg BT 493.65 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.44 426.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 528.15 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 546.85 426.75 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (business ) Tj ET Q q 0 0 0 rg BT 89.58 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 105.81 414.15 Td (acquire ) Tj ET Q q 0 0 0 rg BT 140.69 414.15 Td (may ) Tj ET Q q 0 0 0 rg BT 162.76 414.15 Td (lose ) Tj ET Q q 0 0 0 rg BT 183.66 414.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 230.23 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 242.96 414.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 291.85 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 304.59 414.15 Td (could ) Tj ET Q q 0 0 0 rg BT 331.90 414.15 Td (underperform ) Tj ET Q q 0 0 0 rg BT 393.62 414.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 429.09 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 441.24 414.15 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 500.05 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 509.12 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 517.77 414.15 Td (could ) Tj ET Q q 0 0 0 rg BT 545.08 414.15 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (experience ) Tj ET Q q 0 0 0 rg BT 99.48 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.23 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 152.99 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 178.58 401.55 Td (setbacks ) Tj ET Q q 0 0 0 rg BT 218.17 401.55 Td (if ) Tj ET Q q 0 0 0 rg BT 228.60 401.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 282.77 401.55 Td (encounter ) Tj ET Q q 0 0 0 rg BT 328.18 401.55 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 388.76 401.55 Td (problems, ) Tj ET Q q 0 0 0 rg BT 434.48 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 478.16 401.55 Td (problems ) Tj ET Q q 0 0 0 rg BT 521.25 401.55 Td (related ) Tj ET Q q 0 0 0 rg BT 553.83 401.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (execution ) Tj ET Q q 0 0 0 rg BT 95.42 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 108.76 388.95 Td (integration. ) Tj ET Q q 0 0 0 rg BT 161.47 388.95 Td (Following ) Tj ET Q q 0 0 0 rg BT 209.25 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 226.67 388.95 Td (completion ) Tj ET Q q 0 0 0 rg BT 278.51 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 291.86 388.95 Td (an ) Tj ET Q q 0 0 0 rg BT 306.37 388.95 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 359.67 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 376.51 388.95 Td (may ) Tj ET Q q 0 0 0 rg BT 399.19 388.95 Td (have ) Tj ET Q q 0 0 0 rg BT 423.61 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 436.37 388.95 Td (rely ) Tj ET Q q 0 0 0 rg BT 457.30 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 472.40 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 489.82 388.95 Td (seller ) Tj ET Q q 0 0 0 rg BT 517.16 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 529.93 388.95 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 112.95 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.99 376.35 Td (other ) Tj ET Q q 0 0 0 rg BT 155.44 376.35 Td (support, ) Tj ET Q q 0 0 0 rg BT 192.44 376.35 Td (including ) Tj ET Q q 0 0 0 rg BT 234.98 376.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.59 376.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 315.96 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 333.99 376.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 368.94 376.35 Td (controls, ) Tj ET Q q 0 0 0 rg BT 408.27 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 419.32 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 435.02 376.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 474.05 376.35 Td (business ) Tj ET Q q 0 0 0 rg BT 512.51 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 527.63 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 535.17 376.35 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 363.75 Td (time. ) Tj ET Q q 0 0 0 rg BT 85.10 363.75 Td (There ) Tj ET Q q 0 0 0 rg BT 112.20 363.75 Td (can ) Tj ET Q q 0 0 0 rg BT 129.40 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 141.93 363.75 Td (no ) Tj ET Q q 0 0 0 rg BT 155.06 363.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 198.50 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 216.87 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.32 363.75 Td (seller ) Tj ET Q q 0 0 0 rg BT 257.68 363.75 Td (will ) Tj ET Q q 0 0 0 rg BT 276.64 363.75 Td (do ) Tj ET Q q 0 0 0 rg BT 289.77 363.75 Td (so ) Tj ET Q q 0 0 0 rg BT 301.73 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 312.52 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 319.81 363.75 Td (manner ) Tj ET Q q 0 0 0 rg BT 353.92 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 372.29 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 381.92 363.75 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 428.84 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.64 363.75 Td (us.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 338.55 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 125.83 338.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 178.49 338.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 217.74 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 233.07 338.55 Td (announced ) Tj ET Q q 0 0 0 rg BT 281.06 338.55 Td (publicly ) Tj ET Q q 0 0 0 rg BT 317.98 338.55 Td (even ) Tj ET Q q 0 0 0 rg BT 340.31 338.55 Td (though ) Tj ET Q q 0 0 0 rg BT 371.98 338.55 Td (they ) Tj ET Q q 0 0 0 rg BT 392.57 338.55 Td (may ) Tj ET Q q 0 0 0 rg BT 413.16 338.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 444.82 338.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 477.07 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 487.74 338.55 Td (numerous ) Tj ET Q q 0 0 0 rg BT 531.66 338.55 Td (closing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 101.41 325.95 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 164.17 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 184.37 325.95 Td (approvals ) Tj ET Q q 0 0 0 rg BT 230.23 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 250.42 325.95 Td (there ) Tj ET Q q 0 0 0 rg BT 276.44 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 288.48 325.95 Td (no ) Tj ET Q q 0 0 0 rg BT 304.01 325.95 Td (assurance ) Tj ET Q q 0 0 0 rg BT 349.86 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 370.64 325.95 Td (any ) Tj ET Q q 0 0 0 rg BT 390.83 325.95 Td (announced ) Tj ET Q q 0 0 0 rg BT 441.35 325.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 492.45 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 513.82 325.95 Td (actually ) Tj ET Q q 0 0 0 rg BT 552.09 325.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (consummated. ) Tj ET Q q 0 0 0 rg BT 113.03 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 131.60 313.35 Td (failure ) Tj ET Q q 0 0 0 rg BT 161.25 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 171.66 313.35 Td (consummate ) Tj ET Q q 0 0 0 rg BT 226.98 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 239.14 313.35 Td (announced ) Tj ET Q q 0 0 0 rg BT 286.87 313.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 335.18 313.35 Td (could ) Tj ET Q q 0 0 0 rg BT 360.76 313.35 Td (have ) Tj ET Q q 0 0 0 rg BT 382.83 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 394.98 313.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 429.30 313.35 Td (ef) Tj ET Q q 0 0 0 rg BT 437.26 313.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 455.25 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 467.99 313.35 Td (us. ) Tj ET Q q 0 0 0 rg BT 482.20 313.35 Td (Future ) Tj ET Q q 0 0 0 rg BT 511.86 313.35 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 71.28 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 91.39 300.75 Td (further ) Tj ET Q q 0 0 0 rg BT 123.16 300.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 160.75 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.95 300.75 Td (leverage ) Tj ET Q q 0 0 0 rg BT 216.70 300.75 Td (or) Tj ET Q q 0 0 0 rg BT 225.03 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 230.85 300.75 Td (if ) Tj ET Q q 0 0 0 rg BT 240.47 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 255.91 300.75 Td (issue ) Tj ET Q q 0 0 0 rg BT 280.11 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.55 300.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 352.41 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 363.77 300.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 382.13 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 397.58 300.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 453.56 300.75 Td (dilute ) Tj ET Q q 0 0 0 rg BT 480.68 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.70 300.75 Td (holdings ) Tj ET Q q 0 0 0 rg BT 536.07 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.02 300.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 85.87 288.15 Td (stockholders.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 262.95 Td (If ) Tj ET Q q 0 0 0 rg BT 96.21 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 114.01 262.95 Td (Reputation ) Tj ET Q q 0 0 0 rg BT 164.48 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 174.11 262.95 Td (Harmed, ) Tj ET Q q 0 0 0 rg BT 214.94 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 229.23 262.95 Td (Could ) Tj ET Q q 0 0 0 rg BT 258.12 262.95 Td (Suf) Tj ET Q q 0 0 0 rg BT 273.10 262.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 287.97 262.95 Td (Losses ) Tj ET Q q 0 0 0 rg BT 319.18 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 330.56 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 348.36 262.95 Td (Business, ) Tj ET Q q 0 0 0 rg BT 392.13 262.95 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 436.17 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.14 262.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 472.92 262.95 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 237.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.58 237.75 Td (business ) Tj ET Q q 0 0 0 rg BT 142.42 237.75 Td (depends ) Tj ET Q q 0 0 0 rg BT 179.08 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 191.83 237.75 Td (earning ) Tj ET Q q 0 0 0 rg BT 225.56 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.98 237.75 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 295.39 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.47 237.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 331.38 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.80 237.75 Td (confidence ) Tj ET Q q 0 0 0 rg BT 397.10 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 408.10 237.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 437.76 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.17 237.75 Td (other ) Tj ET Q q 0 0 0 rg BT 479.00 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 510.40 237.75 Td (participants, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.34 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.35 225.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.28 225.15 Td (good ) Tj ET Q q 0 0 0 rg BT 144.46 225.15 Td (reputation ) Tj ET Q q 0 0 0 rg BT 189.21 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 198.39 225.15 Td (critical ) Tj ET Q q 0 0 0 rg BT 229.72 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 240.07 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 256.24 225.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 296.64 225.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 315.15 225.15 Td (reputation ) Tj ET Q q 0 0 0 rg BT 359.90 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 369.08 225.15 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 415.57 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 425.92 225.15 Td (many ) Tj ET Q q 0 0 0 rg BT 451.43 225.15 Td (threats ) Tj ET Q q 0 0 0 rg BT 481.60 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 499.52 225.15 Td (can ) Tj ET Q q 0 0 0 rg BT 516.28 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 528.37 225.15 Td (dif) Tj ET Q q 0 0 0 rg BT 539.84 225.15 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 61.93 212.55 Td (impossible ) Tj ET Q q 0 0 0 rg BT 110.62 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 121.97 212.55 Td (control, ) Tj ET Q q 0 0 0 rg BT 157.52 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 175.87 212.55 Td (costly ) Tj ET Q q 0 0 0 rg BT 204.13 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 216.06 212.55 Td (impossible ) Tj ET Q q 0 0 0 rg BT 264.75 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 276.10 212.55 Td (remediate. ) Tj ET Q q 0 0 0 rg BT 323.30 212.55 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 373.14 212.55 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 415.70 212.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 459.70 212.55 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 511.29 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 529.64 212.55 Td (rumors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (among ) Tj ET Q q 0 0 0 rg BT 80.28 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 103.55 199.95 Td (things, ) Tj ET Q q 0 0 0 rg BT 133.54 199.95 Td (can ) Tj ET Q q 0 0 0 rg BT 149.81 199.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 204.59 199.95 Td (damage ) Tj ET Q q 0 0 0 rg BT 238.94 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 254.63 199.95 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 301.52 199.95 Td (even ) Tj ET Q q 0 0 0 rg BT 323.04 199.95 Td (if ) Tj ET Q q 0 0 0 rg BT 331.15 199.95 Td (they ) Tj ET Q q 0 0 0 rg BT 350.93 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 365.44 199.95 Td (baseless ) Tj ET Q q 0 0 0 rg BT 401.55 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 411.99 199.95 Td (satisfactorily ) Tj ET Q q 0 0 0 rg BT 467.92 199.95 Td (addressed. ) Tj ET Q q 0 0 0 rg BT 513.65 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 515.35 199.95 Td (Regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 91.98 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 103.63 187.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 138.60 187.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 179.41 187.35 Td (results ) Tj ET Q q 0 0 0 rg BT 209.73 187.35 Td (can ) Tj ET Q q 0 0 0 rg BT 227.20 187.35 Td (also ) Tj ET Q q 0 0 0 rg BT 247.02 187.35 Td (cause ) Tj ET Q q 0 0 0 rg BT 273.24 187.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 321.06 187.35 Td (damage ) Tj ET Q q 0 0 0 rg BT 356.61 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 367.68 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 384.58 187.35 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 432.67 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 434.93 187.35 Td (Any ) Tj ET Q q 0 0 0 rg BT 455.92 187.35 Td (damage ) Tj ET Q q 0 0 0 rg BT 491.47 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 502.54 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 519.44 187.35 Td (reputation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 75.85 174.75 Td (impede ) Tj ET Q q 0 0 0 rg BT 109.27 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 125.78 174.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 155.13 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.82 174.75 Td (attract ) Tj ET Q q 0 0 0 rg BT 194.57 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.24 174.75 Td (retain ) Tj ET Q q 0 0 0 rg BT 238.66 174.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 268.59 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 286.27 174.75 Td (key ) Tj ET Q q 0 0 0 rg BT 303.95 174.75 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 349.91 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.59 174.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 387.60 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 398.28 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 405.46 174.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.63 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 458.32 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.66 174.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 507.67 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.94 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 534.90 174.75 Td (AUM, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 67.79 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 79.16 162.15 Td (which ) Tj ET Q q 0 0 0 rg BT 107.44 162.15 Td (could ) Tj ET Q q 0 0 0 rg BT 133.40 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 155.84 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 163.13 162.15 Td (material ) Tj ET Q q 0 0 0 rg BT 200.15 162.15 Td (adverse ) Tj ET Q q 0 0 0 rg BT 234.84 162.15 Td (ef) Tj ET Q q 0 0 0 rg BT 242.81 162.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 261.17 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 274.29 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 290.92 162.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 330.86 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 348.64 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 364.10 162.15 Td (income.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 136.95 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.14 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 129.78 136.95 Td (Properly ) Tj ET Q q 0 0 0 rg BT 168.35 136.95 Td (Address ) Tj ET Q q 0 0 0 rg BT 204.24 136.95 Td (Conflicts ) Tj ET Q q 0 0 0 rg BT 244.79 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 255.01 136.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 289.73 136.95 Td (Could ) Tj ET Q q 0 0 0 rg BT 317.46 136.95 Td (Harm ) Tj ET Q q 0 0 0 rg BT 344.59 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 361.24 136.95 Td (Reputation, ) Tj ET Q q 0 0 0 rg BT 413.17 136.95 Td (Business ) Tj ET Q q 0 0 0 rg BT 453.16 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 470.97 136.95 Td (Results ) Tj ET Q q 0 0 0 rg BT 503.95 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 514.16 136.95 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 111.75 Td (As ) Tj ET Q q 0 0 0 rg BT 99.50 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 113.58 111.75 Td (have ) Tj ET Q q 0 0 0 rg BT 135.24 111.75 Td (expanded ) Tj ET Q q 0 0 0 rg BT 177.30 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 191.96 111.75 Td (scope ) Tj ET Q q 0 0 0 rg BT 217.71 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.29 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 244.12 111.75 Td (businesses ) Tj ET Q q 0 0 0 rg BT 290.29 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 307.28 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 323.11 111.75 Td (client ) Tj ET Q q 0 0 0 rg BT 348.27 111.75 Td (base, ) Tj ET Q q 0 0 0 rg BT 371.39 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 385.46 111.75 Td (must ) Tj ET Q q 0 0 0 rg BT 407.72 111.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 445.71 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 455.71 111.75 Td (address ) Tj ET Q q 0 0 0 rg BT 489.03 111.75 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 527.03 111.75 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 67.06 99.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 105.13 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.36 99.15 Td (those ) Tj ET Q q 0 0 0 rg BT 148.59 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.40 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 177.47 99.15 Td (clients. ) Tj ET Q q 0 0 0 rg BT 210.57 99.15 Td (In ) Tj ET Q q 0 0 0 rg BT 222.39 99.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 262.49 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.39 99.15 Td (SEC ) Tj ET Q q 0 0 0 rg BT 300.72 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 318.94 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 343.59 99.15 Td (regulators ) Tj ET Q q 0 0 0 rg BT 388.64 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 411.53 99.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 454.24 99.15 Td (their ) Tj ET Q q 0 0 0 rg BT 476.55 99.15 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 513.45 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.27 99.15 Td (potential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 90.17 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 102.93 86.55 Td (interest. ) Tj ET Q q 0 0 0 rg BT 140.19 86.55 Td (W) Tj ET Q q 0 0 0 rg BT 149.26 86.55 Td (e ) Tj ET Q q 0 0 0 rg BT 157.94 86.55 Td (have ) Tj ET Q q 0 0 0 rg BT 181.77 86.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 231.85 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 251.03 86.55 Td (controls ) Tj ET Q q 0 0 0 rg BT 288.87 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 308.63 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 325.47 86.55 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 374.97 86.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 416.31 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 428.49 86.55 Td (address ) Tj ET Q q 0 0 0 rg BT 464.00 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 489.59 86.55 Td (issues. ) Tj ET Q q 0 0 0 rg BT 521.31 86.55 Td (However) Tj ET Q q 0 0 0 rg BT 559.38 86.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 108.23 73.95 Td (dealing ) Tj ET Q q 0 0 0 rg BT 141.40 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 162.32 73.95 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 200.73 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 211.73 73.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 244.90 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 254.16 73.95 Td (complex ) Tj ET Q q 0 0 0 rg BT 292.57 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 309.99 73.95 Td (dif) Tj ET Q q 0 0 0 rg BT 321.46 73.95 Td (ficult ) Tj ET Q q 0 0 0 rg BT 345.88 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 363.29 73.95 Td (if ) Tj ET Q q 0 0 0 rg BT 371.96 73.95 Td (we ) Tj ET Q q 0 0 0 rg BT 386.46 73.95 Td (fail, ) Tj ET Q q 0 0 0 rg BT 405.33 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 416.34 73.95 Td (appear ) Tj ET Q q 0 0 0 rg BT 446.57 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 456.99 73.95 Td (fail, ) Tj ET Q q 0 0 0 rg BT 475.87 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 486.29 73.95 Td (deal ) Tj ET Q q 0 0 0 rg BT 506.04 73.95 Td (appropriately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.88 61.35 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 109.25 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.21 61.35 Td (interest, ) Tj ET Q q 0 0 0 rg BT 155.96 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 170.41 61.35 Td (could ) Tj ET Q q 0 0 0 rg BT 195.96 61.35 Td (face ) Tj ET Q q 0 0 0 rg BT 215.65 61.35 Td (reputational ) Tj ET Q q 0 0 0 rg BT 268.01 61.35 Td (damage, ) Tj ET Q q 0 0 0 rg BT 305.50 61.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 345.63 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 356.59 61.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 401.95 61.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 454.89 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 465.85 61.35 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 508.01 61.35 Td (any ) Tj ET Q q 0 0 0 rg BT 525.39 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 536.35 61.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (may ) Tj ET Q q 0 0 0 rg BT 70.70 48.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 113.56 48.75 Td (af) Tj ET Q q 0 0 0 rg BT 121.53 48.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 139.89 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 156.51 48.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 196.45 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 207.82 48.75 Td (net ) Tj ET Q q 0 0 0 rg BT 223.27 48.75 Td (income.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (23) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Loss ) Tj ET Q q 0 0 0 rg BT 108.46 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 119.83 741.90 Td (Key ) Tj ET Q q 0 0 0 rg BT 138.78 741.90 Td (Personnel ) Tj ET Q q 0 0 0 rg BT 185.16 741.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 214.05 741.90 Td (Harm ) Tj ET Q q 0 0 0 rg BT 242.35 741.90 Td (our ) Tj ET Q q 0 0 0 rg BT 260.15 741.90 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.70 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 716.70 Td (e ) Tj ET Q q 0 0 0 rg BT 101.21 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 115.51 716.70 Td (dependent ) Tj ET Q q 0 0 0 rg BT 160.15 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 172.13 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.44 716.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 229.33 716.70 Td (services ) Tj ET Q q 0 0 0 rg BT 264.63 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 274.86 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 281.00 716.70 Td (number ) Tj ET Q q 0 0 0 rg BT 314.56 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 324.79 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 340.27 716.70 Td (key ) Tj ET Q q 0 0 0 rg BT 356.91 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.81 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 433.94 716.70 Td (personnel ) Tj ET Q q 0 0 0 rg BT 476.24 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 492.89 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 508.36 716.70 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 75.48 704.10 Td (including ) Tj ET Q q 0 0 0 rg BT 117.60 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 134.04 704.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 159.82 704.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 204.25 704.10 Td (Of) Tj ET Q q 0 0 0 rg BT 215.14 704.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.80 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.70 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 257.47 704.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 276.26 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.46 704.10 Td (any ) Tj ET Q q 0 0 0 rg BT 305.07 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.27 704.10 Td (such ) Tj ET Q q 0 0 0 rg BT 337.97 704.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 381.24 704.10 Td (without ) Tj ET Q q 0 0 0 rg BT 415.77 704.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 455.53 704.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 509.29 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 535.07 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 557.34 704.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (material ) Tj ET Q q 0 0 0 rg BT 88.04 691.50 Td (adverse ) Tj ET Q q 0 0 0 rg BT 123.75 691.50 Td (ef) Tj ET Q q 0 0 0 rg BT 131.71 691.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 151.09 691.50 Td (on ) Tj ET Q q 0 0 0 rg BT 165.23 691.50 Td (us. ) Tj ET Q q 0 0 0 rg BT 180.84 691.50 Td (Moreover) Tj ET Q q 0 0 0 rg BT 221.82 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 228.08 691.50 Td (since ) Tj ET Q q 0 0 0 rg BT 253.30 691.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 285.50 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 297.89 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 315.53 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 339.58 691.50 Td (managers ) Tj ET Q q 0 0 0 rg BT 383.46 691.50 Td (operate ) Tj ET Q q 0 0 0 rg BT 418.00 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 440.31 691.50 Td (lean ) Tj ET Q q 0 0 0 rg BT 461.44 691.50 Td (management ) Tj ET Q q 0 0 0 rg BT 518.72 691.50 Td (teams ) Tj ET Q q 0 0 0 rg BT 546.86 691.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (contribute ) Tj ET Q q 0 0 0 rg BT 94.60 678.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 149.11 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 159.31 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 175.33 678.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 214.67 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 231.85 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 246.71 678.90 Td (income, ) Tj ET Q q 0 0 0 rg BT 282.26 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 297.12 678.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 315.48 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 326.26 678.90 Td (even ) Tj ET Q q 0 0 0 rg BT 348.10 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 354.79 678.90 Td (small ) Tj ET Q q 0 0 0 rg BT 379.56 678.90 Td (number ) Tj ET Q q 0 0 0 rg BT 413.66 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 424.44 678.90 Td (key ) Tj ET Q q 0 0 0 rg BT 441.62 678.90 Td (personnel ) Tj ET Q q 0 0 0 rg BT 484.47 678.90 Td (at ) Tj ET Q q 0 0 0 rg BT 494.07 678.90 Td (these ) Tj ET Q q 0 0 0 rg BT 517.67 678.90 Td (businesses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (could ) Tj ET Q q 0 0 0 rg BT 74.74 666.30 Td (have ) Tj ET Q q 0 0 0 rg BT 95.97 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 102.04 666.30 Td (disproportionate ) Tj ET Q q 0 0 0 rg BT 172.27 666.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.25 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 214.16 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 229.56 666.30 Td (overall ) Tj ET Q q 0 0 0 rg BT 260.12 666.30 Td (business. ) Tj ET Q q 0 0 0 rg BT 299.43 666.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 351.83 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 355.87 666.30 Td (we ) Tj ET Q q 0 0 0 rg BT 369.52 666.30 Td (need ) Tj ET Q q 0 0 0 rg BT 390.75 666.30 Td (qualified ) Tj ET Q q 0 0 0 rg BT 429.48 666.30 Td (managers ) Tj ET Q q 0 0 0 rg BT 471.12 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 487.69 666.30 Td (skilled ) Tj ET Q q 0 0 0 rg BT 517.10 666.30 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (with ) Tj ET Q q 0 0 0 rg BT 73.54 653.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.82 653.70 Td (management ) Tj ET Q q 0 0 0 rg BT 157.34 653.70 Td (experience ) Tj ET Q q 0 0 0 rg BT 207.68 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 220.72 653.70 Td (order ) Tj ET Q q 0 0 0 rg BT 247.74 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 260.78 653.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 296.55 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 315.42 653.70 Td (business ) Tj ET Q q 0 0 0 rg BT 355.88 653.70 Td (successfully) Tj ET Q q 0 0 0 rg BT 406.52 653.70 Td (. ) Tj ET Q q 0 0 0 rg BT 413.66 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 434.86 653.70 Td (market ) Tj ET Q q 0 0 0 rg BT 468.88 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 486.00 653.70 Td (experienced ) Tj ET Q q 0 0 0 rg BT 541.59 653.70 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (management ) Tj ET Q q 0 0 0 rg BT 105.44 641.10 Td (professionals ) Tj ET Q q 0 0 0 rg BT 162.64 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.43 641.10 Td (extremely ) Tj ET Q q 0 0 0 rg BT 215.21 641.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 266.57 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.52 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 292.32 641.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 345.43 641.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 403.17 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 415.46 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.08 641.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 476.20 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.74 641.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 533.43 641.10 Td (among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (dif) Tj ET Q q 0 0 0 rg BT 61.47 628.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 87.72 628.50 Td (firms. ) Tj ET Q q 0 0 0 rg BT 114.27 628.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 133.52 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 143.45 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 158.03 628.50 Td (competitive ) Tj ET Q q 0 0 0 rg BT 209.36 628.50 Td (market ) Tj ET Q q 0 0 0 rg BT 240.28 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 254.28 628.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 276.45 628.50 Td (management ) Tj ET Q q 0 0 0 rg BT 331.85 628.50 Td (professionals ) Tj ET Q q 0 0 0 rg BT 389.02 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 405.94 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.53 628.50 Td (success ) Tj ET Q q 0 0 0 rg BT 453.78 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 464.29 628.50 Td (some ) Tj ET Q q 0 0 0 rg BT 488.21 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 498.72 628.50 Td (our ) Tj ET Q q 0 0 0 rg BT 514.48 628.50 Td (employees, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.63 615.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 90.27 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 101.08 615.90 Td (attract ) Tj ET Q q 0 0 0 rg BT 129.95 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 147.75 615.90 Td (retain ) Tj ET Q q 0 0 0 rg BT 174.29 615.90 Td (key ) Tj ET Q q 0 0 0 rg BT 192.08 615.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 239.63 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 255.08 615.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 302.04 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 319.84 615.90 Td (will ) Tj ET Q q 0 0 0 rg BT 338.81 615.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 365.36 615.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 402.40 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 423.69 615.90 Td (time. ) Tj ET Q q 0 0 0 rg BT 447.62 615.90 Td (From ) Tj ET Q q 0 0 0 rg BT 473.01 615.90 Td (time ) Tj ET Q q 0 0 0 rg BT 494.31 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 505.11 615.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 529.04 615.90 Td (we ) Tj ET Q q 0 0 0 rg BT 543.92 615.90 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (work ) Tj ET Q q 0 0 0 rg BT 74.81 603.30 Td (with ) Tj ET Q q 0 0 0 rg BT 96.70 603.30 Td (key ) Tj ET Q q 0 0 0 rg BT 115.09 603.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 163.23 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 174.62 603.30 Td (revise ) Tj ET Q q 0 0 0 rg BT 202.92 603.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 239.38 603.30 Td (sharing ) Tj ET Q q 0 0 0 rg BT 273.52 603.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 333.30 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 351.69 603.30 Td (other ) Tj ET Q q 0 0 0 rg BT 376.50 603.30 Td (employment-related ) Tj ET Q q 0 0 0 rg BT 464.28 603.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 490.83 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 502.23 603.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 532.27 603.30 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 113.65 590.70 Td (including ) Tj ET Q q 0 0 0 rg BT 154.86 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 164.58 590.70 Td (situations ) Tj ET Q q 0 0 0 rg BT 206.38 590.70 Td (where ) Tj ET Q q 0 0 0 rg BT 233.58 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 239.79 590.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 274.57 590.70 Td (sharing ) Tj ET Q q 0 0 0 rg BT 307.03 590.70 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 361.05 590.70 Td (may ) Tj ET Q q 0 0 0 rg BT 380.68 590.70 Td (result ) Tj ET Q q 0 0 0 rg BT 405.56 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 415.28 590.70 Td (insuf) Tj ET Q q 0 0 0 rg BT 436.09 590.70 Td (ficient ) Tj ET Q q 0 0 0 rg BT 464.46 590.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 503.32 590.70 Td (being ) Tj ET Q q 0 0 0 rg BT 528.20 590.70 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.13 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.58 578.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 121.07 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 126.32 578.10 Td (In ) Tj ET Q q 0 0 0 rg BT 137.69 578.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 177.36 578.10 Td (since ) Tj ET Q q 0 0 0 rg BT 201.56 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.02 578.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.72 578.10 Td (track ) Tj ET Q q 0 0 0 rg BT 289.33 578.10 Td (record ) Tj ET Q q 0 0 0 rg BT 318.78 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.15 578.10 Td (many ) Tj ET Q q 0 0 0 rg BT 356.11 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.48 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.10 578.10 Td (products ) Tj ET Q q 0 0 0 rg BT 422.89 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.68 578.10 Td (services ) Tj ET Q q 0 0 0 rg BT 477.13 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 486.76 578.10 Td (often ) Tj ET Q q 0 0 0 rg BT 510.96 578.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 553.83 578.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 56.90 565.50 Td (small ) Tj ET Q q 0 0 0 rg BT 81.89 565.50 Td (number ) Tj ET Q q 0 0 0 rg BT 116.21 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 127.19 565.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 172.02 565.50 Td (employees, ) Tj ET Q q 0 0 0 rg BT 221.78 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 239.19 565.50 Td (sometimes ) Tj ET Q q 0 0 0 rg BT 286.34 565.50 Td (one ) Tj ET Q q 0 0 0 rg BT 303.74 565.50 Td (person, ) Tj ET Q q 0 0 0 rg BT 336.60 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 351.67 565.50 Td (departure ) Tj ET Q q 0 0 0 rg BT 393.55 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 404.54 565.50 Td (one ) Tj ET Q q 0 0 0 rg BT 421.94 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 432.93 565.50 Td (more ) Tj ET Q q 0 0 0 rg BT 456.75 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 467.73 565.50 Td (these ) Tj ET Q q 0 0 0 rg BT 491.55 565.50 Td (employees ) Tj ET Q q 0 0 0 rg BT 538.69 565.50 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 76.17 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 91.85 552.90 Td (business ) Tj ET Q q 0 0 0 rg BT 130.29 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 141.31 552.90 Td (lose ) Tj ET Q q 0 0 0 rg BT 161.08 552.90 Td (client ) Tj ET Q q 0 0 0 rg BT 187.26 552.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 226.85 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 238.45 552.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 279.20 552.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 309.17 552.90 Td (which ) Tj ET Q q 0 0 0 rg BT 337.69 552.90 Td (could ) Tj ET Q q 0 0 0 rg BT 363.87 552.90 Td (have ) Tj ET Q q 0 0 0 rg BT 386.54 552.90 Td (a ) Tj ET Q q 0 0 0 rg BT 394.06 552.90 Td (material ) Tj ET Q q 0 0 0 rg BT 431.31 552.90 Td (adverse ) Tj ET Q q 0 0 0 rg BT 466.23 552.90 Td (ef) Tj ET Q q 0 0 0 rg BT 474.20 552.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 492.78 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 506.14 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 522.99 552.90 Td (results ) Tj ET Q q 0 0 0 rg BT 553.25 552.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 96.26 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 113.94 540.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.20 540.30 Td (condition. ) Tj ET Q q 0 0 0 rg BT 198.01 540.30 Td (If ) Tj ET Q q 0 0 0 rg BT 207.52 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 222.29 540.30 Td (are ) Tj ET Q q 0 0 0 rg BT 237.63 540.30 Td (unable ) Tj ET Q q 0 0 0 rg BT 268.14 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 278.83 540.30 Td (attract ) Tj ET Q q 0 0 0 rg BT 307.59 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 325.27 540.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 351.69 540.30 Td (qualified ) Tj ET Q q 0 0 0 rg BT 391.54 540.30 Td (individuals ) Tj ET Q q 0 0 0 rg BT 440.73 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 452.00 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 468.51 540.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 492.04 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 502.73 540.30 Td (do ) Tj ET Q q 0 0 0 rg BT 515.75 540.30 Td (so ) Tj ET Q q 0 0 0 rg BT 527.61 540.30 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (significantly) Tj ET Q q 0 0 0 rg BT 101.81 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 107.06 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 123.68 527.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 170.05 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 187.83 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 227.19 527.70 Td (results ) Tj ET Q q 0 0 0 rg BT 257.23 527.70 Td (would ) Tj ET Q q 0 0 0 rg BT 286.10 527.70 Td (be ) Tj ET Q q 0 0 0 rg BT 298.64 527.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 343.83 527.70 Td (adversely ) Tj ET Q q 0 0 0 rg BT 386.69 527.70 Td (af) Tj ET Q q 0 0 0 rg BT 394.65 527.70 Td (fected.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 502.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.13 502.50 Td (Business ) Tj ET Q q 0 0 0 rg BT 147.28 502.50 Td (is ) Tj ET Q q 0 0 0 rg BT 156.91 502.50 Td (Subject ) Tj ET Q q 0 0 0 rg BT 191.62 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 202.41 502.50 Td (Numerous ) Tj ET Q q 0 0 0 rg BT 250.55 502.50 Td (Operational ) Tj ET Q q 0 0 0 rg BT 305.10 502.50 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 477.30 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 477.30 Td (e ) Tj ET Q q 0 0 0 rg BT 102.08 477.30 Td (face ) Tj ET Q q 0 0 0 rg BT 121.91 477.30 Td (numerous ) Tj ET Q q 0 0 0 rg BT 165.67 477.30 Td (operational ) Tj ET Q q 0 0 0 rg BT 215.25 477.30 Td (risks ) Tj ET Q q 0 0 0 rg BT 237.44 477.30 Td (related ) Tj ET Q q 0 0 0 rg BT 268.35 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 278.87 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 295.22 477.30 Td (business ) Tj ET Q q 0 0 0 rg BT 333.16 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 346.01 477.30 Td (a ) Tj ET Q q 0 0 0 rg BT 353.02 477.30 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 400.85 477.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 426.31 477.30 Td (Among ) Tj ET Q q 0 0 0 rg BT 460.16 477.30 Td (other ) Tj ET Q q 0 0 0 rg BT 484.09 477.30 Td (things, ) Tj ET Q q 0 0 0 rg BT 514.73 477.30 Td (we ) Tj ET Q q 0 0 0 rg BT 529.33 477.30 Td (must ) Tj ET Q q 0 0 0 rg BT 552.10 477.30 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (able ) Tj ET Q q 0 0 0 rg BT 70.33 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 81.34 464.70 Td (consistently ) Tj ET Q q 0 0 0 rg BT 134.35 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 152.35 464.70 Td (reliably ) Tj ET Q q 0 0 0 rg BT 187.27 464.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 216.35 464.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.85 464.70 Td (pricing ) Tj ET Q q 0 0 0 rg BT 291.44 464.70 Td (information, ) Tj ET Q q 0 0 0 rg BT 346.48 464.70 Td (process ) Tj ET Q q 0 0 0 rg BT 380.81 464.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 413.40 464.70 Td (activity) Tj ET Q q 0 0 0 rg BT 444.20 464.70 Td (, ) Tj ET Q q 0 0 0 rg BT 449.67 464.70 Td (process ) Tj ET Q q 0 0 0 rg BT 484.01 464.70 Td (client ) Tj ET Q q 0 0 0 rg BT 510.17 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 528.18 464.70 Td (investor ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 102.35 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.70 452.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 153.97 452.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 185.32 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.68 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 226.45 452.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 267.13 452.10 Td (service ) Tj ET Q q 0 0 0 rg BT 299.06 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.42 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 325.61 452.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 357.84 452.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 397.95 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.31 452.10 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 467.96 452.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 499.90 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.26 452.10 Td (keep ) Tj ET Q q 0 0 0 rg BT 532.27 452.10 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.33 439.50 Td (accurate ) Tj ET Q q 0 0 0 rg BT 104.47 439.50 Td (books ) Tj ET Q q 0 0 0 rg BT 131.72 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 149.05 439.50 Td (records ) Tj ET Q q 0 0 0 rg BT 182.13 439.50 Td (can ) Tj ET Q q 0 0 0 rg BT 198.87 439.50 Td (render ) Tj ET Q q 0 0 0 rg BT 227.85 439.50 Td (us ) Tj ET Q q 0 0 0 rg BT 239.36 439.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 271.27 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 281.61 439.50 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 333.35 439.50 Td (action ) Tj ET Q q 0 0 0 rg BT 361.18 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 373.85 439.50 Td (governmental ) Tj ET Q q 0 0 0 rg BT 433.75 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 451.08 439.50 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 515.06 439.50 Td (authorities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 61.06 426.90 Td (well ) Tj ET Q q 0 0 0 rg BT 81.45 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 92.51 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 102.99 426.90 Td (claims ) Tj ET Q q 0 0 0 rg BT 132.72 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 145.53 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 161.84 426.90 Td (clients. ) Tj ET Q q 0 0 0 rg BT 193.68 426.90 Td (A) Tj ET Q q 0 0 0 rg BT 200.68 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 203.00 426.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 235.64 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 246.70 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 263.01 426.90 Td (software ) Tj ET Q q 0 0 0 rg BT 301.48 426.90 Td (is ) Tj ET Q q 0 0 0 rg BT 310.79 426.90 Td (licensed ) Tj ET Q q 0 0 0 rg BT 347.51 426.90 Td (from ) Tj ET Q q 0 0 0 rg BT 370.23 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 387.71 426.90 Td (supported ) Tj ET Q q 0 0 0 rg BT 431.43 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 444.25 426.90 Td (outside ) Tj ET Q q 0 0 0 rg BT 476.89 426.90 Td (vendors ) Tj ET Q q 0 0 0 rg BT 512.45 426.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 535.76 426.90 Td (whom ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (we ) Tj ET Q q 0 0 0 rg BT 65.00 414.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 84.08 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 95.00 414.30 Td (prevent ) Tj ET Q q 0 0 0 rg BT 129.24 414.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 171.65 414.30 Td (system ) Tj ET Q q 0 0 0 rg BT 203.57 414.30 Td (failure. ) Tj ET Q q 0 0 0 rg BT 235.74 414.30 Td (A) Tj ET Q q 0 0 0 rg BT 242.74 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 245.50 414.30 Td (suspension ) Tj ET Q q 0 0 0 rg BT 294.34 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 305.84 414.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 357.00 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 392.83 414.30 Td (licenses ) Tj ET Q q 0 0 0 rg BT 428.83 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 440.33 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 455.91 414.30 Td (related ) Tj ET Q q 0 0 0 rg BT 487.23 414.30 Td (support, ) Tj ET Q q 0 0 0 rg BT 524.11 414.30 Td (upgrades ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 69.00 401.70 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 125.90 401.70 Td (could ) Tj ET Q q 0 0 0 rg BT 153.07 401.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 180.23 401.70 Td (system ) Tj ET Q q 0 0 0 rg BT 213.25 401.70 Td (delays ) Tj ET Q q 0 0 0 rg BT 243.91 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 256.50 401.70 Td (interruption. ) Tj ET Q q 0 0 0 rg BT 312.54 401.70 Td (If ) Tj ET Q q 0 0 0 rg BT 323.38 401.70 Td (any ) Tj ET Q q 0 0 0 rg BT 342.38 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 354.97 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 372.81 401.70 Td (financial, ) Tj ET Q q 0 0 0 rg BT 416.01 401.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 456.60 401.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 506.51 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 519.10 401.70 Td (other ) Tj ET Q q 0 0 0 rg BT 544.52 401.70 Td (data ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 97.48 389.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 135.94 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.26 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.66 389.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 198.49 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.82 389.10 Td (third ) Tj ET Q q 0 0 0 rg BT 232.22 389.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 262.79 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 275.86 389.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 304.69 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.51 389.10 Td (rely) Tj ET Q q 0 0 0 rg BT 335.15 389.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.35 389.10 Td (do ) Tj ET Q q 0 0 0 rg BT 353.42 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 369.42 389.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 402.89 389.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 441.04 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.36 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 467.75 389.10 Td (disabled ) Tj ET Q q 0 0 0 rg BT 505.32 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.64 389.10 Td (if ) Tj ET Q q 0 0 0 rg BT 525.63 389.10 Td (there ) Tj ET Q q 0 0 0 rg BT 549.19 389.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (other ) Tj ET Q q 0 0 0 rg BT 74.42 376.50 Td (shortcomings ) Tj ET Q q 0 0 0 rg BT 133.85 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 145.44 376.50 Td (failures ) Tj ET Q q 0 0 0 rg BT 179.77 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 190.79 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 207.63 376.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 242.54 376.50 Td (processes, ) Tj ET Q q 0 0 0 rg BT 288.25 376.50 Td (people ) Tj ET Q q 0 0 0 rg BT 319.09 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 330.68 376.50 Td (systems, ) Tj ET Q q 0 0 0 rg BT 369.40 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 381.00 376.50 Td (those ) Tj ET Q q 0 0 0 rg BT 406.01 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 417.60 376.50 Td (third ) Tj ET Q q 0 0 0 rg BT 440.28 376.50 Td (parties ) Tj ET Q q 0 0 0 rg BT 471.11 376.50 Td (on ) Tj ET Q q 0 0 0 rg BT 484.46 376.50 Td (whom ) Tj ET Q q 0 0 0 rg BT 513.55 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 528.64 376.50 Td (rely) Tj ET Q q 0 0 0 rg BT 544.29 376.50 Td (, ) Tj ET Q q 0 0 0 rg BT 549.76 376.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (could ) Tj ET Q q 0 0 0 rg BT 76.39 363.90 Td (suf) Tj ET Q q 0 0 0 rg BT 89.03 363.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 103.74 363.90 Td (an ) Tj ET Q q 0 0 0 rg BT 116.71 363.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 168.17 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 179.40 363.90 Td (our ) Tj ET Q q 0 0 0 rg BT 196.45 363.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 231.36 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 237.04 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 244.76 363.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.55 363.90 Td (loss, ) Tj ET Q q 0 0 0 rg BT 306.57 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 314.29 363.90 Td (disruption ) Tj ET Q q 0 0 0 rg BT 359.94 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.74 363.90 Td (our ) Tj ET Q q 0 0 0 rg BT 388.80 363.90 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 438.81 363.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 474.54 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 485.76 363.90 Td (clients, ) Tj ET Q q 0 0 0 rg BT 518.86 363.90 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (problems ) Tj ET Q q 0 0 0 rg BT 91.61 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 102.89 351.30 Td (damage ) Tj ET Q q 0 0 0 rg BT 138.07 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 148.77 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 165.29 351.30 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 212.84 351.30 Td (These ) Tj ET Q q 0 0 0 rg BT 240.44 351.30 Td (systems ) Tj ET Q q 0 0 0 rg BT 276.23 351.30 Td (may ) Tj ET Q q 0 0 0 rg BT 296.84 351.30 Td (fail ) Tj ET Q q 0 0 0 rg BT 313.36 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 324.06 351.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 357.49 351.30 Td (properly ) Tj ET Q q 0 0 0 rg BT 395.59 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 406.87 351.30 Td (become ) Tj ET Q q 0 0 0 rg BT 442.05 351.30 Td (disabled ) Tj ET Q q 0 0 0 rg BT 479.57 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 490.85 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 498.04 351.30 Td (result ) Tj ET Q q 0 0 0 rg BT 523.90 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 535.18 351.30 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 67.38 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 81.83 338.70 Td (wholly ) Tj ET Q q 0 0 0 rg BT 112.64 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 123.02 338.70 Td (partially ) Tj ET Q q 0 0 0 rg BT 159.64 338.70 Td (beyond ) Tj ET Q q 0 0 0 rg BT 192.19 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 207.82 338.70 Td (control, ) Tj ET Q q 0 0 0 rg BT 241.83 338.70 Td (including ) Tj ET Q q 0 0 0 rg BT 283.13 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 289.42 338.70 Td (disruption ) Tj ET Q q 0 0 0 rg BT 333.64 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 344.02 338.70 Td (electrical ) Tj ET Q q 0 0 0 rg BT 384.13 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 394.51 338.70 Td (communications ) Tj ET Q q 0 0 0 rg BT 465.55 338.70 Td (services ) Tj ET Q q 0 0 0 rg BT 501.01 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 511.39 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 527.02 338.70 Td (inability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.41 326.10 Td (occupy ) Tj ET Q q 0 0 0 rg BT 92.97 326.10 Td (one ) Tj ET Q q 0 0 0 rg BT 110.37 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 121.35 326.10 Td (more ) Tj ET Q q 0 0 0 rg BT 145.17 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 153.72 326.10 Td (fices. ) Tj ET Q q 0 0 0 rg BT 178.41 326.10 Td (In ) Tj ET Q q 0 0 0 rg BT 189.40 326.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 228.67 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.91 326.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 290.89 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.94 326.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 351.33 326.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 374.57 326.10 Td (information ) Tj ET Q q 0 0 0 rg BT 426.39 326.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 451.66 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.06 326.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 540.71 326.10 Td (with, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (third ) Tj ET Q q 0 0 0 rg BT 72.46 313.50 Td (parties, ) Tj ET Q q 0 0 0 rg BT 105.70 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 123.48 313.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 173.34 313.50 Td (problems ) Tj ET Q q 0 0 0 rg BT 215.04 313.50 Td (at ) Tj ET Q q 0 0 0 rg BT 225.24 313.50 Td (third ) Tj ET Q q 0 0 0 rg BT 247.70 313.50 Td (parties ) Tj ET Q q 0 0 0 rg BT 278.31 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 299.02 313.50 Td (adversely ) Tj ET Q q 0 0 0 rg BT 341.88 313.50 Td (af) Tj ET Q q 0 0 0 rg BT 349.84 313.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.20 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 384.83 313.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 414.28 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 425.07 313.50 Td (carry ) Tj ET Q q 0 0 0 rg BT 449.26 313.50 Td (on ) Tj ET Q q 0 0 0 rg BT 462.39 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 479.01 313.50 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 288.30 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 288.30 Td (e ) Tj ET Q q 0 0 0 rg BT 101.96 288.30 Td (depend ) Tj ET Q q 0 0 0 rg BT 134.50 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 147.23 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 163.45 288.30 Td (headquarters, ) Tj ET Q q 0 0 0 rg BT 221.94 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 288.30 Td (of) Tj ET Q q 0 0 0 rg BT 245.55 288.30 Td (fices ) Tj ET Q q 0 0 0 rg BT 267.60 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 278.57 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 294.79 288.30 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 349.22 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 365.44 288.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.40 288.30 Td (centers ) Tj ET Q q 0 0 0 rg BT 443.36 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 460.75 288.30 Td (third-party ) Tj ET Q q 0 0 0 rg BT 507.88 288.30 Td (providers ) Tj ET Q q 0 0 0 rg BT 549.76 288.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.35 275.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 109.28 275.70 Td (operation ) Tj ET Q q 0 0 0 rg BT 151.45 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 162.72 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 179.24 275.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 219.79 275.70 Td (The ) Tj ET Q q 0 0 0 rg BT 238.63 275.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 268.55 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 279.24 275.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 318.50 275.70 Td (an ) Tj ET Q q 0 0 0 rg BT 330.94 275.70 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 390.01 275.70 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 453.76 275.70 Td (with ) Tj ET Q q 0 0 0 rg BT 474.95 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 490.30 275.70 Td (size ) Tj ET Q q 0 0 0 rg BT 509.15 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.83 275.70 Td (scope ) Tj ET Q q 0 0 0 rg BT 553.26 275.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 67.37 263.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 108.96 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.99 263.10 Td (disaster ) Tj ET Q q 0 0 0 rg BT 152.44 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.56 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.59 263.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 218.55 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.09 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.30 263.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 306.23 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 325.35 263.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 364.31 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.68 263.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 405.46 263.10 Td (managers, ) Tj ET Q q 0 0 0 rg BT 451.69 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.81 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 477.10 263.10 Td (event ) Tj ET Q q 0 0 0 rg BT 503.21 263.10 Td (disrupting ) Tj ET Q q 0 0 0 rg BT 549.17 263.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 80.86 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 93.63 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 111.65 250.50 Td (employees ) Tj ET Q q 0 0 0 rg BT 160.58 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 172.77 250.50 Td (perform ) Tj ET Q q 0 0 0 rg BT 210.61 250.50 Td (their ) Tj ET Q q 0 0 0 rg BT 233.88 250.50 Td (job ) Tj ET Q q 0 0 0 rg BT 251.33 250.50 Td (functions, ) Tj ET Q q 0 0 0 rg BT 297.05 250.50 Td (including ) Tj ET Q q 0 0 0 rg BT 340.74 250.50 Td (terrorist ) Tj ET Q q 0 0 0 rg BT 378.01 250.50 Td (attacks ) Tj ET Q q 0 0 0 rg BT 411.19 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 423.96 250.50 Td (a ) Tj ET Q q 0 0 0 rg BT 432.64 250.50 Td (disruption ) Tj ET Q q 0 0 0 rg BT 479.25 250.50 Td (involving ) Tj ET Q q 0 0 0 rg BT 523.53 250.50 Td (electrical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (communications, ) Tj ET Q q 0 0 0 rg BT 125.85 237.90 Td (transportation ) Tj ET Q q 0 0 0 rg BT 188.00 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 200.57 237.90 Td (other ) Tj ET Q q 0 0 0 rg BT 225.97 237.90 Td (services ) Tj ET Q q 0 0 0 rg BT 263.61 237.90 Td (used ) Tj ET Q q 0 0 0 rg BT 286.68 237.90 Td (by ) Tj ET Q q 0 0 0 rg BT 301.00 237.90 Td (us ) Tj ET Q q 0 0 0 rg BT 314.16 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 326.73 237.90 Td (third ) Tj ET Q q 0 0 0 rg BT 350.39 237.90 Td (parties ) Tj ET Q q 0 0 0 rg BT 382.20 237.90 Td (with ) Tj ET Q q 0 0 0 rg BT 404.69 237.90 Td (whom ) Tj ET Q q 0 0 0 rg BT 434.76 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 450.83 237.90 Td (conduct ) Tj ET Q q 0 0 0 rg BT 487.89 237.90 Td (business, ) Tj ET Q q 0 0 0 rg BT 529.93 237.90 Td (directly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 225.30 Td (fecting ) Tj ET Q q 0 0 0 rg BT 89.31 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 105.49 225.30 Td (headquarters, ) Tj ET Q q 0 0 0 rg BT 163.94 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 178.95 225.30 Td (of) Tj ET Q q 0 0 0 rg BT 187.51 225.30 Td (fices ) Tj ET Q q 0 0 0 rg BT 209.52 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 220.45 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 236.63 225.30 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 291.02 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 307.20 225.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 353.13 225.30 Td (centers ) Tj ET Q q 0 0 0 rg BT 385.05 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 395.98 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 410.99 225.30 Td (travel ) Tj ET Q q 0 0 0 rg BT 437.08 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 448.01 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 464.19 225.30 Td (sales, ) Tj ET Q q 0 0 0 rg BT 489.42 225.30 Td (client ) Tj ET Q q 0 0 0 rg BT 514.93 225.30 Td (service ) Tj ET Q q 0 0 0 rg BT 546.84 225.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (other ) Tj ET Q q 0 0 0 rg BT 73.99 212.70 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 119.85 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 140.34 212.70 Td (have ) Tj ET Q q 0 0 0 rg BT 162.57 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 169.64 212.70 Td (material ) Tj ET Q q 0 0 0 rg BT 206.45 212.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 240.93 212.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 271.92 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 284.83 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 301.24 212.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.48 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 341.06 212.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 379.63 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 390.21 212.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 423.51 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 439.92 212.70 Td (business ) Tj ET Q q 0 0 0 rg BT 477.92 212.70 Td (without ) Tj ET Q q 0 0 0 rg BT 512.42 212.70 Td (interruption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.84 200.10 Td (impede ) Tj ET Q q 0 0 0 rg BT 93.84 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.76 200.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 140.60 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.43 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.52 200.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 207.83 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.92 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.55 200.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 253.31 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.64 200.10 Td (have ) Tj ET Q q 0 0 0 rg BT 289.56 200.10 Td (disaster ) Tj ET Q q 0 0 0 rg BT 323.72 200.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 362.54 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.79 200.10 Td (business ) Tj ET Q q 0 0 0 rg BT 417.47 200.10 Td (continuity ) Tj ET Q q 0 0 0 rg BT 462.15 200.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 503.89 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.15 200.10 Td (place, ) Tj ET Q q 0 0 0 rg BT 541.02 200.10 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (can ) Tj ET Q q 0 0 0 rg BT 67.38 187.50 Td (be ) Tj ET Q q 0 0 0 rg BT 80.09 187.50 Td (no ) Tj ET Q q 0 0 0 rg BT 93.40 187.50 Td (assurance ) Tj ET Q q 0 0 0 rg BT 137.01 187.50 Td (that ) Tj ET Q q 0 0 0 rg BT 155.56 187.50 Td (these ) Tj ET Q q 0 0 0 rg BT 179.94 187.50 Td (will ) Tj ET Q q 0 0 0 rg BT 199.08 187.50 Td (be ) Tj ET Q q 0 0 0 rg BT 211.80 187.50 Td (suf) Tj ET Q q 0 0 0 rg BT 224.44 187.50 Td (ficient ) Tj ET Q q 0 0 0 rg BT 254.07 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 265.04 187.50 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 302.25 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 317.89 187.50 Td (harm ) Tj ET Q q 0 0 0 rg BT 342.26 187.50 Td (that ) Tj ET Q q 0 0 0 rg BT 360.81 187.50 Td (may ) Tj ET Q q 0 0 0 rg BT 381.70 187.50 Td (result ) Tj ET Q q 0 0 0 rg BT 407.83 187.50 Td (from ) Tj ET Q q 0 0 0 rg BT 431.05 187.50 Td (such ) Tj ET Q q 0 0 0 rg BT 453.10 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 460.56 187.50 Td (disaster ) Tj ET Q q 0 0 0 rg BT 495.44 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 507.00 187.50 Td (disruption. ) Tj ET Q q 0 0 0 rg BT 555.01 187.50 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 65.29 174.90 Td (fail ) Tj ET Q q 0 0 0 rg BT 82.32 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 93.54 174.90 Td (keep ) Tj ET Q q 0 0 0 rg BT 116.40 174.90 Td (business ) Tj ET Q q 0 0 0 rg BT 155.03 174.90 Td (continuity ) Tj ET Q q 0 0 0 rg BT 200.66 174.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 225.86 174.90 Td (up-to-date ) Tj ET Q q 0 0 0 rg BT 272.06 174.90 Td (or ) Tj ET Q q 0 0 0 rg BT 283.85 174.90 Td (if ) Tj ET Q q 0 0 0 rg BT 293.31 174.90 Td (such ) Tj ET Q q 0 0 0 rg BT 315.60 174.90 Td (plans, ) Tj ET Q q 0 0 0 rg BT 343.43 174.90 Td (including ) Tj ET Q q 0 0 0 rg BT 386.14 174.90 Td (secure ) Tj ET Q q 0 0 0 rg BT 416.00 174.90 Td (back-up ) Tj ET Q q 0 0 0 rg BT 452.86 174.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 492.06 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 510.26 174.90 Td (systems, ) Tj ET Q q 0 0 0 rg BT 549.18 174.90 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (improperly ) Tj ET Q q 0 0 0 rg BT 99.28 162.30 Td (implemented ) Tj ET Q q 0 0 0 rg BT 156.72 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 168.09 162.30 Td (deployed ) Tj ET Q q 0 0 0 rg BT 209.20 162.30 Td (during ) Tj ET Q q 0 0 0 rg BT 239.24 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 246.52 162.30 Td (disruption, ) Tj ET Q q 0 0 0 rg BT 294.35 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 310.97 162.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.43 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 351.22 162.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 384.73 162.30 Td (could ) Tj ET Q q 0 0 0 rg BT 410.69 162.30 Td (be ) Tj ET Q q 0 0 0 rg BT 423.22 162.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 466.07 162.30 Td (impacted ) Tj ET Q q 0 0 0 rg BT 507.18 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 518.55 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 535.17 162.30 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 61.10 149.70 Td (comply ) Tj ET Q q 0 0 0 rg BT 95.53 149.70 Td (with ) Tj ET Q q 0 0 0 rg BT 117.13 149.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 163.21 149.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 212.81 149.70 Td (leading ) Tj ET Q q 0 0 0 rg BT 246.65 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 257.75 149.70 Td (reputational ) Tj ET Q q 0 0 0 rg BT 310.83 149.70 Td (harm, ) Tj ET Q q 0 0 0 rg BT 337.96 149.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 384.04 149.70 Td (fines ) Tj ET Q q 0 0 0 rg BT 407.39 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 425.48 149.70 Td (sanctions. ) Tj ET Q q 0 0 0 rg BT 470.12 149.70 Td (In ) Tj ET Q q 0 0 0 rg BT 481.80 149.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 521.77 149.70 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 137.10 Td (other ) Tj ET Q q 0 0 0 rg BT 91.99 137.10 Td (safeguards ) Tj ET Q q 0 0 0 rg BT 139.51 137.10 Td (might ) Tj ET Q q 0 0 0 rg BT 166.64 137.10 Td (only ) Tj ET Q q 0 0 0 rg BT 187.93 137.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 225.54 137.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 270.15 137.10 Td (us ) Tj ET Q q 0 0 0 rg BT 282.11 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.98 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 313.60 137.10 Td (losses.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (24) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.64 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 130.78 741.90 Td (implement ) Tj ET Q q 0 0 0 rg BT 178.24 741.90 Td (ef) Tj ET Q q 0 0 0 rg BT 186.21 741.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 216.15 741.90 Td (information ) Tj ET Q q 0 0 0 rg BT 270.05 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 288.36 741.90 Td (cyber ) Tj ET Q q 0 0 0 rg BT 313.65 741.90 Td (security ) Tj ET Q q 0 0 0 rg BT 349.44 741.90 Td (policies, ) Tj ET Q q 0 0 0 rg BT 386.69 741.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 436.49 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 454.80 741.90 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 505.76 741.90 Td (could ) Tj ET Q q 0 0 0 rg BT 531.65 741.90 Td (disrupt ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 98.13 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 117.10 729.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 144.22 729.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.94 729.30 Td (losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.55 704.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 150.51 704.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 169.06 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.78 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.83 704.10 Td (ef) Tj ET Q q 0 0 0 rg BT 204.80 704.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 253.66 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.63 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.85 704.10 Td (information ) Tj ET Q q 0 0 0 rg BT 332.64 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.03 704.10 Td (cyber ) Tj ET Q q 0 0 0 rg BT 375.56 704.10 Td (security ) Tj ET Q q 0 0 0 rg BT 411.03 704.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 448.53 704.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 496.81 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.20 704.10 Td (capabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 61.90 691.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 97.70 691.50 Td (secure ) Tj ET Q q 0 0 0 rg BT 128.25 691.50 Td (processing, ) Tj ET Q q 0 0 0 rg BT 179.51 691.50 Td (storage ) Tj ET Q q 0 0 0 rg BT 213.56 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 232.45 691.50 Td (transmission ) Tj ET Q q 0 0 0 rg BT 289.27 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 301.75 691.50 Td (confidential ) Tj ET Q q 0 0 0 rg BT 355.62 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 374.51 691.50 Td (other ) Tj ET Q q 0 0 0 rg BT 399.82 691.50 Td (information ) Tj ET Q q 0 0 0 rg BT 453.12 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 465.02 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 482.75 691.50 Td (computer ) Tj ET Q q 0 0 0 rg BT 526.13 691.50 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (networks ) Tj ET Q q 0 0 0 rg BT 90.92 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.51 678.90 Td (mobile ) Tj ET Q q 0 0 0 rg BT 140.10 678.90 Td (devices ) Tj ET Q q 0 0 0 rg BT 174.02 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 191.61 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 204.54 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 219.79 678.90 Td (computer ) Tj ET Q q 0 0 0 rg BT 261.88 678.90 Td (systems, ) Tj ET Q q 0 0 0 rg BT 300.18 678.90 Td (networks ) Tj ET Q q 0 0 0 rg BT 341.11 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 358.70 678.90 Td (mobile ) Tj ET Q q 0 0 0 rg BT 390.29 678.90 Td (devices ) Tj ET Q q 0 0 0 rg BT 424.20 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 435.38 678.90 Td (third ) Tj ET Q q 0 0 0 rg BT 457.64 678.90 Td (parties ) Tj ET Q q 0 0 0 rg BT 488.06 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 500.98 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 529.07 678.90 Td (we ) Tj ET Q q 0 0 0 rg BT 543.75 678.90 Td (rely) Tj ET Q q 0 0 0 rg BT 559.39 678.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (Although ) Tj ET Q q 0 0 0 rg BT 93.40 666.30 Td (we ) Tj ET Q q 0 0 0 rg BT 109.38 666.30 Td (take ) Tj ET Q q 0 0 0 rg BT 130.60 666.30 Td (protective ) Tj ET Q q 0 0 0 rg BT 176.31 666.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 219.11 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 238.01 666.30 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 280.22 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 292.12 666.30 Td (modify ) Tj ET Q q 0 0 0 rg BT 326.18 666.30 Td (them ) Tj ET Q q 0 0 0 rg BT 350.91 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 363.39 666.30 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 426.60 666.30 Td (warrant, ) Tj ET Q q 0 0 0 rg BT 465.02 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 482.75 666.30 Td (computer ) Tj ET Q q 0 0 0 rg BT 526.13 666.30 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (software, ) Tj ET Q q 0 0 0 rg BT 91.90 653.70 Td (networks ) Tj ET Q q 0 0 0 rg BT 133.53 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 151.81 653.70 Td (mobile ) Tj ET Q q 0 0 0 rg BT 184.10 653.70 Td (devices, ) Tj ET Q q 0 0 0 rg BT 221.34 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 239.63 653.70 Td (those ) Tj ET Q q 0 0 0 rg BT 264.92 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 276.80 653.70 Td (third ) Tj ET Q q 0 0 0 rg BT 299.76 653.70 Td (parties ) Tj ET Q q 0 0 0 rg BT 330.87 653.70 Td (on ) Tj ET Q q 0 0 0 rg BT 344.50 653.70 Td (whom ) Tj ET Q q 0 0 0 rg BT 373.88 653.70 Td (we ) Tj ET Q q 0 0 0 rg BT 389.25 653.70 Td (rely) Tj ET Q q 0 0 0 rg BT 404.89 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 410.64 653.70 Td (may ) Tj ET Q q 0 0 0 rg BT 431.85 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 444.89 653.70 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 492.33 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 503.62 653.70 Td (cyber) Tj ET Q q 0 0 0 rg BT 526.73 653.70 Td (-attacks, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (sabotage, ) Tj ET Q q 0 0 0 rg BT 92.93 641.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 151.32 641.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 184.33 641.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 227.56 641.10 Td (viruses, ) Tj ET Q q 0 0 0 rg BT 263.50 641.10 Td (worms ) Tj ET Q q 0 0 0 rg BT 295.66 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.98 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 333.12 641.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 377.52 641.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 403.54 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.27 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 447.42 641.10 Td (events ) Tj ET Q q 0 0 0 rg BT 477.82 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 497.14 641.10 Td (have ) Tj ET Q q 0 0 0 rg BT 520.53 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.76 641.10 Td (security ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (impact. ) Tj ET Q q 0 0 0 rg BT 83.19 628.50 Td (An ) Tj ET Q q 0 0 0 rg BT 98.59 628.50 Td (externally ) Tj ET Q q 0 0 0 rg BT 143.13 628.50 Td (caused ) Tj ET Q q 0 0 0 rg BT 174.25 628.50 Td (information ) Tj ET Q q 0 0 0 rg BT 226.39 628.50 Td (security ) Tj ET Q q 0 0 0 rg BT 262.19 628.50 Td (incident, ) Tj ET Q q 0 0 0 rg BT 301.20 628.50 Td (such ) Tj ET Q q 0 0 0 rg BT 323.00 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 334.31 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 341.53 628.50 Td (hacker ) Tj ET Q q 0 0 0 rg BT 372.07 628.50 Td (attack, ) Tj ET Q q 0 0 0 rg BT 402.32 628.50 Td (virus ) Tj ET Q q 0 0 0 rg BT 425.88 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 437.18 628.50 Td (worm, ) Tj ET Q q 0 0 0 rg BT 466.87 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 478.17 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 490.64 628.50 Td (internally ) Tj ET Q q 0 0 0 rg BT 533.44 628.50 Td (caused ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (issue, ) Tj ET Q q 0 0 0 rg BT 75.48 615.90 Td (such ) Tj ET Q q 0 0 0 rg BT 96.57 615.90 Td (as ) Tj ET Q q 0 0 0 rg BT 107.17 615.90 Td (failure ) Tj ET Q q 0 0 0 rg BT 136.42 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 146.44 615.90 Td (control ) Tj ET Q q 0 0 0 rg BT 178.03 615.90 Td (access ) Tj ET Q q 0 0 0 rg BT 206.69 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 216.71 615.90 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 255.31 615.90 Td (systems, ) Tj ET Q q 0 0 0 rg BT 293.03 615.90 Td (could ) Tj ET Q q 0 0 0 rg BT 318.21 615.90 Td (materially ) Tj ET Q q 0 0 0 rg BT 362.63 615.90 Td (interrupt ) Tj ET Q q 0 0 0 rg BT 400.63 615.90 Td (business ) Tj ET Q q 0 0 0 rg BT 438.07 615.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 483.66 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 494.26 615.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 519.42 615.90 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 60.96 603.30 Td (modification ) Tj ET Q q 0 0 0 rg BT 116.82 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 127.78 603.30 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 166.74 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 177.70 603.30 Td (confidential ) Tj ET Q q 0 0 0 rg BT 230.06 603.30 Td (client ) Tj ET Q q 0 0 0 rg BT 255.59 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 266.55 603.30 Td (competitive ) Tj ET Q q 0 0 0 rg BT 318.33 603.30 Td (information ) Tj ET Q q 0 0 0 rg BT 370.11 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 387.48 603.30 Td (could ) Tj ET Q q 0 0 0 rg BT 413.02 603.30 Td (result ) Tj ET Q q 0 0 0 rg BT 438.56 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 448.94 603.30 Td (material ) Tj ET Q q 0 0 0 rg BT 485.55 603.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.49 603.30 Td (loss, ) Tj ET Q q 0 0 0 rg BT 545.67 603.30 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 590.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 113.25 590.70 Td (position, ) Tj ET Q q 0 0 0 rg BT 152.19 590.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 197.80 590.70 Td (actions, ) Tj ET Q q 0 0 0 rg BT 232.64 590.70 Td (breach ) Tj ET Q q 0 0 0 rg BT 263.09 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 274.30 590.70 Td (client ) Tj ET Q q 0 0 0 rg BT 300.10 590.70 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 343.09 590.70 Td (reputational ) Tj ET Q q 0 0 0 rg BT 395.71 590.70 Td (harm ) Tj ET Q q 0 0 0 rg BT 419.75 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 430.97 590.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 453.84 590.70 Td (liability) Tj ET Q q 0 0 0 rg BT 485.82 590.70 Td (. ) Tj ET Q q 0 0 0 rg BT 490.92 590.70 Td (If ) Tj ET Q q 0 0 0 rg BT 500.38 590.70 Td (one ) Tj ET Q q 0 0 0 rg BT 518.01 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 529.22 590.70 Td (more ) Tj ET Q q 0 0 0 rg BT 553.27 590.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (such ) Tj ET Q q 0 0 0 rg BT 72.38 578.10 Td (events ) Tj ET Q q 0 0 0 rg BT 102.34 578.10 Td (occur) Tj ET Q q 0 0 0 rg BT 125.24 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.00 578.10 Td (it ) Tj ET Q q 0 0 0 rg BT 139.97 578.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 188.01 578.10 Td (could ) Tj ET Q q 0 0 0 rg BT 214.48 578.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 261.34 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 278.47 578.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.35 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.48 578.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 342.55 578.10 Td (employees' ) Tj ET Q q 0 0 0 rg BT 392.48 578.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.36 578.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 468.86 578.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 522.14 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.44 578.10 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (information ) Tj ET Q q 0 0 0 rg BT 102.65 565.50 Td (processed ) Tj ET Q q 0 0 0 rg BT 147.13 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 165.36 565.50 Td (stored ) Tj ET Q q 0 0 0 rg BT 194.10 565.50 Td (in, ) Tj ET Q q 0 0 0 rg BT 207.97 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 226.21 565.50 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 276.52 565.50 Td (through, ) Tj ET Q q 0 0 0 rg BT 314.89 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 331.96 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 343.79 565.50 Td (third ) Tj ET Q q 0 0 0 rg BT 366.69 565.50 Td (party ) Tj ET Q q 0 0 0 rg BT 391.34 565.50 Td (computer ) Tj ET Q q 0 0 0 rg BT 434.07 565.50 Td (systems, ) Tj ET Q q 0 0 0 rg BT 473.03 565.50 Td (networks ) Tj ET Q q 0 0 0 rg BT 514.60 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 532.84 565.50 Td (mobile ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (devices, ) Tj ET Q q 0 0 0 rg BT 86.44 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 97.52 552.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 140.67 552.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 166.32 552.90 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 222.32 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 233.39 552.90 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 290.55 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 301.05 552.90 Td (our) Tj ET Q q 0 0 0 rg BT 314.63 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 319.58 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 335.91 552.90 Td (clients', ) Tj ET Q q 0 0 0 rg BT 370.17 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 386.50 552.90 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 450.19 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 461.27 552.90 Td (third ) Tj ET Q q 0 0 0 rg BT 483.44 552.90 Td (parties' ) Tj ET Q q 0 0 0 rg BT 515.65 552.90 Td (operations. ) Tj ET Q q 0 0 0 rg BT 564.64 552.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (As ) Tj ET Q q 0 0 0 rg BT 64.72 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 72.44 540.30 Td (result, ) Tj ET Q q 0 0 0 rg BT 101.44 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 116.74 540.30 Td (could ) Tj ET Q q 0 0 0 rg BT 143.12 540.30 Td (experience ) Tj ET Q q 0 0 0 rg BT 191.64 540.30 Td (material ) Tj ET Q q 0 0 0 rg BT 229.09 540.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.88 540.30 Td (loss, ) Tj ET Q q 0 0 0 rg BT 290.90 540.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 310.29 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 322.09 540.30 Td (competitive ) Tj ET Q q 0 0 0 rg BT 374.71 540.30 Td (position, ) Tj ET Q q 0 0 0 rg BT 414.23 540.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 460.43 540.30 Td (actions, ) Tj ET Q q 0 0 0 rg BT 495.85 540.30 Td (breach ) Tj ET Q q 0 0 0 rg BT 526.88 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 538.68 540.30 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 93.19 527.70 Td (reputational ) Tj ET Q q 0 0 0 rg BT 146.01 527.70 Td (harm ) Tj ET Q q 0 0 0 rg BT 170.25 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 181.66 527.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 204.74 527.70 Td (liability) Tj ET Q q 0 0 0 rg BT 236.72 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 242.01 527.70 Td (which, ) Tj ET Q q 0 0 0 rg BT 272.97 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 283.80 527.70 Td (turn, ) Tj ET Q q 0 0 0 rg BT 306.01 527.70 Td (could ) Tj ET Q q 0 0 0 rg BT 332.01 527.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 357.99 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 365.32 527.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 398.30 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 409.14 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 425.80 527.70 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 466.47 527.70 Td (W) Tj ET Q q 0 0 0 rg BT 475.54 527.70 Td (e ) Tj ET Q q 0 0 0 rg BT 482.87 527.70 Td (may ) Tj ET Q q 0 0 0 rg BT 503.62 527.70 Td (be ) Tj ET Q q 0 0 0 rg BT 516.20 527.70 Td (required ) Tj ET Q q 0 0 0 rg BT 553.85 527.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (spend ) Tj ET Q q 0 0 0 rg BT 77.18 515.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 124.18 515.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 168.86 515.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 211.19 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.04 515.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 255.05 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.73 515.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 316.39 515.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 358.14 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.57 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.42 515.10 Td (investigate ) Tj ET Q q 0 0 0 rg BT 428.59 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.43 515.10 Td (remediate ) Tj ET Q q 0 0 0 rg BT 490.50 515.10 Td (vulnerabilities ) Tj ET Q q 0 0 0 rg BT 553.25 515.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (other ) Tj ET Q q 0 0 0 rg BT 73.92 502.50 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 120.88 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 138.39 502.50 Td (we ) Tj ET Q q 0 0 0 rg BT 152.98 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 173.40 502.50 Td (be ) Tj ET Q q 0 0 0 rg BT 185.66 502.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 217.75 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 228.26 502.50 Td (litigation ) Tj ET Q q 0 0 0 rg BT 268.52 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 286.03 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.10 502.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 352.54 502.50 Td (that ) Tj ET Q q 0 0 0 rg BT 370.63 502.50 Td (are ) Tj ET Q q 0 0 0 rg BT 385.79 502.50 Td (either ) Tj ET Q q 0 0 0 rg BT 412.04 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 427.80 502.50 Td (insured ) Tj ET Q q 0 0 0 rg BT 461.06 502.50 Td (against ) Tj ET Q q 0 0 0 rg BT 493.15 502.50 Td (fully ) Tj ET Q q 0 0 0 rg BT 515.33 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 526.42 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 542.18 502.50 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (covered ) Tj ET Q q 0 0 0 rg BT 85.85 489.90 Td (through ) Tj ET Q q 0 0 0 rg BT 121.14 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 138.93 489.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 181.79 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 200.16 489.90 Td (we ) Tj ET Q q 0 0 0 rg BT 215.02 489.90 Td (maintain.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 464.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.56 464.70 Td (e ) Tj ET Q q 0 0 0 rg BT 101.84 464.70 Td (May ) Tj ET Q q 0 0 0 rg BT 123.71 464.70 Td (Incur ) Tj ET Q q 0 0 0 rg BT 150.85 464.70 Td (Charges ) Tj ET Q q 0 0 0 rg BT 189.65 464.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 224.94 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 235.73 464.70 Td (Leased ) Tj ET Q q 0 0 0 rg BT 268.68 464.70 Td (Facilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 439.50 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 439.50 Td (e ) Tj ET Q q 0 0 0 rg BT 102.59 439.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 141.61 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 152.64 439.50 Td (be ) Tj ET Q q 0 0 0 rg BT 165.41 439.50 Td (exposed ) Tj ET Q q 0 0 0 rg BT 202.68 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 213.71 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 229.39 439.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.01 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 259.61 439.50 Td (incurring ) Tj ET Q q 0 0 0 rg BT 300.96 439.50 Td (char) Tj ET Q q 0 0 0 rg BT 318.84 439.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 335.70 439.50 Td (related ) Tj ET Q q 0 0 0 rg BT 367.12 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 378.15 439.50 Td (subleases ) Tj ET Q q 0 0 0 rg BT 420.67 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 432.28 439.50 Td (vacant ) Tj ET Q q 0 0 0 rg BT 462.54 439.50 Td (space ) Tj ET Q q 0 0 0 rg BT 488.72 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 503.82 439.50 Td (several ) Tj ET Q q 0 0 0 rg BT 536.42 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 548.02 439.50 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (leased ) Tj ET Q q 0 0 0 rg BT 79.74 426.90 Td (of) Tj ET Q q 0 0 0 rg BT 88.30 426.90 Td (fices. ) Tj ET Q q 0 0 0 rg BT 113.48 426.90 Td (As ) Tj ET Q q 0 0 0 rg BT 128.65 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 140.90 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 171.81 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.44 426.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 215.57 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 233.07 426.90 Td (future ) Tj ET Q q 0 0 0 rg BT 261.64 426.90 Td (commitments ) Tj ET Q q 0 0 0 rg BT 322.31 426.90 Td (from ) Tj ET Q q 0 0 0 rg BT 346.23 426.90 Td (third ) Tj ET Q q 0 0 0 rg BT 369.56 426.90 Td (parties ) Tj ET Q q 0 0 0 rg BT 401.06 426.90 Td (under ) Tj ET Q q 0 0 0 rg BT 428.47 426.90 Td (non-cancellable ) Tj ET Q q 0 0 0 rg BT 498.43 426.90 Td (subleases ) Tj ET Q q 0 0 0 rg BT 541.60 426.90 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.52 414.30 Td ($141 ) Tj ET Q q 0 0 0 rg BT 135.40 414.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 170.23 414.30 Td (which ) Tj ET Q q 0 0 0 rg BT 197.77 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 207.81 414.30 Td (total, ) Tj ET Q q 0 0 0 rg BT 230.97 414.30 Td (net ) Tj ET Q q 0 0 0 rg BT 245.67 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 256.29 414.30 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 295.19 414.30 Td (ef) Tj ET Q q 0 0 0 rg BT 303.16 414.30 Td (fectively ) Tj ET Q q 0 0 0 rg BT 341.76 414.30 Td (of) Tj ET Q q 0 0 0 rg BT 350.32 414.30 Td (fsets ) Tj ET Q q 0 0 0 rg BT 371.44 414.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 419.98 414.30 Td (under ) Tj ET Q q 0 0 0 rg BT 445.77 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 461.64 414.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 488.58 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 502.70 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 517.40 414.30 Td (properties. ) Tj ET Q q 0 0 0 rg BT 564.64 414.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.93 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 74.94 401.70 Td (March ) Tj ET Q q 0 0 0 rg BT 104.60 401.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.98 401.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 145.87 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 162.13 401.70 Td (total ) Tj ET Q q 0 0 0 rg BT 183.05 401.70 Td (future ) Tj ET Q q 0 0 0 rg BT 210.38 401.70 Td (lease ) Tj ET Q q 0 0 0 rg BT 233.63 401.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 293.05 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 307.55 401.70 Td (of) Tj ET Q q 0 0 0 rg BT 316.11 401.70 Td (fice ) Tj ET Q q 0 0 0 rg BT 334.10 401.70 Td (space ) Tj ET Q q 0 0 0 rg BT 359.68 401.70 Td (that ) Tj ET Q q 0 0 0 rg BT 377.69 401.70 Td (we ) Tj ET Q q 0 0 0 rg BT 392.19 401.70 Td (vacated ) Tj ET Q q 0 0 0 rg BT 426.51 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 443.93 401.70 Td (are ) Tj ET Q q 0 0 0 rg BT 459.01 401.70 Td (seeking ) Tj ET Q q 0 0 0 rg BT 493.34 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 503.77 401.70 Td (sublease ) Tj ET Q q 0 0 0 rg BT 541.60 401.70 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.34 389.10 Td ($32 ) Tj ET Q q 0 0 0 rg BT 131.78 389.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 167.43 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.86 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.21 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 222.15 389.10 Td (reserved ) Tj ET Q q 0 0 0 rg BT 260.40 389.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 323.73 389.10 Td ($15 ) Tj ET Q q 0 0 0 rg BT 342.17 389.10 Td (million ) Tj ET Q q 0 0 0 rg BT 375.20 389.10 Td (through ) Tj ET Q q 0 0 0 rg BT 410.55 389.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 434.23 389.10 Td (char) Tj ET Q q 0 0 0 rg BT 452.11 389.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 468.79 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.65 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.33 389.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 534.59 389.10 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.00 376.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 89.92 376.50 Td (year ) Tj ET Q q 0 0 0 rg BT 110.16 376.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 137.40 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 166.98 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.28 376.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 208.08 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 210.25 376.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 238.67 376.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.90 376.50 Td (accepted ) Tj ET Q q 0 0 0 rg BT 318.80 376.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.04 376.50 Td (principles, ) Tj ET Q q 0 0 0 rg BT 413.24 376.50 Td (at ) Tj ET Q q 0 0 0 rg BT 423.00 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 438.00 376.50 Td (time ) Tj ET Q q 0 0 0 rg BT 458.83 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 465.67 376.50 Td (sublease ) Tj ET Q q 0 0 0 rg BT 503.42 376.50 Td (is ) Tj ET Q q 0 0 0 rg BT 512.59 376.50 Td (entered ) Tj ET Q q 0 0 0 rg BT 545.66 376.50 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 61.33 363.90 Td (space ) Tj ET Q q 0 0 0 rg BT 87.22 363.90 Td (is ) Tj ET Q q 0 0 0 rg BT 96.81 363.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 132.03 363.90 Td (permanently ) Tj ET Q q 0 0 0 rg BT 187.09 363.90 Td (abandoned, ) Tj ET Q q 0 0 0 rg BT 237.78 363.90 Td (we ) Tj ET Q q 0 0 0 rg BT 252.60 363.90 Td (must ) Tj ET Q q 0 0 0 rg BT 275.60 363.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 299.76 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 307.00 363.90 Td (char) Tj ET Q q 0 0 0 rg BT 324.88 363.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 337.37 363.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 362.68 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 373.43 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.84 363.90 Td (present ) Tj ET Q q 0 0 0 rg BT 421.74 363.90 Td (value ) Tj ET Q q 0 0 0 rg BT 447.06 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 458.38 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 473.79 363.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 507.86 363.90 Td (by ) Tj ET Q q 0 0 0 rg BT 520.94 363.90 Td (which ) Tj ET Q q 0 0 0 rg BT 549.18 363.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 109.61 351.30 Td (under ) Tj ET Q q 0 0 0 rg BT 135.96 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 151.23 351.30 Td (lease ) Tj ET Q q 0 0 0 rg BT 174.66 351.30 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 210.33 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.60 351.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 259.54 351.30 Td (due, ) Tj ET Q q 0 0 0 rg BT 279.77 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 290.95 351.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.89 351.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 364.65 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 375.26 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 387.61 351.30 Td (received, ) Tj ET Q q 0 0 0 rg BT 428.23 351.30 Td (under ) Tj ET Q q 0 0 0 rg BT 454.58 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 461.69 351.30 Td (sublease. ) Tj ET Q q 0 0 0 rg BT 502.33 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 504.23 351.30 Td (As ) Tj ET Q q 0 0 0 rg BT 518.34 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 525.45 351.30 Td (result, ) Tj ET Q q 0 0 0 rg BT 553.84 351.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.96 338.70 Td (period ) Tj ET Q q 0 0 0 rg BT 86.08 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 97.13 338.70 Td (declining ) Tj ET Q q 0 0 0 rg BT 138.50 338.70 Td (commercial ) Tj ET Q q 0 0 0 rg BT 190.36 338.70 Td (lease ) Tj ET Q q 0 0 0 rg BT 213.65 338.70 Td (markets, ) Tj ET Q q 0 0 0 rg BT 251.81 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 266.35 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 281.47 338.70 Td (exposed ) Tj ET Q q 0 0 0 rg BT 318.18 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 328.64 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.77 338.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 361.82 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 372.87 338.70 Td (incurring ) Tj ET Q q 0 0 0 rg BT 413.66 338.70 Td (char) Tj ET Q q 0 0 0 rg BT 431.53 338.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 447.83 338.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 482.20 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 492.67 338.70 Td (any ) Tj ET Q q 0 0 0 rg BT 510.13 338.70 Td (premises ) Tj ET Q q 0 0 0 rg BT 549.75 338.70 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.57 326.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 100.40 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.32 326.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 149.65 326.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 189.15 326.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.32 326.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 241.90 326.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 275.56 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.48 326.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 321.90 326.10 Td (sub-tenants ) Tj ET Q q 0 0 0 rg BT 372.48 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.39 326.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 426.37 326.10 Td (market ) Tj ET Q q 0 0 0 rg BT 458.28 326.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 477.36 326.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 499.94 326.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 533.60 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.52 326.10 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (sub-tenants ) Tj ET Q q 0 0 0 rg BT 100.33 313.50 Td (paying ) Tj ET Q q 0 0 0 rg BT 131.41 313.50 Td (less ) Tj ET Q q 0 0 0 rg BT 149.66 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 160.33 313.50 Td (rent ) Tj ET Q q 0 0 0 rg BT 179.16 313.50 Td (than ) Tj ET Q q 0 0 0 rg BT 199.74 313.50 Td (we ) Tj ET Q q 0 0 0 rg BT 214.48 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 229.80 313.50 Td (paying ) Tj ET Q q 0 0 0 rg BT 260.88 313.50 Td (under ) Tj ET Q q 0 0 0 rg BT 287.29 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 303.79 313.50 Td (lease. ) Tj ET Q q 0 0 0 rg BT 329.90 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 331.85 313.50 Td (Also, ) Tj ET Q q 0 0 0 rg BT 356.82 313.50 Td (if ) Tj ET Q q 0 0 0 rg BT 365.73 313.50 Td (a ) Tj ET Q q 0 0 0 rg BT 372.90 313.50 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 419.14 313.50 Td (defaults ) Tj ET Q q 0 0 0 rg BT 454.88 313.50 Td (on ) Tj ET Q q 0 0 0 rg BT 467.88 313.50 Td (its ) Tj ET Q q 0 0 0 rg BT 480.30 313.50 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 521.00 313.50 Td (we ) Tj ET Q q 0 0 0 rg BT 535.75 313.50 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 77.40 300.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 102.45 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 110.60 300.90 Td (char) Tj ET Q q 0 0 0 rg BT 128.47 300.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 141.87 300.90 Td (for ) Tj ET Q q 0 0 0 rg BT 157.59 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 173.90 300.90 Td (rent ) Tj ET Q q 0 0 0 rg BT 193.71 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 212.94 300.90 Td (we ) Tj ET Q q 0 0 0 rg BT 228.66 300.90 Td (will ) Tj ET Q q 0 0 0 rg BT 248.48 300.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 273.54 300.90 Td (during ) Tj ET Q q 0 0 0 rg BT 304.44 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 320.75 300.90 Td (period ) Tj ET Q q 0 0 0 rg BT 351.05 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 370.28 300.90 Td (we ) Tj ET Q q 0 0 0 rg BT 386.01 300.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 416.89 300.90 Td (would ) Tj ET Q q 0 0 0 rg BT 446.62 300.90 Td (be ) Tj ET Q q 0 0 0 rg BT 460.02 300.90 Td (required ) Tj ET Q q 0 0 0 rg BT 498.48 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 510.13 300.90 Td (sublease ) Tj ET Q q 0 0 0 rg BT 549.18 300.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (premises ) Tj ET Q q 0 0 0 rg BT 90.22 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 108.27 288.30 Td (any ) Tj ET Q q 0 0 0 rg BT 126.32 288.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 168.87 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 179.93 288.30 Td (rent ) Tj ET Q q 0 0 0 rg BT 199.14 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 217.78 288.30 Td (current ) Tj ET Q q 0 0 0 rg BT 250.40 288.30 Td (market ) Tj ET Q q 0 0 0 rg BT 282.45 288.30 Td (rent ) Tj ET Q q 0 0 0 rg BT 301.66 288.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.38 288.30 Td (lead ) Tj ET Q q 0 0 0 rg BT 344.76 288.30 Td (us ) Tj ET Q q 0 0 0 rg BT 356.98 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 368.04 288.30 Td (expect ) Tj ET Q q 0 0 0 rg BT 398.33 288.30 Td (a ) Tj ET Q q 0 0 0 rg BT 405.89 288.30 Td (new ) Tj ET Q q 0 0 0 rg BT 426.27 288.30 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 472.90 288.30 Td (will ) Tj ET Q q 0 0 0 rg BT 492.13 288.30 Td (pay) Tj ET Q q 0 0 0 rg BT 506.61 288.30 Td (. ) Tj ET Q q 0 0 0 rg BT 512.13 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 514.81 288.30 Td (This ) Tj ET Q q 0 0 0 rg BT 536.37 288.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 555.01 288.30 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (underscored ) Tj ET Q q 0 0 0 rg BT 103.28 275.70 Td (by ) Tj ET Q q 0 0 0 rg BT 115.75 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 130.55 275.70 Td (fact ) Tj ET Q q 0 0 0 rg BT 148.25 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 165.96 275.70 Td (one ) Tj ET Q q 0 0 0 rg BT 183.09 275.70 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 228.80 275.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 273.34 275.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 335.95 275.70 Td (half ) Tj ET Q q 0 0 0 rg BT 354.25 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 364.96 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 379.76 275.70 Td (future ) Tj ET Q q 0 0 0 rg BT 406.80 275.70 Td (sublease ) Tj ET Q q 0 0 0 rg BT 444.34 275.70 Td (rent ) Tj ET Q q 0 0 0 rg BT 462.63 275.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 521.76 275.70 Td (described ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 79.94 263.10 Td (There ) Tj ET Q q 0 0 0 rg BT 106.84 263.10 Td (can ) Tj ET Q q 0 0 0 rg BT 123.82 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 136.15 263.10 Td (no ) Tj ET Q q 0 0 0 rg BT 149.07 263.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 192.29 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 210.46 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 225.12 263.10 Td (will ) Tj ET Q q 0 0 0 rg BT 243.87 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 259.70 263.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 302.92 263.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 347.33 263.10 Td (lease-related ) Tj ET Q q 0 0 0 rg BT 402.79 263.10 Td (char) Tj ET Q q 0 0 0 rg BT 420.67 263.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 439.71 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.79 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 488.28 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 500.61 263.10 Td (material ) Tj ET Q q 0 0 0 rg BT 537.42 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.00 263.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (results ) Tj ET Q q 0 0 0 rg BT 80.04 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 91.41 250.50 Td (operations.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 225.30 Td (Potential ) Tj ET Q q 0 0 0 rg BT 127.71 225.30 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 181.68 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 193.05 225.30 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 234.76 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 253.73 225.30 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 300.89 225.30 Td (Assets ) Tj ET Q q 0 0 0 rg BT 330.36 225.30 Td (Could ) Tj ET Q q 0 0 0 rg BT 359.24 225.30 Td (Increase ) Tj ET Q q 0 0 0 rg BT 399.20 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 417.00 225.30 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 460.46 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 479.43 225.30 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 514.13 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 531.54 225.30 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 200.10 Td (Determining ) Tj ET Q q 0 0 0 rg BT 141.27 200.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 180.80 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.16 200.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 242.35 200.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 271.67 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.03 200.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 334.96 200.10 Td (them ) Tj ET Q q 0 0 0 rg BT 358.16 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.60 200.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 425.83 200.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 461.84 200.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 508.37 200.10 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 92.01 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.10 187.50 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 155.32 187.50 Td (including ) Tj ET Q q 0 0 0 rg BT 197.92 187.50 Td (estimating ) Tj ET Q q 0 0 0 rg BT 244.59 187.50 Td (value ) Tj ET Q q 0 0 0 rg BT 270.27 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 288.36 187.50 Td (assessing ) Tj ET Q q 0 0 0 rg BT 330.38 187.50 Td (life ) Tj ET Q q 0 0 0 rg BT 347.30 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 358.40 187.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 407.40 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 429.00 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.76 187.50 Td (allocation ) Tj ET Q q 0 0 0 rg BT 489.10 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 500.78 187.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 541.02 187.50 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 61.47 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 77.59 174.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 126.97 174.90 Td (creating ) Tj ET Q q 0 0 0 rg BT 164.08 174.90 Td (them. ) Tj ET Q q 0 0 0 rg BT 191.00 174.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 210.62 174.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 251.26 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 269.72 174.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 315.00 174.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.80 174.90 Td (may ) Tj ET Q q 0 0 0 rg BT 364.18 174.90 Td (become ) Tj ET Q q 0 0 0 rg BT 400.12 174.90 Td (impaired ) Tj ET Q q 0 0 0 rg BT 440.74 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 452.79 174.90 Td (a ) Tj ET Q q 0 0 0 rg BT 460.75 174.90 Td (result ) Tj ET Q q 0 0 0 rg BT 487.37 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 499.42 174.90 Td (any ) Tj ET Q q 0 0 0 rg BT 517.88 174.90 Td (number ) Tj ET Q q 0 0 0 rg BT 553.25 174.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 83.89 162.30 Td (including ) Tj ET Q q 0 0 0 rg BT 126.25 162.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 154.03 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 165.48 162.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 214.25 162.30 Td (management ) Tj ET Q q 0 0 0 rg BT 270.59 162.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 311.19 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 322.63 162.30 Td (declines ) Tj ET Q q 0 0 0 rg BT 359.73 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 370.60 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 386.12 162.30 Td (value ) Tj ET Q q 0 0 0 rg BT 411.56 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 423.00 162.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 463.60 162.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 492.82 162.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 513.60 162.30 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.03 149.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 100.65 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 111.67 149.70 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 160.03 149.70 Td (could ) Tj ET Q q 0 0 0 rg BT 185.64 149.70 Td (have ) Tj ET Q q 0 0 0 rg BT 207.75 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 214.69 149.70 Td (material ) Tj ET Q q 0 0 0 rg BT 251.37 149.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 285.72 149.70 Td (ef) Tj ET Q q 0 0 0 rg BT 293.68 149.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 311.70 149.70 Td (on ) Tj ET Q q 0 0 0 rg BT 324.48 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 340.76 149.70 Td (results ) Tj ET Q q 0 0 0 rg BT 370.46 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 381.49 149.70 Td (operations. ) Tj ET Q q 0 0 0 rg BT 430.13 149.70 Td (For ) Tj ET Q q 0 0 0 rg BT 447.00 149.70 Td (example, ) Tj ET Q q 0 0 0 rg BT 487.47 149.70 Td (during ) Tj ET Q q 0 0 0 rg BT 517.17 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 532.28 149.70 Td (quarter ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.57 137.10 Td (December ) Tj ET Q q 0 0 0 rg BT 123.21 137.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 138.83 137.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 164.95 137.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.69 137.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 217.17 137.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 260.48 137.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 311.38 137.10 Td (char) Tj ET Q q 0 0 0 rg BT 329.26 137.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 345.76 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.00 137.10 Td ($371 ) Tj ET Q q 0 0 0 rg BT 380.50 137.10 Td (million ) Tj ET Q q 0 0 0 rg BT 413.33 137.10 Td (\($297 ) Tj ET Q q 0 0 0 rg BT 440.33 137.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 475.79 137.10 Td (net ) Tj ET Q q 0 0 0 rg BT 491.12 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.36 137.10 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 529.93 137.10 Td (relating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 61.77 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 78.20 124.50 Td (Permal/Fauchier ) Tj ET Q q 0 0 0 rg BT 151.19 124.50 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 218.94 124.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 245.87 124.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 287.37 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 306.13 124.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 339.48 124.50 Td (trade ) Tj ET Q q 0 0 0 rg BT 364.06 124.50 Td (name. ) Tj ET Q q 0 0 0 rg BT 393.03 124.50 Td (Changes ) Tj ET Q q 0 0 0 rg BT 432.79 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 444.56 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 460.99 124.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 516.51 124.50 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.35 111.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.29 111.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 140.90 111.90 Td (from ) Tj ET Q q 0 0 0 rg BT 164.60 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 180.71 111.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 208.49 111.90 Td (or ) Tj ET Q q 0 0 0 rg BT 220.52 111.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 262.29 111.90 Td (unit, ) Tj ET Q q 0 0 0 rg BT 284.53 111.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 324.56 111.90 Td (from ) Tj ET Q q 0 0 0 rg BT 348.25 111.90 Td (market ) Tj ET Q q 0 0 0 rg BT 380.69 111.90 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 430.35 111.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 466.13 111.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 493.92 111.90 Td (or ) Tj ET Q q 0 0 0 rg BT 505.95 111.90 Td (other ) Tj ET Q q 0 0 0 rg BT 530.81 111.90 Td (factors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (could ) Tj ET Q q 0 0 0 rg BT 75.95 99.30 Td (result ) Tj ET Q q 0 0 0 rg BT 101.91 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 112.70 99.30 Td (an ) Tj ET Q q 0 0 0 rg BT 125.23 99.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.27 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 187.64 99.30 Td (any ) Tj ET Q q 0 0 0 rg BT 205.42 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 216.79 99.30 Td (these ) Tj ET Q q 0 0 0 rg BT 240.99 99.30 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 74.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.55 74.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 144.69 74.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 176.07 74.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.54 74.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 237.67 74.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.31 74.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 298.68 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.07 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.12 74.10 Td (2005 ) Tj ET Q q 0 0 0 rg BT 347.35 74.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 395.65 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.62 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.68 74.10 Td (CAM ) Tj ET Q q 0 0 0 rg BT 447.82 74.10 Td (business ) Tj ET Q q 0 0 0 rg BT 485.64 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.61 74.10 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 517.21 74.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 546.85 74.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.09 61.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 97.10 61.50 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 163.51 61.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 189.11 61.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 229.27 61.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.03 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 267.04 61.50 Td ($334 ) Tj ET Q q 0 0 0 rg BT 290.31 61.50 Td (million ) Tj ET Q q 0 0 0 rg BT 322.91 61.50 Td (account ) Tj ET Q q 0 0 0 rg BT 357.83 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 372.33 61.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 435.25 61.50 Td (70% ) Tj ET Q q 0 0 0 rg BT 456.76 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 474.18 61.50 Td (10%, ) Tj ET Q q 0 0 0 rg BT 498.32 61.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 548.37 61.50 Td (, ) Tj ET Q q 0 0 0 rg BT 553.26 61.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.40 48.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 126.54 48.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 170.94 48.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 200.47 48.90 Td (while ) Tj ET Q q 0 0 0 rg BT 226.20 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.44 48.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 281.18 48.90 Td (in ) Tj ET Q q 0 0 0 rg BT 291.75 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 308.16 48.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 349.05 48.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 367.80 48.90 Td (aggregates ) Tj ET Q q 0 0 0 rg BT 415.10 48.90 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 435.88 48.90 Td (billion. ) Tj ET Q q 0 0 0 rg BT 467.80 48.90 Td (As ) Tj ET Q q 0 0 0 rg BT 481.88 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 493.03 48.90 Td (March ) Tj ET Q q 0 0 0 rg BT 522.84 48.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.37 48.90 Td (2016, ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 65.57 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 85.80 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 108.95 741.75 Td ($618 ) Tj ET Q q 0 0 0 rg BT 133.27 741.75 Td (million ) Tj ET Q q 0 0 0 rg BT 166.93 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.00 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 203.89 741.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 264.94 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 310.26 741.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 340.70 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 369.69 741.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 408.00 741.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 469.05 741.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 501.53 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 528.19 741.75 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.25 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 88.75 729.15 Td ($130 ) Tj ET Q q 0 0 0 rg BT 112.50 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 145.59 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 163.50 729.15 Td ($120 ) Tj ET Q q 0 0 0 rg BT 187.25 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 220.34 729.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 259.82 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 270.15 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.47 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 312.96 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 323.88 729.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 372.70 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 394.12 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.70 729.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 462.62 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 474.12 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 504.87 729.15 Td (Infrastructure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 85.87 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 96.66 716.55 Td (October ) Tj ET Q q 0 0 0 rg BT 133.11 716.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 156.73 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 174.52 716.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 205.72 716.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 235.17 716.55 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 283.29 716.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 319.16 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 329.95 716.55 Td (October ) Tj ET Q q 0 0 0 rg BT 366.40 716.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 392.65 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 442.69 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.60 691.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.86 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 166.87 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 177.89 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 192.99 691.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 225.01 691.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 291.43 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.04 691.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 357.21 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 379.90 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 396.17 691.35 Td (recently ) Tj ET Q q 0 0 0 rg BT 432.26 691.35 Td (been ) Tj ET Q q 0 0 0 rg BT 454.36 691.35 Td (written ) Tj ET Q q 0 0 0 rg BT 486.37 691.35 Td (down ) Tj ET Q q 0 0 0 rg BT 511.98 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 522.42 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.27 691.35 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.33 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 68.57 678.75 Td (result ) Tj ET Q q 0 0 0 rg BT 94.48 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.80 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 121.21 678.75 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 189.68 678.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 240.67 678.75 Td (during ) Tj ET Q q 0 0 0 rg BT 270.66 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.07 678.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 318.38 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 346.03 678.75 Td (December ) Tj ET Q q 0 0 0 rg BT 391.75 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.46 678.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 433.66 678.75 Td (while ) Tj ET Q q 0 0 0 rg BT 459.57 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.98 678.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 512.54 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 537.86 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 89.94 666.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.13 666.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 142.40 666.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 182.33 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.77 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 223.13 666.15 Td (written ) Tj ET Q q 0 0 0 rg BT 254.90 666.15 Td (down ) Tj ET Q q 0 0 0 rg BT 280.26 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 290.46 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.05 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 331.82 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 342.60 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 349.28 666.15 Td (result ) Tj ET Q q 0 0 0 rg BT 374.64 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 385.42 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 397.35 666.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 447.79 666.15 Td (during ) Tj ET Q q 0 0 0 rg BT 477.23 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.08 666.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 516.85 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 536.95 666.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 79.94 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.60 653.55 Td (2013. ) Tj ET Q q 0 0 0 rg BT 121.20 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 135.41 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 142.60 653.55 Td (result, ) Tj ET Q q 0 0 0 rg BT 171.09 653.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 213.85 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 224.55 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 241.08 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.27 653.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 284.06 653.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 333.25 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 344.53 653.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 385.55 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 396.25 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 411.61 653.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 449.73 653.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 474.71 653.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 513.99 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 536.94 653.55 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (results, ) Tj ET Q q 0 0 0 rg BT 81.97 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 92.65 640.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 128.40 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 138.49 640.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 192.35 640.95 Td (due ) Tj ET Q q 0 0 0 rg BT 209.44 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 219.53 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 250.62 640.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 298.92 640.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 333.65 640.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 362.71 640.95 Td (less ) Tj ET Q q 0 0 0 rg BT 380.39 640.95 Td (favorable ) Tj ET Q q 0 0 0 rg BT 421.97 640.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 463.55 640.95 Td (mar) Tj ET Q q 0 0 0 rg BT 479.68 640.95 Td (gins, ) Tj ET Q q 0 0 0 rg BT 501.74 640.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 527.58 640.95 Td (yielding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.08 628.35 Td (mixes, ) Tj ET Q q 0 0 0 rg BT 103.45 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 121.28 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 145.52 628.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 179.38 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 200.12 628.35 Td (result ) Tj ET Q q 0 0 0 rg BT 226.12 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 236.95 628.35 Td (further ) Tj ET Q q 0 0 0 rg BT 268.18 628.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 319.25 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 330.67 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 354.91 628.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 384.51 628.35 Td (There ) Tj ET Q q 0 0 0 rg BT 411.65 628.35 Td (can ) Tj ET Q q 0 0 0 rg BT 428.89 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 441.47 628.35 Td (no ) Tj ET Q q 0 0 0 rg BT 454.63 628.35 Td (assurances ) Tj ET Q q 0 0 0 rg BT 502.20 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 520.61 628.35 Td (continued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 81.40 615.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 130.88 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 141.87 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 164.53 615.75 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 206.15 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 217.15 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 240.97 615.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 274.41 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 292.99 615.75 Td (not ) Tj ET Q q 0 0 0 rg BT 308.66 615.75 Td (produce ) Tj ET Q q 0 0 0 rg BT 344.72 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 356.88 615.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.12 615.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 451.77 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 462.18 615.75 Td (either ) Tj ET Q q 0 0 0 rg BT 488.33 615.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 513.62 615.75 Td (particularly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.87 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 80.32 603.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 112.69 603.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 179.46 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 205.42 603.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 245.94 603.15 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 577.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 108.76 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 133.85 577.95 Td (through ) Tj ET Q q 0 0 0 rg BT 168.27 577.95 Td (December ) Tj ET Q q 0 0 0 rg BT 213.17 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 228.05 577.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 253.43 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 275.60 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 291.35 577.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 331.02 577.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 361.94 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 382.95 577.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 422.60 577.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 465.76 577.95 Td (favorably ) Tj ET Q q 0 0 0 rg BT 507.75 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 517.67 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.26 577.95 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.46 565.35 Td (related ) Tj ET Q q 0 0 0 rg BT 135.56 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 146.26 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.63 565.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 202.07 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 233.77 565.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 255.56 565.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 295.99 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 323.03 565.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 373.97 565.35 Td (testing ) Tj ET Q q 0 0 0 rg BT 404.51 565.35 Td (at ) Tj ET Q q 0 0 0 rg BT 414.62 565.35 Td (December ) Tj ET Q q 0 0 0 rg BT 460.30 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.96 565.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 502.12 565.35 Td (but ) Tj ET Q q 0 0 0 rg BT 518.08 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 533.44 565.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 87.56 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 112.89 552.75 Td (remains ) Tj ET Q q 0 0 0 rg BT 148.71 552.75 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 188.04 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.79 552.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 235.19 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 245.94 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.35 552.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 289.00 552.75 Td (results ) Tj ET Q q 0 0 0 rg BT 319.00 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 330.32 552.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 384.83 552.75 Td (noted ) Tj ET Q q 0 0 0 rg BT 410.74 552.75 Td (above. ) Tj ET Q q 0 0 0 rg BT 440.83 552.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 487.43 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 519.16 552.75 Td (decreases, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 89.97 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 101.94 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 126.74 540.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 163.78 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 175.16 540.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 203.45 540.15 Td (results ) Tj ET Q q 0 0 0 rg BT 234.09 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 246.06 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 262.11 540.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 317.25 540.15 Td (noted ) Tj ET Q q 0 0 0 rg BT 343.80 540.15 Td (above ) Tj ET Q q 0 0 0 rg BT 372.09 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 393.39 540.15 Td (result ) Tj ET Q q 0 0 0 rg BT 419.94 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 431.33 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 444.46 540.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 496.09 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 508.05 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.10 540.15 Td (domestic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.70 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.48 527.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 143.92 527.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 173.01 527.55 Td (As ) Tj ET Q q 0 0 0 rg BT 187.22 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 198.50 527.55 Td (December ) Tj ET Q q 0 0 0 rg BT 244.18 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 259.84 527.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 286.00 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 301.36 527.55 Td (date ) Tj ET Q q 0 0 0 rg BT 321.38 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.66 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 349.20 527.55 Td (most ) Tj ET Q q 0 0 0 rg BT 372.15 527.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 400.33 527.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 430.86 527.55 Td (testing, ) Tj ET Q q 0 0 0 rg BT 464.02 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.38 527.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 522.15 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.26 527.55 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.63 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.34 514.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 118.13 514.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 150.17 514.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 172.30 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 213.08 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.38 514.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 278.31 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 294.02 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 325.46 514.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 363.33 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 388.95 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 402.33 514.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 465.86 514.95 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 487.12 514.95 Td (billion. ) Tj ET Q q 0 0 0 rg BT 519.41 514.95 Td (Assuming ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (all ) Tj ET Q q 0 0 0 rg BT 63.20 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 87.48 502.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 118.75 502.35 Td (remain ) Tj ET Q q 0 0 0 rg BT 150.61 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.14 502.35 Td (same, ) Tj ET Q q 0 0 0 rg BT 193.05 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 209.75 502.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 237.52 502.35 Td (results ) Tj ET Q q 0 0 0 rg BT 267.64 502.35 Td (and/or ) Tj ET Q q 0 0 0 rg BT 297.17 502.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 333.69 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 344.56 502.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 399.19 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 414.14 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 429.67 502.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 470.29 502.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 502.15 502.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.10 502.35 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.47 489.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 91.54 489.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 140.01 489.75 Td (over ) Tj ET Q q 0 0 0 rg BT 160.48 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.13 489.75 Td (long ) Tj ET Q q 0 0 0 rg BT 195.61 489.75 Td (term ) Tj ET Q q 0 0 0 rg BT 216.67 489.75 Td (would ) Tj ET Q q 0 0 0 rg BT 244.74 489.75 Td (have ) Tj ET Q q 0 0 0 rg BT 266.38 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 276.36 489.75 Td (deviate ) Tj ET Q q 0 0 0 rg BT 308.49 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 320.81 489.75 Td (more ) Tj ET Q q 0 0 0 rg BT 344.20 489.75 Td (than ) Tj ET Q q 0 0 0 rg BT 364.10 489.75 Td (30%, ) Tj ET Q q 0 0 0 rg BT 387.78 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 398.35 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.99 489.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 450.39 489.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 467.94 489.75 Td (would ) Tj ET Q q 0 0 0 rg BT 496.01 489.75 Td (have ) Tj ET Q q 0 0 0 rg BT 517.65 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 527.63 489.75 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 72.74 477.15 Td (13.0% ) Tj ET Q q 0 0 0 rg BT 102.19 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 112.68 477.15 Td (more ) Tj ET Q q 0 0 0 rg BT 136.58 477.15 Td (than ) Tj ET Q q 0 0 0 rg BT 156.99 477.15 Td (16.5% ) Tj ET Q q 0 0 0 rg BT 186.44 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 201.01 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 216.17 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 238.91 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 249.40 477.15 Td (be ) Tj ET Q q 0 0 0 rg BT 261.64 477.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 296.62 477.15 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 338.72 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 357.37 477.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 399.94 477.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.84 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 441.90 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 452.98 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 469.30 477.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 510.12 477.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 528.78 477.15 Td (exceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (its ) Tj ET Q q 0 0 0 rg BT 62.40 464.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.68 464.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 143.14 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 168.36 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 181.34 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 188.47 464.55 Td (material ) Tj ET Q q 0 0 0 rg BT 225.35 464.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 259.32 464.55 Td (at ) Tj ET Q q 0 0 0 rg BT 269.38 464.55 Td (December ) Tj ET Q q 0 0 0 rg BT 315.00 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 330.60 464.55 Td (2015. ) Tj ET Q q 0 0 0 rg BT 356.70 464.55 Td (However) Tj ET Q q 0 0 0 rg BT 394.77 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 399.87 464.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 436.16 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 446.81 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 462.11 464.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 516.51 464.55 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.02 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 113.62 451.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 139.91 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 163.27 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.05 451.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 220.49 451.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 239.78 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 251.48 451.95 Td (its ) Tj ET Q q 0 0 0 rg BT 264.35 451.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 302.26 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 305.22 451.95 Td (multiple, ) Tj ET Q q 0 0 0 rg BT 345.79 451.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 385.49 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 408.85 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 440.96 451.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 490.28 451.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 525.81 451.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 553.27 451.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (other ) Tj ET Q q 0 0 0 rg BT 74.20 439.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 108.02 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 133.97 439.35 Td (still ) Tj ET Q q 0 0 0 rg BT 152.35 439.35 Td (result ) Tj ET Q q 0 0 0 rg BT 178.31 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 189.10 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 201.63 439.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 252.66 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.04 439.35 Td (goodwill.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 414.15 Td (There ) Tj ET Q q 0 0 0 rg BT 113.10 414.15 Td (can ) Tj ET Q q 0 0 0 rg BT 130.29 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 142.82 414.15 Td (no ) Tj ET Q q 0 0 0 rg BT 155.93 414.15 Td (assurances ) Tj ET Q q 0 0 0 rg BT 203.45 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 221.81 414.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 265.83 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 297.60 414.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 347.45 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 358.82 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 381.85 414.15 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 423.84 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 435.20 414.15 Td (other ) Tj ET Q q 0 0 0 rg BT 459.39 414.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 493.20 414.15 Td (will ) Tj ET Q q 0 0 0 rg BT 512.16 414.15 Td (not ) Tj ET Q q 0 0 0 rg BT 528.19 414.15 Td (produce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 63.98 401.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 110.04 401.55 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 165.14 401.55 Td (See ) Tj ET Q q 0 0 0 rg BT 184.36 401.55 Td (�Item�7. ) Tj ET Q q 0 0 0 rg BT 222.84 401.55 Td (Management's ) Tj ET Q q 0 0 0 rg BT 287.70 401.55 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 337.85 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 356.18 401.55 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 397.00 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 409.82 401.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 452.96 401.55 Td (Condition ) Tj ET Q q 0 0 0 rg BT 499.03 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 518.26 401.55 Td (Results ) Tj ET Q q 0 0 0 rg BT 553.25 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (Operations�- ) Tj ET Q q 0 0 0 rg BT 104.82 388.95 Td (Critical ) Tj ET Q q 0 0 0 rg BT 138.36 388.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 189.97 388.95 Td (Policies ) Tj ET Q q 0 0 0 rg BT 225.85 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 388.95 Td (Estimates�- ) Tj ET Q q 0 0 0 rg BT 293.21 388.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 337.82 388.95 Td (Assets ) Tj ET Q q 0 0 0 rg BT 367.87 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 385.65 388.95 Td (Goodwill.�) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 363.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.13 363.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 147.24 363.75 Td (T) Tj ET Q q 0 0 0 rg BT 152.69 363.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 165.43 363.75 Td (Assets ) Tj ET Q q 0 0 0 rg BT 194.90 363.75 Td (May ) Tj ET Q q 0 0 0 rg BT 216.77 363.75 Td (Not ) Tj ET Q q 0 0 0 rg BT 235.14 363.75 Td (Be ) Tj ET Q q 0 0 0 rg BT 249.43 363.75 Td (Fully ) Tj ET Q q 0 0 0 rg BT 275.40 363.75 Td (Realizable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 338.55 Td (As ) Tj ET Q q 0 0 0 rg BT 100.11 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 111.30 338.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 156.90 338.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 182.97 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 197.66 338.55 Td (had ) Tj ET Q q 0 0 0 rg BT 215.27 338.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 278.36 338.55 Td ($712 ) Tj ET Q q 0 0 0 rg BT 301.80 338.55 Td (million ) Tj ET Q q 0 0 0 rg BT 334.58 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 345.20 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 366.31 338.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 397.90 338.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 435.32 338.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 450.59 338.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 480.16 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 508.26 338.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 549.19 338.55 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 85.23 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 102.98 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 117.22 325.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 146.61 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 156.77 325.95 Td (realize ) Tj ET Q q 0 0 0 rg BT 186.74 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 196.91 325.95 Td (future ) Tj ET Q q 0 0 0 rg BT 223.97 325.95 Td (periods. ) Tj ET Q q 0 0 0 rg BT 259.50 325.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 287.74 325.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 335.80 325.95 Td (rules, ) Tj ET Q q 0 0 0 rg BT 360.83 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 375.07 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 389.89 325.95 Td (required ) Tj ET Q q 0 0 0 rg BT 426.87 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 437.03 325.95 Td (recognize ) Tj ET Q q 0 0 0 rg BT 479.83 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 486.49 325.95 Td (char) Tj ET Q q 0 0 0 rg BT 504.37 325.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 516.27 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 526.43 325.95 Td (earnings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.16 313.35 Td (reduce ) Tj ET Q q 0 0 0 rg BT 90.13 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 106.12 313.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 143.09 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.91 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 184.40 313.35 Td (if ) Tj ET Q q 0 0 0 rg BT 192.81 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 200.63 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 209.63 313.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 258.86 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 276.59 313.35 Td (any ) Tj ET Q q 0 0 0 rg BT 293.75 313.35 Td (future ) Tj ET Q q 0 0 0 rg BT 320.81 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.63 313.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 370.87 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 385.68 313.35 Td (not ) Tj ET Q q 0 0 0 rg BT 401.09 313.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 426.99 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 437.16 313.35 Td (be ) Tj ET Q q 0 0 0 rg BT 449.06 313.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 484.28 313.35 Td (before ) Tj ET Q q 0 0 0 rg BT 513.08 313.35 Td (they ) Tj ET Q q 0 0 0 rg BT 533.16 313.35 Td (expire. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 90.13 300.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 105.78 300.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 133.11 300.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 176.74 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 187.73 300.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.23 300.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 263.97 300.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 303.54 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 326.78 300.75 Td (net ) Tj ET Q q 0 0 0 rg BT 342.43 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.91 300.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 412.82 300.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 454.71 300.75 Td (expire ) Tj ET Q q 0 0 0 rg BT 483.77 300.75 Td (20�years ) Tj ET Q q 0 0 0 rg BT 521.88 300.75 Td (after ) Tj ET Q q 0 0 0 rg BT 543.93 300.75 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 65.08 288.15 Td (generated. ) Tj ET Q q 0 0 0 rg BT 110.62 288.15 Td (Those ) Tj ET Q q 0 0 0 rg BT 138.55 288.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 177.56 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 200.23 288.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 232.82 288.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.92 288.15 Td (credits ) Tj ET Q q 0 0 0 rg BT 278.17 288.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 319.50 288.15 Td (expire ) Tj ET Q q 0 0 0 rg BT 348.00 288.15 Td (10�years ) Tj ET Q q 0 0 0 rg BT 385.55 288.15 Td (after ) Tj ET Q q 0 0 0 rg BT 407.05 288.15 Td (they ) Tj ET Q q 0 0 0 rg BT 427.39 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 442.47 288.15 Td (generated. ) Tj ET Q q 0 0 0 rg BT 488.17 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 499.18 288.15 Td (order ) Tj ET Q q 0 0 0 rg BT 523.60 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 534.04 288.15 Td (realize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 74.44 275.55 Td (future ) Tj ET Q q 0 0 0 rg BT 102.38 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 118.08 275.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 156.81 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 171.93 275.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 209.78 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 228.40 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 243.51 275.55 Td (must ) Tj ET Q q 0 0 0 rg BT 266.80 275.55 Td (generate ) Tj ET Q q 0 0 0 rg BT 305.22 275.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 368.74 275.55 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 389.99 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 392.85 275.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 423.14 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 434.18 275.55 Td (future ) Tj ET Q q 0 0 0 rg BT 462.12 275.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 483.66 275.55 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 524.73 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 536.34 275.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td ($740 ) Tj ET Q q 0 0 0 rg BT 73.47 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 106.27 262.95 Td (must ) Tj ET Q q 0 0 0 rg BT 129.16 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 141.53 262.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 174.32 262.95 Td (sourced ) Tj ET Q q 0 0 0 rg BT 209.44 262.95 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 250.11 262.95 Td (before ) Tj ET Q q 0 0 0 rg BT 279.39 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 294.68 262.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 330.39 262.95 Td (expire. ) Tj ET Q q 0 0 0 rg BT 361.54 262.95 Td (There ) Tj ET Q q 0 0 0 rg BT 388.48 262.95 Td (can ) Tj ET Q q 0 0 0 rg BT 405.52 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 417.90 262.95 Td (no ) Tj ET Q q 0 0 0 rg BT 430.86 262.95 Td (assurances ) Tj ET Q q 0 0 0 rg BT 478.23 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 496.44 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 511.15 262.95 Td (will ) Tj ET Q q 0 0 0 rg BT 529.95 262.95 Td (achieve ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (this ) Tj ET Q q 0 0 0 rg BT 67.72 250.35 Td (level ) Tj ET Q q 0 0 0 rg BT 90.67 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 101.96 250.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 140.07 250.35 Td (before ) Tj ET Q q 0 0 0 rg BT 169.43 250.35 Td (some ) Tj ET Q q 0 0 0 rg BT 194.14 250.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 227.02 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 238.31 250.35 Td (these ) Tj ET Q q 0 0 0 rg BT 262.43 250.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.80 250.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 313.58 250.35 Td (expires. ) Tj ET Q q 0 0 0 rg BT 349.08 250.35 Td (In ) Tj ET Q q 0 0 0 rg BT 360.37 250.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 399.95 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 416.49 250.35 Td (belief ) Tj ET Q q 0 0 0 rg BT 442.94 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 461.23 250.35 Td (we ) Tj ET Q q 0 0 0 rg BT 476.02 250.35 Td (will ) Tj ET Q q 0 0 0 rg BT 494.90 250.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 521.35 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 533.81 250.35 Td (able ) Tj ET Q q 0 0 0 rg BT 553.84 250.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (realize ) Tj ET Q q 0 0 0 rg BT 80.15 237.75 Td (these ) Tj ET Q q 0 0 0 rg BT 103.90 237.75 Td (future ) Tj ET Q q 0 0 0 rg BT 131.15 237.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.15 237.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 181.57 237.75 Td (is ) Tj ET Q q 0 0 0 rg BT 190.75 237.75 Td (based ) Tj ET Q q 0 0 0 rg BT 216.83 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 227.18 237.75 Td (part ) Tj ET Q q 0 0 0 rg BT 245.68 237.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 268.85 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 285.03 237.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 326.28 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.20 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.21 237.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 381.80 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.72 237.75 Td (other ) Tj ET Q q 0 0 0 rg BT 416.48 237.75 Td (dif) Tj ET Q q 0 0 0 rg BT 427.95 237.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 465.10 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 475.44 237.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 510.85 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.18 237.75 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 100.17 225.15 Td (between ) Tj ET Q q 0 0 0 rg BT 137.50 225.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.68 225.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 184.19 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.70 225.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.78 225.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 287.46 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 304.97 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 321.32 225.15 Td (understanding ) Tj ET Q q 0 0 0 rg BT 383.16 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 394.25 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.43 225.15 Td (application ) Tj ET Q q 0 0 0 rg BT 458.44 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 469.53 225.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 484.71 225.15 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 536.34 225.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 71.00 212.55 Td (prove ) Tj ET Q q 0 0 0 rg BT 97.83 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 108.92 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 121.75 212.55 Td (incorrect ) Tj ET Q q 0 0 0 rg BT 161.99 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 177.15 212.55 Td (any ) Tj ET Q q 0 0 0 rg BT 195.23 212.55 Td (number ) Tj ET Q q 0 0 0 rg BT 230.23 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 241.90 212.55 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 278.94 212.55 Td (including ) Tj ET Q q 0 0 0 rg BT 321.52 212.55 Td (future ) Tj ET Q q 0 0 0 rg BT 349.52 212.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 386.26 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 397.35 212.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.10 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 424.77 212.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 473.76 212.55 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 525.96 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 528.88 212.55 Td (Further) Tj ET Q q 0 0 0 rg BT 559.37 212.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 66.72 199.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 108.52 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 126.41 199.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 181.05 199.95 Td (do ) Tj ET Q q 0 0 0 rg BT 194.28 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 210.42 199.95 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 264.46 199.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 295.75 199.95 Td (possible ) Tj ET Q q 0 0 0 rg BT 332.89 199.95 Td (future ) Tj ET Q q 0 0 0 rg BT 360.69 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 397.23 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 408.12 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.68 199.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 470.15 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 481.62 199.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 505.92 199.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 537.23 199.95 Td (stock, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 80.77 187.35 Td (under ) Tj ET Q q 0 0 0 rg BT 107.16 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.48 187.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 143.64 187.35 Td (Internal ) Tj ET Q q 0 0 0 rg BT 178.77 187.35 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 217.99 187.35 Td (Code ) Tj ET Q q 0 0 0 rg BT 242.64 187.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 261.45 187.35 Td (�Code�\), ) Tj ET Q q 0 0 0 rg BT 301.54 187.35 Td (could ) Tj ET Q q 0 0 0 rg BT 327.36 187.35 Td (limit ) Tj ET Q q 0 0 0 rg BT 349.68 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 366.16 187.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 411.22 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 422.45 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 437.77 187.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 479.91 187.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 498.73 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 516.38 187.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 549.18 187.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.38 174.75 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 114.73 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 117.21 174.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 145.93 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.24 174.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 197.53 174.75 Td (Code ) Tj ET Q q 0 0 0 rg BT 222.17 174.75 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 271.03 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 283.42 174.75 Td (�ownership ) Tj ET Q q 0 0 0 rg BT 334.31 174.75 Td (change� ) Tj ET Q q 0 0 0 rg BT 371.18 174.75 Td (occurs ) Tj ET Q q 0 0 0 rg BT 401.06 174.75 Td (if ) Tj ET Q q 0 0 0 rg BT 409.96 174.75 Td (there ) Tj ET Q q 0 0 0 rg BT 433.42 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 442.91 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.05 174.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 499.18 174.75 Td (net ) Tj ET Q q 0 0 0 rg BT 514.49 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 516.97 174.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 553.84 174.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.58 162.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 109.13 162.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 155.63 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 167.12 162.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 191.45 162.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 222.78 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.69 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 260.94 162.15 Td (�5% ) Tj ET Q q 0 0 0 rg BT 282.35 162.15 Td (shareholders� ) Tj ET Q q 0 0 0 rg BT 342.83 162.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 357.82 162.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 392.05 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 402.97 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 418.55 162.15 Td (Code\) ) Tj ET Q q 0 0 0 rg BT 446.96 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 449.71 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.21 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 485.53 162.15 Td (than ) Tj ET Q q 0 0 0 rg BT 506.36 162.15 Td (50 ) Tj ET Q q 0 0 0 rg BT 519.61 162.15 Td (percent ) Tj ET Q q 0 0 0 rg BT 553.25 162.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 67.57 149.55 Td (total ) Tj ET Q q 0 0 0 rg BT 90.97 149.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 144.72 149.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 175.70 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 189.19 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 215.50 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 248.83 149.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.73 149.55 Td (during ) Tj ET Q q 0 0 0 rg BT 307.89 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 317.29 149.55 Td (rolling ) Tj ET Q q 0 0 0 rg BT 350.03 149.55 Td (three-year ) Tj ET Q q 0 0 0 rg BT 397.32 149.55 Td (period. ) Tj ET Q q 0 0 0 rg BT 431.52 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 435.21 149.55 Td (An ) Tj ET Q q 0 0 0 rg BT 452.79 149.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 501.27 149.55 Td (change ) Tj ET Q q 0 0 0 rg BT 535.75 149.55 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 111.49 136.95 Td (establish ) Tj ET Q q 0 0 0 rg BT 153.15 136.95 Td (an ) Tj ET Q q 0 0 0 rg BT 167.98 136.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 200.89 136.95 Td (limitation ) Tj ET Q q 0 0 0 rg BT 246.64 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 262.06 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 279.81 136.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 316.23 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 329.89 136.95 Td (pre-change ) Tj ET Q q 0 0 0 rg BT 381.45 136.95 Td (net ) Tj ET Q q 0 0 0 rg BT 399.19 136.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 443.77 136.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 465.03 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 485.11 136.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 520.35 136.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.09 136.95 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 111.58 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 126.53 124.35 Td (could ) Tj ET Q q 0 0 0 rg BT 152.56 124.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 181.50 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 192.37 124.35 Td (reduce ) Tj ET Q q 0 0 0 rg BT 223.05 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 239.74 124.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.27 124.35 Td (liability) Tj ET Q q 0 0 0 rg BT 287.26 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 292.58 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 295.09 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 314.11 124.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 348.31 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 359.76 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 375.29 124.35 Td (limitation ) Tj ET Q q 0 0 0 rg BT 418.82 124.35 Td (would ) Tj ET Q q 0 0 0 rg BT 447.77 124.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 489.54 124.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 514.98 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 530.50 124.35 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.90 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.04 111.75 Td (market ) Tj ET Q q 0 0 0 rg BT 108.35 111.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 167.06 111.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 221.70 111.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 244.26 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 254.58 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.55 111.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 315.45 111.75 Td (change ) Tj ET Q q 0 0 0 rg BT 347.33 111.75 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 392.65 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 405.30 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.28 111.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 463.84 111.75 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 513.22 111.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.27 111.75 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 61.18 99.15 Td (ef) Tj ET Q q 0 0 0 rg BT 69.15 99.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 87.90 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 98.50 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 117.26 99.15 Td (time. ) Tj ET Q q 0 0 0 rg BT 141.56 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 144.58 99.15 Td (Such ) Tj ET Q q 0 0 0 rg BT 168.60 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 181.52 99.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 228.28 99.15 Td (change ) Tj ET Q q 0 0 0 rg BT 261.03 99.15 Td (would ) Tj ET Q q 0 0 0 rg BT 290.30 99.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 321.89 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 337.73 99.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 368.17 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 379.93 99.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 414.44 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 426.20 99.15 Td (net ) Tj ET Q q 0 0 0 rg BT 442.05 99.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 484.72 99.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 504.07 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 515.84 99.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 549.17 99.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.57 86.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 112.47 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 127.38 86.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 172.63 86.55 Td (realize ) Tj ET Q q 0 0 0 rg BT 203.27 86.55 Td (before ) Tj ET Q q 0 0 0 rg BT 232.75 86.55 Td (they ) Tj ET Q q 0 0 0 rg BT 253.49 86.55 Td (expire. ) Tj ET Q q 0 0 0 rg BT 285.02 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 287.68 86.55 Td (If ) Tj ET Q q 0 0 0 rg BT 297.34 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 312.25 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 327.74 86.55 Td (required ) Tj ET Q q 0 0 0 rg BT 365.38 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 376.22 86.55 Td (recognize ) Tj ET Q q 0 0 0 rg BT 419.69 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 427.02 86.55 Td (char) Tj ET Q q 0 0 0 rg BT 444.90 86.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 457.47 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 468.31 86.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 506.54 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 517.38 86.55 Td (reduce ) Tj ET Q q 0 0 0 rg BT 548.02 86.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.60 73.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 103.05 73.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 132.80 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 148.25 73.95 Td (char) Tj ET Q q 0 0 0 rg BT 166.13 73.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 178.67 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 199.37 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 211.90 73.95 Td (material ) Tj ET Q q 0 0 0 rg BT 248.93 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 259.72 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 276.34 73.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 314.54 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 325.91 73.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.27 73.95 Td (condition.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (26) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (W) Tj ET Q q 0 0 0 rg BT 94.56 741.90 Td (e ) Tj ET Q q 0 0 0 rg BT 101.45 741.90 Td (Are ) Tj ET Q q 0 0 0 rg BT 119.83 741.90 Td (Exposed ) Tj ET Q q 0 0 0 rg BT 159.20 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 170.00 741.90 Td (a ) Tj ET Q q 0 0 0 rg BT 177.87 741.90 Td (Number ) Tj ET Q q 0 0 0 rg BT 216.08 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 227.46 741.90 Td (Risks ) Tj ET Q q 0 0 0 rg BT 253.03 741.90 Td (Arising ) Tj ET Q q 0 0 0 rg BT 287.76 741.90 Td (From ) Tj ET Q q 0 0 0 rg BT 314.89 741.90 Td (our ) Tj ET Q q 0 0 0 rg BT 332.69 741.90 Td (International ) Tj ET Q q 0 0 0 rg BT 393.09 741.90 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 716.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.77 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.62 716.70 Td (managers ) Tj ET Q q 0 0 0 rg BT 173.29 716.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 207.63 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 219.23 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 227.33 716.70 Td (number ) Tj ET Q q 0 0 0 rg BT 262.85 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 275.03 716.70 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 330.39 716.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 364.16 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 376.34 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 392.61 716.70 Td (United ) Tj ET Q q 0 0 0 rg BT 424.63 716.70 Td (States ) Tj ET Q q 0 0 0 rg BT 453.15 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 467.09 716.70 Td (behalf ) Tj ET Q q 0 0 0 rg BT 496.76 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 508.95 716.70 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 82.01 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 91.08 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 97.86 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 119.81 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 128.36 704.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 150.31 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.60 704.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 204.14 704.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 244.75 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.03 704.10 Td (many ) Tj ET Q q 0 0 0 rg BT 287.49 704.10 Td (cross ) Tj ET Q q 0 0 0 rg BT 311.19 704.10 Td (border ) Tj ET Q q 0 0 0 rg BT 340.72 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.00 704.10 Td (local ) Tj ET Q q 0 0 0 rg BT 380.53 704.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 429.30 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 454.76 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.63 704.10 Td (are ) Tj ET Q q 0 0 0 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(jurisdictions, ) Tj ET Q q 0 0 0 rg BT 107.55 678.90 Td (expose ) Tj ET Q q 0 0 0 rg BT 139.71 678.90 Td (us ) Tj ET Q q 0 0 0 rg BT 152.05 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 163.22 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 179.05 678.90 Td (political ) Tj ET Q q 0 0 0 rg BT 216.46 678.90 Td (consequences ) Tj ET Q q 0 0 0 rg BT 277.19 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 288.94 678.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 331.59 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 342.76 678.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 376.09 678.90 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 431.01 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 449.17 678.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 481.92 678.90 Td (us ) Tj ET Q q 0 0 0 rg BT 494.26 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 505.43 678.90 Td (expropriation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (risks, ) Tj ET Q q 0 0 0 rg BT 75.73 666.30 Td (expatriation ) Tj ET Q q 0 0 0 rg BT 129.16 666.30 Td (controls ) Tj ET Q q 0 0 0 rg BT 166.26 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ET Q q 0 0 0 rg BT 193.37 653.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.73 653.70 Td (that ) Tj ET Q q 0 0 0 rg BT 233.18 653.70 Td (we ) Tj ET Q q 0 0 0 rg BT 248.13 653.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 286.40 653.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 319.44 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 334.97 653.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 355.75 653.70 Td (At ) Tj ET Q q 0 0 0 rg BT 368.96 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 399.07 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 414.90 653.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 441.24 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 457.94 653.70 Td (total ) Tj ET Q q 0 0 0 rg BT 479.31 653.70 Td (liquid ) Tj ET Q q 0 0 0 rg BT 506.52 653.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 536.35 653.70 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (include ) Tj ET Q q 0 0 0 rg BT 83.70 641.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 107.78 641.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.24 641.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 179.86 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.82 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 229.18 641.10 Td (current ) Tj ET Q q 0 0 0 rg BT 261.71 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 310.58 641.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 355.66 641.10 Td (were ) Tj ET Q q 0 0 0 rg BT 378.86 641.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 400.03 641.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 432.88 641.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 496.32 641.10 Td ($700 ) Tj ET Q q 0 0 0 rg BT 520.12 641.10 Td (million ) Tj ET Q q 0 0 0 rg BT 553.25 641.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (which ) Tj ET Q q 0 0 0 rg BT 78.44 628.50 Td (was ) Tj ET Q q 0 0 0 rg BT 97.54 628.50 Td (used ) Tj ET Q q 0 0 0 rg BT 119.56 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 130.51 628.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 152.53 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 168.13 628.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 221.07 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.59 628.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 266.86 628.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 304.04 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 314.37 628.50 Td (April ) Tj ET Q q 0 0 0 rg BT 339.31 628.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 363.09 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.02 628.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 398.73 628.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 417.26 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 428.20 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 450.22 628.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 476.62 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 479.20 628.50 Td (The ) Tj ET Q q 0 0 0 rg BT 498.30 628.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 543.64 628.50 Td ($1.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 79.70 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 90.72 615.90 Td (liquid ) Tj ET Q q 0 0 0 rg BT 117.50 615.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 144.27 615.90 Td (included ) Tj ET Q q 0 0 0 rg BT 182.71 615.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 245.63 615.90 Td ($378 ) Tj ET Q q 0 0 0 rg BT 268.91 615.90 Td (million ) Tj ET Q q 0 0 0 rg BT 301.52 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 312.54 615.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 333.48 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 350.91 615.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 403.35 615.90 Td (held ) Tj ET Q q 0 0 0 rg BT 423.71 615.90 Td (by ) Tj ET Q q 0 0 0 rg BT 436.49 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 452.76 615.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 485.36 615.90 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 539.84 615.90 Td (some ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.35 603.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 92.24 603.30 Td (if ) Tj ET Q q 0 0 0 rg BT 101.26 603.30 Td (repatriated, ) Tj ET Q q 0 0 0 rg BT 151.37 603.30 Td (may ) Tj ET Q q 0 0 0 rg BT 172.05 603.30 Td (be ) Tj ET Q q 0 0 0 rg BT 184.57 603.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 216.91 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 227.68 603.30 Td (material ) Tj ET Q q 0 0 0 rg BT 264.68 603.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 280.12 603.30 Td (ef) Tj ET Q q 0 0 0 rg BT 288.08 603.30 Td (fects. ) Tj ET Q q 0 0 0 rg BT 313.13 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 315.74 603.30 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 373.45 603.30 Td (despite ) Tj ET Q q 0 0 0 rg BT 405.80 603.30 Td (controls ) Tj ET Q q 0 0 0 rg BT 442.23 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 459.99 603.30 Td (other ) Tj ET Q q 0 0 0 rg BT 484.17 603.30 Td (actions ) Tj ET Q q 0 0 0 rg BT 516.51 603.30 Td (reasonably ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (designed ) Tj ET Q q 0 0 0 rg BT 91.63 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.10 590.70 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 142.82 590.70 Td (these ) Tj ET Q q 0 0 0 rg BT 168.70 590.70 Td (risks, ) Tj ET Q q 0 0 0 rg BT 195.47 590.70 Td (our ) Tj ET Q q 0 0 0 rg BT 213.77 590.70 Td (international ) Tj ET Q q 0 0 0 rg BT 271.14 590.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 319.19 590.70 Td (expose ) Tj ET Q q 0 0 0 rg BT 352.65 590.70 Td (us ) Tj ET Q q 0 0 0 rg BT 366.29 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 378.76 590.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 402.91 590.70 Td (arising ) Tj ET Q q 0 0 0 rg BT 435.79 590.70 Td (from ) Tj ET Q q 0 0 0 rg BT 460.51 590.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 486.39 590.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 525.26 590.70 Td (potential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 110.96 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.99 578.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 160.52 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.06 578.10 Td (third ) Tj ET Q q 0 0 0 rg BT 196.68 578.10 Td (party ) Tj ET Q q 0 0 0 rg BT 222.04 578.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 252.65 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.60 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 296.97 578.10 Td (representatives ) Tj ET Q q 0 0 0 rg BT 363.73 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.26 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.05 578.10 Td (business ) Tj ET Q q 0 0 0 rg BT 433.43 578.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 476.87 578.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 510.99 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.78 578.10 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.91 565.50 Td (operation. ) Tj ET Q q 0 0 0 rg BT 160.82 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 163.44 565.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 182.40 565.50 Td (foreign ) Tj ET Q q 0 0 0 rg BT 215.34 565.50 Td (business ) Tj ET Q q 0 0 0 rg BT 253.56 565.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 299.92 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 315.36 565.50 Td (also ) Tj ET Q q 0 0 0 rg BT 334.90 565.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 367.27 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 378.06 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 393.52 565.50 Td (following ) Tj ET Q q 0 0 0 rg BT 436.97 565.50 Td (risks:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 540.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 540.30 Td (dif) Tj ET Q q 0 0 0 rg BT 115.47 540.30 Td (ficulty in managing, operating and marketing our international operations;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 527.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 527.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 155.81 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 166.22 527.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 205.18 527.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 247.07 527.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 269.13 527.70 Td (which ) Tj ET Q q 0 0 0 rg BT 297.03 527.70 Td (may ) Tj ET Q q 0 0 0 rg BT 317.35 527.70 Td (result ) Tj ET Q q 0 0 0 rg BT 342.91 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 353.32 527.70 Td (substantial ) Tj ET Q q 0 0 0 rg BT 400.47 527.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 438.28 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 446.25 527.70 Td (fects ) Tj ET Q q 0 0 0 rg BT 468.31 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 480.55 527.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 507.29 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 524.69 527.70 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.79 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.41 515.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 152.71 515.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 176.99 515.10 Td (-based ) Tj ET Q q 0 0 0 rg BT 207.02 515.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.38 515.10 Td (statements; ) Tj ET Q q 0 0 0 rg BT 296.25 515.10 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 502.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 502.50 Td (significant adverse changes in foreign political, economic, legal and regulatory environments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (Legal ) Tj ET Q q 0 0 0 rg BT 77.71 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 97.26 477.30 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 150.04 477.30 Td (Risks) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 452.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 136.46 452.10 Td (Matters ) Tj ET Q q 0 0 0 rg BT 172.34 452.10 Td (May ) Tj ET Q q 0 0 0 rg BT 194.21 452.10 Td (Negatively ) Tj ET Q q 0 0 0 rg BT 241.93 452.10 Td (Af) Tj ET Q q 0 0 0 rg BT 252.24 452.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.60 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.40 452.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 329.54 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.51 452.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 382.65 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.02 452.10 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 426.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.14 426.90 Td (business ) Tj ET Q q 0 0 0 rg BT 145.54 426.90 Td (is ) Tj ET Q q 0 0 0 rg BT 156.35 426.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 189.91 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 201.88 426.90 Td (regulation ) Tj ET Q q 0 0 0 rg BT 248.26 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 262.58 426.90 Td (various ) Tj ET Q q 0 0 0 rg BT 297.30 426.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 344.26 426.90 Td (authorities ) Tj ET Q q 0 0 0 rg BT 392.39 426.90 Td (around ) Tj ET Q q 0 0 0 rg BT 425.36 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 442.00 426.90 Td (world ) Tj ET Q q 0 0 0 rg BT 470.31 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 489.86 426.90 Td (are ) Tj ET Q q 0 0 0 rg BT 506.49 426.90 Td (char) Tj ET Q q 0 0 0 rg BT 524.37 426.90 Td (ged ) Tj ET Q q 0 0 0 rg BT 543.34 426.90 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (protecting ) Tj ET Q q 0 0 0 rg BT 94.29 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 108.83 414.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 145.54 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 156.00 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 171.71 414.30 Td (clients. ) Tj ET Q q 0 0 0 rg BT 203.34 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 212.41 414.30 Td (e ) Tj ET Q q 0 0 0 rg BT 218.78 414.30 Td (could ) Tj ET Q q 0 0 0 rg BT 243.82 414.30 Td (be ) Tj ET Q q 0 0 0 rg BT 255.45 414.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.91 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 296.79 414.30 Td (civil ) Tj ET Q q 0 0 0 rg BT 317.17 414.30 Td (liability) Tj ET Q q 0 0 0 rg BT 349.15 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 353.49 414.30 Td (criminal ) Tj ET Q q 0 0 0 rg BT 390.19 414.30 Td (liability) Tj ET Q q 0 0 0 rg BT 422.18 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 426.52 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 436.98 414.30 Td (sanction, ) Tj ET Q q 0 0 0 rg BT 476.31 414.30 Td (including ) Tj ET Q q 0 0 0 rg BT 517.69 414.30 Td (revocation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 62.13 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 79.50 401.70 Td (subsidiaries' ) Tj ET Q q 0 0 0 rg BT 134.35 401.70 Td (registrations ) Tj ET Q q 0 0 0 rg BT 189.64 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 201.76 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.22 401.70 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 291.63 401.70 Td (revocation ) Tj ET Q q 0 0 0 rg BT 339.32 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.45 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 367.66 401.70 Td (licenses ) Tj ET Q q 0 0 0 rg BT 404.28 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 416.40 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 433.78 401.70 Td (employees, ) Tj ET Q q 0 0 0 rg BT 484.68 401.70 Td (censures, ) Tj ET Q q 0 0 0 rg BT 526.84 401.70 Td (fines, ) Tj ET Q q 0 0 0 rg BT 553.25 401.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 95.37 389.10 Td (suspension ) Tj ET Q q 0 0 0 rg BT 143.68 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.65 389.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 201.18 389.10 Td (bar ) Tj ET Q q 0 0 0 rg BT 216.81 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 239.44 389.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 288.32 389.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 328.75 389.10 Td (if ) Tj ET Q q 0 0 0 rg BT 337.39 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.85 389.10 Td (violate ) Tj ET Q q 0 0 0 rg BT 382.65 389.10 Td (such ) Tj ET Q q 0 0 0 rg BT 404.12 389.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 425.58 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.55 389.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 487.57 389.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 507.87 389.10 Td (such ) Tj ET Q q 0 0 0 rg BT 529.34 389.10 Td (liability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 61.59 376.50 Td (sanction ) Tj ET Q q 0 0 0 rg BT 99.42 376.50 Td (could ) Tj ET Q q 0 0 0 rg BT 125.59 376.50 Td (have ) Tj ET Q q 0 0 0 rg BT 148.26 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 155.76 376.50 Td (material ) Tj ET Q q 0 0 0 rg BT 193.00 376.50 Td (adverse ) Tj ET Q q 0 0 0 rg BT 227.91 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 235.87 376.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 254.45 376.50 Td (on ) Tj ET Q q 0 0 0 rg BT 267.79 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 284.63 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.20 376.50 Td (condition, ) Tj ET Q q 0 0 0 rg BT 369.33 376.50 Td (results ) Tj ET Q q 0 0 0 rg BT 399.59 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 411.18 376.50 Td (operations, ) Tj ET Q q 0 0 0 rg BT 460.38 376.50 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 508.42 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 376.50 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (prospects. ) Tj ET Q q 0 0 0 rg BT 94.11 363.90 Td (In ) Tj ET Q q 0 0 0 rg BT 104.68 363.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 143.54 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 158.19 363.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 203.16 363.90 Td (environment ) Tj ET Q q 0 0 0 rg BT 258.05 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 268.04 363.90 Td (which ) Tj ET Q q 0 0 0 rg BT 295.53 363.90 Td (we ) Tj ET Q q 0 0 0 rg BT 309.59 363.90 Td (operate ) Tj ET Q q 0 0 0 rg BT 342.31 363.90 Td (frequently ) Tj ET Q q 0 0 0 rg BT 387.28 363.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 422.92 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 439.91 363.90 Td (has ) Tj ET Q q 0 0 0 rg BT 455.73 363.90 Td (seen ) Tj ET Q q 0 0 0 rg BT 476.21 363.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 522.36 363.90 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (regulation ) Tj ET Q q 0 0 0 rg BT 96.00 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 107.59 351.30 Td (recent ) Tj ET Q q 0 0 0 rg BT 136.66 351.30 Td (years. ) Tj ET Q q 0 0 0 rg BT 164.87 351.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 184.62 351.30 Td (profitability ) Tj ET Q q 0 0 0 rg BT 238.21 351.30 Td (could ) Tj ET Q q 0 0 0 rg BT 264.96 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 278.30 351.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 324.29 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 342.88 351.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 386.54 351.30 Td (af) Tj ET Q q 0 0 0 rg BT 394.51 351.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 423.58 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 437.50 351.30 Td (modification ) Tj ET Q q 0 0 0 rg BT 494.59 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 506.76 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 523.01 351.30 Td (rules ) Tj ET Q q 0 0 0 rg BT 546.85 351.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.66 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 116.41 338.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.98 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 161.81 338.70 Td (business ) Tj ET Q q 0 0 0 rg BT 199.40 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 216.56 338.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.30 338.70 Td (communities ) Tj ET Q q 0 0 0 rg BT 311.54 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 321.71 338.70 Td (general, ) Tj ET Q q 0 0 0 rg BT 357.24 338.70 Td (including ) Tj ET Q q 0 0 0 rg BT 398.90 338.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 434.72 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 444.89 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 459.72 338.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 480.97 338.70 Td (governing ) Tj ET Q q 0 0 0 rg BT 525.55 338.70 Td (taxation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 85.91 326.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 129.97 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.62 326.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 189.50 326.10 Td (commerce. ) Tj ET Q q 0 0 0 rg BT 237.35 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.84 326.10 Td (In ) Tj ET Q q 0 0 0 rg BT 249.08 326.10 Td (particular) Tj ET Q q 0 0 0 rg BT 288.88 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.00 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 306.74 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 328.05 326.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 367.15 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.80 326.10 Td (will ) Tj ET Q q 0 0 0 rg BT 401.63 326.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 439.28 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.94 326.10 Td (incur) Tj ET Q q 0 0 0 rg BT 470.09 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.21 326.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 520.03 326.10 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.63 313.50 Td (as ) Tj ET Q q 0 0 0 rg BT 85.00 313.50 Td (a ) Tj ET Q q 0 0 0 rg BT 92.28 313.50 Td (result ) Tj ET Q q 0 0 0 rg BT 118.24 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 129.61 313.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 175.38 313.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 211.83 313.50 Td (af) Tj ET Q q 0 0 0 rg BT 219.79 313.50 Td (fecting ) Tj ET Q q 0 0 0 rg BT 251.57 313.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 272.87 313.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 304.66 313.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 330.62 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 348.40 313.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 384.85 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 395.64 313.50 Td (European ) Tj ET Q q 0 0 0 rg BT 438.49 313.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 470.28 313.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 492.15 313.50 Td (regulation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 288.30 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 288.30 Td (e ) Tj ET Q q 0 0 0 rg BT 101.16 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 120.67 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 132.01 288.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 173.68 288.30 Td (af) Tj ET Q q 0 0 0 rg BT 181.65 288.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 208.72 288.30 Td (as ) Tj ET Q q 0 0 0 rg BT 218.90 288.30 Td (a ) Tj ET Q q 0 0 0 rg BT 224.99 288.30 Td (result ) Tj ET Q q 0 0 0 rg BT 249.75 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 259.93 288.30 Td (new ) Tj ET Q q 0 0 0 rg BT 278.86 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 289.04 288.30 Td (revised ) Tj ET Q q 0 0 0 rg BT 320.79 288.30 Td (legislation ) Tj ET Q q 0 0 0 rg BT 365.97 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 376.15 288.30 Td (regulations ) Tj ET Q q 0 0 0 rg BT 424.23 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 434.41 288.30 Td (by ) Tj ET Q q 0 0 0 rg BT 446.34 288.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 481.59 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 491.19 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 505.45 288.30 Td (interpretation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 60.94 275.70 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 115.61 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 126.55 275.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 162.00 275.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 183.44 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 200.80 275.70 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 252.12 275.70 Td (The ) Tj ET Q q 0 0 0 rg BT 270.64 275.70 Td (challenges ) Tj ET Q q 0 0 0 rg BT 317.15 275.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 362.49 275.70 Td (with ) Tj ET Q q 0 0 0 rg BT 383.36 275.70 Td (consistently ) Tj ET Q q 0 0 0 rg BT 435.72 275.70 Td (interpreting ) Tj ET Q q 0 0 0 rg BT 486.90 275.70 Td (regulations ) Tj ET Q q 0 0 0 rg BT 535.75 275.70 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.62 263.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 100.07 263.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 142.02 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 163.55 263.10 Td (add ) Tj ET Q q 0 0 0 rg BT 182.16 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.79 263.10 Td (such ) Tj ET Q q 0 0 0 rg BT 216.49 263.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 242.40 263.10 Td (For ) Tj ET Q q 0 0 0 rg BT 260.44 263.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 302.09 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 317.79 263.10 Td (note ) Tj ET Q q 0 0 0 rg BT 339.32 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.52 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.80 263.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.93 263.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 429.52 263.10 Td (government ) Tj ET Q q 0 0 0 rg BT 483.13 263.10 Td (has ) Tj ET Q q 0 0 0 rg BT 500.58 263.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 529.40 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.02 263.10 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (proposed ) Tj ET Q q 0 0 0 rg BT 91.30 250.50 Td (further) Tj ET Q q 0 0 0 rg BT 119.45 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 124.89 250.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.02 250.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.65 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 219.62 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 235.26 250.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 281.22 250.50 Td (structure ) Tj ET Q q 0 0 0 rg BT 320.77 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 332.32 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 347.96 250.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.50 250.50 Td (services ) Tj ET Q q 0 0 0 rg BT 424.13 250.50 Td (industry) Tj ET Q q 0 0 0 rg BT 457.87 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 463.30 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 481.27 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 496.32 250.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 526.53 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 537.51 250.50 Td (spend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (time ) Tj ET Q q 0 0 0 rg BT 70.64 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 87.79 237.90 Td (resources ) Tj ET Q q 0 0 0 rg BT 129.42 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 139.56 237.90 Td (comply ) Tj ET Q q 0 0 0 rg BT 173.04 237.90 Td (with ) Tj ET Q q 0 0 0 rg BT 193.69 237.90 Td (these ) Tj ET Q q 0 0 0 rg BT 217.25 237.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 262.38 237.90 Td (changes. ) Tj ET Q q 0 0 0 rg BT 300.80 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 302.79 237.90 Td (For ) Tj ET Q q 0 0 0 rg BT 319.35 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 326.00 237.90 Td (summary ) Tj ET Q q 0 0 0 rg BT 367.06 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.78 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 392.59 237.90 Td (laws, ) Tj ET Q q 0 0 0 rg BT 416.45 237.90 Td (regulations ) Tj ET Q q 0 0 0 rg BT 465.08 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 482.23 237.90 Td (regulators ) Tj ET Q q 0 0 0 rg BT 526.19 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 536.34 237.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (we ) Tj ET Q q 0 0 0 rg BT 64.87 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 80.31 225.30 Td (subject, ) Tj ET Q q 0 0 0 rg BT 115.30 225.30 Td (see ) Tj ET Q q 0 0 0 rg BT 131.34 225.30 Td (�Item ) Tj ET Q q 0 0 0 rg BT 157.86 225.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 165.74 225.30 Td (- ) Tj ET Q q 0 0 0 rg BT 171.86 225.30 Td (Business ) Tj ET Q q 0 0 0 rg BT 211.83 225.30 Td (- ) Tj ET Q q 0 0 0 rg BT 217.95 225.30 Td (Regulation.�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 200.10 Td (Instances ) Tj ET Q q 0 0 0 rg BT 127.14 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.96 200.10 Td (criminal ) Tj ET Q q 0 0 0 rg BT 175.02 200.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 208.59 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.82 200.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 250.05 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 262.63 200.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 313.68 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.92 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.83 200.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.31 200.10 Td (management ) Tj ET Q q 0 0 0 rg BT 417.03 200.10 Td (industry) Tj ET Q q 0 0 0 rg BT 450.77 200.10 Td (, ) Tj ET Q q 0 0 0 rg BT 455.47 200.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 504.20 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.02 200.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 546.84 200.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 74.22 187.50 Td (abuses ) Tj ET Q q 0 0 0 rg BT 104.85 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 117.99 187.50 Td (participants ) Tj ET Q q 0 0 0 rg BT 169.62 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 180.43 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 195.90 187.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.27 187.50 Td (services ) Tj ET Q q 0 0 0 rg BT 271.73 187.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 308.79 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 326.59 187.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 373.56 187.50 Td (governmental ) Tj ET Q q 0 0 0 rg BT 433.93 187.50 Td (intervention ) Tj ET Q q 0 0 0 rg BT 487.31 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 505.11 187.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 553.83 187.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 65.39 174.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.68 174.90 Td (markets ) Tj ET Q q 0 0 0 rg BT 140.48 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 158.20 174.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.49 174.90 Td (firms ) Tj ET Q q 0 0 0 rg BT 222.21 174.90 Td (have ) Tj ET Q q 0 0 0 rg BT 244.59 174.90 Td (led ) Tj ET Q q 0 0 0 rg BT 259.98 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 275.37 174.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.60 174.90 Td (government ) Tj ET Q q 0 0 0 rg BT 349.31 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 367.03 174.90 Td (regulators ) Tj ET Q q 0 0 0 rg BT 411.58 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 422.31 174.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.26 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 474.65 174.90 Td (rules ) Tj ET Q q 0 0 0 rg BT 497.62 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 515.34 174.90 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (governing, ) Tj ET Q q 0 0 0 rg BT 98.53 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 117.02 162.30 Td (oversight ) Tj ET Q q 0 0 0 rg BT 159.43 162.30 Td (of, ) Tj ET Q q 0 0 0 rg BT 174.13 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 190.29 162.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 212.30 162.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.36 162.30 Td (system. ) Tj ET Q q 0 0 0 rg BT 287.24 162.30 Td (This ) Tj ET Q q 0 0 0 rg BT 309.24 162.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 344.07 162.30 Td (has ) Tj ET Q q 0 0 0 rg BT 361.39 162.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 397.96 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 409.46 162.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 446.61 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 458.11 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.27 162.30 Td (laws ) Tj ET Q q 0 0 0 rg BT 496.85 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 515.34 162.30 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (governing ) Tj ET Q q 0 0 0 rg BT 94.03 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 108.32 149.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 130.19 149.70 Td (management ) Tj ET Q q 0 0 0 rg BT 185.29 149.70 Td (industry ) Tj ET Q q 0 0 0 rg BT 221.17 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 237.78 149.70 Td (more ) Tj ET Q q 0 0 0 rg BT 260.82 149.70 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 306.59 149.70 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 360.52 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 370.72 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 385.01 149.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 419.72 149.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 440.42 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 457.04 149.70 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 507.78 149.70 Td (For ) Tj ET Q q 0 0 0 rg BT 523.82 149.70 Td (example, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.67 137.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 119.21 137.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 137.21 137.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 176.22 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.30 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.80 137.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 265.21 137.10 Td (overhaul ) Tj ET Q q 0 0 0 rg BT 304.78 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.37 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.04 137.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.62 137.10 Td (services ) Tj ET Q q 0 0 0 rg BT 408.28 137.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 454.27 137.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 510.18 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.18 137.10 Td (requires ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.83 124.50 Td (adoption ) Tj ET Q q 0 0 0 rg BT 105.58 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 117.33 124.50 Td (extensive ) Tj ET Q q 0 0 0 rg BT 159.99 124.50 Td (regulations ) Tj ET Q q 0 0 0 rg BT 209.65 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 227.82 124.50 Td (many ) Tj ET Q q 0 0 0 rg BT 254.15 124.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 300.30 124.50 Td (decisions ) Tj ET Q q 0 0 0 rg BT 342.39 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 353.56 124.50 Td (be ) Tj ET Q q 0 0 0 rg BT 366.47 124.50 Td (implemented. ) Tj ET Q q 0 0 0 rg BT 426.92 124.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 460.83 124.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 507.59 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 519.34 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 535.18 124.50 Td (Dodd-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (Frank ) Tj ET Q q 0 0 0 rg BT 76.01 111.90 Td (Act ) Tj ET Q q 0 0 0 rg BT 93.11 111.90 Td (will, ) Tj ET Q q 0 0 0 rg BT 114.01 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 131.11 111.90 Td (other ) Tj ET Q q 0 0 0 rg BT 154.62 111.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 200.32 111.90 Td (may) Tj ET Q q 0 0 0 rg BT 217.71 111.90 Td (, ) Tj ET Q q 0 0 0 rg BT 222.28 111.90 Td (require ) Tj ET Q q 0 0 0 rg BT 253.95 111.90 Td (us ) Tj ET Q q 0 0 0 rg BT 265.23 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 275.33 111.90 Td (change ) Tj ET Q q 0 0 0 rg BT 307.00 111.90 Td (or ) Tj ET Q q 0 0 0 rg BT 317.69 111.90 Td (impose ) Tj ET Q q 0 0 0 rg BT 349.96 111.90 Td (new ) Tj ET Q q 0 0 0 rg BT 369.39 111.90 Td (limitations ) Tj ET Q q 0 0 0 rg BT 416.25 111.90 Td (on ) Tj ET Q q 0 0 0 rg BT 428.69 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.46 111.90 Td (manner ) Tj ET Q q 0 0 0 rg BT 476.88 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 486.99 111.90 Td (which ) Tj ET Q q 0 0 0 rg BT 514.59 111.90 Td (we ) Tj ET Q q 0 0 0 rg BT 528.78 111.90 Td (conduct ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 91.94 99.30 Td (will ) Tj ET Q q 0 0 0 rg BT 112.01 99.30 Td (or ) Tj ET Q q 0 0 0 rg BT 124.49 99.30 Td (may ) Tj ET Q q 0 0 0 rg BT 146.30 99.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 184.43 99.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 231.31 99.30 Td (compliance ) Tj ET Q q 0 0 0 rg BT 283.44 99.30 Td (burdens, ) Tj ET Q q 0 0 0 rg BT 323.04 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 341.93 99.30 Td (may ) Tj ET Q q 0 0 0 rg BT 363.74 99.30 Td (have ) Tj ET Q q 0 0 0 rg BT 387.30 99.30 Td (unintended ) Tj ET Q q 0 0 0 rg BT 437.68 99.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 473.48 99.30 Td (consequences ) Tj ET Q q 0 0 0 rg BT 534.94 99.30 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 99.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 88.45 86.70 Td (or ) Tj ET Q q 0 0 0 rg BT 100.05 86.70 Td (structure ) Tj ET Q q 0 0 0 rg BT 139.65 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 151.25 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.94 86.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.53 86.70 Td (markets. ) Tj ET Q q 0 0 0 rg BT 245.26 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 247.91 86.70 Td (The ) Tj ET Q q 0 0 0 rg BT 267.09 86.70 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 304.37 86.70 Td (revisions 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387.99 61.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 427.93 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 439.30 61.50 Td (profitability ) Tj ET Q q 0 0 0 rg BT 492.09 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 503.46 61.50 Td (our ) Tj ET Q q 0 0 0 rg BT 520.08 61.50 Td (business.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (27) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 741.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.42 741.90 Td (Business ) Tj ET Q q 0 0 0 rg BT 147.85 741.90 Td (Involves ) Tj ET Q q 0 0 0 rg BT 186.92 741.90 Td (Risks ) Tj ET Q q 0 0 0 rg BT 213.18 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 224.84 741.90 Td (Being ) Tj ET Q q 0 0 0 rg BT 253.42 741.90 Td (Engaged ) Tj ET Q q 0 0 0 rg BT 294.83 741.90 Td (in ) Tj ET Q q 0 0 0 rg BT 306.50 741.90 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 352.00 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 371.25 741.90 Td (Liability ) Tj ET Q q 0 0 0 rg BT 410.33 741.90 Td (That ) Tj ET Q q 0 0 0 rg BT 433.66 741.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 462.83 741.90 Td (Increase ) Tj ET Q q 0 0 0 rg BT 503.07 741.90 Td (our ) Tj ET Q q 0 0 0 rg BT 521.16 741.90 Td (Expenses ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 68.96 729.30 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 103.67 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 121.47 729.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 139.25 729.30 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 704.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 114.21 704.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 148.25 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.71 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.43 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 217.73 704.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 252.94 704.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 301.57 704.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 325.12 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.59 704.10 Td (liability) Tj ET Q q 0 0 0 rg BT 369.57 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 375.91 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 388.37 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.92 704.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 438.37 704.10 Td (course ) Tj ET Q q 0 0 0 rg BT 469.49 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.96 704.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 523.89 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.60 704.10 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (managers ) Tj ET Q q 0 0 0 rg BT 92.86 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 108.30 691.50 Td (from ) Tj ET Q q 0 0 0 rg BT 131.33 691.50 Td (time ) Tj ET Q q 0 0 0 rg BT 152.62 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 163.41 691.50 Td (time ) Tj ET Q q 0 0 0 rg BT 184.70 691.50 Td (named ) Tj ET Q q 0 0 0 rg BT 215.31 691.50 Td (as ) Tj ET Q q 0 0 0 rg BT 226.68 691.50 Td (defendants ) Tj ET Q q 0 0 0 rg BT 274.78 691.50 Td (or ) Tj ET Q q 0 0 0 rg BT 286.15 691.50 Td (co-defendants ) Tj ET Q q 0 0 0 rg BT 347.67 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 358.46 691.50 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 398.13 691.50 Td (or ) Tj ET Q q 0 0 0 rg BT 409.50 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 424.94 691.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 464.31 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 475.10 691.50 Td (disputes ) Tj ET Q q 0 0 0 rg BT 512.14 691.50 Td (that ) Tj ET Q q 0 0 0 rg BT 530.51 691.50 Td (involve ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 66.58 678.90 Td (threat ) Tj ET Q q 0 0 0 rg BT 94.24 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 106.74 678.90 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 147.54 678.90 Td (seeking ) Tj ET Q q 0 0 0 rg BT 183.37 678.90 Td (substantial ) Tj ET Q q 0 0 0 rg BT 232.04 678.90 Td (damages. ) Tj ET Q q 0 0 0 rg BT 274.88 678.90 Td (W) Tj ET Q q 0 0 0 rg BT 283.95 678.90 Td (e ) Tj ET Q q 0 0 0 rg BT 292.37 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 308.94 678.90 Td (also ) Tj ET Q q 0 0 0 rg BT 329.61 678.90 Td (involved ) Tj ET Q q 0 0 0 rg BT 370.11 678.90 Td (from ) Tj ET Q q 0 0 0 rg BT 394.27 678.90 Td (time ) Tj ET Q q 0 0 0 rg BT 416.69 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 428.61 678.90 Td (time ) Tj ET Q q 0 0 0 rg BT 451.03 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 462.95 678.90 Td (governmental ) Tj ET Q q 0 0 0 rg BT 524.44 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 543.35 678.90 Td (self-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.72 666.30 Td (or) Tj ET Q q 0 0 0 rg BT 104.28 666.30 Td (ganization ) Tj ET Q q 0 0 0 rg BT 150.59 666.30 Td (investigations ) Tj ET Q q 0 0 0 rg BT 211.49 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 229.22 666.30 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 285.15 666.30 Td (including ) Tj ET Q q 0 0 0 rg BT 327.39 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 342.79 666.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 388.51 666.30 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 441.81 666.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 484.63 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 495.37 666.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 518.36 666.30 Td (8 ) Tj ET Q q 0 0 0 rg BT 526.18 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 537.50 666.30 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 61.02 653.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 119.28 653.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 161.20 653.70 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 212.75 653.70 Td (In ) Tj ET Q q 0 0 0 rg BT 224.35 653.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 264.24 653.70 Td (we ) Tj ET Q q 0 0 0 rg BT 279.33 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 295.00 653.70 Td (involved ) Tj ET Q q 0 0 0 rg BT 334.59 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 345.61 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 353.12 653.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 368.80 653.70 Td (dispute ) Tj ET Q q 0 0 0 rg BT 401.98 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 412.99 653.70 Td (Brazil ) Tj ET Q q 0 0 0 rg BT 441.50 653.70 Td (arising ) Tj ET Q q 0 0 0 rg BT 472.93 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 496.19 653.70 Td (matters ) Tj ET Q q 0 0 0 rg BT 529.94 653.70 Td (relating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.59 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.84 641.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 94.09 641.10 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 150.58 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.75 641.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 203.51 641.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 259.99 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 282.08 641.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 315.24 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.82 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.07 641.10 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 384.98 641.10 Td (business ) Tj ET Q q 0 0 0 rg BT 423.99 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.15 641.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.57 641.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 496.06 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 501.85 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.92 641.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 538.66 641.10 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (Management. ) Tj ET Q q 0 0 0 rg BT 110.17 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 112.70 628.50 Td (While ) Tj ET Q q 0 0 0 rg BT 141.09 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 156.65 628.50 Td (assessments ) Tj ET Q q 0 0 0 rg BT 210.13 628.50 Td (have ) Tj ET Q q 0 0 0 rg BT 232.69 628.50 Td (been ) Tj ET Q q 0 0 0 rg BT 255.24 628.50 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 302.88 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 317.85 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 325.24 628.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 358.31 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 369.79 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 385.34 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 388.08 628.50 Td (years ) Tj ET Q q 0 0 0 rg BT 412.96 628.50 Td (that ) Tj ET Q q 0 0 0 rg BT 431.44 628.50 Td (were ) Tj ET Q q 0 0 0 rg BT 454.57 628.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 487.05 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 497.94 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.50 628.50 Td (dispute, ) Tj ET Q q 0 0 0 rg BT 549.19 628.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 84.33 615.90 Td (at ) Tj ET Q q 0 0 0 rg BT 94.74 615.90 Td (issue ) Tj ET Q q 0 0 0 rg BT 118.57 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 129.57 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 145.23 615.90 Td (years ) Tj ET Q q 0 0 0 rg BT 170.22 615.90 Td (still ) Tj ET Q q 0 0 0 rg BT 188.81 615.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 221.38 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 232.38 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 248.04 615.90 Td (assessment ) Tj ET Q q 0 0 0 rg BT 297.54 615.90 Td (is ) Tj ET Q q 0 0 0 rg BT 307.38 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 328.87 615.90 Td ($14 ) Tj ET Q q 0 0 0 rg BT 347.45 615.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 383.24 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 386.08 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 388.91 615.90 Td (It ) Tj ET Q q 0 0 0 rg BT 398.15 615.90 Td (may ) Tj ET Q q 0 0 0 rg BT 419.07 615.90 Td (take ) Tj ET Q q 0 0 0 rg BT 439.39 615.90 Td (another ) Tj ET Q q 0 0 0 rg BT 473.70 615.90 Td (five ) Tj ET Q q 0 0 0 rg BT 492.86 615.90 Td (years ) Tj ET Q q 0 0 0 rg BT 517.85 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 529.43 615.90 Td (more ) Tj ET Q q 0 0 0 rg BT 553.83 615.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (achieve ) Tj ET Q q 0 0 0 rg BT 85.40 603.30 Td (final ) Tj ET Q q 0 0 0 rg BT 107.98 603.30 Td (resolution ) Tj ET Q q 0 0 0 rg BT 153.31 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 165.40 603.30 Td (this ) Tj ET Q q 0 0 0 rg BT 183.91 603.30 Td (matter ) Tj ET Q q 0 0 0 rg BT 214.06 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 226.15 603.30 Td (it ) Tj ET Q q 0 0 0 rg BT 235.32 603.30 Td (potentially ) Tj ET Q q 0 0 0 rg BT 283.57 603.30 Td (could ) Tj ET Q q 0 0 0 rg BT 310.23 603.30 Td (go ) Tj ET Q q 0 0 0 rg BT 324.07 603.30 Td (through ) Tj ET Q q 0 0 0 rg BT 360.07 603.30 Td (multiple ) Tj ET Q q 0 0 0 rg BT 398.41 603.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 426.24 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 438.33 603.30 Td (appeal. ) Tj ET Q q 0 0 0 rg BT 471.69 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 475.03 603.30 Td (During ) Tj ET Q q 0 0 0 rg BT 508.11 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 527.19 603.30 Td (time ) Tj ET Q q 0 0 0 rg BT 549.19 603.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (current ) Tj ET Q q 0 0 0 rg BT 82.75 590.70 Td ($14 ) Tj ET Q q 0 0 0 rg BT 101.51 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 134.87 590.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.38 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 180.56 590.70 Td (dispute ) Tj ET Q q 0 0 0 rg BT 213.91 590.70 Td (could ) Tj ET Q q 0 0 0 rg BT 240.26 590.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 277.66 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 288.85 590.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 352.51 590.70 Td ($35 ) Tj ET Q q 0 0 0 rg BT 371.28 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 404.63 590.70 Td (due ) Tj ET Q q 0 0 0 rg BT 422.81 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 433.99 590.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 479.00 590.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 512.92 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 531.10 590.70 Td (penalty ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 86.89 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.55 578.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 132.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.96 578.10 Td (future ) Tj ET Q q 0 0 0 rg BT 171.53 578.10 Td (year ) Tj ET Q q 0 0 0 rg BT 192.10 578.10 Td (deductions. ) Tj ET Q q 0 0 0 rg BT 242.72 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.04 578.10 Td (While ) Tj ET Q q 0 0 0 rg BT 273.19 578.10 Td (there ) Tj ET Q q 0 0 0 rg BT 296.68 578.10 Td (can ) Tj ET Q q 0 0 0 rg BT 313.75 578.10 Td (be ) Tj ET Q q 0 0 0 rg BT 326.16 578.10 Td (no ) Tj ET Q q 0 0 0 rg BT 339.16 578.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 382.48 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.72 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.05 578.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 438.97 578.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.22 578.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 488.88 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.12 578.10 Td (this ) Tj ET Q q 0 0 0 rg BT 517.79 578.10 Td (dispute, ) Tj ET Q q 0 0 0 rg BT 553.25 578.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 68.64 565.50 Td (we ) Tj ET Q q 0 0 0 rg BT 83.77 565.50 Td (will ) Tj ET Q q 0 0 0 rg BT 103.00 565.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 136.19 565.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 181.07 565.50 Td (favorable ) Tj ET Q q 0 0 0 rg BT 223.61 565.50 Td (judgments ) Tj ET Q q 0 0 0 rg BT 270.25 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 281.30 565.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 330.26 565.50 Td (with ) Tj ET Q q 0 0 0 rg BT 351.82 565.50 Td (this ) Tj ET Q q 0 0 0 rg BT 369.88 565.50 Td (matter) Tj ET Q q 0 0 0 rg BT 396.28 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 401.79 565.50 Td (we ) Tj ET Q q 0 0 0 rg BT 416.93 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 434.98 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 451.87 565.50 Td (local ) Tj ET Q q 0 0 0 rg BT 475.16 565.50 Td (advisors ) Tj ET Q q 0 0 0 rg BT 513.05 565.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 546.26 565.50 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.06 552.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 80.95 552.90 Td (position ) Tj ET Q q 0 0 0 rg BT 116.85 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 125.92 552.90 Td (correct ) Tj ET Q q 0 0 0 rg BT 157.12 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 174.35 552.90 Td (it ) Tj ET Q q 0 0 0 rg BT 182.24 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 191.31 552.90 Td (more ) Tj ET Q q 0 0 0 rg BT 214.95 552.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 240.92 552.90 Td (than ) Tj ET Q q 0 0 0 rg BT 261.06 552.90 Td (not ) Tj ET Q q 0 0 0 rg BT 276.54 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 294.35 552.90 Td (we ) Tj ET Q q 0 0 0 rg BT 308.66 552.90 Td (will ) Tj ET Q q 0 0 0 rg BT 327.06 552.90 Td (not ) Tj ET Q q 0 0 0 rg BT 342.54 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 354.51 552.90 Td (required ) Tj ET Q q 0 0 0 rg BT 391.55 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 401.78 552.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 419.01 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 433.90 552.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 457.53 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 467.76 552.90 Td (question ) Tj ET Q q 0 0 0 rg BT 505.41 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 516.22 552.90 Td (any ) Tj ET Q q 0 0 0 rg BT 533.44 552.90 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.53 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 101.32 540.30 Td (penalties.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 515.10 Td (In ) Tj ET Q q 0 0 0 rg BT 97.14 515.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.57 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.79 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.26 515.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 225.99 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.13 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.52 515.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 283.32 515.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 325.95 515.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 360.99 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 376.20 515.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 408.34 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.90 515.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 446.36 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.91 515.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 510.03 515.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 546.84 515.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (governmental ) Tj ET Q q 0 0 0 rg BT 111.18 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 129.78 502.50 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 195.03 502.50 Td (or) Tj ET Q q 0 0 0 rg BT 203.59 502.50 Td (ganization ) Tj ET Q q 0 0 0 rg BT 250.77 502.50 Td (investigations ) Tj ET Q q 0 0 0 rg BT 312.55 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 331.15 502.50 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 387.96 502.50 Td (any ) Tj ET Q q 0 0 0 rg BT 406.56 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 418.75 502.50 Td (which ) Tj ET Q q 0 0 0 rg BT 447.86 502.50 Td (could ) Tj ET Q q 0 0 0 rg BT 474.63 502.50 Td (harm ) Tj ET Q q 0 0 0 rg BT 499.65 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 515.93 502.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (returns ) Tj ET Q q 0 0 0 rg BT 80.98 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 91.54 489.90 Td (reputation ) Tj ET Q q 0 0 0 rg BT 135.93 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 146.50 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 161.14 489.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 206.11 489.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 227.17 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 237.74 489.90 Td (result ) Tj ET Q q 0 0 0 rg BT 262.89 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 272.87 489.90 Td (our ) Tj ET Q q 0 0 0 rg BT 288.69 489.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 310.92 489.90 Td (managers ) Tj ET Q q 0 0 0 rg BT 352.97 489.90 Td (being ) Tj ET Q q 0 0 0 rg BT 378.12 489.90 Td (liable ) Tj ET Q q 0 0 0 rg BT 403.26 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 413.25 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.89 489.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.04 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 467.11 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 484.09 489.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 522.65 489.90 Td (damages. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (There ) Tj ET Q q 0 0 0 rg BT 76.68 477.30 Td (has ) Tj ET Q q 0 0 0 rg BT 92.87 477.30 Td (been ) Tj ET Q q 0 0 0 rg BT 114.89 477.30 Td (an ) Tj ET Q q 0 0 0 rg BT 127.00 477.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 168.84 477.30 Td (incidence ) Tj ET Q q 0 0 0 rg BT 211.26 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.21 477.30 Td (litigation ) Tj ET Q q 0 0 0 rg BT 262.32 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 279.68 477.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 325.02 477.30 Td (investigations ) Tj ET Q q 0 0 0 rg BT 385.55 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 395.91 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 410.94 477.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.55 477.30 Td (management ) Tj ET Q q 0 0 0 rg BT 489.39 477.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 526.00 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 536.37 477.30 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 77.49 464.70 Td (including ) Tj ET Q q 0 0 0 rg BT 119.86 464.70 Td (customer ) Tj ET Q q 0 0 0 rg BT 161.06 464.70 Td (claims ) Tj ET Q q 0 0 0 rg BT 191.18 464.70 Td (as ) Tj ET Q q 0 0 0 rg BT 202.64 464.70 Td (well ) Tj ET Q q 0 0 0 rg BT 223.42 464.70 Td (as ) Tj ET Q q 0 0 0 rg BT 234.88 464.70 Td (class ) Tj ET Q q 0 0 0 rg BT 258.00 464.70 Td (action ) Tj ET Q q 0 0 0 rg BT 286.37 464.70 Td (suits ) Tj ET Q q 0 0 0 rg BT 308.33 464.70 Td (seeking ) Tj ET Q q 0 0 0 rg BT 343.12 464.70 Td (substantial ) Tj ET Q q 0 0 0 rg BT 390.74 464.70 Td (damages. ) Tj ET Q q 0 0 0 rg BT 432.22 464.70 Td (Any ) Tj ET Q q 0 0 0 rg BT 453.01 464.70 Td (litigation ) Tj ET Q q 0 0 0 rg BT 493.63 464.70 Td (can ) Tj ET Q q 0 0 0 rg BT 510.91 464.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 548.02 464.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 90.53 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.32 452.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 138.92 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.54 452.10 Td (net ) Tj ET Q q 0 0 0 rg BT 170.99 452.10 Td (income.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 86.00 426.90 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 132.98 426.90 Td (May ) Tj ET Q q 0 0 0 rg BT 154.85 426.90 Td (Not ) Tj ET Q q 0 0 0 rg BT 173.22 426.90 Td (Be ) Tj ET Q q 0 0 0 rg BT 187.12 426.90 Td (A) Tj ET Q q 0 0 0 rg BT 193.35 426.90 Td (vailable ) Tj ET Q q 0 0 0 rg BT 229.79 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 243.51 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 251.38 426.90 Td (Cost ) Tj ET Q q 0 0 0 rg BT 273.27 426.90 Td (Ef) Tj ET Q q 0 0 0 rg BT 283.58 426.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 314.18 426.90 Td (Basis ) Tj ET Q q 0 0 0 rg BT 340.15 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 350.94 426.90 Td (Protect ) Tj ET Q q 0 0 0 rg BT 384.47 426.90 Td (us ) Tj ET Q q 0 0 0 rg BT 397.02 426.90 Td (From ) Tj ET Q q 0 0 0 rg BT 424.15 426.90 Td (Liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 401.70 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 401.70 Td (e ) Tj ET Q q 0 0 0 rg BT 101.68 401.70 Td (face ) Tj ET Q q 0 0 0 rg BT 121.11 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 135.89 401.70 Td (inherent ) Tj ET Q q 0 0 0 rg BT 172.24 401.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 189.94 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 200.64 401.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 235.26 401.70 Td (related ) Tj ET Q q 0 0 0 rg BT 265.77 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 275.89 401.70 Td (litigation ) Tj ET Q q 0 0 0 rg BT 315.76 401.70 Td (from ) Tj ET Q q 0 0 0 rg BT 338.12 401.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 370.10 401.70 Td (third-party ) Tj ET Q q 0 0 0 rg BT 416.96 401.70 Td (vendors ) Tj ET Q q 0 0 0 rg BT 452.15 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 462.85 401.70 Td (others ) Tj ET Q q 0 0 0 rg BT 490.46 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 507.57 401.70 Td (actions ) Tj ET Q q 0 0 0 rg BT 539.26 401.70 Td (taken ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.68 389.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.00 389.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 151.72 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 157.40 389.10 Td (o ) Tj ET Q q 0 0 0 rg BT 165.83 389.10 Td (help ) Tj ET Q q 0 0 0 rg BT 187.08 389.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 219.41 389.10 Td (against ) Tj ET Q q 0 0 0 rg BT 252.33 389.10 Td (these ) Tj ET Q q 0 0 0 rg BT 277.08 389.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 317.00 389.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 361.88 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.30 389.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 417.79 389.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 461.20 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.54 389.10 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 513.93 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.26 389.10 Td (against ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (risks, ) Tj ET Q q 0 0 0 rg BT 73.94 376.50 Td (that ) Tj ET Q q 0 0 0 rg BT 91.17 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 104.90 376.50 Td (consider ) Tj ET Q q 0 0 0 rg BT 141.95 376.50 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 193.87 376.50 Td (where ) Tj ET Q q 0 0 0 rg BT 221.01 376.50 Td (such ) Tj ET Q q 0 0 0 rg BT 241.74 376.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 283.45 376.50 Td (is ) Tj ET Q q 0 0 0 rg BT 291.94 376.50 Td (available ) Tj ET Q q 0 0 0 rg BT 331.32 376.50 Td (at ) Tj ET Q q 0 0 0 rg BT 340.38 376.50 Td (prices ) Tj ET Q q 0 0 0 rg BT 366.93 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 380.66 376.50 Td (deem ) Tj ET Q q 0 0 0 rg BT 404.88 376.50 Td (acceptable. ) Tj ET Q q 0 0 0 rg BT 453.18 376.50 Td (There ) Tj ET Q q 0 0 0 rg BT 479.15 376.50 Td (can ) Tj ET Q q 0 0 0 rg BT 495.20 376.50 Td (be ) Tj ET Q q 0 0 0 rg BT 506.59 376.50 Td (no ) Tj ET Q q 0 0 0 rg BT 518.58 376.50 Td (assurance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (however) Tj ET Q q 0 0 0 rg BT 85.73 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 90.63 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 108.66 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 115.60 363.90 Td (claim ) Tj ET Q q 0 0 0 rg BT 141.20 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 152.22 363.90 Td (claims ) Tj ET Q q 0 0 0 rg BT 181.91 363.90 Td (will ) Tj ET Q q 0 0 0 rg BT 200.52 363.90 Td (be ) Tj ET Q q 0 0 0 rg BT 212.71 363.90 Td (covered ) Tj ET Q q 0 0 0 rg BT 248.22 363.90 Td (by ) Tj ET Q q 0 0 0 rg BT 261.00 363.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 303.51 363.90 Td (or) Tj ET Q q 0 0 0 rg BT 311.83 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 316.73 363.90 Td (if ) Tj ET Q q 0 0 0 rg BT 325.43 363.90 Td (covered, ) Tj ET Q q 0 0 0 rg BT 363.56 363.90 Td (will ) Tj ET Q q 0 0 0 rg BT 382.17 363.90 Td (not ) Tj ET Q q 0 0 0 rg BT 397.87 363.90 Td (exceed ) Tj ET Q q 0 0 0 rg BT 429.29 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 444.39 363.90 Td (limits ) Tj ET Q q 0 0 0 rg BT 470.59 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 481.62 363.90 Td (available ) Tj ET Q q 0 0 0 rg BT 521.79 363.90 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 93.48 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 112.18 351.30 Td (any ) Tj ET Q q 0 0 0 rg BT 130.30 351.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 162.42 351.30 Td (will ) Tj ET Q q 0 0 0 rg BT 181.72 351.30 Td (remain ) Tj ET Q q 0 0 0 rg BT 213.83 351.30 Td (solvent ) Tj ET Q q 0 0 0 rg BT 247.13 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 265.25 351.30 Td (will ) Tj ET Q q 0 0 0 rg BT 284.54 351.30 Td (meet ) Tj ET Q q 0 0 0 rg BT 307.91 351.30 Td (its ) Tj ET Q q 0 0 0 rg BT 320.79 351.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 370.42 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 381.55 351.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 416.58 351.30 Td (us ) Tj ET Q q 0 0 0 rg BT 428.88 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 450.51 351.30 Td (coverage ) Tj ET Q q 0 0 0 rg BT 491.36 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 503.07 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 521.77 351.30 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (coverage ) Tj ET Q q 0 0 0 rg BT 90.90 338.70 Td (will ) Tj ET Q q 0 0 0 rg BT 110.24 338.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 149.41 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 160.58 338.70 Td (be ) Tj ET Q q 0 0 0 rg BT 173.50 338.70 Td (available ) Tj ET Q q 0 0 0 rg BT 214.40 338.70 Td (with ) Tj ET Q q 0 0 0 rg BT 236.08 338.70 Td (suf) Tj ET Q q 0 0 0 rg BT 248.72 338.70 Td (ficient ) Tj ET Q q 0 0 0 rg BT 278.55 338.70 Td (limits ) Tj ET Q q 0 0 0 rg BT 305.48 338.70 Td (at ) Tj ET Q q 0 0 0 rg BT 316.07 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 323.74 338.70 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.64 338.70 Td (cost. ) Tj ET Q q 0 0 0 rg BT 394.19 338.70 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 438.01 338.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 462.02 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 477.84 338.70 Td (impacted ) Tj ET Q q 0 0 0 rg BT 519.34 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 532.85 338.70 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.64 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.70 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.42 326.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 145.07 326.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 174.95 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.59 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.31 326.10 Td (insured, ) Tj ET Q q 0 0 0 rg BT 235.74 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.80 326.10 Td (may ) Tj ET Q q 0 0 0 rg BT 272.77 326.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.06 326.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 363.45 326.10 Td (over ) Tj ET Q q 0 0 0 rg BT 384.00 326.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 425.54 326.10 Td (short ) Tj ET Q q 0 0 0 rg BT 448.44 326.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 483.87 326.10 Td (In ) Tj ET Q q 0 0 0 rg BT 494.51 326.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 533.44 326.10 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 92.65 313.50 Td (coverage ) Tj ET Q q 0 0 0 rg BT 132.95 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 153.44 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 169.28 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 181.60 313.50 Td (available ) Tj ET Q q 0 0 0 rg BT 221.91 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 233.07 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 253.57 313.50 Td (only ) Tj ET Q q 0 0 0 rg BT 274.65 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 286.98 313.50 Td (available ) Tj ET Q q 0 0 0 rg BT 327.29 313.50 Td (at ) Tj ET Q q 0 0 0 rg BT 337.28 313.50 Td (prohibitive ) Tj ET Q q 0 0 0 rg BT 385.77 313.50 Td (costs. ) Tj ET Q q 0 0 0 rg BT 411.81 313.50 Td (Renewals ) Tj ET Q q 0 0 0 rg BT 455.05 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 466.21 313.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 508.86 313.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 543.93 313.50 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (expose ) Tj ET Q q 0 0 0 rg BT 81.78 300.90 Td (us ) Tj ET Q q 0 0 0 rg BT 93.74 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 104.54 300.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 149.15 300.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 172.78 300.90 Td (through ) Tj ET Q q 0 0 0 rg BT 208.07 300.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 237.52 300.90 Td (premiums ) Tj ET Q q 0 0 0 rg BT 282.14 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 293.51 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.96 300.90 Td (assumption ) Tj ET Q q 0 0 0 rg BT 359.42 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 370.80 300.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 400.25 300.90 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 450.69 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 462.06 300.90 Td (co-insurance ) Tj ET Q q 0 0 0 rg BT 518.33 300.90 Td (liability) Tj ET Q q 0 0 0 rg BT 550.31 300.90 Td (.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (28) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 741.90 Td (1B. ) Tj ET Q q 0 0 0 rg BT 98.13 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 100.76 741.90 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 150.56 741.90 Td (VED ) Tj ET Q q 0 0 0 rg BT 175.35 741.90 Td (ST) Tj ET Q q 0 0 0 rg BT 187.42 741.90 Td (AFF) Tj ET Q q 0 0 0 rg BT 207.44 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 210.06 741.90 Td (COMMENTS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 717.30 Td (None.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 692.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 692.70 Td (2. ) Tj ET Q q 0 0 0 rg BT 91.13 692.70 Td ( ) Tj ET Q q 0 0 0 rg BT 93.75 692.70 Td (PROPER) Tj ET Q q 0 0 0 rg BT 136.55 692.70 Td (TIES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 102.61 668.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 126.48 668.10 Td (all ) Tj ET Q q 0 0 0 rg BT 139.86 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.49 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.37 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 176.93 668.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 195.55 668.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 224.38 668.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 243.59 668.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 300.11 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.16 668.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 349.61 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 374.06 668.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 416.03 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.73 668.10 Td (located ) Tj ET Q q 0 0 0 rg BT 464.93 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.98 668.10 Td (an ) Tj ET Q q 0 0 0 rg BT 488.77 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 497.33 668.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 515.95 668.10 Td (building ) Tj ET Q q 0 0 0 rg BT 553.84 668.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 655.50 Td (Baltimore, ) Tj ET Q q 0 0 0 rg BT 97.34 655.50 Td (Maryland, ) Tj ET Q q 0 0 0 rg BT 143.51 655.50 Td (in ) Tj ET Q q 0 0 0 rg BT 154.39 655.50 Td (which ) Tj ET Q q 0 0 0 rg BT 182.78 655.50 Td (we ) Tj ET Q q 0 0 0 rg BT 197.74 655.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 238.36 655.50 Td (hold ) Tj ET Q q 0 0 0 rg BT 259.75 655.50 Td (under ) Tj ET Q q 0 0 0 rg BT 286.38 655.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 310.09 655.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 373.46 655.50 Td (372,000 ) Tj ET Q q 0 0 0 rg BT 410.30 655.50 Td (square ) Tj ET Q q 0 0 0 rg BT 440.43 655.50 Td (feet, ) Tj ET Q q 0 0 0 rg BT 461.51 655.50 Td (of ) Tj ET Q q 0 0 0 rg BT 472.98 655.50 Td (which ) Tj ET Q q 0 0 0 rg BT 501.36 655.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 642.90 Td (159,000 ) Tj ET Q q 0 0 0 rg BT 87.00 642.90 Td (square ) Tj ET Q q 0 0 0 rg BT 117.29 642.90 Td (feet ) Tj ET Q q 0 0 0 rg BT 135.90 642.90 Td (has ) Tj ET Q q 0 0 0 rg BT 152.78 642.90 Td (been ) Tj ET Q q 0 0 0 rg BT 175.48 642.90 Td (subleased ) Tj ET Q q 0 0 0 rg BT 219.18 642.90 Td (to ) Tj ET Q q 0 0 0 rg BT 230.23 642.90 Td (third ) Tj ET Q q 0 0 0 rg BT 252.94 642.90 Td (parties. ) Tj ET Q q 0 0 0 rg BT 286.44 642.90 Td ( ) Tj ET Q q 0 0 0 rg BT 289.11 642.90 Td (W) Tj ET Q q 0 0 0 rg BT 298.18 642.90 Td (e ) Tj ET Q q 0 0 0 rg BT 305.72 642.90 Td (are ) Tj ET Q q 0 0 0 rg BT 321.42 642.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 362.20 642.90 Td (seeking ) Tj ET Q q 0 0 0 rg BT 397.15 642.90 Td (to ) Tj ET Q q 0 0 0 rg BT 408.20 642.90 Td (secure ) Tj ET Q q 0 0 0 rg BT 437.89 642.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 482.77 642.90 Td (tenants ) Tj ET Q q 0 0 0 rg BT 515.39 642.90 Td (to ) Tj ET Q q 0 0 0 rg BT 526.44 642.90 Td (sublease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 630.30 Td (an ) Tj ET Q q 0 0 0 rg BT 62.54 630.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 107.15 630.30 Td (27,000 ) Tj ET Q q 0 0 0 rg BT 138.65 630.30 Td (square ) Tj ET Q q 0 0 0 rg BT 168.68 630.30 Td (feet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 605.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.59 605.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.25 605.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 172.74 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.16 605.10 Td (other ) Tj ET Q q 0 0 0 rg BT 215.99 605.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 268.83 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.90 605.10 Td (housed ) Tj ET Q q 0 0 0 rg BT 317.91 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.33 605.10 Td (of) Tj ET Q q 0 0 0 rg BT 337.89 605.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 356.88 605.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 399.23 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.65 605.10 Td (35 ) Tj ET Q q 0 0 0 rg BT 424.41 605.10 Td (cities ) Tj ET Q q 0 0 0 rg BT 449.83 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.25 605.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 475.01 605.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 516.75 605.10 Td (around ) Tj ET Q q 0 0 0 rg BT 549.17 605.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 592.50 Td (world. ) Tj ET Q q 0 0 0 rg BT 79.56 592.50 Td (The ) Tj ET Q q 0 0 0 rg BT 98.51 592.50 Td (lar) Tj ET Q q 0 0 0 rg BT 109.39 592.50 Td (gest ) Tj ET Q q 0 0 0 rg BT 128.93 592.50 Td (of ) Tj ET Q q 0 0 0 rg BT 140.30 592.50 Td (the ) Tj ET Q q 0 0 0 rg BT 155.76 592.50 Td (leases ) Tj ET Q q 0 0 0 rg BT 183.45 592.50 Td (include:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 567.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 567.30 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 160.92 567.30 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 219.49 567.30 Td (W) Tj ET Q q 0 0 0 rg BT 228.56 567.30 Td (estern ) Tj ET Q q 0 0 0 rg BT 258.00 567.30 Td (Asset ) Tj ET Q q 0 0 0 rg BT 286.94 567.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 347.35 567.30 Td (and ) Tj ET Q q 0 0 0 rg BT 368.12 567.30 Td (our ) Tj ET Q q 0 0 0 rg BT 387.72 567.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 441.74 567.30 Td (and ) Tj ET Q q 0 0 0 rg BT 462.51 567.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 528.18 567.30 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 554.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 156.72 554.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 197.75 554.70 Td (occupy ) Tj ET Q q 0 0 0 rg BT 231.21 554.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 295.00 554.70 Td (130,000 ) Tj ET Q q 0 0 0 rg BT 332.26 554.70 Td (square ) Tj ET Q q 0 0 0 rg BT 362.80 554.70 Td (feet ) Tj ET Q q 0 0 0 rg BT 381.68 554.70 Td (in ) Tj ET Q q 0 0 0 rg BT 392.98 554.70 Td (an ) Tj ET Q q 0 0 0 rg BT 406.03 554.70 Td (of) Tj ET Q q 0 0 0 rg BT 414.59 554.70 Td (fice ) Tj ET Q q 0 0 0 rg BT 433.46 554.70 Td (building ) Tj ET Q q 0 0 0 rg BT 471.60 554.70 Td (located ) Tj ET Q q 0 0 0 rg BT 505.06 554.70 Td (in ) Tj ET Q q 0 0 0 rg BT 516.36 554.70 Td (New ) Tj ET Q q 0 0 0 rg BT 538.86 554.70 Td (Y) Tj ET Q q 0 0 0 rg BT 545.39 554.70 Td (ork, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 542.10 Td (New ) Tj ET Q q 0 0 0 rg BT 125.80 542.10 Td (Y) Tj ET Q q 0 0 0 rg BT 132.33 542.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 148.65 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.13 542.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.11 542.10 Td (we ) Tj ET Q q 0 0 0 rg BT 201.67 542.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 222.66 542.10 Td (under ) Tj ET Q q 0 0 0 rg BT 248.88 542.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 272.18 542.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 335.15 542.10 Td (193,000 ) Tj ET Q q 0 0 0 rg BT 371.59 542.10 Td (square ) Tj ET Q q 0 0 0 rg BT 401.31 542.10 Td (feet. ) Tj ET Q q 0 0 0 rg BT 421.82 542.10 Td (The ) Tj ET Q q 0 0 0 rg BT 440.47 542.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 485.35 542.10 Td (63,000 ) Tj ET Q q 0 0 0 rg BT 516.55 542.10 Td (square ) Tj ET Q q 0 0 0 rg BT 546.27 542.10 Td (feet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 529.50 Td (has ) Tj ET Q q 0 0 0 rg BT 120.62 529.50 Td (been ) Tj ET Q q 0 0 0 rg BT 143.07 529.50 Td (subleased ) Tj ET Q q 0 0 0 rg BT 186.52 529.50 Td (to ) Tj ET Q q 0 0 0 rg BT 197.31 529.50 Td (a ) Tj ET Q q 0 0 0 rg BT 204.59 529.50 Td (third ) Tj ET Q q 0 0 0 rg BT 227.05 529.50 Td (party;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 516.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 516.90 Td (W) Tj ET Q q 0 0 0 rg BT 113.07 516.90 Td (estern ) Tj ET Q q 0 0 0 rg BT 139.85 516.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.38 516.90 Td (Management�) Tj ET Q q 0 0 0 rg BT 223.11 516.90 Td (s ) Tj ET Q q 0 0 0 rg BT 229.40 516.90 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 285.23 516.90 Td (is ) Tj ET Q q 0 0 0 rg BT 294.43 516.90 Td (housed ) Tj ET Q q 0 0 0 rg BT 326.37 516.90 Td (in ) Tj ET Q q 0 0 0 rg BT 336.74 516.90 Td (an ) Tj ET Q q 0 0 0 rg BT 348.84 516.90 Td (of) Tj ET Q q 0 0 0 rg BT 357.40 516.90 Td (fice ) Tj ET Q q 0 0 0 rg BT 375.33 516.90 Td (building ) Tj ET Q q 0 0 0 rg BT 412.53 516.90 Td (in ) Tj ET Q q 0 0 0 rg BT 422.89 516.90 Td (Pasadena, ) Tj ET Q q 0 0 0 rg BT 466.78 516.90 Td (California ) Tj ET Q q 0 0 0 rg BT 511.55 516.90 Td (in ) Tj ET Q q 0 0 0 rg BT 521.91 516.90 Td (which ) Tj ET Q q 0 0 0 rg BT 549.77 516.90 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 504.30 Td (occupy ) Tj ET Q q 0 0 0 rg BT 136.95 504.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 200.22 504.30 Td (190,000 ) Tj ET Q q 0 0 0 rg BT 236.97 504.30 Td (square ) Tj ET Q q 0 0 0 rg BT 267.00 504.30 Td (feet; ) Tj ET Q q 0 0 0 rg BT 288.28 504.30 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 491.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 491.70 Td (our ) Tj ET Q q 0 0 0 rg BT 120.43 491.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 171.28 491.70 Td (and ) Tj ET Q q 0 0 0 rg BT 188.87 491.70 Td (administrative ) Tj ET Q q 0 0 0 rg BT 251.37 491.70 Td (services ) Tj ET Q q 0 0 0 rg BT 287.62 491.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 339.64 491.70 Td (occupy ) Tj ET Q q 0 0 0 rg BT 372.39 491.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 435.47 491.70 Td (79,000 ) Tj ET Q q 0 0 0 rg BT 466.78 491.70 Td (square ) Tj ET Q q 0 0 0 rg BT 496.61 491.70 Td (feet ) Tj ET Q q 0 0 0 rg BT 514.78 491.70 Td (in ) Tj ET Q q 0 0 0 rg BT 525.38 491.70 Td (an ) Tj ET Q q 0 0 0 rg BT 537.72 491.70 Td (of) Tj ET Q q 0 0 0 rg BT 546.28 491.70 Td (fice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 479.10 Td (building ) Tj ET Q q 0 0 0 rg BT 142.00 479.10 Td (located ) Tj ET Q q 0 0 0 rg BT 175.30 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.46 479.10 Td (Stamford, ) Tj ET Q q 0 0 0 rg BT 231.16 479.10 Td (Connecticut ) Tj ET Q q 0 0 0 rg BT 284.89 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.05 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 324.71 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.94 479.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 361.60 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 388.50 479.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 412.48 479.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 476.12 479.10 Td (138,000 ) Tj ET Q q 0 0 0 rg BT 513.24 479.10 Td (square ) Tj ET Q q 0 0 0 rg BT 543.64 479.10 Td (feet. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 466.50 Td (47,000 ) Tj ET Q q 0 0 0 rg BT 135.31 466.50 Td (square ) Tj ET Q q 0 0 0 rg BT 165.15 466.50 Td (feet ) Tj ET Q q 0 0 0 rg BT 183.32 466.50 Td (has ) Tj ET Q q 0 0 0 rg BT 199.75 466.50 Td (been ) Tj ET Q q 0 0 0 rg BT 222.01 466.50 Td (subleased ) Tj ET Q q 0 0 0 rg BT 265.27 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 275.87 466.50 Td (a ) Tj ET Q q 0 0 0 rg BT 282.97 466.50 Td (third ) Tj ET Q q 0 0 0 rg BT 305.23 466.50 Td (party) Tj ET Q q 0 0 0 rg BT 326.13 466.50 Td (. ) Tj ET Q q 0 0 0 rg BT 331.19 466.50 Td ( ) Tj ET Q q 0 0 0 rg BT 333.45 466.50 Td (W) Tj ET Q q 0 0 0 rg BT 342.52 466.50 Td (e ) Tj ET Q q 0 0 0 rg BT 349.61 466.50 Td (are ) Tj ET Q q 0 0 0 rg BT 364.87 466.50 Td (seeking ) Tj ET Q q 0 0 0 rg BT 399.38 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 409.98 466.50 Td (secure ) Tj ET Q q 0 0 0 rg BT 439.23 466.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 483.66 466.50 Td (tenants ) Tj ET Q q 0 0 0 rg BT 515.84 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 526.44 466.50 Td (sublease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 119.45 453.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 164.65 453.90 Td (12,000 ) Tj ET Q q 0 0 0 rg BT 196.15 453.90 Td (square ) Tj ET Q q 0 0 0 rg BT 226.18 453.90 Td (feet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 428.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 428.70 Td (See ) Tj ET Q q 0 0 0 rg BT 104.41 428.70 Td (Note�8 ) Tj ET Q q 0 0 0 rg BT 135.94 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 147.93 428.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 175.67 428.70 Td (to ) Tj ET Q q 0 0 0 rg BT 187.09 428.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.75 428.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 288.07 428.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 337.39 428.70 Td (in ) Tj ET Q q 0 0 0 rg BT 348.80 428.70 Td (Item�8 ) Tj ET Q q 0 0 0 rg BT 379.17 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 391.16 428.70 Td (this ) Tj ET Q q 0 0 0 rg BT 409.57 428.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 441.40 428.70 Td (for ) Tj ET Q q 0 0 0 rg BT 456.89 428.70 Td (a ) Tj ET Q q 0 0 0 rg BT 464.79 428.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 511.79 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 523.79 428.70 Td (our ) Tj ET Q q 0 0 0 rg BT 541.03 428.70 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (obligations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 378.30 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 378.30 Td (3. ) Tj ET Q q 0 0 0 rg BT 91.13 378.30 Td ( ) Tj ET Q q 0 0 0 rg BT 93.75 378.30 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 129.94 378.30 Td ( ) Tj ET Q q 0 0 0 rg BT 132.56 378.30 Td (PROCEEDINGS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 353.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.43 353.10 Td (current ) Tj ET Q q 0 0 0 rg BT 138.26 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.52 353.10 Td (former ) Tj ET Q q 0 0 0 rg BT 188.18 353.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 240.86 353.10 Td (have ) Tj ET Q q 0 0 0 rg BT 263.78 353.10 Td (been ) Tj ET Q q 0 0 0 rg BT 286.70 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.63 353.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 335.47 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.31 353.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 388.90 353.10 Td (complaints ) Tj ET Q q 0 0 0 rg BT 438.07 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.33 353.10 Td (have ) Tj ET Q q 0 0 0 rg BT 479.25 353.10 Td (also ) Tj ET Q q 0 0 0 rg BT 499.27 353.10 Td (been ) Tj ET Q q 0 0 0 rg BT 522.18 353.10 Td (named ) Tj ET Q q 0 0 0 rg BT 553.27 353.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 340.50 Td (defendants ) Tj ET Q q 0 0 0 rg BT 98.04 340.50 Td (in ) Tj ET Q q 0 0 0 rg BT 108.77 340.50 Td (various ) Tj ET Q q 0 0 0 rg BT 142.24 340.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 165.21 340.50 Td (actions ) Tj ET Q q 0 0 0 rg BT 197.52 340.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 228.65 340.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 270.29 340.50 Td (from ) Tj ET Q q 0 0 0 rg BT 293.26 340.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.23 340.50 Td (management, ) Tj ET Q q 0 0 0 rg BT 375.06 340.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.28 340.50 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 461.82 340.50 Td (and ) Tj ET Q q 0 0 0 rg BT 479.54 340.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 528.18 340.50 Td (banking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 92.53 327.90 Td (including ) Tj ET Q q 0 0 0 rg BT 134.20 327.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.76 327.90 Td (class ) Tj ET Q q 0 0 0 rg BT 187.18 327.90 Td (actions, ) Tj ET Q q 0 0 0 rg BT 221.55 327.90 Td (which ) Tj ET Q q 0 0 0 rg BT 249.21 327.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 290.29 327.90 Td (allege ) Tj ET Q q 0 0 0 rg BT 317.35 327.90 Td (violations ) Tj ET Q q 0 0 0 rg BT 360.77 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.52 327.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 413.18 327.90 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.43 327.90 Td (and ) Tj ET Q q 0 0 0 rg BT 451.59 327.90 Td (seek ) Tj ET Q q 0 0 0 rg BT 472.25 327.90 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 522.65 327.90 Td (damages, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 315.30 Td (which ) Tj ET Q q 0 0 0 rg BT 78.25 315.30 Td (could ) Tj ET Q q 0 0 0 rg BT 104.17 315.30 Td (be ) Tj ET Q q 0 0 0 rg BT 116.67 315.30 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 166.80 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 169.39 315.30 Td (For ) Tj ET Q q 0 0 0 rg BT 186.56 315.30 Td (example, ) Tj ET Q q 0 0 0 rg BT 227.34 315.30 Td (we ) Tj ET Q q 0 0 0 rg BT 242.18 315.30 Td (are ) Tj ET Q q 0 0 0 rg BT 257.58 315.30 Td (aware ) Tj ET Q q 0 0 0 rg BT 285.23 315.30 Td (of ) Tj ET Q q 0 0 0 rg BT 296.57 315.30 Td (litigation ) Tj ET Q q 0 0 0 rg BT 337.07 315.30 Td (against ) Tj ET Q q 0 0 0 rg BT 369.41 315.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 400.56 315.30 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 456.21 315.30 Td (of ) Tj ET Q q 0 0 0 rg BT 467.55 315.30 Td (of) Tj ET Q q 0 0 0 rg BT 476.11 315.30 Td (ferings ) Tj ET Q q 0 0 0 rg BT 507.85 315.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.61 315.30 Td (which ) Tj ET Q q 0 0 0 rg BT 546.86 315.30 Td (one ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.70 Td (or ) Tj ET Q q 0 0 0 rg BT 61.11 302.70 Td (more ) Tj ET Q q 0 0 0 rg BT 85.04 302.70 Td (of ) Tj ET Q q 0 0 0 rg BT 96.15 302.70 Td (our ) Tj ET Q q 0 0 0 rg BT 112.51 302.70 Td (former ) Tj ET Q q 0 0 0 rg BT 143.44 302.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 195.38 302.70 Td (was ) Tj ET Q q 0 0 0 rg BT 214.07 302.70 Td (a ) Tj ET Q q 0 0 0 rg BT 221.09 302.70 Td (participant, ) Tj ET Q q 0 0 0 rg BT 270.97 302.70 Td (but ) Tj ET Q q 0 0 0 rg BT 286.75 302.70 Td (where ) Tj ET Q q 0 0 0 rg BT 314.76 302.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.95 302.70 Td (former ) Tj ET Q q 0 0 0 rg BT 360.88 302.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 406.41 302.70 Td (is ) Tj ET Q q 0 0 0 rg BT 415.77 302.70 Td (not ) Tj ET Q q 0 0 0 rg BT 431.55 302.70 Td (now ) Tj ET Q q 0 0 0 rg BT 451.99 302.70 Td (a ) Tj ET Q q 0 0 0 rg BT 459.02 302.70 Td (defendant. ) Tj ET Q q 0 0 0 rg BT 505.40 302.70 Td (In ) Tj ET Q q 0 0 0 rg BT 516.50 302.70 Td (these ) Tj ET Q q 0 0 0 rg BT 540.44 302.70 Td (latter ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 78.20 290.10 Td (it ) Tj ET Q q 0 0 0 rg BT 87.45 290.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.87 290.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 135.71 290.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.88 290.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.54 290.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.03 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.36 290.10 Td (called ) Tj ET Q q 0 0 0 rg BT 233.85 290.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 258.27 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.85 290.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 315.84 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.43 290.10 Td (settlements ) Tj ET Q q 0 0 0 rg BT 378.09 290.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.25 290.10 Td (judgments. ) Tj ET Q q 0 0 0 rg BT 440.05 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.46 290.10 Td (In ) Tj ET Q q 0 0 0 rg BT 455.63 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.88 290.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 505.04 290.10 Td (course ) Tj ET Q q 0 0 0 rg BT 535.86 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.02 290.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 277.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 90.53 277.50 Td (our ) Tj ET Q q 0 0 0 rg BT 106.84 277.50 Td (current ) Tj ET Q q 0 0 0 rg BT 138.89 277.50 Td (and ) Tj ET Q q 0 0 0 rg BT 156.36 277.50 Td (former ) Tj ET Q q 0 0 0 rg BT 187.24 277.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 239.14 277.50 Td (have ) Tj ET Q q 0 0 0 rg BT 261.27 277.50 Td (also ) Tj ET Q q 0 0 0 rg BT 280.50 277.50 Td (received ) Tj ET Q q 0 0 0 rg BT 318.38 277.50 Td (subpoenas ) Tj ET Q q 0 0 0 rg BT 364.44 277.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.91 277.50 Td (are ) Tj ET Q q 0 0 0 rg BT 397.04 277.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 437.26 277.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 476.32 277.50 Td (in ) Tj ET Q q 0 0 0 rg BT 486.80 277.50 Td (governmental ) Tj ET Q q 0 0 0 rg BT 546.85 277.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 264.90 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 114.42 264.90 Td (agency ) Tj ET Q q 0 0 0 rg BT 146.77 264.90 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 188.76 264.90 Td (investigations ) Tj ET Q q 0 0 0 rg BT 249.71 264.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 270.11 264.90 Td (from ) Tj ET Q q 0 0 0 rg BT 293.14 264.90 Td (time ) Tj ET Q q 0 0 0 rg BT 314.42 264.90 Td (to ) Tj ET Q q 0 0 0 rg BT 325.21 264.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 349.11 264.90 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 405.09 264.90 Td ( ) Tj ET Q q 0 0 0 rg BT 407.51 264.90 Td (While ) Tj ET Q q 0 0 0 rg BT 435.79 264.90 Td ( ) Tj ET Q q 0 0 0 rg BT 438.40 264.90 Td (the ) Tj ET Q q 0 0 0 rg BT 453.85 264.90 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 490.88 264.90 Td (resolution ) Tj ET Q q 0 0 0 rg BT 535.49 264.90 Td (of ) Tj ET Q q 0 0 0 rg BT 546.85 264.90 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 252.30 Td (threatened ) Tj ET Q q 0 0 0 rg BT 96.21 252.30 Td (or ) Tj ET Q q 0 0 0 rg BT 107.44 252.30 Td (pending ) Tj ET Q q 0 0 0 rg BT 143.76 252.30 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 186.79 252.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 232.42 252.30 Td (investigations ) Tj ET Q q 0 0 0 rg BT 293.24 252.30 Td (and ) Tj ET Q q 0 0 0 rg BT 310.89 252.30 Td (other ) Tj ET Q q 0 0 0 rg BT 334.95 252.30 Td (matters ) Tj ET Q q 0 0 0 rg BT 368.34 252.30 Td (cannot ) Tj ET Q q 0 0 0 rg BT 398.82 252.30 Td (be ) Tj ET Q q 0 0 0 rg BT 411.22 252.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 451.60 252.30 Td (determined, ) Tj ET Q q 0 0 0 rg BT 503.95 252.30 Td (in ) Tj ET Q q 0 0 0 rg BT 514.60 252.30 Td (the ) Tj ET Q q 0 0 0 rg BT 529.92 252.30 Td (opinion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 239.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.46 239.70 Td (our ) Tj ET Q q 0 0 0 rg BT 78.18 239.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 137.17 239.70 Td (after ) Tj ET Q q 0 0 0 rg BT 159.11 239.70 Td (consultation ) Tj ET Q q 0 0 0 rg BT 213.16 239.70 Td (with ) Tj ET Q q 0 0 0 rg BT 234.54 239.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 257.67 239.70 Td (counsel, ) Tj ET Q q 0 0 0 rg BT 295.09 239.70 Td (due ) Tj ET Q q 0 0 0 rg BT 312.96 239.70 Td (in ) Tj ET Q q 0 0 0 rg BT 323.85 239.70 Td (part ) Tj ET Q q 0 0 0 rg BT 342.89 239.70 Td (to ) Tj ET Q q 0 0 0 rg BT 353.77 239.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.32 239.70 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 421.02 239.70 Td (nature ) Tj ET Q q 0 0 0 rg BT 449.97 239.70 Td (of ) Tj ET Q q 0 0 0 rg BT 461.44 239.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 492.72 239.70 Td (of ) Tj ET Q q 0 0 0 rg BT 504.18 239.70 Td (these ) Tj ET Q q 0 0 0 rg BT 528.48 239.70 Td (matters, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.73 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 80.04 227.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 120.42 227.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 150.90 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.55 227.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 199.03 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.34 227.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 248.32 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.56 227.10 Td (range ) Tj ET Q q 0 0 0 rg BT 285.36 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.60 227.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 335.82 227.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 363.40 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 386.29 227.10 Td (these ) Tj ET Q 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629.10 Td (He ) Tj ET Q q 0 0 0 rg BT 357.13 629.10 Td (began ) Tj ET Q q 0 0 0 rg BT 384.62 629.10 Td (his ) Tj ET Q q 0 0 0 rg BT 399.29 629.10 Td (career ) Tj ET Q q 0 0 0 rg BT 427.35 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 438.52 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.60 629.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 471.92 629.10 Td (analyst ) Tj ET Q q 0 0 0 rg BT 504.08 629.10 Td (at ) Tj ET Q q 0 0 0 rg BT 514.08 629.10 Td (First ) Tj ET Q q 0 0 0 rg BT 535.76 629.10 Td (Union ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 616.50 Td (National ) Tj ET Q q 0 0 0 rg BT 88.78 616.50 Td (Bank ) Tj ET Q q 0 0 0 rg BT 113.57 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 124.36 616.50 Td (Charlotte.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 591.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 591.30 Td (T) Tj ET Q q 0 0 0 rg BT 91.68 591.30 Td (erence ) Tj ET Q q 0 0 0 rg BT 122.06 591.30 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 162.09 591.30 Td (age ) Tj ET Q q 0 0 0 rg BT 179.65 591.30 Td (43, ) Tj ET Q q 0 0 0 rg BT 195.77 591.30 Td (was ) Tj ET Q q 0 0 0 rg BT 215.08 591.30 Td (appointed ) Tj ET Q q 0 0 0 rg BT 259.48 591.30 Td (Head ) Tj ET Q q 0 0 0 rg BT 284.62 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 296.35 591.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 327.92 591.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 381.66 591.30 Td (in ) Tj ET Q q 0 0 0 rg BT 392.82 591.30 Td (March ) Tj ET Q q 0 0 0 rg BT 423.21 591.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 447.20 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 465.34 591.30 Td (elected ) Tj ET Q q 0 0 0 rg BT 498.06 591.30 Td (Executive ) Tj ET Q q 0 0 0 rg BT 542.81 591.30 Td (V) Tj ET Q q 0 0 0 rg BT 549.77 591.30 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.70 Td (President ) Tj ET Q q 0 0 0 rg BT 91.54 578.70 Td (in ) Tj ET Q q 0 0 0 rg BT 101.62 578.70 Td (April ) Tj ET Q q 0 0 0 rg BT 126.24 578.70 Td (2013.� ) Tj ET Q q 0 0 0 rg BT 154.95 578.70 Td (Since ) Tj ET Q q 0 0 0 rg BT 180.73 578.70 Td (October ) Tj ET Q q 0 0 0 rg BT 217.01 578.70 Td (2012, ) Tj ET Q q 0 0 0 rg BT 243.09 578.70 Td (he ) Tj ET Q q 0 0 0 rg BT 255.46 578.70 Td (had ) Tj ET Q q 0 0 0 rg BT 273.08 578.70 Td (been ) Tj ET Q q 0 0 0 rg BT 295.35 578.70 Td (serving ) Tj ET Q q 0 0 0 rg BT 328.72 578.70 Td (as ) Tj ET Q q 0 0 0 rg BT 339.93 578.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 372.71 578.70 Td (Head ) Tj ET Q q 0 0 0 rg BT 397.32 578.70 Td (of ) Tj ET Q q 0 0 0 rg BT 408.53 578.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 439.56 578.70 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 495.40 578.70 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 543.34 578.70 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 105.35 566.10 Td (International ) Tj ET Q q 0 0 0 rg BT 160.97 566.10 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 216.32 566.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 246.88 566.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 281.52 566.10 Td (Development, ) Tj ET Q q 0 0 0 rg BT 342.68 566.10 Td (Marketing, ) Tj ET Q q 0 0 0 rg BT 391.02 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.72 566.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 473.28 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.41 566.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 538.46 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 566.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 553.50 Td (division.� ) Tj ET Q q 0 0 0 rg BT 91.74 553.50 Td (Prior ) Tj ET Q q 0 0 0 rg BT 115.39 553.50 Td (to ) Tj ET Q q 0 0 0 rg BT 126.21 553.50 Td (that, ) Tj ET Q q 0 0 0 rg BT 147.23 553.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 159.49 553.50 Td (. ) Tj ET Q q 0 0 0 rg BT 164.77 553.50 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 201.84 553.50 Td (headed ) Tj ET Q q 0 0 0 rg BT 234.22 553.50 Td (International ) Tj ET Q q 0 0 0 rg BT 290.52 553.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 343.93 553.50 Td (at ) Tj ET Q q 0 0 0 rg BT 354.16 553.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 378.38 553.50 Td (Mason.� ) Tj ET Q q 0 0 0 rg BT 414.87 553.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 427.12 553.50 Td (. ) Tj ET Q q 0 0 0 rg BT 432.40 553.50 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 469.47 553.50 Td (joined ) Tj ET Q q 0 0 0 rg BT 498.37 553.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 522.60 553.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 553.83 553.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.90 Td (December ) Tj ET Q q 0 0 0 rg BT 95.76 540.90 Td (2005 ) Tj ET Q q 0 0 0 rg BT 119.39 540.90 Td (from ) Tj ET Q q 0 0 0 rg BT 142.43 540.90 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 184.72 540.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 210.68 540.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 268.12 540.90 Td (following ) Tj ET Q q 0 0 0 rg BT 311.58 540.90 Td (its ) Tj ET Q q 0 0 0 rg BT 324.13 540.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 372.83 540.90 Td (by ) Tj ET Q q 0 0 0 rg BT 385.95 540.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.15 540.90 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 515.70 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 122.02 515.70 Td (C. ) Tj ET Q q 0 0 0 rg BT 133.84 515.70 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 178.89 515.70 Td (age ) Tj ET Q q 0 0 0 rg BT 195.65 515.70 Td (48, ) Tj ET Q q 0 0 0 rg BT 210.97 515.70 Td (was ) Tj ET Q q 0 0 0 rg BT 229.49 515.70 Td (appointed ) Tj ET Q q 0 0 0 rg BT 273.09 515.70 Td (General ) Tj ET Q q 0 0 0 rg BT 308.51 515.70 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 345.12 515.70 Td (in ) Tj ET Q q 0 0 0 rg BT 355.48 515.70 Td (March ) Tj ET Q q 0 0 0 rg BT 385.08 515.70 Td (2013 ) Tj ET Q q 0 0 0 rg BT 408.27 515.70 Td (and ) Tj ET Q q 0 0 0 rg BT 425.62 515.70 Td (elected ) Tj ET Q q 0 0 0 rg BT 457.54 515.70 Td (Executive ) Tj ET Q q 0 0 0 rg BT 501.56 515.70 Td (V) Tj ET Q q 0 0 0 rg BT 508.51 515.70 Td (ice ) Tj ET Q q 0 0 0 rg BT 522.94 515.70 Td (President ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.41 503.10 Td (April ) Tj ET Q q 0 0 0 rg BT 85.45 503.10 Td (2013.� ) Tj ET Q q 0 0 0 rg BT 114.58 503.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 126.83 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.33 503.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 175.44 503.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 218.56 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.60 503.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 254.63 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 266.26 503.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 311.12 503.10 Td (Secretary) Tj ET Q q 0 0 0 rg BT 350.08 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 355.58 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.12 503.10 Td (position ) Tj ET Q q 0 0 0 rg BT 399.84 503.10 Td (he ) Tj ET Q q 0 0 0 rg BT 412.62 503.10 Td (has ) Tj ET Q q 0 0 0 rg BT 429.50 503.10 Td (held ) Tj ET Q q 0 0 0 rg BT 450.45 503.10 Td (since ) Tj ET Q q 0 0 0 rg BT 474.90 503.10 Td (2008. ) Tj ET Q q 0 0 0 rg BT 501.40 503.10 Td (�Mr) Tj ET Q q 0 0 0 rg BT 516.28 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.78 503.10 Td (Merchant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 490.50 Td (oversees ) Tj ET Q q 0 0 0 rg BT 88.76 490.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 112.95 490.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 150.13 490.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 173.14 490.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.92 490.50 Td (compliance ) Tj ET Q q 0 0 0 rg BT 241.92 490.50 Td (departments.�Mr) Tj ET Q q 0 0 0 rg BT 310.75 490.50 Td (. ) Tj ET Q q 0 0 0 rg BT 315.98 490.50 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 358.83 490.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 405.77 490.50 Td (served ) Tj ET Q q 0 0 0 rg BT 435.78 490.50 Td (as ) Tj ET Q q 0 0 0 rg BT 447.14 490.50 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 491.74 490.50 Td (General ) Tj ET Q q 0 0 0 rg BT 527.58 490.50 Td (Counsel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 477.90 Td (Deputy ) Tj ET Q q 0 0 0 rg BT 101.32 477.90 Td (General ) Tj ET Q q 0 0 0 rg BT 137.18 477.90 Td (Counsel.� ) Tj ET Q q 0 0 0 rg BT 179.47 477.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 191.72 477.90 Td (. ) Tj ET Q q 0 0 0 rg BT 196.97 477.90 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 239.83 477.90 Td (joined ) Tj ET Q q 0 0 0 rg BT 268.70 477.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 292.90 477.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 324.11 477.90 Td (as ) Tj ET Q q 0 0 0 rg BT 334.90 477.90 Td (Associate ) Tj ET Q q 0 0 0 rg BT 378.35 477.90 Td (General ) Tj ET Q q 0 0 0 rg BT 414.20 477.90 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 451.25 477.90 Td (in ) Tj ET Q q 0 0 0 rg BT 462.04 477.90 Td (1998.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 452.70 Td (Peter ) Tj ET Q q 0 0 0 rg BT 109.45 452.70 Td (H. ) Tj ET Q q 0 0 0 rg BT 121.53 452.70 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 163.41 452.70 Td (, ) Tj ET Q q 0 0 0 rg BT 167.91 452.70 Td (age ) Tj ET Q q 0 0 0 rg BT 184.35 452.70 Td (60, ) Tj ET Q q 0 0 0 rg BT 199.35 452.70 Td (was ) Tj ET Q q 0 0 0 rg BT 217.55 452.70 Td (elected ) Tj ET Q q 0 0 0 rg BT 249.15 452.70 Td (Chief ) Tj ET Q q 0 0 0 rg BT 274.35 452.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 315.30 452.70 Td (Of) Tj ET Q q 0 0 0 rg BT 326.19 452.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 347.30 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 364.33 452.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 393.62 452.70 Td (Executive ) Tj ET Q q 0 0 0 rg BT 437.33 452.70 Td (V) Tj ET Q q 0 0 0 rg BT 444.29 452.70 Td (ice ) Tj ET Q q 0 0 0 rg BT 458.40 452.70 Td (President ) Tj ET Q q 0 0 0 rg BT 499.35 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 509.97 452.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 452.70 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.32 440.10 Td (January ) Tj ET Q q 0 0 0 rg BT 95.14 440.10 Td (201) Tj ET Q q 0 0 0 rg BT 110.50 440.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 117.90 440.10 Td (when ) Tj ET Q q 0 0 0 rg BT 142.80 440.10 Td (he ) Tj ET Q q 0 0 0 rg BT 154.87 440.10 Td (joined ) Tj ET Q q 0 0 0 rg BT 183.28 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.26 440.10 Td (firm. ) Tj ET Q q 0 0 0 rg BT 221.12 440.10 Td (From ) Tj ET Q q 0 0 0 rg BT 246.03 440.10 Td (July ) Tj ET Q q 0 0 0 rg BT 265.69 440.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 288.85 440.10 Td (through ) Tj ET Q q 0 0 0 rg BT 323.67 440.10 Td (December ) Tj ET Q q 0 0 0 rg BT 368.97 440.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 394.75 440.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 407.00 440.10 Td (.�Nachtwey ) Tj ET Q q 0 0 0 rg BT 456.98 440.10 Td (served ) Tj ET Q q 0 0 0 rg BT 486.54 440.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.44 440.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 522.93 440.10 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 427.50 Td (Of) Tj ET Q q 0 0 0 rg BT 60.89 427.50 Td (ficer ) Tj ET Q q 0 0 0 rg BT 81.96 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 92.40 427.50 Td (The ) Tj ET Q q 0 0 0 rg BT 110.56 427.50 Td (Carlyle ) Tj ET Q q 0 0 0 rg BT 143.30 427.50 Td (Group, ) Tj ET Q q 0 0 0 rg BT 174.59 427.50 Td (an ) Tj ET Q q 0 0 0 rg BT 186.34 427.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 232.48 427.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.39 427.50 Td (management ) Tj ET Q q 0 0 0 rg BT 335.87 427.50 Td (firm, ) Tj ET Q q 0 0 0 rg BT 358.41 427.50 Td (where ) Tj ET Q q 0 0 0 rg BT 385.89 427.50 Td (he ) Tj ET Q q 0 0 0 rg BT 397.64 427.50 Td (had ) Tj ET Q q 0 0 0 rg BT 414.63 427.50 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 473.63 427.50 Td (for ) Tj ET Q q 0 0 0 rg BT 487.71 427.50 Td (all ) Tj ET Q q 0 0 0 rg BT 500.04 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 510.62 427.50 Td (the ) Tj ET Q q 0 0 0 rg BT 525.28 427.50 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.70 414.90 Td (a ) Tj ET Q q 0 0 0 rg BT 74.90 414.90 Td (number ) Tj ET Q q 0 0 0 rg BT 109.52 414.90 Td (of ) Tj ET Q q 0 0 0 rg BT 120.81 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 136.18 414.90 Td (operational ) Tj ET Q q 0 0 0 rg BT 185.95 414.90 Td (functions ) Tj ET Q q 0 0 0 rg BT 227.57 414.90 Td (at ) Tj ET Q q 0 0 0 rg BT 237.69 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 253.06 414.90 Td (firm. ) Tj ET Q q 0 0 0 rg BT 276.30 414.90 Td (Prior ) Tj ET Q q 0 0 0 rg BT 299.85 414.90 Td (to ) Tj ET Q q 0 0 0 rg BT 310.37 414.90 Td (The ) Tj ET Q q 0 0 0 rg BT 329.24 414.90 Td (Carlyle ) Tj ET Q q 0 0 0 rg BT 362.69 414.90 Td (Group, ) Tj ET Q q 0 0 0 rg BT 394.68 414.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 406.94 414.90 Td (.�Nachtwey ) Tj ET Q q 0 0 0 rg BT 457.29 414.90 Td (spent ) Tj ET Q q 0 0 0 rg BT 482.00 414.90 Td (more ) Tj ET Q q 0 0 0 rg BT 506.12 414.90 Td (than ) Tj ET Q q 0 0 0 rg BT 526.74 414.90 Td (25�years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 402.30 Td (at ) Tj ET Q q 0 0 0 rg BT 59.77 402.30 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 95.78 402.30 Td (& ) Tj ET Q q 0 0 0 rg BT 105.98 402.30 Td (T) Tj ET Q q 0 0 0 rg BT 111.66 402.30 Td (ouche,�LLP) Tj ET Q q 0 0 0 rg BT 159.48 402.30 Td (, ) Tj ET Q q 0 0 0 rg BT 164.29 402.30 Td (an ) Tj ET Q q 0 0 0 rg BT 176.39 402.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 224.65 402.30 Td (firm, ) Tj ET Q q 0 0 0 rg BT 247.54 402.30 Td (most ) Tj ET Q q 0 0 0 rg BT 270.15 402.30 Td (recently ) Tj ET Q q 0 0 0 rg BT 306.15 402.30 Td (as ) Tj ET Q q 0 0 0 rg BT 317.08 402.30 Td (Managing ) Tj ET Q q 0 0 0 rg BT 361.85 402.30 Td (Partner ) Tj ET Q q 0 0 0 rg BT 394.36 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 405.29 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 420.31 402.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.15 402.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 526.16 402.30 Td (practice.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 377.10 Td (Ursula ) Tj ET Q q 0 0 0 rg BT 116.43 377.10 Td (Schliessler) Tj ET Q q 0 0 0 rg BT 161.50 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.56 377.10 Td (age ) Tj ET Q q 0 0 0 rg BT 183.57 377.10 Td (57, ) Tj ET Q q 0 0 0 rg BT 199.13 377.10 Td (was ) Tj ET Q q 0 0 0 rg BT 217.89 377.10 Td (appointed ) Tj ET Q q 0 0 0 rg BT 261.73 377.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 286.95 377.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 352.38 377.10 Td (Of) Tj ET Q q 0 0 0 rg BT 363.27 377.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 384.94 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.54 377.10 Td (March ) Tj ET Q q 0 0 0 rg BT 425.38 377.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 448.81 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.41 377.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 498.57 377.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 542.81 377.10 Td (V) Tj ET Q q 0 0 0 rg BT 549.76 377.10 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 364.50 Td (President ) Tj ET Q q 0 0 0 rg BT 91.89 364.50 Td (in ) Tj ET Q q 0 0 0 rg BT 102.26 364.50 Td (April ) Tj ET Q q 0 0 0 rg BT 127.23 364.50 Td (2015. ) Tj ET Q q 0 0 0 rg BT 153.67 364.50 Td ( ) Tj ET Q q 0 0 0 rg BT 156.49 364.50 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 175.35 364.50 Td (Schliessler ) Tj ET Q q 0 0 0 rg BT 223.66 364.50 Td (oversees ) Tj ET Q q 0 0 0 rg BT 262.63 364.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 287.02 364.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 324.39 364.50 Td (technology) Tj ET Q q 0 0 0 rg BT 370.37 364.50 Td (, ) Tj ET Q q 0 0 0 rg BT 375.81 364.50 Td (human ) Tj ET Q q 0 0 0 rg BT 407.20 364.50 Td (resources, ) Tj ET Q q 0 0 0 rg BT 452.29 364.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 470.85 364.50 Td (management, ) Tj ET Q q 0 0 0 rg BT 529.94 364.50 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.90 Td (audit ) Tj ET Q q 0 0 0 rg BT 73.21 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.58 351.90 Td (global ) Tj ET Q q 0 0 0 rg BT 119.04 351.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 140.50 351.90 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 191.41 351.90 Td ( ) Tj ET Q q 0 0 0 rg BT 193.62 351.90 Td (Prior ) Tj ET Q q 0 0 0 rg BT 216.83 351.90 Td (to ) Tj ET Q q 0 0 0 rg BT 227.22 351.90 Td (her ) Tj ET Q q 0 0 0 rg BT 242.84 351.90 Td (appointment ) Tj ET Q q 0 0 0 rg BT 297.54 351.90 Td (as ) Tj ET Q q 0 0 0 rg BT 308.50 351.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 333.55 351.90 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 398.76 351.90 Td (Of) Tj ET Q q 0 0 0 rg BT 409.65 351.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 428.46 351.90 Td (, ) Tj ET Q q 0 0 0 rg BT 433.30 351.90 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 451.56 351.90 Td (Schliessler ) Tj ET Q q 0 0 0 rg BT 499.27 351.90 Td (served ) Tj ET Q q 0 0 0 rg BT 528.89 351.90 Td (as ) Tj ET Q q 0 0 0 rg BT 539.85 351.90 Td (Head ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 62.61 339.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 95.05 339.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 149.67 339.30 Td (Business ) Tj ET Q q 0 0 0 rg BT 190.88 339.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 249.55 339.30 Td (for ) Tj ET Q q 0 0 0 rg BT 265.66 339.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 291.10 339.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 326.17 339.30 Td (managing ) Tj ET Q q 0 0 0 rg BT 371.44 339.30 Td (day ) Tj ET Q q 0 0 0 rg BT 390.47 339.30 Td (to ) Tj ET Q q 0 0 0 rg BT 402.50 339.30 Td (day ) Tj ET Q q 0 0 0 rg BT 421.53 339.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 469.13 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 488.15 339.30 Td (aligning ) Tj ET Q q 0 0 0 rg BT 526.43 339.30 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.70 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 93.68 326.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.11 326.70 Td (support ) Tj ET Q q 0 0 0 rg BT 137.87 326.70 Td (the ) Tj ET Q q 0 0 0 rg BT 152.96 326.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 184.97 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 195.98 326.70 Td 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0 rg BT 210.09 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.37 314.10 Td (brief ) Tj ET Q q 0 0 0 rg BT 239.82 314.10 Td (interruption ) Tj ET Q q 0 0 0 rg BT 292.02 314.10 Td (between ) Tj ET Q q 0 0 0 rg BT 329.63 314.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 353.25 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.04 314.10 Td (2010.) 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(Sept.�30) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 514.60 610.84 Td (June�30) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 598.79 Td (Fiscal Year 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 585.62 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.00 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 585.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.00 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.10 585.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.00 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.10 585.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 585.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 571.62 Td (Stock price range:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 557.62 Td (High) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 557.62 Td (39.97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.85 557.62 Td (46.41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 557.62 Td (52.61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 557.62 Td (55.88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 543.62 Td (Low) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 543.62 Td (24.93) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.85 543.62 Td (37.84) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 543.62 Td (40.60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 543.62 Td (50.39) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 529.79 Td (Fiscal Year 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 516.62 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.00 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 516.62 Td (0.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.00 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.10 516.62 Td (0.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.00 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.10 516.62 Td (0.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 516.62 Td (0.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 502.62 Td (Stock price range:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 488.62 Td (High) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 488.62 Td (59.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.85 488.62 Td (57.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 488.62 Td (52.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 488.62 Td (51.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 474.62 Td (Low) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 474.62 Td (52.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.85 474.62 Td (45.78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 474.62 Td (45.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 474.62 Td (43.25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 446.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 446.30 Td (W) Tj ET Q q 0 0 0 rg BT 95.07 446.30 Td (e ) Tj ET Q q 0 0 0 rg BT 102.21 446.30 Td (expect ) Tj ET Q q 0 0 0 rg BT 132.10 446.30 Td (to ) Tj ET Q q 0 0 0 rg BT 142.75 446.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 181.39 446.30 Td (paying ) Tj ET Q q 0 0 0 rg BT 212.45 446.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.59 446.30 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 279.53 446.30 Td (However) Tj ET Q q 0 0 0 rg BT 317.60 446.30 Td (, ) Tj ET Q q 0 0 0 rg BT 322.71 446.30 Td (the ) Tj ET Q q 0 0 0 rg BT 338.02 446.30 Td (declaration ) Tj ET Q q 0 0 0 rg BT 387.14 446.30 Td (of ) Tj ET Q q 0 0 0 rg BT 398.37 446.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 441.69 446.30 Td (is ) Tj ET Q q 0 0 0 rg BT 451.18 446.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 483.40 446.30 Td (to ) Tj ET Q q 0 0 0 rg BT 494.06 446.30 Td (the ) Tj ET Q q 0 0 0 rg BT 509.37 446.30 Td (discretion ) Tj ET Q q 0 0 0 rg BT 553.26 446.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 433.70 Td (our ) Tj ET Q q 0 0 0 rg BT 66.65 433.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 94.97 433.70 Td (of ) Tj ET Q q 0 0 0 rg BT 106.37 433.70 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 150.71 433.70 Td (In ) Tj ET Q q 0 0 0 rg BT 162.12 433.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 215.51 433.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 251.98 433.70 Td (to ) Tj ET Q q 0 0 0 rg BT 262.80 433.70 Td (declare ) Tj ET Q q 0 0 0 rg BT 295.76 433.70 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 341.87 433.70 Td (or ) Tj ET Q q 0 0 0 rg BT 353.28 433.70 Td (how ) Tj ET Q q 0 0 0 rg BT 374.01 433.70 Td (much ) Tj ET Q q 0 0 0 rg BT 400.00 433.70 Td (to ) Tj ET Q q 0 0 0 rg BT 410.82 433.70 Td (declare ) Tj ET Q q 0 0 0 rg BT 443.78 433.70 Td (in ) Tj ET Q q 0 0 0 rg BT 454.60 433.70 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 500.71 433.70 Td (our ) Tj ET Q q 0 0 0 rg BT 517.36 433.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 545.68 433.70 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 89.65 421.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 122.30 421.10 Td (it ) Tj ET Q q 0 0 0 rg BT 132.22 421.10 Td (deems ) Tj ET Q q 0 0 0 rg BT 163.13 421.10 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 203.65 421.10 Td (which ) Tj ET Q q 0 0 0 rg BT 233.39 421.10 Td (may ) Tj ET Q q 0 0 0 rg BT 255.55 421.10 Td (include ) Tj ET Q q 0 0 0 rg BT 290.54 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.62 421.10 Td (results ) Tj ET Q q 0 0 0 rg BT 340.12 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.94 421.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 400.77 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.01 421.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.82 421.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 507.19 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.27 421.10 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 408.50 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 110.31 408.50 Td (general ) Tj ET Q q 0 0 0 rg BT 144.08 408.50 Td (business ) Tj ET Q q 0 0 0 rg BT 182.54 408.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 229.17 408.50 Td (and ) Tj ET Q q 0 0 0 rg BT 247.20 408.50 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 408.50 Td (availability ) Tj ET Q q 0 0 0 rg BT 313.01 408.50 Td (of ) Tj ET Q q 0 0 0 rg BT 324.63 408.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 350.84 408.50 Td (from ) Tj ET Q q 0 0 0 rg BT 374.12 408.50 Td (our ) Tj ET Q q 0 0 0 rg BT 390.99 408.50 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 446.07 408.50 Td (including ) Tj ET Q q 0 0 0 rg BT 488.61 408.50 Td (all ) Tj ET Q q 0 0 0 rg BT 501.98 408.50 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 551.51 408.50 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 395.90 Td (the ) Tj ET Q q 0 0 0 rg BT 65.09 395.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 94.19 395.90 Td (of ) Tj ET Q q 0 0 0 rg BT 105.20 395.90 Td (our ) Tj ET Q q 0 0 0 rg BT 121.46 395.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 173.30 395.90 Td (to ) Tj ET Q q 0 0 0 rg BT 183.73 395.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 218.07 395.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 243.67 395.90 Td (to ) Tj ET Q q 0 0 0 rg BT 254.10 395.90 Td (us. ) Tj ET Q q 0 0 0 rg BT 268.32 395.90 Td (On ) Tj ET Q q 0 0 0 rg BT 282.92 395.90 Td (April ) Tj ET Q q 0 0 0 rg BT 307.35 395.90 Td (26, ) Tj ET Q q 0 0 0 rg BT 322.74 395.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 348.63 395.90 Td (our ) Tj ET Q q 0 0 0 rg BT 364.89 395.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 392.81 395.90 Td (of ) Tj ET Q q 0 0 0 rg BT 403.82 395.90 Td (Directors ) Tj ET Q q 0 0 0 rg BT 445.15 395.90 Td (declared ) Tj ET Q q 0 0 0 rg BT 482.97 395.90 Td (a ) Tj ET Q q 0 0 0 rg BT 489.90 395.90 Td (regular) Tj ET Q q 0 0 0 rg BT 519.21 395.90 Td (, ) Tj ET Q q 0 0 0 rg BT 524.10 395.90 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 383.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 89.36 383.30 Td (of ) Tj ET Q q 0 0 0 rg BT 100.72 383.30 Td ($0.22 ) Tj ET Q q 0 0 0 rg BT 126.97 383.30 Td (per ) Tj ET Q q 0 0 0 rg BT 142.99 383.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 170.38 383.30 Td (increasing ) Tj ET Q q 0 0 0 rg BT 216.15 383.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.60 383.30 Td (regular) Tj ET Q q 0 0 0 rg BT 260.91 383.30 Td (, ) Tj ET Q q 0 0 0 rg BT 266.15 383.30 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 306.66 383.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 346.03 383.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.38 383.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 385.07 383.30 Td (on ) Tj ET Q q 0 0 0 rg BT 398.19 383.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 427.04 383.30 Td (of ) Tj ET Q q 0 0 0 rg BT 438.41 383.30 Td (our ) Tj ET Q q 0 0 0 rg BT 455.02 383.30 Td (common ) Tj ET Q q 0 0 0 rg BT 494.38 383.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 519.16 383.30 Td (during ) Tj ET Q q 0 0 0 rg BT 549.19 383.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 370.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 73.04 370.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 98.40 370.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 127.55 370.70 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 66.72 346.10 Td (chases ) Tj ET Q q 0 0 0 rg BT 97.93 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.31 346.10 Td (our) Tj ET Q q 0 0 0 rg BT 124.87 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.49 346.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 171.53 346.10 Td (Stock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 321.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 321.50 Td (The ) Tj ET Q q 0 0 0 rg BT 104.59 321.50 Td (following ) Tj ET Q q 0 0 0 rg BT 147.69 321.50 Td (table ) Tj ET Q q 0 0 0 rg BT 170.37 321.50 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.38 321.50 Td (out ) Tj ET Q q 0 0 0 rg BT 204.07 321.50 Td (information ) Tj ET Q q 0 0 0 rg BT 255.91 321.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 298.41 321.50 Td (our ) Tj ET Q q 0 0 0 rg BT 314.67 321.50 Td (purchases ) Tj ET Q q 0 0 0 rg BT 358.34 321.50 Td (of ) Tj ET Q q 0 0 0 rg BT 369.36 321.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 393.20 321.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 424.05 321.50 Td (common ) Tj ET Q q 0 0 0 rg BT 463.06 321.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 487.50 321.50 Td (during ) Tj ET Q q 0 0 0 rg BT 517.18 321.50 Td (the ) Tj ET Q q 0 0 0 rg BT 532.27 321.50 Td (quarter ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 308.90 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.70 308.90 Td (March ) Tj ET Q q 0 0 0 rg BT 107.73 308.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.48 308.90 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.48 308.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.40 124.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 229.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 229.40 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 229.40 14.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 229.40 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 229.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 229.40 113.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 229.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 229.40 123.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.40 124.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 181.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 181.40 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 181.40 14.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 181.40 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 181.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 181.40 113.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 181.40 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 181.40 123.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 229.39999999999998 m 174.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 229.39999999999998 m 238.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 229.39999999999998 m 318.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 229.39999999999998 m 435.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 229.39999999999998 m 562.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 157.39999999999998 m 174.5 157.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 157.39999999999998 m 238.5 157.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 144.39999999999998 m 238.5 144.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 142.39999999999998 m 238.5 142.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 157.39999999999998 m 318.5 157.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 144.39999999999998 m 318.5 144.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 142.39999999999998 m 318.5 142.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 157.39999999999998 m 435.5 157.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 144.39999999999998 m 435.5 144.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 142.39999999999998 m 435.5 142.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 233.63 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.30 260.63 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.75 251.63 Td (T) Tj ET Q q 0 0 0 rg BT 189.35 251.63 Td (otal number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.85 242.63 Td (of shar) Tj ET Q q 0 0 0 rg BT 216.48 242.63 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.25 233.63 Td (pur) Tj ET Q q 0 0 0 rg BT 198.55 233.63 Td (chased ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 223.67 237.26 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.10 251.63 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.40 242.63 Td (A) Tj ET Q q 0 0 0 rg BT 266.58 242.63 Td (verage price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.40 233.63 Td (paid per) Tj ET Q q 0 0 0 rg BT 284.93 233.63 Td ( shar) Tj ET Q q 0 0 0 rg BT 301.90 233.63 Td (e ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 307.45 237.26 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.05 278.48 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.90 269.48 Td (T) Tj ET Q q 0 0 0 rg BT 355.50 269.48 Td (otal number) Tj ET Q q 0 0 0 rg BT 397.36 269.48 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.95 260.48 Td (shar) Tj ET Q q 0 0 0 rg BT 363.92 260.48 Td (es pur) Tj ET Q q 0 0 0 rg BT 384.89 260.48 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.25 251.48 Td (as part of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 242.48 Td (publicly announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.05 233.48 Td (plans or) Tj ET Q q 0 0 0 rg BT 371.69 233.48 Td ( pr) Tj ET Q q 0 0 0 rg BT 381.55 233.48 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 406.87 237.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.60 277.63 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 268.63 Td (Appr) Tj ET Q q 0 0 0 rg BT 466.83 268.63 Td (oximate dollar) Tj ET Q q 0 0 0 rg BT 516.23 268.63 Td ( value that ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.15 260.63 Td (may) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.65 251.63 Td (yet be pur) Tj ET Q q 0 0 0 rg BT 506.17 251.63 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.85 242.63 Td (under) Tj ET Q q 0 0 0 rg BT 494.15 242.63 Td ( the plans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.15 233.63 Td (or) Tj ET Q q 0 0 0 rg BT 483.56 233.63 Td ( pr) Tj ET Q q 0 0 0 rg BT 493.41 233.63 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 518.74 237.26 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 219.97 Td (January�1, 2016 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 209.97 Td (January�31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 210.07 Td (669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 210.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 210.07 Td (39.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 210.07 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 210.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 210.07 Td (830,611,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 195.97 Td (February�1, 2016 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 185.97 Td (February�29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.15 186.07 Td (2,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 186.07 Td (30.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 186.07 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 186.07 Td (830,611,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 171.97 Td (March�1, 2016 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 161.97 Td (March�31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.15 162.07 Td (776,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 162.07 Td (34.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 162.07 Td (776,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 162.07 Td (803,973,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.97 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.15 147.97 Td (779,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 147.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 147.97 Td (34.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 147.97 Td (776,042) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 118.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 118.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 99.21 118.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 122.87 118.70 Td (of ) Tj ET Q q 0 0 0 rg BT 132.37 118.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 159.34 118.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 193.38 118.70 Td (stock, ) Tj ET Q q 0 0 0 rg BT 215.86 118.70 Td (and ) Tj ET Q q 0 0 0 rg BT 230.55 118.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 254.21 118.70 Td (received ) Tj ET Q q 0 0 0 rg BT 285.41 118.70 Td (on ) Tj ET Q q 0 0 0 rg BT 296.32 118.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 323.29 118.70 Td (of ) Tj ET Q q 0 0 0 rg BT 332.79 118.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 366.83 118.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 387.18 118.70 Td (units, ) Tj ET Q q 0 0 0 rg BT 408.26 118.70 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 450.79 118.70 Td (to ) Tj ET Q q 0 0 0 rg BT 459.82 118.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 479.70 118.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 505.25 118.70 Td (to ) Tj ET Q q 0 0 0 rg BT 514.28 118.70 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 538.89 118.70 Td (related ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 108.50 Td (income ) Tj ET Q q 0 0 0 rg BT 95.14 108.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 107.65 108.50 Td (withholding ) Tj ET Q q 0 0 0 rg BT 150.87 108.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 190.77 108.50 Td (of ) Tj ET Q q 0 0 0 rg BT 199.97 108.50 Td (employees ) Tj ET Q q 0 0 0 rg BT 238.45 108.50 Td (via ) Tj ET Q q 0 0 0 rg BT 250.96 108.50 Td (net ) Tj ET Q q 0 0 0 rg BT 263.47 108.50 Td (share ) Tj ET Q q 0 0 0 rg BT 283.53 108.50 Td (transactions.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 98.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 98.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 101.30 98.30 Td (exclude ) Tj ET Q q 0 0 0 rg BT 129.85 98.30 Td (fees. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 68.00 88.10 Td (On ) Tj ET Q q 0 0 0 rg BT 80.44 88.10 Td (January ) Tj ET Q q 0 0 0 rg BT 108.92 88.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 121.59 88.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 142.77 88.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.15 88.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 178.97 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.10 88.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 221.77 88.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 255.45 88.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.27 88.10 Td (share ) Tj ET Q q 0 0 0 rg BT 281.25 88.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 320.11 88.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 367.00 88.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.96 88.10 Td (up ) Tj ET Q q 0 0 0 rg BT 389.51 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.17 88.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 408.72 88.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 432.97 88.10 Td (for ) Tj ET Q q 0 0 0 rg BT 444.93 88.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 480.97 88.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 523.14 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.26 88.10 Td (common ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 77.90 Td (stock. ) Tj ET Q q 0 0 0 rg BT 90.19 77.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.16 77.90 Td (There ) Tj ET Q q 0 0 0 rg BT 114.11 77.90 Td (is ) Tj ET Q q 0 0 0 rg BT 121.90 77.90 Td (no ) Tj ET Q q 0 0 0 rg BT 132.53 77.90 Td (expiration ) Tj ET Q q 0 0 0 rg BT 169.12 77.90 Td (attached ) Tj ET Q q 0 0 0 rg BT 199.56 77.90 Td (to ) Tj ET Q q 0 0 0 rg BT 208.29 77.90 Td (this ) Tj ET Q q 0 0 0 rg BT 222.70 77.90 Td (share ) Tj ET Q q 0 0 0 rg BT 242.76 77.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 281.69 77.90 Td (authorization.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 210.83 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 227.84 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 234.06 741.90 Td (A.) 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49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 336.80 228.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 336.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 336.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 336.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 336.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 336.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 336.80 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 336.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 336.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 336.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 336.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 312.80 228.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 312.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 312.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 312.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 312.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 312.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 312.80 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 312.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 312.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 312.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 312.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 288.80 228.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 288.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 288.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 288.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 288.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 288.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 288.80 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 288.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 288.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 288.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 288.80 49.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 705.8 m 349 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 705.8 m 353 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 705.8 m 402 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 705.8 m 406 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 705.8 m 456 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 705.8 m 460 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 705.8 m 509 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 705.8 m 513 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 705.8 m 562 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 692.8 m 296 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 692.8 m 349 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 692.8 m 402 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 705.8 m 456 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 692.8 m 456 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 692.8 m 509 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 692.8 m 562 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 644.8 m 296 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 644.8 m 349 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 644.8 m 402 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 644.8 m 456 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 644.8 m 509 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 644.8 m 562 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 644.8 m 349 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 644.8 m 402 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 644.8 m 456 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 644.8 m 509 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 644.8 m 562 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 590.8 m 296 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 590.8 m 349 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 590.8 m 402 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 590.8 m 456 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 590.8 m 509 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 590.8 m 562 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 566.8 m 296 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 566.8 m 349 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 566.8 m 402 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 566.8 m 456 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 566.8 m 509 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 566.8 m 562 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 566.8 m 349 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 566.8 m 402 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 566.8 m 456 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 566.8 m 509 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 566.8 m 562 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 542.8 m 296 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 542.8 m 349 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 542.8 m 402 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 542.8 m 456 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 542.8 m 509 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 542.8 m 562 542.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 530.8 m 296 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 530.8 m 349 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353 530.8 m 402 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406 530.8 m 456 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460 530.8 m 509 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 530.8 m 562 530.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 372.79999999999995 m 296 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 372.79999999999995 m 349 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 372.79999999999995 m 402 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 372.79999999999995 m 456 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 372.79999999999995 m 509 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 372.79999999999995 m 562 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 264.79999999999995 m 296 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 264.79999999999995 m 349 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 264.79999999999995 m 402 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 264.79999999999995 m 456 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 264.79999999999995 m 509 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 264.79999999999995 m 562 264.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.55 710.05 Td (Years ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.00 697.03 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 697.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.50 697.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.00 697.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 697.05 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 684.88 Td (OPERATING RESULTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 672.75 Td (Operating Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 672.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 672.88 Td (2,660,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 672.75 Td (2,819,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 672.75 Td (2,741,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.10 672.75 Td (2,612,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 672.75 Td (2,662,574) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 660.75 Td (Operating expenses, excluding impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 660.88 Td (2,239,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 660.75 Td (2,320,887) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 660.75 Td (2,310,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.10 660.75 Td (2,313,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 660.75 Td (2,323,821) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 648.75 Td (Impairment of intangible assets and goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 648.88 Td (371,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 648.75 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 648.75 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 648.75 Td (734,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 648.75 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 636.75 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 636.88 Td (50,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 636.75 Td (498,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 636.75 Td (430,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.45 636.75 Td (\(434,499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 636.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 636.75 Td (338,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 624.05 Td (Other non-operating expense, net, including $107,074 debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 616.05 Td (extinguishment loss in July 2014 and $68,975 in May 2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 616.03 Td (\(68,806) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 616.03 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.10 616.05 Td (\(136,114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 616.05 Td (\(13,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.45 616.05 Td (\(73,287) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 616.05 Td (\(54,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 603.05 Td (Other non-operating income \(expense\) of consolidated investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 595.05 Td (vehicles, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.80 595.03 Td (\(7,243) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 595.03 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 595.05 Td (5,888) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 595.05 Td (2,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.45 595.05 Td (\(2,821) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 595.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 595.05 Td (18,336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 582.75 Td (Income \(Loss\) before Income Tax Provision \(Benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 582.88 Td (\(25,218) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 582.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 582.75 Td (367,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 582.75 Td (419,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.45 582.75 Td (\(510,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 582.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 582.75 Td (303,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 570.75 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.50 570.88 Td (7,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 570.75 Td (125,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 570.75 Td (137,805) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.45 570.75 Td (\(150,859) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 570.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 570.75 Td (72,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 558.75 Td (Net Income \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 558.88 Td (\(32,910) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 558.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 558.75 Td (242,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 558.75 Td (281,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.45 558.75 Td (\(359,748) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 558.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 558.75 Td (231,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 546.75 Td (Less: Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.80 546.88 Td (\(7,878) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 546.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 546.75 Td (5,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 546.75 Td (\(2,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 546.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.45 546.75 Td (\(6,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 546.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 546.75 Td (10,214) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 534.75 Td (Net Income \(Loss\) Attributable to Legg Mason,�Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 534.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 534.88 Td (\(25,032) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 534.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 534.75 Td (237,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 534.75 Td (284,784) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.45 534.75 Td (\(353,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 534.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 534.75 Td (220,817) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 518.03 Td (PER SHARE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 505.05 Td (Net Income \(Loss\) per Share Attributable to Legg Mason,�Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 497.05 Td (Shareholders:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 484.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 484.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.80 484.88 Td (\(0.25) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 484.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 484.75 Td (2.06) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 484.75 Td (2.34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.45 484.75 Td (\(2.65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 484.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 484.75 Td (1.54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 472.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 472.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.80 472.88 Td (\(0.25) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 472.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 472.75 Td (2.04) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 472.75 Td (2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.45 472.75 Td (\(2.65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 472.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 472.75 Td (1.54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 460.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.41 460.75 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 108.80 460.75 Td (verage Number of Shares Outstanding: ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 235.66 464.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 448.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 448.88 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 448.75 Td (112,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 448.75 Td (121,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 448.75 Td (133,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 448.75 Td (143,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 436.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 436.88 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 436.75 Td (113,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 436.75 Td (122,383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 436.75 Td (133,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 436.75 Td (143,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 424.75 Td (Dividends Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 424.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 424.88 Td (0.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 424.75 Td (0.64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 424.75 Td (0.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 424.75 Td (0.44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 424.75 Td (0.32) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 412.88 Td (BALANCE SHEET) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 400.75 Td (T) Tj ET Q q 0 0 0 rg BT 74.83 400.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 88.38 400.75 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 109.27 404.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 400.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 400.88 Td (7,520,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 400.75 Td (7,064,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 400.75 Td (7,103,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.10 400.75 Td (7,264,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 400.75 Td (8,547,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 388.75 Td (Long-term debt) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 120.48 392.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 388.88 Td (1,740,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 388.75 Td (1,048,946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 388.75 Td (1,031,118) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.10 388.75 Td (1,139,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 388.75 Td (1,128,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 376.75 Td (Total Stockholders' Equity Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 376.88 Td (4,213,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 376.75 Td (4,484,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 376.75 Td (4,724,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.10 376.75 Td (4,818,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 376.75 Td (5,677,291) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 364.88 Td (FINANCIAL RATIOS AND OTHER DATA) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 358.30 56.88 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.50 352.75 Td (Adjusted Income ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 127.38 361.92 6.06 -7.27 re f /GS0 gs BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.38 356.38 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 352.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 352.88 Td (370,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 352.75 Td (378,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 352.75 Td (417,805) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 352.75 Td (347,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 352.75 Td (397,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 340.75 Td (Adjusted Income per diluted share ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 182.69 344.38 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 340.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 340.88 Td (3.36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 340.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 340.75 Td (3.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 340.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 340.75 Td (3.41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 340.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 340.75 Td (2.61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 340.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 340.75 Td (2.77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 328.75 Td (Operating Margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 328.88 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 328.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 328.75 Td (17.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 328.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 328.75 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 328.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.45 328.75 Td (\(16.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.15 328.75 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 328.75 Td (12.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 328.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 316.75 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 117.67 316.75 Td (gin, as ) Tj ET Q q 0 0 0 rg BT 140.12 316.75 Td (Adjusted ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 171.00 320.38 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 316.88 Td (18.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 316.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 316.75 Td (23.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 316.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 316.75 Td (22.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 316.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 316.75 Td (17.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 316.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 316.75 Td (22.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 316.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 310.30 60.21 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.50 304.75 Td (Adjusted EBITDA) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 130.71 313.92 6.06 -7.27 re f /GS0 gs BT /F1 5.20 Tf ET q 0 0 0 rg BT 130.71 308.38 Td (\(5\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 304.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 304.88 Td (621,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 304.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 304.75 Td (686,499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 304.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 304.75 Td (617,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 304.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 304.75 Td (555,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 304.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 304.75 Td (585,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 292.75 Td (T) Tj ET Q q 0 0 0 rg BT 74.83 292.75 Td (otal debt to total capital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 152.36 296.38 Td (\(6\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 292.88 Td (29.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 292.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 292.75 Td (19.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 292.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 292.75 Td (18.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 292.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 292.75 Td (19.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 292.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 292.75 Td (19.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 292.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 280.75 Td (Assets under management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 154.48 280.75 Td ( \(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 280.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 280.88 Td (669,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 280.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 280.75 Td (702,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 280.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 280.75 Td (701,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 280.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 280.75 Td (664,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 280.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 280.75 Td (643,318) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 268.75 Td (Full-time employees) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.50 268.88 Td (3,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 268.75 Td (2,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 268.75 Td (2,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.15 268.75 Td (2,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 268.75 Td (2,979) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 256.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 85.50 256.90 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 112.80 256.90 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 164.20 256.90 Td (unvested ) Tj ET Q q 0 0 0 rg BT 190.73 256.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 218.42 256.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 237.55 256.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.97 256.90 Td (to ) Tj ET Q q 0 0 0 rg BT 268.06 256.90 Td (be ) Tj ET Q q 0 0 0 rg BT 276.31 256.90 Td (participating ) Tj ET Q q 0 0 0 rg BT 313.33 256.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 341.41 256.90 Td (for ) Tj ET Q q 0 0 0 rg BT 351.22 256.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.42 256.90 Td (years ) Tj ET Q q 0 0 0 rg BT 377.83 256.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 396.19 256.90 Td (March ) Tj ET Q q 0 0 0 rg BT 416.11 256.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.50 256.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 442.15 256.90 Td (and ) Tj ET Q q 0 0 0 rg BT 453.90 256.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 471.30 256.90 Td ( ) Tj ET Q q 0 0 0 rg BT 472.95 256.90 Td ( ) Tj ET Q q 0 0 0 rg BT 474.59 256.90 Td (Basic ) Tj ET Q q 0 0 0 rg BT 491.79 256.90 Td (and ) Tj ET Q q 0 0 0 rg BT 503.54 256.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 524.63 256.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 543.77 256.90 Td (are ) Tj ET Q q 0 0 0 rg BT 553.96 256.90 Td (the ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 248.50 Td (same ) Tj ET Q q 0 0 0 rg BT 100.92 248.50 Td (for ) Tj ET Q q 0 0 0 rg BT 110.13 248.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 131.77 248.50 Td (with ) Tj ET Q q 0 0 0 rg BT 145.26 248.50 Td (a ) Tj ET Q q 0 0 0 rg BT 149.41 248.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 160.56 248.50 Td (Loss ) Tj ET Q q 0 0 0 rg BT 174.59 248.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 209.46 248.50 Td (to ) Tj ET Q q 0 0 0 rg BT 215.94 248.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 231.37 248.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 253.21 248.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 264.94 248.50 Td ( ) Tj ET Q q 0 0 0 rg BT 265.98 248.50 Td (See ) Tj ET Q q 0 0 0 rg BT 277.13 248.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 291.78 248.50 Td (12 ) Tj ET Q q 0 0 0 rg BT 299.82 248.50 Td (of ) Tj ET Q q 0 0 0 rg BT 306.69 248.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 324.06 248.50 Td (to ) Tj ET Q q 0 0 0 rg BT 330.55 248.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 368.53 248.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 395.62 248.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 427.38 248.50 Td (in ) Tj ET Q q 0 0 0 rg BT 433.87 248.50 Td (Item ) Tj ET Q q 0 0 0 rg BT 447.73 248.50 Td (8. ) Tj ET Q q 0 0 0 rg BT 454.03 248.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 481.11 248.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 512.87 248.50 Td (and ) Tj ET Q q 0 0 0 rg BT 524.02 248.50 Td (Supplemental ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 240.10 Td (Data.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 231.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 231.70 Td (For ) Tj ET Q q 0 0 0 rg BT 96.90 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 107.13 231.70 Td (year ) Tj ET Q q 0 0 0 rg BT 120.85 231.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 139.23 231.70 Td (March ) Tj ET Q q 0 0 0 rg BT 159.18 231.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 169.60 231.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 187.03 231.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 203.08 231.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 223.81 231.70 Td (elected ) Tj ET Q q 0 0 0 rg BT 245.31 231.70 Td (to ) Tj ET Q q 0 0 0 rg BT 252.43 231.70 Td (early ) Tj ET Q q 0 0 0 rg BT 268.09 231.70 Td (adopt ) Tj ET Q q 0 0 0 rg BT 285.32 231.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 309.15 231.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 341.54 231.70 Td (guidance ) Tj ET Q q 0 0 0 rg BT 368.48 231.70 Td (which ) Tj ET Q q 0 0 0 rg BT 387.26 231.70 Td (requires ) Tj ET Q q 0 0 0 rg BT 411.48 231.70 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 448.14 231.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 461.87 231.70 Td (issuance ) Tj ET Q q 0 0 0 rg BT 487.25 231.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 502.93 231.70 Td (to ) Tj ET Q q 0 0 0 rg BT 510.05 231.70 Td (be ) Tj ET Q q 0 0 0 rg BT 518.33 231.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 546.83 231.70 Td (in ) Tj ET Q q 0 0 0 rg BT 553.95 231.70 Td (the ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 223.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 108.88 223.30 Td (sheet ) Tj ET Q q 0 0 0 rg BT 125.28 223.30 Td (as ) Tj ET Q q 0 0 0 rg BT 133.12 223.30 Td (a ) Tj ET Q q 0 0 0 rg BT 138.24 223.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 156.19 223.30 Td (deduction ) Tj ET Q q 0 0 0 rg BT 185.80 223.30 Td (from ) Tj ET Q q 0 0 0 rg BT 201.42 223.30 Td (the ) Tj ET Q q 0 0 0 rg BT 211.98 223.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 237.32 223.30 Td (value ) Tj ET Q q 0 0 0 rg BT 254.49 223.30 Td (of ) Tj ET Q q 0 0 0 rg BT 262.33 223.30 Td (the ) Tj ET Q q 0 0 0 rg BT 272.89 223.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 303.67 223.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 333.29 223.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 347.35 223.30 Td (liability) Tj ET Q q 0 0 0 rg BT 368.67 223.30 Td (. ) Tj ET Q q 0 0 0 rg BT 372.43 223.30 Td ( ) Tj ET Q q 0 0 0 rg BT 374.30 223.30 Td (This ) Tj ET Q q 0 0 0 rg BT 388.75 223.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 416.03 223.30 Td (was ) Tj ET Q q 0 0 0 rg BT 428.93 223.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 453.10 223.30 Td (on ) Tj ET Q q 0 0 0 rg BT 462.11 223.30 Td (a ) Tj ET Q q 0 0 0 rg BT 467.23 223.30 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 505.39 223.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 523.01 223.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 554.36 223.30 Td (for ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 214.90 Td (years ) Tj ET Q q 0 0 0 rg BT 102.10 214.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 117.53 214.90 Td (to ) Tj ET Q q 0 0 0 rg BT 124.81 214.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 141.79 214.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 159.37 214.90 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 196.19 214.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 210.07 214.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 235.61 214.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 251.44 214.90 Td (have ) Tj ET Q q 0 0 0 rg BT 266.48 214.90 Td (been ) Tj ET Q q 0 0 0 rg BT 281.52 214.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 315.23 214.90 Td (from ) Tj ET Q q 0 0 0 rg BT 330.66 214.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 348.43 214.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 366.59 214.90 Td (to ) Tj ET Q q 0 0 0 rg BT 373.86 214.90 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 405.62 214.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 419.50 214.90 Td (in ) Tj ET Q q 0 0 0 rg BT 426.78 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.16 214.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 475.93 214.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 500.30 214.90 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 522.15 214.90 Td ( ) Tj ET Q q 0 0 0 rg BT 523.98 214.90 Td (See ) Tj ET Q q 0 0 0 rg BT 535.92 214.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 551.35 214.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 556.68 214.90 Td (of ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 206.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 103.58 206.50 Td (to ) Tj ET Q q 0 0 0 rg BT 110.78 206.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 149.47 206.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 177.27 206.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 209.73 206.50 Td (in ) Tj ET Q q 0 0 0 rg BT 216.93 206.50 Td (Item ) Tj ET Q q 0 0 0 rg BT 231.51 206.50 Td (8. ) Tj ET Q q 0 0 0 rg BT 238.51 206.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 266.30 206.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 298.77 206.50 Td (and ) Tj ET Q q 0 0 0 rg BT 310.63 206.50 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 350.87 206.50 Td (Data.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 198.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 85.50 198.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 112.29 198.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 134.80 198.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.98 198.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.60 198.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 177.23 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.75 198.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.63 198.10 Td (measure. ) Tj ET Q q 0 0 0 rg BT 242.21 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.62 198.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.67 198.10 Td (e ) Tj ET Q q 0 0 0 rg BT 254.29 198.10 Td (define ) Tj ET Q q 0 0 0 rg BT 272.96 198.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 299.75 198.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.25 198.10 Td (as ) Tj ET Q q 0 0 0 rg BT 329.60 198.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 341.22 198.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 363.73 198.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 382.79 198.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 418.13 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.09 198.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 440.99 198.10 Td (Mason,�Inc., ) Tj ET Q q 0 0 0 rg BT 477.50 198.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 490.68 198.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 527.58 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.20 198.10 Td (deferred ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 189.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 101.66 189.70 Td (related ) Tj ET Q q 0 0 0 rg BT 122.47 189.70 Td (to ) Tj ET Q q 0 0 0 rg BT 129.69 189.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 159.45 189.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.56 189.70 Td (and ) Tj ET Q q 0 0 0 rg BT 189.44 189.70 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 217.85 189.70 Td (and ) Tj ET Q q 0 0 0 rg BT 229.73 189.70 Td (imputed ) Tj ET Q q 0 0 0 rg BT 254.44 189.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.82 189.70 Td (and ) Tj ET Q q 0 0 0 rg BT 288.70 189.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.03 189.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 322.96 189.70 Td (on ) Tj ET Q q 0 0 0 rg BT 331.73 189.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 363.05 189.70 Td (convertible ) Tj ET Q q 0 0 0 rg BT 396.31 189.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 410.14 189.70 Td (less ) Tj ET Q q 0 0 0 rg BT 422.41 189.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 447.50 189.70 Td (income ) Tj ET Q q 0 0 0 rg BT 469.87 189.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 486.03 189.70 Td (on ) Tj ET Q q 0 0 0 rg BT 494.80 189.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 521.46 189.70 Td (and ) Tj ET Q q 0 0 0 rg BT 533.34 189.70 Td (indefinite-) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 181.30 Td (life ) Tj ET Q q 0 0 0 rg BT 96.61 181.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 126.38 181.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 141.76 181.30 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 177.56 181.30 Td (if ) Tj ET Q q 0 0 0 rg BT 183.61 181.30 Td (any) Tj ET Q q 0 0 0 rg BT 193.27 181.30 Td (. ) Tj ET Q q 0 0 0 rg BT 196.79 181.30 Td ( ) Tj ET Q q 0 0 0 rg BT 198.44 181.30 Td (W) Tj ET Q q 0 0 0 rg BT 204.49 181.30 Td (e ) Tj ET Q q 0 0 0 rg BT 209.38 181.30 Td (also ) Tj ET Q q 0 0 0 rg BT 222.43 181.30 Td (adjust ) Tj ET Q q 0 0 0 rg BT 240.93 181.30 Td (for ) Tj ET Q q 0 0 0 rg BT 250.87 181.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 271.69 181.30 Td (non-core ) Tj ET Q q 0 0 0 rg BT 298.34 181.30 Td (items, ) Tj ET Q q 0 0 0 rg BT 317.04 181.30 Td (such ) Tj ET Q q 0 0 0 rg BT 331.65 181.30 Td (as ) Tj ET Q q 0 0 0 rg BT 339.26 181.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 369.03 181.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 384.41 181.30 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 422.94 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 433.27 181.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.09 181.30 Td (of ) Tj ET Q q 0 0 0 rg BT 461.70 181.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.19 181.30 Td (value ) Tj ET Q q 0 0 0 rg BT 490.13 181.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 525.35 181.30 Td (of ) Tj ET Q q 0 0 0 rg BT 532.96 181.30 Td (contingent ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 172.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 124.87 172.90 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 154.34 172.90 Td (if ) Tj ET Q q 0 0 0 rg BT 160.28 172.90 Td (any) Tj ET Q q 0 0 0 rg BT 169.93 172.90 Td (, ) Tj ET Q q 0 0 0 rg BT 173.34 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.56 172.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 204.27 172.90 Td (of ) Tj ET Q q 0 0 0 rg BT 211.76 172.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.98 172.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 234.13 172.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 269.24 172.90 Td (on ) Tj ET Q q 0 0 0 rg BT 277.90 172.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 298.60 172.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 323.58 172.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 333.79 172.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 361.51 172.90 Td (related ) Tj ET Q q 0 0 0 rg BT 382.21 172.90 Td (to ) Tj ET Q q 0 0 0 rg BT 389.32 172.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 429.47 172.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 459.12 172.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 478.87 172.90 Td (and ) Tj ET Q q 0 0 0 rg BT 490.64 172.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 503.19 172.90 Td (on ) Tj ET Q q 0 0 0 rg BT 511.86 172.90 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 556.68 172.90 Td (of ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 164.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 117.09 164.50 Td (convertible ) Tj ET Q q 0 0 0 rg BT 150.62 164.50 Td (debt. ) Tj ET Q q 0 0 0 rg BT 166.47 164.50 Td ( ) Tj ET Q q 0 0 0 rg BT 168.37 164.50 Td (The ) Tj ET Q q 0 0 0 rg BT 181.30 164.50 Td (calculation ) Tj ET Q q 0 0 0 rg BT 214.05 164.50 Td (of ) Tj ET Q q 0 0 0 rg BT 221.47 164.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 248.79 164.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 271.83 164.50 Td (per ) Tj ET Q q 0 0 0 rg BT 282.81 164.50 Td (diluted ) Tj ET Q q 0 0 0 rg BT 304.30 164.50 Td (share ) Tj ET Q q 0 0 0 rg BT 321.11 164.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 346.48 164.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 398.28 164.50 Td (unvested ) Tj ET Q q 0 0 0 rg BT 425.21 164.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 453.29 164.50 Td (shares. ) Tj ET Q q 0 0 0 rg BT 474.58 164.50 Td ( ) Tj ET Q q 0 0 0 rg BT 476.62 164.50 Td (See ) Tj ET Q q 0 0 0 rg BT 488.78 164.50 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 529.31 164.50 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 562.50 164.50 Td ( ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 156.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 120.68 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.88 156.10 Td (Item�7. ) Tj ET Q q 0 0 0 rg BT 149.46 156.10 Td (Management's ) Tj ET Q q 0 0 0 rg BT 191.73 156.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 224.21 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.68 156.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 261.93 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.51 156.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 297.31 156.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 327.06 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.92 156.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 361.28 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.86 156.10 Td (Operations.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 147.70 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 85.50 147.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 114.94 147.70 Td (Mar) Tj ET Q q 0 0 0 rg BT 126.47 147.70 Td (gin, ) Tj ET Q q 0 0 0 rg BT 138.61 147.70 Td (as ) Tj ET Q q 0 0 0 rg BT 145.57 147.70 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 174.04 147.70 Td (is ) Tj ET Q q 0 0 0 rg BT 180.16 147.70 Td (a ) Tj ET Q q 0 0 0 rg BT 184.71 147.70 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 216.34 147.70 Td ( ) Tj ET Q q 0 0 0 rg BT 217.78 147.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 254.60 147.70 Td (measure ) Tj ET Q q 0 0 0 rg BT 279.36 147.70 Td (we ) Tj ET Q q 0 0 0 rg BT 288.97 147.70 Td (calculate ) Tj ET Q q 0 0 0 rg BT 315.29 147.70 Td (by ) Tj ET Q q 0 0 0 rg BT 323.73 147.70 Td (dividing ) Tj ET Q q 0 0 0 rg BT 348.51 147.70 Td (\(i\)�Operating ) Tj ET Q q 0 0 0 rg BT 386.30 147.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 408.74 147.70 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 429.82 147.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 454.59 147.70 Td (to ) Tj ET Q q 0 0 0 rg BT 461.49 147.70 Td (exclude ) Tj ET Q q 0 0 0 rg BT 484.70 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 494.69 147.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 515.19 147.70 Td (on ) Tj ET Q q 0 0 0 rg BT 523.63 147.70 Td (compensation ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 139.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 109.96 139.30 Td (of ) Tj ET Q q 0 0 0 rg BT 117.71 139.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 134.41 139.30 Td (or ) Tj ET Q q 0 0 0 rg BT 142.16 139.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 160.80 139.30 Td (on ) Tj ET Q q 0 0 0 rg BT 169.72 139.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 205.08 139.30 Td (made ) Tj ET Q q 0 0 0 rg BT 222.16 139.30 Td (to ) Tj ET Q q 0 0 0 rg BT 229.53 139.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 244.28 139.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 269.51 139.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 310.31 139.30 Td (plans, ) Tj ET Q q 0 0 0 rg BT 328.75 139.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.23 139.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.19 139.30 Td (on ) Tj ET Q q 0 0 0 rg BT 369.11 139.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 409.91 139.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 434.38 139.30 Td (of ) Tj ET Q q 0 0 0 rg BT 442.13 139.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 458.82 139.30 Td (or ) Tj ET Q q 0 0 0 rg BT 466.57 139.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 485.22 139.30 Td (on ) Tj ET Q q 0 0 0 rg BT 494.14 139.30 Td (seed ) Tj ET Q q 0 0 0 rg BT 508.49 139.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.07 139.30 Td (investments ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 130.90 Td (by ) Tj ET Q q 0 0 0 rg BT 93.92 130.90 Td (our ) Tj ET Q q 0 0 0 rg BT 104.67 130.90 Td (af) Tj ET Q q 0 0 0 rg BT 109.99 130.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 130.46 130.90 Td (under ) Tj ET Q q 0 0 0 rg BT 147.82 130.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 171.39 130.90 Td (sharing ) Tj ET Q q 0 0 0 rg BT 193.42 130.90 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 228.46 130.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 265.26 130.90 Td (related ) Tj ET Q q 0 0 0 rg BT 285.72 130.90 Td (to ) Tj ET Q q 0 0 0 rg BT 292.59 130.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 322.01 130.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 341.51 130.90 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 390.75 130.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 406.17 130.90 Td (of ) Tj ET Q q 0 0 0 rg BT 413.42 130.90 Td (streamlining ) Tj ET Q q 0 0 0 rg BT 449.83 130.90 Td (our ) Tj ET Q q 0 0 0 rg BT 460.59 130.90 Td (business ) Tj ET Q q 0 0 0 rg BT 485.73 130.90 Td (model, ) Tj ET Q q 0 0 0 rg BT 506.40 130.90 Td (if ) Tj ET Q q 0 0 0 rg BT 512.10 130.90 Td (any) Tj ET Q q 0 0 0 rg BT 521.75 130.90 Td (, ) Tj ET Q q 0 0 0 rg BT 524.92 130.90 Td (income ) Tj ET Q q 0 0 0 rg BT 546.95 130.90 Td (\(loss\) ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 122.50 Td (of ) Tj ET Q q 0 0 0 rg BT 92.46 122.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 128.97 122.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 160.82 122.50 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 186.63 122.50 Td (the ) Tj ET Q q 0 0 0 rg BT 196.32 122.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.49 122.50 Td (of ) Tj ET Q q 0 0 0 rg BT 223.46 122.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 234.30 122.50 Td (value ) Tj ET Q q 0 0 0 rg BT 250.59 122.50 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 285.16 122.50 Td (of ) Tj ET Q q 0 0 0 rg BT 292.12 122.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 322.80 122.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 361.64 122.50 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 390.57 122.50 Td (if ) Tj ET Q q 0 0 0 rg BT 395.98 122.50 Td (any) Tj ET Q q 0 0 0 rg BT 405.63 122.50 Td (, ) Tj ET Q q 0 0 0 rg BT 408.51 122.50 Td (and ) Tj ET Q q 0 0 0 rg BT 419.75 122.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 453.15 122.50 Td (char) Tj ET Q q 0 0 0 rg BT 465.07 122.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 475.53 122.50 Td (by ) Tj ET Q q 0 0 0 rg BT 483.66 122.50 Td (\(ii\)�our ) Tj ET Q q 0 0 0 rg BT 504.42 122.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 533.54 122.50 Td (Revenues, ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 114.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 111.30 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.22 114.10 Td (add ) Tj ET Q q 0 0 0 rg BT 131.80 114.10 Td (back ) Tj ET Q q 0 0 0 rg BT 147.49 114.10 Td (net ) Tj ET Q q 0 0 0 rg BT 158.52 114.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.71 114.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 218.29 114.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 232.04 114.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 264.05 114.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 280.53 114.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 320.72 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.03 114.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.22 114.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 389.38 114.10 Td (less ) Tj ET Q q 0 0 0 rg BT 402.35 114.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 437.11 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.69 114.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 477.82 114.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 505.56 114.10 Td (which ) Tj ET Q q 0 0 0 rg BT 525.15 114.10 Td (we ) Tj ET Q q 0 0 0 rg BT 535.78 114.10 Td (use ) Tj ET Q q 0 0 0 rg BT 547.59 114.10 Td (as ) Tj ET Q q 0 0 0 rg BT 555.89 114.10 Td (an ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 105.70 Td (approximate ) Tj ET Q q 0 0 0 rg BT 121.70 105.70 Td (measure ) Tj ET Q q 0 0 0 rg BT 146.24 105.70 Td (of ) Tj ET Q q 0 0 0 rg BT 153.29 105.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.38 105.70 Td (that ) Tj ET Q q 0 0 0 rg BT 191.09 105.70 Td (are ) Tj ET Q q 0 0 0 rg BT 200.86 105.70 Td (passed ) Tj ET Q q 0 0 0 rg BT 220.74 105.70 Td (through ) Tj ET Q q 0 0 0 rg BT 243.73 105.70 Td (to ) Tj ET Q q 0 0 0 rg BT 250.39 105.70 Td (third ) Tj ET Q q 0 0 0 rg BT 264.83 105.70 Td (parties, ) Tj ET Q q 0 0 0 rg BT 286.45 105.70 Td (which ) Tj ET Q q 0 0 0 rg BT 304.78 105.70 Td (we ) Tj ET Q q 0 0 0 rg BT 314.16 105.70 Td (refer ) Tj ET Q q 0 0 0 rg BT 328.58 105.70 Td (to ) Tj ET Q q 0 0 0 rg BT 335.24 105.70 Td (as ) Tj ET Q q 0 0 0 rg BT 342.29 105.70 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 374.35 105.70 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 404.53 105.70 Td (as ) Tj ET Q q 0 0 0 rg BT 411.31 105.70 Td (Adjusted." ) Tj ET Q q 0 0 0 rg BT 442.41 105.70 Td ( ) Tj ET Q q 0 0 0 rg BT 443.63 105.70 Td (See ) Tj ET Q q 0 0 0 rg BT 454.95 105.70 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 494.66 105.70 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 527.85 105.70 Td ( ) Tj ET Q q 0 0 0 rg BT 529.06 105.70 Td (Information ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 97.30 Td (in ) Tj ET Q q 0 0 0 rg BT 92.69 97.30 Td (Item�7. ) Tj ET Q q 0 0 0 rg BT 114.27 97.30 Td (Management's ) Tj ET Q q 0 0 0 rg BT 156.55 97.30 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 189.02 97.30 Td (and ) Tj ET Q q 0 0 0 rg BT 200.49 97.30 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 226.74 97.30 Td (of ) Tj ET Q q 0 0 0 rg BT 234.33 97.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 262.12 97.30 Td (Condition ) Tj ET Q q 0 0 0 rg BT 291.88 97.30 Td (and ) Tj ET Q q 0 0 0 rg BT 303.73 97.30 Td (Results ) Tj ET Q q 0 0 0 rg BT 326.10 97.30 Td (of ) Tj ET Q q 0 0 0 rg BT 333.68 97.30 Td (Operations.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 88.90 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 85.50 88.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 112.61 88.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 137.89 88.90 Td ( ) Tj ET Q q 0 0 0 rg BT 139.72 88.90 Td (is ) Tj ET Q q 0 0 0 rg BT 146.22 88.90 Td (a ) Tj ET Q q 0 0 0 rg BT 151.17 88.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 182.80 88.90 Td ( ) Tj ET Q q 0 0 0 rg BT 184.63 88.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 210.19 88.90 Td (measure ) Tj ET Q q 0 0 0 rg BT 235.34 88.90 Td (we ) Tj ET Q q 0 0 0 rg BT 245.34 88.90 Td (define ) Tj ET Q q 0 0 0 rg BT 264.66 88.90 Td (as ) Tj ET Q q 0 0 0 rg BT 272.33 88.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 286.60 88.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 313.32 88.90 Td (by ) Tj ET Q q 0 0 0 rg BT 322.15 88.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 353.15 88.90 Td (plus ) Tj ET Q q 0 0 0 rg BT 366.65 88.90 Td (\(minus\) ) Tj ET Q q 0 0 0 rg BT 390.26 88.90 Td (allocation ) Tj ET Q q 0 0 0 rg BT 419.70 88.90 Td (of ) Tj ET Q q 0 0 0 rg BT 427.36 88.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 441.25 88.90 Td (redemption ) Tj ET Q q 0 0 0 rg BT 474.96 88.90 Td (payments, ) Tj ET Q q 0 0 0 rg BT 505.37 88.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 527.81 88.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 553.94 88.90 Td (net ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 80.50 Td (of ) Tj ET Q q 0 0 0 rg BT 93.10 80.50 Td (accretion ) Tj ET Q q 0 0 0 rg BT 120.51 80.50 Td (and ) Tj ET Q q 0 0 0 rg BT 132.38 80.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 169.52 80.50 Td (of ) Tj ET Q q 0 0 0 rg BT 177.12 80.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 190.93 80.50 Td (discounts ) Tj ET Q q 0 0 0 rg BT 219.14 80.50 Td (and ) Tj ET Q q 0 0 0 rg BT 231.01 80.50 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 262.53 80.50 Td (current ) Tj ET Q q 0 0 0 rg BT 284.11 80.50 Td (income ) Tj ET Q q 0 0 0 rg BT 306.48 80.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 316.80 80.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 342.85 80.50 Td (net ) Tj ET Q q 0 0 0 rg BT 353.17 80.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 369.71 80.50 Td (on ) Tj ET Q q 0 0 0 rg BT 378.48 80.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 410.96 80.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 440.91 80.50 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 80.50 Td (net ) Tj ET Q q 0 0 0 rg BT 461.54 80.50 Td (change ) Tj ET Q q 0 0 0 rg BT 483.13 80.50 Td (in ) Tj ET Q q 0 0 0 rg BT 490.34 80.50 Td (other ) Tj ET Q q 0 0 0 rg BT 506.48 80.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 524.58 80.50 Td (and ) Tj ET Q q 0 0 0 rg BT 536.45 80.50 Td (liabilities ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.05 72.10 Td (other) Tj ET Q q 0 0 0 rg BT 111.04 72.10 Td (. ) Tj ET Q q 0 0 0 rg BT 114.24 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.57 72.10 Td (This ) Tj ET Q q 0 0 0 rg BT 129.46 72.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 158.12 72.10 Td (results ) Tj ET Q q 0 0 0 rg BT 177.84 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.72 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 189.27 72.10 Td (metric ) Tj ET Q q 0 0 0 rg BT 208.59 72.10 Td (that ) Tj ET Q q 0 0 0 rg BT 220.53 72.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.64 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.63 72.10 Td (same ) Tj ET Q q 0 0 0 rg BT 252.46 72.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 274.90 72.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.17 72.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 307.44 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 308.88 72.10 Td (used ) Tj ET Q q 0 0 0 rg BT 323.16 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.04 72.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 359.47 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.36 72.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.13 72.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 405.40 72.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 422.78 72.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 444.04 72.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 476.38 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.83 72.10 Td (See ) Tj ET Q q 0 0 0 rg BT 489.37 72.10 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 529.31 72.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 562.49 72.10 Td ( ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 85.50 63.70 Td (Information ) Tj ET Q q 0 0 0 rg BT 120.68 63.70 Td (in ) Tj ET Q q 0 0 0 rg BT 127.88 63.70 Td (Item ) Tj ET Q q 0 0 0 rg BT 142.46 63.70 Td (7. ) Tj ET Q q 0 0 0 rg BT 149.46 63.70 Td (Management's ) Tj ET Q q 0 0 0 rg BT 191.73 63.70 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 224.21 63.70 Td (and ) Tj ET Q q 0 0 0 rg BT 235.68 63.70 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 261.93 63.70 Td (of ) Tj ET Q q 0 0 0 rg BT 269.51 63.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 297.31 63.70 Td (Condition ) Tj ET Q q 0 0 0 rg BT 327.06 63.70 Td (and ) Tj ET Q q 0 0 0 rg BT 338.92 63.70 Td (Results ) Tj ET Q q 0 0 0 rg BT 361.28 63.70 Td (of ) Tj ET Q q 0 0 0 rg BT 368.86 63.70 Td (Operations.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 67.50 53.30 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 85.50 53.30 Td (Calculated ) Tj ET Q q 0 0 0 rg BT 117.18 53.30 Td (based ) Tj ET Q q 0 0 0 rg BT 134.87 53.30 Td (on ) Tj ET Q q 0 0 0 rg BT 143.62 53.30 Td (total ) Tj ET Q q 0 0 0 rg BT 157.81 53.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 174.34 53.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 188.14 53.30 Td (as ) Tj ET Q q 0 0 0 rg BT 195.72 53.30 Td (a ) Tj ET Q q 0 0 0 rg BT 200.58 53.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 232.64 53.30 Td (of ) Tj ET Q q 0 0 0 rg BT 240.22 53.30 Td (total ) Tj ET Q q 0 0 0 rg BT 254.41 53.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.82 53.30 Td (\(total ) Tj ET Q q 0 0 0 rg BT 291.34 53.30 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 329.73 53.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 348.98 53.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 382.61 53.30 Td (to ) Tj ET Q q 0 0 0 rg BT 389.80 53.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 405.93 53.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 428.49 53.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 440.93 53.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 454.35 53.30 Td (total ) Tj ET Q q 0 0 0 rg BT 468.54 53.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 485.07 53.30 Td (debt\) ) Tj ET Q q 0 0 0 rg BT 501.20 53.30 Td (as ) Tj ET Q q 0 0 0 rg BT 508.78 53.30 Td (of ) Tj ET Q q 0 0 0 rg BT 516.36 53.30 Td (March�31.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (32) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 7.��MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 250.21 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 275.00 741.90 Td (ANAL) Tj ET Q q 0 0 0 rg BT 303.79 741.90 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 343.95 741.90 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 405.51 741.90 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 472.02 741.90 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 531.44 741.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 561.10 741.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (OPERA) Tj ET Q q 0 0 0 rg BT 85.47 729.30 Td (TIONS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (EXECUTIVE OVER) Tj ET Q q 0 0 0 rg BT 144.52 704.10 Td (VIEW) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.98 678.90 Td (Mason,�Inc., ) Tj ET Q q 0 0 0 rg BT 129.37 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 136.93 678.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 171.91 678.90 Td (company) Tj ET Q q 0 0 0 rg BT 209.72 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 215.25 678.90 Td (with ) Tj ET Q q 0 0 0 rg BT 236.81 678.90 Td (its ) Tj ET Q q 0 0 0 rg BT 249.64 678.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 302.12 678.90 Td (\(which ) Tj ET Q q 0 0 0 rg BT 334.17 678.90 Td (collectively ) Tj ET Q q 0 0 0 rg BT 386.05 678.90 Td (comprise ) Tj ET Q q 0 0 0 rg BT 427.44 678.90 Td ("Legg ) Tj ET Q q 0 0 0 rg BT 456.20 678.90 Td (Mason"\) ) Tj ET Q q 0 0 0 rg BT 495.47 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 505.38 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 512.94 678.90 Td (global ) Tj ET Q q 0 0 0 rg BT 542.08 678.90 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (management ) Tj ET Q q 0 0 0 rg BT 105.26 666.30 Td (firm. ) Tj ET Q q 0 0 0 rg BT 128.08 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 129.73 666.30 Td (Acting ) Tj ET Q q 0 0 0 rg BT 160.43 666.30 Td (through ) Tj ET Q q 0 0 0 rg BT 195.21 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 211.33 666.30 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 265.65 666.30 Td (we ) Tj ET Q q 0 0 0 rg BT 280.01 666.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 314.20 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.40 666.30 Td (management ) Tj ET Q q 0 0 0 rg BT 418.16 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 435.44 666.30 Td (related ) Tj ET Q q 0 0 0 rg BT 466.12 666.30 Td (services ) Tj ET Q q 0 0 0 rg BT 502.06 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 512.34 666.30 Td (institutional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.40 653.70 Td (individual ) Tj ET Q q 0 0 0 rg BT 110.71 653.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 142.49 653.70 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 228.79 653.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 259.69 653.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 284.76 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 301.66 653.70 Td (other ) Tj ET Q q 0 0 0 rg BT 324.97 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 372.78 653.70 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 411.55 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 413.16 653.70 Td (W) Tj ET Q q 0 0 0 rg BT 422.23 653.70 Td (e ) Tj ET Q q 0 0 0 rg BT 428.63 653.70 Td (of) Tj ET Q q 0 0 0 rg BT 437.18 653.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 450.57 653.70 Td (these ) Tj ET Q q 0 0 0 rg BT 473.89 653.70 Td (products ) Tj ET Q q 0 0 0 rg BT 511.78 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 653.70 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 83.69 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.96 641.10 Td (through ) Tj ET Q q 0 0 0 rg BT 135.74 641.10 Td (various ) Tj ET Q q 0 0 0 rg BT 168.77 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.61 641.10 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 272.41 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.37 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 283.44 641.10 Td (e ) Tj ET Q q 0 0 0 rg BT 290.22 641.10 Td (have ) Tj ET Q q 0 0 0 rg BT 312.15 641.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.01 641.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 405.61 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.89 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.84 641.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 451.62 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.90 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.84 641.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 506.37 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 542.68 641.10 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 628.50 Td (fices ) Tj ET Q q 0 0 0 rg BT 79.71 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 89.30 628.50 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 132.24 628.50 Td (Bahamas, ) Tj ET Q q 0 0 0 rg BT 175.18 628.50 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 205.29 628.50 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 241.23 628.50 Td (Chile, ) Tj ET Q q 0 0 0 rg BT 268.43 628.50 Td (China, ) Tj ET Q q 0 0 0 rg BT 297.97 628.50 Td (Dubai, ) Tj ET Q q 0 0 0 rg BT 328.08 628.50 Td (France, ) Tj ET Q q 0 0 0 rg BT 361.10 628.50 Td (Germany) Tj ET Q q 0 0 0 rg BT 399.49 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 403.94 628.50 Td (Italy) Tj ET Q q 0 0 0 rg BT 422.50 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 426.95 628.50 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 455.31 628.50 Td (Poland, ) Tj ET Q q 0 0 0 rg BT 488.93 628.50 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 535.96 628.50 Td (Spain, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 102.40 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 120.11 615.90 Td (T) Tj ET Q q 0 0 0 rg BT 125.79 615.90 Td (aiwan. ) Tj ET Q q 0 0 0 rg BT 156.23 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 158.37 615.90 Td (All ) Tj ET Q q 0 0 0 rg BT 174.54 615.90 Td (references ) Tj ET Q q 0 0 0 rg BT 220.41 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 231.33 615.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 256.81 615.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 283.19 615.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 306.93 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 318.43 615.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 344.80 615.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 367.35 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 378.27 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 395.01 615.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 420.50 615.90 Td (year ) Tj ET Q q 0 0 0 rg BT 441.31 615.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.13 615.90 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 512.41 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 523.90 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 542.39 615.90 Td (year) Tj ET Q q 0 0 0 rg BT 559.88 615.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 603.30 Td (erms ) Tj ET Q q 0 0 0 rg BT 78.22 603.30 Td (such ) Tj ET Q q 0 0 0 rg BT 100.09 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 111.46 603.30 Td ("we," ) Tj ET Q q 0 0 0 rg BT 137.53 603.30 Td ("us," ) Tj ET Q q 0 0 0 rg BT 160.69 603.30 Td ("our) Tj ET Q q 0 0 0 rg BT 178.55 603.30 Td (," ) Tj ET Q q 0 0 0 rg BT 188.08 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 205.87 603.30 Td ("Company" ) Tj ET Q q 0 0 0 rg BT 257.90 603.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 280.33 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 291.13 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 315.33 603.30 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.99 578.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 111.79 578.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 152.26 578.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 194.49 578.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 226.82 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.72 578.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.95 578.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 327.27 578.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 347.33 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.90 578.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 408.45 578.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 448.34 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.65 578.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 495.77 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.08 578.10 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.82 565.50 Td (service ) Tj ET Q q 0 0 0 rg BT 98.71 565.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 120.39 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 122.55 565.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 171.37 565.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 209.68 565.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 228.75 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 243.72 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 284.94 565.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 329.65 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 340.56 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 347.38 565.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 395.00 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 405.90 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.89 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 458.45 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.43 565.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 521.67 565.50 Td (portfolios ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 68.22 552.90 Td (we ) Tj ET Q q 0 0 0 rg BT 83.44 552.90 Td (manage. ) Tj ET Q q 0 0 0 rg BT 121.70 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 124.67 552.90 Td (In ) Tj ET Q q 0 0 0 rg BT 136.40 552.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 176.41 552.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 232.44 552.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 252.32 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 273.38 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 286.27 552.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 317.22 552.90 Td (under ) Tj ET Q q 0 0 0 rg BT 344.11 552.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 375.65 552.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.70 552.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 463.84 552.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 504.72 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 519.94 552.90 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.91 540.30 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 162.00 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 175.11 540.30 Td (hurdle ) Tj ET Q q 0 0 0 rg BT 206.30 540.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 233.11 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 237.15 540.30 Td (The ) Tj ET Q q 0 0 0 rg BT 257.84 540.30 Td (lar) Tj ET Q q 0 0 0 rg BT 268.72 540.30 Td (gest ) Tj ET Q q 0 0 0 rg BT 290.00 540.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 324.69 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 337.80 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 356.16 540.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 413.57 540.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 434.84 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 446.20 540.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 478.54 540.30 Td (based ) Tj ET Q q 0 0 0 rg BT 506.81 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 521.67 540.30 Td (12-month ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.29 527.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 138.94 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 157.42 527.70 Td (end ) Tj ET Q q 0 0 0 rg BT 175.32 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 186.22 527.70 Td (dif) Tj ET Q q 0 0 0 rg BT 197.70 527.70 Td (fering ) Tj ET Q q 0 0 0 rg BT 225.51 527.70 Td (quarters ) Tj ET Q q 0 0 0 rg BT 262.06 527.70 Td (during ) Tj ET Q q 0 0 0 rg BT 292.22 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 307.78 527.70 Td (year) Tj ET Q q 0 0 0 rg BT 325.43 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 330.79 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 352.20 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 359.60 527.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 392.67 527.70 Td (based ) Tj ET Q q 0 0 0 rg BT 419.31 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 432.55 527.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 473.19 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 528.97 527.70 Td (periods. ) Tj ET Q q 0 0 0 rg BT 565.13 527.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 103.68 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.27 515.10 Td (service ) Tj ET Q q 0 0 0 rg BT 155.43 515.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 175.77 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.01 515.10 Td (received ) Tj ET Q q 0 0 0 rg BT 231.00 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.67 515.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 298.52 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 348.02 515.10 Td (products ) Tj ET Q q 0 0 0 rg BT 387.61 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.20 515.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 446.08 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.75 515.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 506.01 515.10 Td (other ) Tj ET Q q 0 0 0 rg BT 531.01 515.10 Td (support ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (services ) Tj ET Q q 0 0 0 rg BT 86.65 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 98.15 502.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 147.56 502.50 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 194.35 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 206.43 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 222.01 502.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 266.17 502.50 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 343.56 502.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 383.06 502.50 Td (services, ) Tj ET Q q 0 0 0 rg BT 422.83 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 441.33 502.50 Td (are ) Tj ET Q q 0 0 0 rg BT 457.48 502.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 499.87 502.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 545.76 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 557.84 502.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 97.69 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 109.17 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.72 489.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 151.95 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 162.85 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 175.48 489.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 224.29 489.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 263.76 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 275.24 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 286.71 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 294.10 489.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 342.29 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 353.77 489.90 Td (new ) Tj ET Q q 0 0 0 rg BT 373.99 489.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 401.21 489.90 Td (added ) Tj ET Q q 0 0 0 rg BT 429.01 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.91 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 452.55 489.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 501.35 489.90 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 543.45 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 489.90 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 92.32 477.30 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 135.72 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 151.42 477.30 Td (dependent ) Tj ET Q q 0 0 0 rg BT 197.45 477.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 221.33 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 237.04 477.30 Td (level ) Tj ET Q q 0 0 0 rg BT 260.33 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 271.95 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 288.83 477.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.21 477.30 Td (under ) Tj ET Q q 0 0 0 rg BT 343.00 477.30 Td (management ) Tj ET Q q 0 0 0 rg BT 399.53 477.30 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 442.47 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 460.52 477.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 487.90 477.30 Td (under ) Tj ET Q q 0 0 0 rg BT 514.68 477.30 Td (advisement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (\("AUA"\) ) Tj ET Q q 0 0 0 rg BT 89.60 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 106.56 464.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 121.16 464.70 Td (rates, ) Tj ET Q q 0 0 0 rg BT 145.40 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 162.35 464.70 Td (thus ) Tj ET Q q 0 0 0 rg BT 181.65 464.70 Td (are ) Tj ET Q q 0 0 0 rg BT 196.26 464.70 Td (af) Tj ET Q q 0 0 0 rg BT 204.22 464.70 Td (fected ) Tj ET Q q 0 0 0 rg BT 231.66 464.70 Td (by ) Tj ET Q q 0 0 0 rg BT 243.95 464.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 274.31 464.70 Td (such ) Tj ET Q q 0 0 0 rg BT 295.35 464.70 Td (as ) Tj ET Q q 0 0 0 rg BT 305.88 464.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 347.33 464.70 Td (market ) Tj ET Q q 0 0 0 rg BT 378.27 464.70 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 426.44 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 442.22 464.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 470.85 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 480.80 464.70 Td (attract ) Tj ET Q q 0 0 0 rg BT 508.83 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 464.70 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.43 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.02 452.10 Td (key ) Tj ET Q q 0 0 0 rg BT 111.61 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 160.11 452.10 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 205.99 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.58 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.08 452.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 330.18 452.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 348.40 452.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 375.33 452.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 402.83 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.43 452.10 Td (lar) Tj ET Q q 0 0 0 rg BT 424.31 452.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 436.65 452.10 Td (part ) Tj ET Q q 0 0 0 rg BT 455.41 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 478.24 452.10 Td (period ) Tj ET Q q 0 0 0 rg BT 507.50 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.09 452.10 Td (period ) Tj ET Q q 0 0 0 rg BT 547.34 452.10 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.31 439.50 Td (inflows ) Tj ET Q q 0 0 0 rg BT 92.45 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 109.25 439.50 Td (outflows ) Tj ET Q q 0 0 0 rg BT 147.64 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.02 439.50 Td (client ) Tj ET Q q 0 0 0 rg BT 182.99 439.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 209.12 439.50 Td (as ) Tj ET Q q 0 0 0 rg BT 219.51 439.50 Td (well ) Tj ET Q q 0 0 0 rg BT 239.23 439.50 Td (as ) Tj ET Q q 0 0 0 rg BT 249.61 439.50 Td (market ) Tj ET Q q 0 0 0 rg BT 280.40 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 335.09 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 351.89 439.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 387.35 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 397.16 439.50 Td (foreign ) Tj ET Q q 0 0 0 rg BT 429.12 439.50 Td (exchange ) Tj ET Q q 0 0 0 rg BT 470.40 439.50 Td (rates. ) Tj ET Q q 0 0 0 rg BT 494.49 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 496.13 439.50 Td (Client ) Tj ET Q q 0 0 0 rg BT 523.43 439.50 Td (decisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.08 426.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 96.90 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 108.06 426.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 146.61 426.90 Td (their ) Tj ET Q q 0 0 0 rg BT 168.27 426.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.19 426.90 Td (under ) Tj ET Q q 0 0 0 rg BT 221.51 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 237.93 426.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 296.61 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 314.19 426.90 Td (decisions ) Tj ET Q q 0 0 0 rg BT 355.69 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 368.61 426.90 Td (potential ) Tj ET Q q 0 0 0 rg BT 407.77 426.90 Td (clients ) Tj ET Q q 0 0 0 rg BT 437.59 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 448.18 426.90 Td (utilize ) Tj ET Q q 0 0 0 rg BT 476.84 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 493.25 426.90 Td (services, ) Tj ET Q q 0 0 0 rg BT 532.11 426.90 Td (may ) Tj ET Q q 0 0 0 rg BT 552.61 426.90 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 77.06 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 91.21 414.30 Td (one ) Tj ET Q q 0 0 0 rg BT 110.02 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 122.42 414.30 Td (more ) Tj ET Q q 0 0 0 rg BT 147.64 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 160.04 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 168.35 414.30 Td (number ) Tj ET Q q 0 0 0 rg BT 204.07 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 216.47 414.30 Td (factors. ) Tj ET Q q 0 0 0 rg BT 251.32 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 254.70 414.30 Td (These ) Tj ET Q q 0 0 0 rg BT 283.42 414.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 315.64 414.30 Td (include ) Tj ET Q q 0 0 0 rg BT 350.20 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 367.85 414.30 Td (reputation ) Tj ET Q q 0 0 0 rg BT 414.07 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 425.89 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 442.36 414.30 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 499.94 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 516.42 414.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.30 401.70 Td (\(both ) Tj ET Q q 0 0 0 rg BT 130.22 401.70 Td (absolute ) Tj ET Q q 0 0 0 rg BT 167.97 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 185.88 401.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 220.12 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 231.04 401.70 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 284.52 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 296.02 401.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 348.34 401.70 Td (products\) ) Tj ET Q q 0 0 0 rg BT 390.76 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 402.26 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 419.01 401.70 Td (products ) Tj ET Q q 0 0 0 rg BT 457.92 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 475.83 401.70 Td (services, ) Tj ET Q q 0 0 0 rg BT 515.03 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 530.61 401.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.27 401.70 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 389.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 79.53 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 94.02 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.26 389.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.58 389.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 197.27 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.34 389.10 Td (client ) Tj ET Q q 0 0 0 rg BT 237.91 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.90 389.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 287.89 389.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 319.43 389.10 Td (situation, ) Tj ET Q q 0 0 0 rg BT 360.47 389.10 Td (including ) Tj ET Q q 0 0 0 rg BT 402.38 389.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 450.70 389.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 498.14 389.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 535.97 389.10 Td (needs, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.04 376.50 Td (horizon ) Tj ET Q q 0 0 0 rg BT 130.58 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 147.20 376.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 180.16 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 190.37 376.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 216.34 376.50 Td (managed, ) Tj ET Q q 0 0 0 rg BT 258.32 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 273.79 376.50 Td (relationships ) Tj ET Q q 0 0 0 rg BT 328.91 376.50 Td (with ) Tj ET Q q 0 0 0 rg BT 349.04 376.50 Td (distributors ) Tj ET Q q 0 0 0 rg BT 398.34 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 414.97 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 429.26 376.50 Td (external ) Tj ET Q q 0 0 0 rg BT 464.54 376.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 506.82 376.50 Td (environment, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (including ) Tj ET Q q 0 0 0 rg BT 91.79 363.90 Td (market ) Tj ET Q q 0 0 0 rg BT 123.57 363.90 Td (conditions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.33 338.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 89.73 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 108.98 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 124.72 338.70 Td (char) Tj ET Q q 0 0 0 rg BT 142.60 338.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 156.01 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 171.75 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 189.25 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.83 338.70 Td (services ) Tj ET Q q 0 0 0 rg BT 276.15 338.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 298.31 338.70 Td (based ) Tj ET Q q 0 0 0 rg BT 325.71 338.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 350.21 338.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 382.28 338.70 Td (such ) Tj ET Q q 0 0 0 rg BT 405.03 338.70 Td (as ) Tj ET Q q 0 0 0 rg BT 417.28 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 433.61 338.70 Td (type ) Tj ET Q q 0 0 0 rg BT 455.19 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 467.43 338.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 516.43 338.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 88.15 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.94 326.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.38 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.21 326.10 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 183.29 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.08 326.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.44 326.10 Td (management ) Tj ET Q q 0 0 0 rg BT 282.04 326.10 Td (af) Tj ET Q q 0 0 0 rg BT 290.01 326.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 318.45 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.15 326.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 378.26 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.04 326.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 435.44 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.56 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.34 326.10 Td (type ) Tj ET Q q 0 0 0 rg BT 493.37 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.07 326.10 Td (services ) Tj ET Q q 0 0 0 rg BT 543.84 326.10 Td (\(and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.93 313.50 Td (objectives\) ) Tj ET Q q 0 0 0 rg BT 146.35 313.50 Td (that ) Tj ET Q q 0 0 0 rg BT 164.45 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 179.62 313.50 Td (provided. ) Tj ET Q q 0 0 0 rg BT 221.93 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 224.28 313.50 Td (Fees ) Tj ET Q q 0 0 0 rg BT 245.88 313.50 Td (char) Tj ET Q q 0 0 0 rg BT 263.76 313.50 Td (ged ) Tj ET Q q 0 0 0 rg BT 281.27 313.50 Td (for ) Tj ET Q q 0 0 0 rg BT 295.87 313.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 324.47 313.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.23 313.50 Td (management ) Tj ET Q q 0 0 0 rg BT 403.23 313.50 Td (services ) Tj ET Q q 0 0 0 rg BT 439.40 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 454.58 313.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 495.99 313.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 525.17 313.50 Td (than ) Tj ET Q q 0 0 0 rg BT 545.60 313.50 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 300.90 Td (ged ) Tj ET Q q 0 0 0 rg BT 84.69 300.90 Td (for ) Tj ET Q q 0 0 0 rg BT 99.09 300.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 122.82 300.90 Td (income ) Tj ET Q q 0 0 0 rg BT 155.88 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 166.78 300.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 204.52 300.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 227.08 300.90 Td (management ) Tj ET Q q 0 0 0 rg BT 282.88 300.90 Td (services. ) Tj ET Q q 0 0 0 rg BT 321.48 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 323.16 300.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 374.96 300.90 Td (, ) Tj ET Q q 0 0 0 rg BT 379.74 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 395.89 300.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 435.36 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 452.67 300.90 Td (average ) Tj ET Q q 0 0 0 rg BT 487.46 300.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 529.27 300.90 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (yields ) Tj ET Q q 0 0 0 rg BT 77.34 288.30 Td (will ) Tj ET Q q 0 0 0 rg BT 96.43 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 109.10 288.30 Td (af) Tj ET Q q 0 0 0 rg BT 117.07 288.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 145.47 288.30 Td (by ) Tj ET Q q 0 0 0 rg BT 158.73 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 174.31 288.30 Td (composition ) Tj ET Q q 0 0 0 rg BT 228.98 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 240.49 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 256.63 288.30 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 286.52 288.30 Td (with ) Tj ET Q q 0 0 0 rg BT 307.94 288.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 344.52 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 355.44 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 371.03 288.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 405.27 288.30 Td (level ) Tj ET Q q 0 0 0 rg BT 428.43 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 439.93 288.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.93 288.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.19 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 514.11 288.30 Td (alternatives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 88.12 275.70 Td (more ) Tj ET Q q 0 0 0 rg BT 111.57 275.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 165.94 275.70 Td (impacting ) Tj ET Q q 0 0 0 rg BT 209.81 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 225.69 275.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 264.88 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 281.92 275.70 Td (average ) Tj ET Q q 0 0 0 rg BT 316.43 275.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 357.96 275.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 393.07 275.70 Td (yields. ) Tj ET Q q 0 0 0 rg BT 422.66 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 424.12 275.70 Td (A) Tj ET Q q 0 0 0 rg BT 430.92 275.70 Td (verage ) Tj ET Q q 0 0 0 rg BT 460.78 275.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 502.31 275.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 537.42 275.70 Td (yields ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.59 263.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 111.41 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 123.43 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.52 263.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 162.03 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.05 263.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 222.79 263.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.14 263.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 311.57 263.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 334.37 263.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 386.06 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.49 263.10 Td (service ) Tj ET Q q 0 0 0 rg BT 437.49 263.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 460.29 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.71 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 503.56 263.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 546.77 263.10 Td (less ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.75 250.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 126.49 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 136.86 250.50 Td (average ) Tj ET Q q 0 0 0 rg BT 171.21 250.50 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 200.54 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 202.75 250.50 Td (In ) Tj ET Q q 0 0 0 rg BT 213.70 250.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 252.94 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 263.31 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 278.34 250.50 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 316.11 250.50 Td (course ) Tj ET Q q 0 0 0 rg BT 345.72 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 356.67 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 372.87 250.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 413.29 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 427.73 250.50 Td (may ) Tj ET Q q 0 0 0 rg BT 448.01 250.50 Td (reduce ) Tj ET Q q 0 0 0 rg BT 478.20 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 489.15 250.50 Td (waive ) Tj ET Q q 0 0 0 rg BT 516.42 250.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (management ) Tj ET Q q 0 0 0 rg BT 104.90 237.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 126.19 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 136.69 237.90 Td (limit ) Tj ET Q q 0 0 0 rg BT 158.29 237.90 Td (total ) Tj ET Q q 0 0 0 rg BT 178.71 237.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 221.00 237.90 Td (on ) Tj ET Q q 0 0 0 rg BT 233.25 237.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 263.57 237.90 Td (products ) Tj ET Q q 0 0 0 rg BT 301.49 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 312.00 237.90 Td (services ) Tj ET Q q 0 0 0 rg BT 347.57 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 361.57 237.90 Td (particular ) Tj ET Q q 0 0 0 rg BT 403.56 237.90 Td (time ) Tj ET Q q 0 0 0 rg BT 423.98 237.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 456.65 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.57 237.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 500.98 237.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 521.98 237.90 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 60.43 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 74.85 225.30 Td (other ) Tj ET Q q 0 0 0 rg BT 98.60 225.30 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 134.90 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 152.24 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 162.59 225.30 Td (help ) Tj ET Q q 0 0 0 rg BT 182.85 225.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 208.93 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 219.86 225.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 256.43 225.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 296.51 225.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 325.81 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 327.84 225.30 Td (W) Tj ET Q q 0 0 0 rg BT 336.91 225.30 Td (e ) Tj ET Q q 0 0 0 rg BT 343.75 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 365.75 225.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 401.16 225.30 Td (sharing ) Tj ET Q q 0 0 0 rg BT 434.25 225.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 492.99 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 503.33 225.30 Td (place ) Tj ET Q q 0 0 0 rg BT 527.66 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 542.09 225.30 Td (most ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.12 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 76.00 212.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.28 212.70 Td (management ) Tj ET Q q 0 0 0 rg BT 153.81 212.70 Td (af) Tj ET Q q 0 0 0 rg BT 161.77 212.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 194.85 212.70 Td (under ) Tj ET Q q 0 0 0 rg BT 220.63 212.70 Td (which ) Tj ET Q q 0 0 0 rg BT 248.17 212.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 287.95 212.70 Td (percentages ) Tj ET Q q 0 0 0 rg BT 339.38 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 350.00 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.70 212.70 Td (af) Tj ET Q q 0 0 0 rg BT 372.67 212.70 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 405.02 212.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 444.21 212.70 Td (are ) Tj ET Q q 0 0 0 rg BT 458.90 212.70 Td (required ) Tj ET Q q 0 0 0 rg BT 495.76 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 505.80 212.70 Td (be ) Tj ET Q q 0 0 0 rg BT 517.59 212.70 Td (distributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.57 200.10 Td (us ) Tj ET Q q 0 0 0 rg BT 72.81 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.87 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.60 200.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 141.56 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.21 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.94 200.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.16 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.06 200.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 255.78 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 269.18 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.91 200.10 Td (af) Tj ET Q q 0 0 0 rg BT 292.88 200.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 324.35 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.42 200.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 353.49 200.10 Td (their ) Tj ET Q q 0 0 0 rg BT 375.63 200.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 418.18 200.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 461.62 200.10 Td (including ) Tj ET Q q 0 0 0 rg BT 504.18 200.10 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 93.32 187.50 Td (but ) Tj ET Q q 0 0 0 rg BT 110.02 187.50 Td (excluding ) Tj ET Q q 0 0 0 rg BT 154.72 187.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 186.57 187.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 227.76 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 246.21 187.50 Td (income ) Tj ET Q q 0 0 0 rg BT 280.40 187.50 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 307.89 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 311.18 187.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 340.71 187.50 Td (these ) Tj ET Q q 0 0 0 rg BT 365.57 187.50 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 428.04 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 445.32 187.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.02 187.50 Td (management ) Tj ET Q q 0 0 0 rg BT 525.95 187.50 Td (af) Tj ET Q q 0 0 0 rg BT 533.92 187.50 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (retain ) Tj ET Q q 0 0 0 rg BT 74.98 174.90 Td (dif) Tj ET Q q 0 0 0 rg BT 86.45 174.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 112.50 174.90 Td (percentages ) Tj ET Q q 0 0 0 rg BT 163.63 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 173.95 174.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 212.84 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 222.58 174.90 Td (cover ) Tj ET Q q 0 0 0 rg BT 247.47 174.90 Td (their ) Tj ET Q q 0 0 0 rg BT 268.28 174.90 Td (costs. ) Tj ET Q q 0 0 0 rg BT 293.48 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 294.71 174.90 Td (As ) Tj ET Q q 0 0 0 rg BT 307.95 174.90 Td (such, ) Tj ET Q q 0 0 0 rg BT 331.40 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 346.96 174.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 363.70 174.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 396.76 174.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 424.81 174.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 477.12 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 486.86 174.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 510.01 174.90 Td (Mason,�Inc., ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.71 162.30 Td (mar) Tj ET Q q 0 0 0 rg BT 106.85 162.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 121.82 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 138.54 162.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 198.42 162.30 Td (as ) Tj ET Q q 0 0 0 rg BT 208.73 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 214.95 162.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 261.97 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 272.28 162.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.49 162.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 352.36 162.30 Td (are ) Tj ET Q q 0 0 0 rg BT 366.74 162.30 Td (impacted ) Tj ET Q q 0 0 0 rg BT 406.78 162.30 Td (based ) Tj ET Q q 0 0 0 rg BT 432.25 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 444.31 162.30 Td (which ) Tj ET Q q 0 0 0 rg BT 471.53 162.30 Td (af) Tj ET Q q 0 0 0 rg BT 479.49 162.30 Td (filiates ) Tj ET Q q 0 0 0 rg BT 509.63 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 526.35 162.30 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 88.30 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 104.83 149.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 135.20 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 153.61 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 161.52 149.70 Td (change ) Tj ET Q q 0 0 0 rg BT 194.50 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 205.19 149.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 232.94 149.70 Td (at ) Tj ET Q q 0 0 0 rg BT 243.77 149.70 Td (one ) Tj ET Q q 0 0 0 rg BT 262.18 149.70 Td (af) Tj ET Q q 0 0 0 rg BT 270.14 149.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 297.88 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 309.87 149.70 Td (with ) Tj ET Q q 0 0 0 rg BT 331.79 149.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 364.76 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 376.18 149.70 Td (one ) Tj ET Q q 0 0 0 rg BT 394.59 149.70 Td (product ) Tj ET Q q 0 0 0 rg BT 429.91 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 441.90 149.70 Td (class ) Tj ET Q q 0 0 0 rg BT 465.56 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.55 149.70 Td (products ) Tj ET Q q 0 0 0 rg BT 516.96 149.70 Td (can ) Tj ET Q q 0 0 0 rg BT 534.78 149.70 Td (have ) Tj ET Q q 0 0 0 rg BT 557.85 149.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 104.46 137.10 Td (dif) Tj ET Q q 0 0 0 rg BT 115.93 137.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 142.89 137.10 Td (ef) Tj ET Q q 0 0 0 rg BT 150.86 137.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 169.08 137.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.06 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.53 137.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 238.33 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.97 137.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 294.02 137.10 Td (than ) Tj ET Q q 0 0 0 rg BT 314.58 137.10 Td (an ) Tj ET Q q 0 0 0 rg BT 326.97 137.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 352.19 137.10 Td (change ) Tj ET Q q 0 0 0 rg BT 384.40 137.10 Td (at ) Tj ET Q q 0 0 0 rg BT 394.46 137.10 Td (another ) Tj ET Q q 0 0 0 rg BT 428.42 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 436.39 137.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 463.36 137.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.58 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.23 137.10 Td (another ) Tj ET Q q 0 0 0 rg BT 519.20 137.10 Td (product ) Tj ET Q q 0 0 0 rg BT 553.75 137.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (class ) Tj ET Q q 0 0 0 rg BT 72.36 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 83.56 124.50 Td (products. ) Tj ET Q q 0 0 0 rg BT 124.79 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 127.24 124.50 Td (In ) Tj ET Q q 0 0 0 rg BT 138.44 124.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 177.92 124.50 Td (from ) Tj ET Q q 0 0 0 rg BT 200.78 124.50 Td (time ) Tj ET Q q 0 0 0 rg BT 221.90 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 232.51 124.50 Td (time, ) Tj ET Q q 0 0 0 rg BT 256.25 124.50 Td (we ) Tj ET Q q 0 0 0 rg BT 270.94 124.50 Td (may ) Tj ET Q q 0 0 0 rg BT 291.47 124.50 Td (agree ) Tj ET Q q 0 0 0 rg BT 316.65 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 327.27 124.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 363.53 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 374.15 124.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 409.83 124.50 Td (sharing ) Tj ET Q q 0 0 0 rg BT 443.19 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 460.80 124.50 Td (other ) Tj ET Q q 0 0 0 rg BT 484.82 124.50 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 543.83 124.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.12 111.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.16 111.90 Td (management ) Tj ET Q q 0 0 0 rg BT 145.43 111.90 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 191.50 111.90 Td (which ) Tj ET Q q 0 0 0 rg BT 219.79 111.90 Td (may ) Tj ET Q q 0 0 0 rg BT 240.49 111.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 271.69 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 288.31 111.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 349.26 111.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 389.79 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 407.57 111.90 Td (profitability) Tj ET Q q 0 0 0 rg BT 457.05 111.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 86.70 Td (most ) Tj ET Q q 0 0 0 rg BT 90.27 86.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 136.61 86.70 Td (component ) Tj ET Q q 0 0 0 rg BT 185.28 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 196.04 86.70 Td (our ) Tj ET Q q 0 0 0 rg BT 212.05 86.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 230.98 86.70 Td (structure ) Tj ET Q q 0 0 0 rg BT 269.73 86.70 Td (is ) Tj ET Q q 0 0 0 rg BT 278.75 86.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 321.58 86.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 381.91 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 399.09 86.70 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 436.96 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 447.72 86.70 Td (which ) Tj ET Q q 0 0 0 rg BT 475.40 86.70 Td (a ) Tj ET Q q 0 0 0 rg BT 482.07 86.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 519.66 86.70 Td (is ) Tj ET Q q 0 0 0 rg BT 528.68 86.70 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.84 74.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 92.25 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.58 74.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 150.75 74.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 193.41 74.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 255.90 74.10 Td (that ) Tj ET Q q 0 0 0 rg BT 275.82 74.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.00 74.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 330.25 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 358.33 74.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 383.50 74.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 420.91 74.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 452.20 74.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 533.94 74.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.72 61.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 128.11 61.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 155.17 61.50 Td (at ) Tj ET Q q 0 0 0 rg BT 165.32 61.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 201.12 61.50 Td (share-based ) Tj ET Q q 0 0 0 rg BT 253.25 61.50 Td (af) Tj ET Q q 0 0 0 rg BT 261.22 61.50 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 294.98 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 312.72 61.50 Td (our ) Tj ET Q q 0 0 0 rg BT 329.28 61.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 361.00 61.50 Td (profitability) Tj ET Q q 0 0 0 rg BT 410.48 61.50 Td (. ) Tj ET Q q 0 0 0 rg BT 415.68 61.50 Td ( ) Tj ET Q q 0 0 0 rg BT 418.06 61.50 Td (The ) Tj ET Q q 0 0 0 rg BT 436.96 61.50 Td (next ) Tj ET Q q 0 0 0 rg BT 457.60 61.50 Td (lar) Tj ET Q q 0 0 0 rg BT 468.49 61.50 Td (gest ) Tj ET Q q 0 0 0 rg BT 487.97 61.50 Td (component ) Tj ET Q q 0 0 0 rg BT 537.20 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 548.52 61.50 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.24 48.90 Td (structure ) Tj ET Q q 0 0 0 rg BT 106.79 48.90 Td (is ) Tj ET Q q 0 0 0 rg BT 115.62 48.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 165.86 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 48.90 Td (servicing ) Tj ET Q q 0 0 0 rg BT 223.15 48.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 261.42 48.90 Td (which ) Tj ET Q q 0 0 0 rg BT 288.90 48.90 Td (consists ) Tj ET Q q 0 0 0 rg BT 323.98 48.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 364.87 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 375.44 48.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 394.16 48.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 414.06 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 424.05 48.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 470.78 48.90 Td (distributors ) Tj ET Q q 0 0 0 rg BT 520.43 48.90 Td (for ) Tj ET Q q 0 0 0 rg BT 534.50 48.90 Td (selling ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.24 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.39 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 145.77 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 184.68 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.58 741.75 Td (services ) Tj ET Q q 0 0 0 rg BT 239.14 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.04 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 272.59 741.75 Td (lar) Tj ET Q q 0 0 0 rg BT 283.48 741.75 Td (gely ) Tj ET Q q 0 0 0 rg BT 304.30 741.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 340.85 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 351.76 741.75 Td (nature. ) Tj ET Q q 0 0 0 rg BT 383.36 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 386.10 741.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 419.75 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 444.06 741.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 486.45 741.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 510.20 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 525.75 741.75 Td (typically ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.74 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 118.39 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 148.46 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 159.87 729.15 Td (period, ) Tj ET Q q 0 0 0 rg BT 192.56 729.15 Td (such ) Tj ET Q q 0 0 0 rg BT 215.05 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 227.04 729.15 Td (occupancy) Tj ET Q q 0 0 0 rg BT 271.25 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 277.11 729.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 332.25 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 350.65 729.15 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 409.58 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 427.98 729.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 452.80 729.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 489.85 729.15 Td (commitments ) Tj ET Q q 0 0 0 rg BT 550.26 729.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 81.67 716.55 Td (data, ) Tj ET Q q 0 0 0 rg BT 104.79 716.55 Td (communication ) Tj ET Q q 0 0 0 rg BT 173.13 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 191.30 716.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 240.97 716.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 280.43 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 298.60 716.55 Td (usually ) Tj ET Q q 0 0 0 rg BT 331.94 716.55 Td (do ) Tj ET Q q 0 0 0 rg BT 345.46 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 361.89 716.55 Td (decline ) Tj ET Q q 0 0 0 rg BT 395.22 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 416.90 716.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 453.14 716.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 480.65 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.41 716.55 Td (business ) Tj ET Q q 0 0 0 rg BT 531.01 716.55 Td (activity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (or) Tj ET Q q 0 0 0 rg BT 57.83 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 63.08 703.95 Td (conversely) Tj ET Q q 0 0 0 rg BT 107.88 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 113.13 703.95 Td (usually ) Tj ET Q q 0 0 0 rg BT 146.08 703.95 Td (do ) Tj ET Q q 0 0 0 rg BT 159.21 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 175.25 703.95 Td (rise ) Tj ET Q q 0 0 0 rg BT 193.04 703.95 Td (proportionately ) Tj ET Q q 0 0 0 rg BT 260.40 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 281.69 703.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 323.96 703.95 Td (business ) Tj ET Q q 0 0 0 rg BT 362.17 703.95 Td (activity) Tj ET Q q 0 0 0 rg BT 392.98 703.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.68 678.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.26 678.75 Td (position ) Tj ET Q q 0 0 0 rg BT 141.94 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.95 678.75 Td (results ) Tj ET Q q 0 0 0 rg BT 188.22 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.81 678.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 244.40 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 259.06 678.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 303.48 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 311.45 678.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 338.94 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 351.29 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.96 678.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 396.97 678.75 Td (trends ) Tj ET Q q 0 0 0 rg BT 424.47 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.48 678.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 487.08 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 497.68 678.75 Td (global ) Tj ET Q q 0 0 0 rg BT 525.77 678.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (markets. ) Tj ET Q q 0 0 0 rg BT 88.69 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.01 666.15 Td (Results ) Tj ET Q q 0 0 0 rg BT 126.26 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 138.33 666.15 Td (any ) Tj ET Q q 0 0 0 rg BT 156.82 666.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 202.72 666.15 Td (period ) Tj ET Q q 0 0 0 rg BT 232.87 666.15 Td (should ) Tj ET Q q 0 0 0 rg BT 264.20 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 280.94 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 294.18 666.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 342.98 666.15 Td (representative ) Tj ET Q q 0 0 0 rg BT 405.19 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 417.27 666.15 Td (future ) Tj ET Q q 0 0 0 rg BT 445.66 666.15 Td (results. ) Tj ET Q q 0 0 0 rg BT 479.03 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 482.35 666.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 502.01 666.15 Td (profitability ) Tj ET Q q 0 0 0 rg BT 555.49 666.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 88.89 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 99.70 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 107.01 653.55 Td (variety ) Tj ET Q q 0 0 0 rg BT 138.80 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 150.19 653.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 184.03 653.55 Td (including ) Tj ET Q q 0 0 0 rg BT 226.34 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 241.81 653.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 275.95 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 293.76 653.55 Td (composition ) Tj ET Q q 0 0 0 rg BT 348.32 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 359.71 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 375.76 653.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 405.54 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 423.34 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 438.81 653.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 479.37 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 497.18 653.55 Td (general ) Tj ET Q q 0 0 0 rg BT 530.72 653.55 Td (level ) Tj ET Q q 0 0 0 rg BT 553.77 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.88 640.95 Td (prices, ) Tj ET Q q 0 0 0 rg BT 122.30 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 140.18 640.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.81 640.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 198.98 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 210.45 640.95 Td (well ) Tj ET Q q 0 0 0 rg BT 231.26 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 242.73 640.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 279.27 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 290.16 640.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 323.20 640.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 362.65 640.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 405.02 640.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 430.19 640.95 Td (among ) Tj ET Q q 0 0 0 rg BT 461.49 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 485.79 640.95 Td (things. ) Tj ET Q q 0 0 0 rg BT 516.81 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 519.53 640.95 Td (Periods ) Tj ET Q q 0 0 0 rg BT 553.76 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 102.70 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 134.90 628.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 181.70 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 197.58 628.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 224.54 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 235.76 628.35 Td (have ) Tj ET Q q 0 0 0 rg BT 258.64 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 271.60 628.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 306.72 628.35 Td (ef) Tj ET Q q 0 0 0 rg BT 314.69 628.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 333.48 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 347.03 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 364.08 628.35 Td (profitability) Tj ET Q q 0 0 0 rg BT 413.56 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 419.23 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 422.29 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 434.09 628.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 474.18 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 490.06 628.35 Td (diversification ) Tj ET Q q 0 0 0 rg BT 553.76 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (services ) Tj ET Q q 0 0 0 rg BT 85.86 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 103.57 615.75 Td (products ) Tj ET Q q 0 0 0 rg BT 142.27 615.75 Td (of) Tj ET Q q 0 0 0 rg BT 150.83 615.75 Td (fered, ) Tj ET Q q 0 0 0 rg BT 177.56 615.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.18 615.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 284.40 615.75 Td (access ) Tj ET Q q 0 0 0 rg BT 313.76 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 324.47 615.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 375.43 615.75 Td (channels, ) Tj ET Q q 0 0 0 rg BT 417.33 615.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 462.45 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 473.16 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.53 615.75 Td (market, ) Tj ET Q q 0 0 0 rg BT 522.85 615.75 Td (attraction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.41 603.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 107.47 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.96 603.15 Td (key ) Tj ET Q q 0 0 0 rg BT 136.87 603.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 184.52 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 202.43 603.15 Td (client ) Tj ET Q q 0 0 0 rg BT 228.50 603.15 Td (relations ) Tj ET Q q 0 0 0 rg BT 267.40 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 282.96 603.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 330.03 603.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 361.34 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 372.26 603.15 Td (determining ) Tj ET Q q 0 0 0 rg BT 425.74 603.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 462.31 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 477.29 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 492.86 603.15 Td (successful ) Tj ET Q q 0 0 0 rg BT 538.76 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (attraction ) Tj ET Q q 0 0 0 rg BT 92.44 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 110.88 590.55 Td (retention ) Tj ET Q q 0 0 0 rg BT 151.49 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 163.53 590.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 196.85 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 200.14 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 203.42 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 215.46 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 231.57 590.55 Td (last ) Tj ET Q q 0 0 0 rg BT 249.44 590.55 Td (few ) Tj ET Q q 0 0 0 rg BT 268.47 590.55 Td (years, ) Tj ET Q q 0 0 0 rg BT 296.54 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 312.65 590.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 350.36 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 367.64 590.55 Td (seen ) Tj ET Q q 0 0 0 rg BT 389.59 590.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 416.21 590.55 Td (into ) Tj ET Q q 0 0 0 rg BT 435.83 590.55 Td (products ) Tj ET Q q 0 0 0 rg BT 475.28 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 490.81 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 519.76 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 535.29 590.55 Td (do ) Tj ET Q q 0 0 0 rg BT 549.08 590.55 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 89.89 577.95 Td (garner ) Tj ET Q q 0 0 0 rg BT 119.19 577.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 166.01 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 197.65 577.95 Td (share. ) Tj ET Q q 0 0 0 rg BT 224.92 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 227.41 577.95 Td (For ) Tj ET Q q 0 0 0 rg BT 244.48 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 251.63 577.95 Td (further ) Tj ET Q q 0 0 0 rg BT 282.69 577.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 328.93 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 340.17 577.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 371.23 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 389.46 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 410.03 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 418.00 577.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 436.22 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 452.71 577.95 Td (results ) Tj ET Q q 0 0 0 rg BT 482.61 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.85 577.95 Td (operations, ) Tj ET Q q 0 0 0 rg BT 542.70 577.95 Td (refer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 565.35 Td (Item ) Tj ET Q q 0 0 0 rg BT 82.16 565.35 Td (1A. ) Tj ET Q q 0 0 0 rg BT 100.24 565.35 Td (Risk ) Tj ET Q q 0 0 0 rg BT 122.13 565.35 Td (Factors ) Tj ET Q q 0 0 0 rg BT 155.66 565.35 Td (included ) Tj ET Q q 0 0 0 rg BT 194.44 565.35 Td (herein.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.11 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.13 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 146.24 540.15 Td (business ) Tj ET Q q 0 0 0 rg BT 185.11 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 196.57 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 225.52 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 241.05 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 257.15 540.15 Td (engaged ) Tj ET Q q 0 0 0 rg BT 295.42 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 305.71 540.15 Td (extremely ) Tj ET Q q 0 0 0 rg BT 350.98 540.15 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 406.46 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 409.75 540.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 429.37 540.15 Td (competition ) Tj ET Q q 0 0 0 rg BT 482.82 540.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 521.10 540.15 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (global, ) Tj ET Q q 0 0 0 rg BT 81.48 527.55 Td (national, ) Tj ET Q q 0 0 0 rg BT 121.05 527.55 Td (regional ) Tj ET Q q 0 0 0 rg BT 158.56 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.84 527.55 Td (local ) Tj ET Q q 0 0 0 rg BT 200.36 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 223.88 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 280.64 527.55 Td (firms, ) Tj ET Q q 0 0 0 rg BT 308.54 527.55 Td (commercial ) Tj ET Q q 0 0 0 rg BT 361.21 527.55 Td (banks, ) Tj ET Q q 0 0 0 rg BT 391.45 527.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 434.79 527.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 482.81 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 501.09 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 525.77 527.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (services ) Tj ET Q q 0 0 0 rg BT 85.91 514.95 Td (companies. ) Tj ET Q q 0 0 0 rg BT 136.04 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 138.44 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 157.36 514.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 194.37 514.95 Td (has ) Tj ET Q q 0 0 0 rg BT 210.97 514.95 Td (been ) Tj ET Q q 0 0 0 rg BT 233.38 514.95 Td (impacted ) Tj ET Q q 0 0 0 rg BT 274.46 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 287.55 514.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 331.55 514.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 374.97 514.95 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 421.51 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 426.73 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.16 514.95 Td (constant ) Tj ET Q q 0 0 0 rg BT 479.74 514.95 Td (introduction ) Tj ET Q q 0 0 0 rg BT 533.66 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 545.01 514.95 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (products ) Tj ET Q q 0 0 0 rg BT 88.38 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 502.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 145.43 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 163.31 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 178.86 502.35 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 238.16 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 249.63 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.08 502.35 Td (services ) Tj ET Q q 0 0 0 rg BT 325.62 502.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 350.50 502.35 Td (through ) Tj ET Q q 0 0 0 rg BT 385.89 502.35 Td (mer) Tj ET Q q 0 0 0 rg BT 402.03 502.35 Td (gers ) Tj ET Q q 0 0 0 rg BT 422.24 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 440.12 502.35 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 495.63 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 498.16 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 517.20 502.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 554.34 502.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 78.10 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 93.28 489.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 127.11 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.05 489.75 Td (also ) Tj ET Q q 0 0 0 rg BT 156.90 489.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 189.58 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 200.69 489.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 243.27 489.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 288.78 489.75 Td (under ) Tj ET Q q 0 0 0 rg BT 315.63 489.75 Td (federal, ) Tj ET Q q 0 0 0 rg BT 350.33 489.75 Td (state, ) Tj ET Q q 0 0 0 rg BT 375.13 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 393.23 489.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 426.49 489.75 Td (laws. ) Tj ET Q q 0 0 0 rg BT 451.30 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.23 489.75 Td (Like ) Tj ET Q q 0 0 0 rg BT 476.41 489.75 Td (most ) Tj ET Q q 0 0 0 rg BT 499.77 489.75 Td (firms, ) Tj ET Q q 0 0 0 rg BT 527.50 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 542.68 489.75 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (been ) Tj ET Q q 0 0 0 rg BT 72.57 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 90.98 477.15 Td (will ) Tj ET Q q 0 0 0 rg BT 110.56 477.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 149.96 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 161.37 477.15 Td (be ) Tj ET Q q 0 0 0 rg BT 174.53 477.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 216.26 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 230.01 477.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 276.40 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 294.81 477.15 Td (legislative ) Tj ET Q q 0 0 0 rg BT 341.21 477.15 Td (changes. ) Tj ET Q q 0 0 0 rg BT 380.90 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 384.15 477.15 Td (Responding ) Tj ET Q q 0 0 0 rg BT 437.57 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 448.98 477.15 Td (these ) Tj ET Q q 0 0 0 rg BT 473.80 477.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 510.87 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 529.27 477.15 Td (keeping ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (abreast ) Tj ET Q q 0 0 0 rg BT 81.46 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 92.44 464.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 137.82 464.55 Td (developments, ) Tj ET Q q 0 0 0 rg BT 201.00 464.55 Td (has ) Tj ET Q q 0 0 0 rg BT 217.22 464.55 Td (required, ) Tj ET Q q 0 0 0 rg BT 257.06 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 274.45 464.55 Td (will ) Tj ET Q q 0 0 0 rg BT 293.02 464.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 331.40 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 341.80 464.55 Td (require, ) Tj ET Q q 0 0 0 rg BT 376.39 464.55 Td (us ) Tj ET Q q 0 0 0 rg BT 387.96 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 398.35 464.55 Td (incur ) Tj ET Q q 0 0 0 rg BT 422.16 464.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 445.39 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 463.37 464.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.17 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 510.40 464.55 Td (profitability) Tj ET Q q 0 0 0 rg BT 559.88 464.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.09 439.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 105.92 439.35 Td (priorities ) Tj ET Q q 0 0 0 rg BT 146.09 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 161.16 439.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 196.08 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 208.84 439.35 Td (four ) Tj ET Q q 0 0 0 rg BT 228.59 439.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 264.09 439.35 Td (areas ) Tj ET Q q 0 0 0 rg BT 287.91 439.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 312.92 439.35 Td (below) Tj ET Q q 0 0 0 rg BT 337.90 439.35 Td (.� ) Tj ET Q q 0 0 0 rg BT 345.41 439.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 402.49 439.35 Td (keeps ) Tj ET Q q 0 0 0 rg BT 428.65 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 452.49 439.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 490.32 439.35 Td (priorities ) Tj ET Q q 0 0 0 rg BT 530.49 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 540.91 439.35 Td (mind ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (when ) Tj ET Q q 0 0 0 rg BT 74.33 426.75 Td (it ) Tj ET Q q 0 0 0 rg BT 82.25 426.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 123.40 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.48 426.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 181.22 426.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 236.35 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 253.60 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.42 426.75 Td (condition.� ) Tj ET Q q 0 0 0 rg BT 339.42 426.75 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 385.84 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 406.59 426.75 Td (this ) Tj ET Q q 0 0 0 rg BT 423.85 426.75 Td (approach, ) Tj ET Q q 0 0 0 rg BT 467.04 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 481.37 426.75 Td (have ) Tj ET Q q 0 0 0 rg BT 503.28 426.75 Td (also ) Tj ET Q q 0 0 0 rg BT 522.28 426.75 Td (presented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.85 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.87 414.15 Td (table ) Tj ET Q q 0 0 0 rg BT 97.46 414.15 Td (below ) Tj ET Q q 0 0 0 rg BT 125.31 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 140.32 414.15 Td (most ) Tj ET Q q 0 0 0 rg BT 162.93 414.15 Td (important ) Tj ET Q q 0 0 0 rg BT 205.94 414.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 249.54 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 262.22 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 290.07 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 345.90 414.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 385.98 414.15 Td (focuses ) Tj ET Q q 0 0 0 rg BT 419.66 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 430.01 414.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 475.93 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 492.12 414.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 547.35 414.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 401.55 Td (condition.) 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rg BT 356.87 219.67 Td (and ) Tj ET Q q 0 0 0 rg BT 374.65 219.67 Td (improve ) Tj ET Q q 0 0 0 rg BT 412.27 219.67 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 449.31 219.67 Td (ef) Tj ET Q q 0 0 0 rg BT 457.38 219.67 Td (ficiency) Tj ET Q /GS0 gs q 4.80 0 0 10.25 168.65 200.70 cm /I10 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 203.67 Td (Manage ) Tj ET Q q 0 0 0 rg BT 215.94 203.67 Td (expenses) Tj ET Q /GS0 gs q 4.80 0 0 10.25 168.65 184.70 cm /I11 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 187.67 Td (Align economic relationships with affiliate management teams, including retained) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 177.17 Td (affiliate management equity and the implementation of affiliate management equity plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 166.67 Td (agreements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.78 135.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 107.31 135.15 Td (priorities ) Tj ET Q 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Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (34) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 741.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.56 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 130.86 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 155.06 741.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 193.25 741.75 Td (priorities ) Tj ET Q q 0 0 0 rg BT 233.78 741.75 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 285.39 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 324.18 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.97 741.75 Td (productivity\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 716.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 716.55 Td (On ) Tj ET Q q 0 0 0 rg BT 101.49 716.55 Td (May ) Tj ET Q q 0 0 0 rg BT 123.89 716.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 134.93 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.71 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 177.11 716.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 224.00 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 239.98 716.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 289.21 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 300.53 716.55 Td (combine ) Tj ET Q q 0 0 0 rg BT 339.62 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 359.10 716.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 392.00 716.55 Td (Group, ) Tj ET Q q 0 0 0 rg BT 424.61 716.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 461.01 716.55 Td (\("Permal"\), ) Tj ET Q q 0 0 0 rg BT 512.10 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 529.25 716.55 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 113.73 703.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 136.13 703.95 Td (platform, ) Tj ET Q q 0 0 0 rg BT 178.07 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 199.89 703.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 217.60 703.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 236.51 703.95 Td (Capital ) Tj ET Q q 0 0 0 rg BT 269.99 703.95 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 295.48 703.95 Td (rust"\). ) Tj ET Q q 0 0 0 rg BT 324.79 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 327.95 703.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 345.66 703.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 364.56 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 374.72 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 382.54 703.95 Td (leading ) Tj ET Q q 0 0 0 rg BT 416.60 703.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 464.07 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 487.64 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 544.44 703.95 Td (firm ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 147.39 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 157.98 691.35 Td (New ) Tj ET Q q 0 0 0 rg BT 179.87 691.35 Td (Y) Tj ET Q q 0 0 0 rg BT 186.40 691.35 Td (ork ) Tj ET Q q 0 0 0 rg BT 202.82 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 223.91 691.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 286.99 691.35 Td ($10 ) Tj ET Q q 0 0 0 rg BT 305.16 691.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 335.00 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.06 691.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 371.99 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 389.57 691.35 Td ($2 ) Tj ET Q q 0 0 0 rg BT 402.49 691.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 432.34 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 442.40 691.35 Td (AUA) Tj ET Q q 0 0 0 rg BT 464.56 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 466.99 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 484.57 691.35 Td (committed ) Tj ET Q q 0 0 0 rg BT 531.91 691.35 Td (capital. ) Tj ET Q q 0 0 0 rg BT 565.14 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 101.86 678.75 Td (own ) Tj ET Q q 0 0 0 rg BT 122.56 678.75 Td (65% ) Tj ET Q q 0 0 0 rg BT 144.44 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.81 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 171.26 678.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 215.29 678.75 Td (entity) Tj ET Q q 0 0 0 rg BT 238.52 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 243.77 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 272.06 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 281.69 678.75 Td (branded ) Tj ET Q q 0 0 0 rg BT 318.13 678.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 335.84 678.75 Td (rustPermal.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 105.24 653.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 161.15 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.31 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 189.55 653.55 Td (businesses ) Tj ET Q q 0 0 0 rg BT 237.31 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 249.47 653.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 267.18 653.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 286.34 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 304.92 653.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 338.08 653.55 Td (creates ) Tj ET Q q 0 0 0 rg BT 370.64 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 378.71 653.55 Td (new ) Tj ET Q q 0 0 0 rg BT 399.62 653.55 Td (global ) Tj ET Q q 0 0 0 rg BT 429.29 653.55 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 481.10 653.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 502.59 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 524.68 653.55 Td (over ) Tj ET Q q 0 0 0 rg BT 546.75 653.55 Td ($26 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 640.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 116.21 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 126.94 640.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 154.73 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 173.18 640.95 Td (total ) Tj ET Q q 0 0 0 rg BT 195.13 640.95 Td (client ) Tj ET Q q 0 0 0 rg BT 221.75 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 249.53 640.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 295.26 640.95 Td (AUA) Tj ET Q q 0 0 0 rg BT 317.43 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 320.71 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 339.16 640.95 Td (committed ) Tj ET Q q 0 0 0 rg BT 387.36 640.95 Td (capital\) ) Tj ET Q q 0 0 0 rg BT 422.13 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 434.17 640.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 498.11 640.95 Td ($30 ) Tj ET Q q 0 0 0 rg BT 517.14 640.95 Td (billion. ) Tj ET Q q 0 0 0 rg BT 550.48 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 553.77 640.95 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 133.54 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 154.19 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 169.00 628.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 224.62 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 235.35 628.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 267.07 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 281.29 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 296.09 628.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 350.56 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 371.21 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 388.92 628.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 409.27 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 423.49 628.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 452.87 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 463.01 628.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 486.57 628.35 Td (up ) Tj ET Q q 0 0 0 rg BT 499.04 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 509.19 628.35 Td ($100 ) Tj ET Q q 0 0 0 rg BT 532.17 628.35 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.43 615.75 Td (total ) Tj ET Q q 0 0 0 rg BT 117.28 615.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 173.12 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.46 615.75 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 264.37 615.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 290.18 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.12 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 328.96 615.75 Td ($43.3 ) Tj ET Q q 0 0 0 rg BT 354.77 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 387.30 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 405.81 615.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 442.98 615.75 Td (during ) Tj ET Q q 0 0 0 rg BT 472.58 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.59 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 507.85 615.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 615.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 103.09 603.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 131.18 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 134.67 603.15 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 202.70 603.15 Td ($40 ) Tj ET Q q 0 0 0 rg BT 222.92 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 257.72 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 270.36 603.15 Td ($50 ) Tj ET Q q 0 0 0 rg BT 290.57 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 325.38 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.59 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 355.89 603.15 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 406.42 603.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 453.45 603.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 478.92 603.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 526.54 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 590.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 141.74 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 157.14 590.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 197.04 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 207.79 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 220.29 590.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 257.86 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 268.61 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 284.02 590.55 Td (year ) Tj ET Q q 0 0 0 rg BT 304.68 590.55 Td (ending ) Tj ET Q q 0 0 0 rg BT 335.84 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 365.83 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.55 590.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 407.76 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 410.16 590.55 Td (W) Tj ET Q q 0 0 0 rg BT 419.23 590.55 Td (e ) Tj ET Q q 0 0 0 rg BT 426.47 590.55 Td (expect ) Tj ET Q q 0 0 0 rg BT 456.46 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 467.21 590.55 Td (achieve ) Tj ET Q q 0 0 0 rg BT 501.86 590.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td ($35 ) Tj ET Q q 0 0 0 rg BT 104.87 577.95 Td (million ) Tj ET Q q 0 0 0 rg BT 138.83 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 150.61 577.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 182.22 577.95 Td (savings ) Tj ET Q q 0 0 0 rg BT 217.34 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 241.37 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 257.82 577.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 278.35 577.95 Td (structures ) Tj ET Q q 0 0 0 rg BT 322.80 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 335.16 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 351.61 577.95 Td (two ) Tj ET Q q 0 0 0 rg BT 370.98 577.95 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 421.56 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 425.18 577.95 Td (See ) Tj ET Q q 0 0 0 rg BT 443.96 577.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 472.08 577.95 Td (2 ) Tj ET Q q 0 0 0 rg BT 480.95 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 499.73 577.95 Td (18 ) Tj ET Q q 0 0 0 rg BT 513.85 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 526.21 577.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 554.33 577.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 565.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 143.54 565.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 185.24 565.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 233.94 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 248.81 565.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 293.43 565.35 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 540.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 540.75 Td (On ) Tj ET Q q 0 0 0 rg BT 100.47 540.75 Td (April ) Tj ET Q q 0 0 0 rg BT 125.37 540.75 Td (13, ) Tj ET Q q 0 0 0 rg BT 141.23 540.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 167.59 540.75 Td (we ) Tj ET Q q 0 0 0 rg BT 182.58 540.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 221.46 540.75 Td (an ) Tj ET Q q 0 0 0 rg BT 234.11 540.75 Td (82% ) Tj ET Q q 0 0 0 rg BT 256.09 540.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 294.41 540.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 323.39 540.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.04 540.75 Td (in ) Tj ET Q q 0 0 0 rg BT 367.94 540.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 402.17 540.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 441.95 540.75 Td (a ) Tj ET Q q 0 0 0 rg BT 449.34 540.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 496.98 540.75 Td (real ) Tj ET Q q 0 0 0 rg BT 515.46 540.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 542.10 540.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 528.15 Td (management ) Tj ET Q q 0 0 0 rg BT 141.73 528.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 162.39 528.15 Td (based ) Tj ET Q q 0 0 0 rg BT 188.88 528.15 Td (in ) Tj ET Q q 0 0 0 rg BT 199.63 528.15 Td (New ) Tj ET Q q 0 0 0 rg BT 221.66 528.15 Td (Y) Tj ET Q q 0 0 0 rg BT 228.19 528.15 Td (ork. ) Tj ET Q q 0 0 0 rg BT 247.40 528.15 Td ( ) Tj ET Q q 0 0 0 rg BT 249.98 528.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 284.06 528.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 321.05 528.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 361.54 528.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 424.77 528.15 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 450.98 528.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 480.98 528.15 Td (in ) Tj ET Q q 0 0 0 rg BT 491.16 528.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 518.25 528.15 Td (as ) Tj ET Q q 0 0 0 rg BT 529.58 528.15 Td (of ) Tj ET Q q 0 0 0 rg BT 540.34 528.15 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 515.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 101.25 515.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 127.50 515.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.13 515.55 Td (See ) Tj ET Q q 0 0 0 rg BT 147.91 515.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 170.95 515.55 Td (18 ) Tj ET Q q 0 0 0 rg BT 184.07 515.55 Td (of ) Tj ET Q q 0 0 0 rg BT 195.44 515.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 222.57 515.55 Td (to ) Tj ET Q q 0 0 0 rg BT 233.36 515.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 291.40 515.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.10 515.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 381.80 515.55 Td (for ) Tj ET Q q 0 0 0 rg BT 396.67 515.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 441.28 515.55 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 490.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 490.35 Td (In ) Tj ET Q q 0 0 0 rg BT 96.73 490.35 Td (March ) Tj ET Q q 0 0 0 rg BT 126.62 490.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 152.74 490.35 Td (we ) Tj ET Q q 0 0 0 rg BT 167.47 490.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 213.69 490.35 Td (the ) Tj ET Q q 0 0 0 rg BT 229.00 490.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 297.39 490.35 Td (of ) Tj ET Q q 0 0 0 rg BT 308.63 490.35 Td (a ) Tj ET Q q 0 0 0 rg BT 315.77 490.35 Td (management ) Tj ET Q q 0 0 0 rg BT 371.91 490.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 400.64 490.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 421.20 490.35 Td (with ) Tj ET Q q 0 0 0 rg BT 442.36 490.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.67 490.35 Td (management ) Tj ET Q q 0 0 0 rg BT 513.81 490.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.04 490.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 554.35 490.35 Td (& ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 477.75 Td (Associates ) Tj ET Q q 0 0 0 rg BT 133.38 477.75 Td (\("Royce"\). ) Tj ET Q q 0 0 0 rg BT 181.36 477.75 Td ( ) Tj ET Q q 0 0 0 rg BT 184.11 477.75 Td (W) Tj ET Q q 0 0 0 rg BT 193.18 477.75 Td (e ) Tj ET Q q 0 0 0 rg BT 200.81 477.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 238.76 477.75 Td (a ) Tj ET Q q 0 0 0 rg BT 246.39 477.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 287.26 477.75 Td (char) Tj ET Q q 0 0 0 rg BT 305.14 477.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 318.01 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.73 477.75 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 356.32 477.75 Td (million ) Tj ET Q q 0 0 0 rg BT 389.63 477.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 413.59 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.39 477.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 467.93 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 479.64 477.75 Td (management ) Tj ET Q q 0 0 0 rg BT 536.25 477.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 465.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 106.67 465.15 Td (units ) Tj ET Q q 0 0 0 rg BT 130.18 465.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.43 465.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 167.26 465.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 193.98 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 197.06 465.15 Td (See ) Tj ET Q q 0 0 0 rg BT 215.31 465.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 238.81 465.15 Td (1) Tj ET Q q 0 0 0 rg BT 243.67 465.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 252.01 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.85 465.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 291.44 465.15 Td (to ) Tj ET Q q 0 0 0 rg BT 302.69 465.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 361.19 465.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 403.36 465.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 452.52 465.15 Td (for ) Tj ET Q q 0 0 0 rg BT 467.86 465.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.94 465.15 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 452.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 128.36 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 143.81 452.55 Td (Royce ) Tj ET Q q 0 0 0 rg BT 173.26 452.55 Td (management ) Tj ET Q q 0 0 0 rg BT 229.53 452.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 258.40 452.55 Td (plan.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 427.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 427.35 Td (In ) Tj ET Q q 0 0 0 rg BT 96.80 427.35 Td (March ) Tj ET Q q 0 0 0 rg BT 126.76 427.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 152.94 427.35 Td (we ) Tj ET Q q 0 0 0 rg BT 167.73 427.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 196.54 427.35 Td ($450 ) Tj ET Q q 0 0 0 rg BT 220.09 427.35 Td (million ) Tj ET Q q 0 0 0 rg BT 252.98 427.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.28 427.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 294.25 427.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.30 427.35 Td (due ) Tj ET Q q 0 0 0 rg BT 339.01 427.35 Td (2026, ) Tj ET Q q 0 0 0 rg BT 365.19 427.35 Td (and ) Tj ET Q q 0 0 0 rg BT 382.90 427.35 Td ($250 ) Tj ET Q q 0 0 0 rg BT 406.46 427.35 Td (million ) Tj ET Q q 0 0 0 rg BT 439.35 427.35 Td (of ) Tj ET Q q 0 0 0 rg BT 450.65 427.35 Td (Junior ) Tj ET Q q 0 0 0 rg BT 479.45 427.35 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 538.00 427.35 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.75 Td (due ) Tj ET Q q 0 0 0 rg BT 103.72 414.75 Td (2056, ) Tj ET Q q 0 0 0 rg BT 130.40 414.75 Td (the ) Tj ET Q q 0 0 0 rg BT 146.29 414.75 Td (net ) Tj ET Q q 0 0 0 rg BT 162.17 414.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 202.54 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.35 414.75 Td (which ) Tj ET Q q 0 0 0 rg BT 243.06 414.75 Td (were ) Tj ET Q q 0 0 0 rg BT 266.52 414.75 Td (used ) Tj ET Q q 0 0 0 rg BT 288.83 414.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.05 414.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.00 414.75 Td (the ) Tj ET Q q 0 0 0 rg BT 349.89 414.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 403.11 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.91 414.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 432.62 414.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 451.43 414.75 Td (and ) Tj ET Q q 0 0 0 rg BT 469.65 414.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 504.20 414.75 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 544.29 414.75 Td ( ) Tj ET Q q 0 0 0 rg BT 547.35 414.75 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 402.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 108.54 402.15 Td (6 ) Tj ET Q q 0 0 0 rg BT 116.41 402.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.78 402.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 154.91 402.15 Td (to ) Tj ET Q q 0 0 0 rg BT 165.70 402.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 223.74 402.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 265.44 402.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 314.14 402.15 Td (for ) Tj ET Q q 0 0 0 rg BT 329.01 402.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 373.62 402.15 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 376.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 376.95 Td (On ) Tj ET Q q 0 0 0 rg BT 101.00 376.95 Td (January ) Tj ET Q q 0 0 0 rg BT 136.32 376.95 Td (22, ) Tj ET Q q 0 0 0 rg BT 152.12 376.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 178.41 376.95 Td (we ) Tj ET Q q 0 0 0 rg BT 193.32 376.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 232.14 376.95 Td (a ) Tj ET Q q 0 0 0 rg BT 239.47 376.95 Td (20% ) Tj ET Q q 0 0 0 rg BT 261.38 376.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 300.22 376.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.13 376.95 Td (position ) Tj ET Q q 0 0 0 rg BT 365.64 376.95 Td (in ) Tj ET Q q 0 0 0 rg BT 376.47 376.95 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 418.80 376.95 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 474.83 376.95 Td (LLC ) Tj ET Q q 0 0 0 rg BT 497.33 376.95 Td (\("Precidian"\), ) Tj ET Q q 0 0 0 rg BT 557.84 376.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 364.35 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.47 364.35 Td (specializing ) Tj ET Q q 0 0 0 rg BT 157.51 364.35 Td (in ) Tj ET Q q 0 0 0 rg BT 167.57 364.35 Td (creating ) Tj ET Q q 0 0 0 rg BT 203.28 364.35 Td (innovative ) Tj ET Q q 0 0 0 rg BT 249.49 364.35 Td (products ) Tj ET Q q 0 0 0 rg BT 287.55 364.35 Td (and ) Tj ET Q q 0 0 0 rg BT 304.60 364.35 Td (solutions ) Tj ET Q q 0 0 0 rg BT 344.42 364.35 Td (and ) Tj ET Q q 0 0 0 rg BT 361.47 364.35 Td (solving ) Tj ET Q q 0 0 0 rg BT 394.28 364.35 Td (market ) Tj ET Q q 0 0 0 rg BT 425.33 364.35 Td (structure ) Tj ET Q q 0 0 0 rg BT 463.95 364.35 Td (issues, ) Tj ET Q q 0 0 0 rg BT 493.56 364.35 Td (particularly ) Tj ET Q q 0 0 0 rg BT 543.85 364.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.75 Td (regard ) Tj ET Q q 0 0 0 rg BT 114.17 351.75 Td (to ) Tj ET Q q 0 0 0 rg BT 124.18 351.75 Td (the ) Tj ET Q q 0 0 0 rg BT 138.86 351.75 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 210.09 351.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 231.19 351.75 Td (\("ETF"\) ) Tj ET Q q 0 0 0 rg BT 267.27 351.75 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 323.05 351.75 Td ( ) Tj ET Q q 0 0 0 rg BT 324.90 351.75 Td (See ) Tj ET Q q 0 0 0 rg BT 341.91 351.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 364.17 351.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 371.28 351.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.87 351.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 408.22 351.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.24 351.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 475.51 351.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 516.43 351.75 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 339.15 Td (for ) Tj ET Q q 0 0 0 rg BT 100.37 339.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 144.98 339.15 Td (information. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 313.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.95 Td (In ) Tj ET Q q 0 0 0 rg BT 95.97 313.95 Td (December ) Tj ET Q q 0 0 0 rg BT 140.82 313.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 166.17 313.95 Td (we ) Tj ET Q q 0 0 0 rg BT 180.13 313.95 Td (launched ) Tj ET Q q 0 0 0 rg BT 219.75 313.95 Td (four ) Tj ET Q q 0 0 0 rg BT 238.96 313.95 Td (new ) Tj ET Q q 0 0 0 rg BT 258.17 313.95 Td (ETF ) Tj ET Q q 0 0 0 rg BT 278.56 313.95 Td (products ) Tj ET Q q 0 0 0 rg BT 316.44 313.95 Td (on ) Tj ET Q q 0 0 0 rg BT 328.66 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 343.20 313.95 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 388.68 313.95 Td (Stock ) Tj ET Q q 0 0 0 rg BT 414.31 313.95 Td (Exchange. ) Tj ET Q q 0 0 0 rg BT 460.05 313.95 Td ( ) Tj ET Q q 0 0 0 rg BT 461.65 313.95 Td (These ) Tj ET Q q 0 0 0 rg BT 488.44 313.95 Td (outcome-oriented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 301.35 Td (index-based ) Tj ET Q q 0 0 0 rg BT 138.31 301.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 159.05 301.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 184.45 301.35 Td (are ) Tj ET Q q 0 0 0 rg BT 199.34 301.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 239.31 301.35 Td (by ) Tj ET Q q 0 0 0 rg BT 251.89 301.35 Td (our ) Tj ET Q q 0 0 0 rg BT 267.96 301.35 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 330.69 301.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.17 301.35 Td (management ) Tj ET Q q 0 0 0 rg BT 408.89 301.35 Td (af) Tj ET Q q 0 0 0 rg BT 416.86 301.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 443.42 301.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 458.91 301.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 499.48 301.35 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 542.68 301.35 Td (LLC ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.75 Td (\("QS ) Tj ET Q q 0 0 0 rg BT 109.33 288.75 Td (Investors"\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 263.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 263.55 Td (On ) Tj ET Q q 0 0 0 rg BT 100.00 263.55 Td (October ) Tj ET Q q 0 0 0 rg BT 135.48 263.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 150.26 263.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 175.55 263.55 Td (we ) Tj ET Q q 0 0 0 rg BT 189.46 263.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 227.27 263.55 Td (a ) Tj ET Q q 0 0 0 rg BT 233.59 263.55 Td (75% ) Tj ET Q q 0 0 0 rg BT 254.50 263.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 291.74 263.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.31 263.55 Td (in ) Tj ET Q q 0 0 0 rg BT 334.14 263.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 363.80 263.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 422.60 263.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 457.51 263.55 Td (\("RARE ) Tj ET Q q 0 0 0 rg BT 494.96 263.55 Td (Infrastructure"\). ) Tj ET Q q 0 0 0 rg BT 565.13 263.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 115.63 250.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 174.90 250.95 Td (specializes ) Tj ET Q q 0 0 0 rg BT 222.50 250.95 Td (in ) Tj ET Q q 0 0 0 rg BT 232.80 250.95 Td (global ) Tj ET Q q 0 0 0 rg BT 261.17 250.95 Td (listed ) Tj ET Q q 0 0 0 rg BT 286.05 250.95 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 344.73 250.95 Td (investing, ) Tj ET Q q 0 0 0 rg BT 387.99 250.95 Td (is ) Tj ET Q q 0 0 0 rg BT 397.12 250.95 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 458.71 250.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.01 250.95 Td (Sydney) Tj ET Q q 0 0 0 rg BT 499.82 250.95 Td (, ) Tj ET Q q 0 0 0 rg BT 504.11 250.95 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 547.35 250.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 238.35 Td (had ) Tj ET Q q 0 0 0 rg BT 103.31 238.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 166.61 238.35 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 187.64 238.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 217.71 238.35 Td (in ) Tj ET Q q 0 0 0 rg BT 227.95 238.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 255.10 238.35 Td (at ) Tj ET Q q 0 0 0 rg BT 265.33 238.35 Td (closing. ) Tj ET Q q 0 0 0 rg BT 300.94 238.35 Td ( ) Tj ET Q q 0 0 0 rg BT 303.59 238.35 Td (See ) Tj ET Q q 0 0 0 rg BT 321.40 238.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 344.47 238.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 352.37 238.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.77 238.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 390.92 238.35 Td (to ) Tj ET Q q 0 0 0 rg BT 401.74 238.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 459.80 238.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 501.53 238.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 550.26 238.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 225.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 130.12 225.75 Td (information. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.84 200.55 Td (Loss ) Tj ET Q q 0 0 0 rg BT 88.38 200.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 141.29 200.55 Td (to ) Tj ET Q q 0 0 0 rg BT 151.64 200.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.39 200.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 208.78 200.55 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 226.99 200.55 Td (for ) Tj ET Q q 0 0 0 rg BT 241.42 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 256.42 200.55 Td (year ) Tj ET Q q 0 0 0 rg BT 276.67 200.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 303.92 200.55 Td (March ) Tj ET Q q 0 0 0 rg BT 333.50 200.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.81 200.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 374.61 200.55 Td (was ) Tj ET Q q 0 0 0 rg BT 393.12 200.55 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 418.93 200.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 454.07 200.55 Td (or ) Tj ET Q q 0 0 0 rg BT 464.99 200.55 Td ($0.25 ) Tj ET Q q 0 0 0 rg BT 490.80 200.55 Td (per ) Tj ET Q q 0 0 0 rg BT 506.38 200.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 537.73 200.55 Td (share, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.95 Td (as ) Tj ET Q q 0 0 0 rg BT 60.39 187.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 103.92 187.95 Td (to ) Tj ET Q q 0 0 0 rg BT 114.23 187.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.52 187.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 164.68 187.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 217.55 187.95 Td (to ) Tj ET Q q 0 0 0 rg BT 227.86 187.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 251.57 187.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 284.92 187.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 303.09 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 313.97 187.95 Td ($237.1 ) Tj ET Q q 0 0 0 rg BT 344.99 187.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 380.09 187.95 Td (or ) Tj ET Q q 0 0 0 rg BT 390.97 187.95 Td ($2.04 ) Tj ET Q q 0 0 0 rg BT 416.73 187.95 Td (per ) Tj ET Q q 0 0 0 rg BT 432.28 187.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 463.58 187.95 Td (share ) Tj ET Q q 0 0 0 rg BT 487.87 187.95 Td (for ) Tj ET Q q 0 0 0 rg BT 502.26 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.22 187.95 Td (year ) Tj ET Q q 0 0 0 rg BT 537.43 187.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.08 175.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.38 175.35 Td (2015.� ) Tj ET Q q 0 0 0 rg BT 122.81 175.35 Td (In ) Tj ET Q q 0 0 0 rg BT 133.73 175.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 170.32 175.35 Td (to ) Tj ET Q q 0 0 0 rg BT 180.66 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.67 175.35 Td ($43.3 ) Tj ET Q q 0 0 0 rg BT 221.47 175.35 Td (million ) Tj ET Q q 0 0 0 rg BT 253.98 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.91 175.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 304.99 175.35 Td (related ) Tj ET Q q 0 0 0 rg BT 335.73 175.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.07 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 361.08 175.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 416.90 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 427.82 175.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 459.74 175.35 Td (for ) Tj ET Q q 0 0 0 rg BT 474.16 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 489.17 175.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 543.83 175.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 162.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.30 162.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.81 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.98 162.75 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 147.94 162.75 Td (million ) Tj ET Q q 0 0 0 rg BT 181.62 162.75 Td (char) Tj ET Q q 0 0 0 rg BT 199.50 162.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 212.76 162.75 Td (related ) Tj ET Q q 0 0 0 rg BT 244.66 162.75 Td (to ) Tj ET Q q 0 0 0 rg BT 256.17 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.34 162.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 302.51 162.75 Td (management ) Tj ET Q q 0 0 0 rg BT 359.50 162.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 389.09 162.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 413.13 162.75 Td (as ) Tj ET Q q 0 0 0 rg BT 425.22 162.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 468.81 162.75 Td (above, ) Tj ET Q q 0 0 0 rg BT 499.85 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.02 162.75 Td (year ) Tj ET Q q 0 0 0 rg BT 537.43 162.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.15 Td (March ) Tj ET Q q 0 0 0 rg BT 80.78 150.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 97.78 150.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.29 150.15 Td (included ) Tj ET Q q 0 0 0 rg BT 165.32 150.15 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 198.93 150.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 251.21 150.15 Td (char) Tj ET Q q 0 0 0 rg BT 269.09 150.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 286.97 150.15 Td (of ) Tj ET Q q 0 0 0 rg BT 299.59 150.15 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 332.34 150.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 369.18 150.15 Td (or ) Tj ET Q q 0 0 0 rg BT 381.81 150.15 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 409.31 150.15 Td (per ) Tj ET Q q 0 0 0 rg BT 426.59 150.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 459.63 150.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 488.29 150.15 Td (related ) Tj ET Q q 0 0 0 rg BT 520.73 150.15 Td (to ) Tj ET Q q 0 0 0 rg BT 532.78 150.15 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 111.54 137.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 157.85 137.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 189.29 137.55 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 231.51 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 244.57 137.55 Td (the ) Tj ET Q q 0 0 0 rg BT 261.72 137.55 Td (related ) Tj ET Q q 0 0 0 rg BT 294.59 137.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 340.90 137.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 365.63 137.55 Td (from ) Tj ET Q q 0 0 0 rg BT 390.35 137.55 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 431.40 137.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 470.13 137.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.25 137.55 Td (Limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (\("Fauchier"\). ) Tj ET Q q 0 0 0 rg BT 107.67 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 110.69 124.95 Td (The ) Tj ET Q q 0 0 0 rg BT 130.26 124.95 Td (year ) Tj ET Q q 0 0 0 rg BT 151.58 124.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 179.90 124.95 Td (March ) Tj ET Q q 0 0 0 rg BT 210.55 124.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 226.92 124.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 253.79 124.95 Td (included ) Tj ET Q q 0 0 0 rg BT 293.20 124.95 Td (a ) Tj ET Q q 0 0 0 rg BT 301.11 124.95 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 336.71 124.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 398.86 124.95 Td (char) Tj ET Q q 0 0 0 rg BT 416.74 124.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 429.90 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 441.89 124.95 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 474.01 124.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.23 124.95 Td (or ) Tj ET Q q 0 0 0 rg BT 522.22 124.95 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 549.09 124.95 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 80.43 112.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 106.98 112.35 Td (related ) Tj ET Q q 0 0 0 rg BT 137.31 112.35 Td (to ) Tj ET Q q 0 0 0 rg BT 147.25 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.85 112.35 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 211.43 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 221.94 112.35 Td (our ) Tj ET Q q 0 0 0 rg BT 237.71 112.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 283.80 112.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 334.57 112.35 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 358.21 112.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 387.40 112.35 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 416.29 112.35 Td (as ) Tj ET Q q 0 0 0 rg BT 426.81 112.35 Td (well ) Tj ET Q q 0 0 0 rg BT 446.65 112.35 Td (as ) Tj ET Q q 0 0 0 rg BT 457.17 112.35 Td ($35.8 ) Tj ET Q q 0 0 0 rg BT 482.56 112.35 Td (million ) Tj ET Q q 0 0 0 rg BT 514.67 112.35 Td (in ) Tj ET Q q 0 0 0 rg BT 524.61 112.35 Td (expenses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (related ) Tj ET Q q 0 0 0 rg BT 80.78 99.75 Td (to ) Tj ET Q q 0 0 0 rg BT 91.66 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 107.21 99.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 155.41 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.87 99.75 Td (two ) Tj ET Q q 0 0 0 rg BT 185.34 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.80 99.75 Td (our ) Tj ET Q q 0 0 0 rg BT 213.51 99.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 249.48 99.75 Td (af) Tj ET Q q 0 0 0 rg BT 257.45 99.75 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 291.36 99.75 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 351.22 99.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 393.01 99.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 453.16 99.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 471.91 99.75 Td (\("Batterymarch"\) ) Tj ET Q q 0 0 0 rg BT 547.33 99.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.48 87.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.47 87.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 134.93 87.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 160.67 87.15 Td (Management, ) Tj ET Q q 0 0 0 rg BT 220.51 87.15 Td (LLC ) Tj ET Q q 0 0 0 rg BT 242.75 87.15 Td (\("LMGAA"\) ) Tj ET Q q 0 0 0 rg BT 299.23 87.15 Td (into ) Tj ET Q q 0 0 0 rg BT 317.97 87.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 333.80 87.15 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 377.32 87.15 Td ( ) Tj ET Q q 0 0 0 rg BT 379.20 87.15 Td (A) Tj ET Q q 0 0 0 rg BT 386.00 87.15 Td (verage ) Tj ET Q q 0 0 0 rg BT 415.86 87.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 442.77 87.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.34 87.15 Td (total ) Tj ET Q q 0 0 0 rg BT 481.41 87.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 521.13 87.15 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 74.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 85.66 74.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 111.91 74.55 Td (as ) Tj ET Q q 0 0 0 rg BT 123.28 74.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 167.30 74.55 Td (to ) Tj ET Q q 0 0 0 rg BT 178.09 74.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 203.46 74.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 229.71 74.55 Td (as ) Tj ET Q q 0 0 0 rg BT 241.08 74.55 Td (further ) Tj ET Q q 0 0 0 rg BT 272.27 74.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 315.14 74.55 Td (below) Tj ET Q q 0 0 0 rg BT 340.12 74.55 Td (.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 741.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.01 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 100.18 741.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 144.24 741.75 Td (during ) Tj ET Q q 0 0 0 rg BT 174.33 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.82 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 210.56 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 238.31 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 268.38 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 284.18 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 310.48 741.75 Td (due ) Tj ET Q q 0 0 0 rg BT 328.31 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 339.15 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.65 741.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 392.88 741.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 424.13 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.55 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 467.37 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 523.09 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 741.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.83 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 85.84 729.15 Td (client ) Tj ET Q q 0 0 0 rg BT 113.34 729.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 154.26 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 166.60 729.15 Td (both ) Tj ET Q q 0 0 0 rg BT 189.44 729.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 235.02 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 254.36 729.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 293.20 729.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 324.50 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 354.34 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 378.91 729.15 Td (of) Tj ET Q q 0 0 0 rg BT 387.47 729.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 406.81 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 419.15 729.15 Td (part ) Tj ET Q q 0 0 0 rg BT 439.65 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 454.32 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 471.32 729.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 521.58 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 534.50 729.15 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.26 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 120.05 716.55 Td (October ) Tj ET Q q 0 0 0 rg BT 156.50 716.55 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.64 691.35 Td (following ) Tj ET Q q 0 0 0 rg BT 114.29 691.35 Td (discussion ) Tj ET Q q 0 0 0 rg BT 161.86 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 180.84 691.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 218.49 691.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 258.46 691.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 304.27 691.35 Td (information ) Tj ET Q q 0 0 0 rg BT 357.66 691.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 401.71 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 419.52 691.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.07 691.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 503.55 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 522.53 691.35 Td (results ) Tj ET Q q 0 0 0 rg BT 553.76 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (operations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (BUSINESS ENVIRONMENT) Tj ET Q q 0 0 0 rg BT 183.80 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 185.85 653.55 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 245.27 653.55 Td (TS OF) Tj ET Q q 0 0 0 rg BT 274.93 653.55 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 313.53 653.55 Td (TIONS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (During ) Tj ET Q q 0 0 0 rg BT 84.63 628.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 112.75 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.75 628.35 Td (while ) Tj ET Q q 0 0 0 rg BT 170.46 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 188.67 628.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 212.72 628.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 258.92 628.35 Td (environment ) Tj ET Q q 0 0 0 rg BT 317.37 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 339.08 628.35 Td (characterized ) Tj ET Q q 0 0 0 rg BT 400.41 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 416.29 628.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 463.08 628.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 498.21 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.75 628.35 Td (improving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (fundamentals, ) Tj ET Q q 0 0 0 rg BT 110.76 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 615.75 Td (business ) Tj ET Q q 0 0 0 rg BT 163.31 615.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 218.45 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 236.85 615.75 Td (strongly ) Tj ET Q q 0 0 0 rg BT 273.34 615.75 Td (influenced ) Tj ET Q q 0 0 0 rg BT 319.72 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 332.29 615.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 363.51 615.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 401.45 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 429.18 615.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 470.31 615.75 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 509.12 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.36 615.75 Td (increasing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (concerns ) Tj ET Q q 0 0 0 rg BT 89.31 603.15 Td (over ) Tj ET Q q 0 0 0 rg BT 110.46 603.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 153.77 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 171.42 603.15 Td (political ) Tj ET Q q 0 0 0 rg BT 208.32 603.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 254.57 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 265.23 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 289.30 603.15 Td (countries, ) Tj ET Q q 0 0 0 rg BT 332.90 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 344.14 603.15 Td (well ) Tj ET Q q 0 0 0 rg BT 364.71 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 375.96 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.28 603.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.44 603.15 Td (Federal ) Tj ET Q q 0 0 0 rg BT 446.42 603.15 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 482.73 603.15 Td (Board's ) Tj ET Q q 0 0 0 rg BT 516.87 603.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 554.35 603.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.52 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 101.97 590.55 Td (tar) Tj ET Q q 0 0 0 rg BT 112.86 590.55 Td (get ) Tj ET Q q 0 0 0 rg BT 128.31 590.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 160.08 590.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 186.04 590.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 204.40 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 215.19 590.55 Td (December ) Tj ET Q q 0 0 0 rg BT 260.95 590.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 284.58 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 299.45 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 314.90 590.55 Td (first ) Tj ET Q q 0 0 0 rg BT 334.44 590.55 Td (time ) Tj ET Q q 0 0 0 rg BT 355.73 590.55 Td (since ) Tj ET Q q 0 0 0 rg BT 379.93 590.55 Td (2006.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Both ) Tj ET Q q 0 0 0 rg BT 73.78 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 96.30 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 115.32 565.35 Td (international ) Tj ET Q q 0 0 0 rg BT 172.24 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 202.34 565.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 239.44 565.35 Td (experienced ) Tj ET Q q 0 0 0 rg BT 294.01 565.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 342.19 565.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 383.96 565.35 Td (during ) Tj ET Q q 0 0 0 rg BT 415.23 565.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 441.83 565.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 469.31 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 473.16 565.35 Td (Despite ) Tj ET Q q 0 0 0 rg BT 509.09 565.35 Td (recovering ) Tj ET Q q 0 0 0 rg BT 557.84 565.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.89 552.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 128.29 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 139.10 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.00 552.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 181.15 552.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 233.94 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 244.75 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 251.48 552.75 Td (result ) Tj ET Q q 0 0 0 rg BT 276.88 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.69 552.75 Td (this ) Tj ET Q q 0 0 0 rg BT 304.93 552.75 Td (volatility) Tj ET Q q 0 0 0 rg BT 342.16 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 346.86 552.75 Td (all ) Tj ET Q q 0 0 0 rg BT 359.42 552.75 Td (three ) Tj ET Q q 0 0 0 rg BT 382.47 552.75 Td (major ) Tj ET Q q 0 0 0 rg BT 409.03 552.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 429.77 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 458.09 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 489.31 552.75 Td (indices ) Tj ET Q q 0 0 0 rg BT 521.12 552.75 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (during ) Tj ET Q q 0 0 0 rg BT 79.72 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 105.26 540.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.70 540.15 Td (after ) Tj ET Q q 0 0 0 rg BT 153.73 540.15 Td (increasing ) Tj ET Q q 0 0 0 rg BT 199.69 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 214.74 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 230.37 540.15 Td (past ) Tj ET Q q 0 0 0 rg BT 250.09 540.15 Td (two ) Tj ET Q q 0 0 0 rg BT 268.65 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 294.19 540.15 Td (years, ) Tj ET Q q 0 0 0 rg BT 321.78 540.15 Td (while ) Tj ET Q q 0 0 0 rg BT 347.91 540.15 Td (bond ) Tj ET Q q 0 0 0 rg BT 371.72 540.15 Td (indices ) Tj ET Q q 0 0 0 rg BT 404.27 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 427.47 540.15 Td (mixed, ) Tj ET Q q 0 0 0 rg BT 459.15 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 470.70 540.15 Td (illustrated ) Tj ET Q q 0 0 0 rg BT 515.50 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 526.47 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 542.11 540.15 Td (table ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 492.05 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 492.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 492.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 492.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 492.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 492.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 492.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 464.05 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 464.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 464.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 464.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 464.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 464.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 464.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 436.05 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 436.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 436.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 436.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 436.05 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 436.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 436.05 49.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 492.05 m 403 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 492.05 m 407 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 492.05 m 456 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 492.05 m 460 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 492.05 m 509 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 492.05 m 513 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 492.05 m 562 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 478.05 m 403 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 478.05 m 456 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 478.05 m 509 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 492.05 m 562 492.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 478.05 m 562 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 478.05 m 509 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 478.05 m 562 478.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 408.05 m 403 408.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 408.05 m 456 408.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 408.05 m 509 408.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 408.05 m 562 408.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 496.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.90 507.27 Td (% Change for the year ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.25 496.77 Td (March 31:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 482.27 Td (Indices) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 82.82 487.03 Td (\(1\) ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 482.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.50 482.27 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.50 482.27 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 468.27 Td (Dow Jones Industrial ) Tj ET Q q 0 0 0 rg BT 143.79 468.27 Td (A) Tj ET Q q 0 0 0 rg BT 150.59 468.27 Td (verage) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 178.57 473.03 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.85 468.44 Td (\(0.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 468.44 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 468.27 Td (8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 468.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 468.27 Td (12.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 468.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 454.27 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.96 454.27 Td ( 500) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 90.33 459.03 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.85 454.44 Td (\(0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 454.44 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 454.27 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 454.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 454.27 Td (19.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 454.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 440.27 Td (NASDAQ Composite Index) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 170.92 445.03 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.85 440.44 Td (\(0.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 440.44 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 440.27 Td (16.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 440.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 440.27 Td (28.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 440.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 426.27 Td (Barclays Capital U.S. Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.35 426.44 Td (2.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 426.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 426.27 Td (5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 426.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 426.27 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 426.27 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 412.27 Td (Barclays Capital Global Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.35 412.44 Td (4.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 412.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 412.27 Td (\(3.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.25 412.27 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 412.27 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 412.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 398.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 398.95 Td (Indices are trademarks of Dow Jones & Company) Tj ET Q q 0 0 0 rg BT 226.71 398.95 Td (, McGraw-Hill Companies, Inc., NASDAQ Stock Market, Inc., and Barclays Capital, respectively) Tj ET Q q 0 0 0 rg BT 540.12 398.95 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 389.35 Td (which are not af) Tj ET Q q 0 0 0 rg BT 119.11 389.35 Td (filiated with Legg Mason.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 379.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 379.75 Td (Excludes the impact of the reinvestment of dividends and stock splits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 357.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.56 357.55 Td (December ) Tj ET Q q 0 0 0 rg BT 108.02 357.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.97 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 151.11 357.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 185.92 357.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 223.05 357.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 252.03 357.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 294.99 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 311.14 357.55 Td (tar) Tj ET Q q 0 0 0 rg BT 322.03 357.55 Td (get ) Tj ET Q q 0 0 0 rg BT 338.17 357.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 370.63 357.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 397.28 357.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.34 357.55 Td (for ) Tj ET Q q 0 0 0 rg BT 431.90 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.05 357.55 Td (first ) Tj ET Q q 0 0 0 rg BT 468.28 357.55 Td (time ) Tj ET Q q 0 0 0 rg BT 490.26 357.55 Td (since ) Tj ET Q q 0 0 0 rg BT 515.15 357.55 Td (2006, ) Tj ET Q q 0 0 0 rg BT 542.10 357.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 344.95 Td (0.25% ) Tj ET Q q 0 0 0 rg BT 80.68 344.95 Td (to ) Tj ET Q q 0 0 0 rg BT 92.90 344.95 Td (0.50%. ) Tj ET Q q 0 0 0 rg BT 126.71 344.95 Td ( ) Tj ET Q q 0 0 0 rg BT 130.47 344.95 Td (While ) Tj ET Q q 0 0 0 rg BT 160.19 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.07 344.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 221.95 344.95 Td (outlook ) Tj ET Q q 0 0 0 rg BT 258.09 344.95 Td (for ) Tj ET Q q 0 0 0 rg BT 274.39 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 291.28 344.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 314.01 344.95 Td (has ) Tj ET Q q 0 0 0 rg BT 332.06 344.95 Td (remained ) Tj ET Q q 0 0 0 rg BT 375.18 344.95 Td (more ) Tj ET Q q 0 0 0 rg BT 400.81 344.95 Td (positive ) Tj ET Q q 0 0 0 rg BT 438.12 344.95 Td (in ) Tj ET Q q 0 0 0 rg BT 450.35 344.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 480.05 344.95 Td (years, ) Tj ET Q q 0 0 0 rg BT 508.89 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 344.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 332.35 Td (environment ) Tj ET Q q 0 0 0 rg BT 105.20 332.35 Td (in ) Tj ET Q q 0 0 0 rg BT 115.99 332.35 Td (which ) Tj ET Q q 0 0 0 rg BT 144.27 332.35 Td (we ) Tj ET Q q 0 0 0 rg BT 159.14 332.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 192.66 332.35 Td (continues ) Tj ET Q q 0 0 0 rg BT 235.53 332.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.32 332.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 275.76 332.35 Td (a ) Tj ET Q q 0 0 0 rg BT 283.04 332.35 Td (heightened ) Tj ET Q q 0 0 0 rg BT 331.74 332.35 Td (level ) Tj ET Q q 0 0 0 rg BT 354.77 332.35 Td (of ) Tj ET Q q 0 0 0 rg BT 366.14 332.35 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 411.94 332.35 Td (as ) Tj ET Q q 0 0 0 rg BT 423.31 332.35 Td (we ) Tj ET Q q 0 0 0 rg BT 438.18 332.35 Td (move ) Tj ET Q q 0 0 0 rg BT 464.13 332.35 Td (into ) Tj ET Q q 0 0 0 rg BT 483.09 332.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 508.45 332.35 Td (2017.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (36) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.46 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 117.44 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 140.98 741.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 159.87 741.75 Td (forth, ) Tj ET Q q 0 0 0 rg BT 186.05 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 201.43 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.40 741.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 251.45 741.75 Td (indicated, ) Tj ET Q q 0 0 0 rg BT 295.70 741.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 334.42 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 345.73 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.70 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 420.25 741.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 469.47 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 481.36 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 515.98 741.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 545.96 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 557.84 741.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 101.56 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 112.39 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.14 729.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 193.54 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 210.79 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 225.71 729.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 262.20 729.15 Td (\(decrease\) ) Tj ET Q q 0 0 0 rg BT 307.42 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 320.01 729.15 Td (item ) Tj ET Q q 0 0 0 rg BT 340.76 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 351.60 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 358.35 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 405.91 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 416.74 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 431.66 729.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 465.25 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 479.58 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 494.50 729.15 Td (previous ) Tj ET Q q 0 0 0 rg BT 532.75 729.15 Td (period:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.65 207.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 667.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 667.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 667.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 667.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 667.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 667.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 667.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 667.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 667.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 667.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 640.65 207.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 640.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 640.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 640.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 640.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 640.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 640.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 640.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 640.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 640.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 640.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 612.65 207.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 612.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 612.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 612.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 612.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 612.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 612.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 612.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 612.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 612.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 612.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 584.65 207.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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285.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 285.65 m 562 285.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 285.65 m 562 285.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261 247.64999999999998 m 318 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 247.64999999999998 m 379 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 247.64999999999998 m 440 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 247.64999999999998 m 501 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 247.64999999999998 m 562 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261 223.64999999999998 m 318 223.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 223.64999999999998 m 379 223.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 247.64999999999998 m 440 247.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 223.64999999999998 m 440 223.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 223.64999999999998 m 501 223.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 223.64999999999998 m 562 223.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.25 708.87 Td (Percentage of Operating Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.00 708.87 Td (Period to Period Change) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 549.95 713.63 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.55 694.92 Td (Y) Tj ET Q q 0 0 0 rg BT 330.08 694.92 Td (ears Ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.40 684.42 Td (March�31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.50 694.94 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.15 684.44 Td (Compar) Tj ET Q q 0 0 0 rg BT 485.29 684.44 Td (ed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.50 694.92 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.10 684.42 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 278.50 670.09 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 669.92 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 669.92 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.80 670.09 Td (to 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.10 669.92 Td (to 2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 658.04 Td (Operating ) Tj ET Q q 0 0 0 rg BT 101.21 658.04 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 644.87 Td (Investment advisory fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 630.87 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 631.04 Td (31.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 631.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 630.87 Td (29.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.75 630.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 630.87 Td (28.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 630.87 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.85 631.04 Td (0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 631.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 630.87 Td (6.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 630.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 616.87 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 617.04 Td (53.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 616.87 Td (54.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 616.87 Td (54.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.35 617.04 Td (\(8.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 617.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 616.87 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 602.87 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 603.04 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 602.87 Td (3.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 602.87 Td (3.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 603.04 Td (\(49.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 603.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 602.87 Td (\(22.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 602.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 588.87 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 589.04 Td (14.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 588.87 Td (12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 588.87 Td (12.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.85 589.04 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 588.87 Td (3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 574.87 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 575.04 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 574.87 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 574.87 Td (0.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 575.04 Td (\(60.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 575.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 574.87 Td (\(32.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 574.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 560.87 Td (Total Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.85 561.04 Td (100.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.35 560.87 Td (100.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.10 560.87 Td (100.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.35 561.04 Td (\(5.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 561.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 560.87 Td (2.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 547.04 Td (Operating Expenses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 533.87 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 534.04 Td (45.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 533.87 Td (43.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 533.87 Td (44.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.35 534.04 Td (\(2.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 534.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 533.87 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 519.87 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 520.04 Td (20.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 519.87 Td (21.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 519.87 Td (22.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.35 520.04 Td (\(8.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 520.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 519.87 Td (\(3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 519.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 505.87 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 506.04 Td (7.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 505.87 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 505.87 Td (5.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.85 506.04 Td (8.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 505.87 Td (15.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 491.87 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 492.04 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 491.87 Td (3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 491.87 Td (4.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.60 492.04 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 491.87 Td (\(4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 491.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 477.87 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 478.04 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 477.87 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 477.87 Td (0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.60 478.04 Td (89.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 477.87 Td (\(78.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 477.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 463.87 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 464.04 Td (13.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 463.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.25 463.87 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 464.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.15 463.87 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 449.87 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 450.04 Td (6.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 449.87 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 449.87 Td (7.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 450.04 Td (\(17.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 450.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 449.87 Td (1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 435.87 Td (Total Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.10 436.04 Td (98.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 435.87 Td (82.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 435.87 Td (84.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.60 436.04 Td (12.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 435.87 Td (0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 422.04 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 422.04 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 421.87 Td (17.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 421.87 Td (15.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 422.04 Td (\(89.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 422.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 421.87 Td (15.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 408.04 Td (Other Non-Operating Income \(Expense\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 394.87 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 395.04 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 394.87 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 394.87 Td (0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 395.04 Td (\(24.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 395.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 394.87 Td (17.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 380.87 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 381.04 Td (\(1.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 381.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.35 380.87 Td (\(2.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.00 380.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 380.87 Td (\(1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 380.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 381.04 Td (\(16.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 381.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 380.87 Td (10.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 366.87 Td (Other income \(expense\), net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 367.04 Td (\(1.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 367.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.35 366.87 Td (\(3.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.00 366.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 366.87 Td (1.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 367.04 Td (\(69.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 367.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.15 366.87 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 352.87 Td (Other non-operating income \(expense\) of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 342.37 Td (consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 343.44 Td (\(0.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 343.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 343.42 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 343.42 Td (0.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 343.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.15 343.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 328.87 Td (Total other non-operating expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 329.04 Td (\(2.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 329.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.35 328.87 Td (\(4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.00 328.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 328.87 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 328.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.10 329.04 Td (\(41.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 329.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.15 328.87 Td (n/m) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 314.94 Td (Income \(Loss\) before Income Tax Provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 57.00 304.44 Td (\(Benefit\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 304.44 Td (\(0.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 304.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.60 304.42 Td (13.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 304.42 Td (15.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 304.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 304.42 Td (\(12.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 304.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 289.87 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.35 290.04 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 289.87 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 289.87 Td (5.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 290.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 289.87 Td (\(9.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 289.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 276.04 Td (Net Income \(Loss\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 276.04 Td (\(1.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 276.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 275.87 Td (8.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 275.87 Td (10.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 276.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 275.87 Td (\(13.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 275.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 261.87 Td (Less: Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 251.37 Td (noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 252.44 Td (\(0.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 252.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 252.42 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 252.42 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 252.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 252.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.95 252.42 Td ( n/m) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 238.04 Td (Net Income \(Loss\) Attributable to Legg) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 57.00 227.54 Td (Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.85 228.44 Td (\(0.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 303.50 228.44 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.85 228.42 Td (8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.75 228.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.35 228.42 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 228.42 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.95 228.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 228.42 Td (\(16.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 228.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 214.55 Td (n/m-not meaningful) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 204.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 204.95 Td (Calculated based on the change in actual amounts between fiscal years as a percentage of the prior year amount.) 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716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 111.14 716.70 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.88 704.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 95.00 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 104.63 704.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 146.33 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 186.85 704.10 Td (across ) Tj ET Q q 0 0 0 rg BT 215.72 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 704.10 Td (following ) Tj ET Q q 0 0 0 rg BT 274.63 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.67 704.10 Td (classes:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 678.6 m 64.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 678.6 m 209.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 678.6 m 248.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 678.6 m 409.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 678.6 m 448.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 678.6 m 561.5 678.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 683.39 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.00 683.39 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 436.00 683.39 Td (Liquidity) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 660.10 cm /I12 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 663.82 Td (Large Cap Growth) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 660.85 cm /I13 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 663.82 Td (U.S. Intermediate Investment Grade) Tj ET Q /GS0 gs q 4.80 0 0 10.25 440.15 660.85 cm /I14 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 663.82 Td (U.S. Managed Cash) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 644.10 cm /I15 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 647.82 Td (Large Cap Value) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 644.85 cm /I16 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 647.82 Td (U.S. Credit Aggregate) Tj ET Q /GS0 gs q 4.80 0 0 10.25 440.15 644.85 cm /I17 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 647.82 Td (U.S. Municipal Cash) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 628.85 cm /I18 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 631.82 Td (Small Cap Core) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 628.85 cm /I19 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 631.82 Td (Global Opportunistic Fixed Income) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 612.85 cm /I20 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 615.82 Td (Equity Income) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 612.85 cm /I21 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 615.82 Td (Global Government) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 596.85 cm /I22 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 599.82 Td (Large Cap Core) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 596.85 cm /I23 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 599.82 Td (U.S. Municipal) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 580.85 cm /I24 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 583.82 Td (International Equity) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 580.85 cm /I25 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 583.82 Td (Global Fixed Income) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 564.85 cm /I26 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 567.82 Td (Infrastructure Value) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 564.85 cm /I27 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 567.82 Td (U.S. Long Duration) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 548.85 cm /I28 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 551.82 Td (Small Cap Value) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 548.85 cm /I29 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 551.82 Td (U.S. Limited Duration) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 532.85 cm /I30 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 534.37 Td (Sector Equity) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 532.85 cm /I31 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 535.82 Td (U.S. High Yield) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 516.85 cm /I32 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 518.37 Td (Mid Cap Core) Tj ET Q /GS0 gs q 4.80 0 0 10.25 240.15 516.85 cm /I33 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 519.82 Td (Emerging Markets) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 500.85 cm /I34 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 502.37 Td (Emerging Markets Equity) Tj ET Q /GS0 gs q 4.80 0 0 10.25 56.15 484.85 cm /I35 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 486.37 Td (Global Equity) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 456.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 456.90 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 456.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 456.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.64 456.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 185.09 456.90 Td (in ) Tj ET Q q 0 0 0 rg BT 195.88 456.90 Td (our ) Tj ET Q q 0 0 0 rg BT 211.92 456.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 239.05 456.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 253.34 456.90 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 290.96 456.90 Td (for ) Tj ET Q q 0 0 0 rg BT 305.83 456.90 Td (the ) Tj ET Q q 0 0 0 rg BT 321.29 456.90 Td (years ) Tj ET Q q 0 0 0 rg BT 346.07 456.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.76 456.90 Td (March ) Tj ET Q q 0 0 0 rg BT 403.79 456.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 419.54 456.90 Td (were ) Tj ET Q q 0 0 0 rg BT 442.57 456.90 Td (as ) Tj ET Q q 0 0 0 rg BT 453.94 456.90 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 432.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 432.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 432.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 432.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 432.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 432.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 432.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 404.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 404.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 404.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 404.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 404.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 404.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 404.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 376.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 376.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 376.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 376.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 376.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 376.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 376.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 348.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 348.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 348.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 348.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 348.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 348.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 348.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 320.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 320.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 320.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 320.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 320.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 320.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 320.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 292.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 292.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 292.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 292.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 292.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 292.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 292.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 263.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 263.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 263.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 263.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 263.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 263.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 263.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 234.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 234.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 234.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 234.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 234.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 234.40 47.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 432.4 m 410 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 432.4 m 460 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 432.4 m 511 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 432.4 m 562 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 432.4 m 511 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 432.4 m 562 432.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 348.4 m 410 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 348.4 m 460 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 348.4 m 511 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 348.4 m 562 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 348.4 m 511 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 348.4 m 562 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 306.4 m 410 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 306.4 m 460 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 306.4 m 511 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 306.4 m 562 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 306.4 m 511 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 306.4 m 562 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.39999999999998 m 410 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 234.39999999999998 m 460 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 234.39999999999998 m 511 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 234.39999999999998 m 562 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 220.39999999999998 m 410 220.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 220.39999999999998 m 460 220.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 220.39999999999998 m 511 220.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 220.39999999999998 m 562 220.39999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 436.62 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 436.79 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 436.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 436.62 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 422.62 Td (Beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 422.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 422.79 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 422.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 422.62 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 422.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 422.62 Td (664.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 408.62 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 401.90 183.44 -9.55 re f /GS0 gs q 0 0 0 rg BT 76.50 394.62 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 259.94 406.66 7.96 -9.55 re f /GS0 gs BT /F1 6.82 Tf ET q 0 0 0 rg BT 259.94 399.38 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.50 394.79 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.50 394.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 394.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 380.62 Td (Subscriptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.60 380.79 Td (50.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 380.62 Td (72.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 380.62 Td (52.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 366.62 Td (Redemptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 366.79 Td (\(62.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 366.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 366.62 Td (\(61.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 366.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 366.62 Td (\(58.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 366.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 352.62 Td (Separate account flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 352.79 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 352.62 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 352.62 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 338.62 Td (Total long-term flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 338.79 Td (\(11.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 338.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 338.62 Td (16.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 338.62 Td (\(3.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 338.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 324.62 Td (Liquidity fund flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 324.79 Td (\(15.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 324.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 324.62 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 324.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 324.62 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 310.62 Td (Separate account flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 310.79 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 310.62 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 310.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 310.62 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 296.62 Td (Total liquidity flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 296.79 Td (\(14.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 296.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 296.62 Td (\(22.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 296.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 296.62 Td (12.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 282.62 Td (Total net client cash flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 282.79 Td (\(26.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 282.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 282.62 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 282.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 282.62 Td (8.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 268.17 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 189.11 272.93 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 268.19 Td (\(15.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 268.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 268.17 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 268.17 Td (35.1) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 260.90 115.74 -9.55 re f /GS0 gs q 0 0 0 rg BT 58.50 253.62 Td (Impact of foreign exchange) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 253.79 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 253.62 Td (\(18.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 253.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 253.62 Td (\(4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 253.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 239.17 Td (Acquisitions \(dispositions\), net ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 192.09 243.93 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 239.19 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 239.17 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 239.17 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 239.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 224.62 Td (End of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 224.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 224.79 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 224.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 224.62 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 224.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 224.62 Td (701.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 211.30 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 58.83 214.92 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 211.30 Td (Subscriptions ) Tj ET Q q 0 0 0 rg BT 113.06 211.30 Td (and ) Tj ET Q q 0 0 0 rg BT 126.61 211.30 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 168.16 211.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 190.58 211.30 Td (the ) Tj ET Q q 0 0 0 rg BT 202.36 211.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 221.25 211.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 247.24 211.30 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 211.30 Td (the ) Tj ET Q q 0 0 0 rg BT 267.23 211.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.01 211.30 Td (and ) Tj ET Q q 0 0 0 rg BT 300.56 211.30 Td (include ) Tj ET Q q 0 0 0 rg BT 326.11 211.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.77 211.30 Td (transferred ) Tj ET Q q 0 0 0 rg BT 383.42 211.30 Td (between ) Tj ET Q q 0 0 0 rg BT 412.07 211.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.85 211.30 Td (and ) Tj ET Q q 0 0 0 rg BT 445.40 211.30 Td (between ) Tj ET Q q 0 0 0 rg BT 474.05 211.30 Td (share ) Tj ET Q q 0 0 0 rg BT 492.93 211.30 Td (classes. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 201.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 201.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.05 201.70 Td (is ) Tj ET Q q 0 0 0 rg BT 95.73 201.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.83 201.70 Td (the ) Tj ET Q q 0 0 0 rg BT 139.95 201.70 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 190.71 201.70 Td (of ) Tj ET Q q 0 0 0 rg BT 199.71 201.70 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 216.04 201.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 239.27 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 253.16 201.70 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 273.50 201.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 296.73 201.70 Td (of ) Tj ET Q q 0 0 0 rg BT 305.73 201.70 Td (client ) Tj ET Q q 0 0 0 rg BT 325.84 201.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.84 201.70 Td (from ) Tj ET Q q 0 0 0 rg BT 364.21 201.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 385.22 201.70 Td (to ) Tj ET Q q 0 0 0 rg BT 393.26 201.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 410.15 201.70 Td ( ) Tj ET Q q 0 0 0 rg BT 412.49 201.70 Td (for ) Tj ET Q q 0 0 0 rg BT 424.16 201.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 443.82 201.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 462.16 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 476.05 201.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 496.38 201.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 534.51 201.70 Td (, ) Tj ET Q q 0 0 0 rg BT 538.85 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 552.74 201.70 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 192.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 110.82 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.48 192.10 Td (dividends.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 182.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 182.50 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.29 182.50 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 111.97 182.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 134.55 182.50 Td (related ) Tj ET Q q 0 0 0 rg BT 158.00 182.50 Td (to ) Tj ET Q q 0 0 0 rg BT 165.90 182.50 Td (the ) Tj ET Q q 0 0 0 rg BT 177.36 182.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 214.15 182.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.50 182.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 245.53 182.50 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 290.74 182.50 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 182.50 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 319.66 182.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 342.24 182.50 Td (related ) Tj ET Q q 0 0 0 rg BT 365.69 182.50 Td (to ) Tj ET Q q 0 0 0 rg BT 373.60 182.50 Td (the ) Tj ET Q q 0 0 0 rg BT 385.05 182.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 421.85 182.50 Td (of ) Tj ET Q q 0 0 0 rg BT 430.20 182.50 Td (PK ) Tj ET Q q 0 0 0 rg BT 442.11 182.50 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 484.45 182.50 Td (LLP) Tj ET Q q 0 0 0 rg BT 498.38 182.50 Td ( ) Tj ET Q q 0 0 0 rg BT 500.06 182.50 Td (\("PK ) Tj ET Q q 0 0 0 rg BT 517.91 182.50 Td (Investments"\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 172.90 Td (during ) Tj ET Q q 0 0 0 rg BT 90.72 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 102.83 172.90 Td (year ) Tj ET Q q 0 0 0 rg BT 118.93 172.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 140.37 172.90 Td (March ) Tj ET Q q 0 0 0 rg BT 163.58 172.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.92 172.90 Td (2016; ) Tj ET Q q 0 0 0 rg BT 196.47 172.90 Td (and ) Tj ET Q q 0 0 0 rg BT 210.36 172.90 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 226.69 172.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 249.92 172.90 Td (related ) Tj ET Q q 0 0 0 rg BT 274.02 172.90 Td (to ) Tj ET Q q 0 0 0 rg BT 282.57 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 294.68 172.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 332.12 172.90 Td (of ) Tj ET Q q 0 0 0 rg BT 341.12 172.90 Td (Martin ) Tj ET Q q 0 0 0 rg BT 365.23 172.90 Td (Currie ) Tj ET Q q 0 0 0 rg BT 388.00 172.90 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 425.00 172.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 452.67 172.90 Td (\("Martin ) Tj ET Q q 0 0 0 rg BT 482.70 172.90 Td (Currie"\) ) Tj ET Q q 0 0 0 rg BT 511.41 172.90 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 172.90 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 541.63 172.90 Td (billion ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 163.30 Td (related ) Tj ET Q q 0 0 0 rg BT 91.34 163.30 Td (to ) Tj ET Q q 0 0 0 rg BT 99.63 163.30 Td (the ) Tj ET Q q 0 0 0 rg BT 111.48 163.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 148.66 163.30 Td (of ) Tj ET Q q 0 0 0 rg BT 157.40 163.30 Td (QS ) Tj ET Q q 0 0 0 rg BT 169.71 163.30 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 203.11 163.30 Td (of) Tj ET Q q 0 0 0 rg BT 209.63 163.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.25 163.30 Td (in ) Tj ET Q q 0 0 0 rg BT 231.55 163.30 Td (part ) Tj ET Q q 0 0 0 rg BT 246.06 163.30 Td (by ) Tj ET Q q 0 0 0 rg BT 256.14 163.30 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 272.21 163.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 295.18 163.30 Td (related ) Tj ET Q q 0 0 0 rg BT 319.02 163.30 Td (to ) Tj ET Q q 0 0 0 rg BT 327.32 163.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 163.30 Td (disposition ) Tj ET Q q 0 0 0 rg BT 376.36 163.30 Td (of ) Tj ET Q q 0 0 0 rg BT 385.10 163.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 403.61 163.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 427.46 163.30 Td (Investments ) Tj ET Q q 0 0 0 rg BT 468.20 163.30 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 496.49 163.30 Td (and ) Tj ET Q q 0 0 0 rg BT 509.97 163.30 Td (T) Tj ET Q q 0 0 0 rg BT 514.58 163.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 528.65 163.30 Td (\("LMIC"\), ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 153.70 Td (for ) Tj ET Q q 0 0 0 rg BT 78.83 153.70 Td (the ) Tj ET Q q 0 0 0 rg BT 90.60 153.70 Td (year ) Tj ET Q q 0 0 0 rg BT 106.37 153.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.47 153.70 Td (March ) Tj ET Q q 0 0 0 rg BT 150.35 153.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.35 153.70 Td (2015. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 128.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.94 128.50 Td (at ) Tj ET Q q 0 0 0 rg BT 87.46 128.50 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 133.56 128.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 160.13 128.50 Td (was ) Tj ET Q q 0 0 0 rg BT 179.40 128.50 Td ($669.6�billion, ) Tj ET Q q 0 0 0 rg BT 243.88 128.50 Td (a ) Tj ET Q q 0 0 0 rg BT 251.49 128.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 290.56 128.50 Td (of ) Tj ET Q q 0 0 0 rg BT 302.25 128.50 Td ($33.1�billion, ) Tj ET Q q 0 0 0 rg BT 361.49 128.50 Td (or ) Tj ET Q q 0 0 0 rg BT 373.18 128.50 Td (4.7%, ) Tj ET Q q 0 0 0 rg BT 400.61 128.50 Td (from ) Tj ET Q q 0 0 0 rg BT 423.97 128.50 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 470.06 128.50 Td (2015.� ) Tj ET Q q 0 0 0 rg BT 499.04 128.50 Td (T) Tj ET Q q 0 0 0 rg BT 504.72 128.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 523.41 128.50 Td (net ) Tj ET Q q 0 0 0 rg BT 539.18 128.50 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 88.65 115.90 Td (were ) Tj ET Q q 0 0 0 rg BT 111.45 115.90 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 137.48 115.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 169.92 115.90 Td (consisting ) Tj ET Q q 0 0 0 rg BT 214.90 115.90 Td (of ) Tj ET Q q 0 0 0 rg BT 226.05 115.90 Td (net ) Tj ET Q q 0 0 0 rg BT 241.28 115.90 Td (client ) Tj ET Q q 0 0 0 rg BT 267.00 115.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 306.15 115.90 Td (from ) Tj ET Q q 0 0 0 rg BT 328.96 115.90 Td (the ) Tj ET Q q 0 0 0 rg BT 344.19 115.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 382.18 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 115.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 443.54 115.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 466.35 115.90 Td (classes ) Tj ET Q q 0 0 0 rg BT 497.91 115.90 Td (of ) Tj ET Q q 0 0 0 rg BT 509.06 115.90 Td ($14.9 ) Tj ET Q q 0 0 0 rg BT 535.08 115.90 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.61 103.30 Td ($1) Tj ET Q q 0 0 0 rg BT 77.72 103.30 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 93.79 103.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 126.79 103.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 176.83 103.30 Td (. ) Tj ET Q q 0 0 0 rg BT 182.41 103.30 Td ( ) Tj ET Q q 0 0 0 rg BT 185.35 103.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 203.46 103.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 247.82 103.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.18 103.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 310.88 103.30 Td (were ) Tj ET Q q 0 0 0 rg BT 334.23 103.30 Td (comprised ) Tj ET Q q 0 0 0 rg BT 380.91 103.30 Td (of ) Tj ET Q q 0 0 0 rg BT 392.61 103.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 421.80 103.30 Td (and ) Tj ET Q q 0 0 0 rg BT 439.91 103.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 464.43 103.30 Td (income ) Tj ET Q q 0 0 0 rg BT 498.29 103.30 Td (net ) Tj ET Q q 0 0 0 rg BT 514.06 103.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 553.76 103.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 90.70 Td ($10.8 ) Tj ET Q q 0 0 0 rg BT 75.82 90.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 105.94 90.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.80 90.70 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 144.87 90.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 177.62 90.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 227.66 90.70 Td (. ) Tj ET Q q 0 0 0 rg BT 232.99 90.70 Td ( ) Tj ET Q q 0 0 0 rg BT 235.68 90.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 266.38 90.70 Td (net ) Tj ET Q q 0 0 0 rg BT 281.91 90.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 321.36 90.70 Td (were ) Tj ET Q q 0 0 0 rg BT 344.46 90.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 386.23 90.70 Td (in ) Tj ET Q q 0 0 0 rg BT 397.09 90.70 Td (products ) Tj ET Q q 0 0 0 rg BT 435.95 90.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 476.55 90.70 Td (by ) Tj ET Q q 0 0 0 rg BT 489.75 90.70 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 521.90 90.70 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 90.70 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 89.06 78.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.68 78.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 144.79 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.77 78.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 194.73 78.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.77 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.41 78.10 Td (near) Tj ET Q q 0 0 0 rg BT 243.26 78.10 Td (-term, ) Tj ET Q q 0 0 0 rg BT 271.43 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.40 78.10 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 343.52 78.10 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 399.69 78.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 422.33 78.10 Td (\(�ClearBridge�\), ) Tj ET Q q 0 0 0 rg BT 495.39 78.10 Td (of) Tj ET Q q 0 0 0 rg BT 503.95 78.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 521.91 78.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.89 78.10 Td (part ) Tj ET Q q 0 0 0 rg BT 552.01 78.10 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 65.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 79.49 65.50 Td (net ) Tj ET Q q 0 0 0 rg BT 96.05 65.50 Td (inflows ) Tj ET Q q 0 0 0 rg BT 131.30 65.50 Td (at ) Tj ET Q q 0 0 0 rg BT 142.61 65.50 Td (QS ) Tj ET Q q 0 0 0 rg BT 159.78 65.50 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 204.64 65.50 Td ( ) Tj ET Q q 0 0 0 rg BT 208.38 65.50 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 236.03 65.50 Td (income ) Tj ET Q q 0 0 0 rg BT 270.68 65.50 Td (net ) Tj ET Q q 0 0 0 rg BT 287.25 65.50 Td (outflows ) Tj ET Q q 0 0 0 rg BT 327.74 65.50 Td (were ) Tj ET Q q 0 0 0 rg BT 351.88 65.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 394.70 65.50 Td (in ) Tj ET Q q 0 0 0 rg BT 406.60 65.50 Td (products ) Tj ET Q q 0 0 0 rg BT 446.50 65.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 488.14 65.50 Td (by ) Tj ET Q q 0 0 0 rg BT 502.11 65.50 Td (W) Tj ET Q q 0 0 0 rg BT 511.18 65.50 Td (estern ) Tj ET Q q 0 0 0 rg BT 539.17 65.50 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 52.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.72 52.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 151.96 52.90 Td (\("W) Tj ET Q q 0 0 0 rg BT 168.82 52.90 Td (estern 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rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 98.46 741.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 158.20 741.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 180.33 741.75 Td (\("Brandywine"\). ) Tj ET Q q 0 0 0 rg BT 252.14 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 254.28 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 263.35 741.75 Td (e ) Tj ET Q q 0 0 0 rg BT 270.31 741.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 311.67 741.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 332.04 741.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 361.17 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 380.37 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 397.83 741.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 427.55 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 440.35 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.39 741.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 497.82 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 515.28 741.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 554.33 741.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.78 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 118.30 729.15 Td (class ) Tj ET Q q 0 0 0 rg BT 141.82 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 161.26 729.15 Td (more ) Tj ET Q q 0 0 0 rg BT 185.94 729.15 Td (negatively ) Tj ET Q q 0 0 0 rg BT 232.78 729.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 264.46 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 281.56 729.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 321.98 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 340.25 729.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 358.51 729.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 393.10 729.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 422.36 729.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 476.20 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 487.47 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.15 729.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 546.47 729.15 Td (Inc. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (than ) Tj ET Q q 0 0 0 rg BT 70.58 716.55 Td (would ) Tj ET Q q 0 0 0 rg BT 99.82 716.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 139.57 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 150.74 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 175.31 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 198.72 716.55 Td (classes. ) Tj ET Q q 0 0 0 rg BT 233.50 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 236.50 716.55 Td (Market ) Tj ET Q q 0 0 0 rg BT 269.82 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 325.87 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 344.03 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 368.60 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 387.93 716.55 Td ($\(15.3\) ) Tj ET Q q 0 0 0 rg BT 421.54 716.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 451.96 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.12 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 485.95 716.55 Td (positive ) Tj ET Q q 0 0 0 rg BT 522.20 716.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.77 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.16 703.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 121.21 703.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 163.19 703.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 181.26 703.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 233.17 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 251.83 703.95 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 272.54 703.95 Td (billion. ) Tj ET Q q 0 0 0 rg BT 304.92 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 306.74 703.95 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 362.16 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 373.24 703.95 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 393.95 703.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 423.70 703.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 465.11 703.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 490.76 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 501.26 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 516.42 703.95 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 691.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 91.50 691.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 151.26 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 162.05 691.35 Td (October ) Tj ET Q q 0 0 0 rg BT 198.50 691.35 Td (2015.) 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Tj ET Q q 0 0 0 rg BT 549.08 603.15 Td (QS ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 90.07 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 107.31 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 129.79 590.55 Td (partially ) Tj ET Q q 0 0 0 rg BT 166.85 590.55 Td (of) Tj ET Q q 0 0 0 rg BT 175.41 590.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 192.65 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 205.23 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 233.55 590.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 267.13 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 276.79 590.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 330.18 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 347.42 590.55 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 403.44 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 405.52 590.55 Td (Market ) Tj ET Q q 0 0 0 rg BT 437.92 590.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 493.05 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 510.29 590.55 Td (other ) Tj ET Q q 0 0 0 rg BT 533.94 590.55 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td ($20.1 ) Tj ET Q q 0 0 0 rg BT 74.98 577.95 Td (billion, ) Tj ET Q q 0 0 0 rg BT 106.87 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 117.47 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 577.95 Td (positive ) Tj ET Q q 0 0 0 rg BT 167.25 577.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 197.68 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 208.28 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 239.28 577.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 294.19 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 311.20 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 334.63 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 345.22 577.95 Td ($32.9 ) Tj ET Q q 0 0 0 rg BT 370.70 577.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 399.97 577.95 Td (was ) Tj ET Q q 0 0 0 rg BT 418.16 577.95 Td (of) Tj ET Q q 0 0 0 rg BT 426.71 577.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 443.73 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 453.75 577.95 Td (part ) Tj ET Q q 0 0 0 rg BT 471.92 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 484.27 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 498.95 577.95 Td (reclassification ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.10 565.35 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 85.57 565.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 114.84 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 125.44 565.35 Td (client ) Tj ET Q q 0 0 0 rg BT 150.61 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 176.96 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 198.81 565.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 225.16 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 234.77 565.35 Td (AUA) Tj ET Q q 0 0 0 rg BT 256.94 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 258.79 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 268.81 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.48 565.35 Td (first ) Tj ET Q q 0 0 0 rg BT 302.25 565.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 333.83 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.43 565.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 369.02 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 394.49 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 405.09 565.35 Td (further ) Tj ET Q q 0 0 0 rg BT 435.50 565.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 477.60 565.35 Td (below) Tj ET Q q 0 0 0 rg BT 502.58 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 507.06 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 508.77 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 526.95 565.35 Td (negative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.55 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.78 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 127.58 552.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 167.78 552.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 210.90 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 230.12 552.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 283.17 552.75 Td (was ) Tj ET Q q 0 0 0 rg BT 302.98 552.75 Td ($\(18.5\) ) Tj ET Q q 0 0 0 rg BT 337.07 552.75 Td (billion. ) Tj ET Q q 0 0 0 rg BT 370.60 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 373.31 552.75 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 429.87 552.75 Td (\(dispositions\), ) Tj ET Q q 0 0 0 rg BT 493.15 552.75 Td (net, ) Tj ET Q q 0 0 0 rg BT 512.08 552.75 Td (totaled ) Tj ET Q q 0 0 0 rg BT 544.13 552.75 Td ($5.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 81.49 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 102.10 540.15 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 122.41 540.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 151.78 540.15 Td (related ) Tj ET Q q 0 0 0 rg BT 182.28 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 192.39 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 207.16 540.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 255.18 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 265.87 540.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 296.39 540.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 325.16 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 342.26 540.15 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 362.57 540.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 391.94 540.15 Td (related ) Tj ET Q q 0 0 0 rg BT 422.44 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 432.55 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 447.32 540.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 495.34 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 506.03 540.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 521.39 540.15 Td (Investors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 527.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.84 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 86.64 527.55 Td (part ) Tj ET Q q 0 0 0 rg BT 105.59 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 118.71 527.55 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 139.71 527.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 169.76 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 200.94 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 211.74 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 227.19 527.55 Td (disposition ) Tj ET Q q 0 0 0 rg BT 275.91 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 287.28 527.55 Td (LMIC. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.75 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.75 502.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 156.84 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 174.92 502.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 237.92 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 278.74 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 294.48 502.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 336.47 502.35 Td (terminable ) Tj ET Q q 0 0 0 rg BT 384.29 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 394.79 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 414.05 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 425.72 502.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 449.65 502.35 Td (relatively ) Tj ET Q q 0 0 0 rg BT 492.22 502.35 Td (short ) Tj ET Q q 0 0 0 rg BT 516.15 502.35 Td (notice, ) Tj ET Q q 0 0 0 rg BT 547.35 502.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 90.22 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 101.19 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 116.82 489.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 148.79 489.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.92 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 193.47 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 208.52 489.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 243.97 489.75 Td (may ) Tj ET Q q 0 0 0 rg BT 264.85 489.75 Td (redeem ) Tj ET Q q 0 0 0 rg BT 298.55 489.75 Td (their ) Tj ET Q q 0 0 0 rg BT 320.60 489.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 373.56 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.54 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 400.17 489.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 426.30 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 436.68 489.75 Td (any ) Tj ET Q q 0 0 0 rg BT 454.65 489.75 Td (time ) Tj ET Q q 0 0 0 rg BT 476.11 489.75 Td (without ) Tj ET Q q 0 0 0 rg BT 511.00 489.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 534.22 489.75 Td (notice.� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 103.32 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 121.55 477.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 167.19 477.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 197.67 477.15 Td (can ) Tj ET Q q 0 0 0 rg BT 215.31 477.15 Td (terminate ) Tj ET Q q 0 0 0 rg BT 258.03 477.15 Td (their ) Tj ET Q q 0 0 0 rg BT 280.34 477.15 Td (relationships ) Tj ET Q q 0 0 0 rg BT 337.07 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 358.81 477.15 Td (us, ) Tj ET Q q 0 0 0 rg BT 373.84 477.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 404.88 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.78 477.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 464.65 477.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 499.22 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 511.03 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.60 477.15 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (management, ) Tj ET Q q 0 0 0 rg BT 107.67 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 118.32 464.55 Td (shift ) Tj ET Q q 0 0 0 rg BT 138.89 464.55 Td (their ) Tj ET Q q 0 0 0 rg BT 160.04 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 185.28 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 195.35 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 218.83 464.55 Td (types ) Tj ET Q q 0 0 0 rg BT 242.89 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 253.54 464.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 292.18 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 312.75 464.55 Td (dif) Tj ET Q q 0 0 0 rg BT 324.23 464.55 Td (ferent ) Tj ET Q q 0 0 0 rg BT 350.61 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.25 464.55 Td (structures ) Tj ET Q q 0 0 0 rg BT 410.98 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 425.12 464.55 Td (any ) Tj ET Q q 0 0 0 rg BT 442.19 464.55 Td (number ) Tj ET Q q 0 0 0 rg BT 476.17 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 486.82 464.55 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 522.83 464.55 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.44 451.95 Td (performance, ) Tj ET Q q 0 0 0 rg BT 158.97 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.65 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 208.68 451.95 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 255.11 451.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.87 451.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 316.18 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 353.86 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 365.88 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 383.74 451.95 Td (reputation ) Tj ET Q q 0 0 0 rg BT 430.17 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 442.19 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 458.88 451.95 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 516.67 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.35 451.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 107.12 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 119.85 439.35 Td (control ) Tj ET Q q 0 0 0 rg BT 153.56 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.29 439.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 197.68 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 210.40 439.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 259.28 439.35 Td (distributors ) Tj ET Q q 0 0 0 rg BT 311.09 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 333.74 439.35 Td (whom ) Tj ET Q q 0 0 0 rg BT 363.96 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 380.19 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 403.98 439.35 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 464.25 439.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 484.56 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 497.29 439.35 Td (key ) Tj ET Q q 0 0 0 rg BT 516.43 439.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 105.77 426.75 Td (personnel ) Tj ET Q q 0 0 0 rg BT 149.22 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 160.59 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.94 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 231.72 426.75 Td (performance.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 88.19 401.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 113.57 401.55 Td (Class) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.63 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 89.75 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 112.79 388.95 Td (class ) Tj ET Q q 0 0 0 rg BT 135.83 388.95 Td (\(in ) Tj ET Q q 0 0 0 rg BT 150.11 388.95 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 187.74 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 202.61 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.06 388.95 Td (years ) Tj ET Q q 0 0 0 rg BT 242.84 388.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 270.54 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 300.57 388.95 Td (31 ) Tj ET Q q 0 0 0 rg BT 313.69 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 336.72 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 348.09 388.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 327.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 327.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 327.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 327.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 327.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 327.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 327.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 327.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 327.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 327.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 327.45 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 297.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 297.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 297.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 297.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 297.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 297.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 297.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 297.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 297.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 297.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 297.45 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 267.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 267.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 267.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 267.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 267.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 267.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 267.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 267.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 267.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 267.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 267.45 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 363.45000000000005 m 498 363.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 363.45000000000005 m 506 363.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 363.45000000000005 m 563 363.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 327.45000000000005 m 166 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 327.45000000000005 m 213 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 327.45000000000005 m 261 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 327.45000000000005 m 307 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 327.45000000000005 m 348 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 327.45000000000005 m 393 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 327.45000000000005 m 435 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 327.45000000000005 m 498 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 327.45000000000005 m 563 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 327.45000000000005 m 307 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 327.45000000000005 m 348 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 327.45000000000005 m 393 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 327.45000000000005 m 435 327.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 297.45000000000005 m 166 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 297.45000000000005 m 213 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 297.45000000000005 m 261 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 297.45000000000005 m 307 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 297.45000000000005 m 348 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 297.45000000000005 m 393 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 297.45000000000005 m 435 297.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 267.45000000000005 m 166 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 267.45000000000005 m 213 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 267.45000000000005 m 261 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 267.45000000000005 m 307 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 267.45000000000005 m 348 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 267.45000000000005 m 393 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 267.45000000000005 m 435 267.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 252.45000000000005 m 166 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 252.45000000000005 m 213 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 252.45000000000005 m 261 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 252.45000000000005 m 307 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 252.45000000000005 m 348 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 252.45000000000005 m 393 252.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 252.45000000000005 m 435 252.45000000000005 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 368.22 Td (% Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.50 332.24 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.55 342.74 Td (% of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 332.24 Td (T) Tj ET Q q 0 0 0 rg BT 233.04 332.24 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 332.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.90 342.72 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.25 332.22 Td (T) Tj ET Q q 0 0 0 rg BT 323.93 332.22 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 332.22 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 342.72 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.75 332.22 Td (T) Tj ET Q q 0 0 0 rg BT 410.43 332.22 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 353.24 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 342.74 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 332.24 Td (to 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 353.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 342.72 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 332.22 Td (to 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 317.22 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 317.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 317.24 Td (180.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 317.24 Td (27) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 317.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 317.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 317.22 Td (199.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 317.22 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 317.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 317.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 317.22 Td (186.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 317.22 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 317.22 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 317.24 Td (\(9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 317.24 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 317.22 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 317.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 302.22 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 302.24 Td (376.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 302.24 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 302.22 Td (376.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 302.22 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 302.22 Td (365.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 302.22 Td (52) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.00 302.24 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 302.22 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 287.22 Td (Total long-term assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 287.24 Td (557.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 287.24 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 287.22 Td (575.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 287.22 Td (82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 287.22 Td (551.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 287.22 Td (79) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 287.24 Td (\(3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 287.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 287.22 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 272.22 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 272.24 Td (112.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 272.24 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 272.22 Td (127.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 272.22 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 272.22 Td (150.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 272.22 Td (21) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 469.50 272.24 Td (\(12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 272.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 272.22 Td (\(15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 272.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 257.22 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 257.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 257.24 Td (669.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.25 257.24 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 257.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 257.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 257.22 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 257.22 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 257.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 257.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 257.22 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 257.22 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 257.22 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 257.24 Td (\(5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 257.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 257.22 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.30 227.75 Td (verage ) Tj ET Q q 0 0 0 rg BT 86.33 227.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 113.46 227.75 Td (by ) Tj ET Q q 0 0 0 rg BT 126.58 227.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.62 227.75 Td (class ) Tj ET Q q 0 0 0 rg BT 172.65 227.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 186.94 227.75 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 224.57 227.75 Td (for ) Tj ET Q q 0 0 0 rg BT 239.44 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.89 227.75 Td (years ) Tj ET Q q 0 0 0 rg BT 279.67 227.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 307.37 227.75 Td (March ) Tj ET Q q 0 0 0 rg BT 337.40 227.75 Td (31 ) Tj ET Q q 0 0 0 rg BT 350.52 227.75 Td (were ) Tj ET Q q 0 0 0 rg BT 373.55 227.75 Td (as ) Tj ET Q q 0 0 0 rg BT 384.92 227.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 166.25 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 166.25 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 166.25 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 166.25 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 166.25 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 166.25 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 166.25 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 166.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 166.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 166.25 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 166.25 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 138.25 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 138.25 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 138.25 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 138.25 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 138.25 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 138.25 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 138.25 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 138.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 138.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 138.25 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 138.25 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 110.25 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 110.25 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 110.25 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 110.25 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 110.25 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 110.25 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 110.25 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 110.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 110.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 110.25 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 110.25 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 202.25 m 498 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 202.25 m 506 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 202.25 m 563 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 166.25 m 166 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 166.25 m 213 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 166.25 m 261 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 166.25 m 307 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 166.25 m 348 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 166.25 m 393 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 166.25 m 435 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 166.25 m 498 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 166.25 m 563 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 166.25 m 307 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 166.25 m 348 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 166.25 m 393 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 166.25 m 435 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 138.25 m 166 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 138.25 m 213 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 138.25 m 261 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 138.25 m 307 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 138.25 m 348 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 138.25 m 393 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 138.25 m 435 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 110.25 m 166 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 110.25 m 213 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 110.25 m 261 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 110.25 m 307 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 110.25 m 348 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 110.25 m 393 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 110.25 m 435 110.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 96.25 m 166 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 96.25 m 213 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 96.25 m 261 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 96.25 m 307 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 96.25 m 348 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ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 181.54 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 171.04 Td (to 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 192.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 181.52 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 171.02 Td (to 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 156.47 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 156.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 156.64 Td (189.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 156.64 Td (28) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 156.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 156.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 156.47 Td (195.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 156.47 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 156.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 156.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 156.47 Td (172.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 156.47 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 156.47 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 156.64 Td (\(3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 156.64 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 156.47 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 156.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 142.47 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 142.64 Td (372.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 142.64 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 142.47 Td (367.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 142.47 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 142.47 Td (358.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 142.47 Td (54) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 142.64 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 142.47 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 128.47 Td (Total long-term assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 128.64 Td (561.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 128.64 Td (82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 128.47 Td (562.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 128.47 Td (80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 128.47 Td (531.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 128.47 Td (80) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.00 128.64 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 128.47 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 114.47 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 114.64 Td (123.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 114.64 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 114.47 Td (140.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 114.47 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 114.47 Td (135.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 114.47 Td (20) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 469.50 114.64 Td (\(12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 114.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 114.47 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 100.47 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 100.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 100.64 Td (684.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.25 100.64 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 100.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 100.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 100.47 Td (702.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 100.47 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 100.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 100.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 100.47 Td (667.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 100.47 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 100.47 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 100.64 Td (\(3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 100.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 100.47 Td (5) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.35 741.75 Td (component ) Tj ET Q q 0 0 0 rg BT 117.54 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 153.89 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.59 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 180.56 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 207.59 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 220.62 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 243.56 741.75 Td (class ) Tj ET Q q 0 0 0 rg BT 266.50 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 280.70 741.75 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 318.23 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 333.00 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 348.36 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 373.63 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 398.32 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 425.92 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 455.85 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.51 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 497.66 741.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 521.19 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 538.88 741.75 Td (2014, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 72.53 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 83.90 729.15 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 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319.50 684.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.35 684.87 Td (365.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.50 684.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.35 684.87 Td (526.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.50 684.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.35 684.87 Td (137.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 684.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 684.87 Td (664.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 670.87 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.50 670.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.50 670.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 670.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 670.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 656.87 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 656.87 Td (27.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.60 656.87 Td (25.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 656.87 Td (52.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 656.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 656.87 Td (52.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 642.42 Td (Redemptions ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 127.54 647.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.10 642.42 Td (\(30.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.10 642.42 Td (\(28.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 642.42 Td (\(58.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 642.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 642.42 Td (\(58.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 627.87 Td (Separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 627.87 Td (\(1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 627.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 627.87 Td (4.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 627.87 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 627.87 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 627.87 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 613.87 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 613.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.50 613.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.50 613.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.60 613.87 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 613.87 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 599.87 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 599.87 Td (\(5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 599.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 599.87 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.35 599.87 Td (\(3.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 599.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.60 599.87 Td (12.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 599.87 Td (8.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 585.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 179.48 590.18 Td ( \(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 585.42 Td (31.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 585.42 Td (3.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 585.42 Td (34.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 585.42 Td (0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 585.42 Td (35.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 570.87 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 570.87 Td 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 556.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 556.87 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 556.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 542.87 Td (March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 542.87 Td (186.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.35 542.87 Td (365.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.35 542.87 Td (551.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.35 542.87 Td (150.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 542.87 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 528.87 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.50 528.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.50 528.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 528.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 528.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 514.87 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 514.87 Td (29.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.60 514.87 Td (42.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 514.87 Td (72.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 514.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 514.87 Td (72.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 499.42 Td (Redemptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.10 499.42 Td (\(33.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 499.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.10 499.42 Td (\(27.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 499.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 499.42 Td (\(61.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 499.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 499.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 499.42 Td (\(61.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 499.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 484.87 Td (Separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 484.87 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 484.87 Td (4.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 484.87 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.35 484.87 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 484.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 484.87 Td (4.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 470.87 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 470.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.50 470.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.50 470.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.10 470.87 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 470.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 470.87 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 470.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 456.87 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 456.87 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 456.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.60 456.87 Td (19.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 456.87 Td (16.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.10 456.87 Td (\(22.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 456.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 456.87 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 456.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 441.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 179.48 446.18 Td ( \(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 441.42 Td (11.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 441.42 Td (8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 441.42 Td (19.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 441.42 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 441.42 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 426.87 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 426.87 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 426.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.10 426.87 Td (\(14.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 426.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 426.87 Td (\(17.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 426.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.35 426.87 Td (\(1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 426.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 426.87 Td (\(18.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 426.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 411.42 Td (Acquisitions \(dispositions\), net ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 185.09 416.18 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 411.42 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.35 411.42 Td (\(2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 411.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 411.42 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 411.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 411.42 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 396.87 Td (March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 396.87 Td (199.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.35 396.87 Td (376.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.35 396.87 Td (575.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.35 396.87 Td (127.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 396.87 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 382.87 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.50 382.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.50 382.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 382.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 382.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 368.87 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 368.87 Td (22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.60 368.87 Td (27.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.60 368.87 Td (50.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 368.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 368.87 Td (50.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 354.87 Td (Redemptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.10 354.87 Td (\(36.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 354.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.10 354.87 Td (\(26.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 354.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 354.87 Td (\(62.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 354.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 354.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 354.87 Td (\(62.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 354.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 340.87 Td (Separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 340.87 Td (2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.35 340.87 Td (\(1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 340.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 340.87 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 340.87 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 340.87 Td (1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 326.87 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 326.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.50 326.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.50 326.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.10 326.87 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 326.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 326.87 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 326.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 312.87 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.10 312.87 Td (\(10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 312.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.35 312.87 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 312.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 312.87 Td (\(11.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 312.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.10 312.87 Td (\(14.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 312.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 312.87 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 312.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 297.42 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 302.18 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.10 297.42 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 297.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.35 297.42 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 297.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.10 297.42 Td (\(15.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 297.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 297.42 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 297.42 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 297.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 282.87 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 282.87 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 282.87 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 282.87 Td (1.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.35 282.87 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 282.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 282.87 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 268.42 Td (Acquisitions \(dispositions\), net ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 185.09 273.18 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 268.42 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.50 268.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.85 268.42 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 268.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 268.42 Td (6.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 254.04 Td (March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 257.50 254.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.35 254.04 Td (180.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 319.50 254.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.35 254.04 Td (376.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.50 254.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.35 254.04 Td (557.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.50 254.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 254.04 Td (112.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.50 254.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 254.04 Td (669.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 240.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 240.55 Td ( ) Tj ET Q q 0 0 0 rg BT 62.83 240.55 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 240.55 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 87.27 240.55 Td (income ) Tj ET Q q 0 0 0 rg BT 112.36 240.55 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 153.45 240.55 Td (include ) Tj ET Q q 0 0 0 rg BT 178.54 240.55 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 194.08 240.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 216.52 240.55 Td (for ) Tj ET Q q 0 0 0 rg BT 227.39 240.55 Td (the ) Tj ET Q q 0 0 0 rg BT 238.71 240.55 Td (year ) Tj ET Q q 0 0 0 rg BT 254.02 240.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 274.66 240.55 Td (March ) Tj ET Q q 0 0 0 rg BT 297.08 240.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.63 240.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 328.17 240.55 Td (related ) Tj ET Q q 0 0 0 rg BT 351.48 240.55 Td (to ) Tj ET Q q 0 0 0 rg BT 359.25 240.55 Td (a ) Tj ET Q q 0 0 0 rg BT 364.34 240.55 Td (single, ) Tj ET Q q 0 0 0 rg BT 386.99 240.55 Td (low-fee ) Tj ET Q q 0 0 0 rg BT 412.97 240.55 Td (global ) Tj ET Q q 0 0 0 rg BT 434.51 240.55 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 467.15 240.55 Td (mandate ) Tj ET Q q 0 0 0 rg BT 495.79 240.55 Td (client. ) Tj ET Q q 0 0 0 rg BT 517.11 240.55 Td ( ) Tj ET Q q 0 0 0 rg BT 518.31 240.55 Td (Assets ) Tj ET Q q 0 0 0 rg BT 540.75 240.55 Td (related ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 230.95 Td (to ) Tj ET Q q 0 0 0 rg BT 75.72 230.95 Td (this ) Tj ET Q q 0 0 0 rg BT 89.28 230.95 Td (client ) Tj ET Q q 0 0 0 rg BT 109.05 230.95 Td (were ) Tj ET Q q 0 0 0 rg BT 126.59 230.95 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 165.02 230.95 Td (from ) Tj ET Q q 0 0 0 rg BT 182.13 230.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 202.80 230.95 Td (to ) Tj ET Q q 0 0 0 rg BT 210.58 230.95 Td (AUA) Tj ET Q q 0 0 0 rg BT 227.47 230.95 Td ( ) Tj ET Q q 0 0 0 rg BT 229.47 230.95 Td (during ) Tj ET Q q 0 0 0 rg BT 252.36 230.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.13 230.95 Td (first ) Tj ET Q q 0 0 0 rg BT 279.02 230.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 303.67 230.95 Td (of ) Tj ET Q q 0 0 0 rg BT 312.33 230.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 331.66 230.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 351.66 230.95 Td (as ) Tj ET Q q 0 0 0 rg BT 360.32 230.95 Td (further ) Tj ET Q q 0 0 0 rg BT 384.09 230.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 416.75 230.95 Td (below) Tj ET Q q 0 0 0 rg BT 435.78 230.95 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 221.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 221.35 Td ( ) Tj ET Q q 0 0 0 rg BT 62.83 221.35 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 221.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.05 221.35 Td (is ) Tj ET Q q 0 0 0 rg BT 95.73 221.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.83 221.35 Td (the ) Tj ET Q q 0 0 0 rg BT 139.95 221.35 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 190.71 221.35 Td (of ) Tj ET Q q 0 0 0 rg BT 199.71 221.35 Td (client ) Tj ET Q q 0 0 0 rg BT 219.81 221.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.82 221.35 Td (from ) Tj ET Q q 0 0 0 rg BT 258.19 221.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 279.19 221.35 Td (to ) Tj ET Q q 0 0 0 rg BT 287.24 221.35 Td (AUA) Tj ET Q q 0 0 0 rg BT 304.13 221.35 Td ( ) Tj ET Q q 0 0 0 rg BT 306.47 221.35 Td (for ) Tj ET Q q 0 0 0 rg BT 318.13 221.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.80 221.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 356.13 221.35 Td (and ) Tj ET Q q 0 0 0 rg BT 370.02 221.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 388.36 221.35 Td (of ) Tj ET Q q 0 0 0 rg BT 397.36 221.35 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 413.70 221.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 436.93 221.35 Td (and ) Tj ET Q q 0 0 0 rg BT 450.82 221.35 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 471.16 221.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 496.38 221.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 534.51 221.35 Td (, ) Tj ET Q q 0 0 0 rg BT 538.85 221.35 Td (and ) Tj ET Q q 0 0 0 rg BT 552.74 221.35 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 211.75 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 110.82 211.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.48 211.75 Td (dividends.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 202.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 202.15 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.79 202.15 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 112.97 202.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 136.05 202.15 Td (related ) Tj ET Q q 0 0 0 rg BT 159.99 202.15 Td (to ) Tj ET Q q 0 0 0 rg BT 168.40 202.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.36 202.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 217.65 202.15 Td (of ) Tj ET Q q 0 0 0 rg BT 226.50 202.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 250.02 202.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 295.73 202.15 Td (and ) Tj ET Q q 0 0 0 rg BT 309.47 202.15 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 325.65 202.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 348.73 202.15 Td (related ) Tj ET Q q 0 0 0 rg BT 372.67 202.15 Td (to ) Tj ET Q q 0 0 0 rg BT 381.08 202.15 Td (the ) Tj ET Q q 0 0 0 rg BT 393.04 202.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 430.33 202.15 Td (of ) Tj ET Q q 0 0 0 rg BT 439.18 202.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 451.59 202.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 492.43 202.15 Td (during ) Tj ET Q q 0 0 0 rg BT 515.50 202.15 Td (the ) Tj ET Q q 0 0 0 rg BT 527.46 202.15 Td (year ) Tj ET Q q 0 0 0 rg BT 543.41 202.15 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 192.55 Td (March ) Tj ET Q q 0 0 0 rg BT 90.29 192.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.19 192.55 Td (2016; ) Tj ET Q q 0 0 0 rg BT 122.32 192.55 Td (and ) Tj ET Q q 0 0 0 rg BT 135.78 192.55 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 151.68 192.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 174.48 192.55 Td (related ) Tj ET Q q 0 0 0 rg BT 198.15 192.55 Td (to ) Tj ET Q q 0 0 0 rg BT 206.28 192.55 Td (the ) Tj ET Q q 0 0 0 rg BT 217.96 192.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 254.97 192.55 Td (of ) Tj ET Q q 0 0 0 rg BT 263.54 192.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 287.22 192.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 309.56 192.55 Td (and ) Tj ET Q q 0 0 0 rg BT 323.02 192.55 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 338.93 192.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 361.72 192.55 Td (related ) Tj ET Q q 0 0 0 rg BT 385.39 192.55 Td (to ) Tj ET Q q 0 0 0 rg BT 393.52 192.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.20 192.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 442.21 192.55 Td (of ) Tj ET Q q 0 0 0 rg BT 450.78 192.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 462.91 192.55 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 496.15 192.55 Td (of) Tj ET Q q 0 0 0 rg BT 502.67 192.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 516.13 192.55 Td (in ) Tj ET Q q 0 0 0 rg BT 524.25 192.55 Td (part ) Tj ET Q q 0 0 0 rg BT 538.60 192.55 Td (by ) Tj ET Q q 0 0 0 rg BT 548.50 192.55 Td ($9.5 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 182.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 90.39 182.95 Td (related ) Tj ET Q q 0 0 0 rg BT 114.15 182.95 Td (to ) Tj ET Q q 0 0 0 rg BT 122.38 182.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.15 182.95 Td (disposition ) Tj ET Q q 0 0 0 rg BT 171.27 182.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.93 182.95 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 201.93 182.95 Td (for ) Tj ET Q q 0 0 0 rg BT 213.26 182.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.03 182.95 Td (year ) Tj ET Q q 0 0 0 rg BT 240.80 182.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.90 182.95 Td (March ) Tj ET Q q 0 0 0 rg BT 284.78 182.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 296.78 182.95 Td (2015. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 99.57 157.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 124.95 157.75 Td (Class) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.15 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 96.46 145.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.85 145.15 Td (the ) Tj ET Q q 0 0 0 rg BT 123.89 145.15 Td (first ) Tj ET Q q 0 0 0 rg BT 144.02 145.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 176.97 145.15 Td (of ) Tj ET Q q 0 0 0 rg BT 188.93 145.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 214.88 145.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 241.72 145.15 Td (we ) Tj ET Q q 0 0 0 rg BT 257.18 145.15 Td (will ) Tj ET Q q 0 0 0 rg BT 276.73 145.15 Td (present ) Tj ET Q q 0 0 0 rg BT 310.27 145.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 357.79 145.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.50 145.15 Td (as ) Tj ET Q q 0 0 0 rg BT 397.46 145.15 Td (a ) Tj ET Q q 0 0 0 rg BT 405.34 145.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 442.95 145.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 466.57 145.15 Td (class ) Tj ET Q q 0 0 0 rg BT 490.20 145.15 Td (of ) Tj ET Q q 0 0 0 rg BT 502.16 145.15 Td (our ) Tj ET Q q 0 0 0 rg BT 518.66 145.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 548.77 145.15 Td (W) Tj ET Q q 0 0 0 rg BT 557.84 145.15 Td (e ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 90.02 132.55 Td (define ) Tj ET Q q 0 0 0 rg BT 118.87 132.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 165.79 132.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 192.91 132.55 Td (as ) Tj ET Q q 0 0 0 rg BT 204.27 132.55 Td (all ) Tj ET Q q 0 0 0 rg BT 216.80 132.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 243.92 132.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 284.44 132.55 Td (by ) Tj ET Q q 0 0 0 rg BT 297.56 132.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 315.26 132.55 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 366.00 132.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 398.36 132.55 Td (Capital ) Tj ET Q q 0 0 0 rg BT 431.30 132.55 Td (Management, ) Tj ET Q q 0 0 0 rg BT 491.36 132.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 525.47 132.55 Td (Partners, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 119.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 97.91 119.95 Td (Infrastructure.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (40) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 741.90 Td (by ) Tj ET Q q 0 0 0 rg BT 88.58 741.90 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 143.73 741.90 Td (Channel) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Broadly) Tj ET Q q 0 0 0 rg BT 82.65 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 86.95 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 100.87 729.30 Td (have ) Tj ET Q q 0 0 0 rg BT 122.37 729.30 Td (two ) Tj ET Q q 0 0 0 rg BT 139.79 729.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 178.79 729.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 228.89 729.30 Td (channels, ) Tj ET Q q 0 0 0 rg BT 269.93 729.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 300.18 729.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 352.61 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 369.08 729.30 Td (Af) Tj ET Q q 0 0 0 rg BT 379.97 729.30 Td (filiate/Other) Tj ET Q q 0 0 0 rg BT 430.86 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 435.16 729.30 Td (through ) Tj ET Q q 0 0 0 rg BT 469.50 729.30 Td (which ) Tj ET Q q 0 0 0 rg BT 496.84 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 510.76 729.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 527.02 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 533.36 729.30 Td (variety ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 109.62 716.70 Td (products ) Tj ET Q q 0 0 0 rg BT 148.43 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 166.24 716.70 Td (services. ) Tj ET Q q 0 0 0 rg BT 205.33 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 207.98 716.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 239.20 716.70 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 295.23 716.70 Td (which ) Tj ET Q q 0 0 0 rg BT 323.54 716.70 Td (consists ) Tj ET Q q 0 0 0 rg BT 359.44 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 370.84 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 387.48 716.70 Td (centralized ) Tj ET Q q 0 0 0 rg BT 436.18 716.70 Td (global ) Tj ET Q q 0 0 0 rg BT 465.08 716.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 516.14 716.70 Td (operations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 98.45 704.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 120.59 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 142.73 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.35 704.10 Td (international ) Tj ET Q q 0 0 0 rg BT 217.88 704.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 250.51 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.31 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.94 704.10 Td (other ) Tj ET Q q 0 0 0 rg BT 320.98 704.10 Td (commingled ) Tj ET Q q 0 0 0 rg BT 376.94 704.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 417.43 704.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 442.47 704.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 488.49 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 529.86 704.10 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (programs, ) Tj ET Q q 0 0 0 rg BT 93.64 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.65 691.50 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 166.75 691.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 205.34 691.50 Td (for ) Tj ET Q q 0 0 0 rg BT 219.43 691.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 261.52 691.50 Td (companies ) Tj ET Q q 0 0 0 rg BT 308.28 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 325.29 691.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 356.31 691.50 Td (clients. ) Tj ET Q q 0 0 0 rg BT 388.20 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 389.64 691.50 Td (Af) Tj ET Q q 0 0 0 rg BT 400.53 691.50 Td (filiate/Other ) Tj ET Q q 0 0 0 rg BT 453.70 691.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 488.81 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 499.41 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 514.09 691.50 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 96.39 678.90 Td (within ) Tj ET Q q 0 0 0 rg BT 126.37 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 143.51 678.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 167.07 678.90 Td (managers ) Tj ET Q q 0 0 0 rg BT 210.45 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 239.26 678.90 Td (principally ) Tj ET Q q 0 0 0 rg BT 287.89 678.90 Td (sell ) Tj ET Q q 0 0 0 rg BT 305.62 678.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 358.93 678.90 Td (separate ) Tj ET Q q 0 0 0 rg BT 396.47 678.90 Td (account ) Tj ET Q q 0 0 0 rg BT 432.27 678.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 491.69 678.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.42 678.90 Td (\(money ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (market\) ) Tj ET Q q 0 0 0 rg BT 84.77 666.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 113.36 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 131.14 666.30 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 197.91 666.30 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 641.10 Td (component ) Tj ET Q q 0 0 0 rg BT 118.73 641.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 155.67 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.97 641.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.40 641.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 211.03 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 224.65 641.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 276.20 641.10 Td (channel ) Tj ET Q q 0 0 0 rg BT 311.97 641.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 326.76 641.10 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 364.89 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.26 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.21 641.10 Td (years ) Tj ET Q q 0 0 0 rg BT 421.49 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 449.69 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 480.21 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.46 641.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 523.21 641.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 547.34 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 75.75 628.50 Td (were ) Tj ET Q q 0 0 0 rg BT 98.78 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 110.15 628.50 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 593.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 593.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 593.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 593.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 593.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 593.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 593.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 563.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 563.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 563.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 563.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 563.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 563.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 563.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 533.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 533.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 533.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 533.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 533.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 533.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 533.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 503.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 503.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 503.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 503.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 503.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 503.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 503.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 473.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 473.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 473.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 473.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 473.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 473.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 473.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 443.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 443.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 443.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 443.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 443.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 443.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 443.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 413.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 413.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 413.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 413.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 413.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 413.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 413.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 383.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 383.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 383.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 383.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 383.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 383.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 383.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 353.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 353.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 353.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 353.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 353.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 353.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 353.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 323.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 323.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 323.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 323.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 323.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 323.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 323.00 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 293.00 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 293.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 293.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 293.00 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 293.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 293.00 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 293.00 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 593 m 312 593 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 593 m 389 593 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 593 m 474 593 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 593 m 562 593 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 548 m 312 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 548 m 389 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 548 m 474 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 548 m 562 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 548 m 389 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 548 m 474 548 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 488 m 312 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 488 m 389 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 488 m 474 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 488 m 562 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 488 m 389 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 488 m 474 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 488 m 562 488 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 443 m 312 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 443 m 389 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 443 m 474 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 443 m 562 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 443 m 389 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 443 m 474 443 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 383 m 312 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 383 m 312 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 383 m 389 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 383 m 474 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 383 m 562 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 338 m 312 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 338 m 389 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 338 m 474 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 338 m 562 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 338 m 389 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 338 m 474 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 278 m 312 278 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 278 m 312 278 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 263 m 312 263 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 278 m 389 278 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 263 m 389 263 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 278 m 474 278 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 263 m 474 263 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 278 m 562 278 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 263 m 562 263 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.70 608.22 Td (Global) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 597.72 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.85 597.77 Td (Affiliate/Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 597.77 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 582.77 Td (March 31, 2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.50 582.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 582.77 Td (232.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 582.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 582.77 Td (432.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.50 582.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 582.77 Td (664.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 567.77 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 567.77 Td (\(1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 567.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 567.77 Td (\(2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 567.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 567.77 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 567.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 552.77 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 552.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 552.77 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 552.77 Td (11.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 537.77 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 537.77 Td (\(1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 537.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 537.77 Td (9.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 537.77 Td (8.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 522.77 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 522.77 Td (18.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 522.77 Td (16.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 522.77 Td (35.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 507.77 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 507.77 Td (\(2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 507.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 507.77 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 507.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 507.77 Td (\(4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 507.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 492.77 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 492.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 492.77 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 492.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 492.77 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 492.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 477.77 Td (March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 477.77 Td (247.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 477.77 Td (454.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 477.77 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 462.77 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 462.77 Td (16.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 462.77 Td (\(0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 462.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 462.77 Td (15.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 447.77 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 447.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 447.77 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 447.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 447.77 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 447.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 432.77 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 432.77 Td (16.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 432.77 Td (\(22.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 432.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 432.77 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 432.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 417.77 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 417.77 Td (11.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 417.77 Td (8.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 417.77 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 402.77 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 402.77 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 402.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 402.77 Td (\(12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 402.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 402.77 Td (\(18.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 402.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 387.77 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 387.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 387.77 Td (5.0) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 476.50 393.20 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 387.77 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 372.77 Td (March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 372.77 Td (270.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 372.77 Td (432.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 372.77 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 357.77 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 357.77 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 357.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 357.77 Td (\(7.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 357.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 357.77 Td (\(11.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 357.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 342.77 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 342.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 342.77 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 342.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 342.77 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 342.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 327.77 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 327.77 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 327.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 327.77 Td (\(22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 327.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 327.77 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 327.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 312.77 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.10 312.77 Td (\(13.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 312.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 312.77 Td (\(2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 312.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 312.77 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 312.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 297.77 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 297.77 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 297.77 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 297.77 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 282.77 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 282.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 282.77 Td (6.9) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 476.50 288.20 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 282.77 Td (6.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 267.79 Td (March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 318.50 267.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 361.35 267.79 Td (254.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.50 267.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 267.79 Td (415.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.50 267.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 267.79 Td (669.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 253.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 253.90 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 253.90 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.79 253.90 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 112.97 253.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 136.05 253.90 Td (related ) Tj ET Q q 0 0 0 rg BT 159.99 253.90 Td (to ) Tj ET Q q 0 0 0 rg BT 168.40 253.90 Td (the ) Tj ET Q q 0 0 0 rg BT 180.36 253.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 217.65 253.90 Td (of ) Tj ET Q q 0 0 0 rg BT 226.50 253.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 250.02 253.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 295.73 253.90 Td (and ) Tj ET Q q 0 0 0 rg BT 309.47 253.90 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 325.65 253.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 348.73 253.90 Td (related ) Tj ET Q q 0 0 0 rg BT 372.67 253.90 Td (to ) Tj ET Q q 0 0 0 rg BT 381.08 253.90 Td (the ) Tj ET Q q 0 0 0 rg BT 393.04 253.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 430.33 253.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.18 253.90 Td (PK ) Tj ET Q q 0 0 0 rg BT 451.59 253.90 Td (Investments ) Tj ET Q q 0 0 0 rg BT 492.43 253.90 Td (during ) Tj ET Q q 0 0 0 rg BT 515.50 253.90 Td (the ) Tj ET Q q 0 0 0 rg BT 527.46 253.90 Td (year ) Tj ET Q q 0 0 0 rg BT 543.41 253.90 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 244.30 Td (March ) Tj ET Q q 0 0 0 rg BT 90.29 244.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.19 244.30 Td (2016; ) Tj ET Q q 0 0 0 rg BT 122.32 244.30 Td (and ) Tj ET Q q 0 0 0 rg BT 135.78 244.30 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 151.68 244.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 174.48 244.30 Td (related ) Tj ET Q q 0 0 0 rg BT 198.15 244.30 Td (to ) Tj ET Q q 0 0 0 rg BT 206.28 244.30 Td (the ) Tj ET Q q 0 0 0 rg BT 217.96 244.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 254.97 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 263.54 244.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 287.22 244.30 Td (Currie ) Tj ET Q q 0 0 0 rg BT 309.56 244.30 Td (and ) Tj ET Q q 0 0 0 rg BT 323.02 244.30 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 338.93 244.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 361.72 244.30 Td (related ) Tj ET Q q 0 0 0 rg BT 385.39 244.30 Td (to ) Tj ET Q q 0 0 0 rg BT 393.52 244.30 Td (the ) Tj ET Q q 0 0 0 rg BT 405.20 244.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 442.21 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 450.78 244.30 Td (QS ) Tj ET Q q 0 0 0 rg BT 462.91 244.30 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 496.15 244.30 Td (of) Tj ET Q q 0 0 0 rg BT 502.67 244.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 516.13 244.30 Td (in ) Tj ET Q q 0 0 0 rg BT 524.25 244.30 Td (part ) Tj ET Q q 0 0 0 rg BT 538.60 244.30 Td (by ) Tj ET Q q 0 0 0 rg BT 548.50 244.30 Td ($9.5 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 234.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 90.39 234.70 Td (related ) Tj ET Q q 0 0 0 rg BT 114.15 234.70 Td (to ) Tj ET Q q 0 0 0 rg BT 122.38 234.70 Td (the ) Tj ET Q q 0 0 0 rg BT 134.15 234.70 Td (disposition ) Tj ET Q q 0 0 0 rg BT 171.27 234.70 Td (of ) Tj ET Q q 0 0 0 rg BT 179.93 234.70 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 201.93 234.70 Td (for ) Tj ET Q q 0 0 0 rg BT 213.26 234.70 Td (the ) Tj ET Q q 0 0 0 rg BT 225.03 234.70 Td (year ) Tj ET Q q 0 0 0 rg BT 240.80 234.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.90 234.70 Td (March ) Tj ET Q q 0 0 0 rg BT 284.78 234.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 296.78 234.70 Td (2015. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 210.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.67 210.70 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 131.54 210.70 Td (Y) Tj ET Q q 0 0 0 rg BT 137.09 210.70 Td (ield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 198.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 100.66 198.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 143.15 198.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 179.22 198.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 205.67 198.10 Td (less ) Tj ET Q q 0 0 0 rg BT 224.26 198.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 280.15 198.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 302.52 198.10 Td (across ) Tj ET Q q 0 0 0 rg BT 331.60 198.10 Td (all ) Tj ET Q q 0 0 0 rg BT 344.93 198.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.18 198.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 400.18 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 198.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 469.43 198.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 509.01 198.10 Td (was ) Tj ET Q q 0 0 0 rg BT 528.17 198.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 541.51 198.10 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 185.50 Td (points ) Tj ET Q q 0 0 0 rg BT 77.79 185.50 Td (for ) Tj ET Q q 0 0 0 rg BT 92.65 185.50 Td (the ) Tj ET Q q 0 0 0 rg BT 108.09 185.50 Td (year ) Tj ET Q q 0 0 0 rg BT 128.78 185.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 156.47 185.50 Td (March ) Tj ET Q q 0 0 0 rg BT 186.49 185.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.23 185.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 228.47 185.50 Td (and ) Tj ET Q q 0 0 0 rg BT 246.25 185.50 Td (39 ) Tj ET Q q 0 0 0 rg BT 259.37 185.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 282.99 185.50 Td (points ) Tj ET Q q 0 0 0 rg BT 311.28 185.50 Td (for ) Tj ET Q q 0 0 0 rg BT 326.14 185.50 Td (each ) Tj ET Q q 0 0 0 rg BT 347.98 185.50 Td (of ) Tj ET Q q 0 0 0 rg BT 359.35 185.50 Td (the ) Tj ET Q q 0 0 0 rg BT 374.79 185.50 Td (years ) Tj ET Q q 0 0 0 rg BT 399.57 185.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 427.25 185.50 Td (March ) Tj ET Q q 0 0 0 rg BT 457.28 185.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.02 185.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 496.63 185.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.41 185.50 Td (2014. ) Tj ET Q q 0 0 0 rg BT 540.65 185.50 Td ( ) Tj ET Q q 0 0 0 rg BT 543.27 185.50 Td (Fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.90 Td (for ) Tj ET Q q 0 0 0 rg BT 64.52 172.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 93.54 172.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.81 172.90 Td (are ) Tj ET Q q 0 0 0 rg BT 136.40 172.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 178.24 172.90 Td (higher) Tj ET Q q 0 0 0 rg BT 204.64 172.90 Td (, ) Tj ET Q q 0 0 0 rg BT 210.04 172.90 Td (averaging ) Tj ET Q q 0 0 0 rg BT 254.21 172.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 317.63 172.90 Td (70 ) Tj ET Q q 0 0 0 rg BT 330.91 172.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 354.68 172.90 Td (points, ) Tj ET Q q 0 0 0 rg BT 385.75 172.90 Td (75 ) Tj ET Q q 0 0 0 rg BT 399.03 172.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 422.80 172.90 Td (points ) Tj ET Q q 0 0 0 rg BT 451.25 172.90 Td (and ) Tj ET Q q 0 0 0 rg BT 469.18 172.90 Td (85 ) Tj ET Q q 0 0 0 rg BT 482.46 172.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 506.23 172.90 Td (points ) Tj ET Q q 0 0 0 rg BT 534.68 172.90 Td (for ) Tj ET Q q 0 0 0 rg BT 549.69 172.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.30 Td (years ) Tj ET Q q 0 0 0 rg BT 74.06 160.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 101.54 160.30 Td (March ) Tj ET Q q 0 0 0 rg BT 131.35 160.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 146.89 160.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 172.92 160.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 198.95 160.30 Td (and ) Tj ET Q q 0 0 0 rg BT 216.52 160.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 242.56 160.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 292.60 160.30 Td (. ) Tj ET Q q 0 0 0 rg BT 297.64 160.30 Td ( ) Tj ET Q q 0 0 0 rg BT 299.87 160.30 Td (The ) Tj ET Q q 0 0 0 rg BT 318.60 160.30 Td (average ) Tj ET Q q 0 0 0 rg BT 353.65 160.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 368.88 160.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 387.02 160.30 Td (for ) Tj ET Q q 0 0 0 rg BT 401.67 160.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.33 160.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 457.23 160.30 Td (has ) Tj ET Q q 0 0 0 rg BT 473.64 160.30 Td (declined ) Tj ET Q q 0 0 0 rg BT 511.61 160.30 Td (over ) Tj ET Q q 0 0 0 rg BT 532.68 160.30 Td (the ) Tj ET Q q 0 0 0 rg BT 547.91 160.30 Td (last ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 147.70 Td (four ) Tj ET Q q 0 0 0 rg BT 70.43 147.70 Td (years ) Tj ET Q q 0 0 0 rg BT 96.02 147.70 Td (due ) Tj ET Q q 0 0 0 rg BT 114.62 147.70 Td (to ) Tj ET Q q 0 0 0 rg BT 126.23 147.70 Td (a ) Tj ET Q q 0 0 0 rg BT 134.32 147.70 Td (shift ) Tj ET Q q 0 0 0 rg BT 156.43 147.70 Td (in ) Tj ET Q q 0 0 0 rg BT 168.03 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 184.30 147.70 Td (mix ) Tj ET Q q 0 0 0 rg BT 204.07 147.70 Td (of ) Tj ET Q q 0 0 0 rg BT 216.26 147.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 245.94 147.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.88 147.70 Td (from ) Tj ET Q q 0 0 0 rg BT 297.72 147.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 327.99 147.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 344.24 147.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.92 147.70 Td (products ) Tj ET Q q 0 0 0 rg BT 413.52 147.70 Td (to ) Tj ET Q q 0 0 0 rg BT 425.13 147.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 452.47 147.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 468.73 147.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 498.41 147.70 Td (products. ) Tj ET Q q 0 0 0 rg BT 540.63 147.70 Td ( ) Tj ET Q q 0 0 0 rg BT 543.82 147.70 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 92.20 135.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.83 135.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 122.19 135.10 Td (for ) Tj ET Q q 0 0 0 rg BT 136.90 135.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 160.94 135.10 Td (income ) Tj ET Q q 0 0 0 rg BT 194.31 135.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 223.90 135.10 Td (which ) Tj ET Q q 0 0 0 rg BT 252.02 135.10 Td (averaged ) Tj ET Q q 0 0 0 rg BT 292.37 135.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 355.48 135.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 368.45 135.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 391.91 135.10 Td (points ) Tj ET Q q 0 0 0 rg BT 420.05 135.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.75 135.10 Td (each ) Tj ET Q q 0 0 0 rg BT 456.45 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.66 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.95 135.10 Td (years ) Tj ET Q q 0 0 0 rg BT 507.57 135.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 135.10 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.26 122.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 91.52 122.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 115.16 122.50 Td (and ) Tj ET Q q 0 0 0 rg BT 132.95 122.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 159.21 122.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 209.26 122.50 Td (, ) Tj ET Q q 0 0 0 rg BT 214.52 122.50 Td (and ) Tj ET Q q 0 0 0 rg BT 232.31 122.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 270.54 122.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 300.30 122.50 Td (which ) Tj ET Q q 0 0 0 rg BT 328.59 122.50 Td (averaged ) Tj ET Q q 0 0 0 rg BT 369.12 122.50 Td (under ) Tj ET Q q 0 0 0 rg BT 395.66 122.50 Td (10 ) Tj ET Q q 0 0 0 rg BT 408.79 122.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 432.43 122.50 Td (points ) Tj ET Q q 0 0 0 rg BT 460.74 122.50 Td (\(reflecting ) Tj ET Q q 0 0 0 rg BT 507.10 122.50 Td (the ) Tj ET Q q 0 0 0 rg BT 522.56 122.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.77 122.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.90 Td (current ) Tj ET Q q 0 0 0 rg BT 82.16 109.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 121.24 109.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 136.98 109.90 Td (waivers ) Tj ET Q q 0 0 0 rg BT 172.56 109.90 Td (due ) Tj ET Q q 0 0 0 rg BT 190.65 109.90 Td (to ) Tj ET Q q 0 0 0 rg BT 201.74 109.90 Td (the ) Tj ET Q q 0 0 0 rg BT 217.49 109.90 Td (low ) Tj ET Q q 0 0 0 rg BT 236.16 109.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 269.99 109.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 288.65 109.90 Td (environment\) ) Tj ET Q q 0 0 0 rg BT 348.14 109.90 Td (for ) Tj ET Q q 0 0 0 rg BT 363.31 109.90 Td (each ) Tj ET Q q 0 0 0 rg BT 385.47 109.90 Td (of ) Tj ET Q q 0 0 0 rg BT 397.14 109.90 Td (the ) Tj ET Q q 0 0 0 rg BT 412.89 109.90 Td (years ) Tj ET Q q 0 0 0 rg BT 437.97 109.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 465.96 109.90 Td (March ) Tj ET Q q 0 0 0 rg BT 496.29 109.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 512.34 109.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 538.89 109.90 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.27 97.30 Td (2014.��Equity ) Tj ET Q q 0 0 0 rg BT 126.75 97.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 153.86 97.30 Td (are ) Tj ET Q q 0 0 0 rg BT 169.29 97.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 210.97 97.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 251.48 97.30 Td (by ) Tj ET Q q 0 0 0 rg BT 264.59 97.30 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 321.14 97.30 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 353.20 97.30 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 409.76 97.30 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 444.74 97.30 Td (QS ) Tj ET Q q 0 0 0 rg BT 460.77 97.30 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 504.50 97.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 535.69 97.30 Td (Currie ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.70 Td (and ) Tj ET Q q 0 0 0 rg BT 68.43 84.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 100.21 84.70 Td (Infrastructure; ) Tj ET Q q 0 0 0 rg BT 164.04 84.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 189.39 84.70 Td (income ) Tj ET Q q 0 0 0 rg BT 224.07 84.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 252.34 84.70 Td (are ) Tj ET Q q 0 0 0 rg BT 268.93 84.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 311.78 84.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 353.45 84.70 Td (by ) Tj ET Q q 0 0 0 rg BT 367.45 84.70 Td (W) Tj ET Q q 0 0 0 rg BT 376.52 84.70 Td (estern ) Tj ET Q q 0 0 0 rg BT 404.53 84.70 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 434.27 84.70 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 491.99 84.70 Td (and ) Tj ET Q q 0 0 0 rg BT 510.92 84.70 Td (Permal; ) Tj ET Q q 0 0 0 rg BT 547.35 84.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 88.09 72.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.59 72.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.42 72.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 172.32 72.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.61 72.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.68 72.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 222.09 72.10 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 251.05 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.06 72.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 272.22 72.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 295.05 72.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.30 72.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.80 72.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 385.72 72.10 Td (through ) Tj ET Q q 0 0 0 rg BT 421.39 72.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 445.97 72.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 477.55 72.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 509.14 72.10 Td (Distribution, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.50 Td (which ) Tj ET Q q 0 0 0 rg BT 78.05 59.50 Td (are ) Tj ET Q q 0 0 0 rg BT 93.76 59.50 Td (predominately ) Tj ET Q q 0 0 0 rg BT 157.30 59.50 Td (retail ) Tj ET Q q 0 0 0 rg BT 181.76 59.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.82 59.50 Td (nature, ) Tj ET Q q 0 0 0 rg BT 224.58 59.50 Td (averaged ) Tj ET Q q 0 0 0 rg BT 265.36 59.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 328.90 59.50 Td (45 ) Tj ET Q q 0 0 0 rg BT 342.29 59.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 366.18 59.50 Td (points ) Tj ET Q q 0 0 0 rg BT 394.74 59.50 Td (for ) Tj ET Q q 0 0 0 rg BT 409.88 59.50 Td (the ) Tj ET Q q 0 0 0 rg BT 425.60 59.50 Td (year ) Tj ET Q q 0 0 0 rg BT 446.56 59.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 474.52 59.50 Td (March ) Tj ET Q q 0 0 0 rg BT 504.82 59.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.83 59.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 547.35 59.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 46.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.00 46.90 Td (50 ) Tj ET Q q 0 0 0 rg BT 126.34 46.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 150.19 46.90 Td (points ) Tj ET Q q 0 0 0 rg BT 178.71 46.90 Td (for ) Tj ET Q q 0 0 0 rg BT 193.80 46.90 Td (each ) Tj ET Q q 0 0 0 rg BT 215.88 46.90 Td (of ) Tj ET Q q 0 0 0 rg BT 227.48 46.90 Td (the ) Tj ET Q q 0 0 0 rg BT 243.16 46.90 Td (years ) Tj ET Q q 0 0 0 rg BT 268.16 46.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 296.08 46.90 Td (March ) Tj ET Q q 0 0 0 rg BT 326.33 46.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 342.30 46.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 366.15 46.90 Td (and ) Tj ET Q q 0 0 0 rg BT 384.16 46.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 410.63 46.90 Td (while ) Tj ET Q q 0 0 0 rg BT 436.81 46.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 452.48 46.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 475.15 46.90 Td (for ) Tj ET Q q 0 0 0 rg BT 490.24 46.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 517.58 46.90 Td (distributed ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (through ) Tj ET Q q 0 0 0 rg BT 85.29 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.56 741.75 Td (Af) Tj ET Q q 0 0 0 rg BT 111.45 741.75 Td (filiate/Other ) Tj ET Q q 0 0 0 rg BT 165.89 741.75 Td (channel ) Tj ET Q q 0 0 0 rg BT 201.67 741.75 Td (averaged ) Tj ET Q q 0 0 0 rg BT 242.69 741.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 306.47 741.75 Td (35 ) Tj ET Q q 0 0 0 rg BT 320.10 741.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 344.23 741.75 Td (points ) Tj ET Q q 0 0 0 rg BT 373.03 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 388.41 741.75 Td (each ) Tj ET Q q 0 0 0 rg BT 410.77 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.64 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.60 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 463.89 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 492.09 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 522.62 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 741.75 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.75 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.54 729.15 Td (2014.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.96 703.95 Td (Performance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Overall ) Tj ET Q q 0 0 0 rg BT 83.47 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.03 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 187.56 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.79 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 214.72 678.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 241.71 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 256.43 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.75 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 296.38 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 323.94 678.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 369.57 678.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 395.68 678.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 419.17 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.81 678.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 462.92 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 481.73 678.75 Td (mixed ) Tj ET Q q 0 0 0 rg BT 510.46 678.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 678.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.94 666.15 Td (benchmarks.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 640.95 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 640.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 640.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 640.95 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 640.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.05 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 80.84 628.35 Td (year ) Tj ET Q q 0 0 0 rg BT 100.88 628.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.91 628.35 Td (March ) Tj ET Q q 0 0 0 rg BT 157.28 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.37 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 197.96 628.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 218.60 628.35 Td (indices ) Tj ET Q q 0 0 0 rg BT 250.31 628.35 Td (produced ) Tj ET Q q 0 0 0 rg BT 291.34 628.35 Td (mixed ) Tj ET Q q 0 0 0 rg BT 319.55 628.35 Td (returns. ) Tj ET Q q 0 0 0 rg BT 353.30 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 355.12 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 373.41 628.35 Td (best ) Tj ET Q q 0 0 0 rg BT 392.29 628.35 Td (performing ) Tj ET Q q 0 0 0 rg BT 441.49 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 459.79 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.58 628.35 Td (Dow ) Tj ET Q q 0 0 0 rg BT 496.96 628.35 Td (Jones ) Tj ET Q q 0 0 0 rg BT 522.26 628.35 Td (Industrial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.30 615.75 Td (verage, ) Tj ET Q q 0 0 0 rg BT 89.59 615.75 Td (returning ) Tj ET Q q 0 0 0 rg BT 130.76 615.75 Td (2.1%. ) Tj ET Q q 0 0 0 rg BT 157.94 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 160.43 615.75 Td (These ) Tj ET Q q 0 0 0 rg BT 188.18 615.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 220.02 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 243.11 615.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 283.10 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 293.95 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 306.54 615.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 350.04 615.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 405.80 615.75 Td (characterized ) Tj ET Q q 0 0 0 rg BT 464.43 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 477.61 615.75 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 528.11 615.75 Td (declines ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 603.15 Td (oil ) Tj ET Q q 0 0 0 rg BT 74.00 603.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 104.32 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 111.61 603.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 140.49 603.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 161.78 603.15 Td (dollar) Tj ET Q q 0 0 0 rg BT 185.85 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 191.10 603.15 Td (along ) Tj ET Q q 0 0 0 rg BT 217.06 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 238.35 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 245.64 603.15 Td (slow-to-recover ) Tj ET Q q 0 0 0 rg BT 314.73 603.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 336.03 603.15 Td (economy) Tj ET Q q 0 0 0 rg BT 373.84 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 379.09 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 396.88 603.15 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 433.33 603.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 472.68 603.15 Td (devaluation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.00 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 577.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 100.92 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 134.58 577.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 173.20 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 184.13 577.95 Td (December ) Tj ET Q q 0 0 0 rg BT 230.02 577.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 256.41 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 271.99 577.95 Td (Federal ) Tj ET Q q 0 0 0 rg BT 306.23 577.95 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 342.81 577.95 Td (raised ) Tj ET Q q 0 0 0 rg BT 370.64 577.95 Td (its ) Tj ET Q q 0 0 0 rg BT 383.32 577.95 Td (tar) Tj ET Q q 0 0 0 rg BT 394.20 577.95 Td (get ) Tj ET Q q 0 0 0 rg BT 409.79 577.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 428.28 577.95 Td (0.25%, ) Tj ET Q q 0 0 0 rg BT 460.78 577.95 Td (representing ) Tj ET Q q 0 0 0 rg BT 515.44 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 577.95 Td (Federal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Reserve's ) Tj ET Q q 0 0 0 rg BT 92.64 565.35 Td (first ) Tj ET Q q 0 0 0 rg BT 112.89 565.35 Td (step ) Tj ET Q q 0 0 0 rg BT 133.15 565.35 Td (toward ) Tj ET Q q 0 0 0 rg BT 165.65 565.35 Td (monetary ) Tj ET Q q 0 0 0 rg BT 208.64 565.35 Td (policy ) Tj ET Q q 0 0 0 rg BT 238.23 565.35 Td (normalization, ) Tj ET Q q 0 0 0 rg BT 302.51 565.35 Td (however) Tj ET Q q 0 0 0 rg BT 338.24 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 344.21 565.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 400.03 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 412.12 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 440.53 565.35 Td (Federal ) Tj ET Q q 0 0 0 rg BT 475.36 565.35 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 512.52 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.77 565.35 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 90.64 552.75 Td (lessened ) Tj ET Q q 0 0 0 rg BT 128.87 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 140.27 552.75 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 180.24 552.75 Td (pointed ) Tj ET Q q 0 0 0 rg BT 214.40 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 225.22 552.75 Td (fewer ) Tj ET Q q 0 0 0 rg BT 251.78 552.75 Td (future ) Tj ET Q q 0 0 0 rg BT 279.50 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 297.90 552.75 Td (increases. ) Tj ET Q q 0 0 0 rg BT 341.66 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 344.12 552.75 Td (This ) Tj ET Q q 0 0 0 rg BT 365.45 552.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 401.35 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.17 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.66 552.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.31 552.75 Td (curve ) Tj ET Q q 0 0 0 rg BT 477.28 552.75 Td (continuing ) Tj ET Q q 0 0 0 rg BT 524.85 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 535.68 552.75 Td (flatten ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (over ) Tj ET Q q 0 0 0 rg BT 70.78 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 86.24 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 111.60 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 132.29 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 143.66 540.15 Td (many ) Tj ET Q q 0 0 0 rg BT 169.62 540.15 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 217.15 540.15 Td (yields ) Tj ET Q q 0 0 0 rg BT 244.85 540.15 Td (declined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.63 514.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 98.85 514.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 148.89 514.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 173.27 514.95 Td (income ) Tj ET Q q 0 0 0 rg BT 206.98 514.95 Td (sector ) Tj ET Q q 0 0 0 rg BT 234.86 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 249.90 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 286.41 514.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.29 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 344.49 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.42 514.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 386.85 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 405.99 514.95 Td (high ) Tj ET Q q 0 0 0 rg BT 427.46 514.95 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.26 514.95 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 481.78 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 493.33 514.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.37 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 88.79 502.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 110.01 502.35 Td (High ) Tj ET Q q 0 0 0 rg BT 133.18 502.35 Td (Y) Tj ET Q q 0 0 0 rg BT 140.18 502.35 Td (ield ) Tj ET Q q 0 0 0 rg BT 158.48 502.35 Td (Index, ) Tj ET Q q 0 0 0 rg BT 187.56 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 215.77 502.35 Td (declined ) Tj ET Q q 0 0 0 rg BT 253.89 502.35 Td (3.7%.� ) Tj ET Q q 0 0 0 rg BT 283.37 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 302.25 502.35 Td (best ) Tj ET Q q 0 0 0 rg BT 321.71 502.35 Td (performing ) Tj ET Q q 0 0 0 rg BT 371.49 502.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 395.62 502.35 Td (income ) Tj ET Q q 0 0 0 rg BT 429.07 502.35 Td (sector ) Tj ET Q q 0 0 0 rg BT 456.70 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 471.49 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 486.87 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 507.48 502.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 502.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 489.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 91.50 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 110.46 489.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.75 489.75 Td (Government ) Tj ET Q q 0 0 0 rg BT 186.86 489.75 Td (bonds ) Tj ET Q q 0 0 0 rg BT 214.58 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 225.95 489.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 268.80 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 281.93 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.38 489.75 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 336.74 489.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 358.04 489.75 Td (Government ) Tj ET Q q 0 0 0 rg BT 413.15 489.75 Td (Index, ) Tj ET Q q 0 0 0 rg BT 442.31 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 470.60 489.75 Td (returned ) Tj ET Q q 0 0 0 rg BT 508.20 489.75 Td (2.4%.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 464.55 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 464.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 464.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 464.55 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 464.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.83 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.41 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 103.22 451.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.04 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 161.19 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.06 451.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.43 451.95 Td (most ) Tj ET Q q 0 0 0 rg BT 226.59 451.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.01 451.95 Td (indices ) Tj ET Q q 0 0 0 rg BT 280.50 451.95 Td (produced ) Tj ET Q q 0 0 0 rg BT 322.31 451.95 Td (positive ) Tj ET Q q 0 0 0 rg BT 358.31 451.95 Td (returns. ) Tj ET Q q 0 0 0 rg BT 392.84 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 395.39 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 414.46 451.95 Td (best ) Tj ET Q q 0 0 0 rg BT 434.12 451.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 484.10 451.95 Td (was ) Tj ET Q q 0 0 0 rg BT 503.17 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 518.75 451.95 Td (NASDAQ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Composite, ) Tj ET Q q 0 0 0 rg BT 99.36 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 126.75 439.35 Td (returned ) Tj ET Q q 0 0 0 rg BT 163.46 439.35 Td (16.7%. ) Tj ET Q q 0 0 0 rg BT 194.94 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 196.54 439.35 Td (These ) Tj ET Q q 0 0 0 rg BT 223.35 439.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 254.24 439.35 Td (were ) Tj ET Q q 0 0 0 rg BT 276.37 439.35 Td (achieved ) Tj ET Q q 0 0 0 rg BT 315.41 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 325.31 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 336.95 439.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 379.49 439.35 Td (environment ) Tj ET Q q 0 0 0 rg BT 434.29 439.35 Td (characterized ) Tj ET Q q 0 0 0 rg BT 491.98 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 504.21 439.35 Td (uneven ) Tj ET Q q 0 0 0 rg BT 536.26 439.35 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.87 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.66 426.75 Td (heightened ) Tj ET Q q 0 0 0 rg BT 148.35 426.75 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 194.15 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 204.94 426.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 248.38 426.75 Td (news ) Tj ET Q q 0 0 0 rg BT 272.58 426.75 Td (such ) Tj ET Q q 0 0 0 rg BT 294.46 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 305.83 426.75 Td (declining ) Tj ET Q q 0 0 0 rg BT 347.53 426.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 361.24 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 388.93 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.72 426.75 Td (unrest ) Tj ET Q q 0 0 0 rg BT 435.01 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 445.80 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 461.25 426.75 Td (Middle ) Tj ET Q q 0 0 0 rg BT 494.21 426.75 Td (East.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.60 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 75.77 401.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 99.70 401.55 Td (income ) Tj ET Q q 0 0 0 rg BT 132.95 401.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 171.17 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 186.35 401.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 220.18 401.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 256.35 401.55 Td (kept ) Tj ET Q q 0 0 0 rg BT 276.78 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 291.95 401.55 Td (tar) Tj ET Q q 0 0 0 rg BT 302.84 401.55 Td (get ) Tj ET Q q 0 0 0 rg BT 318.02 401.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 336.10 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 353.61 401.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.54 401.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 409.63 401.55 Td (steady ) Tj ET Q q 0 0 0 rg BT 438.80 401.55 Td (while ) Tj ET Q q 0 0 0 rg BT 464.48 401.55 Td (signaling ) Tj ET Q q 0 0 0 rg BT 505.33 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 517.59 401.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.33 401.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.03 388.95 Td (Federal ) Tj ET Q q 0 0 0 rg BT 99.21 388.95 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 135.73 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.76 388.95 Td (tar) Tj ET Q q 0 0 0 rg BT 172.64 388.95 Td (get ) Tj ET Q q 0 0 0 rg BT 188.17 388.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.60 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 217.47 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 233.00 388.95 Td (near ) Tj ET Q q 0 0 0 rg BT 253.76 388.95 Td (term. ) Tj ET Q q 0 0 0 rg BT 278.33 388.95 Td (Overall, ) Tj ET Q q 0 0 0 rg BT 315.14 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 388.95 Td (yield ) Tj ET Q q 0 0 0 rg BT 354.36 388.95 Td (curve ) Tj ET Q q 0 0 0 rg BT 380.37 388.95 Td (flattened ) Tj ET Q q 0 0 0 rg BT 419.80 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 441.16 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 456.68 388.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 482.12 388.95 Td (year ) Tj ET Q q 0 0 0 rg BT 502.89 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 514.33 388.95 Td (many ) Tj ET Q q 0 0 0 rg BT 540.36 388.95 Td (long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (dated ) Tj ET Q q 0 0 0 rg BT 74.86 376.35 Td (yields ) Tj ET Q q 0 0 0 rg BT 102.57 376.35 Td (declined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.63 351.15 Td (lowest ) Tj ET Q q 0 0 0 rg BT 98.85 351.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 148.89 351.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 173.27 351.15 Td (income ) Tj ET Q q 0 0 0 rg BT 206.98 351.15 Td (sector ) Tj ET Q q 0 0 0 rg BT 234.86 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 249.90 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 351.15 Td (year ) Tj ET Q q 0 0 0 rg BT 286.41 351.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.29 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 344.49 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.42 351.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 386.85 351.15 Td (was ) Tj ET Q q 0 0 0 rg BT 405.99 351.15 Td (high ) Tj ET Q q 0 0 0 rg BT 427.46 351.15 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.26 351.15 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 481.78 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 493.33 351.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.37 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 88.82 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 110.07 338.55 Td (High ) Tj ET Q q 0 0 0 rg BT 133.27 338.55 Td (Y) Tj ET Q q 0 0 0 rg BT 140.28 338.55 Td (ield ) Tj ET Q q 0 0 0 rg BT 158.60 338.55 Td (Index, ) Tj ET Q q 0 0 0 rg BT 187.72 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 215.96 338.55 Td (returned ) Tj ET Q q 0 0 0 rg BT 253.53 338.55 Td (2.0%.� ) Tj ET Q q 0 0 0 rg BT 283.05 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 301.95 338.55 Td (best ) Tj ET Q q 0 0 0 rg BT 321.45 338.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 371.27 338.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 395.43 338.55 Td (income ) Tj ET Q q 0 0 0 rg BT 428.91 338.55 Td (sector ) Tj ET Q q 0 0 0 rg BT 456.57 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 471.39 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 486.80 338.55 Td (year ) Tj ET Q q 0 0 0 rg BT 507.46 338.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.11 338.55 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 325.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 91.50 325.95 Td (was ) Tj ET Q q 0 0 0 rg BT 110.46 325.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 152.72 325.95 Td (bonds ) Tj ET Q q 0 0 0 rg BT 180.43 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 191.81 325.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 234.66 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 247.79 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.24 325.95 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 302.60 325.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 323.90 325.95 Td (Credit ) Tj ET Q q 0 0 0 rg BT 352.77 325.95 Td (Index, ) Tj ET Q q 0 0 0 rg BT 381.93 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 410.21 325.95 Td (returned ) Tj ET Q q 0 0 0 rg BT 447.82 325.95 Td (6.7%.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 300.75 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 300.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 300.75 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 300.75 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.83 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.41 288.15 Td (year ) Tj ET Q q 0 0 0 rg BT 103.22 288.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.04 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 161.19 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.06 288.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 203.43 288.15 Td (most ) Tj ET Q q 0 0 0 rg BT 226.59 288.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.01 288.15 Td (indices ) Tj ET Q q 0 0 0 rg BT 280.50 288.15 Td (produced ) Tj ET Q q 0 0 0 rg BT 322.31 288.15 Td (positive ) Tj ET Q q 0 0 0 rg BT 358.31 288.15 Td (returns. ) Tj ET Q q 0 0 0 rg BT 392.84 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 395.39 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 414.46 288.15 Td (best ) Tj ET Q q 0 0 0 rg BT 434.12 288.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 484.10 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 503.17 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 518.75 288.15 Td (NASDAQ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Composite, ) Tj ET Q q 0 0 0 rg BT 99.36 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 126.75 275.55 Td (returned ) Tj ET Q q 0 0 0 rg BT 163.46 275.55 Td (28.5%. ) Tj ET Q q 0 0 0 rg BT 194.94 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 196.54 275.55 Td (These ) Tj ET Q q 0 0 0 rg BT 223.35 275.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 254.24 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 276.37 275.55 Td (achieved ) Tj ET Q q 0 0 0 rg BT 315.41 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 325.31 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 336.95 275.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 379.49 275.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 434.29 275.55 Td (characterized ) Tj ET Q q 0 0 0 rg BT 491.98 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 504.21 275.55 Td (uneven ) Tj ET Q q 0 0 0 rg BT 536.26 275.55 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.68 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 99.28 262.95 Td (heightened ) Tj ET Q q 0 0 0 rg BT 147.78 262.95 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 193.38 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 203.98 262.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 247.23 262.95 Td (news, ) Tj ET Q q 0 0 0 rg BT 273.87 262.95 Td (such ) Tj ET Q q 0 0 0 rg BT 295.55 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 306.74 262.95 Td (concerns ) Tj ET Q q 0 0 0 rg BT 346.48 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 361.16 262.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 404.41 262.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 436.59 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 447.20 262.95 Td (China ) Tj ET Q q 0 0 0 rg BT 474.71 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 492.31 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 507.57 262.95 Td (then ) Tj ET Q q 0 0 0 rg BT 528.08 262.95 Td (ongoing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Ukraine/Russia ) Tj ET Q q 0 0 0 rg BT 116.87 250.35 Td (crisis.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 225.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 98.50 225.15 Td (income ) Tj ET Q q 0 0 0 rg BT 131.36 225.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 169.17 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 183.95 225.15 Td (Federal ) Tj ET Q q 0 0 0 rg BT 217.39 225.15 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 253.16 225.15 Td (kept ) Tj ET Q q 0 0 0 rg BT 273.19 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.97 225.15 Td (tar) Tj ET Q q 0 0 0 rg BT 298.85 225.15 Td (get ) Tj ET Q q 0 0 0 rg BT 313.63 225.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 331.32 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 348.43 225.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 385.96 225.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 403.65 225.15 Td (steady ) Tj ET Q q 0 0 0 rg BT 432.42 225.15 Td (while ) Tj ET Q q 0 0 0 rg BT 457.70 225.15 Td (tapering ) Tj ET Q q 0 0 0 rg BT 494.05 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 508.83 225.15 Td (bond-buying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (program. ) Tj ET Q q 0 0 0 rg BT 89.94 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.03 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 110.60 212.55 Td (yield ) Tj ET Q q 0 0 0 rg BT 133.84 212.55 Td (curve ) Tj ET Q q 0 0 0 rg BT 159.41 212.55 Td (steepened ) Tj ET Q q 0 0 0 rg BT 203.05 212.55 Td (over ) Tj ET Q q 0 0 0 rg BT 223.96 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 239.03 212.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 264.02 212.55 Td (year ) Tj ET Q q 0 0 0 rg BT 284.33 212.55 Td (but ) Tj ET Q q 0 0 0 rg BT 300.00 212.55 Td (flattened ) Tj ET Q q 0 0 0 rg BT 338.97 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 349.39 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.46 212.55 Td (last ) Tj ET Q q 0 0 0 rg BT 381.29 212.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 413.27 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 424.27 212.55 Td (many ) Tj ET Q q 0 0 0 rg BT 449.84 212.55 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 496.99 212.55 Td (yields ) Tj ET Q q 0 0 0 rg BT 524.32 212.55 Td (declined. ) Tj ET Q q 0 0 0 rg BT 565.14 212.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.63 187.35 Td (lowest ) Tj ET Q q 0 0 0 rg BT 100.84 187.35 Td (performing ) Tj ET Q q 0 0 0 rg BT 151.88 187.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 177.26 187.35 Td (income ) Tj ET Q q 0 0 0 rg BT 211.96 187.35 Td (sector ) Tj ET Q q 0 0 0 rg BT 240.84 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 256.88 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 273.51 187.35 Td (year ) Tj ET Q q 0 0 0 rg BT 295.38 187.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 324.26 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 355.46 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 372.39 187.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 399.82 187.35 Td (was ) Tj ET Q q 0 0 0 rg BT 419.95 187.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 442.15 187.35 Td (T) Tj ET Q q 0 0 0 rg BT 448.19 187.35 Td (reasury ) Tj ET Q q 0 0 0 rg BT 482.90 187.35 Td (Inflation ) Tj ET Q q 0 0 0 rg BT 522.85 187.35 Td (Protected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 92.96 174.75 Td (\("TIPS"\), ) Tj ET Q q 0 0 0 rg BT 134.80 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 145.61 174.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 187.90 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 200.45 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.34 174.75 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 254.13 174.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 274.71 174.75 Td (TIPS ) Tj ET Q q 0 0 0 rg BT 298.36 174.75 Td (Index, ) Tj ET Q q 0 0 0 rg BT 326.95 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 354.67 174.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 392.29 174.75 Td (6.5%.� ) Tj ET Q q 0 0 0 rg BT 421.32 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 439.70 174.75 Td (best ) Tj ET Q q 0 0 0 rg BT 458.68 174.75 Td (performing ) Tj ET Q q 0 0 0 rg BT 507.97 174.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 531.60 174.75 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (sector ) Tj ET Q q 0 0 0 rg BT 77.15 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 91.97 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 107.38 162.15 Td (year ) Tj ET Q q 0 0 0 rg BT 128.02 162.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 155.67 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 185.65 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 201.35 162.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 227.56 162.15 Td (was ) Tj ET Q q 0 0 0 rg BT 246.47 162.15 Td (high ) Tj ET Q q 0 0 0 rg BT 267.71 162.15 Td (yield ) Tj ET Q q 0 0 0 rg BT 291.28 162.15 Td (bonds ) Tj ET Q q 0 0 0 rg BT 318.95 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 330.27 162.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 373.08 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 386.16 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 162.15 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 440.88 162.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 462.13 162.15 Td (High ) Tj ET Q q 0 0 0 rg BT 485.33 162.15 Td (Y) Tj ET Q q 0 0 0 rg BT 492.33 162.15 Td (ield ) Tj ET Q q 0 0 0 rg BT 510.65 162.15 Td (Bond ) Tj ET Q q 0 0 0 rg BT 535.98 162.15 Td (Index, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 77.79 149.55 Td (returned ) Tj ET Q q 0 0 0 rg BT 115.39 149.55 Td (7.5%.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.19 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 115.39 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 140.17 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 178.95 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 187.98 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.42 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.54 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.73 741.75 Td (percentages ) Tj ET Q q 0 0 0 rg BT 315.66 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.77 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 346.17 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 375.04 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 389.91 741.75 Td (strategy) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 423.15 746.51 Td (\(1\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 454.06 741.75 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 496.33 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 519.94 741.75 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 102.86 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 114.23 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.60 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 155.63 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.38 729.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 197.63 729.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 221.26 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 239.04 729.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 265.29 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 280.16 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 295.61 729.15 Td (trailing ) Tj ET Q q 0 0 0 rg BT 328.56 729.15 Td (1-year) Tj ET Q q 0 0 0 rg BT 354.96 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 360.21 729.15 Td (3-year) Tj ET Q q 0 0 0 rg BT 386.60 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 391.85 729.15 Td (5-year) Tj ET Q q 0 0 0 rg BT 418.25 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 423.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 441.28 729.15 Td (10-year ) Tj ET Q q 0 0 0 rg BT 475.97 729.15 Td (periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 703.65 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 703.65 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 703.65 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 703.65 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 703.65 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 703.65 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 676.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 676.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 676.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 676.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 676.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 676.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 676.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 650.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 650.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 650.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 650.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 650.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 650.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 650.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 608.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 608.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 608.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 608.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 608.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 608.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 608.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 582.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 556.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 556.65 31.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 703.65 m 174 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 703.65 m 178 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 703.65 m 210 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 703.65 m 214 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 703.65 m 246 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 703.65 m 250 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 703.65 m 282 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 703.65 m 317 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 703.65 m 321 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 703.65 m 352 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 703.65 m 356 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 703.65 m 387 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 703.65 m 391 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 703.65 m 422 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 703.65 m 457 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 703.65 m 461 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 703.65 m 492 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 703.65 m 496 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 703.65 m 527 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 703.65 m 531 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 689.65 m 174 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.65 m 210 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 689.65 m 246 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 689.65 m 282 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 689.65 m 387 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 689.65 m 527 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 689.65 m 174 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.65 m 210 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 689.65 m 246 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 689.65 m 282 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 689.65 m 387 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 689.65 m 527 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 707.88 Td (As of March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 707.90 Td (As of March 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 707.90 Td (As of March 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 693.88 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 693.88 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 693.88 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 693.88 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 680.90 Td (Total \(includes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 680.88 Td (48) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 680.88 Td (66) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 680.88 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 680.88 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 680.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 680.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 680.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 680.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 680.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 680.90 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 680.90 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 680.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 680.90 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 667.90 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 654.90 Td (Large cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 654.88 Td (45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 654.88 Td (23) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 654.88 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 654.88 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 654.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 654.90 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 654.90 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 654.90 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 654.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 654.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 654.90 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 654.90 Td (52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 654.90 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 641.90 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 641.90 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 641.88 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 641.88 Td (19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 641.88 Td (30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 641.88 Td (63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 641.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 641.90 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 641.90 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 641.90 Td (26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 641.90 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 641.90 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 641.90 Td (26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 641.90 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 641.90 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 628.90 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 620.90 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 612.90 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 612.88 Td (51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 612.88 Td (32) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 612.88 Td (74) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 612.88 Td (68) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 612.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 612.90 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 612.90 Td (58) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 612.90 Td (66) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 612.90 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 612.90 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 612.90 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 612.90 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 612.90 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 599.90 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 586.90 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 586.88 Td (31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 586.88 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 586.88 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 586.88 Td (79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 586.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 586.90 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 586.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 586.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 586.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 586.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 586.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 586.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 586.90 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 573.90 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.50 573.88 Td (0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 573.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 573.90 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 560.90 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 560.88 Td (11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 560.88 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 560.88 Td (85) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 560.88 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 560.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 560.90 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 560.90 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 560.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 560.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 560.90 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 560.90 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 560.90 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 560.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 547.90 Td (Total fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 547.88 Td (29) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 547.88 Td (72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 547.88 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 547.88 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 547.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 547.90 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 547.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 547.90 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 547.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 547.90 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 547.90 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 547.90 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 547.90 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 547.90 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 519.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.33 519.55 Td (following ) Tj ET Q q 0 0 0 rg BT 113.66 519.55 Td (table ) Tj ET Q q 0 0 0 rg BT 137.56 519.55 Td (presents ) Tj ET Q q 0 0 0 rg BT 175.47 519.55 Td (a ) Tj ET Q q 0 0 0 rg BT 183.63 519.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 226.21 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 238.46 519.55 Td (the ) Tj ET Q q 0 0 0 rg BT 254.79 519.55 Td (percentages ) Tj ET Q q 0 0 0 rg BT 307.84 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 320.09 519.55 Td (our ) Tj ET Q q 0 0 0 rg BT 337.59 519.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.76 519.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 392.42 519.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 415.17 519.55 Td (assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 439.67 524.31 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.63 519.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.13 519.55 Td (that ) Tj ET Q q 0 0 0 rg BT 470.37 519.55 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 511.77 519.55 Td (their ) Tj ET Q q 0 0 0 rg BT 534.52 519.55 Td (Lipper ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 506.95 Td (category ) Tj ET Q q 0 0 0 rg BT 88.27 506.95 Td (averages ) Tj ET Q q 0 0 0 rg BT 127.62 506.95 Td (as ) Tj ET Q q 0 0 0 rg BT 138.99 506.95 Td (of ) Tj ET Q q 0 0 0 rg BT 150.37 506.95 Td (March ) Tj ET Q q 0 0 0 rg BT 180.39 506.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.14 506.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 222.39 506.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 246.02 506.95 Td (and ) Tj ET Q q 0 0 0 rg BT 263.81 506.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 290.06 506.95 Td (for ) Tj ET Q q 0 0 0 rg BT 304.92 506.95 Td (the ) Tj ET Q q 0 0 0 rg BT 320.38 506.95 Td (trailing ) Tj ET Q q 0 0 0 rg BT 353.33 506.95 Td (1-year) Tj ET Q q 0 0 0 rg BT 379.72 506.95 Td (, ) Tj ET Q q 0 0 0 rg BT 384.97 506.95 Td (3-year) Tj ET Q q 0 0 0 rg BT 411.37 506.95 Td (, ) Tj ET Q q 0 0 0 rg BT 416.62 506.95 Td (5-year) Tj ET Q q 0 0 0 rg BT 443.01 506.95 Td (, ) Tj ET Q q 0 0 0 rg BT 448.26 506.95 Td (and ) Tj ET Q q 0 0 0 rg BT 466.05 506.95 Td (10-year ) Tj ET Q q 0 0 0 rg BT 500.74 506.95 Td (periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 481.45 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 481.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 481.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 481.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 481.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 481.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 481.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 454.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 454.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 454.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 454.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 454.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 454.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 428.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 428.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 428.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 428.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 428.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 428.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 428.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 386.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 386.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 386.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 386.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 386.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 386.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 386.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 360.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 360.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 360.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 360.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 360.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 360.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 360.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 334.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 334.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 334.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 334.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 334.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 334.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 334.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 334.45 31.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 481.45 m 174 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 481.45 m 178 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 481.45 m 210 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 481.45 m 214 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 481.45 m 246 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 481.45 m 250 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 481.45 m 282 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 481.45 m 317 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 481.45 m 321 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 481.45 m 352 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 481.45 m 356 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 481.45 m 387 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 481.45 m 391 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 481.45 m 422 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 481.45 m 457 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 481.45 m 461 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 481.45 m 492 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 481.45 m 496 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 481.45 m 527 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 481.45 m 531 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 481.45 m 562 481.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 467.45 m 138 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 467.45 m 174 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 467.45 m 210 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 467.45 m 246 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 467.45 m 282 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 467.45 m 317 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 467.45 m 352 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 467.45 m 387 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 467.45 m 422 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 467.45 m 457 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 467.45 m 492 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 467.45 m 527 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 467.45 m 562 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 467.45 m 138 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 467.45 m 174 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 467.45 m 210 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 467.45 m 246 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 467.45 m 282 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 467.45 m 317 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 467.45 m 352 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 467.45 m 387 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 467.45 m 422 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 467.45 m 457 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 467.45 m 492 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 467.45 m 527 467.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 467.45 m 562 467.45 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 485.68 Td (As of March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 485.70 Td (As of March 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 485.70 Td (As of March 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 471.68 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 471.68 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 471.68 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 471.68 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 471.70 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 471.70 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 471.70 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 471.70 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 471.70 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 471.70 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 471.70 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 471.70 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 458.70 Td (Total \(excludes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 458.68 Td (48) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 458.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 458.68 Td (61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 458.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 458.68 Td (72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 458.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 458.68 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 458.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 458.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 458.70 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 458.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 458.70 Td (70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 458.70 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 458.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 458.70 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 458.70 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 458.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.70 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 432.70 Td (Large cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 432.68 Td (47) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 432.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 432.68 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 432.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 432.68 Td (89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 432.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 432.68 Td (52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 432.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 432.70 Td (46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 432.70 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 432.70 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 432.70 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 432.70 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 432.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 432.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 432.70 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 432.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 419.70 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 419.70 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 419.68 Td (36) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 419.68 Td (15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 419.68 Td (20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 419.68 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 419.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 419.70 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 419.70 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 419.70 Td (21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 419.70 Td (59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 419.70 Td (27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 419.70 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 419.70 Td (25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 419.70 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 406.70 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 398.70 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 390.70 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 390.68 Td (45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 390.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 390.68 Td (52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 390.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 390.68 Td (67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 390.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 390.68 Td (54) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 390.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 390.70 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 390.70 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 390.70 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 390.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 390.70 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 390.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 390.70 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 390.70 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 390.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 377.70 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 364.70 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 364.68 Td (76) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 364.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 364.68 Td (83) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 364.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 364.68 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 364.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 364.68 Td (81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 364.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 364.70 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 364.70 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 364.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 364.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 364.70 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 364.70 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 364.70 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 364.70 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 364.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 351.70 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 351.68 Td (11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 351.68 Td (51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 351.68 Td (63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 351.68 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 351.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 351.70 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 351.70 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 351.70 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 351.70 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 351.70 Td (27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 351.70 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 351.70 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 351.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 338.70 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 338.68 Td (30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 338.68 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 338.68 Td (83) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 338.68 Td (50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 338.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 338.70 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 338.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 338.70 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 338.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 338.70 Td (27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 338.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 338.70 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 338.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 325.70 Td (Total fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 325.68 Td (51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 325.68 Td (73) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 325.68 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 325.68 Td (81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 325.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 325.70 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 325.70 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 325.70 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 325.70 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 325.70 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 325.70 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 325.70 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 325.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 325.70 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 311.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 311.75 Td (For ) Tj ET Q q 0 0 0 rg BT 80.84 311.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 112.60 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.22 311.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 160.05 311.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 204.53 311.75 Td (comparisons, ) Tj ET Q q 0 0 0 rg BT 251.16 311.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 284.80 311.75 Td (are ) Tj ET Q q 0 0 0 rg BT 296.71 311.75 Td (an ) Tj ET Q q 0 0 0 rg BT 306.27 311.75 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 347.93 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 356.54 311.75 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 402.45 311.75 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 437.04 311.75 Td (\(separate ) Tj ET Q q 0 0 0 rg BT 469.25 311.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 502.65 311.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 541.49 311.75 Td (funds, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 301.55 Td (and ) Tj ET Q q 0 0 0 rg BT 81.18 301.55 Td (other ) Tj ET Q q 0 0 0 rg BT 100.06 301.55 Td (products\) ) Tj ET Q q 0 0 0 rg BT 133.57 301.55 Td (into ) Tj ET Q q 0 0 0 rg BT 148.20 301.55 Td (a ) Tj ET Q q 0 0 0 rg BT 153.38 301.55 Td (single ) Tj ET Q q 0 0 0 rg BT 175.10 301.55 Td (group ) Tj ET Q q 0 0 0 rg BT 196.34 301.55 Td (that ) Tj ET Q q 0 0 0 rg BT 210.49 301.55 Td (represents ) Tj ET Q q 0 0 0 rg BT 246.36 301.55 Td (a ) Tj ET Q q 0 0 0 rg BT 251.54 301.55 Td (particular ) Tj ET Q q 0 0 0 rg BT 285.52 301.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 324.23 301.55 Td (objective. ) Tj ET Q q 0 0 0 rg BT 358.92 301.55 Td ( ) Tj ET Q q 0 0 0 rg BT 360.33 301.55 Td ( ) Tj ET Q q 0 0 0 rg BT 361.74 301.55 Td (In ) Tj ET Q q 0 0 0 rg BT 370.23 301.55 Td (the ) Tj ET Q q 0 0 0 rg BT 382.02 301.55 Td (case ) Tj ET Q q 0 0 0 rg BT 398.06 301.55 Td (of ) Tj ET Q q 0 0 0 rg BT 406.54 301.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 435.80 301.55 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 469.07 301.55 Td (the ) Tj ET Q q 0 0 0 rg BT 480.86 301.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 519.57 301.55 Td (performance ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 291.35 Td (of ) Tj ET Q q 0 0 0 rg BT 76.19 291.35 Td (the ) Tj ET Q q 0 0 0 rg BT 88.19 291.35 Td (account ) Tj ET Q q 0 0 0 rg BT 116.23 291.35 Td (is ) Tj ET Q q 0 0 0 rg BT 123.51 291.35 Td (based ) Tj ET Q q 0 0 0 rg BT 144.47 291.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 163.08 291.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.08 291.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.63 291.35 Td (of ) Tj ET Q q 0 0 0 rg BT 228.32 291.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 291.35 Td (strategy ) Tj ET Q q 0 0 0 rg BT 268.84 291.35 Td (to ) Tj ET Q q 0 0 0 rg BT 277.06 291.35 Td (which ) Tj ET Q q 0 0 0 rg BT 299.44 291.35 Td (the ) Tj ET Q q 0 0 0 rg BT 311.44 291.35 Td (account ) Tj ET Q q 0 0 0 rg BT 339.48 291.35 Td (has ) Tj ET Q q 0 0 0 rg BT 352.42 291.35 Td (been ) Tj ET Q q 0 0 0 rg BT 370.08 291.35 Td (assigned. ) Tj ET Q q 0 0 0 rg BT 403.09 291.35 Td ( ) Tj ET Q q 0 0 0 rg BT 404.70 291.35 Td (Each ) Tj ET Q q 0 0 0 rg BT 423.30 291.35 Td (of ) Tj ET Q q 0 0 0 rg BT 431.99 291.35 Td (our ) Tj ET Q q 0 0 0 rg BT 444.93 291.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 463.06 291.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 497.24 291.35 Td (has ) Tj ET Q q 0 0 0 rg BT 510.18 291.35 Td (its ) Tj ET Q q 0 0 0 rg BT 519.82 291.35 Td (own ) Tj ET Q q 0 0 0 rg BT 536.07 291.35 Td (specific ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 281.15 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 104.61 281.15 Td (for ) Tj ET Q q 0 0 0 rg BT 116.69 281.15 Td (including ) Tj ET Q q 0 0 0 rg BT 150.97 281.15 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 186.20 281.15 Td (in ) Tj ET Q q 0 0 0 rg BT 194.98 281.15 Td (their ) Tj ET Q q 0 0 0 rg BT 212.73 281.15 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 249.13 281.15 Td (For ) Tj ET Q q 0 0 0 rg BT 263.11 281.15 Td (those ) Tj ET Q q 0 0 0 rg BT 283.23 281.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 317.97 281.15 Td (which ) Tj ET Q q 0 0 0 rg BT 340.91 281.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 369.52 281.15 Td (both ) Tj ET Q q 0 0 0 rg BT 386.80 281.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 416.81 281.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 448.72 281.15 Td (and ) Tj ET Q q 0 0 0 rg BT 463.17 281.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.64 281.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 523.70 281.15 Td (in ) Tj ET Q q 0 0 0 rg BT 532.49 281.15 Td (the ) Tj ET Q q 0 0 0 rg BT 545.04 281.15 Td (same ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 270.95 Td (strategy) Tj ET Q q 0 0 0 rg BT 93.86 270.95 Td (, ) Tj ET Q q 0 0 0 rg BT 98.11 270.95 Td (the ) Tj ET Q q 0 0 0 rg BT 110.62 270.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 155.69 270.95 Td (comparison ) Tj ET Q q 0 0 0 rg BT 197.47 270.95 Td (for ) Tj ET Q q 0 0 0 rg BT 209.51 270.95 Td (all ) Tj ET Q q 0 0 0 rg BT 220.13 270.95 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 270.95 Td (the ) Tj ET Q q 0 0 0 rg BT 241.84 270.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 263.80 270.95 Td (is ) Tj ET Q q 0 0 0 rg BT 271.59 270.95 Td (based ) Tj ET Q q 0 0 0 rg BT 293.07 270.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 312.20 270.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.71 270.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 369.78 270.95 Td (of ) Tj ET Q q 0 0 0 rg BT 378.98 270.95 Td (the ) Tj ET Q q 0 0 0 rg BT 391.49 270.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 421.46 270.95 Td (account.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 250.55 Td (As ) Tj ET Q q 0 0 0 rg BT 78.77 250.55 Td (of ) Tj ET Q q 0 0 0 rg BT 87.67 250.55 Td (March ) Tj ET Q q 0 0 0 rg BT 111.67 250.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.11 250.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 145.06 250.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 163.88 250.55 Td (and ) Tj ET Q q 0 0 0 rg BT 177.97 250.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 198.91 250.55 Td (91%, ) Tj ET Q q 0 0 0 rg BT 218.44 250.55 Td (90% ) Tj ET Q q 0 0 0 rg BT 235.83 250.55 Td (and ) Tj ET Q q 0 0 0 rg BT 249.93 250.55 Td (91% ) Tj ET Q q 0 0 0 rg BT 267.33 250.55 Td (of ) Tj ET Q q 0 0 0 rg BT 276.23 250.55 Td (total ) Tj ET Q q 0 0 0 rg BT 292.75 250.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 314.41 250.55 Td (is ) Tj ET Q q 0 0 0 rg BT 321.89 250.55 Td (included ) Tj ET Q q 0 0 0 rg BT 352.98 250.55 Td (in ) Tj ET Q q 0 0 0 rg BT 361.41 250.55 Td (strategy ) Tj ET Q q 0 0 0 rg BT 389.74 250.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 413.52 250.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 454.03 250.55 Td (, ) Tj ET Q q 0 0 0 rg BT 457.98 250.55 Td (although ) Tj ET Q q 0 0 0 rg BT 489.54 250.55 Td (not ) Tj ET Q q 0 0 0 rg BT 502.22 250.55 Td (all ) Tj ET Q q 0 0 0 rg BT 512.54 250.55 Td (strategies ) Tj ET Q q 0 0 0 rg BT 546.46 250.55 Td (have ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 240.35 Td (three-, ) Tj ET Q q 0 0 0 rg BT 92.93 240.35 Td (five-, ) Tj ET Q q 0 0 0 rg BT 114.60 240.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.36 240.35 Td (ten-year ) Tj ET Q q 0 0 0 rg BT 161.69 240.35 Td (histories.� ) Tj ET Q q 0 0 0 rg BT 197.99 240.35 Td (T) Tj ET Q q 0 0 0 rg BT 202.58 240.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 218.82 240.35 Td (strategy ) Tj ET Q q 0 0 0 rg BT 248.45 240.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 271.78 240.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 303.60 240.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 335.90 240.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 361.34 240.35 Td ( ) Tj ET Q q 0 0 0 rg BT 364.83 240.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 393.34 240.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 416.67 240.35 Td (are ) Tj ET Q q 0 0 0 rg BT 430.53 240.35 Td (not ) Tj ET Q q 0 0 0 rg BT 444.89 240.35 Td (included ) Tj ET Q q 0 0 0 rg BT 477.65 240.35 Td (in ) Tj ET Q q 0 0 0 rg BT 487.75 240.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 519.56 240.35 Td (performance ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 230.15 Td (comparisons. ) Tj ET Q q 0 0 0 rg BT 114.61 230.15 Td (These ) Tj ET Q q 0 0 0 rg BT 137.07 230.15 Td (include: ) Tj ET Q q 0 0 0 rg BT 166.63 230.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 198.54 230.15 Td (that ) Tj ET Q q 0 0 0 rg BT 213.46 230.15 Td (are ) Tj ET Q q 0 0 0 rg BT 226.01 230.15 Td (not ) Tj ET Q q 0 0 0 rg BT 239.04 230.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 271.89 230.15 Td (in ) Tj ET Q q 0 0 0 rg BT 280.68 230.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 321.07 230.15 Td (with ) Tj ET Q q 0 0 0 rg BT 338.35 230.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.91 230.15 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 388.02 230.15 Td (outlined ) Tj ET Q q 0 0 0 rg BT 418.05 230.15 Td (above; ) Tj ET Q q 0 0 0 rg BT 442.88 230.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 474.79 230.15 Td (in ) Tj ET Q q 0 0 0 rg BT 483.57 230.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 517.84 230.15 Td (not ) Tj ET Q q 0 0 0 rg BT 530.88 230.15 Td (marketed ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 219.95 Td (to ) Tj ET Q q 0 0 0 rg BT 76.24 219.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 108.10 219.95 Td (clients; ) Tj ET Q q 0 0 0 rg BT 134.78 219.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 166.65 219.95 Td (that ) Tj ET Q q 0 0 0 rg BT 181.52 219.95 Td (have ) Tj ET Q q 0 0 0 rg BT 199.69 219.95 Td (not ) Tj ET Q q 0 0 0 rg BT 212.67 219.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 225.18 219.95 Td (been ) Tj ET Q q 0 0 0 rg BT 243.35 219.95 Td (assigned ) Tj ET Q q 0 0 0 rg BT 274.75 219.95 Td (to ) Tj ET Q q 0 0 0 rg BT 283.49 219.95 Td (a ) Tj ET Q q 0 0 0 rg BT 289.39 219.95 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 320.78 219.95 Td (and ) Tj ET Q q 0 0 0 rg BT 335.18 219.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.43 219.95 Td (smaller ) Tj ET Q q 0 0 0 rg BT 387.57 219.95 Td (products ) Tj ET Q q 0 0 0 rg BT 418.97 219.95 Td (at ) Tj ET Q q 0 0 0 rg BT 427.23 219.95 Td (some ) Tj ET Q q 0 0 0 rg BT 447.30 219.95 Td (of ) Tj ET Q q 0 0 0 rg BT 456.51 219.95 Td (our ) Tj ET Q q 0 0 0 rg BT 469.96 219.95 Td (af) Tj ET Q q 0 0 0 rg BT 476.41 219.95 Td (filiates.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 199.55 Td (Past ) Tj ET Q q 0 0 0 rg BT 83.74 199.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 128.75 199.55 Td (is ) Tj ET Q q 0 0 0 rg BT 136.49 199.55 Td (not ) Tj ET Q q 0 0 0 rg BT 149.42 199.55 Td (indicative ) Tj ET Q q 0 0 0 rg BT 185.00 199.55 Td (of ) Tj ET Q q 0 0 0 rg BT 194.15 199.55 Td (future ) Tj ET Q q 0 0 0 rg BT 216.52 199.55 Td (results. ) Tj ET Q q 0 0 0 rg BT 242.90 199.55 Td ( ) Tj ET Q q 0 0 0 rg BT 244.97 199.55 Td (For ) Tj ET Q q 0 0 0 rg BT 258.39 199.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 280.29 199.55 Td (included ) Tj ET Q q 0 0 0 rg BT 311.63 199.55 Td (in ) Tj ET Q q 0 0 0 rg BT 320.31 199.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 362.99 199.55 Td (and ) Tj ET Q q 0 0 0 rg BT 377.33 199.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 396.86 199.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 426.77 199.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 458.58 199.55 Td (and ) Tj ET Q q 0 0 0 rg BT 472.92 199.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.29 199.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 533.25 199.55 Td (included ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 189.35 Td (in ) Tj ET Q q 0 0 0 rg BT 76.07 189.35 Td (the ) Tj ET Q q 0 0 0 rg BT 88.41 189.35 Td (same ) Tj ET Q q 0 0 0 rg BT 107.83 189.35 Td (strategy ) Tj ET Q q 0 0 0 rg BT 136.70 189.35 Td (as ) Tj ET Q q 0 0 0 rg BT 145.74 189.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 175.54 189.35 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 209.36 189.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 254.26 189.35 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 299.18 189.35 Td (are ) Tj ET Q q 0 0 0 rg BT 311.52 189.35 Td (based ) Tj ET Q q 0 0 0 rg BT 332.83 189.35 Td (on ) Tj ET Q q 0 0 0 rg BT 343.28 189.35 Td (gross-of-fee ) Tj ET Q q 0 0 0 rg BT 386.31 189.35 Td (performance. ) Tj ET Q q 0 0 0 rg BT 433.33 189.35 Td (For ) Tj ET Q q 0 0 0 rg BT 447.10 189.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 486.36 189.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 507.20 189.35 Td (\(including ) Tj ET Q q 0 0 0 rg BT 544.10 189.35 Td (fund-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 179.15 Td (of-hedge ) Tj ET Q q 0 0 0 rg BT 100.77 179.15 Td (funds\) ) Tj ET Q q 0 0 0 rg BT 125.55 179.15 Td (which ) Tj ET Q q 0 0 0 rg BT 149.38 179.15 Td (are ) Tj ET Q q 0 0 0 rg BT 162.82 179.15 Td (not ) Tj ET Q q 0 0 0 rg BT 176.74 179.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 210.48 179.15 Td (in ) Tj ET Q q 0 0 0 rg BT 220.16 179.15 Td (a ) Tj ET Q q 0 0 0 rg BT 226.99 179.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 257.90 179.15 Td (account ) Tj ET Q q 0 0 0 rg BT 287.39 179.15 Td (format, ) Tj ET Q q 0 0 0 rg BT 315.23 179.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 361.24 179.15 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 407.26 179.15 Td (are ) Tj ET Q q 0 0 0 rg BT 420.70 179.15 Td (based ) Tj ET Q q 0 0 0 rg BT 443.12 179.15 Td (on ) Tj ET Q q 0 0 0 rg BT 454.68 179.15 Td (net-of-fee ) Tj ET Q q 0 0 0 rg BT 491.24 179.15 Td (performance. ) Tj ET Q q 0 0 0 rg BT 539.37 179.15 Td ( ) Tj ET Q q 0 0 0 rg BT 542.21 179.15 Td (These ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 168.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 112.85 168.95 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 158.22 168.95 Td (do ) Tj ET Q q 0 0 0 rg BT 169.12 168.95 Td (not ) Tj ET Q q 0 0 0 rg BT 182.39 168.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 206.50 168.95 Td (the ) Tj ET Q q 0 0 0 rg BT 219.29 168.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 241.98 168.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 287.33 168.95 Td (of ) Tj ET Q q 0 0 0 rg BT 296.82 168.95 Td (any ) Tj ET Q q 0 0 0 rg BT 311.50 168.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 340.33 168.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 370.58 168.95 Td (account ) Tj ET Q q 0 0 0 rg BT 399.41 168.95 Td (or ) Tj ET Q q 0 0 0 rg BT 408.90 168.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.60 168.95 Td (fund; ) Tj ET Q q 0 0 0 rg BT 468.95 168.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 505.82 168.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 536.07 168.95 Td (account ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 158.75 Td (and ) Tj ET Q q 0 0 0 rg BT 81.90 158.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.32 158.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 139.03 158.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 184.10 158.75 Td (may ) Tj ET Q q 0 0 0 rg BT 200.86 158.75 Td (dif) Tj ET Q q 0 0 0 rg BT 210.15 158.75 Td (fer) Tj ET Q q 0 0 0 rg BT 219.11 158.75 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 138.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 138.35 Td (Source: ) Tj ET Q q 0 0 0 rg BT 95.61 138.35 Td (Lipper�Inc. ) Tj ET Q q 0 0 0 rg BT 135.52 138.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 166.00 138.35 Td (open-end, ) Tj ET Q q 0 0 0 rg BT 201.89 138.35 Td (closed-end, ) Tj ET Q q 0 0 0 rg BT 242.99 138.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.41 138.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 286.93 138.35 Td (annuity ) Tj ET Q q 0 0 0 rg BT 314.57 138.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 337.73 138.35 Td ( ) Tj ET Q q 0 0 0 rg BT 339.40 138.35 Td (As ) Tj ET Q q 0 0 0 rg BT 351.00 138.35 Td (of ) Tj ET Q q 0 0 0 rg BT 360.22 138.35 Td (March ) Tj ET Q q 0 0 0 rg BT 384.56 138.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.33 138.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 418.60 138.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 437.75 138.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 138.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 473.44 138.35 Td (the ) Tj ET Q q 0 0 0 rg BT 485.97 138.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 503.23 138.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 538.90 138.35 Td (mutual ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 128.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 85.74 128.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 108.23 128.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 150.05 128.15 Td (in ) Tj ET Q q 0 0 0 rg BT 159.32 128.15 Td (the ) Tj ET Q q 0 0 0 rg BT 172.36 128.15 Td (data ) Tj ET Q q 0 0 0 rg BT 189.18 128.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 226.29 128.15 Td (for ) Tj ET Q q 0 0 0 rg BT 238.85 128.15 Td (19%, ) Tj ET Q q 0 0 0 rg BT 259.22 128.15 Td (21% ) Tj ET Q q 0 0 0 rg BT 277.45 128.15 Td (and ) Tj ET Q q 0 0 0 rg BT 292.38 128.15 Td (20%, ) Tj ET Q q 0 0 0 rg BT 312.74 128.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 353.26 128.15 Td (, ) Tj ET Q q 0 0 0 rg BT 358.04 128.15 Td (of ) Tj ET Q q 0 0 0 rg BT 367.78 128.15 Td (our ) Tj ET Q q 0 0 0 rg BT 381.76 128.15 Td (total ) Tj ET Q q 0 0 0 rg BT 398.94 128.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 423.56 128.15 Td ( ) Tj ET Q q 0 0 0 rg BT 426.02 128.15 Td (The ) Tj ET Q q 0 0 0 rg BT 441.90 128.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 487.50 128.15 Td (of ) Tj ET Q q 0 0 0 rg BT 497.23 128.15 Td (our ) Tj ET Q q 0 0 0 rg BT 511.22 128.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 528.99 128.15 Td (long-term ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 117.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 93.23 117.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 110.94 117.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.90 117.95 Td (is ) Tj ET Q q 0 0 0 rg BT 140.69 117.95 Td (included ) Tj ET Q q 0 0 0 rg BT 172.09 117.95 Td (in ) Tj ET Q q 0 0 0 rg BT 180.82 117.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.33 117.95 Td (strategies.) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (43) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 85.75 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 128.51 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 150.85 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 187.18 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 193.77 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 234.78 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 245.45 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.21 741.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 297.13 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.22 741.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 347.62 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 402.60 741.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 445.93 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 456.02 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.78 741.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 515.85 741.75 Td (benchmark ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 82.95 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 90.82 729.15 Td (representative ) Tj ET Q q 0 0 0 rg BT 152.92 729.15 Td (sample ) Tj ET Q q 0 0 0 rg BT 185.87 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.83 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 224.37 729.15 Td (within ) Tj ET Q q 0 0 0 rg BT 254.41 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 270.91 729.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 301.25 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 317.29 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 329.24 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 386.10 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 404.47 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 429.25 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 449.36 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 461.32 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 473.28 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.31 729.15 Td (end ) Tj ET Q q 0 0 0 rg BT 507.68 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.64 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 535.68 729.15 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 716.55 Td (presented, ) Tj ET Q q 0 0 0 rg BT 113.77 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 129.42 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.66 716.55 Td (1-year) Tj ET Q q 0 0 0 rg BT 172.05 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 178.09 716.55 Td (3-year) Tj ET Q q 0 0 0 rg BT 204.48 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 210.52 716.55 Td (5-year) Tj ET Q q 0 0 0 rg BT 236.91 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 242.95 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 261.52 716.55 Td (10-year ) Tj ET Q q 0 0 0 rg BT 297.00 716.55 Td (periods, ) Tj ET Q q 0 0 0 rg BT 333.94 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 352.51 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 376.34 716.55 Td (each ) Tj ET Q q 0 0 0 rg BT 398.98 716.55 Td (fund's ) Tj ET Q q 0 0 0 rg BT 427.61 716.55 Td (inception. ) Tj ET Q q 0 0 0 rg BT 472.72 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 475.89 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 495.62 716.55 Td (table ) Tj ET Q q 0 0 0 rg BT 519.44 716.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 557.84 716.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 703.95 Td (representative ) Tj ET Q q 0 0 0 rg BT 128.99 703.95 Td (sample ) Tj ET Q q 0 0 0 rg BT 161.33 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 172.68 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 198.61 703.95 Td (from ) Tj ET Q q 0 0 0 rg BT 221.62 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 243.45 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.38 703.95 Td (subclass ) Tj ET Q q 0 0 0 rg BT 327.98 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 339.32 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 355.92 703.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 404.60 703.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 446.85 703.95 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 468.40 703.95 Td (lar) Tj ET Q q 0 0 0 rg BT 479.29 703.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 491.80 703.95 Td (cap ) Tj ET Q q 0 0 0 rg BT 508.97 703.95 Td (equity) Tj ET Q q 0 0 0 rg BT 534.54 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 539.76 703.95 Td (small ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 691.35 Td (cap ) Tj ET Q q 0 0 0 rg BT 84.43 691.35 Td (equity) Tj ET Q q 0 0 0 rg BT 110.00 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 114.98 691.35 Td (etc.\). ) Tj ET Q q 0 0 0 rg BT 138.33 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 140.52 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 159.20 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 184.90 691.35 Td (within ) Tj ET Q q 0 0 0 rg BT 214.09 691.35 Td (this ) Tj ET Q q 0 0 0 rg BT 231.63 691.35 Td (group ) Tj ET Q q 0 0 0 rg BT 258.48 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 273.66 691.35 Td (representative ) Tj ET Q q 0 0 0 rg BT 334.91 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 346.02 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 361.21 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 416.62 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 427.72 691.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 474.41 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 522.85 691.35 Td (strategies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 82.43 678.75 Td (of) Tj ET Q q 0 0 0 rg BT 90.99 678.75 Td (fer) Tj ET Q q 0 0 0 rg BT 102.22 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 107.53 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 125.96 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 137.39 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 148.82 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 178.91 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 194.72 678.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 221.03 678.75 Td (constituted ) Tj ET Q q 0 0 0 rg BT 269.80 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 282.39 678.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 325.88 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.31 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 400.65 678.75 Td ($433 ) Tj ET Q q 0 0 0 rg BT 424.33 678.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 457.06 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 468.50 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 531.83 678.75 Td (65% ) Tj ET Q q 0 0 0 rg BT 553.76 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 83.23 666.15 Td (total ) Tj ET Q q 0 0 0 rg BT 103.25 666.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 132.12 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 133.73 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 151.79 666.15 Td (only ) Tj ET Q q 0 0 0 rg BT 172.20 666.15 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 221.76 666.15 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 263.74 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.22 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 299.30 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 313.85 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 329.59 666.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 395.47 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 420.54 666.15 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 464.56 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 491.96 666.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 525.19 666.15 Td (privately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 653.55 Td (placed ) Tj ET Q q 0 0 0 rg BT 97.33 653.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 124.84 653.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 153.23 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 170.82 653.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 211.73 653.55 Td (only ) Tj ET Q q 0 0 0 rg BT 232.83 653.55 Td (2% ) Tj ET Q q 0 0 0 rg BT 249.26 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 260.44 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 276.87 653.55 Td (total ) Tj ET Q q 0 0 0 rg BT 297.43 653.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 324.36 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 335.54 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 346.72 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 376.56 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.12 653.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 418.17 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 432.85 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 460.94 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.45 653.55 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 78.78 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 96.47 640.95 Td (made ) Tj ET Q q 0 0 0 rg BT 123.49 640.95 Td (publicly ) Tj ET Q q 0 0 0 rg BT 162.17 640.95 Td (available. ) Tj ET Q q 0 0 0 rg BT 206.97 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 211.25 640.95 Td (Presenting ) Tj ET Q q 0 0 0 rg BT 259.85 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 310.20 640.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 343.64 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 356.66 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 384.27 640.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 424.70 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 433.64 640.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 471.73 640.95 Td (representation ) Tj ET Q q 0 0 0 rg BT 535.48 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 640.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 628.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 123.07 628.35 Td (while ) Tj ET Q q 0 0 0 rg BT 148.92 628.35 Td (avoiding ) Tj ET Q q 0 0 0 rg BT 188.19 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 203.54 628.35 Td (many ) Tj ET Q q 0 0 0 rg BT 229.39 628.35 Td (complexities ) Tj ET Q q 0 0 0 rg BT 285.56 628.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 320.15 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 330.84 628.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 361.93 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 383.70 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 394.97 628.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 432.49 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 447.83 628.35 Td (structures, ) Tj ET Q q 0 0 0 rg BT 493.79 628.35 Td (bundled ) Tj ET Q q 0 0 0 rg BT 530.14 628.35 Td (pricing, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 85.29 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 108.32 615.75 Td (level ) Tj ET Q q 0 0 0 rg BT 131.35 615.75 Td (break ) Tj ET Q q 0 0 0 rg BT 157.30 615.75 Td (points, ) Tj ET Q q 0 0 0 rg BT 188.22 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 206.59 615.75 Td (would ) Tj ET Q q 0 0 0 rg BT 235.46 615.75 Td (arise ) Tj ET Q q 0 0 0 rg BT 257.91 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 268.70 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 309.82 615.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 365.49 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 380.36 615.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 422.64 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 434.01 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 458.21 615.75 Td (product ) Tj ET Q q 0 0 0 rg BT 492.91 615.75 Td (aggregations.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 558.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 558.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 558.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 558.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 558.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 558.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 558.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 558.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 532.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 532.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 532.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 506.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 506.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 506.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 480.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 480.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 480.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 454.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 454.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 428.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 428.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 428.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 402.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 402.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 402.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 376.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 376.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 376.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 350.65 175.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 350.65 57.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 350.65 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 316.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 316.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 316.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 316.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 316.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 316.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 316.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 316.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 290.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 290.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 290.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 290.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 290.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 290.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 290.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 290.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 264.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 264.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 264.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 264.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 264.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 264.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 264.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 264.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 238.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 238.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 238.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 238.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 238.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 238.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 238.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 238.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 212.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 212.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 212.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 212.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 212.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 212.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 212.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 212.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 186.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 186.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 186.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 186.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 186.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 186.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 186.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 186.65 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 579.65 m 382 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 579.65 m 427 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 579.65 m 472 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 579.65 m 517 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 579.65 m 562 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 558.65 m 224 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 558.65 m 281 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 558.65 m 337 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 558.65 m 382 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 558.65 m 427 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 558.65 m 472 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 558.65 m 517 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 558.65 m 562 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 558.65 m 281 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 558.65 m 337 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 558.65 m 382 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 558.65 m 427 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 558.65 m 472 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 558.65 m 517 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 558.65 m 562 558.65 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.90 583.90 Td (Annualized Absolute/Relative Total Return vs. Benchmark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 562.90 Td (Fund Name/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.27 562.90 Td (Index) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 109.04 566.53 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.30 562.90 Td (Inception Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.05 570.90 Td (Performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.50 562.90 Td (T) Tj ET Q q 0 0 0 rg BT 301.83 562.90 Td (ype) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 313.38 566.53 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.75 562.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.75 562.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.75 562.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.75 562.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.85 562.90 Td (Inception) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 549.88 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 536.88 Td (Large Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.90 Td (Clearbridge Aggressive Growth Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 523.90 Td (10/24/1983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 523.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 523.90 Td (\(9.70\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 523.90 Td (9.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 523.90 Td (11.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 523.90 Td (6.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 523.90 Td (11.86%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 510.90 Td (Russell 3000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 510.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 510.90 Td (\(11.04\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 510.90 Td (\(3.18\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 510.90 Td (\(0.33\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 510.90 Td (\(1.86\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 510.90 Td (1.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 497.90 Td (Clearbridge Appreciation Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 497.90 Td (3/10/1970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 497.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 497.90 Td (2.42%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.65 497.90 Td (10.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 497.90 Td (10.65%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 497.90 Td (7.22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 497.90 Td (10.26%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 484.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 484.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 484.90 Td (0.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 484.90 Td (\(1.54\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 484.90 Td (\(0.93\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 484.90 Td (0.21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 484.90 Td (\(0.08\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 471.90 Td (Clearbridge Dividend Strategy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.90 471.90 Td (11/6/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 471.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 471.90 Td (1.62%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 471.90 Td (8.67%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 471.90 Td (10.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 471.90 Td (5.96%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 471.90 Td (8.39%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 458.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 458.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 458.90 Td (\(0.16\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 458.90 Td (\(3.16\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 458.90 Td (\(1.03\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 458.90 Td (\(1.05\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 458.90 Td (\(0.69\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.90 Td (Clearbridge Large Cap Growth Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 445.90 Td (8/29/1997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 445.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 445.90 Td (4.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.65 445.90 Td (14.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 445.90 Td (13.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 445.90 Td (7.67%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 445.90 Td (7.92%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 432.90 Td (Russell 1000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 432.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 432.90 Td (2.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 432.90 Td (1.03%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 432.90 Td (1.61%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 432.90 Td (\(0.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 432.90 Td (2.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 419.90 Td (Clearbridge Value Trust) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 419.90 Td (4/16/1982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 419.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 419.90 Td (\(5.70\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 419.90 Td (9.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 419.90 Td (9.33%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 419.90 Td (0.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 419.90 Td (11.49%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 406.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 406.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 406.90 Td (\(7.48\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 406.90 Td (\(2.32\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 406.90 Td (\(2.25\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 406.90 Td (\(6.33\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 406.90 Td (\(0.17\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 393.90 Td (Clearbridge All Cap Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.90 393.90 Td (11/12/1981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 393.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 393.90 Td (\(7.37\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 393.90 Td (5.32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 393.90 Td (5.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 393.90 Td (3.81%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 393.90 Td (9.77%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 380.90 Td (Russell 3000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 380.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 380.90 Td (\(5.32\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 380.90 Td (\(3.76\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 380.90 Td (\(4.51\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 380.90 Td (\(1.80\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 380.90 Td (\(1.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 367.90 Td (Clearbridge Large Cap Value Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 367.90 Td (12/31/1988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 367.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 367.90 Td (\(0.92\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 367.90 Td (9.65%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 367.90 Td (10.62%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 367.90 Td (6.22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 367.90 Td (9.49%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 354.90 Td (Russell 1000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 354.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 354.90 Td (0.62%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 354.90 Td (0.27%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 354.90 Td (0.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 354.90 Td (0.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 354.90 Td (\(0.56\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 341.90 Td (Legg Mason Brandywine Diversified Large Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 333.90 Td (Value Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 333.90 Td (9/7/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 333.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 333.90 Td (\(2.34\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 333.90 Td (8.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 333.90 Td (10.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 333.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 333.90 Td (12.82%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 320.90 Td (Russell 1000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 320.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 320.90 Td (\(0.80\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 320.90 Td (\(0.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 320.90 Td (\(0.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 320.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 320.90 Td (0.26%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 307.88 Td (Small Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 294.90 Td (Royce Total Return Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 294.90 Td (12/15/1993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 294.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 294.90 Td (\(4.09\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 294.90 Td (5.88%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 294.90 Td (6.80%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 294.90 Td (5.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 294.90 Td (10.43%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 281.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 281.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 281.90 Td (5.67%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 281.90 Td (\(0.96\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 281.90 Td (\(0.41\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 281.90 Td (0.19%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 281.90 Td (2.19%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 268.90 Td (Royce Pennsylvania Mutual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 268.90 Td (6/30/1967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 268.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 268.90 Td (\(6.99\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 268.90 Td (4.67%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 268.90 Td (4.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 268.90 Td (4.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 268.90 Td (11.45%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 255.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 255.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 255.90 Td (2.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 255.90 Td (\(2.17\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 255.90 Td (\(2.28\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 255.90 Td (\(0.39\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 255.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 242.90 Td (Clearbridge Small Cap Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 242.90 Td (7/1/1998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 242.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 242.90 Td (\(14.24\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 242.90 Td (4.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 242.90 Td (7.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 242.90 Td (5.83%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 242.90 Td (9.25%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 229.90 Td (Russell 2000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 229.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 229.90 Td (\(2.40\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 229.90 Td (\(3.54\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 229.90 Td (\(0.20\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 229.90 Td (\(0.17\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 229.90 Td (3.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 216.90 Td (Royce Premier Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 216.90 Td (12/31/1991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 216.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 216.90 Td (\(8.34\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 216.90 Td (3.75%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 216.90 Td (3.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 216.90 Td (5.79%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 216.90 Td (11.11%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 203.90 Td (Russell 2000) Tj ET Q BT /F1 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0.9333333333333333 1 rg /GS0 gs 430.00 212.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 212.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 212.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 178.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 178.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 178.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 178.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 178.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 178.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 178.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 178.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 152.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 152.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 152.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 152.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 152.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 152.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 152.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 152.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 126.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 126.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 126.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 126.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 126.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 126.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 126.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 126.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 100.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 100.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 100.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 100.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 100.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 100.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 100.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 100.50 44.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 735.5 m 386 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 735.5 m 430 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 735.5 m 474 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 735.5 m 518 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 735.5 m 562 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 714.5 m 249 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 714.5 m 296 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 714.5 m 343 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 735.5 m 386 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 714.5 m 386 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 735.5 m 430 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 714.5 m 430 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 735.5 m 474 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 714.5 m 474 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 735.5 m 518 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 714.5 m 518 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 735.5 m 562 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 714.5 m 562 714.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.90 739.75 Td (Annualized Absolute/Relative Total Return vs. Benchmark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 718.75 Td (Fund Name/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.27 718.75 Td (Index) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 109.04 722.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.85 726.75 Td (Inception) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.40 718.75 Td (Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.55 726.75 Td (Performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.00 718.75 Td (T) Tj ET Q q 0 0 0 rg BT 312.33 718.75 Td (ype) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 323.88 722.38 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 718.75 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 718.75 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.25 718.75 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 718.75 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.35 718.75 Td (Inception) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 705.73 Td (Fixed Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 692.73 Td (U.S. Taxable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 679.75 Td (Western Asset Core Plus Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 679.75 Td (7/8/1998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 679.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 679.75 Td (1.71%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 679.75 Td (3.27%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 679.75 Td (4.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 679.75 Td (6.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 679.75 Td (6.30%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 666.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 666.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 666.75 Td (\(0.25\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 666.75 Td (0.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 666.75 Td (1.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 666.75 Td (1.13%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 666.75 Td (1.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 653.75 Td (Western Asset Core Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 653.75 Td (9/4/1990) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 653.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 653.75 Td (2.07%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 653.75 Td (3.22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 653.75 Td (4.40%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 653.75 Td (5.43%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 653.75 Td (7.04%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 640.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 640.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 640.75 Td (0.11%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 640.75 Td (0.72%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 640.75 Td (0.62%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 640.75 Td (0.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 640.75 Td (0.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 627.75 Td (Western Asset Total Return Unconstrained) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 627.75 Td (7/6/2006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 627.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 627.75 Td (\(0.85\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 627.75 Td (0.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 627.75 Td (2.26%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 627.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 627.75 Td (4.37%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 614.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 614.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 614.75 Td (\(2.81\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 614.75 Td (\(1.63\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 614.75 Td (\(1.51\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 614.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 614.75 Td (\(0.56\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 601.75 Td (Western Asset Short Term Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.05 601.75 Td (11/11/1991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 601.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 601.75 Td (0.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 601.75 Td (0.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 601.75 Td (1.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 601.75 Td (1.86%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 601.75 Td (3.59%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 588.75 Td (Citi Treasury Government/Credit 1-3 YR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 588.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 588.75 Td (\(0.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 588.75 Td (\(0.36\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 588.75 Td (0.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 588.75 Td (\(0.93\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 588.75 Td (\(0.69\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.75 Td (Western Asset Inflation Index Plus Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 575.75 Td (3/1/2001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 575.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 575.75 Td (\(0.78\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 575.75 Td (\(1.67\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 575.75 Td (2.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 575.75 Td (4.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 575.75 Td (5.14%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 562.75 Td (Barclays US TIPS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 562.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 562.75 Td (\(2.30\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 562.75 Td (\(0.96\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 562.75 Td (\(0.74\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 562.75 Td (\(0.53\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 562.75 Td (\(0.35\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 549.75 Td (Western Asset Intermediate Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 549.75 Td (7/1/1994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 549.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 549.75 Td (2.14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 549.75 Td (2.20%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 549.75 Td (3.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 549.75 Td (5.03%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 549.75 Td (5.90%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 536.75 Td (Barclays Intermediate Government/Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 536.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 536.75 Td (0.08%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 536.75 Td (0.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 536.75 Td (0.57%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 536.75 Td (0.69%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 536.75 Td (0.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.75 Td (Western Asset Corporate Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 523.75 Td (11/6/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 523.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 523.75 Td (\(0.64\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 523.75 Td (3.38%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 523.75 Td (5.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 523.75 Td (5.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 523.75 Td (6.47%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 510.75 Td (Barclays US Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 510.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 510.75 Td (\(1.58\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 510.75 Td (0.52%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 510.75 Td (0.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 510.75 Td (\(0.64\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 510.75 Td (0.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 497.75 Td (Western Asset Mortgage Defined Opportunity Fund Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 497.75 Td (2/24/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 497.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 497.75 Td (0.16%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 497.75 Td (9.13%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.15 497.75 Td (12.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 497.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.15 497.75 Td (14.59%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 484.75 Td (BOFAML Floating Rate Home Loan Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 484.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 484.75 Td (\(0.65\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 484.75 Td (6.95%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 484.75 Td (8.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 484.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 484.75 Td (9.26%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 471.75 Td (Western Asset High Yield Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 471.75 Td (9/28/2001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 471.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 471.75 Td (\(8.62\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 471.75 Td (\(1.04\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 471.75 Td (2.94%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 471.75 Td (5.39%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 471.75 Td (6.54%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 458.75 Td (Barclays US Corp High Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 458.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 458.75 Td (\(4.93\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 458.75 Td (\(2.88\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 458.75 Td (\(1.99\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 458.75 Td (\(1.62\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 458.75 Td (\(1.60\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.75 Td (Western Asset Adjustable Rate Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 445.75 Td (6/22/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 445.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 445.75 Td (\(0.03\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 445.75 Td (0.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 445.75 Td (1.21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 445.75 Td (1.47%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 445.75 Td (2.70%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 432.75 Td (Citi T-Bill 6-Month) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 432.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 432.75 Td (\(0.20\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 432.75 Td (0.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 432.75 Td (1.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 432.75 Td (0.25%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 432.75 Td (\(0.13\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 419.73 Td (U.S. Tax-Exempt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 406.75 Td (Western Asset Managed Municipals Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 406.75 Td (3/4/1981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 406.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 406.75 Td (3.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 406.75 Td (3.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 406.75 Td (6.71%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 406.75 Td (5.32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 406.75 Td (7.84%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 393.75 Td (Barclays Municipal Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 393.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 393.75 Td (\(0.92\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 393.75 Td (\(0.35\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 393.75 Td (1.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 393.75 Td (0.46%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 393.75 Td (0.48%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 380.73 Td (Global Taxable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 367.75 Td (Legg Mason Western Asset Macro Opportunities Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.90 367.75 Td (11/30/2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 367.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 367.75 Td (\(0.39\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.60 367.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.60 367.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 367.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 367.75 Td (4.43%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 354.75 Td (3-Month LIBOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 354.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 354.75 Td (\(0.80\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.60 354.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.60 354.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 354.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 354.75 Td (4.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 341.75 Td (Legg Mason Brandywine Global Opportunities Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 341.75 Td (11/1/2006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 341.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 341.75 Td (\(0.30\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 341.75 Td (0.56%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 341.75 Td (3.91%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 341.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 341.75 Td (5.78%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 328.75 Td (Citi World Government Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 328.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 328.75 Td (\(6.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 328.75 Td (0.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 328.75 Td (2.74%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 328.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 328.75 Td (2.19%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 315.75 Td (Legg Mason Brandywine Absolute Return Opportunities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 307.75 Td (Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 307.75 Td (2/28/2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 307.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 307.75 Td (\(3.70\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 307.75 Td (0.07%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 307.75 Td (2.96%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 307.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 307.75 Td (2.98%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 294.75 Td (Citi 3-Month T-Bill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 294.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 294.75 Td (\(3.78\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 294.75 Td (0.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 294.75 Td (2.90%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 294.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 294.75 Td (2.93%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 281.75 Td (Legg Mason Brandywine Global Fixed Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 281.75 Td (10/31/2003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 281.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 281.75 Td (\(0.94\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 281.75 Td (\(0.75\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 281.75 Td (2.15%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 281.75 Td (4.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 281.75 Td (4.41%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 268.75 Td (Citi World Government Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 268.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 268.75 Td (\(6.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 268.75 Td (\(1.24\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 268.75 Td (0.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 268.75 Td (0.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 268.75 Td (0.39%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 255.75 Td (Legg Mason Western Asset Global Multi Strategy Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 255.75 Td (8/31/2002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 255.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 255.75 Td (\(4.21\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 255.75 Td (\(0.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 255.75 Td (1.34%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 255.75 Td (3.84%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 255.75 Td (6.01%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 242.75 Td (50% Bar. Global Agg./ 25% Bar. HY 2%/25% JPM EMBI +) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 242.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 242.75 Td (\(7.03\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 242.75 Td (\(2.51\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 242.75 Td (\(2.35\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 242.75 Td (\(1.98\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 242.75 Td (\(1.14\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 229.75 Td (Western Asset Global High Yield Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 229.75 Td (2/22/1995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 229.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 229.75 Td (\(6.50\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 229.75 Td (\(1.51\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 229.75 Td (2.53%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 229.75 Td (4.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 229.75 Td (6.66%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 216.75 Td (Barclays Global High Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 216.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 216.75 Td (\(7.13\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 216.75 Td (\(3.86\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 216.75 Td (\(2.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 216.75 Td (\(2.83\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 216.75 Td (\(2.20\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 195.75 Td (Legg Mason Western Asset Global Core Plus Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 195.75 Td (12/31/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 195.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 195.75 Td (\(0.30\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 195.75 Td (3.60%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 195.75 Td (4.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 195.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 195.75 Td (4.86%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 182.75 Td (Barclays Global Aggregate Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 182.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 182.75 Td (\(2.75\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 182.75 Td (\(0.08\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 182.75 Td (0.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 182.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 182.75 Td (0.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 169.75 Td (Legg Mason Western Asset Australian Bond Trust) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 169.75 Td (6/30/1983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 169.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 169.75 Td (1.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 169.75 Td (5.70%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 169.75 Td (7.14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 169.75 Td (6.75%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 169.75 Td (6.41%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 156.75 Td (UBS Australian Composite Bond Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 156.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 156.75 Td (0.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 156.75 Td (0.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 156.75 Td (0.52%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 156.75 Td (0.48%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 156.75 Td (0.56%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 143.75 Td (Western Asset Emerging Markets Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 143.75 Td (10/17/1996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 143.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 143.75 Td (0.42%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 143.75 Td (\(1.29\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 143.75 Td (2.74%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 143.75 Td (5.73%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 143.75 Td (9.31%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 130.75 Td (JPM EMBI Global) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 130.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 130.75 Td (\(3.94\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 130.75 Td (\(3.72\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 130.75 Td (\(3.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 130.75 Td (\(1.38\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 130.75 Td (0.27%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 117.73 Td (Liquidity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 104.75 Td (Western Asset Institutional Liquid Reserves Ltd.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 104.75 Td (12/31/1989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 104.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 104.75 Td (0.21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 104.75 Td (0.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 104.75 Td (0.14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 104.75 Td (1.38%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 104.75 Td (3.30%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 91.75 Td (Citi 3-Month T-Bill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 91.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 91.75 Td (0.14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 91.75 Td (0.07%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 91.75 Td (0.09%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 91.75 Td (0.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 91.75 Td (0.29%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 78.40 Td (n/a ) Tj ET Q q 0 0 0 rg BT 61.27 78.40 Td (- ) Tj ET Q q 0 0 0 rg BT 65.94 78.40 Td (not ) Tj ET Q q 0 0 0 rg BT 78.16 78.40 Td (applicable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 68.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 68.80 Td (Listed ) Tj ET Q q 0 0 0 rg BT 89.50 68.80 Td (in ) Tj ET Q q 0 0 0 rg BT 97.72 68.80 Td (order ) Tj ET Q q 0 0 0 rg BT 116.60 68.80 Td (of ) Tj ET Q q 0 0 0 rg BT 125.26 68.80 Td (size ) Tj ET Q q 0 0 0 rg BT 139.70 68.80 Td (based ) Tj ET Q q 0 0 0 rg BT 159.91 68.80 Td (on ) Tj ET Q q 0 0 0 rg BT 169.47 68.80 Td (AUM ) Tj ET Q q 0 0 0 rg BT 190.14 68.80 Td (of ) Tj ET Q q 0 0 0 rg BT 198.80 68.80 Td (fund ) Tj ET Q q 0 0 0 rg BT 215.47 68.80 Td (within ) Tj ET Q q 0 0 0 rg BT 237.91 68.80 Td (each ) Tj ET Q q 0 0 0 rg BT 254.57 68.80 Td (subcategory) Tj ET Q q 0 0 0 rg BT 292.70 68.80 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 59.20 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 59.20 Td (Absolute ) Tj ET Q q 0 0 0 rg BT 97.81 59.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 139.65 59.20 Td (is ) Tj ET Q q 0 0 0 rg BT 146.41 59.20 Td (the ) Tj ET Q q 0 0 0 rg BT 157.61 59.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 178.13 59.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.97 59.20 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 235.83 59.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 249.24 59.20 Td (of ) Tj ET Q q 0 0 0 rg BT 257.33 59.20 Td (return\) ) Tj ET Q q 0 0 0 rg BT 280.51 59.20 Td (of ) Tj ET Q q 0 0 0 rg BT 288.60 59.20 Td (the ) Tj ET Q q 0 0 0 rg BT 299.80 59.20 Td (fund. ) Tj ET Q q 0 0 0 rg BT 317.88 59.20 Td ( ) Tj ET Q q 0 0 0 rg BT 319.31 59.20 Td (Relative ) Tj ET Q q 0 0 0 rg BT 347.39 59.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 389.23 59.20 Td (is ) Tj ET Q q 0 0 0 rg BT 395.99 59.20 Td (the ) Tj ET Q q 0 0 0 rg BT 407.18 59.20 Td (dif) Tj ET Q q 0 0 0 rg BT 415.92 59.20 Td (ference ) Tj ET Q q 0 0 0 rg BT 440.88 59.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 451.63 59.20 Td (variance\) ) Tj ET Q q 0 0 0 rg BT 482.81 59.20 Td (between ) Tj ET Q q 0 0 0 rg BT 510.88 59.20 Td (the ) Tj ET Q q 0 0 0 rg BT 522.08 59.20 Td (performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 49.60 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 49.60 Td (the ) Tj ET Q q 0 0 0 rg BT 87.94 49.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 104.60 49.60 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 49.60 Td (its ) Tj ET Q q 0 0 0 rg BT 127.71 49.60 Td (stated ) Tj ET Q q 0 0 0 rg BT 148.37 49.60 Td (benchmark.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (45) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Assets Under) Tj ET Q q 0 0 0 rg BT 108.52 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 110.56 741.90 Td (Advisement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (During ) Tj ET Q q 0 0 0 rg BT 81.51 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 96.59 729.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.59 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 155.92 729.30 Td (June ) Tj ET Q q 0 0 0 rg BT 177.42 729.30 Td (30, ) Tj ET Q q 0 0 0 rg BT 192.81 729.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 218.69 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 233.20 729.30 Td (began ) Tj ET Q q 0 0 0 rg BT 260.53 729.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 300.78 729.30 Td (AUA) Tj ET Q q 0 0 0 rg BT 322.95 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 325.21 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 336.21 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 343.13 729.30 Td (result ) Tj ET Q q 0 0 0 rg BT 368.72 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 379.73 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 394.82 729.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 443.15 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 454.16 729.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 517.07 729.30 Td ($98 ) Tj ET Q q 0 0 0 rg BT 535.08 729.30 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 716.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 82.77 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.79 716.70 Td (from ) Tj ET Q q 0 0 0 rg BT 109.22 716.70 Td (QS ) Tj ET Q q 0 0 0 rg BT 125.66 716.70 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 169.80 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 172.16 716.70 Td (Also ) Tj ET Q q 0 0 0 rg BT 195.01 716.70 Td (during ) Tj ET Q q 0 0 0 rg BT 225.45 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 241.29 716.70 Td (first ) Tj ET Q q 0 0 0 rg BT 261.23 716.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 293.98 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 305.75 716.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 331.51 716.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 358.15 716.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 421.82 716.70 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 448.47 716.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 478.91 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 490.67 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 518.19 716.70 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 86.89 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 97.51 704.10 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 127.04 704.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.52 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 199.49 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.06 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.13 704.10 Td (low-fee ) Tj ET Q q 0 0 0 rg BT 251.60 704.10 Td (global ) Tj ET Q q 0 0 0 rg BT 280.25 704.10 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 323.48 704.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 361.45 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.10 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 404.17 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 452.65 704.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 496.47 704.10 Td (had ) Tj ET Q q 0 0 0 rg BT 514.03 704.10 Td (abated ) Tj ET Q q 0 0 0 rg BT 543.84 704.10 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (time, ) Tj ET Q q 0 0 0 rg BT 72.87 691.50 Td (were ) Tj ET Q q 0 0 0 rg BT 95.36 691.50 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 145.26 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 691.50 Td (AUA. ) Tj ET Q q 0 0 0 rg BT 182.51 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 184.44 691.50 Td (W) Tj ET Q q 0 0 0 rg BT 193.51 691.50 Td (e ) Tj ET Q q 0 0 0 rg BT 200.26 691.50 Td (experienced ) Tj ET Q q 0 0 0 rg BT 253.06 691.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.01 691.50 Td (AUA) Tj ET Q q 0 0 0 rg BT 321.18 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 323.27 691.50 Td (outflows ) Tj ET Q q 0 0 0 rg BT 362.10 691.50 Td (during ) Tj ET Q q 0 0 0 rg BT 391.60 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 406.52 691.50 Td (year ) Tj ET Q q 0 0 0 rg BT 426.67 691.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 453.83 691.50 Td (March ) Tj ET Q q 0 0 0 rg BT 483.32 691.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 498.53 691.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 521.61 691.50 Td (as ) Tj ET Q q 0 0 0 rg BT 532.44 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 539.19 691.50 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.72 678.90 Td (one ) Tj ET Q q 0 0 0 rg BT 78.35 678.90 Td (client ) Tj ET Q q 0 0 0 rg BT 104.14 678.90 Td (withdrawing ) Tj ET Q q 0 0 0 rg BT 159.69 678.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 222.80 678.90 Td ($80 ) Tj ET Q q 0 0 0 rg BT 241.02 678.90 Td (billion. ) Tj ET Q q 0 0 0 rg BT 273.54 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.83 678.90 Td (These ) Tj ET Q q 0 0 0 rg BT 303.37 678.90 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 357.75 678.90 Td (did ) Tj ET Q q 0 0 0 rg BT 373.63 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 389.52 678.90 Td (have ) Tj ET Q q 0 0 0 rg BT 411.81 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 418.94 678.90 Td (material ) Tj ET Q q 0 0 0 rg BT 455.81 678.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 486.85 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 499.82 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 516.29 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 531.59 678.90 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 666.30 Td (their ) Tj ET Q q 0 0 0 rg BT 99.95 666.30 Td (low ) Tj ET Q q 0 0 0 rg BT 118.32 666.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 133.76 666.30 Td (nature.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.90 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.38 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 105.51 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.37 641.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 145.10 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.99 641.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 188.74 641.10 Td (AUA) Tj ET Q q 0 0 0 rg BT 210.91 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.64 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 232.70 641.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 296.08 641.10 Td ($39 ) Tj ET Q q 0 0 0 rg BT 314.56 641.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 344.71 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.60 641.10 Td ($35 ) Tj ET Q q 0 0 0 rg BT 381.08 641.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 413.85 641.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 463.90 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 469.25 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.38 641.10 Td (AUA) Tj ET Q q 0 0 0 rg BT 493.55 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.28 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.76 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.23 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 549.37 641.10 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 73.85 628.50 Td (was ) Tj ET Q q 0 0 0 rg BT 93.54 628.50 Td (comprised ) Tj ET Q q 0 0 0 rg BT 140.63 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 152.73 628.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 216.73 628.50 Td ($17 ) Tj ET Q q 0 0 0 rg BT 235.83 628.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 266.61 628.50 Td (related ) Tj ET Q q 0 0 0 rg BT 298.52 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 310.04 628.50 Td (QS ) Tj ET Q q 0 0 0 rg BT 326.82 628.50 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 371.29 628.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 435.29 628.50 Td ($10 ) Tj ET Q q 0 0 0 rg BT 454.40 628.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 485.17 628.50 Td (related ) Tj ET Q q 0 0 0 rg BT 517.08 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 528.36 628.50 Td (W) Tj ET Q q 0 0 0 rg BT 537.43 628.50 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 78.38 615.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 141.95 615.90 Td ($8 ) Tj ET Q q 0 0 0 rg BT 155.37 615.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 185.72 615.90 Td (related ) Tj ET Q q 0 0 0 rg BT 217.20 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 228.29 615.90 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 285.16 615.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 348.73 615.90 Td ($2 ) Tj ET Q q 0 0 0 rg BT 362.15 615.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 392.49 615.90 Td (related ) Tj ET Q q 0 0 0 rg BT 423.98 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 435.07 615.90 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 470.36 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 488.44 615.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 552.01 615.90 Td ($2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 80.75 603.30 Td (related ) Tj ET Q q 0 0 0 rg BT 113.14 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 125.14 603.30 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 182.92 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 185.90 603.30 Td (AUA) Tj ET Q q 0 0 0 rg BT 208.07 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 211.90 603.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 228.55 603.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 252.20 603.30 Td (vary ) Tj ET Q q 0 0 0 rg BT 274.69 603.30 Td (with ) Tj ET Q q 0 0 0 rg BT 297.19 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 313.85 603.30 Td (level ) Tj ET Q q 0 0 0 rg BT 338.08 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.66 603.30 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 428.55 603.30 Td (service ) Tj ET Q q 0 0 0 rg BT 462.11 603.30 Td (provided. ) Tj ET Q q 0 0 0 rg BT 505.89 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 509.72 603.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 529.88 603.30 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (annualized ) Tj ET Q q 0 0 0 rg BT 97.18 590.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 112.20 590.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 130.14 590.70 Td (related ) Tj ET Q q 0 0 0 rg BT 160.90 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 170.79 590.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 192.96 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 195.16 590.70 Td (was ) Tj ET Q q 0 0 0 rg BT 213.69 590.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 276.54 590.70 Td (10 ) Tj ET Q q 0 0 0 rg BT 289.24 590.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 312.45 590.70 Td (points ) Tj ET Q q 0 0 0 rg BT 340.32 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 354.77 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.80 590.70 Td (year ) Tj ET Q q 0 0 0 rg BT 390.07 590.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 417.34 590.70 Td (March ) Tj ET Q q 0 0 0 rg BT 446.95 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.27 590.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 485.47 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 502.84 590.70 Td (was ) Tj ET Q q 0 0 0 rg BT 521.37 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 531.74 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 546.77 590.70 Td (low ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (single ) Tj ET Q q 0 0 0 rg BT 77.20 578.10 Td (digit ) Tj ET Q q 0 0 0 rg BT 99.06 578.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 122.68 578.10 Td (points ) Tj ET Q q 0 0 0 rg BT 150.96 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.82 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.26 578.10 Td (year ) Tj ET Q q 0 0 0 rg BT 201.94 578.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 229.62 578.10 Td (March ) Tj ET Q q 0 0 0 rg BT 259.64 578.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 275.38 578.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 301.62 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.04 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 322.98 578.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 359.99 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.77 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.21 578.10 Td (average ) Tj ET Q q 0 0 0 rg BT 421.46 578.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 436.89 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 455.24 578.10 Td (was ) Tj ET Q q 0 0 0 rg BT 474.18 578.10 Td (due ) Tj ET Q q 0 0 0 rg BT 491.96 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.74 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.18 578.10 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.67 565.50 Td ($80 ) Tj ET Q q 0 0 0 rg BT 111.35 565.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 141.70 565.50 Td (redemption ) Tj ET Q q 0 0 0 rg BT 192.44 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 204.12 565.50 Td (very ) Tj ET Q q 0 0 0 rg BT 225.70 565.50 Td (low ) Tj ET Q q 0 0 0 rg BT 244.38 565.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 259.48 565.50 Td (AUA) Tj ET Q q 0 0 0 rg BT 281.64 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 284.57 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 295.66 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 311.42 565.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 344.08 565.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 372.07 565.50 Td (March ) Tj ET Q q 0 0 0 rg BT 402.41 565.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 418.46 565.50 Td (2015. ) Tj ET Q q 0 0 0 rg BT 445.01 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 447.93 565.50 Td (Fees ) Tj ET Q q 0 0 0 rg BT 470.11 565.50 Td (for ) Tj ET Q q 0 0 0 rg BT 484.63 565.50 Td (AUA, ) Tj ET Q q 0 0 0 rg BT 512.93 565.50 Td (aggregating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td ($41 ) Tj ET Q q 0 0 0 rg BT 67.62 552.90 Td (million ) Tj ET Q q 0 0 0 rg BT 100.33 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 117.86 552.90 Td ($30 ) Tj ET Q q 0 0 0 rg BT 135.98 552.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 171.32 552.90 Td (are ) Tj ET Q q 0 0 0 rg BT 186.50 552.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 234.36 552.90 Td (servicing ) Tj ET Q q 0 0 0 rg BT 275.22 552.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 294.49 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 312.03 552.90 Td (are ) Tj ET Q q 0 0 0 rg BT 327.21 552.90 Td (therefore ) Tj ET Q q 0 0 0 rg BT 367.48 552.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 406.57 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 417.11 552.90 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 470.23 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 487.77 552.90 Td (service ) Tj ET Q q 0 0 0 rg BT 519.87 552.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 539.15 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 552.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.18 540.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 151.45 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 162.46 540.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 196.22 540.30 Td (for ) Tj ET Q q 0 0 0 rg BT 210.73 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.83 540.30 Td (years ) Tj ET Q q 0 0 0 rg BT 250.25 540.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 277.59 540.30 Td (March ) Tj ET Q q 0 0 0 rg BT 307.27 540.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 322.66 540.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 345.93 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 363.36 540.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 389.26 540.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 439.31 540.30 Td (. ) Tj ET Q q 0 0 0 rg BT 444.20 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 446.47 540.30 Td (Prior ) Tj ET Q q 0 0 0 rg BT 469.74 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 480.18 540.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 505.19 540.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 531.08 540.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.26 540.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 71.67 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 74.29 527.70 Td (were ) Tj ET Q q 0 0 0 rg BT 97.32 527.70 Td (not ) Tj ET Q q 0 0 0 rg BT 113.36 527.70 Td (material.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (RESUL) Tj ET Q q 0 0 0 rg BT 83.55 502.50 Td (TS OF) Tj ET Q q 0 0 0 rg BT 113.21 502.50 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 151.81 502.50 Td (TIONS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 477.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.98 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 129.40 477.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.90 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 215.72 477.30 Td (standards ) Tj ET Q q 0 0 0 rg BT 257.14 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 269.40 477.30 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 330.36 477.30 Td (we ) Tj ET Q q 0 0 0 rg BT 344.37 477.30 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 393.95 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 410.87 477.30 Td (separately ) Tj ET Q q 0 0 0 rg BT 455.19 477.30 Td (identify ) Tj ET Q q 0 0 0 rg BT 489.61 477.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 519.93 477.30 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.58 464.70 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 138.62 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 141.41 464.70 Td (The ) Tj ET Q q 0 0 0 rg BT 160.74 464.70 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 220.33 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 232.08 464.70 Td (these ) Tj ET Q q 0 0 0 rg BT 256.66 464.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 305.75 464.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 343.16 464.70 Td (has ) Tj ET Q q 0 0 0 rg BT 360.16 464.70 Td (no ) Tj ET Q q 0 0 0 rg BT 373.67 464.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 405.25 464.70 Td (on ) Tj ET Q q 0 0 0 rg BT 418.75 464.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 436.92 464.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 471.41 464.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 500.59 464.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 554.33 464.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.79 452.10 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 126.37 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.25 452.10 Td (does ) Tj ET Q q 0 0 0 rg BT 166.21 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 182.34 452.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.88 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.25 452.10 Td (material ) Tj ET Q q 0 0 0 rg BT 249.36 452.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.65 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.87 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.58 452.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 366.37 452.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.73 452.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 441.49 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.01 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.08 452.10 Td (e ) Tj ET Q q 0 0 0 rg BT 460.45 452.10 Td (also ) Tj ET Q q 0 0 0 rg BT 480.08 452.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 501.46 452.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.34 452.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (other ) Tj ET Q q 0 0 0 rg BT 73.32 439.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 128.63 439.50 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 173.45 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.77 439.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 247.34 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 264.74 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 279.81 439.50 Td (change ) Tj ET Q q 0 0 0 rg BT 311.78 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 322.19 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 337.26 439.50 Td (value ) Tj ET Q q 0 0 0 rg BT 362.24 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 373.23 439.50 Td (these ) Tj ET Q q 0 0 0 rg BT 397.04 439.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 452.07 439.50 Td (which ) Tj ET Q q 0 0 0 rg BT 479.97 439.50 Td (is ) Tj ET Q q 0 0 0 rg BT 489.22 439.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 528.18 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 538.59 439.50 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 110.69 426.90 Td (income ) Tj ET Q q 0 0 0 rg BT 143.88 426.90 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 189.61 426.90 Td (is ) Tj ET Q q 0 0 0 rg BT 198.90 426.90 Td (reflected ) Tj ET Q q 0 0 0 rg BT 237.91 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 248.37 426.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 265.82 426.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 299.59 426.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 328.21 426.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 381.23 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 391.69 426.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 415.56 426.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 449.05 426.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 467.37 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 469.66 426.90 Td (See ) Tj ET Q q 0 0 0 rg BT 487.11 426.90 Td (Notes�1, ) Tj ET Q q 0 0 0 rg BT 524.40 426.90 Td (3, ) Tj ET Q q 0 0 0 rg BT 534.56 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 552.01 426.90 Td (17 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.08 414.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 86.42 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 96.43 414.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 153.68 414.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 194.59 414.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 242.50 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 256.59 414.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 300.42 414.30 Td (information ) Tj ET Q q 0 0 0 rg BT 351.83 414.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 393.90 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 408.56 414.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 466.98 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 477.56 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.48 414.30 Td (vehicles.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 389.10 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 376.50 Td (components ) Tj ET Q q 0 0 0 rg BT 121.15 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.02 376.50 Td (T) Tj ET Q q 0 0 0 rg BT 137.70 376.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 155.74 376.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.01 376.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 243.13 376.50 Td (\(in ) Tj ET Q q 0 0 0 rg BT 257.08 376.50 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.92 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 317.37 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 332.49 376.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 359.27 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 376.72 376.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.48 376.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.59 376.50 Td (between ) Tj ET Q q 0 0 0 rg BT 497.86 376.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.06 376.50 Td (were ) Tj ET Q q 0 0 0 rg BT 553.75 376.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 312.40 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 312.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 312.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 312.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 312.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 312.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 312.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 312.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 312.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 312.40 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 312.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 312.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 312.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 282.40 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 282.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 282.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 282.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 282.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 282.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 282.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 282.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 282.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 282.40 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 282.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 282.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 282.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 252.40 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 252.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 252.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 252.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 252.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 252.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 252.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 252.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 252.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 252.40 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 252.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 252.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 252.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 222.40 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 222.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 222.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 222.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 222.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 222.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 222.40 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 222.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 222.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 222.40 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 222.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 222.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 222.40 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 327.4 m 236 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 327.4 m 240 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 327.4 m 287 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 327.4 m 291 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 327.4 m 338 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 327.4 m 394 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 327.4 m 454 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 327.4 m 510 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 327.4 m 562 327.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 312.4 m 181 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 312.4 m 236 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 312.4 m 287 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 312.4 m 338 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 312.4 m 394 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 312.4 m 454 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 312.4 m 510 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 312.4 m 562 312.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 222.39999999999998 m 181 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 222.39999999999998 m 236 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 222.39999999999998 m 287 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 222.39999999999998 m 338 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 222.39999999999998 m 394 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 222.39999999999998 m 510 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 207.39999999999998 m 181 207.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 207.39999999999998 m 236 207.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 222.39999999999998 m 287 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 207.39999999999998 m 287 207.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 222.39999999999998 m 338 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 207.39999999999998 m 338 207.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 222.39999999999998 m 394 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 207.39999999999998 m 394 207.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 222.39999999999998 m 510 222.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 207.39999999999998 m 510 207.39999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.65 332.17 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.15 342.69 Td (2016 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 332.19 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.40 342.67 Td (2015 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.00 332.17 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 199.50 317.19 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.50 317.17 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.50 317.17 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.35 317.19 Td ($ Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.70 317.19 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 317.17 Td ($ Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 317.17 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 302.17 Td (Investment advisory fees:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 287.17 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 287.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 287.19 Td (826.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 287.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.35 287.17 Td (824.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 287.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 287.17 Td (777.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 287.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 287.19 Td (1.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.50 287.19 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 287.19 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 287.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 287.17 Td (46.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 287.17 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 287.17 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 272.17 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 272.19 Td (1,409.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 272.17 Td (1,544.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 272.17 Td (1,501.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 272.19 Td (\(135.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 272.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.25 272.19 Td (\(9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 272.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 272.17 Td (43.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 272.17 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 257.17 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 213.60 257.19 Td (42.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.60 257.17 Td (83.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 257.17 Td (107.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 257.19 Td (\(41.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 257.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.00 257.19 Td (\(50) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 257.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 257.17 Td (\(23.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 257.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 257.17 Td (\(22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 257.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 242.17 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 242.19 Td (381.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.35 242.17 Td (361.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 242.17 Td (347.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 242.19 Td (20.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 242.19 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 242.17 Td (13.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 242.17 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 227.17 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 218.85 227.19 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.85 227.17 Td (5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.85 227.17 Td (8.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 227.19 Td (\(3.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 227.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.00 227.19 Td (\(61) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 227.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 227.17 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 227.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 227.17 Td (\(32) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 227.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 212.17 Td (Total Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 212.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 212.19 Td (2,660.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 212.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 212.17 Td (2,819.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 212.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 212.17 Td (2,741.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 212.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 212.19 Td (\(158.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 212.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.25 212.19 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 212.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 212.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 212.17 Td (77.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 212.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 182.70 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.68 182.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.42 182.70 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 162.00 182.70 Td (for ) Tj ET Q q 0 0 0 rg BT 176.99 182.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 182.70 Td (year ) Tj ET Q q 0 0 0 rg BT 213.40 182.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.23 182.70 Td (March ) Tj ET Q q 0 0 0 rg BT 271.38 182.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.26 182.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 313.64 182.70 Td (were ) Tj ET Q q 0 0 0 rg BT 336.80 182.70 Td ($2.66 ) Tj ET Q q 0 0 0 rg BT 363.18 182.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 395.98 182.70 Td (a ) Tj ET Q q 0 0 0 rg BT 403.39 182.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 442.28 182.70 Td (of ) Tj ET Q q 0 0 0 rg BT 453.78 182.70 Td (6% ) Tj ET Q q 0 0 0 rg BT 470.53 182.70 Td (from ) Tj ET Q q 0 0 0 rg BT 493.70 182.70 Td ($2.82 ) Tj ET Q q 0 0 0 rg BT 520.08 182.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 550.25 182.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 170.10 Td (year ) Tj ET Q q 0 0 0 rg BT 86.50 170.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.62 170.10 Td (March ) Tj ET Q q 0 0 0 rg BT 145.08 170.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 161.26 170.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 187.93 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.76 170.10 Td (The ) Tj ET Q q 0 0 0 rg BT 210.14 170.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 249.33 170.10 Td (was ) Tj ET Q q 0 0 0 rg BT 268.71 170.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 310.84 170.10 Td (due ) Tj ET Q q 0 0 0 rg BT 329.05 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.27 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 347.98 170.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 387.17 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.39 170.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.44 170.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 458.14 170.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 494.42 170.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 521.09 170.10 Td (excluding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.33 157.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 127.64 157.50 Td (from ) Tj ET Q q 0 0 0 rg BT 150.83 157.50 Td (39 ) Tj ET Q q 0 0 0 rg BT 164.11 157.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 187.89 157.50 Td (points ) Tj ET Q q 0 0 0 rg BT 216.34 157.50 Td (to ) Tj ET Q q 0 0 0 rg BT 227.29 157.50 Td (38 ) Tj ET Q q 0 0 0 rg BT 240.57 157.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 264.35 157.50 Td (points, ) Tj ET Q q 0 0 0 rg BT 295.43 157.50 Td (a ) Tj ET Q q 0 0 0 rg BT 302.87 157.50 Td (3% ) Tj ET Q q 0 0 0 rg BT 319.65 157.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 358.56 157.50 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 157.50 Td (average ) Tj ET Q q 0 0 0 rg BT 404.32 157.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 434.23 157.50 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 157.50 Td (a ) Tj ET Q q 0 0 0 rg BT 459.61 157.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 498.52 157.50 Td (in ) Tj ET Q q 0 0 0 rg BT 509.47 157.50 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 144.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 72.12 144.90 Td ( ) Tj ET Q q 0 0 0 rg BT 74.53 144.90 Td (Although ) Tj ET Q q 0 0 0 rg BT 117.29 144.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.63 144.90 Td (and ) Tj ET Q q 0 0 0 rg BT 164.88 144.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 189.55 144.90 Td (income ) Tj ET Q q 0 0 0 rg BT 222.86 144.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 250.46 144.90 Td (together ) Tj ET Q q 0 0 0 rg BT 287.95 144.90 Td (comprised ) Tj ET Q q 0 0 0 rg BT 334.78 144.90 Td (a ) Tj ET Q q 0 0 0 rg BT 342.54 144.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 372.45 144.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 421.01 144.90 Td (of ) Tj ET Q q 0 0 0 rg BT 432.85 144.90 Td (our ) Tj ET Q q 0 0 0 rg BT 449.94 144.90 Td (total ) Tj ET Q q 0 0 0 rg BT 471.69 144.90 Td (average ) Tj ET Q q 0 0 0 rg BT 506.74 144.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 534.34 144.90 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 144.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.30 Td (year ) Tj ET Q q 0 0 0 rg BT 71.75 132.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 101.01 132.30 Td (March ) Tj ET Q q 0 0 0 rg BT 132.60 132.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.92 132.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 177.73 132.30 Td (as ) Tj ET Q q 0 0 0 rg BT 190.66 132.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 236.25 132.30 Td (to ) Tj ET Q q 0 0 0 rg BT 248.60 132.30 Td (the ) Tj ET Q q 0 0 0 rg BT 265.62 132.30 Td (year ) Tj ET Q q 0 0 0 rg BT 287.87 132.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 317.13 132.30 Td (March ) Tj ET Q q 0 0 0 rg BT 348.72 132.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 366.03 132.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 393.84 132.30 Td (our ) Tj ET Q q 0 0 0 rg BT 412.03 132.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 455.87 132.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 493.28 132.30 Td (yield, ) Tj ET Q q 0 0 0 rg BT 521.09 132.30 Td (excluding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.50 119.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 125.97 119.70 Td (declined ) Tj ET Q q 0 0 0 rg BT 163.49 119.70 Td (due ) Tj ET Q q 0 0 0 rg BT 180.59 119.70 Td (to ) Tj ET Q q 0 0 0 rg BT 190.71 119.70 Td (a ) Tj ET Q q 0 0 0 rg BT 197.32 119.70 Td (less ) Tj ET Q q 0 0 0 rg BT 215.01 119.70 Td (favorable ) Tj ET Q q 0 0 0 rg BT 256.60 119.70 Td (product ) Tj ET Q q 0 0 0 rg BT 290.62 119.70 Td (mix, ) Tj ET Q q 0 0 0 rg BT 311.53 119.70 Td (with ) Tj ET Q q 0 0 0 rg BT 332.15 119.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 358.00 119.70 Td (yielding ) Tj ET Q q 0 0 0 rg BT 394.36 119.70 Td (products ) Tj ET Q q 0 0 0 rg BT 432.47 119.70 Td (comprising ) Tj ET Q q 0 0 0 rg BT 481.66 119.70 Td (a ) Tj ET Q q 0 0 0 rg BT 488.27 119.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 517.04 119.70 Td (percentage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.49 107.10 Td (total ) Tj ET Q q 0 0 0 rg BT 98.78 107.10 Td (average ) Tj ET Q q 0 0 0 rg BT 133.47 107.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 160.59 107.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.46 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.92 107.10 Td (year ) Tj ET Q q 0 0 0 rg BT 211.61 107.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.30 107.10 Td (March ) Tj ET Q q 0 0 0 rg BT 269.33 107.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.08 107.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 311.33 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 322.71 107.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 366.73 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.52 107.10 Td (March ) Tj ET Q q 0 0 0 rg BT 407.55 107.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 423.30 107.10 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 81.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 81.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.51 81.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.07 81.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 161.47 81.90 Td (for ) Tj ET Q q 0 0 0 rg BT 176.30 81.90 Td (the ) Tj ET Q q 0 0 0 rg BT 191.71 81.90 Td (year ) Tj ET Q q 0 0 0 rg BT 212.35 81.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.00 81.90 Td (March ) Tj ET Q q 0 0 0 rg BT 269.99 81.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.69 81.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 311.90 81.90 Td (were ) Tj ET Q q 0 0 0 rg BT 334.88 81.90 Td ($2.82 ) Tj ET Q q 0 0 0 rg BT 361.09 81.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 393.71 81.90 Td (an ) Tj ET Q q 0 0 0 rg BT 406.20 81.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 443.17 81.90 Td (of ) Tj ET Q q 0 0 0 rg BT 454.50 81.90 Td (3% ) Tj ET Q q 0 0 0 rg BT 471.08 81.90 Td (from ) Tj ET Q q 0 0 0 rg BT 494.07 81.90 Td ($2.74 ) Tj ET Q q 0 0 0 rg BT 520.27 81.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 550.27 81.90 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 69.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 69.30 Td (year ) Tj ET Q q 0 0 0 rg BT 84.87 69.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 112.18 69.30 Td (March ) Tj ET Q q 0 0 0 rg BT 141.82 69.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 157.18 69.30 Td (2014. ) Tj ET Q q 0 0 0 rg BT 183.04 69.30 Td ( ) Tj ET Q q 0 0 0 rg BT 185.12 69.30 Td (This ) Tj ET Q q 0 0 0 rg BT 206.02 69.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 242.65 69.30 Td (was ) Tj ET Q q 0 0 0 rg BT 261.22 69.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 302.53 69.30 Td (due ) Tj ET Q q 0 0 0 rg BT 319.93 69.30 Td (to ) Tj ET Q q 0 0 0 rg BT 330.33 69.30 Td (the ) Tj ET Q q 0 0 0 rg BT 345.40 69.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 376.21 69.30 Td (of ) Tj ET Q q 0 0 0 rg BT 387.19 69.30 Td (a ) Tj ET Q q 0 0 0 rg BT 394.09 69.30 Td (6% ) Tj ET Q q 0 0 0 rg BT 410.32 69.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 446.95 69.30 Td (in ) Tj ET Q q 0 0 0 rg BT 457.36 69.30 Td (average ) Tj ET Q q 0 0 0 rg BT 492.23 69.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 535.38 69.30 Td (AUM, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 56.70 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 56.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 76.10 56.70 Td (in ) Tj ET Q q 0 0 0 rg BT 87.15 56.70 Td (part ) Tj ET Q q 0 0 0 rg BT 106.36 56.70 Td (by ) Tj ET Q q 0 0 0 rg BT 119.74 56.70 Td (a ) Tj ET Q q 0 0 0 rg BT 127.29 56.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 166.30 56.70 Td (in ) Tj ET Q q 0 0 0 rg BT 177.35 56.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 233.29 56.70 Td (fees. ) Tj ET Q q 0 0 0 rg BT 255.70 56.70 Td ( ) Tj ET Q q 0 0 0 rg BT 257.95 56.70 Td (Although ) Tj ET Q q 0 0 0 rg BT 300.50 56.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 328.99 56.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 356.37 56.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 403.00 56.70 Td (a ) Tj ET Q q 0 0 0 rg BT 410.54 56.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 440.25 56.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 488.60 56.70 Td (of ) Tj ET Q q 0 0 0 rg BT 500.23 56.70 Td (our ) Tj ET Q q 0 0 0 rg BT 517.11 56.70 Td (total ) Tj ET Q q 0 0 0 rg BT 538.02 56.70 Td (AUM ) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.28 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 73.05 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 103.49 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.64 741.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 146.30 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 158.08 741.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 202.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 213.70 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 244.14 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.29 741.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 286.95 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 303.97 741.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 346.66 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 382.91 741.75 Td (yield, ) Tj ET Q q 0 0 0 rg BT 409.57 741.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 454.00 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 510.08 741.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 532.64 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 552.00 741.75 Td (39 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.29 729.15 Td (points ) Tj ET Q q 0 0 0 rg BT 101.75 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 112.70 729.15 Td (each ) Tj ET Q q 0 0 0 rg BT 134.72 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 146.26 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 161.87 729.15 Td (years ) Tj ET Q q 0 0 0 rg BT 186.81 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 214.67 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 244.86 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.78 729.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 284.56 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 302.51 729.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 328.93 729.15 Td (due ) Tj ET Q q 0 0 0 rg BT 346.87 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 357.83 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 365.28 729.15 Td (slightly ) Tj ET Q q 0 0 0 rg BT 399.57 729.15 Td (less ) Tj ET Q q 0 0 0 rg BT 418.11 729.15 Td (favorable ) Tj ET Q q 0 0 0 rg BT 460.54 729.15 Td (product ) Tj ET Q q 0 0 0 rg BT 495.40 729.15 Td (mix, ) Tj ET Q q 0 0 0 rg BT 517.15 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 538.61 729.15 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (yielding ) Tj ET Q q 0 0 0 rg BT 85.89 716.55 Td (products ) Tj ET Q q 0 0 0 rg BT 124.04 716.55 Td (comprising ) Tj ET Q q 0 0 0 rg BT 173.26 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 179.90 716.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 208.71 716.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 256.16 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 266.88 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 282.86 716.55 Td (total ) Tj ET Q q 0 0 0 rg BT 303.50 716.55 Td (average ) Tj ET Q q 0 0 0 rg BT 337.69 716.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 364.17 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 378.39 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 393.20 716.55 Td (year ) Tj ET Q q 0 0 0 rg BT 413.25 716.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 440.30 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 469.69 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.79 716.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 510.40 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.12 716.55 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 703.95 Td (year ) Tj ET Q q 0 0 0 rg BT 96.44 703.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 124.13 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 154.16 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 169.91 703.95 Td (2014. ) Tj ET Q q 0 0 0 rg BT 196.16 703.95 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 678.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 678.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 678.75 Td (Separate ) Tj ET Q q 0 0 0 rg BT 226.92 678.75 Td (Accounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (For ) Tj ET Q q 0 0 0 rg BT 67.59 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 83.93 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 105.50 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 134.08 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 164.98 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.62 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 208.75 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 258.33 666.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 298.00 666.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 318.40 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 342.32 666.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 380.22 666.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 420.46 666.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 463.61 666.15 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 485.49 666.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 521.96 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 533.63 666.15 Td ($826.1 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.45 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 95.18 653.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 138.56 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 148.71 653.55 Td ($824.2 ) Tj ET Q q 0 0 0 rg BT 179.57 653.55 Td (million ) Tj ET Q q 0 0 0 rg BT 211.90 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 226.13 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 240.94 653.55 Td (year ) Tj ET Q q 0 0 0 rg BT 260.99 653.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 288.05 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 317.44 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 332.55 653.55 Td (2015. ) Tj ET Q q 0 0 0 rg BT 358.16 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 360.15 653.55 Td (Of ) Tj ET Q q 0 0 0 rg BT 373.21 653.55 Td (this ) Tj ET Q q 0 0 0 rg BT 390.37 653.55 Td (increase, ) Tj ET Q q 0 0 0 rg BT 429.37 653.55 Td ($1) Tj ET Q q 0 0 0 rg BT 439.48 653.55 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 454.59 653.55 Td (million ) Tj ET Q q 0 0 0 rg BT 486.91 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 505.23 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 522.38 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 532.53 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 534.51 653.55 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.25 640.95 Td (after ) Tj ET Q q 0 0 0 rg BT 131.10 640.95 Td (it ) Tj ET Q q 0 0 0 rg BT 139.55 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 158.50 640.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 197.26 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 208.04 640.95 Td (October ) Tj ET Q q 0 0 0 rg BT 244.48 640.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 270.72 640.95 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 291.71 640.95 Td (million ) Tj ET Q q 0 0 0 rg BT 324.66 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 343.61 640.95 Td (due ) Tj ET Q q 0 0 0 rg BT 361.39 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 372.17 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 379.45 640.95 Td (full ) Tj ET Q q 0 0 0 rg BT 396.65 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 417.33 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 428.69 640.95 Td (results ) Tj ET Q q 0 0 0 rg BT 458.72 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 473.58 640.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 504.78 640.95 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 536.84 640.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 68.83 628.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 107.98 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 119.15 628.35 Td (October ) Tj ET Q q 0 0 0 rg BT 155.97 628.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 182.60 628.35 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 203.97 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 237.31 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 256.65 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 272.48 628.35 Td (result ) Tj ET Q q 0 0 0 rg BT 298.81 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 310.55 628.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 340.38 628.35 Td (average ) Tj ET Q q 0 0 0 rg BT 376.02 628.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.27 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.77 628.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 473.67 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 487.17 628.35 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 544.12 628.35 Td ($6.9 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 83.00 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 102.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.50 615.75 Td (result ) Tj ET Q q 0 0 0 rg BT 144.99 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 156.91 615.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 186.90 615.75 Td (average ) Tj ET Q q 0 0 0 rg BT 222.70 615.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 247.45 615.75 Td (income ) Tj ET Q q 0 0 0 rg BT 281.52 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 309.18 615.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 350.25 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 363.92 615.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 418.41 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.73 615.75 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 458.28 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 491.78 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 511.28 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 527.27 615.75 Td (result ) Tj ET Q q 0 0 0 rg BT 553.77 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 78.98 603.15 Td (average ) Tj ET Q q 0 0 0 rg BT 114.27 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.42 603.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 181.97 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 195.12 603.15 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 230.14 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 232.60 603.15 Td (These ) Tj ET Q q 0 0 0 rg BT 260.32 603.15 Td (increases ) Tj ET Q q 0 0 0 rg BT 301.46 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 324.51 603.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 380.24 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 388.80 603.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 406.61 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 419.76 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 427.08 603.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 465.86 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 477.26 603.15 Td ($27.7 ) Tj ET Q q 0 0 0 rg BT 503.54 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 536.53 603.15 Td (due ) Tj ET Q q 0 0 0 rg BT 554.34 603.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.78 590.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 83.55 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 94.75 590.55 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 123.45 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 134.06 590.55 Td (November ) Tj ET Q q 0 0 0 rg BT 180.83 590.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 204.28 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 221.89 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 229.00 590.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 267.59 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.78 590.55 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 299.61 590.55 Td (million ) Tj ET Q q 0 0 0 rg BT 332.39 590.55 Td (due ) Tj ET Q q 0 0 0 rg BT 350.00 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 360.62 590.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 386.98 590.55 Td (averaged ) Tj ET Q q 0 0 0 rg BT 427.31 590.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 451.34 590.55 Td (income ) Tj ET Q q 0 0 0 rg BT 484.69 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.64 590.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 551.99 590.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 577.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 85.69 577.95 Td (Asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.30 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.34 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 104.62 552.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.91 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 163.52 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.86 552.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 206.70 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.99 552.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 295.37 552.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 315.48 552.75 Td (from ) Tj ET Q q 0 0 0 rg BT 339.11 552.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 376.72 552.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 416.66 552.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 459.52 552.75 Td ($46.8 ) Tj ET Q q 0 0 0 rg BT 486.36 552.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 522.54 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 534.50 552.75 Td (6%, ) Tj ET Q q 0 0 0 rg BT 554.33 552.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td ($824.2 ) Tj ET Q q 0 0 0 rg BT 81.22 540.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 117.03 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 128.62 540.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 172.86 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.87 540.15 Td ($777.4 ) Tj ET Q q 0 0 0 rg BT 215.59 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 248.77 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 263.86 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 279.53 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 300.44 540.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 328.36 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 358.61 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 374.58 540.15 Td (2014. ) Tj ET Q q 0 0 0 rg BT 401.04 540.15 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.89 540.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 417.15 540.15 Td (this ) Tj ET Q q 0 0 0 rg BT 434.31 540.15 Td (increase, ) Tj ET Q q 0 0 0 rg BT 472.27 540.15 Td ($34.7 ) Tj ET Q q 0 0 0 rg BT 497.48 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 529.08 540.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.34 540.15 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 61.33 527.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 91.81 527.55 Td (average ) Tj ET Q q 0 0 0 rg BT 128.11 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 158.02 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 186.18 527.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 227.74 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 241.90 527.55 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 299.50 527.55 Td ($29.5 ) Tj ET Q q 0 0 0 rg BT 326.79 527.55 Td (million ) Tj ET Q q 0 0 0 rg BT 360.79 527.55 Td (was ) Tj ET Q q 0 0 0 rg BT 380.78 527.55 Td (due ) Tj ET Q q 0 0 0 rg BT 399.60 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 411.43 527.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 441.91 527.55 Td (average ) Tj ET Q q 0 0 0 rg BT 478.21 527.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 503.45 527.55 Td (income ) Tj ET Q q 0 0 0 rg BT 538.01 527.55 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.28 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 103.46 514.95 Td (W) Tj ET Q q 0 0 0 rg BT 112.53 514.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 139.85 514.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 166.07 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 184.12 514.95 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 240.95 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 258.99 514.95 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 285.50 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 318.73 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 337.94 514.95 Td (due ) Tj ET Q q 0 0 0 rg BT 355.99 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 367.04 514.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 398.51 514.95 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 430.84 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 459.39 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 478.60 514.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 517.63 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 528.69 514.95 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.61 502.35 Td (including ) Tj ET Q q 0 0 0 rg BT 119.76 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 133.16 502.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 171.04 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 182.69 502.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 223.49 502.35 Td (related ) Tj ET Q q 0 0 0 rg BT 255.54 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 267.20 502.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 299.26 502.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 328.80 502.35 Td (Australia ) Tj ET Q q 0 0 0 rg BT 370.78 502.35 Td (\("MC ) Tj ET Q q 0 0 0 rg BT 397.62 502.35 Td (Australia"\), ) Tj ET Q q 0 0 0 rg BT 450.00 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 479.15 502.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 517.63 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 535.11 502.35 Td (legacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 96.39 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 119.96 489.75 Td (manager) Tj ET Q q 0 0 0 rg BT 155.52 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 161.30 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 164.23 489.75 Td (These ) Tj ET Q q 0 0 0 rg BT 192.45 489.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 234.09 489.75 Td (were ) Tj ET Q q 0 0 0 rg BT 257.64 489.75 Td (of) Tj ET Q q 0 0 0 rg BT 266.20 489.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 284.51 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.83 489.75 Td (part ) Tj ET Q q 0 0 0 rg BT 315.31 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 328.96 489.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 392.77 489.75 Td ($25 ) Tj ET Q q 0 0 0 rg BT 411.67 489.75 Td (million ) Tj ET Q q 0 0 0 rg BT 445.16 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.06 489.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 497.53 489.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.83 489.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.88 477.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 114.94 477.15 Td (client ) Tj ET Q q 0 0 0 rg BT 140.07 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.38 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 193.86 477.15 Td (were ) Tj ET Q q 0 0 0 rg BT 216.07 477.15 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 265.70 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 287.52 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 313.83 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 323.41 477.15 Td (AUA) Tj ET Q q 0 0 0 rg BT 345.58 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 347.40 477.15 Td (during ) Tj ET Q q 0 0 0 rg BT 376.62 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.26 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 411.14 477.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 438.03 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 467.24 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.18 477.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 507.62 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 518.18 477.15 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (discussed. ) Tj ET Q q 0 0 0 rg BT 94.67 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.79 464.55 Td (These ) Tj ET Q q 0 0 0 rg BT 124.16 464.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 163.77 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 178.88 464.55 Td (now ) Tj ET Q q 0 0 0 rg BT 199.25 464.55 Td (included ) Tj ET Q q 0 0 0 rg BT 237.70 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 248.16 464.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 301.21 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 318.66 464.55 Td (service ) Tj ET Q q 0 0 0 rg BT 350.69 464.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 369.89 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 384.42 464.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 409.45 464.55 Td (2015. ) Tj ET Q q 0 0 0 rg BT 435.37 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 437.50 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 456.12 464.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 496.89 464.55 Td (were ) Tj ET Q q 0 0 0 rg BT 519.58 464.55 Td (also ) Tj ET Q q 0 0 0 rg BT 538.79 464.55 Td (of) Tj ET Q q 0 0 0 rg BT 547.35 464.55 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 451.95 Td (part ) Tj ET Q q 0 0 0 rg BT 79.24 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 92.37 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 99.65 451.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 138.41 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.79 451.95 Td ($15.8 ) Tj ET Q q 0 0 0 rg BT 176.04 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 209.00 451.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 248.37 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 271.40 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 286.86 451.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 305.81 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 317.18 451.95 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 346.06 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 356.85 451.95 Td (November ) Tj ET Q q 0 0 0 rg BT 403.79 451.95 Td (2014.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 426.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 426.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 426.75 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.45 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.65 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 102.08 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.52 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 159.29 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.79 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 200.78 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.22 414.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 287.75 414.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 307.02 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 329.80 414.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 355.50 414.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 399.25 414.15 Td ($135.5 ) Tj ET Q q 0 0 0 rg BT 430.50 414.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 465.83 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 476.94 414.15 Td (9%, ) Tj ET Q q 0 0 0 rg BT 495.93 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 506.46 414.15 Td ($1.41 ) Tj ET Q q 0 0 0 rg BT 532.46 414.15 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 60.56 401.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 104.27 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 114.75 401.55 Td ($1.54 ) Tj ET Q q 0 0 0 rg BT 140.69 401.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 170.42 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 184.97 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 200.11 401.55 Td (year ) Tj ET Q q 0 0 0 rg BT 220.49 401.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.88 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 277.60 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.03 401.55 Td (2015. ) Tj ET Q q 0 0 0 rg BT 318.97 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 321.28 401.55 Td (Of ) Tj ET Q q 0 0 0 rg BT 334.67 401.55 Td (this ) Tj ET Q q 0 0 0 rg BT 352.16 401.55 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 393.23 401.55 Td ($104.9 ) Tj ET Q q 0 0 0 rg BT 424.42 401.55 Td (million ) Tj ET Q q 0 0 0 rg BT 457.07 401.55 Td (was ) Tj ET Q q 0 0 0 rg BT 475.71 401.55 Td (due ) Tj ET Q q 0 0 0 rg BT 493.19 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 503.67 401.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.89 401.55 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.97 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 104.69 388.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 144.82 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 157.54 388.95 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 189.22 388.95 Td ($43.9 ) Tj ET Q q 0 0 0 rg BT 215.07 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 247.63 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 266.19 388.95 Td (due ) Tj ET Q q 0 0 0 rg BT 283.57 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 293.96 388.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 320.10 388.95 Td (average ) Tj ET Q q 0 0 0 rg BT 354.96 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 381.68 388.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 421.81 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 434.53 388.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 466.50 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.89 388.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 546.76 388.95 Td ($28 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (million ) Tj ET Q q 0 0 0 rg BT 81.66 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 99.81 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 130.19 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 140.18 376.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.32 376.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 209.43 376.35 Td (due ) Tj ET Q q 0 0 0 rg BT 226.41 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 236.40 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 242.88 376.35 Td (change ) Tj ET Q q 0 0 0 rg BT 274.43 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 284.42 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 299.07 376.35 Td (distributor ) Tj ET Q q 0 0 0 rg BT 344.64 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 358.71 376.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 389.09 376.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 414.25 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 424.23 376.35 Td (May ) Tj ET Q q 0 0 0 rg BT 445.30 376.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 470.75 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 485.39 376.35 Td (no ) Tj ET Q q 0 0 0 rg BT 497.71 376.35 Td (longer ) Tj ET Q q 0 0 0 rg BT 526.36 376.35 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 363.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 98.61 363.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 113.81 363.75 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 152.06 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 154.45 363.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 197.66 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 228.61 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.17 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 263.13 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 288.85 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 298.25 363.75 Td (included ) Tj ET Q q 0 0 0 rg BT 336.79 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 347.35 363.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 400.49 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 418.04 363.75 Td (service ) Tj ET Q q 0 0 0 rg BT 450.16 363.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 469.46 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 484.09 363.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 509.22 363.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 535.23 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 537.45 363.75 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (decreases ) Tj ET Q q 0 0 0 rg BT 91.95 351.15 Td (were ) Tj ET Q q 0 0 0 rg BT 114.57 351.15 Td (of) Tj ET Q q 0 0 0 rg BT 123.13 351.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 140.52 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 150.91 351.15 Td (part ) Tj ET Q q 0 0 0 rg BT 169.46 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 182.18 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 194.32 351.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 230.94 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 241.91 351.15 Td ($28.8 ) Tj ET Q q 0 0 0 rg BT 267.76 351.15 Td (million ) Tj ET Q q 0 0 0 rg BT 300.32 351.15 Td (due ) Tj ET Q q 0 0 0 rg BT 317.71 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 328.10 351.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 357.15 351.15 Td (average ) Tj ET Q q 0 0 0 rg BT 392.02 351.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 415.81 351.15 Td (income ) Tj ET Q q 0 0 0 rg BT 448.95 351.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.67 351.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 515.79 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 528.36 351.15 Td (W) Tj ET Q q 0 0 0 rg BT 537.43 351.15 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 76.06 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 94.44 338.55 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 148.98 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 167.37 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 175.25 338.55 Td (net ) Tj ET Q q 0 0 0 rg BT 191.30 338.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 228.91 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 240.88 338.55 Td ($18.3 ) Tj ET Q q 0 0 0 rg BT 267.73 338.55 Td (million ) Tj ET Q q 0 0 0 rg BT 301.29 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 312.68 338.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 332.81 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 356.44 338.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 395.25 338.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 425.59 338.55 Td (lar) Tj ET Q q 0 0 0 rg BT 436.48 338.55 Td (gely ) Tj ET Q q 0 0 0 rg BT 457.78 338.55 Td (due ) Tj ET Q q 0 0 0 rg BT 476.16 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 487.55 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 495.43 338.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 538.31 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 549.70 338.55 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (waivers ) Tj ET Q q 0 0 0 rg BT 84.78 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 97.90 325.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 136.12 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.08 325.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 202.60 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 215.54 325.95 Td (W) Tj ET Q q 0 0 0 rg BT 224.60 325.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 251.72 325.95 Td (Asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.82 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.39 300.75 Td (year ) Tj ET Q q 0 0 0 rg BT 103.19 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.00 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 161.13 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.00 300.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.36 300.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.17 300.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 291.06 300.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 310.70 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 333.85 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 359.92 300.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 402.30 300.75 Td ($43.2 ) Tj ET Q q 0 0 0 rg BT 428.66 300.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.36 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 475.84 300.75 Td (3%, ) Tj ET Q q 0 0 0 rg BT 495.19 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 506.10 300.75 Td ($1.54 ) Tj ET Q q 0 0 0 rg BT 532.46 300.75 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.74 288.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 104.64 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 115.30 288.15 Td ($1.50 ) Tj ET Q q 0 0 0 rg BT 141.42 288.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 171.34 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 186.08 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.41 288.15 Td (year ) Tj ET Q q 0 0 0 rg BT 221.97 288.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 249.54 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 279.44 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 295.06 288.15 Td (2014. ) Tj ET Q q 0 0 0 rg BT 321.19 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 323.68 288.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 337.26 288.15 Td (this ) Tj ET Q q 0 0 0 rg BT 354.93 288.15 Td (increase, ) Tj ET Q q 0 0 0 rg BT 394.44 288.15 Td ($80.1 ) Tj ET Q q 0 0 0 rg BT 420.56 288.15 Td (million ) Tj ET Q q 0 0 0 rg BT 453.40 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 472.23 288.15 Td (due ) Tj ET Q q 0 0 0 rg BT 489.88 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 500.55 288.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 529.87 288.15 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.52 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 103.79 275.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 143.46 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 155.73 275.55 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 211.45 275.55 Td ($30.5 ) Tj ET Q q 0 0 0 rg BT 236.84 275.55 Td (million ) Tj ET Q q 0 0 0 rg BT 268.95 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 287.06 275.55 Td (due ) Tj ET Q q 0 0 0 rg BT 303.99 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 313.93 275.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 342.53 275.55 Td (average ) Tj ET Q q 0 0 0 rg BT 376.94 275.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 400.29 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 432.96 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 459.24 275.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 498.91 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 511.18 275.55 Td (Brandywine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 262.95 Td (W) Tj ET Q q 0 0 0 rg BT 75.73 262.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 102.48 262.95 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 130.59 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 147.91 262.95 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 173.69 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 206.18 262.95 Td (was ) Tj ET Q q 0 0 0 rg BT 224.67 262.95 Td (due ) Tj ET Q q 0 0 0 rg BT 241.98 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 252.30 262.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 283.04 262.95 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 314.64 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 342.46 262.95 Td (was ) Tj ET Q q 0 0 0 rg BT 360.94 262.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 399.24 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 409.57 262.95 Td (October ) Tj ET Q q 0 0 0 rg BT 445.54 262.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 471.32 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 513.14 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 528.12 262.95 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.85 250.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 99.34 250.35 Td (related ) Tj ET Q q 0 0 0 rg BT 130.08 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 140.43 250.35 Td (MC ) Tj ET Q q 0 0 0 rg BT 158.47 250.35 Td (Australia. ) Tj ET Q q 0 0 0 rg BT 201.76 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 203.78 250.35 Td (These ) Tj ET Q q 0 0 0 rg BT 231.03 250.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 271.69 250.35 Td (were ) Tj ET Q q 0 0 0 rg BT 294.27 250.35 Td (of) Tj ET Q q 0 0 0 rg BT 302.83 250.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 320.17 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 330.52 250.35 Td (part ) Tj ET Q q 0 0 0 rg BT 349.02 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 361.70 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 368.54 250.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 406.86 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 417.78 250.35 Td ($40.5 ) Tj ET Q q 0 0 0 rg BT 443.59 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 476.10 250.35 Td (due ) Tj ET Q q 0 0 0 rg BT 493.44 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 503.79 250.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.88 250.35 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.90 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.56 237.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 147.61 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 161.27 237.75 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 193.87 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 201.69 237.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 240.98 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.88 237.75 Td ($33.8 ) Tj ET Q q 0 0 0 rg BT 279.66 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 313.16 237.75 Td (due ) Tj ET Q q 0 0 0 rg BT 331.47 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.80 237.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 369.86 237.75 Td (average ) Tj ET Q q 0 0 0 rg BT 405.65 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.31 237.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 474.36 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 488.02 237.75 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 523.54 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 541.86 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 549.68 237.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 88.26 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 99.63 225.15 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 120.63 225.15 Td (million ) Tj ET Q q 0 0 0 rg BT 153.60 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 164.39 225.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.92 225.15 Td (from ) Tj ET Q q 0 0 0 rg BT 206.95 225.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 245.17 225.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 274.91 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 292.70 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 303.49 225.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 318.93 225.15 Td (waivers ) Tj ET Q q 0 0 0 rg BT 354.21 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 367.34 225.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 405.55 225.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.51 225.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 472.03 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 484.97 225.15 Td (W) Tj ET Q q 0 0 0 rg BT 494.04 225.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 521.16 225.15 Td (Asset.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 199.95 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 199.95 Td (Performance ) Tj ET Q q 0 0 0 rg BT 199.31 199.95 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Of ) Tj ET Q q 0 0 0 rg BT 62.82 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 79.06 187.35 Td (total ) Tj ET Q q 0 0 0 rg BT 99.47 187.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 126.21 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 137.20 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 148.19 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 177.83 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 193.20 187.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 219.06 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 244.93 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 262.33 187.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 288.19 187.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 351.08 187.35 Td (7%, ) Tj ET Q q 0 0 0 rg BT 369.95 187.35 Td (7%, ) Tj ET Q q 0 0 0 rg BT 388.81 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 406.21 187.35 Td (6% ) Tj ET Q q 0 0 0 rg BT 422.45 187.35 Td (was ) Tj ET Q q 0 0 0 rg BT 441.02 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 451.43 187.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 490.40 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 508.39 187.35 Td (were ) Tj ET Q q 0 0 0 rg BT 531.03 187.35 Td (eligible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.41 174.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 79.22 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 134.01 174.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 155.28 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 157.02 174.75 Td (For ) Tj ET Q q 0 0 0 rg BT 173.35 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 207.73 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 234.54 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 263.69 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.56 174.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 303.92 174.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 352.32 174.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 390.22 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 445.02 174.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 463.66 174.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 506.79 174.75 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 532.16 174.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.62 162.15 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 87.19 162.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 123.10 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 134.80 162.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 179.14 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 190.26 162.15 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 216.83 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 250.12 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 265.31 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 281.09 162.15 Td (year ) Tj ET Q q 0 0 0 rg BT 302.11 162.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 330.13 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 360.48 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.56 162.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 403.13 162.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 445.15 162.15 Td (due ) Tj ET Q q 0 0 0 rg BT 463.26 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 474.38 162.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 501.24 162.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 521.09 162.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.02 162.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.62 149.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 117.15 149.55 Td (at ) Tj ET Q q 0 0 0 rg BT 127.35 149.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 159.72 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 177.50 149.55 Td (Brandywine. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.46 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.65 124.35 Td (year ) Tj ET Q q 0 0 0 rg BT 105.09 124.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.53 124.35 Td (March ) Tj ET Q q 0 0 0 rg BT 164.30 124.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.79 124.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 207.79 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 257.23 124.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 296.76 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.18 124.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 373.46 124.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 418.21 124.35 Td ($23.6 ) Tj ET Q q 0 0 0 rg BT 445.20 124.35 Td (million ) Tj ET Q q 0 0 0 rg BT 478.91 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 490.45 124.35 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 517.44 124.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.77 124.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.91 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 105.08 111.75 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 136.97 111.75 Td (million ) Tj ET Q q 0 0 0 rg BT 170.31 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 185.57 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.41 111.75 Td (year ) Tj ET Q q 0 0 0 rg BT 222.48 111.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 250.56 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 280.98 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 297.11 111.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 323.75 111.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 365.83 111.75 Td (due ) Tj ET Q q 0 0 0 rg BT 384.00 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 395.18 111.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 422.10 111.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 442.01 111.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 473.00 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 486.51 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 514.02 111.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 554.93 111.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 84.49 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 93.05 99.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 110.84 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 121.63 99.15 Td (part ) Tj ET Q q 0 0 0 rg BT 140.58 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 153.70 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 166.24 99.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 203.26 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 214.05 99.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 233.58 99.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 264.18 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 277.31 99.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.43 99.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 344.95 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 355.16 99.15 Td (Brandywine. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 73.95 Td (Service ) Tj ET Q q 0 0 0 rg BT 157.72 73.95 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.53 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.80 61.35 Td (year ) Tj ET Q q 0 0 0 rg BT 105.31 61.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.82 61.35 Td (March ) Tj ET Q q 0 0 0 rg BT 164.67 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.23 61.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 208.30 61.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 262.49 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 281.09 61.35 Td (service ) Tj ET Q q 0 0 0 rg BT 314.27 61.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.61 61.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 377.70 61.35 Td ($20.3 ) Tj ET Q q 0 0 0 rg BT 404.77 61.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 441.17 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 453.36 61.35 Td (6%, ) Tj ET Q q 0 0 0 rg BT 473.42 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 485.03 61.35 Td ($381.5 ) Tj ET Q q 0 0 0 rg BT 517.35 61.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.75 61.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.83 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 102.92 48.75 Td ($361.2 ) Tj ET Q q 0 0 0 rg BT 133.73 48.75 Td (million ) Tj ET Q q 0 0 0 rg BT 166.00 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 180.17 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.93 48.75 Td (year ) Tj ET Q q 0 0 0 rg BT 214.93 48.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.93 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 271.26 48.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.32 48.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 311.87 48.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 352.88 48.75 Td (as ) Tj ET Q q 0 0 0 rg BT 363.55 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 370.14 48.75 Td (result ) Tj ET Q q 0 0 0 rg BT 395.40 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.08 48.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 468.66 48.75 Td ($29 ) Tj ET Q q 0 0 0 rg BT 486.34 48.75 Td (million ) Tj ET Q q 0 0 0 rg BT 518.61 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.28 48.75 Td (revenue ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (47) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 77.66 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 87.16 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 125.81 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 136.47 741.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 189.72 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 207.38 741.75 Td (service ) Tj ET Q q 0 0 0 rg BT 239.60 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 259.00 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 269.67 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 294.90 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 321.02 741.75 Td (due ) Tj ET Q q 0 0 0 rg BT 338.68 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 349.34 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 356.50 741.75 Td (change ) Tj ET Q q 0 0 0 rg BT 388.73 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 399.39 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.71 741.75 Td (distributor ) Tj ET Q q 0 0 0 rg BT 460.96 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 475.70 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 506.76 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 532.58 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 543.25 741.75 Td (May ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 76.10 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 79.07 729.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 122.86 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 154.40 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 165.53 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 190.08 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 216.38 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 239.76 729.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 287.06 729.15 Td (included ) Tj ET Q q 0 0 0 rg BT 326.18 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 337.32 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 386.95 729.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 426.08 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 445.96 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 469.34 729.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 498.27 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 500.58 729.15 Td (An ) Tj ET Q q 0 0 0 rg BT 516.39 729.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 553.75 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td ($1) Tj ET Q q 0 0 0 rg BT 59.61 716.55 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 75.41 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 108.42 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 119.25 716.55 Td (advisement ) Tj ET Q q 0 0 0 rg BT 169.75 716.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 189.32 716.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 235.14 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 256.48 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 272.56 716.55 Td (AUA) Tj ET Q q 0 0 0 rg BT 294.73 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 297.40 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 316.99 716.55 Td (contributed ) Tj ET Q q 0 0 0 rg BT 367.48 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 378.32 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 393.82 716.55 Td (increase. ) Tj ET Q q 0 0 0 rg BT 433.51 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 435.99 716.55 Td (These ) Tj ET Q q 0 0 0 rg BT 463.73 716.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 504.88 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 527.95 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 536.51 716.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 554.34 716.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (part ) Tj ET Q q 0 0 0 rg BT 68.45 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 81.57 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 88.86 703.95 Td (decline ) Tj ET Q q 0 0 0 rg BT 121.80 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 132.59 703.95 Td (average ) Tj ET Q q 0 0 0 rg BT 167.86 703.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 199.65 703.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 220.94 703.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 248.07 703.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 280.43 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 291.23 703.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 342.27 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 360.06 703.95 Td (service ) Tj ET Q q 0 0 0 rg BT 392.42 703.95 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.53 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.80 678.75 Td (year ) Tj ET Q q 0 0 0 rg BT 105.31 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.82 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 164.67 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.23 678.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 208.30 678.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 262.49 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.09 678.75 Td (service ) Tj ET Q q 0 0 0 rg BT 314.27 678.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.61 678.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 377.70 678.75 Td ($13.6 ) Tj ET Q q 0 0 0 rg BT 404.77 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 441.17 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 453.36 678.75 Td (4%, ) Tj ET Q q 0 0 0 rg BT 473.42 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 485.03 678.75 Td ($361.2 ) Tj ET Q q 0 0 0 rg BT 517.35 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.75 678.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.62 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 102.51 666.15 Td ($347.6 ) Tj ET Q q 0 0 0 rg BT 133.11 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 165.18 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 179.14 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 193.70 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 213.49 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.29 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 269.42 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 284.27 666.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 309.62 666.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 350.42 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 360.89 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 367.27 666.15 Td (result ) Tj ET Q q 0 0 0 rg BT 392.33 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 666.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 465.17 666.15 Td ($25 ) Tj ET Q q 0 0 0 rg BT 482.65 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 514.71 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.18 666.15 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 80.16 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 90.43 653.55 Td (client ) Tj ET Q q 0 0 0 rg BT 115.85 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 142.45 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 160.30 653.55 Td (were ) Tj ET Q q 0 0 0 rg BT 182.80 653.55 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 232.71 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 254.75 653.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.36 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 291.16 653.55 Td (AUA, ) Tj ET Q q 0 0 0 rg BT 318.63 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 329.48 653.55 Td (well ) Tj ET Q q 0 0 0 rg BT 349.66 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 360.51 653.55 Td (an ) Tj ET Q q 0 0 0 rg BT 372.52 653.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 409.01 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 419.28 653.55 Td (average ) Tj ET Q q 0 0 0 rg BT 454.01 653.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 485.28 653.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 506.16 653.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 532.76 653.55 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.75 640.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 112.26 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 130.51 640.95 Td (service ) Tj ET Q q 0 0 0 rg BT 163.33 640.95 Td (fees. ) Tj ET Q q 0 0 0 rg BT 185.94 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 188.35 640.95 Td (As ) Tj ET Q q 0 0 0 rg BT 203.10 640.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 250.52 640.95 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 296.48 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 312.39 640.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 352.79 640.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 399.03 640.95 Td (with ) Tj ET Q q 0 0 0 rg BT 420.10 640.95 Td (AUA) Tj ET Q q 0 0 0 rg BT 442.27 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 445.36 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 461.27 640.95 Td (included ) Tj ET Q q 0 0 0 rg BT 500.51 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 511.76 640.95 Td (Distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.96 628.35 Td (service ) Tj ET Q q 0 0 0 rg BT 99.00 628.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 118.21 628.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 162.51 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 172.98 628.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 198.02 628.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 223.95 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 226.08 628.35 Td (These ) Tj ET Q q 0 0 0 rg BT 253.46 628.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 294.24 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 316.95 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 325.50 628.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 342.97 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 353.44 628.35 Td (part ) Tj ET Q q 0 0 0 rg BT 372.07 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 384.87 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.00 628.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 430.88 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 441.93 628.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 483.87 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 499.00 628.35 Td (waivers ) Tj ET Q q 0 0 0 rg BT 533.95 628.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 615.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 98.50 615.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 124.46 615.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 164.99 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 177.92 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 186.99 615.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 214.11 615.75 Td (Asset.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 590.55 Td (Expenses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 577.95 Td (components ) Tj ET Q q 0 0 0 rg BT 121.29 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 132.22 577.95 Td (T) Tj ET Q q 0 0 0 rg BT 137.90 577.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.01 577.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.35 577.95 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 242.37 577.95 Td (\(in ) Tj ET Q q 0 0 0 rg BT 256.40 577.95 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.30 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 316.82 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 332.01 577.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 358.86 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 376.38 577.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.21 577.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.39 577.95 Td (between ) Tj ET Q q 0 0 0 rg BT 497.73 577.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.00 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 553.76 577.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 492.85 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 492.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 492.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 492.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 492.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 492.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 492.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 492.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 492.85 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 492.85 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 492.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 492.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 492.85 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 462.85 153.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 462.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 462.85 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 462.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 462.85 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 462.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 462.85 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 462.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 462.85 52.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 462.85 44.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 462.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 462.85 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 462.85 40.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 421.85 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 421.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 421.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 421.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 421.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 421.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 421.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 421.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 421.85 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 421.85 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 421.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 421.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 421.85 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 391.85 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 391.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 391.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 391.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 391.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 391.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 391.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 391.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 391.85 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 391.85 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 391.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 391.85 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 391.85 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.85 153.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 360.85 4.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 360.85 51.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 360.85 4.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 360.85 51.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 360.85 4.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 360.85 51.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 360.85 4.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 360.85 52.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 360.85 44.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 360.85 4.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 360.85 51.00 -68.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 360.85 40.00 -68.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 528.85 m 258 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 528.85 m 262 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 528.85 m 313 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 528.85 m 317 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 528.85 m 368 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 528.85 m 424 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 528.85 m 468 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 528.85 m 523 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 528.85 m 563 528.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 492.85 m 203 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 492.85 m 258 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 492.85 m 313 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 492.85 m 368 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 492.85 m 424 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 492.85 m 468 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 492.85 m 523 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 492.85 m 563 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 492.85 m 258 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 492.85 m 523 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 492.85 m 563 492.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 462.85 m 203 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 462.85 m 313 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 462.85 m 368 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 462.85 m 424 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 462.85 m 258 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 462.85 m 523 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 292.85 m 203 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 292.85 m 258 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 292.85 m 313 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 292.85 m 368 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 292.85 m 424 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 292.85 m 523 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 277.85 m 203 277.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 277.85 m 258 277.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 292.85 m 313 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 277.85 m 313 277.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 292.85 m 368 292.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 277.85 m 368 277.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 277.85 m 424 277.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 277.85 m 523 277.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.65 533.62 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.15 544.14 Td (2016 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 533.64 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.90 544.12 Td (2015 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 533.62 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 221.50 497.64 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.50 497.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.50 497.62 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 508.14 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.95 497.64 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.25 508.14 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.25 497.64 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.35 508.12 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.65 497.62 Td ( Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.10 508.12 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.45 497.62 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 482.62 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 209.50 482.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 222.50 482.64 Td (1,172.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.50 482.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.50 482.62 Td (1,208.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.50 482.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 482.62 Td (1,208.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 482.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 482.64 Td (\(35.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 482.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.75 482.64 Td (\(3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.50 482.64 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 482.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.50 482.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 482.62 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 467.62 Td (Transition-related compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.60 467.64 Td (32.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.60 467.62 Td (24.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.85 467.62 Td (2.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 467.64 Td (7.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 467.64 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 467.62 Td (22.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 467.62 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 452.12 Td (Total Compensation and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 441.62 Td (Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 222.50 441.64 Td (1,204.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.50 441.62 Td (1,232.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 441.62 Td (1,210.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 441.64 Td (\(28.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 441.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.75 441.64 Td (\(2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.50 441.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 441.62 Td (22.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 441.62 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 426.62 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.35 426.64 Td (545.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 426.62 Td (594.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 426.62 Td (619.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 426.64 Td (\(49.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 426.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.75 426.64 Td (\(8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.50 426.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 426.62 Td (\(24.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 426.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 426.62 Td (\(4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 426.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 411.62 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.35 411.64 Td (197.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 411.62 Td (182.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 411.62 Td (157.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 411.64 Td (15.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 411.64 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 411.62 Td (24.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 411.62 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 396.62 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.35 396.64 Td (122.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 396.62 Td (109.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 396.62 Td (115.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 396.64 Td (12.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 396.64 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.35 396.62 Td (\(5.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 396.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 396.62 Td (\(5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 396.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 381.62 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.85 381.64 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.85 381.62 Td (2.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.60 381.62 Td (12.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 381.64 Td (2.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 381.64 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.35 381.62 Td (\(9.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 381.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 381.62 Td (\(79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 381.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 365.62 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.35 365.64 Td (371.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 365.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.50 365.62 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 365.64 Td (371.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.95 365.64 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.50 365.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 365.62 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 350.12 Td (Other, net, including $\(33.4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 339.62 Td (million and $5.0 million of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 329.12 Td (contingent consideration fair) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 318.62 Td (value \(reduction\) increase in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 308.12 Td (fiscal 2016 and 2014,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 297.62 Td (respectively) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.35 297.64 Td (163.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.35 297.62 Td (198.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 297.62 Td (196.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 297.64 Td (\(35.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 297.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.50 297.64 Td (\(18) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.50 297.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.85 297.62 Td (2.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 297.62 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 282.62 Td (Total Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 209.50 282.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 222.50 282.64 Td (2,610.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.50 282.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.50 282.62 Td (2,320.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.50 282.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 282.62 Td (2,310.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 282.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 282.64 Td (289.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 282.64 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 282.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 282.62 Td (10.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 282.62 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 268.75 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 268.75 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 268.75 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 246.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.69 246.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 116.44 246.55 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 157.86 246.55 Td (for ) Tj ET Q q 0 0 0 rg BT 171.86 246.55 Td (the ) Tj ET Q q 0 0 0 rg BT 186.45 246.55 Td (year ) Tj ET Q q 0 0 0 rg BT 206.28 246.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 233.12 246.55 Td (March ) Tj ET Q q 0 0 0 rg BT 262.28 246.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 277.17 246.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 302.56 246.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 343.96 246.55 Td ($289.1 ) Tj ET Q q 0 0 0 rg BT 374.60 246.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 409.32 246.55 Td (or ) Tj ET Q q 0 0 0 rg BT 419.83 246.55 Td (12%, ) Tj ET Q q 0 0 0 rg BT 443.47 246.55 Td (to ) Tj ET Q q 0 0 0 rg BT 453.40 246.55 Td ($2.61 ) Tj ET Q q 0 0 0 rg BT 478.78 246.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 510.59 246.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.10 246.55 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 233.95 Td ($2.32 ) Tj ET Q q 0 0 0 rg BT 86.24 233.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 116.13 233.95 Td (for ) Tj ET Q q 0 0 0 rg BT 130.85 233.95 Td (the ) Tj ET Q q 0 0 0 rg BT 146.15 233.95 Td (year ) Tj ET Q q 0 0 0 rg BT 166.69 233.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 194.24 233.95 Td (March ) Tj ET Q q 0 0 0 rg BT 224.12 233.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.71 233.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 265.81 233.95 Td ( ) Tj ET Q q 0 0 0 rg BT 268.11 233.95 Td (The ) Tj ET Q q 0 0 0 rg BT 286.91 233.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 323.77 233.95 Td (was ) Tj ET Q q 0 0 0 rg BT 342.58 233.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 384.13 233.95 Td (due ) Tj ET Q q 0 0 0 rg BT 401.76 233.95 Td (to ) Tj ET Q q 0 0 0 rg BT 412.40 233.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 456.87 233.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 479.75 233.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 530.63 233.95 Td (char) Tj ET Q q 0 0 0 rg BT 548.51 233.95 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.01 221.35 Td ($371 ) Tj ET Q q 0 0 0 rg BT 84.77 221.35 Td (million ) Tj ET Q q 0 0 0 rg BT 117.87 221.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 157.35 221.35 Td (during ) Tj ET Q q 0 0 0 rg BT 187.53 221.35 Td (the ) Tj ET Q q 0 0 0 rg BT 203.12 221.35 Td (year ) Tj ET Q q 0 0 0 rg BT 223.94 221.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 251.78 221.35 Td (March ) Tj ET Q q 0 0 0 rg BT 281.94 221.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 297.83 221.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 324.21 221.35 Td (as ) Tj ET Q q 0 0 0 rg BT 335.72 221.35 Td (further ) Tj ET Q q 0 0 0 rg BT 367.05 221.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 410.06 221.35 Td (below) Tj ET Q q 0 0 0 rg BT 435.04 221.35 Td (. ) Tj ET Q q 0 0 0 rg BT 440.42 221.35 Td ( ) Tj ET Q q 0 0 0 rg BT 442.98 221.35 Td (T) Tj ET Q q 0 0 0 rg BT 448.67 221.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 467.17 221.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 509.58 221.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 550.25 221.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.26 208.75 Td (year ) Tj ET Q q 0 0 0 rg BT 86.27 208.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.28 208.75 Td (March ) Tj ET Q q 0 0 0 rg BT 144.62 208.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.68 208.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 187.24 208.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 229.24 208.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 271.83 208.75 Td (flat ) Tj ET Q q 0 0 0 rg BT 288.75 208.75 Td (at ) Tj ET Q q 0 0 0 rg BT 299.27 208.75 Td ($2.32 ) Tj ET Q q 0 0 0 rg BT 325.83 208.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 358.81 208.75 Td (as ) Tj ET Q q 0 0 0 rg BT 370.50 208.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 414.83 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 425.93 208.75 Td ($2.31 ) Tj ET Q q 0 0 0 rg BT 452.49 208.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 485.48 208.75 Td (for ) Tj ET Q q 0 0 0 rg BT 500.65 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.42 208.75 Td (year ) Tj ET Q q 0 0 0 rg BT 537.42 208.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 196.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 196.15 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.23 170.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 134.88 170.95 Td (for ) Tj ET Q q 0 0 0 rg BT 149.87 170.95 Td (the ) Tj ET Q q 0 0 0 rg BT 165.45 170.95 Td (years ) Tj ET Q q 0 0 0 rg BT 190.35 170.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 218.17 170.95 Td (March ) Tj ET Q q 0 0 0 rg BT 248.32 170.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 264.19 170.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 290.56 170.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 316.93 170.95 Td (and ) Tj ET Q q 0 0 0 rg BT 334.84 170.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 361.21 170.95 Td (incurred ) Tj ET Q q 0 0 0 rg BT 398.94 170.95 Td (at ) Tj ET Q q 0 0 0 rg BT 409.26 170.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.84 170.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.66 170.95 Td (management ) Tj ET Q q 0 0 0 rg BT 530.06 170.95 Td (af) Tj ET Q q 0 0 0 rg BT 538.02 170.95 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.35 Td (level ) Tj ET Q q 0 0 0 rg BT 72.61 158.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 119.06 158.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 182.42 158.35 Td (70% ) Tj ET Q q 0 0 0 rg BT 204.37 158.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.83 158.35 Td (total ) Tj ET Q q 0 0 0 rg BT 237.20 158.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 279.56 158.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.18 158.35 Td (in ) Tj ET Q q 0 0 0 rg BT 331.05 158.35 Td (each ) Tj ET Q q 0 0 0 rg BT 352.99 158.35 Td (year) Tj ET Q q 0 0 0 rg BT 370.64 158.35 Td (, ) Tj ET Q q 0 0 0 rg BT 375.97 158.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 420.09 158.35 Td (the ) Tj ET Q q 0 0 0 rg BT 435.62 158.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 486.74 158.35 Td (char) Tj ET Q q 0 0 0 rg BT 504.62 158.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 521.32 158.35 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 158.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 84.97 145.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.95 145.75 Td (be ) Tj ET Q q 0 0 0 rg BT 108.68 145.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 151.13 145.75 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 194.48 145.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.09 145.75 Td (The ) Tj ET Q q 0 0 0 rg BT 216.23 145.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 261.62 145.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 304.09 145.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 344.81 145.75 Td (are ) Tj ET Q q 0 0 0 rg BT 360.44 145.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 407.00 145.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.56 145.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 461.02 145.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 487.46 145.75 Td (including ) Tj ET Q q 0 0 0 rg BT 529.94 145.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 553.76 145.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 133.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.12 133.15 Td (global ) Tj ET Q q 0 0 0 rg BT 94.99 133.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 146.04 133.15 Td (operations.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (48) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 114.56 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 133.52 741.90 Td (Benefits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.33 729.30 Td (components ) Tj ET Q q 0 0 0 rg BT 121.58 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.65 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 138.33 729.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.58 729.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 219.75 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 237.42 729.30 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 274.92 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 289.09 729.30 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 332.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.80 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.14 729.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 392.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.80 729.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 457.78 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 494.10 729.30 Td (between ) Tj ET Q q 0 0 0 rg BT 531.59 729.30 Td (periods) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 656.20 174.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 656.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 656.20 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 656.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 656.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 616.20 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 616.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 616.20 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 616.20 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 616.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 586.20 174.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 586.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 586.20 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 586.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 586.20 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 586.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 586.20 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 586.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 586.20 49.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 586.20 47.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 586.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 586.20 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 586.20 45.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 680.2 m 272 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 680.2 m 276 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 680.2 m 320 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 680.2 m 324 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 680.2 m 369 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 680.2 m 422 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 680.2 m 469 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 680.2 m 517 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 680.2 m 562 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.2 m 224 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 656.2 m 272 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 656.2 m 320 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 680.2 m 369 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 656.2 m 369 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 656.2 m 422 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 656.2 m 469 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 656.2 m 517 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 656.2 m 562 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 656.2 m 272 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 656.2 m 320 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 656.2 m 369 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 656.2 m 469 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 550.2 m 224 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 550.2 m 272 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 550.2 m 320 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 550.2 m 369 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 550.2 m 422 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 550.2 m 517 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 536.2 m 224 536.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 550.2 m 272 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 536.2 m 272 536.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 550.2 m 320 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 536.2 m 320 536.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 550.2 m 369 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 536.2 m 369 536.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 536.2 m 422 536.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 536.2 m 517 536.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.65 684.97 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.15 695.49 Td (2016 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 684.99 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.90 695.47 Td (2015 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 684.97 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.00 660.99 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.00 660.97 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.50 660.97 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.35 670.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.45 660.09 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.75 670.59 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.75 660.09 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.85 670.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.45 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 670.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.95 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 646.42 Td (Salaries and incentives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.35 646.59 Td (915.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 646.42 Td (976.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.35 646.42 Td (949.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.10 646.59 Td (\(61.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.00 646.59 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.75 646.59 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.50 646.59 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.60 646.42 Td (27.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 646.42 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 646.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 631.47 Td (Benefits and payroll taxes \(including) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 620.97 Td (deferred compensation\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.35 620.99 Td (232.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 620.97 Td (214.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.35 620.97 Td (214.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.60 620.99 Td (17.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.25 620.99 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.85 620.97 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 620.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 605.97 Td (Transition and severance costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 605.99 Td (36.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.60 605.97 Td (31.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.60 605.97 Td (29.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.85 605.99 Td (4.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.00 605.99 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.85 605.97 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 605.97 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 590.97 Td (Royce management equity plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 590.99 Td (21.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 590.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 590.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.60 590.99 Td (21.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.95 590.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 590.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 590.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 575.97 Td (Gains \(losses\) on deferred) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 565.47 Td (compensation and seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 554.97 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.35 554.99 Td (\(1.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 268.00 554.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.85 554.97 Td (9.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.60 554.97 Td (17.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.10 554.99 Td (\(10.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.00 554.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.95 554.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.35 554.97 Td (\(7.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 554.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 554.97 Td (\(45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 554.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 540.42 Td (Total Compensation and Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.50 540.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.50 540.59 Td (1,204.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.50 540.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.50 540.42 Td (1,232.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.50 540.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 540.42 Td (1,210.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 540.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.10 540.59 Td (\(28.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.00 540.59 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.75 540.59 Td (\(2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.50 540.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 540.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.60 540.42 Td (22.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 540.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 527.10 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 527.10 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 504.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.52 504.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 136.77 504.90 Td (and ) Tj ET Q q 0 0 0 rg BT 154.53 504.90 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 192.11 504.90 Td (for ) Tj ET Q q 0 0 0 rg BT 206.95 504.90 Td (the ) Tj ET Q q 0 0 0 rg BT 222.37 504.90 Td (year ) Tj ET Q q 0 0 0 rg BT 243.02 504.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 270.69 504.90 Td (March ) Tj ET Q q 0 0 0 rg BT 300.68 504.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 316.40 504.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 342.62 504.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 386.60 504.90 Td (2% ) Tj ET Q q 0 0 0 rg BT 403.18 504.90 Td (to ) Tj ET Q q 0 0 0 rg BT 413.94 504.90 Td ($1.20 ) Tj ET Q q 0 0 0 rg BT 440.16 504.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 472.80 504.90 Td (as ) Tj ET Q q 0 0 0 rg BT 484.14 504.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 528.12 504.90 Td (to ) Tj ET Q q 0 0 0 rg BT 538.88 504.90 Td ($1.23 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 78.73 492.30 Td (for ) Tj ET Q q 0 0 0 rg BT 92.78 492.30 Td (the ) Tj ET Q q 0 0 0 rg BT 107.42 492.30 Td (year ) Tj ET Q q 0 0 0 rg BT 127.29 492.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 154.17 492.30 Td (March ) Tj ET Q q 0 0 0 rg BT 183.39 492.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 198.32 492.30 Td (2015; ) Tj ET Q q 0 0 0 rg BT 224.05 492.30 Td (and ) Tj ET Q q 0 0 0 rg BT 241.02 492.30 Td (for ) Tj ET Q q 0 0 0 rg BT 255.07 492.30 Td (the ) Tj ET Q q 0 0 0 rg BT 269.70 492.30 Td (year ) Tj ET Q q 0 0 0 rg BT 289.58 492.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 316.46 492.30 Td (March ) Tj ET Q q 0 0 0 rg BT 345.67 492.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.61 492.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 386.04 492.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 427.49 492.30 Td (2% ) Tj ET Q q 0 0 0 rg BT 443.30 492.30 Td (to ) Tj ET Q q 0 0 0 rg BT 453.27 492.30 Td ($1.23 ) Tj ET Q q 0 0 0 rg BT 478.71 492.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 510.56 492.30 Td (as ) Tj ET Q q 0 0 0 rg BT 521.12 492.30 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 479.70 Td ($1.21 ) Tj ET Q q 0 0 0 rg BT 86.54 479.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 116.59 479.70 Td (for ) Tj ET Q q 0 0 0 rg BT 131.46 479.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.91 479.70 Td (year ) Tj ET Q q 0 0 0 rg BT 167.60 479.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.30 479.70 Td (March ) Tj ET Q q 0 0 0 rg BT 225.33 479.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.08 479.70 Td (2014:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 454.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 454.50 Td (Salaries ) Tj ET Q q 0 0 0 rg BT 120.99 454.50 Td (and ) Tj ET Q q 0 0 0 rg BT 138.39 454.50 Td (incentives ) Tj ET Q q 0 0 0 rg BT 183.21 454.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 226.84 454.50 Td ($61.1 ) Tj ET Q q 0 0 0 rg BT 252.71 454.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 287.92 454.50 Td (to ) Tj ET Q q 0 0 0 rg BT 298.33 454.50 Td ($915.8 ) Tj ET Q q 0 0 0 rg BT 329.45 454.50 Td (million ) Tj ET Q q 0 0 0 rg BT 362.04 454.50 Td (for ) Tj ET Q q 0 0 0 rg BT 376.52 454.50 Td (the ) Tj ET Q q 0 0 0 rg BT 391.60 454.50 Td (year ) Tj ET Q q 0 0 0 rg BT 411.91 454.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 439.23 454.50 Td (March ) Tj ET Q q 0 0 0 rg BT 468.88 454.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.25 454.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 510.12 454.50 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 454.50 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 441.90 Td (to ) Tj ET Q q 0 0 0 rg BT 95.27 441.90 Td ($976.9 ) Tj ET Q q 0 0 0 rg BT 125.75 441.90 Td (million ) Tj ET Q q 0 0 0 rg BT 157.69 441.90 Td (for ) Tj ET Q q 0 0 0 rg BT 171.53 441.90 Td (the ) Tj ET Q q 0 0 0 rg BT 185.96 441.90 Td (year ) Tj ET Q q 0 0 0 rg BT 205.63 441.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.30 441.90 Td (March ) Tj ET Q q 0 0 0 rg BT 261.31 441.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.04 441.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 301.27 441.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 341.94 441.90 Td (due ) Tj ET Q q 0 0 0 rg BT 358.70 441.90 Td (to ) Tj ET Q q 0 0 0 rg BT 368.47 441.90 Td (a ) Tj ET Q q 0 0 0 rg BT 374.74 441.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 412.47 441.90 Td (of ) Tj ET Q q 0 0 0 rg BT 422.82 441.90 Td ($58.6 ) Tj ET Q q 0 0 0 rg BT 448.05 441.90 Td (million ) Tj ET Q q 0 0 0 rg BT 479.99 441.90 Td (in ) Tj ET Q q 0 0 0 rg BT 489.76 441.90 Td (net ) Tj ET Q q 0 0 0 rg BT 504.19 441.90 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 429.30 Td (at ) Tj ET Q q 0 0 0 rg BT 96.35 429.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.70 429.30 Td (af) Tj ET Q q 0 0 0 rg BT 153.67 429.30 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 188.14 429.30 Td (which ) Tj ET Q q 0 0 0 rg BT 217.08 429.30 Td (was ) Tj ET Q q 0 0 0 rg BT 236.68 429.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 293.04 429.30 Td (the ) Tj ET Q q 0 0 0 rg BT 309.14 429.30 Td (result ) Tj ET Q q 0 0 0 rg BT 335.74 429.30 Td (of ) Tj ET Q q 0 0 0 rg BT 347.76 429.30 Td (a ) Tj ET Q q 0 0 0 rg BT 355.69 429.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 398.62 429.30 Td (in ) Tj ET Q q 0 0 0 rg BT 410.06 429.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 452.99 429.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 489.49 429.30 Td (at ) Tj ET Q q 0 0 0 rg BT 500.34 429.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 536.84 429.30 Td (share-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 416.70 Td (based ) Tj ET Q q 0 0 0 rg BT 111.02 416.70 Td (af) Tj ET Q q 0 0 0 rg BT 118.99 416.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 151.80 416.70 Td (which ) Tj ET Q q 0 0 0 rg BT 179.08 416.70 Td (creates ) Tj ET Q q 0 0 0 rg BT 209.83 416.70 Td (an ) Tj ET Q q 0 0 0 rg BT 221.36 416.70 Td (of) Tj ET Q q 0 0 0 rg BT 229.92 416.70 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 263.03 416.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 300.78 416.70 Td (in ) Tj ET Q q 0 0 0 rg BT 310.56 416.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 370.49 416.70 Td (per ) Tj ET Q q 0 0 0 rg BT 385.51 416.70 Td (the ) Tj ET Q q 0 0 0 rg BT 399.95 416.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 444.71 416.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 479.56 416.70 Td (share ) Tj ET Q q 0 0 0 rg BT 503.32 416.70 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.29 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.74 404.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 137.69 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.06 404.10 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 177.94 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.73 404.10 Td (November ) Tj ET Q q 0 0 0 rg BT 235.67 404.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 261.92 404.10 Td (of) Tj ET Q q 0 0 0 rg BT 270.48 404.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 288.27 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.06 404.10 Td (part ) Tj ET Q q 0 0 0 rg BT 318.01 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.13 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.59 404.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 395.29 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.66 404.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 437.86 404.10 Td (Currie ) Tj ET Q q 0 0 0 rg BT 467.31 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.11 404.10 Td (October ) Tj ET Q q 0 0 0 rg BT 514.55 404.10 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 378.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 378.90 Td (Salaries ) Tj ET Q q 0 0 0 rg BT 121.09 378.90 Td (and ) Tj ET Q q 0 0 0 rg BT 138.60 378.90 Td (incentives ) Tj ET Q q 0 0 0 rg BT 183.52 378.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 225.51 378.90 Td ($27.4 ) Tj ET Q q 0 0 0 rg BT 251.48 378.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 286.79 378.90 Td (to ) Tj ET Q q 0 0 0 rg BT 297.31 378.90 Td ($976.9 ) Tj ET Q q 0 0 0 rg BT 328.53 378.90 Td (million ) Tj ET Q q 0 0 0 rg BT 361.21 378.90 Td (for ) Tj ET Q q 0 0 0 rg BT 375.81 378.90 Td (the ) Tj ET Q q 0 0 0 rg BT 390.98 378.90 Td (year ) Tj ET Q q 0 0 0 rg BT 411.40 378.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 438.82 378.90 Td (March ) Tj ET Q q 0 0 0 rg BT 468.57 378.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.04 378.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 510.02 378.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 378.90 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 366.30 Td (to ) Tj ET Q q 0 0 0 rg BT 96.37 366.30 Td ($949.5 ) Tj ET Q q 0 0 0 rg BT 127.94 366.30 Td (million ) Tj ET Q q 0 0 0 rg BT 160.98 366.30 Td (for ) Tj ET Q q 0 0 0 rg BT 175.92 366.30 Td (the ) Tj ET Q q 0 0 0 rg BT 191.45 366.30 Td (year ) Tj ET Q q 0 0 0 rg BT 212.21 366.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.98 366.30 Td (March ) Tj ET Q q 0 0 0 rg BT 270.09 366.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.91 366.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 312.24 366.30 Td (principally ) Tj ET Q q 0 0 0 rg BT 360.42 366.30 Td (due ) Tj ET Q q 0 0 0 rg BT 378.28 366.30 Td (to ) Tj ET Q q 0 0 0 rg BT 389.15 366.30 Td (an ) Tj ET Q q 0 0 0 rg BT 401.76 366.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 438.85 366.30 Td (of ) Tj ET Q q 0 0 0 rg BT 450.30 366.30 Td ($15.8 ) Tj ET Q q 0 0 0 rg BT 476.62 366.30 Td (million ) Tj ET Q q 0 0 0 rg BT 509.66 366.30 Td (in ) Tj ET Q q 0 0 0 rg BT 520.53 366.30 Td (incentive-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 353.70 Td (based ) Tj ET Q q 0 0 0 rg BT 111.41 353.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 171.73 353.70 Td (for ) Tj ET Q q 0 0 0 rg BT 185.98 353.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 236.40 353.70 Td (and ) Tj ET Q q 0 0 0 rg BT 253.56 353.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 295.21 353.70 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 340.66 353.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 381.73 353.70 Td (related ) Tj ET Q q 0 0 0 rg BT 412.30 353.70 Td (to ) Tj ET Q q 0 0 0 rg BT 422.47 353.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 464.11 353.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 487.68 353.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 510.10 353.70 Td (in ) Tj ET Q q 0 0 0 rg BT 520.27 353.70 Td (our ) Tj ET Q q 0 0 0 rg BT 536.27 353.70 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 341.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 137.48 341.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 168.15 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.92 341.10 Td (A) Tj ET Q q 0 0 0 rg BT 177.93 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.48 341.10 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 203.41 341.10 Td (million ) Tj ET Q q 0 0 0 rg BT 237.31 341.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 275.26 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.98 341.10 Td (net ) Tj ET Q q 0 0 0 rg BT 303.36 341.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 365.24 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 376.37 341.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 426.01 341.10 Td (af) Tj ET Q q 0 0 0 rg BT 433.97 341.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 466.10 341.10 Td (also ) Tj ET Q q 0 0 0 rg BT 486.57 341.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 537.95 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 341.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 328.50 Td (increase. ) Tj ET Q q 0 0 0 rg BT 125.16 328.50 Td ( ) Tj ET Q q 0 0 0 rg BT 127.62 328.50 Td (The ) Tj ET Q q 0 0 0 rg BT 146.59 328.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.63 328.50 Td (in ) Tj ET Q q 0 0 0 rg BT 194.44 328.50 Td (net ) Tj ET Q q 0 0 0 rg BT 209.91 328.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 270.88 328.50 Td (at ) Tj ET Q q 0 0 0 rg BT 281.10 328.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 329.83 328.50 Td (af) Tj ET Q q 0 0 0 rg BT 337.79 328.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 369.01 328.50 Td (was ) Tj ET Q q 0 0 0 rg BT 387.99 328.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 429.71 328.50 Td (due ) Tj ET Q q 0 0 0 rg BT 447.52 328.50 Td (to ) Tj ET Q q 0 0 0 rg BT 458.33 328.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.80 328.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 522.52 328.50 Td (of ) Tj ET Q q 0 0 0 rg BT 533.92 328.50 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 315.90 Td (Currie ) Tj ET Q q 0 0 0 rg BT 115.25 315.90 Td (and ) Tj ET Q q 0 0 0 rg BT 133.33 315.90 Td (the ) Tj ET Q q 0 0 0 rg BT 149.08 315.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 180.58 315.90 Td (of ) Tj ET Q q 0 0 0 rg BT 192.25 315.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 234.82 315.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 275.06 315.90 Td (at ) Tj ET Q q 0 0 0 rg BT 285.56 315.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 317.05 315.90 Td (revenue-share ) Tj ET Q q 0 0 0 rg BT 378.85 315.90 Td (based ) Tj ET Q q 0 0 0 rg BT 405.68 315.90 Td (af) Tj ET Q q 0 0 0 rg BT 413.65 315.90 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 447.77 315.90 Td (of) Tj ET Q q 0 0 0 rg BT 456.33 315.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 474.42 315.90 Td (in ) Tj ET Q q 0 0 0 rg BT 485.51 315.90 Td (part ) Tj ET Q q 0 0 0 rg BT 504.76 315.90 Td (by ) Tj ET Q q 0 0 0 rg BT 518.18 315.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.93 315.90 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 96.84 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 112.26 303.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 131.17 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 142.51 303.30 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 171.35 303.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.11 303.30 Td (November ) Tj ET Q q 0 0 0 rg BT 229.02 303.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 252.61 303.30 Td (and ) Tj ET Q q 0 0 0 rg BT 270.36 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 285.77 303.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 304.69 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 316.03 303.30 Td (a ) Tj ET Q q 0 0 0 rg BT 323.28 303.30 Td (small ) Tj ET Q q 0 0 0 rg BT 348.62 303.30 Td (af) Tj ET Q q 0 0 0 rg BT 356.59 303.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 383.66 303.30 Td (and ) Tj ET Q q 0 0 0 rg BT 401.42 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.83 303.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 449.76 303.30 Td (down ) Tj ET Q q 0 0 0 rg BT 475.68 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 487.02 303.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.17 303.30 Td (businesses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 290.70 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 290.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 144.98 290.70 Td (with ) Tj ET Q q 0 0 0 rg BT 166.28 290.70 Td (various ) Tj ET Q q 0 0 0 rg BT 199.81 290.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 242.08 290.70 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 286.12 290.70 Td (in ) Tj ET Q q 0 0 0 rg BT 296.91 290.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 322.28 290.70 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 265.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 265.50 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 122.04 265.50 Td (and ) Tj ET Q q 0 0 0 rg BT 138.75 265.50 Td (payroll ) Tj ET Q q 0 0 0 rg BT 170.04 265.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 193.16 265.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 234.36 265.50 Td ($17.9 ) Tj ET Q q 0 0 0 rg BT 259.53 265.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 294.04 265.50 Td ( ) Tj ET Q q 0 0 0 rg BT 295.59 265.50 Td (to ) Tj ET Q q 0 0 0 rg BT 305.30 265.50 Td ($232.6 ) Tj ET Q q 0 0 0 rg BT 335.73 265.50 Td (million ) Tj ET Q q 0 0 0 rg BT 367.61 265.50 Td (for ) Tj ET Q q 0 0 0 rg BT 381.40 265.50 Td (the ) Tj ET Q q 0 0 0 rg BT 395.78 265.50 Td (year ) Tj ET Q q 0 0 0 rg BT 415.40 265.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 442.02 265.50 Td (March ) Tj ET Q q 0 0 0 rg BT 470.97 265.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.64 265.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 510.82 265.50 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 265.50 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 252.90 Td (to ) Tj ET Q q 0 0 0 rg BT 96.54 252.90 Td ($214.7 ) Tj ET Q q 0 0 0 rg BT 128.28 252.90 Td (million ) Tj ET Q q 0 0 0 rg BT 161.49 252.90 Td (for ) Tj ET Q q 0 0 0 rg BT 176.61 252.90 Td (the ) Tj ET Q q 0 0 0 rg BT 192.31 252.90 Td (year ) Tj ET Q q 0 0 0 rg BT 213.25 252.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.19 252.90 Td (March ) Tj ET Q q 0 0 0 rg BT 271.46 252.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.46 252.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 313.96 252.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.90 252.90 Td (as ) Tj ET Q q 0 0 0 rg BT 367.52 252.90 Td (a ) Tj ET Q q 0 0 0 rg BT 375.05 252.90 Td (result ) Tj ET Q q 0 0 0 rg BT 401.25 252.90 Td (of ) Tj ET Q q 0 0 0 rg BT 412.87 252.90 Td (an ) Tj ET Q q 0 0 0 rg BT 425.65 252.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 462.91 252.90 Td (in ) Tj ET Q q 0 0 0 rg BT 473.95 252.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.82 252.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.85 252.90 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 240.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.69 240.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 160.13 240.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 191.91 240.30 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 215.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 215.10 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 123.07 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.80 215.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 173.12 215.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 197.27 215.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 239.48 215.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 273.56 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.30 215.10 Td ($214.7 ) Tj ET Q q 0 0 0 rg BT 315.75 215.10 Td (million ) Tj ET Q q 0 0 0 rg BT 348.66 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.48 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.88 215.10 Td (year ) Tj ET Q q 0 0 0 rg BT 399.52 215.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 427.17 215.10 Td (March ) Tj ET Q q 0 0 0 rg BT 457.15 215.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 472.85 215.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.04 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.37 215.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.33 215.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 202.50 Td ($214.5 ) Tj ET Q q 0 0 0 rg BT 116.43 202.50 Td (million ) Tj ET Q q 0 0 0 rg BT 148.82 202.50 Td (for ) Tj ET Q q 0 0 0 rg BT 163.12 202.50 Td (the ) Tj ET Q q 0 0 0 rg BT 178.01 202.50 Td (year ) Tj ET Q q 0 0 0 rg BT 198.13 202.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.26 202.50 Td (March ) Tj ET Q q 0 0 0 rg BT 254.72 202.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.90 202.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 295.58 202.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 336.71 202.50 Td (as ) Tj ET Q q 0 0 0 rg BT 347.52 202.50 Td (a ) Tj ET Q q 0 0 0 rg BT 354.23 202.50 Td (result ) Tj ET Q q 0 0 0 rg BT 379.62 202.50 Td (of ) Tj ET Q q 0 0 0 rg BT 390.42 202.50 Td (an ) Tj ET Q q 0 0 0 rg BT 402.39 202.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 438.84 202.50 Td (in ) Tj ET Q q 0 0 0 rg BT 449.06 202.50 Td (payroll ) Tj ET Q q 0 0 0 rg BT 480.86 202.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 504.49 202.50 Td (and ) Tj ET Q q 0 0 0 rg BT 521.71 202.50 Td (recruiting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 189.90 Td (costs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 164.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 164.70 Td (T) Tj ET Q q 0 0 0 rg BT 91.54 164.70 Td (ransition ) Tj ET Q q 0 0 0 rg BT 131.96 164.70 Td (and ) Tj ET Q q 0 0 0 rg BT 150.80 164.70 Td (severance ) Tj ET Q q 0 0 0 rg BT 195.86 164.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 220.53 164.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 263.85 164.70 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 285.90 164.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 322.53 164.70 Td (to ) Tj ET Q q 0 0 0 rg BT 334.37 164.70 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 361.67 164.70 Td (million ) Tj ET Q q 0 0 0 rg BT 395.68 164.70 Td (for ) Tj ET Q q 0 0 0 rg BT 411.60 164.70 Td (the ) Tj ET Q q 0 0 0 rg BT 428.10 164.70 Td (year ) Tj ET Q q 0 0 0 rg BT 449.84 164.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.59 164.70 Td (March ) Tj ET Q q 0 0 0 rg BT 509.66 164.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.46 164.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 553.76 164.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 152.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 129.67 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.62 152.10 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 167.02 152.10 Td (million ) Tj ET Q q 0 0 0 rg BT 200.14 152.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.16 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.76 152.10 Td (year ) Tj ET Q q 0 0 0 rg BT 251.61 152.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 279.46 152.10 Td (March ) Tj ET Q q 0 0 0 rg BT 309.64 152.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 325.54 152.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 351.94 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.52 152.10 Td (T) Tj ET Q q 0 0 0 rg BT 360.56 152.10 Td (ransition ) Tj ET Q q 0 0 0 rg BT 400.09 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.02 152.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 462.19 152.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 485.97 152.10 Td (for ) Tj ET Q q 0 0 0 rg BT 500.99 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.59 152.10 Td (year ) Tj ET Q q 0 0 0 rg BT 537.44 152.10 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 139.50 Td (March ) Tj ET Q q 0 0 0 rg BT 116.77 139.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 133.76 139.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.24 139.50 Td (were ) Tj ET Q q 0 0 0 rg BT 185.51 139.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.45 139.50 Td (comprised ) Tj ET Q q 0 0 0 rg BT 276.05 139.50 Td (of ) Tj ET Q q 0 0 0 rg BT 288.66 139.50 Td ($32.2 ) Tj ET Q q 0 0 0 rg BT 316.15 139.50 Td (million ) Tj ET Q q 0 0 0 rg BT 350.35 139.50 Td (of ) Tj ET Q q 0 0 0 rg BT 362.96 139.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 387.82 139.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 434.83 139.50 Td (with ) Tj ET Q q 0 0 0 rg BT 457.37 139.50 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 139.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 522.25 139.50 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 126.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 142.79 126.90 Td (of ) Tj ET Q q 0 0 0 rg BT 155.17 126.90 Td (Permal ) Tj ET Q q 0 0 0 rg BT 188.56 126.90 Td (in ) Tj ET Q q 0 0 0 rg BT 200.36 126.90 Td (preparation ) Tj ET Q q 0 0 0 rg BT 251.81 126.90 Td (for ) Tj ET Q q 0 0 0 rg BT 267.69 126.90 Td (the ) Tj ET Q q 0 0 0 rg BT 284.16 126.90 Td (combination ) Tj ET Q q 0 0 0 rg BT 340.29 126.90 Td (with ) Tj ET Q q 0 0 0 rg BT 362.60 126.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 380.30 126.90 Td (rust. ) Tj ET Q q 0 0 0 rg BT 402.32 126.90 Td ( ) Tj ET Q q 0 0 0 rg BT 405.96 126.90 Td (For ) Tj ET Q q 0 0 0 rg BT 424.18 126.90 Td (the ) Tj ET Q q 0 0 0 rg BT 440.65 126.90 Td (year ) Tj ET Q q 0 0 0 rg BT 462.36 126.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 491.07 126.90 Td (March ) Tj ET Q q 0 0 0 rg BT 522.11 126.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.87 126.90 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 114.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 128.10 114.30 Td (and ) Tj ET Q q 0 0 0 rg BT 146.19 114.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 190.51 114.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 214.44 114.30 Td (were ) Tj ET Q q 0 0 0 rg BT 237.78 114.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 279.78 114.30 Td (comprised ) Tj ET Q q 0 0 0 rg BT 326.45 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 338.13 114.30 Td ($24.6 ) Tj ET Q q 0 0 0 rg BT 364.69 114.30 Td (million ) Tj ET Q q 0 0 0 rg BT 397.96 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 409.64 114.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 433.57 114.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 479.66 114.30 Td (with ) Tj ET Q q 0 0 0 rg BT 501.26 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 517.02 114.30 Td (integration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 101.70 Td (of ) Tj ET Q q 0 0 0 rg BT 96.87 101.70 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 156.64 101.70 Td (and ) Tj ET Q q 0 0 0 rg BT 174.42 101.70 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 212.34 101.70 Td ( ) Tj ET Q q 0 0 0 rg BT 214.97 101.70 Td (into ) Tj ET Q q 0 0 0 rg BT 233.93 101.70 Td (QS ) Tj ET Q q 0 0 0 rg BT 249.98 101.70 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 293.72 101.70 Td (and ) Tj ET Q q 0 0 0 rg BT 311.51 101.70 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 332.51 101.70 Td (million ) Tj ET Q q 0 0 0 rg BT 365.47 101.70 Td (related ) Tj ET Q q 0 0 0 rg BT 396.66 101.70 Td (to ) Tj ET Q q 0 0 0 rg BT 407.45 101.70 Td (the ) Tj ET Q q 0 0 0 rg BT 422.90 101.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 441.85 101.70 Td (of ) Tj ET Q q 0 0 0 rg BT 453.22 101.70 Td (LMIC.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 76.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 76.50 Td (T) Tj ET Q q 0 0 0 rg BT 91.54 76.50 Td (ransition ) Tj ET Q q 0 0 0 rg BT 131.96 76.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 156.64 76.50 Td (and ) Tj ET Q q 0 0 0 rg BT 175.47 76.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 220.53 76.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 263.85 76.50 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 285.90 76.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 322.53 76.50 Td (to ) Tj ET Q q 0 0 0 rg BT 334.37 76.50 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 361.67 76.50 Td (million ) Tj ET Q q 0 0 0 rg BT 395.68 76.50 Td (for ) Tj ET Q q 0 0 0 rg BT 411.60 76.50 Td (the ) Tj ET Q q 0 0 0 rg BT 428.10 76.50 Td (year ) Tj ET Q q 0 0 0 rg BT 449.84 76.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.59 76.50 Td (March ) Tj ET Q q 0 0 0 rg BT 509.66 76.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.46 76.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 553.76 76.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 63.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 128.63 63.90 Td (to ) Tj ET Q q 0 0 0 rg BT 138.52 63.90 Td ($29.4 ) Tj ET Q q 0 0 0 rg BT 163.88 63.90 Td (million ) Tj ET Q q 0 0 0 rg BT 195.95 63.90 Td (for ) Tj ET Q q 0 0 0 rg BT 209.92 63.90 Td (the ) Tj ET Q q 0 0 0 rg BT 224.48 63.90 Td (year ) Tj ET Q q 0 0 0 rg BT 244.28 63.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 271.08 63.90 Td (March ) Tj ET Q q 0 0 0 rg BT 300.21 63.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 315.07 63.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 340.43 63.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 381.23 63.90 Td (due ) Tj ET Q q 0 0 0 rg BT 398.12 63.90 Td (to ) Tj ET Q q 0 0 0 rg BT 408.02 63.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 436.57 63.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 496.63 63.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 519.36 63.90 Td (associated ) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 106.71 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.08 741.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 168.95 741.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 211.74 741.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 259.78 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.06 741.75 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 330.75 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.45 741.75 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 386.37 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 388.92 741.75 Td (over ) Tj ET Q q 0 0 0 rg BT 410.12 741.75 Td (time ) Tj ET Q q 0 0 0 rg BT 431.32 741.75 Td (into ) Tj ET Q q 0 0 0 rg BT 450.20 741.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 466.17 741.75 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 509.83 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 521.12 741.75 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 96.29 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 157.24 729.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 180.86 729.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 226.64 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 247.93 729.15 Td (various ) Tj ET Q q 0 0 0 rg BT 281.47 729.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 323.74 729.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 367.77 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 416.46 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 427.25 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 442.70 729.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 465.74 729.15 Td (year) Tj ET Q q 0 0 0 rg BT 483.23 729.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 703.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 116.49 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 174.30 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 204.71 703.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 226.96 703.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 273.69 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 290.68 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 308.56 703.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 322.64 703.95 Td (arising ) Tj ET Q q 0 0 0 rg BT 355.38 703.95 Td (from ) Tj ET Q q 0 0 0 rg BT 379.96 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 396.95 703.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 422.69 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 435.61 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 466.02 703.95 Td (units ) Tj ET Q q 0 0 0 rg BT 490.61 703.95 Td (under ) Tj ET Q q 0 0 0 rg BT 518.68 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 703.95 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (management ) Tj ET Q q 0 0 0 rg BT 141.77 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.64 691.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 193.97 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 205.34 691.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 252.29 691.35 Td (discussed.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (For ) Tj ET Q q 0 0 0 rg BT 67.03 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.80 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 103.80 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.82 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 162.16 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.23 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.79 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 266.05 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 277.74 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 285.34 666.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 333.75 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 345.44 666.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.03 666.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.28 666.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 470.87 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 481.98 666.15 Td (45.3% ) Tj ET Q q 0 0 0 rg BT 512.04 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 535.39 666.15 Td (43.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 63.79 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 78.66 653.55 Td (year ) Tj ET Q q 0 0 0 rg BT 98.77 653.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.88 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 155.33 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.50 653.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 196.17 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 213.37 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 223.58 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 238.45 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 269.07 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.86 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 294.73 653.55 Td (char) Tj ET Q q 0 0 0 rg BT 312.61 653.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 324.56 653.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 369.75 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 390.46 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.34 653.55 Td (Royce ) Tj ET Q q 0 0 0 rg BT 434.20 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 489.89 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.18 653.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 538.30 653.55 Td (grant, ) Tj ET Q q 0 0 0 rg BT 565.13 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 640.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 96.57 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 108.15 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.81 640.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 172.72 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 184.30 640.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 215.72 640.95 Td (Currie ) Tj ET Q q 0 0 0 rg BT 245.38 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 256.38 640.95 Td (October ) Tj ET Q q 0 0 0 rg BT 293.03 640.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 319.49 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 337.48 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 353.15 640.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 384.55 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 396.13 640.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 425.79 640.95 Td (transition ) Tj ET Q q 0 0 0 rg BT 468.29 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 486.28 640.95 Td (severance ) Tj ET Q q 0 0 0 rg BT 530.50 640.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 554.34 640.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.64 628.35 Td (current ) Tj ET Q q 0 0 0 rg BT 98.67 628.35 Td (year) Tj ET Q q 0 0 0 rg BT 116.32 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 122.25 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 130.81 628.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 149.28 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 160.75 628.35 Td (part ) Tj ET Q q 0 0 0 rg BT 180.39 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 194.19 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 210.33 628.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 242.21 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 254.26 628.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 298.96 628.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 339.58 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 350.46 628.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 382.33 628.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 418.87 628.35 Td (share-based ) Tj ET Q q 0 0 0 rg BT 471.74 628.35 Td (af) Tj ET Q q 0 0 0 rg BT 479.70 628.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 511.58 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 530.64 628.35 Td (retain ) Tj ET Q q 0 0 0 rg BT 557.85 628.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 91.77 615.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 121.22 615.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 169.32 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.69 615.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 220.63 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 232.00 615.75 Td (compensation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.93 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.60 590.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.51 590.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.42 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.67 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.64 590.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 204.11 590.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 265.27 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 276.86 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 284.36 590.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 332.67 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 344.26 590.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 386.76 590.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 426.92 590.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 471.15 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 482.16 590.55 Td (43.7% ) Tj ET Q q 0 0 0 rg BT 512.12 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 535.37 590.55 Td (44.1% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.76 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 80.60 577.95 Td (year ) Tj ET Q q 0 0 0 rg BT 101.68 577.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.76 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 160.18 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.32 577.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 202.96 577.95 Td (due ) Tj ET Q q 0 0 0 rg BT 221.13 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 232.31 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 248.15 577.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 279.74 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 291.50 577.95 Td (decreased ) Tj ET Q q 0 0 0 rg BT 335.90 577.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 376.23 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 386.82 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.40 577.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 454.64 577.95 Td (share-based ) Tj ET Q q 0 0 0 rg BT 507.21 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 515.18 577.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 546.76 577.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (retain ) Tj ET Q q 0 0 0 rg BT 74.96 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 81.17 565.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 109.55 565.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 156.57 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.87 565.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 205.74 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 216.04 565.35 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 278.54 565.35 Td (of) Tj ET Q q 0 0 0 rg BT 287.10 565.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 303.81 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 313.53 565.35 Td (part ) Tj ET Q q 0 0 0 rg BT 331.41 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 343.46 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 357.85 565.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.97 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 398.27 565.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 426.65 565.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 486.53 565.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 509.08 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 522.88 565.35 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 552.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 118.33 552.75 Td (personnel.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 527.55 Td (Servicing) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.99 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 103.70 514.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.68 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 161.99 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.02 514.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.55 514.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 258.21 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 276.27 514.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 317.67 514.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 358.48 514.95 Td (decreased ) Tj ET Q q 0 0 0 rg BT 402.77 514.95 Td (8% ) Tj ET Q q 0 0 0 rg BT 419.67 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 430.75 514.95 Td ($545.7 ) Tj ET Q q 0 0 0 rg BT 462.53 514.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.40 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 510.05 514.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.35 514.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td ($594.8 ) Tj ET Q q 0 0 0 rg BT 81.15 502.35 Td (million ) Tj ET Q q 0 0 0 rg BT 114.27 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 129.29 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.89 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 165.74 502.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.59 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 223.77 502.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.67 502.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 266.07 502.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.92 502.35 Td (due ) Tj ET Q q 0 0 0 rg BT 325.86 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 336.81 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 352.41 502.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 383.76 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 395.29 502.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 421.97 502.35 Td (average ) Tj ET Q q 0 0 0 rg BT 456.78 502.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 484.06 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 495.00 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 526.34 502.35 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 92.65 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 107.52 489.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 125.31 489.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 144.84 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.63 489.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 203.16 489.75 Td (distributors. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.99 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.70 464.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.68 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.99 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.02 464.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 204.55 464.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 258.21 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 276.27 464.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 317.67 464.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 358.48 464.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 402.77 464.55 Td (4% ) Tj ET Q q 0 0 0 rg BT 419.67 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 430.75 464.55 Td ($594.8 ) Tj ET Q q 0 0 0 rg BT 462.53 464.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.40 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 510.05 464.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.35 464.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td ($619.1 ) Tj ET Q q 0 0 0 rg BT 80.45 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 112.86 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 127.18 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.08 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 162.23 451.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 189.37 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 218.85 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 234.05 451.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 259.75 451.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 300.90 451.95 Td (due ) Tj ET Q q 0 0 0 rg BT 318.14 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 328.38 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 335.12 451.95 Td (net ) Tj ET Q q 0 0 0 rg BT 350.02 451.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 388.23 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 399.05 451.95 Td ($20.9 ) Tj ET Q q 0 0 0 rg BT 424.75 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 457.17 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 467.41 451.95 Td (structuring ) Tj ET Q q 0 0 0 rg BT 514.98 451.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 533.96 451.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 439.35 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 108.40 439.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 130.27 439.35 Td (launches. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Communications ) Tj ET Q q 0 0 0 rg BT 126.23 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 145.20 414.15 Td (T) Tj ET Q q 0 0 0 rg BT 150.65 414.15 Td (echnology) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.27 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.28 401.55 Td (year ) Tj ET Q q 0 0 0 rg BT 101.53 401.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.79 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 158.38 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.69 401.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 199.50 401.55 Td (Communications ) Tj ET Q q 0 0 0 rg BT 273.43 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 290.77 401.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 339.61 401.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 375.62 401.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 417.44 401.55 Td (8% ) Tj ET Q q 0 0 0 rg BT 433.62 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 443.98 401.55 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 475.04 401.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.18 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 401.55 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.01 388.95 Td ($182.4 ) Tj ET Q q 0 0 0 rg BT 91.22 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 123.89 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 138.47 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 153.64 388.95 Td (year ) Tj ET Q q 0 0 0 rg BT 174.05 388.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 201.46 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 231.20 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.66 388.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 272.62 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 283.71 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 290.71 388.95 Td (result ) Tj ET Q q 0 0 0 rg BT 316.37 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 327.46 388.95 Td (an ) Tj ET Q q 0 0 0 rg BT 339.71 388.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 376.44 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 386.94 388.95 Td (technology ) Tj ET Q q 0 0 0 rg BT 435.94 388.95 Td (consulting ) Tj ET Q q 0 0 0 rg BT 482.02 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 499.52 388.95 Td (license ) Tj ET Q q 0 0 0 rg BT 531.01 388.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.26 388.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (software ) Tj ET Q q 0 0 0 rg BT 89.24 376.35 Td (product ) Tj ET Q q 0 0 0 rg BT 124.91 376.35 Td (implementations ) Tj ET Q q 0 0 0 rg BT 198.49 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 210.25 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 226.67 376.35 Td (current ) Tj ET Q q 0 0 0 rg BT 259.99 376.35 Td (year ) Tj ET Q q 0 0 0 rg BT 281.65 376.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 314.69 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 333.44 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.86 376.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 387.87 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.21 376.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 432.38 376.35 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 465.42 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 494.67 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 514.59 376.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 554.33 376.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (October ) Tj ET Q q 0 0 0 rg BT 85.94 363.75 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (For ) Tj ET Q q 0 0 0 rg BT 65.96 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 80.66 338.55 Td (year ) Tj ET Q q 0 0 0 rg BT 100.61 338.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.55 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 156.83 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.83 338.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 197.33 338.55 Td (Communications ) Tj ET Q q 0 0 0 rg BT 270.96 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 287.99 338.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 336.52 338.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 372.22 338.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 413.73 338.55 Td (16% ) Tj ET Q q 0 0 0 rg BT 434.86 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 444.90 338.55 Td ($182.4 ) Tj ET Q q 0 0 0 rg BT 475.65 338.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.49 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 338.55 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.75 325.95 Td ($157.9 ) Tj ET Q q 0 0 0 rg BT 90.70 325.95 Td (million ) Tj ET Q q 0 0 0 rg BT 123.12 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 137.44 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 152.35 325.95 Td (year ) Tj ET Q q 0 0 0 rg BT 172.49 325.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 199.64 325.95 Td (March ) Tj ET Q q 0 0 0 rg BT 229.13 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.33 325.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 270.04 325.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 311.19 325.95 Td (due ) Tj ET Q q 0 0 0 rg BT 328.43 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 338.67 325.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 379.23 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 389.48 325.95 Td (technology ) Tj ET Q q 0 0 0 rg BT 438.22 325.95 Td (consulting, ) Tj ET Q q 0 0 0 rg BT 486.67 325.95 Td (data ) Tj ET Q q 0 0 0 rg BT 506.24 325.95 Td (management, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 103.87 313.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 146.87 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 164.50 313.35 Td (market ) Tj ET Q q 0 0 0 rg BT 196.13 313.35 Td (data ) Tj ET Q q 0 0 0 rg BT 216.09 313.35 Td (costs, ) Tj ET Q q 0 0 0 rg BT 242.19 313.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 290.15 313.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 329.37 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 352.26 313.35 Td (cyber) Tj ET Q q 0 0 0 rg BT 375.36 313.35 Td (-security ) Tj ET Q q 0 0 0 rg BT 414.57 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 432.21 313.35 Td (data ) Tj ET Q q 0 0 0 rg BT 452.17 313.35 Td (governance ) Tj ET Q q 0 0 0 rg BT 503.03 313.35 Td (enhancements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 300.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 119.78 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.15 300.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 162.35 300.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 191.80 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 209.59 300.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 225.64 300.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 266.75 300.75 Td (expenses.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Occupancy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.91 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 262.95 Td (year ) Tj ET Q q 0 0 0 rg BT 103.45 262.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.35 262.95 Td (March ) Tj ET Q q 0 0 0 rg BT 161.58 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.53 262.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 203.97 262.95 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 254.02 262.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 290.67 262.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 333.13 262.95 Td (12% ) Tj ET Q q 0 0 0 rg BT 355.20 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 366.19 262.95 Td ($122.6 ) Tj ET Q q 0 0 0 rg BT 397.89 262.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 433.68 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 445.25 262.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 489.47 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 500.46 262.95 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 532.16 262.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.15 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.38 250.35 Td (year ) Tj ET Q q 0 0 0 rg BT 99.86 250.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.33 250.35 Td (March ) Tj ET Q q 0 0 0 rg BT 157.14 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.67 250.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 198.71 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 201.11 250.35 Td (Real ) Tj ET Q q 0 0 0 rg BT 222.76 250.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 249.07 250.35 Td (related ) Tj ET Q q 0 0 0 rg BT 280.04 250.35 Td (char) Tj ET Q q 0 0 0 rg BT 297.92 250.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 314.32 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 325.47 250.35 Td ($17.7 ) Tj ET Q q 0 0 0 rg BT 351.50 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 384.24 250.35 Td (were ) Tj ET Q q 0 0 0 rg BT 407.05 250.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 455.51 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 466.09 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 481.32 250.35 Td (current ) Tj ET Q q 0 0 0 rg BT 513.46 250.35 Td (year ) Tj ET Q q 0 0 0 rg BT 533.93 250.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.58 237.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 96.72 237.75 Td (space ) Tj ET Q q 0 0 0 rg BT 122.95 237.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 180.68 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 198.75 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.49 237.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 271.05 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.71 237.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 315.37 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 330.52 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 346.26 237.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 401.66 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 423.24 237.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 440.95 237.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 462.24 237.75 Td (while ) Tj ET Q q 0 0 0 rg BT 488.48 237.75 Td (real ) Tj ET Q q 0 0 0 rg BT 507.13 237.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 533.94 237.75 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 225.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 84.02 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 95.41 225.15 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 116.42 225.15 Td (million ) Tj ET Q q 0 0 0 rg BT 149.40 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 172.44 225.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 221.14 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 231.95 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 247.42 225.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 270.47 225.15 Td (year ) Tj ET Q q 0 0 0 rg BT 291.18 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 301.99 225.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 350.70 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 372.01 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 387.48 225.15 Td (integration ) Tj ET Q q 0 0 0 rg BT 435.61 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 447.00 225.15 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 506.78 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 524.58 225.15 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 562.50 225.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (into ) Tj ET Q q 0 0 0 rg BT 68.46 212.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 84.51 212.55 Td (Investors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.32 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 81.39 187.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.69 187.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.00 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 158.64 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.00 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.87 187.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 249.33 187.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 285.38 187.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 329.01 187.35 Td (5% ) Tj ET Q q 0 0 0 rg BT 345.24 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 355.64 187.35 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 386.76 187.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 421.96 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 432.94 187.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.57 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 486.98 187.35 Td ($1) Tj ET Q q 0 0 0 rg BT 497.09 187.35 Td (15.2 ) Tj ET Q q 0 0 0 rg BT 517.70 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 550.27 187.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 86.58 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.75 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 145.24 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 161.46 174.75 Td (2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.18 174.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.34 174.75 Td (due ) Tj ET Q q 0 0 0 rg BT 245.72 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 256.44 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 263.83 174.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 301.19 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.46 174.75 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 332.91 174.75 Td (million ) Tj ET Q q 0 0 0 rg BT 364.75 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 375.47 174.75 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 427.84 174.75 Td (on ) Tj ET Q q 0 0 0 rg BT 440.78 174.75 Td (furniture ) Tj ET Q q 0 0 0 rg BT 478.71 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.10 174.75 Td (leaseholds ) Tj ET Q q 0 0 0 rg BT 540.70 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 558.08 174.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.75 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 69.50 162.75 Td (million ) Tj ET Q q 0 0 0 rg BT 100.89 162.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 137.81 162.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.08 162.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 166.13 162.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 203.34 162.75 Td (principally ) Tj ET Q q 0 0 0 rg BT 249.16 162.75 Td (as ) Tj ET Q q 0 0 0 rg BT 259.99 162.75 Td (a ) Tj ET Q q 0 0 0 rg BT 266.93 162.75 Td (result ) Tj ET Q q 0 0 0 rg BT 291.64 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.47 162.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 324.96 162.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 360.22 162.75 Td (taken ) Tj ET Q q 0 0 0 rg BT 384.37 162.75 Td (on ) Tj ET Q q 0 0 0 rg BT 396.87 162.75 Td (vacant ) Tj ET Q q 0 0 0 rg BT 425.47 162.75 Td (space ) Tj ET Q q 0 0 0 rg BT 450.17 162.75 Td (in ) Tj ET Q q 0 0 0 rg BT 460.45 162.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 484.61 162.75 Td (2014. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 108.73 137.55 Td (and ) Tj ET Q q 0 0 0 rg BT 127.69 137.55 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 181.66 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 193.03 137.55 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 240.20 137.55 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.26 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 81.27 124.95 Td (year ) Tj ET Q q 0 0 0 rg BT 101.52 124.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.76 124.95 Td (March ) Tj ET Q q 0 0 0 rg BT 158.35 124.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.65 124.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.97 124.95 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 257.14 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 268.06 124.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 312.23 124.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 338.91 124.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 380.73 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 391.07 124.95 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 411.63 124.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 446.77 124.95 Td (as ) Tj ET Q q 0 0 0 rg BT 457.69 124.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.26 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 511.61 124.95 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 532.16 124.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.91 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 80.90 112.35 Td (year ) Tj ET Q q 0 0 0 rg BT 102.14 112.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.37 112.35 Td (March ) Tj ET Q q 0 0 0 rg BT 160.94 112.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.24 112.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 204.03 112.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 246.27 112.35 Td (due ) Tj ET Q q 0 0 0 rg BT 264.59 112.35 Td (to ) Tj ET Q q 0 0 0 rg BT 275.93 112.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 321.08 112.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 377.32 112.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 414.30 112.35 Td (related ) Tj ET Q q 0 0 0 rg BT 446.03 112.35 Td (to ) Tj ET Q q 0 0 0 rg BT 457.36 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 473.36 112.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 522.60 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 534.51 112.35 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.26 99.75 Td (in ) Tj ET Q q 0 0 0 rg BT 120.05 99.75 Td (October ) Tj ET Q q 0 0 0 rg BT 156.50 99.75 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.48 74.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.71 74.55 Td (year ) Tj ET Q q 0 0 0 rg BT 102.17 74.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.64 74.55 Td (March ) Tj ET Q q 0 0 0 rg BT 159.44 74.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.96 74.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 200.46 74.55 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 258.84 74.55 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 74.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 314.38 74.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.27 74.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 385.05 74.55 Td (79% ) Tj ET Q q 0 0 0 rg BT 406.70 74.55 Td (to ) Tj ET Q q 0 0 0 rg BT 417.26 74.55 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 438.03 74.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 473.39 74.55 Td (as ) Tj ET Q q 0 0 0 rg BT 484.54 74.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 528.33 74.55 Td (to ) Tj ET Q q 0 0 0 rg BT 538.89 74.55 Td ($12.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.95 Td (million ) Tj ET Q q 0 0 0 rg BT 83.16 61.95 Td (for ) Tj ET Q q 0 0 0 rg BT 98.72 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.86 61.95 Td (year ) Tj ET Q q 0 0 0 rg BT 136.25 61.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 164.64 61.95 Td (March ) Tj ET Q q 0 0 0 rg BT 195.36 61.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.81 61.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 238.75 61.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 281.14 61.95 Td (due ) Tj ET Q q 0 0 0 rg BT 299.62 61.95 Td (to ) Tj ET Q q 0 0 0 rg BT 311.11 61.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 342.99 61.95 Td (management ) Tj ET Q q 0 0 0 rg BT 399.95 61.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 441.17 61.95 Td (becoming ) Tj ET Q q 0 0 0 rg BT 485.89 61.95 Td (fully ) Tj ET Q q 0 0 0 rg BT 509.04 61.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 554.34 61.95 Td (in ) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (October ) Tj ET Q q 0 0 0 rg BT 86.47 741.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 110.61 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 128.92 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 175.21 741.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 199.36 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.67 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.64 741.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 253.12 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.01 741.75 Td (LMIC, ) Tj ET Q q 0 0 0 rg BT 297.03 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 305.59 741.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.90 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 335.22 741.75 Td (part ) Tj ET Q q 0 0 0 rg BT 354.69 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 368.34 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 413.48 741.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 469.69 741.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 506.66 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 538.37 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 102.29 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.66 729.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 129.71 729.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 170.83 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 181.62 729.15 Td (May ) Tj ET Q q 0 0 0 rg BT 203.49 729.15 Td (2014 ) Tj ET Q q 0 0 0 rg BT 227.12 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 244.90 729.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 276.11 729.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 305.56 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 316.35 729.15 Td (October ) Tj ET Q q 0 0 0 rg BT 352.79 729.15 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 101.49 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 113.24 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 158.24 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 185.74 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 205.07 703.95 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 236.95 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 270.29 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 281.47 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 297.30 703.95 Td (year ) Tj ET Q q 0 0 0 rg BT 318.37 703.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 346.45 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 376.85 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.98 703.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 419.61 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 422.40 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 441.73 703.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 493.14 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 511.02 703.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 528.02 703.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 554.34 703.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 66.17 691.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 98.58 691.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 165.40 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 191.41 691.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 231.98 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 255.06 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 272.90 691.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 305.31 691.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 328.97 691.35 Td (name. ) Tj ET Q q 0 0 0 rg BT 357.00 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 359.48 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 378.48 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 429.56 691.35 Td (char) Tj ET Q q 0 0 0 rg BT 447.44 691.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 464.11 691.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 500.02 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 523.10 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 530.43 691.35 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 92.79 678.75 Td (trends ) Tj ET Q q 0 0 0 rg BT 120.86 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.42 678.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 172.02 678.75 Td (including ) Tj ET Q q 0 0 0 rg BT 214.09 678.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 226.41 678.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 259.72 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.88 678.75 Td (moderate ) Tj ET Q q 0 0 0 rg BT 312.35 678.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 346.25 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 357.41 678.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 396.56 678.75 Td (over ) Tj ET Q q 0 0 0 rg BT 417.63 678.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 445.68 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 470.24 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 487.80 678.75 Td (related ) Tj ET Q q 0 0 0 rg BT 518.77 678.75 Td (reductions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.44 666.15 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 89.14 666.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 104.24 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 111.18 666.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 153.11 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 163.55 666.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 195.58 666.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 249.77 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 264.29 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 279.40 666.15 Td (next ) Tj ET Q q 0 0 0 rg BT 299.75 666.15 Td (five ) Tj ET Q q 0 0 0 rg BT 318.35 666.15 Td (years; ) Tj ET Q q 0 0 0 rg BT 345.70 666.15 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 363.72 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 370.66 666.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 409.07 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 419.52 666.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 460.86 666.15 Td (mar) Tj ET Q q 0 0 0 rg BT 476.99 666.15 Td (gins ) Tj ET Q q 0 0 0 rg BT 496.77 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 511.29 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 526.40 666.15 Td (next ) Tj ET Q q 0 0 0 rg BT 546.75 666.15 Td (two ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (years; ) Tj ET Q q 0 0 0 rg BT 76.84 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 94.27 653.55 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 111.70 653.55 Td (an ) Tj ET Q q 0 0 0 rg BT 123.87 653.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 160.53 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 170.97 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 186.07 653.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 204.07 653.55 Td (used ) Tj ET Q q 0 0 0 rg BT 225.58 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 236.02 653.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 273.87 653.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 315.20 653.55 Td (future ) Tj ET Q q 0 0 0 rg BT 342.54 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 363.46 653.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 389.06 653.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 430.41 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 447.83 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 458.27 653.55 Td (company ) Tj ET Q q 0 0 0 rg BT 499.02 653.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 533.94 653.55 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 92.20 640.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 136.65 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 168.84 640.95 Td (influences. ) Tj ET Q q 0 0 0 rg BT 217.44 640.95 Td (These ) Tj ET Q q 0 0 0 rg BT 245.55 640.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 282.41 640.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 318.69 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 329.90 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 337.60 640.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 380.29 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 392.08 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 407.95 640.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 450.05 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 471.75 640.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 498.13 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 516.33 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 533.36 640.95 Td (overall ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 98.18 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 108.95 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.54 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 150.29 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 161.06 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.91 628.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 205.05 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 226.31 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 244.08 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 258.92 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.51 628.35 Td (values ) Tj ET Q q 0 0 0 rg BT 304.36 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 315.12 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.97 628.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 361.73 628.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 427.89 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.24 628.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 493.16 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 515.59 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 532.77 628.35 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 74.59 615.75 Td (name ) Tj ET Q q 0 0 0 rg BT 101.44 615.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 141.11 615.75 Td (below ) Tj ET Q q 0 0 0 rg BT 170.88 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 194.23 615.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 233.32 615.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 266.88 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 286.15 615.75 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 339.82 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 364.33 615.75 Td (impaired ) Tj ET Q q 0 0 0 rg BT 405.75 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 420.36 615.75 Td ($364.0 ) Tj ET Q q 0 0 0 rg BT 453.34 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 487.79 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 507.06 615.75 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 529.54 615.75 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 103.61 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 105.04 603.15 Td (See ) Tj ET Q q 0 0 0 rg BT 121.64 603.15 Td (Critical ) Tj ET Q q 0 0 0 rg BT 154.25 603.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 204.67 603.15 Td (Policies ) Tj ET Q q 0 0 0 rg BT 239.36 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 255.96 603.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 277.80 603.15 Td (5 ) Tj ET Q q 0 0 0 rg BT 284.49 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 294.67 603.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 320.60 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 330.21 603.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 387.06 603.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.56 603.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 475.08 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 488.76 603.15 Td (further ) Tj ET Q q 0 0 0 rg BT 518.76 603.15 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 127.35 590.55 Td (char) Tj ET Q q 0 0 0 rg BT 145.23 590.55 Td (ges.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.22 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.19 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 104.39 552.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.59 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 163.13 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.39 552.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 206.15 552.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 233.20 552.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.24 552.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 318.76 552.75 Td ($35.6 ) Tj ET Q q 0 0 0 rg BT 345.52 552.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 381.62 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 393.50 552.75 Td (18%, ) Tj ET Q q 0 0 0 rg BT 418.51 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 552.75 Td ($163.0 ) Tj ET Q q 0 0 0 rg BT 461.82 552.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.92 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 509.80 552.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.33 552.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td ($198.6 ) Tj ET Q q 0 0 0 rg BT 80.99 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 113.94 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 128.80 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.24 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 164.93 540.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 192.61 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 222.63 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 238.37 540.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 264.61 540.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 306.30 540.15 Td (due ) Tj ET Q q 0 0 0 rg BT 324.07 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 334.86 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 342.13 540.15 Td ($33.4 ) Tj ET Q q 0 0 0 rg BT 368.37 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 401.32 540.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 427.84 540.15 Td (related ) Tj ET Q q 0 0 0 rg BT 459.02 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.80 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.99 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 512.34 540.15 Td (adjustments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 59.53 527.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 97.52 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 112.21 527.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 158.39 527.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 216.81 527.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 257.75 527.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 302.76 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 323.29 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 337.98 527.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 390.00 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 400.60 527.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 431.04 527.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 459.72 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 476.74 527.55 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 515.34 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 532.35 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 538.87 527.55 Td ($14.6 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 82.31 514.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 120.92 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 131.57 514.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 167.86 514.95 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 237.40 514.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 257.96 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.64 514.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 331.28 514.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 359.71 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 362.00 514.95 Td (These ) Tj ET Q q 0 0 0 rg BT 389.55 514.95 Td (decreases ) Tj ET Q q 0 0 0 rg BT 432.25 514.95 Td (were ) Tj ET Q q 0 0 0 rg BT 455.13 514.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 492.59 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 501.15 514.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 518.78 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 531.76 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 538.89 514.95 Td ($13.6 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (million ) Tj ET Q q 0 0 0 rg BT 82.46 502.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 119.48 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 130.27 502.35 Td (professional ) Tj ET Q q 0 0 0 rg BT 184.22 502.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 206.37 502.35 Td (due ) Tj ET Q q 0 0 0 rg BT 224.16 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 502.35 Td (part ) Tj ET Q q 0 0 0 rg BT 253.90 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 264.69 502.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 288.32 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 303.19 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 318.64 502.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 371.43 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 382.80 502.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 416.92 502.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 453.96 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 471.74 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 489.45 502.35 Td (rust.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.23 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.21 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 101.42 477.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.64 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 158.19 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.46 477.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.24 477.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 225.29 477.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 265.34 477.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 307.13 477.15 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 327.66 477.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 362.76 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 373.66 477.15 Td (1%, ) Tj ET Q q 0 0 0 rg BT 392.43 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 402.74 477.15 Td ($198.6 ) Tj ET Q q 0 0 0 rg BT 433.76 477.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 468.87 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 479.77 477.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 523.31 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 533.62 477.15 Td ($196.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (million ) Tj ET Q q 0 0 0 rg BT 82.34 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 97.08 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 112.41 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 132.97 464.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 160.55 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 190.45 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.07 464.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 232.20 464.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 273.77 464.55 Td (due ) Tj ET Q q 0 0 0 rg BT 291.43 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 302.10 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 309.26 464.55 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 330.13 464.55 Td (million ) Tj ET Q q 0 0 0 rg BT 362.97 464.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 399.86 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 410.53 464.55 Td (travel ) Tj ET Q q 0 0 0 rg BT 436.93 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 454.59 464.55 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 514.82 464.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 557.85 464.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 70.38 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 103.22 451.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 140.12 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 150.80 451.95 Td (advertising ) Tj ET Q q 0 0 0 rg BT 199.96 451.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 242.99 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 260.66 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 267.83 451.95 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 288.71 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 321.55 451.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 358.45 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 369.12 451.95 Td (professional ) Tj ET Q q 0 0 0 rg BT 422.95 451.95 Td (fees. ) Tj ET Q q 0 0 0 rg BT 444.99 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 447.31 451.95 Td (These ) Tj ET Q q 0 0 0 rg BT 474.89 451.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 515.88 451.95 Td (were ) Tj ET Q q 0 0 0 rg BT 538.78 451.95 Td (of) Tj ET Q q 0 0 0 rg BT 547.34 451.95 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 439.35 Td (part ) Tj ET Q q 0 0 0 rg BT 79.24 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 92.37 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 99.65 439.35 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 125.90 439.35 Td (million ) Tj ET Q q 0 0 0 rg BT 158.87 439.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 197.63 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 208.42 439.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 244.86 439.35 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 314.56 439.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 335.26 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.05 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 377.24 439.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 409.03 439.35 Td (funds.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 120.38 414.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 156.25 414.15 Td (\(Expense\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 401.55 Td (components ) Tj ET Q q 0 0 0 rg BT 120.59 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.35 401.55 Td (total ) Tj ET Q q 0 0 0 rg BT 152.03 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 175.62 401.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 236.53 401.55 Td (income ) Tj ET Q q 0 0 0 rg BT 269.45 401.55 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 312.28 401.55 Td (\(in ) Tj ET Q q 0 0 0 rg BT 325.96 401.55 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 368.52 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 385.69 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.53 401.55 Td (dollar ) Tj ET Q q 0 0 0 rg BT 427.04 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.21 401.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 491.69 401.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 527.52 401.55 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.04 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 106.06 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 117.43 388.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.45 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 326.45 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 326.45 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 326.45 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 326.45 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 326.45 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 326.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 326.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 296.45 194.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 296.45 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 296.45 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 296.45 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 296.45 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 296.45 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 296.45 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 296.45 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 296.45 47.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 296.45 49.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 296.45 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 296.45 43.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 296.45 43.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.45 194.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 234.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 234.45 39.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 234.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 234.45 39.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 234.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 234.45 39.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 234.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 234.45 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 234.45 49.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 234.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 234.45 43.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 234.45 43.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 352.45000000000005 m 287 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 352.45000000000005 m 291 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 352.45000000000005 m 330 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 352.45000000000005 m 334 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 352.45000000000005 m 373 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 352.45000000000005 m 424 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 352.45000000000005 m 473 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 352.45000000000005 m 520 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 352.45000000000005 m 563 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 326.45000000000005 m 244 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 326.45000000000005 m 287 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 326.45000000000005 m 330 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 352.45000000000005 m 373 352.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 326.45000000000005 m 373 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 326.45000000000005 m 424 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 326.45000000000005 m 473 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 326.45000000000005 m 520 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 326.45000000000005 m 563 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 326.45000000000005 m 330 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 326.45000000000005 m 424 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 326.45000000000005 m 473 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 326.45000000000005 m 520 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 326.45000000000005 m 563 326.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.45000000000005 m 244 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 234.45000000000005 m 287 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 234.45000000000005 m 330 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 234.45000000000005 m 373 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 234.45000000000005 m 424 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 234.45000000000005 m 520 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 208.45000000000005 m 244 208.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 208.45000000000005 m 287 208.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 208.45000000000005 m 330 208.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 234.45000000000005 m 373 234.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 208.45000000000005 m 373 208.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 208.45000000000005 m 424 208.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 208.45000000000005 m 520 208.45000000000005 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.65 357.22 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.15 367.74 Td (2016 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 357.24 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.40 367.72 Td (2015 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 357.22 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 331.24 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.50 331.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.50 331.22 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.35 341.74 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.75 331.24 Td (Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.75 341.74 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.75 331.24 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 341.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.95 331.22 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.60 341.72 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.95 331.22 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 316.22 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 316.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 269.85 316.24 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 316.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 316.22 Td (7.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 316.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 316.22 Td (6.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 316.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 316.24 Td (\(1.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 316.24 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.50 316.24 Td (\(25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 316.24 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 316.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.85 316.22 Td (1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 316.22 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 316.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 301.22 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 301.24 Td (\(48.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 301.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 301.22 Td (\(58.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 301.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 301.22 Td (\(52.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 301.22 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 301.24 Td (9.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.50 301.24 Td (\(17) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 301.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.35 301.22 Td (\(5.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 301.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 301.22 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 286.22 Td (Other income \(expense\), net, including) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 275.72 Td ($107.1 million debt extinguishment loss) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 265.22 Td (in July 2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 265.24 Td (\(26.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 265.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 265.22 Td (\(85.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 265.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.60 265.22 Td (32.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 265.24 Td (59.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.50 265.24 Td (\(70) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 265.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.85 265.22 Td (\(118.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 265.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.50 265.22 Td ( n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 249.72 Td (Other non-operating income \(expense\) of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 239.22 Td (consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 266.35 239.24 Td (\(7.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 239.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 239.22 Td (5.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 239.22 Td (2.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 239.24 Td (\(13.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 239.24 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.50 239.24 Td ( n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.85 239.22 Td (3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.00 239.22 Td (146) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 223.72 Td (Total Other Non-Operating Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 213.22 Td (\(Expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 213.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 213.24 Td (\(76.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 213.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 213.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.85 213.22 Td (\(130.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 213.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 213.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 213.22 Td (\(11.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 213.22 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 213.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 213.24 Td (54.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.50 213.24 Td (\(42) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 213.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 213.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.85 213.22 Td (\(118.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 213.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.50 213.22 Td ( n/m) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 199.35 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 199.35 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 199.35 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 199.35 Td (meaningful) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 174.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.38 174.15 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 161.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.26 161.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.26 161.55 Td (year ) Tj ET Q q 0 0 0 rg BT 101.50 161.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.74 161.55 Td (March ) Tj ET Q q 0 0 0 rg BT 158.31 161.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.61 161.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 199.41 161.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 233.06 161.55 Td (income ) Tj ET Q q 0 0 0 rg BT 266.14 161.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 309.70 161.55 Td (25% ) Tj ET Q q 0 0 0 rg BT 331.12 161.55 Td (to ) Tj ET Q q 0 0 0 rg BT 341.46 161.55 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 362.00 161.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 397.14 161.55 Td (as ) Tj ET Q q 0 0 0 rg BT 408.06 161.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 451.62 161.55 Td (to ) Tj ET Q q 0 0 0 rg BT 461.96 161.55 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 482.51 161.55 Td (million ) Tj ET Q q 0 0 0 rg BT 515.02 161.55 Td (for ) Tj ET Q q 0 0 0 rg BT 529.43 161.55 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 161.55 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 148.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.88 148.95 Td (March ) Tj ET Q q 0 0 0 rg BT 106.60 148.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.03 148.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.97 148.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 189.35 148.95 Td (due ) Tj ET Q q 0 0 0 rg BT 206.83 148.95 Td (to ) Tj ET Q q 0 0 0 rg BT 217.30 148.95 Td (a ) Tj ET Q q 0 0 0 rg BT 224.28 148.95 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 244.96 148.95 Td (million ) Tj ET Q q 0 0 0 rg BT 277.61 148.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 316.06 148.95 Td (in ) Tj ET Q q 0 0 0 rg BT 326.54 148.95 Td (the ) Tj ET Q q 0 0 0 rg BT 341.68 148.95 Td (current ) Tj ET Q q 0 0 0 rg BT 373.72 148.95 Td (year ) Tj ET Q q 0 0 0 rg BT 394.10 148.95 Td (related ) Tj ET Q q 0 0 0 rg BT 424.97 148.95 Td (to ) Tj ET Q q 0 0 0 rg BT 435.45 148.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 461.67 148.95 Td (average ) Tj ET Q q 0 0 0 rg BT 496.62 148.95 Td (interest-bearing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.68 136.35 Td (balances ) Tj ET Q q 0 0 0 rg BT 137.93 136.35 Td (and ) Tj ET Q q 0 0 0 rg BT 156.19 136.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 183.20 136.35 Td (yields ) Tj ET Q q 0 0 0 rg BT 211.38 136.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 242.47 136.35 Td (on ) Tj ET Q q 0 0 0 rg BT 256.07 136.35 Td (those ) Tj ET Q q 0 0 0 rg BT 281.33 136.35 Td (balances, ) Tj ET Q q 0 0 0 rg BT 323.21 136.35 Td (and ) Tj ET Q q 0 0 0 rg BT 341.47 136.35 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 362.95 136.35 Td (million ) Tj ET Q q 0 0 0 rg BT 396.39 136.35 Td (of ) Tj ET Q q 0 0 0 rg BT 408.24 136.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 442.24 136.35 Td (income ) Tj ET Q q 0 0 0 rg BT 476.25 136.35 Td (received ) Tj ET Q q 0 0 0 rg BT 514.91 136.35 Td (in ) Tj ET Q q 0 0 0 rg BT 526.18 136.35 Td (the ) Tj ET Q q 0 0 0 rg BT 542.11 136.35 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 123.75 Td (year ) Tj ET Q q 0 0 0 rg BT 70.19 123.75 Td (in ) Tj ET Q q 0 0 0 rg BT 80.99 123.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 129.68 123.75 Td (with ) Tj ET Q q 0 0 0 rg BT 150.97 123.75 Td (a ) Tj ET Q q 0 0 0 rg BT 158.26 123.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 173.71 123.75 Td (refund.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 98.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.34 98.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.42 98.55 Td (year ) Tj ET Q q 0 0 0 rg BT 101.75 98.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.07 98.55 Td (March ) Tj ET Q q 0 0 0 rg BT 158.73 98.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.11 98.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.99 98.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 233.73 98.55 Td (income ) Tj ET Q q 0 0 0 rg BT 266.89 98.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 308.79 98.55 Td (17% ) Tj ET Q q 0 0 0 rg BT 330.29 98.55 Td (to ) Tj ET Q q 0 0 0 rg BT 340.71 98.55 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 361.34 98.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 396.56 98.55 Td (as ) Tj ET Q q 0 0 0 rg BT 407.56 98.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 451.21 98.55 Td (to ) Tj ET Q q 0 0 0 rg BT 461.63 98.55 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 482.26 98.55 Td (million ) Tj ET Q q 0 0 0 rg BT 514.85 98.55 Td (for ) Tj ET Q q 0 0 0 rg BT 529.35 98.55 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 98.55 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 85.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.20 85.95 Td (March ) Tj ET Q q 0 0 0 rg BT 107.23 85.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.98 85.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 149.23 85.95 Td (driven ) Tj ET Q q 0 0 0 rg BT 178.68 85.95 Td (by ) Tj ET Q q 0 0 0 rg BT 191.80 85.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 221.25 85.95 Td (yields ) Tj ET Q q 0 0 0 rg BT 248.96 85.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 279.56 85.95 Td (on ) Tj ET Q q 0 0 0 rg BT 292.69 85.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 341.39 85.95 Td (balances.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (51) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.38 741.90 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.60 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 81.94 729.30 Td (year ) Tj ET Q q 0 0 0 rg BT 102.52 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.11 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 160.03 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.67 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 201.80 729.30 Td (Interest ) Tj ET Q q 0 0 0 rg BT 235.80 729.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 272.14 729.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 316.04 729.30 Td (17% ) Tj ET Q q 0 0 0 rg BT 337.80 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 348.48 729.30 Td ($48.4 ) Tj ET Q q 0 0 0 rg BT 374.62 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 410.09 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 421.35 729.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 465.26 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 475.94 729.30 Td ($58.3 ) Tj ET Q q 0 0 0 rg BT 502.08 729.30 Td (million ) Tj ET Q q 0 0 0 rg BT 534.93 729.30 Td (for ) Tj ET Q q 0 0 0 rg BT 549.69 729.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (year ) Tj ET Q q 0 0 0 rg BT 70.03 716.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.56 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 127.43 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.01 716.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 169.10 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 171.38 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 190.17 716.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 228.76 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 239.97 716.70 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 260.81 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 293.61 716.70 Td (was ) Tj ET Q q 0 0 0 rg BT 312.40 716.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 353.93 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 371.55 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 382.18 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 389.30 716.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 427.90 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 438.53 716.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 471.90 716.70 Td (accruals ) Tj ET Q q 0 0 0 rg BT 508.75 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 523.45 716.70 Td (uncertain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.92 704.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 108.06 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 116.61 704.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 134.36 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.12 704.10 Td (part ) Tj ET Q q 0 0 0 rg BT 164.04 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 177.13 704.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.62 704.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 251.68 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 264.77 704.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 311.69 704.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 370.84 704.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.51 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.67 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.42 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.84 704.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 522.59 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 704.10 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 78.95 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 96.74 691.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 127.36 691.50 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 189.75 691.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.69 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.12 666.30 Td (year ) Tj ET Q q 0 0 0 rg BT 102.78 666.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.46 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 160.46 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.19 666.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 202.41 666.30 Td (Interest ) Tj ET Q q 0 0 0 rg BT 236.50 666.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 272.92 666.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 315.16 666.30 Td (10% ) Tj ET Q q 0 0 0 rg BT 337.01 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 347.78 666.30 Td ($58.3 ) Tj ET Q q 0 0 0 rg BT 374.00 666.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 409.56 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 420.91 666.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 464.91 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 475.68 666.30 Td ($52.9 ) Tj ET Q q 0 0 0 rg BT 501.90 666.30 Td (million ) Tj ET Q q 0 0 0 rg BT 534.84 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 666.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (year ) Tj ET Q q 0 0 0 rg BT 69.62 653.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 96.74 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 126.19 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.37 653.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 167.04 653.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 208.16 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 225.37 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 235.59 653.70 Td (an ) Tj ET Q q 0 0 0 rg BT 247.55 653.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 283.99 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 294.21 653.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.17 653.70 Td (accruals ) Tj ET Q q 0 0 0 rg BT 363.61 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 377.90 653.70 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 419.01 653.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 433.89 653.70 Td (positions ) Tj ET Q q 0 0 0 rg BT 473.86 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 491.07 653.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 524.03 653.70 Td (accretion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 641.10 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 111.92 641.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 171.11 641.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 212.81 641.10 Td (related ) Tj ET Q q 0 0 0 rg BT 244.00 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.79 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.25 641.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 323.04 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.41 641.10 Td (QS ) Tj ET Q q 0 0 0 rg BT 350.46 641.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 391.58 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.36 641.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 440.56 641.10 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 472.64 641.10 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.21 615.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.50 615.90 Td (\(Expense\), ) Tj ET Q q 0 0 0 rg BT 161.50 615.90 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.56 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 81.87 603.30 Td (year ) Tj ET Q q 0 0 0 rg BT 102.41 603.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.96 603.30 Td (March ) Tj ET Q q 0 0 0 rg BT 159.84 603.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.44 603.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 201.54 603.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 227.93 603.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 266.85 603.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 284.78 603.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 328.64 603.30 Td ($59.3 ) Tj ET Q q 0 0 0 rg BT 354.74 603.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 390.18 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 400.83 603.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 437.12 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 448.34 603.30 Td ($26.0 ) Tj ET Q q 0 0 0 rg BT 474.44 603.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.88 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 603.30 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.40 590.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 96.96 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 108.44 590.70 Td ($85.3 ) Tj ET Q q 0 0 0 rg BT 134.80 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 167.88 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 178.78 590.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 204.26 590.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 230.62 590.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 272.43 590.70 Td (due ) Tj ET Q q 0 0 0 rg BT 290.32 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.23 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 308.63 590.70 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 340.24 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 373.31 590.70 Td (char) Tj ET Q q 0 0 0 rg BT 391.19 590.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 403.84 590.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 452.63 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 463.53 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 479.10 590.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 502.24 590.70 Td (year ) Tj ET Q q 0 0 0 rg BT 523.05 590.70 Td (related ) Tj ET Q q 0 0 0 rg BT 554.35 590.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.38 578.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 114.23 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.03 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.07 578.10 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 164.99 578.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 194.45 578.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 220.99 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.21 578.10 Td (July ) Tj ET Q q 0 0 0 rg BT 250.76 578.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 276.43 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.33 578.10 Td (This ) Tj ET Q q 0 0 0 rg BT 299.04 578.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 337.23 578.10 Td (was ) Tj ET Q q 0 0 0 rg BT 355.60 578.10 Td (of) Tj ET Q q 0 0 0 rg BT 364.16 578.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 381.37 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.58 578.10 Td (part ) Tj ET Q q 0 0 0 rg BT 409.96 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.50 578.10 Td (net ) Tj ET Q q 0 0 0 rg BT 437.38 578.10 Td (market ) Tj ET Q q 0 0 0 rg BT 468.58 578.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 495.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.50 578.10 Td ($27.0 ) Tj ET Q q 0 0 0 rg BT 532.18 578.10 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 565.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 102.78 565.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 157.14 565.50 Td (which ) Tj ET Q q 0 0 0 rg BT 184.37 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 198.76 565.50 Td (not ) Tj ET Q q 0 0 0 rg BT 213.75 565.50 Td (of) Tj ET Q q 0 0 0 rg BT 222.31 565.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 239.04 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 248.78 565.50 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 311.29 565.50 Td (net ) Tj ET Q q 0 0 0 rg BT 325.69 565.50 Td (market ) Tj ET Q q 0 0 0 rg BT 356.41 565.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 383.07 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 393.39 565.50 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 418.58 565.50 Td (million ) Tj ET Q q 0 0 0 rg BT 450.49 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 462.56 565.50 Td (seed ) Tj ET Q q 0 0 0 rg BT 482.79 565.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 512.34 565.50 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.22 552.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 92.27 552.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 128.82 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 142.62 552.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 179.15 552.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 239.02 552.90 Td (plans, ) Tj ET Q q 0 0 0 rg BT 265.37 552.90 Td (which ) Tj ET Q q 0 0 0 rg BT 292.59 552.90 Td (are ) Tj ET Q q 0 0 0 rg BT 306.96 552.90 Td (of) Tj ET Q q 0 0 0 rg BT 315.52 552.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 332.24 552.90 Td (by ) Tj ET Q q 0 0 0 rg BT 344.29 552.90 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 405.92 552.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 445.95 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 455.68 552.90 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 518.18 552.90 Td (mentioned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (above, ) Tj ET Q q 0 0 0 rg BT 78.77 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 80.35 540.30 Td (net ) Tj ET Q q 0 0 0 rg BT 94.75 540.30 Td (market ) Tj ET Q q 0 0 0 rg BT 125.48 540.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 152.14 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 162.46 540.30 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 182.41 540.30 Td (million ) Tj ET Q q 0 0 0 rg BT 214.33 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 226.40 540.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 278.14 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 288.46 540.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.11 540.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 387.26 540.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.92 540.30 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 470.89 540.30 Td (that ) Tj ET Q q 0 0 0 rg BT 488.21 540.30 Td (are ) Tj ET Q q 0 0 0 rg BT 502.61 540.30 Td (not ) Tj ET Q q 0 0 0 rg BT 517.60 540.30 Td (designated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (as ) Tj ET Q q 0 0 0 rg BT 61.20 527.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.22 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 166.25 527.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 203.61 527.70 Td (\("CIVs"\), ) Tj ET Q q 0 0 0 rg BT 246.92 527.70 Td (which ) Tj ET Q q 0 0 0 rg BT 275.54 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 298.31 527.70 Td (no ) Tj ET Q q 0 0 0 rg BT 311.77 527.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 343.29 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 356.75 527.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 374.86 527.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 408.65 527.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 462.34 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 473.46 527.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 497.99 527.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 532.15 527.70 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 553.76 527.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.27 515.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 93.29 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.05 515.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 131.82 515.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 182.57 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.68 515.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 258.44 515.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 299.00 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.10 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.69 515.10 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 346.01 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 379.28 515.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 398.56 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.00 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.60 515.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 452.86 515.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 492.52 515.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 528.69 515.10 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 91.48 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 502.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 155.64 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 167.01 502.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 197.64 502.50 Td (Infrastructure.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.49 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 81.72 477.30 Td (year ) Tj ET Q q 0 0 0 rg BT 102.20 477.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.67 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 159.48 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.01 477.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 201.04 477.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 227.35 477.30 Td (income ) Tj ET Q q 0 0 0 rg BT 260.67 477.30 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 306.51 477.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 324.36 477.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 368.16 477.30 Td ($1) Tj ET Q q 0 0 0 rg BT 378.27 477.30 Td (18.1 ) Tj ET Q q 0 0 0 rg BT 399.05 477.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 434.41 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 444.98 477.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.21 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 492.36 477.30 Td ($85.3 ) Tj ET Q q 0 0 0 rg BT 518.39 477.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.76 477.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.45 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.17 464.70 Td (income ) Tj ET Q q 0 0 0 rg BT 137.62 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 148.92 464.70 Td ($32.8 ) Tj ET Q q 0 0 0 rg BT 175.10 464.70 Td (million ) Tj ET Q q 0 0 0 rg BT 207.98 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 218.70 464.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 243.99 464.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 270.17 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 272.53 464.70 Td (This ) Tj ET Q q 0 0 0 rg BT 293.75 464.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 332.44 464.70 Td (was ) Tj ET Q q 0 0 0 rg BT 351.32 464.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 392.95 464.70 Td (due ) Tj ET Q q 0 0 0 rg BT 410.66 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 421.38 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 428.59 464.70 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 460.01 464.70 Td (million ) Tj ET Q q 0 0 0 rg BT 492.90 464.70 Td (char) Tj ET Q q 0 0 0 rg BT 510.78 464.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 523.24 464.70 Td (related ) Tj ET Q q 0 0 0 rg BT 554.35 464.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.73 452.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 116.95 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.10 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.33 452.10 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 170.61 452.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 201.42 452.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 229.33 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.90 452.10 Td (July ) Tj ET Q q 0 0 0 rg BT 261.81 452.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 288.84 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 291.49 452.10 Td (A) Tj ET Q q 0 0 0 rg BT 298.49 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.90 452.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 344.95 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.53 452.10 Td (net ) Tj ET Q q 0 0 0 rg BT 372.76 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 405.32 452.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 430.88 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.04 452.10 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 464.81 452.10 Td (million ) Tj ET Q q 0 0 0 rg BT 498.56 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.46 452.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.52 452.10 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 105.14 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 125.78 439.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 155.76 439.50 Td (invested ) Tj ET Q q 0 0 0 rg BT 196.23 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 213.95 439.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 254.40 439.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 318.20 439.50 Td (plans, ) Tj ET Q q 0 0 0 rg BT 348.47 439.50 Td (which ) Tj ET Q q 0 0 0 rg BT 379.61 439.50 Td (are ) Tj ET Q q 0 0 0 rg BT 397.91 439.50 Td (of) Tj ET Q q 0 0 0 rg BT 406.47 439.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 427.11 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 443.09 439.50 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 508.63 439.50 Td (decreases ) Tj ET Q q 0 0 0 rg BT 554.33 439.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.88 426.90 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 158.26 426.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 189.02 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 207.24 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 214.96 426.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 257.67 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 268.90 426.90 Td (net ) Tj ET Q q 0 0 0 rg BT 284.79 426.90 Td (market ) Tj ET Q q 0 0 0 rg BT 317.00 426.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 342.22 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 354.03 426.90 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 375.46 426.90 Td (million ) Tj ET Q q 0 0 0 rg BT 408.86 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 422.42 426.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 465.12 426.90 Td (investments, ) Tj ET Q q 0 0 0 rg BT 520.97 426.90 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 426.90 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (not ) Tj ET Q q 0 0 0 rg BT 65.54 414.30 Td (of) Tj ET Q q 0 0 0 rg BT 74.10 414.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 91.89 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 102.68 414.30 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 166.25 414.30 Td (also ) Tj ET Q q 0 0 0 rg BT 185.79 414.30 Td (contributed ) Tj ET Q q 0 0 0 rg BT 236.23 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 247.03 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.48 414.30 Td (decrease.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.21 389.10 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 145.76 389.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 181.05 389.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 210.51 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.88 389.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 281.10 389.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 331.56 389.10 Td (V) Tj ET Q q 0 0 0 rg BT 337.40 389.10 Td (ehicles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (For ) Tj ET Q q 0 0 0 rg BT 65.46 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 79.67 376.50 Td (year ) Tj ET Q q 0 0 0 rg BT 99.11 376.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.56 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 154.34 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.84 376.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 193.84 376.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 219.12 376.50 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 279.39 376.50 Td (income ) Tj ET Q q 0 0 0 rg BT 311.68 376.50 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 353.86 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 363.99 376.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 418.43 376.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 465.88 376.50 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 504.29 376.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 521.12 376.50 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td ($13.1 ) Tj ET Q q 0 0 0 rg BT 77.15 363.90 Td (million ) Tj ET Q q 0 0 0 rg BT 111.52 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 123.71 363.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 161.55 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 174.33 363.90 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 196.73 363.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 233.72 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 246.49 363.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 291.91 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 304.11 363.90 Td (income ) Tj ET Q q 0 0 0 rg BT 339.04 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 351.81 363.90 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 374.21 363.90 Td (million ) Tj ET Q q 0 0 0 rg BT 408.58 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 420.77 363.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 447.54 363.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 475.19 363.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 518.29 363.90 Td (due ) Tj ET Q q 0 0 0 rg BT 537.48 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 363.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 118.61 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 129.98 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 137.27 351.30 Td (CIV) Tj ET Q q 0 0 0 rg BT 155.16 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 157.79 351.30 Td (during ) Tj ET Q q 0 0 0 rg BT 187.83 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 203.28 351.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 235.64 351.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 263.33 351.30 Td (March ) Tj ET Q q 0 0 0 rg BT 293.36 351.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 309.11 351.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 335.36 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 353.15 351.30 Td (net ) Tj ET Q q 0 0 0 rg BT 368.60 351.30 Td (market ) Tj ET Q q 0 0 0 rg BT 400.38 351.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 428.09 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 441.22 351.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 494.01 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 505.38 351.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 536.57 351.30 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.57 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.88 326.10 Td (year ) Tj ET Q q 0 0 0 rg BT 99.44 326.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.99 326.10 Td (March ) Tj ET Q q 0 0 0 rg BT 154.88 326.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 169.49 326.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 194.60 326.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 219.99 326.10 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 280.37 326.10 Td (income ) Tj ET Q q 0 0 0 rg BT 312.77 326.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 355.06 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.29 326.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 419.85 326.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 467.41 326.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 505.92 326.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 522.86 326.10 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 70.50 313.50 Td (million ) Tj ET Q q 0 0 0 rg BT 103.46 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 114.25 313.50 Td (income ) Tj ET Q q 0 0 0 rg BT 147.79 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 159.16 313.50 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 180.16 313.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 215.75 313.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 257.44 313.50 Td (due ) Tj ET Q q 0 0 0 rg BT 275.23 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 286.02 313.50 Td (an ) Tj ET Q q 0 0 0 rg BT 298.56 313.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 335.58 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 346.37 313.50 Td (net ) Tj ET Q q 0 0 0 rg BT 361.82 313.50 Td (market ) Tj ET Q q 0 0 0 rg BT 393.60 313.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 418.39 313.50 Td (on ) Tj ET Q q 0 0 0 rg BT 431.51 313.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 484.30 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 495.67 313.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 526.86 313.50 Td (CIVs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 288.30 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 288.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 104.34 288.30 Td (Pr) Tj ET Q q 0 0 0 rg BT 115.23 288.30 Td (ovision) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (For ) Tj ET Q q 0 0 0 rg BT 66.70 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 82.14 275.70 Td (year ) Tj ET Q q 0 0 0 rg BT 102.82 275.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.51 275.70 Td (March ) Tj ET Q q 0 0 0 rg BT 160.52 275.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.26 275.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 202.50 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.94 275.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 260.22 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 275.08 275.70 Td (income ) Tj ET Q q 0 0 0 rg BT 308.60 275.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 332.79 275.70 Td (was ) Tj ET Q q 0 0 0 rg BT 351.73 275.70 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 372.72 275.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 408.30 275.70 Td (as ) Tj ET Q q 0 0 0 rg BT 419.66 275.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 463.67 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 474.45 275.70 Td ($125.3 ) Tj ET Q q 0 0 0 rg BT 505.93 275.70 Td (million ) Tj ET Q q 0 0 0 rg BT 538.88 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 275.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (year ) Tj ET Q q 0 0 0 rg BT 70.12 263.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.75 263.10 Td (March ) Tj ET Q q 0 0 0 rg BT 127.71 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.39 263.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 169.57 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.94 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.82 263.10 Td (ef) Tj ET Q q 0 0 0 rg BT 198.79 263.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.91 263.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.29 263.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 263.58 263.10 Td (was ) Tj ET Q q 0 0 0 rg BT 282.47 263.10 Td (\(30.5\)% ) Tj ET Q q 0 0 0 rg BT 319.14 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.94 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.32 263.10 Td (year ) Tj ET Q q 0 0 0 rg BT 369.95 263.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 397.57 263.10 Td (March ) Tj ET Q q 0 0 0 rg BT 427.53 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 443.21 263.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 469.40 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 480.70 263.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 524.65 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.37 263.10 Td (34.0% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.15 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 79.39 250.50 Td (year ) Tj ET Q q 0 0 0 rg BT 99.87 250.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.35 250.50 Td (March ) Tj ET Q q 0 0 0 rg BT 157.17 250.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.71 250.50 Td (2015. ) Tj ET Q q 0 0 0 rg BT 198.74 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 200.98 250.50 Td (The ) Tj ET Q q 0 0 0 rg BT 219.72 250.50 Td (change ) Tj ET Q q 0 0 0 rg BT 251.86 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 262.44 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 277.68 250.50 Td (ef) Tj ET Q q 0 0 0 rg BT 285.64 250.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.62 250.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.86 250.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.00 250.50 Td (was ) Tj ET Q q 0 0 0 rg BT 368.75 250.50 Td (lar) Tj ET Q q 0 0 0 rg BT 379.63 250.50 Td (gely ) Tj ET Q q 0 0 0 rg BT 400.12 250.50 Td (due ) Tj ET Q q 0 0 0 rg BT 417.69 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 428.27 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 443.51 250.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 474.49 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 485.65 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 500.89 250.50 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 532.18 250.50 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 59.92 237.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.00 237.90 Td (char) Tj ET Q q 0 0 0 rg BT 127.88 237.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 143.55 237.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 191.28 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 201.12 237.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 226.70 237.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.20 237.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 258.61 237.90 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 314.83 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 316.50 237.90 Td (In ) Tj ET Q q 0 0 0 rg BT 326.92 237.90 Td (November ) Tj ET Q q 0 0 0 rg BT 372.92 237.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 398.21 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 412.72 237.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 434.81 237.90 Td (Finance ) Tj ET Q q 0 0 0 rg BT 469.72 237.90 Td (Bill ) Tj ET Q q 0 0 0 rg BT 487.15 237.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 509.82 237.90 Td (was ) Tj ET Q q 0 0 0 rg BT 527.83 237.90 Td (enacted, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (which ) Tj ET Q q 0 0 0 rg BT 78.34 225.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 114.74 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 130.74 225.30 Td (main ) Tj ET Q q 0 0 0 rg BT 154.91 225.30 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 178.50 225.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 221.32 225.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.32 225.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 256.23 225.30 Td (from ) Tj ET Q q 0 0 0 rg BT 279.82 225.30 Td (20% ) Tj ET Q q 0 0 0 rg BT 302.24 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 313.58 225.30 Td (19% ) Tj ET Q q 0 0 0 rg BT 336.00 225.30 Td (ef) Tj ET Q q 0 0 0 rg BT 343.97 225.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 375.01 225.30 Td (April ) Tj ET Q q 0 0 0 rg BT 400.35 225.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 411.40 225.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 438.20 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 456.53 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 467.88 225.30 Td (18% ) Tj ET Q q 0 0 0 rg BT 490.30 225.30 Td (ef) Tj ET Q q 0 0 0 rg BT 498.27 225.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 529.30 225.30 Td (April ) Tj ET Q q 0 0 0 rg BT 554.64 225.30 Td (1, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (2020. ) Tj ET Q q 0 0 0 rg BT 76.04 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 78.74 212.70 Td (The ) Tj ET Q q 0 0 0 rg BT 97.98 212.70 Td (reductions ) Tj ET Q q 0 0 0 rg BT 144.63 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 155.71 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 171.46 212.70 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 194.79 212.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 237.34 212.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 253.08 212.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 271.73 212.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 307.88 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 318.97 212.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 334.71 212.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 370.86 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 382.52 212.70 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 403.81 212.70 Td (million ) Tj ET Q q 0 0 0 rg BT 437.06 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 448.14 212.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 473.79 212.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 500.33 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 503.04 212.70 Td (The ) Tj ET Q q 0 0 0 rg BT 522.27 212.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.76 212.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 74.19 200.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 116.34 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.69 200.10 Td (ef) Tj ET Q q 0 0 0 rg BT 139.66 200.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 170.74 200.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.99 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 202.00 200.10 Td (23.8 ) Tj ET Q q 0 0 0 rg BT 222.90 200.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 270.88 200.10 Td (points ) Tj ET Q q 0 0 0 rg BT 299.07 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.83 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.17 200.10 Td (year ) Tj ET Q q 0 0 0 rg BT 349.75 200.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 377.34 200.10 Td (March ) Tj ET Q q 0 0 0 rg BT 407.26 200.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.90 200.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 449.04 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.72 200.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 510.62 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.97 200.10 Td (ef) Tj ET Q q 0 0 0 rg BT 533.93 200.10 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.86 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 80.99 187.50 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 96.74 187.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 144.83 187.50 Td (points ) Tj ET Q q 0 0 0 rg BT 173.12 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 187.99 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 203.45 187.50 Td (year ) Tj ET Q q 0 0 0 rg BT 224.14 187.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 251.83 187.50 Td (March ) Tj ET Q q 0 0 0 rg BT 281.86 187.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 297.61 187.50 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.95 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.64 162.30 Td (year ) Tj ET Q q 0 0 0 rg BT 103.56 162.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.50 162.30 Td (March ) Tj ET Q q 0 0 0 rg BT 161.76 162.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.75 162.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 204.23 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 219.92 162.30 Td (provision ) Tj ET Q q 0 0 0 rg BT 262.45 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 277.56 162.30 Td (income ) Tj ET Q q 0 0 0 rg BT 311.32 162.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 335.76 162.30 Td (was ) Tj ET Q q 0 0 0 rg BT 354.95 162.30 Td ($125.3 ) Tj ET Q q 0 0 0 rg BT 386.69 162.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 422.51 162.30 Td (as ) Tj ET Q q 0 0 0 rg BT 434.12 162.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.37 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 489.40 162.30 Td ($137.8 ) Tj ET Q q 0 0 0 rg BT 521.14 162.30 Td (million ) Tj ET Q q 0 0 0 rg BT 554.34 162.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 149.70 Td (year ) Tj ET Q q 0 0 0 rg BT 84.78 149.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 112.04 149.70 Td (March ) Tj ET Q q 0 0 0 rg BT 141.63 149.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.95 149.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 182.76 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 184.80 149.70 Td (The ) Tj ET Q q 0 0 0 rg BT 203.31 149.70 Td (ef) Tj ET Q q 0 0 0 rg BT 211.28 149.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 242.03 149.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 257.05 149.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 274.98 149.70 Td (was ) Tj ET Q q 0 0 0 rg BT 293.50 149.70 Td (34.0% ) Tj ET Q q 0 0 0 rg BT 322.81 149.70 Td (for ) Tj ET Q q 0 0 0 rg BT 337.24 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 352.26 149.70 Td (year ) Tj ET Q q 0 0 0 rg BT 372.52 149.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 399.78 149.70 Td (March ) Tj ET Q q 0 0 0 rg BT 429.38 149.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.69 149.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 470.51 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 481.45 149.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 525.03 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 535.39 149.70 Td (32.8% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.20 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.49 137.10 Td (year ) Tj ET Q q 0 0 0 rg BT 100.01 137.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.54 137.10 Td (March ) Tj ET Q q 0 0 0 rg BT 157.40 137.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.98 137.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 199.06 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.34 137.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.13 137.10 Td (change ) Tj ET Q q 0 0 0 rg BT 252.31 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.94 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.22 137.10 Td (ef) Tj ET Q q 0 0 0 rg BT 286.19 137.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 317.21 137.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.40 137.10 Td (was ) Tj ET Q q 0 0 0 rg BT 354.19 137.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 395.72 137.10 Td (related ) Tj ET Q q 0 0 0 rg BT 426.74 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.37 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.65 137.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 483.68 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.89 137.10 Td ($19.2 ) Tj ET Q q 0 0 0 rg BT 520.97 137.10 Td (million ) Tj ET Q q 0 0 0 rg BT 553.76 137.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (income ) Tj ET Q q 0 0 0 rg BT 82.76 124.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.94 124.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 133.53 124.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 172.61 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 183.13 124.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 208.22 124.50 Td (2014 ) Tj ET Q q 0 0 0 rg BT 231.57 124.50 Td (with ) Tj ET Q q 0 0 0 rg BT 252.59 124.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 284.67 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 295.19 124.50 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 317.96 124.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 359.96 124.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 375.14 124.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.22 124.50 Td (reductions, ) Tj ET Q q 0 0 0 rg BT 441.94 124.50 Td (which ) Tj ET Q q 0 0 0 rg BT 469.95 124.50 Td (impacted ) Tj ET Q q 0 0 0 rg BT 510.79 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 525.97 124.50 Td (ef) Tj ET Q q 0 0 0 rg BT 533.94 124.50 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.10 111.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 83.62 111.90 Td (by ) Tj ET Q q 0 0 0 rg BT 96.89 111.90 Td (4.6 ) Tj ET Q q 0 0 0 rg BT 112.79 111.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 161.04 111.90 Td (points ) Tj ET Q q 0 0 0 rg BT 189.49 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 200.43 111.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 225.94 111.90 Td (2014. ) Tj ET Q q 0 0 0 rg BT 252.35 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 254.92 111.90 Td (The ) Tj ET Q q 0 0 0 rg BT 274.02 111.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.37 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 316.90 111.90 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 341.84 111.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 386.00 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 401.61 111.90 Td (ef) Tj ET Q q 0 0 0 rg BT 409.58 111.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 440.92 111.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 459.43 111.90 Td (by ) Tj ET Q q 0 0 0 rg BT 472.70 111.90 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 488.61 111.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 536.85 111.90 Td (points ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (for ) Tj ET Q q 0 0 0 rg BT 64.47 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.02 99.30 Td (year ) Tj ET Q q 0 0 0 rg BT 100.82 99.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.61 99.30 Td (March ) Tj ET Q q 0 0 0 rg BT 158.75 99.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.60 99.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 200.95 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 218.83 99.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 261.20 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 276.76 99.30 Td (ef) Tj ET Q q 0 0 0 rg BT 284.73 99.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.01 99.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 334.48 99.30 Td (by ) Tj ET Q q 0 0 0 rg BT 347.70 99.30 Td (0.2 ) Tj ET Q q 0 0 0 rg BT 363.55 99.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 411.75 99.30 Td (points ) Tj ET Q q 0 0 0 rg BT 440.14 99.30 Td (for ) Tj ET Q q 0 0 0 rg BT 455.11 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.67 99.30 Td (year ) Tj ET Q q 0 0 0 rg BT 491.46 99.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.26 99.30 Td (March ) Tj ET Q q 0 0 0 rg BT 549.39 99.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (2014.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (52) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.87 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 103.73 741.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 133.20 741.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 191.82 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 203.19 741.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 227.98 741.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 263.57 741.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 283.41 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.96 741.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 351.67 741.90 Td (Margin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.62 729.30 Td (Loss ) Tj ET Q q 0 0 0 rg BT 89.76 729.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 143.46 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 154.58 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.11 729.30 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 231.93 729.30 Td (for ) Tj ET Q q 0 0 0 rg BT 247.13 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 729.30 Td (year ) Tj ET Q q 0 0 0 rg BT 283.94 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 311.97 729.30 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 358.08 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 384.67 729.30 Td (totaled ) Tj ET Q q 0 0 0 rg BT 416.20 729.30 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 442.78 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 478.70 729.30 Td (or ) Tj ET Q q 0 0 0 rg BT 490.40 729.30 Td ($0.25 ) Tj ET Q q 0 0 0 rg BT 516.98 729.30 Td (per ) Tj ET Q q 0 0 0 rg BT 533.35 729.30 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.06 716.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 121.23 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 132.17 716.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 150.11 716.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 183.76 716.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 237.28 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 248.22 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 272.58 716.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 306.56 716.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.37 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 336.90 716.70 Td ($237.1 ) Tj ET Q q 0 0 0 rg BT 368.55 716.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 404.29 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 415.81 716.70 Td ($2.04 ) Tj ET Q q 0 0 0 rg BT 442.21 716.70 Td (per ) Tj ET Q q 0 0 0 rg BT 458.40 716.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 490.34 716.70 Td (share, ) Tj ET Q q 0 0 0 rg BT 517.90 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 528.84 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 544.45 716.70 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.17 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 107.18 704.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.91 704.10 Td (2015.��) Tj ET Q q 0 0 0 rg BT 151.60 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 170.52 704.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 209.26 704.10 Td (was ) Tj ET Q q 0 0 0 rg BT 228.20 704.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.87 704.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 320.29 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.06 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.49 704.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 377.67 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.02 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.45 704.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 436.79 704.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 487.79 704.10 Td (char) Tj ET Q q 0 0 0 rg BT 505.67 704.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 522.27 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.62 704.10 Td ($371.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 82.09 691.50 Td (\($296.8 ) Tj ET Q q 0 0 0 rg BT 116.72 691.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 151.94 691.50 Td (net ) Tj ET Q q 0 0 0 rg BT 167.03 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 178.03 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 211.20 691.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 226.28 691.50 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 264.40 691.50 Td (or ) Tj ET Q q 0 0 0 rg BT 275.41 691.50 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 301.29 691.50 Td (per ) Tj ET Q q 0 0 0 rg BT 316.95 691.50 Td (diluted ) Tj ET Q q 0 0 0 rg BT 348.37 691.50 Td (share\) ) Tj ET Q q 0 0 0 rg BT 376.28 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 407.10 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 417.53 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 433.78 691.50 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 493.77 691.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 538.01 691.50 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 60.46 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 76.08 678.90 Td (year ) Tj ET Q q 0 0 0 rg BT 96.95 678.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 124.81 678.90 Td (March ) Tj ET Q q 0 0 0 rg BT 155.01 678.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.93 678.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 197.35 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 205.91 678.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.86 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 234.82 678.90 Td (part ) Tj ET Q q 0 0 0 rg BT 253.94 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 267.24 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.86 678.90 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 315.39 678.90 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 377.08 678.90 Td (char) Tj ET Q q 0 0 0 rg BT 394.96 678.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 407.66 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 419.21 678.90 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 450.88 678.90 Td (million ) Tj ET Q q 0 0 0 rg BT 484.01 678.90 Td (\($68.5 ) Tj ET Q q 0 0 0 rg BT 513.92 678.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 549.68 678.90 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.45 666.30 Td (income ) Tj ET Q q 0 0 0 rg BT 95.55 666.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.58 666.30 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 150.64 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 162.59 666.30 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 189.41 666.30 Td (per ) Tj ET Q q 0 0 0 rg BT 206.02 666.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 238.38 666.30 Td (share\) ) Tj ET Q q 0 0 0 rg BT 267.23 666.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 316.49 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 327.85 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 666.30 Td (year ) Tj ET Q q 0 0 0 rg BT 365.15 666.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.42 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 424.02 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.35 666.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 467.17 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 478.54 666.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 527.80 666.30 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 666.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 99.73 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 110.90 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 126.15 653.70 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 150.44 653.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 180.28 653.70 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 209.82 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 212.24 653.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 256.65 653.70 Td (mar) Tj ET Q q 0 0 0 rg BT 272.79 653.70 Td (gin ) Tj ET Q q 0 0 0 rg BT 288.62 653.70 Td (was ) Tj ET Q q 0 0 0 rg BT 307.38 653.70 Td (1.9% ) Tj ET Q q 0 0 0 rg BT 331.67 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 346.33 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 653.70 Td (year ) Tj ET Q q 0 0 0 rg BT 382.07 653.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 409.56 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 439.39 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 454.94 653.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 480.98 653.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 524.80 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 535.39 653.70 Td (17.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 641.10 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 641.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 200.24 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 221.53 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 641.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 275.75 641.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 317.45 641.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 367.89 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.68 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.13 641.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 445.16 641.10 Td (char) Tj ET Q q 0 0 0 rg BT 463.04 641.10 Td (ges.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.67 615.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 99.72 615.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 152.46 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 162.63 615.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 186.21 615.90 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 238.09 615.90 Td (for ) Tj ET Q q 0 0 0 rg BT 252.33 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 267.17 615.90 Td (year ) Tj ET Q q 0 0 0 rg BT 287.24 615.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.32 615.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 359.48 615.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 385.11 615.90 Td (totaled ) Tj ET Q q 0 0 0 rg BT 415.69 615.90 Td ($237.1 ) Tj ET Q q 0 0 0 rg BT 446.57 615.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.54 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 492.29 615.90 Td ($2.04 ) Tj ET Q q 0 0 0 rg BT 517.92 615.90 Td (per ) Tj ET Q q 0 0 0 rg BT 533.34 615.90 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 76.17 603.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.45 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 129.51 603.30 Td ($284.8 ) Tj ET Q q 0 0 0 rg BT 160.27 603.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 195.13 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 205.76 603.30 Td ($2.33 ) Tj ET Q q 0 0 0 rg BT 231.28 603.30 Td (per ) Tj ET Q q 0 0 0 rg BT 246.57 603.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 277.62 603.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 304.29 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 314.35 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.07 603.30 Td (year ) Tj ET Q q 0 0 0 rg BT 349.02 603.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 375.98 603.30 Td (March ) Tj ET Q q 0 0 0 rg BT 405.28 603.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 420.29 603.30 Td (2014.��) Tj ET Q q 0 0 0 rg BT 448.98 603.30 Td (The ) Tj ET Q q 0 0 0 rg BT 467.19 603.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 505.22 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 523.44 603.30 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 100.10 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 111.06 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 126.67 590.70 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 161.81 590.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 223.50 590.70 Td (char) Tj ET Q q 0 0 0 rg BT 241.38 590.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 254.08 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 265.61 590.70 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 297.27 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 330.40 590.70 Td (\($68.5 ) Tj ET Q q 0 0 0 rg BT 360.30 590.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 396.05 590.70 Td (net ) Tj ET Q q 0 0 0 rg BT 411.67 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 423.20 590.70 Td (income ) Tj ET Q q 0 0 0 rg BT 456.89 590.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 472.51 590.70 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 511.16 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 522.69 590.70 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 549.10 590.70 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 80.84 578.10 Td (share\) ) Tj ET Q q 0 0 0 rg BT 108.68 578.10 Td (related ) Tj ET Q q 0 0 0 rg BT 139.42 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.77 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.78 578.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 214.77 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.70 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.71 578.10 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 264.76 578.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 294.36 578.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.04 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.39 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.40 578.10 Td (year ) Tj ET Q q 0 0 0 rg BT 366.65 578.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.90 578.10 Td (March ) Tj ET Q q 0 0 0 rg BT 423.49 578.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.79 578.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 464.60 578.10 Td (of) Tj ET Q q 0 0 0 rg BT 473.16 578.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 490.50 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.85 578.10 Td (part ) Tj ET Q q 0 0 0 rg BT 519.36 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 532.04 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.88 578.10 Td ($20.7 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (million ) Tj ET Q q 0 0 0 rg BT 82.02 565.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 120.35 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 130.70 565.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 153.89 565.50 Td (related ) Tj ET Q q 0 0 0 rg BT 184.64 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 194.99 565.50 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 242.66 565.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 264.09 565.50 Td (launches, ) Tj ET Q q 0 0 0 rg BT 305.64 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 322.99 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 338.00 565.50 Td (net ) Tj ET Q q 0 0 0 rg BT 353.02 565.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 383.78 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 394.71 565.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 436.54 565.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 478.38 565.50 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 520.51 565.50 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (mar) Tj ET Q q 0 0 0 rg BT 65.64 552.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 81.68 552.90 Td (was ) Tj ET Q q 0 0 0 rg BT 100.63 552.90 Td (17.7% ) Tj ET Q q 0 0 0 rg BT 130.38 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 145.25 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 160.70 552.90 Td (year ) Tj ET Q q 0 0 0 rg BT 181.39 552.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 209.09 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 239.12 552.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 254.87 552.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 281.12 552.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 325.14 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 335.93 552.90 Td (15.7% ) Tj ET Q q 0 0 0 rg BT 365.68 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 380.55 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 396.00 552.90 Td (year ) Tj ET Q q 0 0 0 rg BT 416.69 552.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 444.39 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 474.42 552.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 490.17 552.90 Td (2014.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 113.97 527.70 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 165.31 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 167.94 527.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 212.57 527.70 Td (Information) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.13 515.10 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 123.07 515.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 178.23 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 193.43 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 209.20 515.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 252.99 515.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 309.00 515.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 351.02 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 366.22 515.10 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 411.38 515.10 Td (Income" ) Tj ET Q q 0 0 0 rg BT 450.11 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.23 515.10 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 517.46 515.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 534.76 515.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 553.76 515.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Adjusted" ) Tj ET Q q 0 0 0 rg BT 94.00 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 111.47 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 118.43 502.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 156.32 502.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 193.61 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 208.15 502.50 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 252.66 502.50 Td (EBITDA", ) Tj ET Q q 0 0 0 rg BT 300.37 502.50 Td (each ) Tj ET Q q 0 0 0 rg BT 321.90 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 332.95 502.50 Td (which ) Tj ET Q q 0 0 0 rg BT 360.92 502.50 Td (are ) Tj ET Q q 0 0 0 rg BT 376.04 502.50 Td (based ) Tj ET Q q 0 0 0 rg BT 402.25 502.50 Td (on ) Tj ET Q q 0 0 0 rg BT 415.05 502.50 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 479.18 502.50 Td (other ) Tj ET Q q 0 0 0 rg BT 503.06 502.50 Td (than ) Tj ET Q q 0 0 0 rg BT 523.44 502.50 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 89.56 489.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 138.97 489.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 183.72 489.90 Td (\(�non-GAAP�\). ) Tj ET Q q 0 0 0 rg BT 253.84 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 257.18 489.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 276.86 489.90 Td (management ) Tj ET Q q 0 0 0 rg BT 333.84 489.90 Td (uses ) Tj ET Q q 0 0 0 rg BT 355.27 489.90 Td (these ) Tj ET Q q 0 0 0 rg BT 380.19 489.90 Td (measures ) Tj ET Q q 0 0 0 rg BT 422.60 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 434.69 489.90 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 488.76 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 500.27 489.90 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 547.35 489.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (comparing ) Tj ET Q q 0 0 0 rg BT 97.03 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 113.65 477.30 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 185.08 477.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.36 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 283.04 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 300.82 477.30 Td (liquidity) Tj ET Q q 0 0 0 rg BT 335.73 477.30 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.29 452.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 124.65 452.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 168.92 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.96 452.10 Td ($370.3 ) Tj ET Q q 0 0 0 rg BT 211.71 452.10 Td (million ) Tj ET Q q 0 0 0 rg BT 244.93 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.04 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.75 452.10 Td (year ) Tj ET Q q 0 0 0 rg BT 296.69 452.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 324.64 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 354.92 452.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 370.92 452.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 397.43 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.71 452.10 Td ($378.8 ) Tj ET Q q 0 0 0 rg BT 452.46 452.10 Td (million ) Tj ET Q q 0 0 0 rg BT 485.68 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 500.80 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.50 452.10 Td (year ) Tj ET Q q 0 0 0 rg BT 537.45 452.10 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (March ) Tj ET Q q 0 0 0 rg BT 78.41 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 93.04 439.50 Td (2015; ) Tj ET Q q 0 0 0 rg BT 118.47 439.50 Td (however) Tj ET Q q 0 0 0 rg BT 154.20 439.50 Td (, ) Tj ET Q q 0 0 0 rg BT 158.33 439.50 Td (due ) Tj ET Q q 0 0 0 rg BT 175.00 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 184.67 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 190.84 439.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 232.00 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 241.68 439.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 317.81 439.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 345.56 439.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 396.06 439.50 Td (as ) Tj ET Q q 0 0 0 rg BT 406.32 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 412.49 439.50 Td (result ) Tj ET Q q 0 0 0 rg BT 437.32 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 447.58 439.50 Td (share ) Tj ET Q q 0 0 0 rg BT 471.24 439.50 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 524.60 439.50 Td (Adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.07 426.90 Td (per ) Tj ET Q q 0 0 0 rg BT 100.56 426.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 132.81 426.90 Td (share ) Tj ET Q q 0 0 0 rg BT 158.05 426.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 200.77 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 212.02 426.90 Td ($3.36 ) Tj ET Q q 0 0 0 rg BT 238.73 426.90 Td (per ) Tj ET Q q 0 0 0 rg BT 255.22 426.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 287.47 426.90 Td (share ) Tj ET Q q 0 0 0 rg BT 312.71 426.90 Td (for ) Tj ET Q q 0 0 0 rg BT 328.04 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 343.95 426.90 Td (year ) Tj ET Q q 0 0 0 rg BT 365.10 426.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.26 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 423.74 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.95 426.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 466.66 426.90 Td (from ) Tj ET Q q 0 0 0 rg BT 490.16 426.90 Td ($3.26 ) Tj ET Q q 0 0 0 rg BT 516.87 426.90 Td (per ) Tj ET Q q 0 0 0 rg BT 533.36 426.90 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (share ) Tj ET Q q 0 0 0 rg BT 74.27 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 89.12 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.56 414.30 Td (year ) Tj ET Q q 0 0 0 rg BT 125.24 414.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.93 414.30 Td (March ) Tj ET Q q 0 0 0 rg BT 182.94 414.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 198.68 414.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 224.92 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 227.34 414.30 Td (The ) Tj ET Q q 0 0 0 rg BT 246.28 414.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 285.03 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 295.23 414.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 335.76 414.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 369.86 414.30 Td (was ) Tj ET Q q 0 0 0 rg BT 388.80 414.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 430.48 414.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 480.91 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 491.69 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 507.13 414.30 Td (net ) Tj ET Q q 0 0 0 rg BT 522.57 414.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.76 414.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (decreased ) Tj ET Q q 0 0 0 rg BT 94.19 401.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 137.15 401.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 180.40 401.70 Td (of) Tj ET Q q 0 0 0 rg BT 188.96 401.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 207.43 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 218.90 401.70 Td (part ) Tj ET Q q 0 0 0 rg BT 238.53 401.70 Td (by ) Tj ET Q q 0 0 0 rg BT 252.34 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.47 401.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 300.36 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 312.41 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 328.54 401.70 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 364.21 401.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 426.42 401.70 Td (char) Tj ET Q q 0 0 0 rg BT 444.29 401.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 457.51 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 469.56 401.70 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 501.75 401.70 Td (million ) Tj ET Q q 0 0 0 rg BT 535.39 401.70 Td (\($68.5 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.07 389.10 Td (net ) Tj ET Q q 0 0 0 rg BT 100.50 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.85 389.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.36 389.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 163.41 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 174.76 389.10 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 200.99 389.10 Td (per ) Tj ET Q q 0 0 0 rg BT 217.00 389.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 248.77 389.10 Td (share\) ) Tj ET Q q 0 0 0 rg BT 277.02 389.10 Td (related ) Tj ET Q q 0 0 0 rg BT 308.19 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.96 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.39 389.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 384.80 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.15 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.58 389.10 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 436.06 389.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 466.07 389.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 493.17 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.94 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.38 389.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 542.39 389.10 Td (year) Tj ET Q q 0 0 0 rg BT 559.88 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 389.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.23 376.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 110.53 376.50 Td (gin, ) Tj ET Q q 0 0 0 rg BT 128.32 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 138.43 376.50 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 180.71 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 194.70 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 209.27 376.50 Td (years ) Tj ET Q q 0 0 0 rg BT 233.17 376.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 259.99 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 289.14 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 304.01 376.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 326.75 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 343.66 376.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 369.03 376.50 Td (was ) Tj ET Q q 0 0 0 rg BT 387.10 376.50 Td (18.6% ) Tj ET Q q 0 0 0 rg BT 415.97 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 432.87 376.50 Td (23.0%, ) Tj ET Q q 0 0 0 rg BT 464.36 376.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 514.41 376.50 Td (. ) Tj ET Q q 0 0 0 rg BT 518.78 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 520.52 376.50 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 66.80 363.90 Td (gin, ) Tj ET Q q 0 0 0 rg BT 85.25 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 95.87 363.90 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 138.81 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 153.46 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 168.69 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 189.16 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 216.64 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 246.44 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.97 363.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 288.00 363.90 Td (was ) Tj ET Q q 0 0 0 rg BT 306.73 363.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 342.37 363.90 Td (by ) Tj ET Q q 0 0 0 rg BT 355.27 363.90 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 370.80 363.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 418.67 363.90 Td (points ) Tj ET Q q 0 0 0 rg BT 446.74 363.90 Td (due ) Tj ET Q q 0 0 0 rg BT 464.31 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 474.88 363.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 498.28 363.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.84 363.90 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 66.02 351.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 123.36 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 135.80 351.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 169.24 351.30 Td (for ) Tj ET Q q 0 0 0 rg BT 185.17 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 201.70 351.30 Td (combination ) Tj ET Q q 0 0 0 rg BT 257.88 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 280.24 351.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 297.95 351.30 Td (rust, ) Tj ET Q q 0 0 0 rg BT 320.02 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 334.21 351.30 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 351.03 351.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 400.19 351.30 Td (point ) Tj ET Q q 0 0 0 rg BT 425.47 351.30 Td (due ) Tj ET Q q 0 0 0 rg BT 444.32 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 456.18 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 472.70 351.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 534.72 351.30 Td (char) Tj ET Q q 0 0 0 rg BT 552.59 351.30 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 96.60 338.70 Td (with ) Tj ET Q q 0 0 0 rg BT 119.21 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 135.99 338.70 Td (Royce ) Tj ET Q q 0 0 0 rg BT 166.76 338.70 Td (management ) Tj ET Q q 0 0 0 rg BT 224.35 338.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 254.55 338.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 276.57 338.70 Td (grant, ) Tj ET Q q 0 0 0 rg BT 304.72 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 323.83 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 338.28 338.70 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 355.35 338.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 404.77 338.70 Td (points ) Tj ET Q q 0 0 0 rg BT 434.38 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 450.58 338.70 Td (real ) Tj ET Q q 0 0 0 rg BT 470.26 338.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 498.11 338.70 Td (related ) Tj ET Q q 0 0 0 rg BT 530.62 338.70 Td (char) Tj ET Q q 0 0 0 rg BT 548.50 338.70 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.81 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.23 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.31 326.10 Td (current ) Tj ET Q q 0 0 0 rg BT 159.30 326.10 Td (year ) Tj ET Q q 0 0 0 rg BT 180.62 326.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 227.02 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.94 326.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 285.42 326.10 Td (space ) Tj ET Q q 0 0 0 rg BT 311.99 326.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 372.69 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.94 326.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 421.18 326.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 438.48 326.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 457.78 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.06 326.10 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 512.85 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.35 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 326.10 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.44 313.50 Td (March ) Tj ET Q q 0 0 0 rg BT 107.72 313.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.72 313.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 147.59 313.50 Td (was ) Tj ET Q q 0 0 0 rg BT 166.80 313.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 202.90 313.50 Td (by ) Tj ET Q q 0 0 0 rg BT 216.27 313.50 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 232.27 313.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 280.61 313.50 Td (points ) Tj ET Q q 0 0 0 rg BT 309.16 313.50 Td (due ) Tj ET Q q 0 0 0 rg BT 327.19 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 338.23 313.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 362.11 313.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 408.13 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 429.67 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 445.38 313.50 Td (integration ) Tj ET Q q 0 0 0 rg BT 493.74 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 505.36 313.50 Td (Batterymarch ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 300.90 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 105.21 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 107.83 300.90 Td (into ) Tj ET Q q 0 0 0 rg BT 126.79 300.90 Td (QS ) Tj ET Q q 0 0 0 rg BT 142.84 300.90 Td (Investors ) Tj ET Q q 0 0 0 rg BT 183.96 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 201.74 300.90 Td (various ) Tj ET Q q 0 0 0 rg BT 235.28 300.90 Td (other ) Tj ET Q q 0 0 0 rg BT 259.48 300.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 301.75 300.90 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 348.41 300.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.69 275.70 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 127.60 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 129.88 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 144.39 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 159.50 275.70 Td (years ) Tj ET Q q 0 0 0 rg BT 183.92 275.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.27 275.70 Td (March ) Tj ET Q q 0 0 0 rg BT 240.95 275.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 256.35 275.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 279.62 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.06 275.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 322.95 275.70 Td (was ) Tj ET Q q 0 0 0 rg BT 341.56 275.70 Td ($621.7 ) Tj ET Q q 0 0 0 rg BT 372.71 275.70 Td (million ) Tj ET Q q 0 0 0 rg BT 405.32 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 422.75 275.70 Td ($686.5 ) Tj ET Q q 0 0 0 rg BT 453.90 275.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.14 275.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 539.19 275.70 Td (. ) Tj ET Q q 0 0 0 rg BT 544.08 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 275.70 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 88.26 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.47 263.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 139.01 263.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 176.93 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.55 263.10 Td (was ) Tj ET Q q 0 0 0 rg BT 198.51 263.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 240.21 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.66 263.10 Td (result ) Tj ET Q q 0 0 0 rg BT 281.61 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.99 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.27 263.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 339.03 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.83 263.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.11 263.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 411.06 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.18 263.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 466.46 263.10 Td (activities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.09 237.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 124.25 237.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 168.32 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 179.16 237.90 Td ($378.8 ) Tj ET Q q 0 0 0 rg BT 210.71 237.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 246.35 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 257.77 237.90 Td ($3.26 ) Tj ET Q q 0 0 0 rg BT 284.07 237.90 Td (per ) Tj ET Q q 0 0 0 rg BT 300.16 237.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 332.00 237.90 Td (share, ) Tj ET Q q 0 0 0 rg BT 359.45 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 374.37 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.88 237.90 Td (year ) Tj ET Q q 0 0 0 rg BT 410.62 237.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 438.37 237.90 Td (March ) Tj ET Q q 0 0 0 rg BT 468.45 237.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.25 237.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 510.55 237.90 Td (from ) Tj ET Q q 0 0 0 rg BT 533.64 237.90 Td ($417.8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.06 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 96.41 225.30 Td ($3.41 ) Tj ET Q q 0 0 0 rg BT 122.63 225.30 Td (per ) Tj ET Q q 0 0 0 rg BT 138.63 225.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 170.40 225.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 197.77 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 212.61 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.04 225.30 Td (year ) Tj ET Q q 0 0 0 rg BT 248.71 225.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 276.38 225.30 Td (March ) Tj ET Q q 0 0 0 rg BT 306.38 225.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 322.10 225.30 Td (2014. ) Tj ET Q q 0 0 0 rg BT 348.32 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 350.73 225.30 Td (The ) Tj ET Q q 0 0 0 rg BT 369.66 225.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 408.39 225.30 Td (was ) Tj ET Q q 0 0 0 rg BT 427.32 225.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 468.99 225.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 519.41 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 530.17 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 545.60 225.30 Td (pre-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (tax, ) Tj ET Q q 0 0 0 rg BT 68.36 212.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 130.67 212.70 Td (char) Tj ET Q q 0 0 0 rg BT 148.54 212.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 161.86 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 174.02 212.70 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 206.30 212.70 Td (million ) Tj ET Q q 0 0 0 rg BT 240.04 212.70 Td (\($68.5 ) Tj ET Q q 0 0 0 rg BT 270.57 212.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 306.94 212.70 Td (net ) Tj ET Q q 0 0 0 rg BT 323.17 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 335.33 212.70 Td (income ) Tj ET Q q 0 0 0 rg BT 369.64 212.70 Td (tax, ) Tj ET Q q 0 0 0 rg BT 388.50 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 400.65 212.70 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 427.68 212.70 Td (per ) Tj ET Q q 0 0 0 rg BT 444.50 212.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 477.07 212.70 Td (share\) ) Tj ET Q q 0 0 0 rg BT 506.13 212.70 Td (related ) Tj ET Q q 0 0 0 rg BT 538.10 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 212.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 99.07 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.58 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.18 200.10 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 147.81 200.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 176.99 200.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 203.25 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.01 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.95 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.54 200.10 Td (year ) Tj ET Q q 0 0 0 rg BT 249.37 200.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 276.20 200.10 Td (March ) Tj ET Q q 0 0 0 rg BT 305.37 200.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 320.26 200.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 345.65 200.10 Td (of) Tj ET Q q 0 0 0 rg BT 354.21 200.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 371.13 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.06 200.10 Td (part ) Tj ET Q q 0 0 0 rg BT 399.15 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 411.41 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.01 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 440.60 200.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 470.94 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.45 200.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 522.85 200.10 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 91.29 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 93.15 187.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 136.99 187.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 154.29 187.50 Td (gin, ) Tj ET Q q 0 0 0 rg BT 172.19 187.50 Td (as ) Tj ET Q q 0 0 0 rg BT 182.38 187.50 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 224.77 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 238.87 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 253.55 187.50 Td (years ) Tj ET Q q 0 0 0 rg BT 277.56 187.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 304.48 187.50 Td (March ) Tj ET Q q 0 0 0 rg BT 333.74 187.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.72 187.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 371.57 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 388.59 187.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 414.06 187.50 Td (was ) Tj ET Q q 0 0 0 rg BT 432.25 187.50 Td (23.0% ) Tj ET Q q 0 0 0 rg BT 461.22 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 478.24 187.50 Td (22.0%, ) Tj ET Q q 0 0 0 rg BT 509.84 187.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 187.50 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 187.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.54 174.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 110.84 174.90 Td (gin, ) Tj ET Q q 0 0 0 rg BT 128.93 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 139.28 174.90 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 181.86 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 196.16 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 211.03 174.90 Td (years ) Tj ET Q q 0 0 0 rg BT 235.24 174.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 262.36 174.90 Td (March ) Tj ET Q q 0 0 0 rg BT 291.81 174.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.99 174.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 330.04 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 347.25 174.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 372.92 174.90 Td (was ) Tj ET Q q 0 0 0 rg BT 391.30 174.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 426.58 174.90 Td (by ) Tj ET Q q 0 0 0 rg BT 439.13 174.90 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 454.30 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 471.51 174.90 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 486.69 174.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 534.20 174.90 Td (points, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 162.30 Td (, ) Tj ET Q q 0 0 0 rg BT 104.58 162.30 Td (due ) Tj ET Q q 0 0 0 rg BT 122.16 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 132.74 162.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 156.15 162.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 201.71 162.30 Td (with ) Tj ET Q q 0 0 0 rg BT 222.79 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.03 162.30 Td (integration ) Tj ET Q q 0 0 0 rg BT 285.93 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 297.09 162.30 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 356.64 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 374.22 162.30 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 412.14 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 414.55 162.30 Td (into ) Tj ET Q q 0 0 0 rg BT 433.30 162.30 Td (QS ) Tj ET Q q 0 0 0 rg BT 449.13 162.30 Td (Investors ) Tj ET Q q 0 0 0 rg BT 490.04 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 507.61 162.30 Td (various ) Tj ET Q q 0 0 0 rg BT 540.93 162.30 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 91.10 149.70 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 137.10 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 139.06 149.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 183.00 149.70 Td (Mar) Tj ET Q q 0 0 0 rg BT 200.30 149.70 Td (gin, ) Tj ET Q q 0 0 0 rg BT 218.31 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 228.58 149.70 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 271.08 149.70 Td (for ) Tj ET Q q 0 0 0 rg BT 285.28 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 300.07 149.70 Td (year ) Tj ET Q q 0 0 0 rg BT 320.09 149.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 347.12 149.70 Td (March ) Tj ET Q q 0 0 0 rg BT 376.48 149.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 391.57 149.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 417.15 149.70 Td (was ) Tj ET Q q 0 0 0 rg BT 435.44 149.70 Td (also ) Tj ET Q q 0 0 0 rg BT 454.31 149.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 489.50 149.70 Td (by ) Tj ET Q q 0 0 0 rg BT 501.96 149.70 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 517.04 149.70 Td (percentage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (point ) Tj ET Q q 0 0 0 rg BT 73.71 137.10 Td (due ) Tj ET Q q 0 0 0 rg BT 91.50 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.29 137.10 Td (structuring ) Tj ET Q q 0 0 0 rg BT 150.41 137.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 169.94 137.10 Td (related ) Tj ET Q q 0 0 0 rg BT 201.12 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.92 137.10 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 260.02 137.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 281.90 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.68 137.10 Td (real ) Tj ET Q q 0 0 0 rg BT 318.04 137.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 344.57 137.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.27 137.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 414.56 137.10 Td (launches ) Tj ET Q q 0 0 0 rg BT 453.93 137.10 Td (during ) Tj ET Q q 0 0 0 rg BT 483.96 137.10 Td (that ) Tj ET Q q 0 0 0 rg BT 502.34 137.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 527.70 137.10 Td (year) Tj ET Q q 0 0 0 rg BT 545.19 137.10 Td (. ) Tj ET Q q 0 0 0 rg BT 550.44 137.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.69 111.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 127.60 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 129.88 111.90 Td (for ) Tj ET Q q 0 0 0 rg BT 144.39 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 159.50 111.90 Td (years ) Tj ET Q q 0 0 0 rg BT 183.92 111.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.27 111.90 Td (March ) Tj ET Q q 0 0 0 rg BT 240.95 111.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 256.35 111.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 279.62 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 297.06 111.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 322.95 111.90 Td (was ) Tj ET Q q 0 0 0 rg BT 341.56 111.90 Td ($686.5 ) Tj ET Q q 0 0 0 rg BT 372.71 111.90 Td (million ) Tj ET Q q 0 0 0 rg BT 405.32 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 422.75 111.90 Td ($617.1 ) Tj ET Q q 0 0 0 rg BT 453.90 111.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.14 111.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 539.19 111.90 Td (. ) Tj ET Q q 0 0 0 rg BT 544.08 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 111.90 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td ($69.4 ) Tj ET Q q 0 0 0 rg BT 75.44 99.30 Td (million ) Tj ET Q q 0 0 0 rg BT 108.10 99.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 144.81 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 154.78 99.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 195.01 99.30 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 232.93 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 235.25 99.30 Td (was ) Tj ET Q q 0 0 0 rg BT 253.89 99.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 295.28 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 310.43 99.30 Td (result ) Tj ET Q q 0 0 0 rg BT 336.08 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 347.14 99.30 Td (an ) Tj ET Q q 0 0 0 rg BT 359.37 99.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 396.08 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 406.56 99.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.54 99.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 467.18 99.30 Td (by ) Tj ET Q q 0 0 0 rg BT 480.00 99.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 521.97 99.30 Td (activities.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (53) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 741.90 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.58 729.30 Td (define ) Tj ET Q q 0 0 0 rg BT 94.17 729.30 Td (�Adjusted ) Tj ET Q q 0 0 0 rg BT 139.10 729.30 Td (Income� ) Tj ET Q q 0 0 0 rg BT 177.60 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 188.69 729.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 206.21 729.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 240.05 729.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 268.71 729.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 321.80 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 332.32 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.25 729.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 389.81 729.30 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 410.81 729.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 430.67 729.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 486.09 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 503.60 729.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 540.93 729.30 Td (taxes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 82.79 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 95.69 716.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 142.41 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.64 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.53 716.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 233.60 716.70 Td (less ) Tj ET Q q 0 0 0 rg BT 254.08 716.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 293.78 716.70 Td (income ) Tj ET Q q 0 0 0 rg BT 329.42 716.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 355.73 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 370.96 716.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 413.02 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 432.91 716.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 495.37 716.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 542.09 716.70 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 102.52 704.10 Td (if ) Tj ET Q q 0 0 0 rg BT 110.92 704.10 Td (any) Tj ET Q q 0 0 0 rg BT 125.40 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.01 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.85 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.92 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.57 704.10 Td (also ) Tj ET Q q 0 0 0 rg BT 166.47 704.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 193.54 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.77 704.10 Td (non-core ) Tj ET Q q 0 0 0 rg BT 247.07 704.10 Td (items ) Tj ET Q q 0 0 0 rg BT 271.81 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 289.54 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 304.34 704.10 Td (not ) Tj ET Q q 0 0 0 rg BT 319.75 704.10 Td (reflective ) Tj ET Q q 0 0 0 rg BT 361.37 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.11 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.09 704.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 430.89 704.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 488.56 704.10 Td (such ) Tj ET Q q 0 0 0 rg BT 509.79 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 520.52 704.10 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.51 691.50 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 130.23 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 145.67 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 176.84 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 188.19 691.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 205.37 691.50 Td (value ) Tj ET Q q 0 0 0 rg BT 230.71 691.50 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 283.48 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 294.82 691.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 341.75 691.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 400.92 691.50 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 445.23 691.50 Td (if ) Tj ET Q q 0 0 0 rg BT 454.25 691.50 Td (any) Tj ET Q q 0 0 0 rg BT 468.73 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 473.95 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 491.72 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 507.15 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 538.33 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 691.50 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.86 678.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 120.65 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 133.77 678.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.96 678.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 202.56 678.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 218.01 678.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 259.72 678.90 Td (related ) Tj ET Q q 0 0 0 rg BT 290.91 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 301.70 678.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 362.05 678.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 406.67 678.90 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 653.70 Td (e ) Tj ET Q q 0 0 0 rg BT 67.10 653.70 Td (believe ) Tj ET Q q 0 0 0 rg BT 101.30 653.70 Td (that ) Tj ET Q q 0 0 0 rg BT 120.06 653.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 161.85 653.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 197.21 653.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 237.25 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 245.78 653.70 Td (useful ) Tj ET Q q 0 0 0 rg BT 275.32 653.70 Td (representation ) Tj ET Q q 0 0 0 rg BT 338.67 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.29 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 369.16 653.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 412.69 653.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 469.61 653.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 508.48 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 524.60 653.70 Td (non-cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 98.45 641.10 Td (related ) Tj ET Q q 0 0 0 rg BT 129.89 641.10 Td (items ) Tj ET Q q 0 0 0 rg BT 155.51 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.55 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 197.99 641.10 Td (items ) Tj ET Q q 0 0 0 rg BT 223.62 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.24 641.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 281.84 641.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 333.70 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.32 641.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.19 641.10 Td (results ) Tj ET Q q 0 0 0 rg BT 392.48 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.52 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.22 641.10 Td (results ) Tj ET Q q 0 0 0 rg BT 449.51 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.13 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 485.58 641.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.86 641.10 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (firms ) Tj ET Q q 0 0 0 rg BT 73.77 628.50 Td (that ) Tj ET Q q 0 0 0 rg BT 91.63 628.50 Td (have ) Tj ET Q q 0 0 0 rg BT 113.55 628.50 Td (not ) Tj ET Q q 0 0 0 rg BT 129.08 628.50 Td (made ) Tj ET Q q 0 0 0 rg BT 153.92 628.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 200.36 628.50 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 255.25 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 257.21 628.50 Td (W) Tj ET Q q 0 0 0 rg BT 266.28 628.50 Td (e ) Tj ET Q q 0 0 0 rg BT 273.05 628.50 Td (also ) Tj ET Q q 0 0 0 rg BT 292.07 628.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 324.49 628.50 Td (that ) Tj ET Q q 0 0 0 rg BT 341.88 628.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 381.90 628.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 415.50 628.50 Td (is ) Tj ET Q q 0 0 0 rg BT 424.61 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 436.62 628.50 Td (important ) Tj ET Q q 0 0 0 rg BT 479.56 628.50 Td (metric ) Tj ET Q q 0 0 0 rg BT 508.49 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 518.76 628.50 Td (estimating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 615.90 Td (value ) Tj ET Q q 0 0 0 rg BT 90.32 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 101.69 615.90 Td (an ) Tj ET Q q 0 0 0 rg BT 114.22 615.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 137.26 615.90 Td (management ) Tj ET Q q 0 0 0 rg BT 193.53 615.90 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.15 590.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 124.37 590.70 Td (only ) Tj ET Q q 0 0 0 rg BT 145.78 590.70 Td (considers ) Tj ET Q q 0 0 0 rg BT 188.17 590.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 241.07 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 256.05 590.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 287.35 590.70 Td (items ) Tj ET Q q 0 0 0 rg BT 312.84 590.70 Td (that ) Tj ET Q q 0 0 0 rg BT 331.32 590.70 Td (relate ) Tj ET Q q 0 0 0 rg BT 357.37 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.27 590.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 410.66 590.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 466.45 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 484.34 590.70 Td (comparability) Tj ET Q q 0 0 0 rg BT 541.98 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 547.34 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 92.01 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 101.01 578.10 Td (most ) Tj ET Q q 0 0 0 rg BT 123.43 578.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 154.58 578.10 Td (reconcilable ) Tj ET Q q 0 0 0 rg BT 207.88 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.05 578.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 235.21 578.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 268.69 578.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 297.08 578.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 349.82 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.98 578.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 383.56 578.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 416.76 578.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 434.79 578.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 484.02 578.10 Td (under ) Tj ET Q q 0 0 0 rg BT 509.93 578.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 537.35 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.97 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.83 578.10 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.48 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 95.48 565.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 134.80 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 144.97 565.50 Td (addition ) Tj ET Q q 0 0 0 rg BT 181.38 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 191.54 565.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 208.70 565.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 242.18 565.50 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 270.57 565.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 323.30 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 333.47 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 357.04 565.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 390.25 565.50 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 410.90 565.50 Td (but ) Tj ET Q q 0 0 0 rg BT 426.31 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 435.32 565.50 Td (not ) Tj ET Q q 0 0 0 rg BT 450.73 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 457.39 565.50 Td (substitute ) Tj ET Q q 0 0 0 rg BT 499.64 565.50 Td (for ) Tj ET Q q 0 0 0 rg BT 513.88 565.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.04 565.50 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 77.51 552.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 129.75 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 139.43 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.52 552.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 195.23 552.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 212.78 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 229.45 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 249.04 552.90 Td (not ) Tj ET Q q 0 0 0 rg BT 263.96 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 275.38 552.90 Td (comparable ) Tj ET Q q 0 0 0 rg BT 325.87 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 335.54 552.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 382.99 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 384.50 552.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 439.06 552.90 Td (measures, ) Tj ET Q q 0 0 0 rg BT 482.26 552.90 Td (including ) Tj ET Q q 0 0 0 rg BT 523.44 552.90 Td (measures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 540.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 97.21 540.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 134.76 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 145.49 540.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 182.46 540.30 Td (income, ) Tj ET Q q 0 0 0 rg BT 217.98 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 228.71 540.30 Td (other ) Tj ET Q q 0 0 0 rg BT 252.27 540.30 Td (companies. ) Tj ET Q q 0 0 0 rg BT 301.78 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 303.76 540.30 Td (Further) Tj ET Q q 0 0 0 rg BT 334.25 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 338.42 540.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 378.32 540.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 411.79 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 420.77 540.30 Td (not ) Tj ET Q q 0 0 0 rg BT 436.17 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 442.82 540.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 480.39 540.30 Td (measure ) Tj ET Q q 0 0 0 rg BT 517.35 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 534.50 540.30 Td (should ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (not ) Tj ET Q q 0 0 0 rg BT 65.90 527.70 Td (be ) Tj ET Q q 0 0 0 rg BT 78.80 527.70 Td (used ) Tj ET Q q 0 0 0 rg BT 101.03 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 112.19 527.70 Td (place ) Tj ET Q q 0 0 0 rg BT 137.32 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 149.06 527.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.70 527.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 192.93 527.70 Td (measures ) Tj ET Q q 0 0 0 rg BT 234.99 527.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 285.21 527.70 Td (under ) Tj ET Q q 0 0 0 rg BT 312.10 527.70 Td (GAAP) Tj ET Q q 0 0 0 rg BT 339.52 527.70 Td (. ) Tj ET Q q 0 0 0 rg BT 345.14 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 348.12 527.70 Td (Fair ) Tj ET Q q 0 0 0 rg BT 368.02 527.70 Td (value ) Tj ET Q q 0 0 0 rg BT 393.75 527.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 446.90 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 458.63 527.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.94 527.70 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.07 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.64 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 122.88 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 143.45 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 159.36 515.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 193.93 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.08 515.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.40 515.10 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 250.67 515.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 296.90 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.89 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.21 515.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 340.53 515.10 Td (attributes ) Tj ET Q q 0 0 0 rg BT 382.09 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.33 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.65 515.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 457.22 515.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 508.41 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.72 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.79 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 526.94 515.10 Td (consider ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.65 502.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 123.36 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 133.76 502.50 Td (be ) Tj ET Q q 0 0 0 rg BT 145.90 502.50 Td (useful ) Tj ET Q q 0 0 0 rg BT 173.80 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 184.20 502.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 224.34 502.50 Td (because ) Tj ET Q q 0 0 0 rg BT 259.80 502.50 Td (it ) Tj ET Q q 0 0 0 rg BT 267.87 502.50 Td (is ) Tj ET Q q 0 0 0 rg BT 277.10 502.50 Td (an ) Tj ET Q q 0 0 0 rg BT 289.25 502.50 Td (important ) Tj ET Q q 0 0 0 rg BT 332.31 502.50 Td (metric ) Tj ET Q q 0 0 0 rg BT 361.36 502.50 Td (in ) Tj ET Q q 0 0 0 rg BT 371.76 502.50 Td (measuring ) Tj ET Q q 0 0 0 rg BT 417.73 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 432.79 502.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 475.83 502.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 531.12 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 542.09 502.50 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (management ) Tj ET Q q 0 0 0 rg BT 106.46 489.90 Td (companies, ) Tj ET Q q 0 0 0 rg BT 157.31 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 169.38 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 182.60 489.90 Td (indicator ) Tj ET Q q 0 0 0 rg BT 223.24 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 235.31 489.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 263.99 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 282.47 489.90 Td (because ) Tj ET Q q 0 0 0 rg BT 319.02 489.90 Td (it ) Tj ET Q q 0 0 0 rg BT 328.17 489.90 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 372.30 489.90 Td (comparison ) Tj ET Q q 0 0 0 rg BT 424.61 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 436.67 489.90 Td (our ) Tj ET Q q 0 0 0 rg BT 453.99 489.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 496.96 489.90 Td (results ) Tj ET Q q 0 0 0 rg BT 527.69 489.90 Td (with ) Tj ET Q q 0 0 0 rg BT 549.68 489.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (results ) Tj ET Q q 0 0 0 rg BT 79.54 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 90.91 477.30 Td (other ) Tj ET Q q 0 0 0 rg BT 115.11 477.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.15 477.30 Td (management ) Tj ET Q q 0 0 0 rg BT 194.42 477.30 Td (firms ) Tj ET Q q 0 0 0 rg BT 219.21 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 237.58 477.30 Td (have ) Tj ET Q q 0 0 0 rg BT 260.02 477.30 Td (not ) Tj ET Q q 0 0 0 rg BT 276.07 477.30 Td (made ) Tj ET Q q 0 0 0 rg BT 301.43 477.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 348.38 477.30 Td (acquisitions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.41 452.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 108.16 452.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 148.23 452.10 Td (Income, ) Tj ET Q q 0 0 0 rg BT 184.51 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.91 452.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 226.16 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 240.56 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.55 452.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 286.29 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.20 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.19 452.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 367.41 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.32 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 434.13 452.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 470.11 452.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.77 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.09 452.10 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 62.10 439.50 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 123.69 439.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 169.54 439.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 200.52 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 219.53 439.50 Td (add ) Tj ET Q q 0 0 0 rg BT 238.55 439.50 Td (\(subtract\) ) Tj ET Q q 0 0 0 rg BT 282.64 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 299.32 439.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 331.76 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 344.36 439.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.79 439.50 Td (value ) Tj ET Q q 0 0 0 rg BT 389.38 439.50 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 443.40 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 457.76 439.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.94 439.50 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 93.87 426.90 Td (if ) Tj ET Q q 0 0 0 rg BT 102.95 426.90 Td (any) Tj ET Q q 0 0 0 rg BT 117.43 426.90 Td (, ) Tj ET Q q 0 0 0 rg BT 122.71 426.90 Td (all ) Tj ET Q q 0 0 0 rg BT 135.87 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 147.28 426.90 Td (which ) Tj ET Q q 0 0 0 rg BT 175.61 426.90 Td (arise ) Tj ET Q q 0 0 0 rg BT 198.09 426.90 Td (from ) Tj ET Q q 0 0 0 rg BT 221.17 426.90 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 276.62 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 287.45 426.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 305.28 426.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.42 426.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.33 426.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 421.73 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 432.56 426.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 456.80 426.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 490.67 426.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 509.37 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 520.20 426.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 549.67 426.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (fact ) Tj ET Q q 0 0 0 rg BT 67.68 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 85.87 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 109.89 414.30 Td (items ) Tj ET Q q 0 0 0 rg BT 135.09 414.30 Td (distort ) Tj ET Q q 0 0 0 rg BT 164.37 414.30 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 219.89 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 231.08 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 247.53 414.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 289.63 414.30 Td (results ) Tj ET Q q 0 0 0 rg BT 319.49 414.30 Td (with ) Tj ET Q q 0 0 0 rg BT 340.60 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 355.87 414.30 Td (results ) Tj ET Q q 0 0 0 rg BT 385.73 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 396.93 414.30 Td (other ) Tj ET Q q 0 0 0 rg BT 420.95 414.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 443.80 414.30 Td (management ) Tj ET Q q 0 0 0 rg BT 499.90 414.30 Td (firms ) Tj ET Q q 0 0 0 rg BT 524.51 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 542.70 414.30 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (not ) Tj ET Q q 0 0 0 rg BT 65.69 401.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 103.45 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 114.40 401.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 161.50 401.70 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 217.07 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 219.84 401.70 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 259.93 401.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 284.28 401.70 Td (on ) Tj ET Q q 0 0 0 rg BT 297.56 401.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 358.06 401.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 402.83 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 430.10 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 448.04 401.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 488.15 401.70 Td (include ) Tj ET Q q 0 0 0 rg BT 521.84 401.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 549.68 401.70 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 85.34 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 108.34 389.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 164.01 389.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 212.10 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 230.44 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 245.85 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 261.87 389.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 297.69 389.10 Td (under ) Tj ET Q q 0 0 0 rg BT 324.19 389.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 352.39 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.99 389.10 Td (absent ) Tj ET Q q 0 0 0 rg BT 384.41 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 396.92 389.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 447.92 389.10 Td (char) Tj ET Q q 0 0 0 rg BT 465.80 389.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 478.30 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.65 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.07 389.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 553.76 389.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.61 376.50 Td (related ) Tj ET Q q 0 0 0 rg BT 95.45 376.50 Td (business.� ) Tj ET Q q 0 0 0 rg BT 138.57 376.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 175.83 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 190.36 376.50 Td (fully ) Tj ET Q q 0 0 0 rg BT 212.47 376.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 242.15 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 252.60 376.50 Td (realize ) Tj ET Q q 0 0 0 rg BT 282.85 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 297.96 376.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 341.06 376.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 372.49 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 383.52 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 398.62 376.50 Td (current ) Tj ET Q q 0 0 0 rg BT 430.64 376.50 Td (period ) Tj ET Q q 0 0 0 rg BT 459.74 376.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.85 376.50 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 532.82 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 547.34 376.50 Td (add ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (this ) Tj ET Q q 0 0 0 rg BT 66.66 363.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 97.81 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 107.96 363.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 125.12 363.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 158.59 363.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 186.97 363.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 239.70 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 249.86 363.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 273.43 363.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 306.63 363.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 324.65 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 334.81 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 349.63 363.90 Td (calculation ) Tj ET Q q 0 0 0 rg BT 397.68 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 407.98 363.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 447.88 363.90 Td (Income.� ) Tj ET Q q 0 0 0 rg BT 486.61 363.90 Td (However) Tj ET Q q 0 0 0 rg BT 524.67 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 529.29 363.90 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.02 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 77.80 351.30 Td (net ) Tj ET Q q 0 0 0 rg BT 93.40 351.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 135.83 351.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 154.95 351.30 Td (carry-forward, ) Tj ET Q q 0 0 0 rg BT 218.64 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 233.66 351.30 Td (will ) Tj ET Q q 0 0 0 rg BT 252.77 351.30 Td (receive ) Tj ET Q q 0 0 0 rg BT 285.86 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 301.46 351.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 333.39 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 344.91 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 360.52 351.30 Td (current ) Tj ET Q q 0 0 0 rg BT 393.03 351.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.63 351.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 464.47 351.30 Td (over ) Tj ET Q q 0 0 0 rg BT 485.91 351.30 Td (time. ) Tj ET Q q 0 0 0 rg BT 509.97 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 512.75 351.30 Td (Conversely) Tj ET Q q 0 0 0 rg BT 559.89 351.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 64.30 338.70 Td (subtract ) Tj ET Q q 0 0 0 rg BT 100.09 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 115.47 338.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 155.92 338.70 Td (income ) Tj ET Q q 0 0 0 rg BT 189.38 338.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.76 338.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 240.55 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 253.60 338.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 293.49 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 311.20 338.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 371.48 338.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 416.02 338.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 438.99 338.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 489.94 338.70 Td (char) Tj ET Q q 0 0 0 rg BT 507.82 338.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 524.37 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 542.08 338.70 Td (U.K. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.96 326.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 83.33 326.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 136.13 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.26 326.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 179.30 326.10 Td (book ) Tj ET Q q 0 0 0 rg BT 202.93 326.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 226.56 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.70 326.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 270.89 326.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 309.67 326.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 370.03 326.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 414.65 326.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 444.41 326.10 Td (if ) Tj ET Q q 0 0 0 rg BT 453.46 326.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 501.86 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 520.24 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 542.69 326.10 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.59 313.50 Td (under ) Tj ET Q q 0 0 0 rg BT 125.54 313.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 152.96 313.50 Td (. ) Tj ET Q q 0 0 0 rg BT 158.63 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 161.44 313.50 Td (These ) Tj ET Q q 0 0 0 rg BT 189.55 313.50 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 242.76 313.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 272.60 313.50 Td (that ) Tj ET Q q 0 0 0 rg BT 291.39 313.50 Td (these ) Tj ET Q q 0 0 0 rg BT 316.00 313.50 Td (items ) Tj ET Q q 0 0 0 rg BT 341.79 313.50 Td (distort ) Tj ET Q q 0 0 0 rg BT 371.66 313.50 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 427.77 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 439.56 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 456.59 313.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.28 313.50 Td (results ) Tj ET Q q 0 0 0 rg BT 529.73 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 540.94 313.50 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.71 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 102.17 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 118.30 300.90 Td (results ) Tj ET Q q 0 0 0 rg BT 149.01 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 161.06 300.90 Td (other ) Tj ET Q q 0 0 0 rg BT 185.93 300.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 209.64 300.90 Td (management ) Tj ET Q q 0 0 0 rg BT 266.59 300.90 Td (firms ) Tj ET Q q 0 0 0 rg BT 292.05 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 311.10 300.90 Td (have ) Tj ET Q q 0 0 0 rg BT 334.22 300.90 Td (not ) Tj ET Q q 0 0 0 rg BT 350.93 300.90 Td (engaged ) Tj ET Q q 0 0 0 rg BT 389.21 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 400.68 300.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 448.31 300.90 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 504.39 300.90 Td (including ) Tj ET Q q 0 0 0 rg BT 547.36 300.90 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 288.30 Td (impairments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 82.44 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.29 263.10 Td (disposition, ) Tj ET Q q 0 0 0 rg BT 142.20 263.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 193.79 263.10 Td (char) Tj ET Q q 0 0 0 rg BT 211.67 263.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 224.77 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.70 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.46 263.10 Td (non-core ) Tj ET Q q 0 0 0 rg BT 301.97 263.10 Td (item ) Tj ET Q q 0 0 0 rg BT 323.82 263.10 Td (occur) Tj ET Q q 0 0 0 rg BT 346.71 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.53 263.10 Td (its ) Tj ET Q q 0 0 0 rg BT 365.64 263.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 397.40 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.38 263.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 451.48 263.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 486.16 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 507.42 263.10 Td (distort ) Tj ET Q q 0 0 0 rg BT 537.44 263.10 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.09 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 97.04 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 112.64 250.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 155.07 250.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.90 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 222.42 250.50 Td (value ) Tj ET Q q 0 0 0 rg BT 247.94 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 259.46 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 276.23 250.50 Td (firm. ) Tj ET Q q 0 0 0 rg BT 299.71 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 301.88 250.50 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 353.68 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 359.08 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 374.10 250.50 Td (monitor ) Tj ET Q q 0 0 0 rg BT 410.13 250.50 Td (these ) Tj ET Q q 0 0 0 rg BT 434.48 250.50 Td (items ) Tj ET Q q 0 0 0 rg BT 460.00 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 477.94 250.50 Td (their ) Tj ET Q q 0 0 0 rg BT 499.96 250.50 Td (related ) Tj ET Q q 0 0 0 rg BT 531.30 250.50 Td (impact, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (including ) Tj ET Q q 0 0 0 rg BT 91.73 237.90 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 118.50 237.90 Td (on ) Tj ET Q q 0 0 0 rg BT 131.00 237.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 171.48 237.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 205.53 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 216.27 237.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 246.24 237.90 Td (that ) Tj ET Q q 0 0 0 rg BT 264.55 237.90 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 314.93 237.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 367.66 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 385.39 237.90 Td (explanations ) Tj ET Q q 0 0 0 rg BT 441.03 237.90 Td (accompany ) Tj ET Q q 0 0 0 rg BT 491.41 237.90 Td (such ) Tj ET Q q 0 0 0 rg BT 513.22 237.90 Td (disclosures.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (Although ) Tj ET Q q 0 0 0 rg BT 92.00 212.70 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 146.72 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 164.72 212.70 Td (amortization ) Tj ET Q q 0 0 0 rg BT 220.62 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 232.20 212.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 256.60 212.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.93 212.70 Td (are ) Tj ET Q q 0 0 0 rg BT 299.58 212.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 340.32 212.70 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 383.68 212.70 Td (we ) Tj ET Q q 0 0 0 rg BT 398.76 212.70 Td (do ) Tj ET Q q 0 0 0 rg BT 412.09 212.70 Td (not ) Tj ET Q q 0 0 0 rg BT 428.34 212.70 Td (add ) Tj ET Q q 0 0 0 rg BT 446.33 212.70 Td (these ) Tj ET Q q 0 0 0 rg BT 470.74 212.70 Td (char) Tj ET Q q 0 0 0 rg BT 488.62 212.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 505.45 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 516.45 212.70 Td (calculating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.04 200.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 124.15 200.10 Td (because ) Tj ET Q q 0 0 0 rg BT 160.00 200.10 Td (these ) Tj ET Q q 0 0 0 rg BT 184.20 200.10 Td (char) Tj ET Q q 0 0 0 rg BT 202.08 200.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 218.71 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.15 200.10 Td (related ) Tj ET Q q 0 0 0 rg BT 265.34 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.13 200.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 303.25 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 321.62 200.10 Td (will ) Tj ET Q q 0 0 0 rg BT 340.58 200.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 385.78 200.10 Td (require ) Tj ET Q q 0 0 0 rg BT 418.14 200.10 Td (replacement.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.90 Td ( ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.02 741.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 119.26 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.52 741.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 148.19 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 182.19 741.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 210.98 741.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.91 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 299.00 741.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 332.72 741.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 351.27 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.40 741.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 401.83 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 435.82 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 450.00 741.75 Td (thousands ) Tj ET Q q 0 0 0 rg BT 494.52 741.75 Td (except ) Tj ET Q q 0 0 0 rg BT 524.43 741.75 Td (per ) Tj ET Q q 0 0 0 rg BT 540.35 741.75 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (amounts\) ) Tj ET Q q 0 0 0 rg BT 91.20 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 100.83 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 112.20 729.15 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 679.65 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 679.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 679.65 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 679.65 4.00 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 539.65 m 479 539.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 553.65 m 562 553.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 539.65 m 562 539.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 539.65 m 397 539.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 539.65 m 479 539.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 539.65 m 562 539.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 386.65 m 397 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 386.65 m 479 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 386.65 m 562 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 386.65 m 314 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 372.65 m 314 372.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 386.65 m 397 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 372.65 m 397 372.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 386.65 m 479 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 372.65 m 479 372.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 386.65 m 562 386.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 372.65 m 562 372.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 708.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.00 708.87 Td (For the Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 684.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 684.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.50 684.42 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 670.04 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.50 670.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.60 670.04 Td (\(25,032) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 670.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 669.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 669.87 Td (237,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 669.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 669.87 Td (284,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 655.87 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 641.87 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.35 642.04 Td (4,979) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.35 641.87 Td (2,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 641.87 Td (12,314) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 627.87 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 358.85 628.04 Td (371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 627.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 627.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 613.87 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.60 614.04 Td (\(33,375) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 614.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 613.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 613.87 Td (5,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 599.87 Td (Deferred income taxes on intangible assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 585.87 Td (Impairment charges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.60 586.04 Td (\(74,200) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 586.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 585.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 585.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 571.87 Td (Tax amortization benefit) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 358.85 572.04 Td (135,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 571.87 Td (139,046) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 571.87 Td (134,871) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 557.87 Td (U.K. tax rate adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 558.04 Td (\(8,361) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 558.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 557.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 557.87 Td (\(19,164) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 557.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 544.04 Td (Adjusted Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.50 544.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 358.85 544.04 Td (370,271) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 543.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 543.87 Td (378,751) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 543.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 543.87 Td (417,805) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 530.04 Td (Net Income \(Loss\) per diluted share Attributable to Legg) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 66.00 519.54 Td (Mason,�Inc. Shareholders) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.50 520.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 520.44 Td (\(0.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 520.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 520.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.60 520.42 Td (2.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 520.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 520.42 Td (2.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 503.42 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 104.88 508.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 488.87 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.60 489.04 Td (0.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.60 488.87 Td (0.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 488.87 Td (0.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 474.87 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.60 475.04 Td (3.45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 474.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 474.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 460.87 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 461.04 Td (\(0.31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 461.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 460.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 460.87 Td (0.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 446.87 Td (Deferred income taxes on intangible assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 432.87 Td (Impairment charges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 433.04 Td (\(0.69) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 433.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 432.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 432.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 418.87 Td (Tax amortization benefit) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.60 419.04 Td (1.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.60 418.87 Td (1.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 418.87 Td (1.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 404.87 Td (U.K. tax rate adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 405.04 Td (\(0.08) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 405.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 404.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 404.87 Td (\(0.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 404.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 390.87 Td (Allocation to participating securities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 223.59 395.63 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 391.04 Td (\(0.07) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 391.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 390.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 390.87 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 377.04 Td (Adjusted Income per diluted share) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.50 377.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.60 377.04 Td (3.36) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 376.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.60 376.87 Td (3.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 376.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 376.87 Td (3.41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 363.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 363.55 Td (In ) Tj ET Q q 0 0 0 rg BT 76.08 363.55 Td (calculating ) Tj ET Q q 0 0 0 rg BT 112.66 363.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 143.46 363.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 169.36 363.55 Td (per ) Tj ET Q q 0 0 0 rg BT 181.49 363.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 205.62 363.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 226.41 363.55 Td (during ) Tj ET Q q 0 0 0 rg BT 249.21 363.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 274.68 363.55 Td (of ) Tj ET Q q 0 0 0 rg BT 283.26 363.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 296.72 363.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.62 363.55 Td (after ) Tj ET Q q 0 0 0 rg BT 339.19 363.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 381.53 363.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 413.65 363.55 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 448.68 363.55 Td (we ) Tj ET Q q 0 0 0 rg BT 459.92 363.55 Td (include ) Tj ET Q q 0 0 0 rg BT 485.38 363.55 Td (the ) Tj ET Q q 0 0 0 rg BT 497.06 363.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 555.83 363.55 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 353.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 98.64 353.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 131.11 353.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 153.81 353.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 181.39 353.95 Td (to ) Tj ET Q q 0 0 0 rg BT 190.31 353.95 Td (be ) Tj ET Q q 0 0 0 rg BT 200.57 353.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 243.71 353.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.62 353.95 Td (and ) Tj ET Q q 0 0 0 rg BT 290.88 353.95 Td (the ) Tj ET Q q 0 0 0 rg BT 303.36 353.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 333.16 353.95 Td (allocated ) Tj ET Q q 0 0 0 rg BT 364.74 353.95 Td (to ) Tj ET Q q 0 0 0 rg BT 373.67 353.95 Td (these ) Tj ET Q q 0 0 0 rg BT 392.81 353.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 435.94 353.95 Td (securities. ) Tj ET Q q 0 0 0 rg BT 470.86 353.95 Td ( ) Tj ET Q q 0 0 0 rg BT 473.37 353.95 Td (W) Tj ET Q q 0 0 0 rg BT 480.28 353.95 Td (eighted-average ) Tj ET Q q 0 0 0 rg BT 534.06 353.95 Td (unvested ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 344.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 99.33 344.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 121.39 344.35 Td (were ) Tj ET Q q 0 0 0 rg BT 139.01 344.35 Td (3,065 ) Tj ET Q q 0 0 0 rg BT 159.08 344.35 Td (for ) Tj ET Q q 0 0 0 rg BT 170.48 344.35 Td (the ) Tj ET Q q 0 0 0 rg BT 182.32 344.35 Td (year ) Tj ET Q q 0 0 0 rg BT 198.16 344.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 219.33 344.35 Td (March ) Tj ET Q q 0 0 0 rg BT 242.28 344.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 254.35 344.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 274.42 344.35 Td ( ) Tj ET Q q 0 0 0 rg BT 276.49 344.35 Td (For ) Tj ET Q q 0 0 0 rg BT 289.67 344.35 Td (purposes ) Tj ET Q q 0 0 0 rg BT 320.18 344.35 Td (of ) Tj ET Q q 0 0 0 rg BT 328.92 344.35 Td (this ) Tj ET Q q 0 0 0 rg BT 342.55 344.35 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 378.70 344.35 Td ( ) Tj ET Q q 0 0 0 rg BT 380.77 344.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 423.25 344.35 Td (measure, ) Tj ET Q q 0 0 0 rg BT 453.98 344.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 483.15 344.35 Td (are ) Tj ET Q q 0 0 0 rg BT 494.98 344.35 Td (allocated ) Tj ET Q q 0 0 0 rg BT 525.93 344.35 Td (in ) Tj ET Q q 0 0 0 rg BT 534.22 344.35 Td (the ) Tj ET Q q 0 0 0 rg BT 546.06 344.35 Td (same ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 334.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 83.73 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 91.53 334.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 133.53 334.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 165.31 334.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.44 334.75 Td (common ) Tj ET Q q 0 0 0 rg BT 208.00 334.75 Td (shares. ) Tj ET Q q 0 0 0 rg BT 231.57 334.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.79 334.75 Td (As ) Tj ET Q q 0 0 0 rg BT 243.26 334.75 Td (a ) Tj ET Q q 0 0 0 rg BT 248.38 334.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 269.73 334.75 Td (the ) Tj ET Q q 0 0 0 rg BT 281.07 334.75 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 311.98 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.21 334.75 Td (these ) Tj ET Q q 0 0 0 rg BT 338.22 334.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 380.22 334.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 412.01 334.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.13 334.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.48 334.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 465.15 334.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 495.59 334.75 Td (thereto ) Tj ET Q q 0 0 0 rg BT 519.38 334.75 Td (do ) Tj ET Q q 0 0 0 rg BT 528.95 334.75 Td (not ) Tj ET Q q 0 0 0 rg BT 540.74 334.75 Td (impact ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 325.15 Td (per ) Tj ET Q q 0 0 0 rg BT 91.49 325.15 Td (share ) Tj ET Q q 0 0 0 rg BT 110.37 325.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 139.48 325.15 Td (of ) Tj ET Q q 0 0 0 rg BT 148.14 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 159.91 325.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 200.13 325.15 Td (made ) Tj ET Q q 0 0 0 rg BT 219.46 325.15 Td (to ) Tj ET Q q 0 0 0 rg BT 227.68 325.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 241.23 325.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 267.22 325.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 289.66 325.15 Td (per ) Tj ET Q q 0 0 0 rg BT 301.88 325.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 326.09 325.15 Td (share ) Tj ET Q q 0 0 0 rg BT 344.53 325.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 385.19 325.15 Td (to ) Tj ET Q q 0 0 0 rg BT 393.41 325.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 411.85 325.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 437.63 325.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 451.84 325.15 Td (Shareholders.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 305.95 Td (In ) Tj ET Q q 0 0 0 rg BT 76.56 305.95 Td (calculating ) Tj ET Q q 0 0 0 rg BT 113.52 305.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 144.81 305.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 171.19 305.95 Td (per ) Tj ET Q q 0 0 0 rg BT 183.80 305.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 208.42 305.95 Td (share ) Tj ET Q q 0 0 0 rg BT 227.69 305.95 Td (during ) Tj ET Q q 0 0 0 rg BT 250.98 305.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 276.92 305.95 Td (of ) Tj ET Q q 0 0 0 rg BT 285.98 305.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 299.93 305.95 Td (Loss ) Tj ET Q q 0 0 0 rg BT 317.44 305.95 Td (after ) Tj ET Q q 0 0 0 rg BT 334.49 305.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 377.31 305.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 409.92 305.95 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 445.43 305.95 Td (we ) Tj ET Q q 0 0 0 rg BT 457.15 305.95 Td (exclude ) Tj ET Q q 0 0 0 rg BT 484.42 305.95 Td (the ) Tj ET Q q 0 0 0 rg BT 496.59 305.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 555.85 305.95 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 296.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 97.61 296.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 129.04 296.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.70 296.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 177.25 296.35 Td (to ) Tj ET Q q 0 0 0 rg BT 185.14 296.35 Td (be ) Tj ET Q q 0 0 0 rg BT 194.36 296.35 Td (participating ) Tj ET Q q 0 0 0 rg BT 236.46 296.35 Td (securities. ) Tj ET Q q 0 0 0 rg BT 270.34 296.35 Td ( ) Tj ET Q q 0 0 0 rg BT 271.89 296.35 Td (W) Tj ET Q q 0 0 0 rg BT 278.80 296.35 Td (eighted-average ) Tj ET Q q 0 0 0 rg BT 331.55 296.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 361.65 296.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 393.09 296.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 414.75 296.35 Td (were ) Tj ET Q q 0 0 0 rg BT 431.96 296.35 Td (2,831 ) Tj ET Q q 0 0 0 rg BT 451.63 296.35 Td (for ) Tj ET Q q 0 0 0 rg BT 462.63 296.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.07 296.35 Td (year ) Tj ET Q q 0 0 0 rg BT 489.51 296.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 510.28 296.35 Td (March ) Tj ET Q q 0 0 0 rg BT 532.83 296.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 544.50 296.35 Td (2016.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 286.75 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 277.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 277.15 Td (During ) Tj ET Q q 0 0 0 rg BT 91.38 277.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 116.14 277.15 Td (of ) Tj ET Q q 0 0 0 rg BT 124.02 277.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 136.79 277.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 153.12 277.15 Td (after ) Tj ET Q q 0 0 0 rg BT 168.98 277.15 Td (participating ) Tj ET Q q 0 0 0 rg BT 210.63 277.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 242.05 277.15 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 276.38 277.15 Td (there ) Tj ET Q q 0 0 0 rg BT 293.58 277.15 Td (is ) Tj ET Q q 0 0 0 rg BT 300.13 277.15 Td (an ) Tj ET Q q 0 0 0 rg BT 308.90 277.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 331.88 277.15 Td (from ) Tj ET Q q 0 0 0 rg BT 348.65 277.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 406.72 277.15 Td (unvested ) Tj ET Q q 0 0 0 rg BT 436.37 277.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 467.35 277.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 488.55 277.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 514.64 277.15 Td (to ) Tj ET Q q 0 0 0 rg BT 522.08 277.15 Td (participating ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 267.55 Td (securities.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 242.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.88 242.35 Td (Margin, ) Tj ET Q q 0 0 0 rg BT 133.81 242.35 Td (as ) Tj ET Q q 0 0 0 rg BT 145.38 242.35 Td (Adjusted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 229.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 229.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.77 229.75 Td (calculate ) Tj ET Q q 0 0 0 rg BT 105.62 229.75 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 154.43 229.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 171.74 229.75 Td (gin, ) Tj ET Q q 0 0 0 rg BT 190.32 229.75 Td (as ) Tj ET Q q 0 0 0 rg BT 201.05 229.75 Td (Adjusted," ) Tj ET Q q 0 0 0 rg BT 248.42 229.75 Td (by ) Tj ET Q q 0 0 0 rg BT 261.46 229.75 Td (dividing ) Tj ET Q q 0 0 0 rg BT 299.00 229.75 Td (\(i\)�Operating ) Tj ET Q q 0 0 0 rg BT 356.06 229.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 390.09 229.75 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 422.09 229.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 459.62 229.75 Td (to ) Tj ET Q q 0 0 0 rg BT 470.33 229.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 505.52 229.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.89 229.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.01 229.75 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 217.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 112.53 217.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 151.05 217.15 Td (of ) Tj ET Q q 0 0 0 rg BT 164.51 217.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 191.38 217.15 Td (or ) Tj ET Q q 0 0 0 rg BT 204.83 217.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 234.63 217.15 Td (on ) Tj ET Q q 0 0 0 rg BT 249.83 217.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 304.70 217.15 Td (made ) Tj ET Q q 0 0 0 rg BT 332.15 217.15 Td (to ) Tj ET Q q 0 0 0 rg BT 345.02 217.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 368.98 217.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 408.66 217.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.69 217.15 Td (plans, ) Tj ET Q q 0 0 0 rg BT 501.18 217.15 Td (the ) Tj ET Q q 0 0 0 rg BT 518.72 217.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.00 217.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.35 204.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 146.71 204.55 Td (of ) Tj ET Q q 0 0 0 rg BT 157.99 204.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 182.69 204.55 Td (or ) Tj ET Q q 0 0 0 rg BT 193.97 204.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 221.59 204.55 Td (on ) Tj ET Q q 0 0 0 rg BT 234.62 204.55 Td (seed ) Tj ET Q q 0 0 0 rg BT 255.82 204.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 286.33 204.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.03 204.55 Td (by ) Tj ET Q q 0 0 0 rg BT 352.07 204.55 Td (our ) Tj ET Q q 0 0 0 rg BT 368.60 204.55 Td (af) Tj ET Q q 0 0 0 rg BT 376.56 204.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 407.67 204.55 Td (under ) Tj ET Q q 0 0 0 rg BT 434.11 204.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 469.88 204.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 503.32 204.55 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 191.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 107.29 191.95 Td (related ) Tj ET Q q 0 0 0 rg BT 140.58 191.95 Td (to ) Tj ET Q q 0 0 0 rg BT 153.48 191.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.19 191.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 232.04 191.95 Td (income ) Tj ET Q q 0 0 0 rg BT 267.67 191.95 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 295.73 191.95 Td (of ) Tj ET Q q 0 0 0 rg BT 309.21 191.95 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 338.73 191.95 Td (the ) Tj ET Q q 0 0 0 rg BT 356.28 191.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 389.58 191.95 Td (of ) Tj ET Q q 0 0 0 rg BT 403.05 191.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.35 191.95 Td (value ) Tj ET Q q 0 0 0 rg BT 449.82 191.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 504.71 191.95 Td (of ) Tj ET Q q 0 0 0 rg BT 518.18 191.95 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 179.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.52 179.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 152.67 179.35 Td (if ) Tj ET Q q 0 0 0 rg BT 161.53 179.35 Td (any) Tj ET Q q 0 0 0 rg BT 176.01 179.35 Td (, ) Tj ET Q q 0 0 0 rg BT 181.09 179.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.70 179.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 249.55 179.35 Td (char) Tj ET Q q 0 0 0 rg BT 267.43 179.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 283.88 179.35 Td (by ) Tj ET Q q 0 0 0 rg BT 296.83 179.35 Td (\(ii\)�our ) Tj ET Q q 0 0 0 rg BT 328.72 179.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.83 179.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 413.22 179.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 450.66 179.35 Td (to ) Tj ET Q q 0 0 0 rg BT 461.27 179.35 Td (add ) Tj ET Q q 0 0 0 rg BT 478.88 179.35 Td (back ) Tj ET Q q 0 0 0 rg BT 501.15 179.35 Td (net ) Tj ET Q q 0 0 0 rg BT 516.43 179.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 166.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.23 166.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 107.71 166.75 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 154.60 166.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 178.17 166.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 237.32 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.64 166.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.29 166.75 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 336.89 166.75 Td (less ) Tj ET Q q 0 0 0 rg BT 355.21 166.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 406.20 166.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.93 166.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 464.99 166.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 505.47 166.75 Td (which ) Tj ET Q q 0 0 0 rg BT 533.70 166.75 Td (we ) Tj ET Q q 0 0 0 rg BT 548.52 166.75 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 154.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.81 154.15 Td (an ) Tj ET Q q 0 0 0 rg BT 73.28 154.15 Td (approximate ) Tj ET Q q 0 0 0 rg BT 128.32 154.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 165.86 154.15 Td (of ) Tj ET Q q 0 0 0 rg BT 177.17 154.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 217.04 154.15 Td (that ) Tj ET Q q 0 0 0 rg BT 235.35 154.15 Td (are ) Tj ET Q q 0 0 0 rg BT 250.72 154.15 Td (passed ) Tj ET Q q 0 0 0 rg BT 281.28 154.15 Td (through ) Tj ET Q q 0 0 0 rg BT 316.50 154.15 Td (to ) Tj ET Q q 0 0 0 rg BT 327.23 154.15 Td (third ) Tj ET Q q 0 0 0 rg BT 349.62 154.15 Td (parties, ) Tj ET Q q 0 0 0 rg BT 382.79 154.15 Td (which ) Tj ET Q q 0 0 0 rg BT 411.01 154.15 Td (we ) Tj ET Q q 0 0 0 rg BT 425.82 154.15 Td (refer ) Tj ET Q q 0 0 0 rg BT 448.19 154.15 Td (to ) Tj ET Q q 0 0 0 rg BT 458.91 154.15 Td (as ) Tj ET Q q 0 0 0 rg BT 470.22 154.15 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 519.05 154.15 Td (Revenues, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 141.55 Td (as ) Tj ET Q q 0 0 0 rg BT 59.87 141.55 Td (Adjusted." ) Tj ET Q q 0 0 0 rg BT 106.78 141.55 Td ( ) Tj ET Q q 0 0 0 rg BT 108.71 141.55 Td (The ) Tj ET Q q 0 0 0 rg BT 127.12 141.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 187.52 141.55 Td (items ) Tj ET Q q 0 0 0 rg BT 212.36 141.55 Td (are ) Tj ET Q q 0 0 0 rg BT 227.26 141.55 Td (removed ) Tj ET Q q 0 0 0 rg BT 266.08 141.55 Td (from ) Tj ET Q q 0 0 0 rg BT 288.57 141.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 332.64 141.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 366.21 141.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 395.12 141.55 Td (in ) Tj ET Q q 0 0 0 rg BT 405.37 141.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.28 141.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 468.43 141.55 Td (because ) Tj ET Q q 0 0 0 rg BT 503.74 141.55 Td (they ) Tj ET Q q 0 0 0 rg BT 523.90 141.55 Td (are ) Tj ET Q q 0 0 0 rg BT 538.80 141.55 Td (of) Tj ET Q q 0 0 0 rg BT 547.36 141.55 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 128.95 Td (by ) Tj ET Q q 0 0 0 rg BT 62.63 128.95 Td (an ) Tj ET Q q 0 0 0 rg BT 75.17 128.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 100.54 128.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 134.67 128.95 Td (in ) Tj ET Q q 0 0 0 rg BT 145.46 128.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 172.00 128.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 233.53 128.95 Td (income ) Tj ET Q q 0 0 0 rg BT 267.07 128.95 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 313.14 128.95 Td (and ) Tj ET Q q 0 0 0 rg BT 330.93 128.95 Td (thus ) Tj ET Q q 0 0 0 rg BT 351.06 128.95 Td (have ) Tj ET Q q 0 0 0 rg BT 373.51 128.95 Td (no ) Tj ET Q q 0 0 0 rg BT 386.64 128.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 417.85 128.95 Td (on ) Tj ET Q q 0 0 0 rg BT 430.98 128.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 448.77 128.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 482.88 128.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 511.76 128.95 Td (Attributable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 116.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.46 116.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 84.83 116.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 118.83 116.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 137.65 116.35 Td ( ) Tj ET Q q 0 0 0 rg BT 140.24 116.35 Td (W) Tj ET Q q 0 0 0 rg BT 149.31 116.35 Td (e ) Tj ET Q q 0 0 0 rg BT 156.76 116.35 Td (adjust ) Tj ET Q q 0 0 0 rg BT 184.63 116.35 Td (for ) Tj ET Q q 0 0 0 rg BT 199.67 116.35 Td (the ) Tj ET Q q 0 0 0 rg BT 215.29 116.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 246.65 116.35 Td (of ) Tj ET Q q 0 0 0 rg BT 258.19 116.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 314.05 116.35 Td (of ) Tj ET Q q 0 0 0 rg BT 325.59 116.35 Td (management ) Tj ET Q q 0 0 0 rg BT 382.02 116.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 418.63 116.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 445.92 116.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.87 116.35 Td (the ) Tj ET Q q 0 0 0 rg BT 479.49 116.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 510.86 116.35 Td (of ) Tj ET Q q 0 0 0 rg BT 522.39 116.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.76 116.35 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 103.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 102.51 103.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.09 103.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 161.26 103.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 220.67 103.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 265.22 103.75 Td (if ) Tj ET Q q 0 0 0 rg BT 274.47 103.75 Td (any) Tj ET Q q 0 0 0 rg BT 288.95 103.75 Td (, ) Tj ET Q q 0 0 0 rg BT 294.42 103.75 Td (which ) Tj ET Q q 0 0 0 rg BT 322.92 103.75 Td (arise ) Tj ET Q q 0 0 0 rg BT 345.58 103.75 Td (from ) Tj ET Q q 0 0 0 rg BT 368.84 103.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 421.84 103.75 Td (to ) Tj ET Q q 0 0 0 rg BT 432.85 103.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 462.50 103.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.17 103.75 Td (fact ) Tj ET Q q 0 0 0 rg BT 496.75 103.75 Td (that ) Tj ET Q q 0 0 0 rg BT 515.34 103.75 Td (these ) Tj ET Q q 0 0 0 rg BT 539.75 103.75 Td (items ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.15 Td (distort ) Tj ET Q q 0 0 0 rg BT 78.46 91.15 Td (comparison ) Tj ET Q q 0 0 0 rg BT 129.58 91.15 Td (of ) Tj ET Q q 0 0 0 rg BT 140.45 91.15 Td (our ) Tj ET Q q 0 0 0 rg BT 156.57 91.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 198.35 91.15 Td (results ) Tj ET Q q 0 0 0 rg BT 227.89 91.15 Td (with ) Tj ET Q q 0 0 0 rg BT 248.69 91.15 Td (results ) Tj ET Q q 0 0 0 rg BT 278.23 91.15 Td (of ) Tj ET Q q 0 0 0 rg BT 289.10 91.15 Td (other ) Tj ET Q q 0 0 0 rg BT 312.80 91.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 335.34 91.15 Td (management ) Tj ET Q q 0 0 0 rg BT 391.11 91.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 415.41 91.15 Td (that ) Tj ET Q q 0 0 0 rg BT 433.28 91.15 Td (have ) Tj ET Q q 0 0 0 rg BT 455.23 91.15 Td (not ) Tj ET Q q 0 0 0 rg BT 470.77 91.15 Td (engaged ) Tj ET Q q 0 0 0 rg BT 507.88 91.15 Td (in ) Tj ET Q q 0 0 0 rg BT 518.17 91.15 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 78.55 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 104.74 78.55 Td ( ) Tj ET Q q 0 0 0 rg BT 107.20 78.55 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 158.64 78.55 Td (char) Tj ET Q q 0 0 0 rg BT 176.52 78.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 192.97 78.55 Td (and ) Tj ET Q q 0 0 0 rg BT 210.58 78.55 Td (income ) Tj ET Q q 0 0 0 rg BT 243.94 78.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 269.73 78.55 Td (of ) Tj ET Q q 0 0 0 rg BT 280.93 78.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 305.56 78.55 Td (are ) Tj ET Q q 0 0 0 rg BT 320.83 78.55 Td (removed ) Tj ET Q q 0 0 0 rg BT 360.02 78.55 Td (from ) Tj ET Q q 0 0 0 rg BT 382.88 78.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 427.32 78.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 461.26 78.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 490.55 78.55 Td (in ) Tj ET Q q 0 0 0 rg BT 501.17 78.55 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 78.55 Td (calculation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 65.95 Td (because ) Tj ET Q q 0 0 0 rg BT 85.32 65.95 Td (these ) Tj ET Q q 0 0 0 rg BT 109.49 65.95 Td (items ) Tj ET Q q 0 0 0 rg BT 134.83 65.95 Td (are ) Tj ET Q q 0 0 0 rg BT 150.24 65.95 Td (not ) Tj ET Q q 0 0 0 rg BT 166.25 65.95 Td (reflective ) Tj ET Q q 0 0 0 rg BT 208.48 65.95 Td (of ) Tj ET Q q 0 0 0 rg BT 219.82 65.95 Td (our ) Tj ET Q q 0 0 0 rg BT 236.40 65.95 Td (core ) Tj ET Q q 0 0 0 rg BT 257.06 65.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 280.07 65.95 Td (management ) Tj ET Q q 0 0 0 rg BT 336.30 65.95 Td (operations. ) Tj ET Q q 0 0 0 rg BT 385.26 65.95 Td ( ) Tj ET Q q 0 0 0 rg BT 387.67 65.95 Td (W) Tj ET Q q 0 0 0 rg BT 396.74 65.95 Td (e ) Tj ET Q q 0 0 0 rg BT 403.99 65.95 Td (use ) Tj ET Q q 0 0 0 rg BT 420.58 65.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 465.15 65.95 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 511.19 65.95 Td (as ) Tj ET Q q 0 0 0 rg BT 521.96 65.95 Td (Adjusted, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 53.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.39 53.35 Td (the ) Tj ET Q q 0 0 0 rg BT 75.95 53.35 Td (calculation ) Tj ET Q q 0 0 0 rg BT 124.74 53.35 Td (to ) Tj ET Q q 0 0 0 rg BT 135.63 53.35 Td (show ) Tj ET Q q 0 0 0 rg BT 160.53 53.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.08 53.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 218.46 53.35 Td (mar) Tj ET Q q 0 0 0 rg BT 234.59 53.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 250.74 53.35 Td (without ) Tj ET Q q 0 0 0 rg BT 285.55 53.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 336.70 53.35 Td (and ) Tj ET Q q 0 0 0 rg BT 354.58 53.35 Td (servicing ) Tj ET Q q 0 0 0 rg BT 395.80 53.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 439.05 53.35 Td (which ) Tj ET Q q 0 0 0 rg BT 467.44 53.35 Td (we ) Tj ET Q q 0 0 0 rg BT 482.41 53.35 Td (use ) Tj ET Q q 0 0 0 rg BT 499.13 53.35 Td (to ) Tj ET Q q 0 0 0 rg BT 510.03 53.35 Td (approximate ) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.56 741.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 116.04 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.41 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 173.22 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 188.09 741.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 218.15 741.75 Td (through ) Tj ET Q q 0 0 0 rg BT 252.87 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 263.10 741.75 Td (third ) Tj ET Q q 0 0 0 rg BT 284.99 741.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 315.04 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 325.84 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 332.56 741.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 358.53 741.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 377.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 388.31 741.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 418.37 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 434.42 741.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 475.27 741.75 Td (although ) Tj ET Q q 0 0 0 rg BT 514.07 741.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.78 729.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 107.38 729.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 147.40 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 167.59 729.15 Td (include ) Tj ET Q q 0 0 0 rg BT 200.61 729.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 257.57 729.15 Td (paid ) Tj ET Q q 0 0 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0.9333333333333333 1 rg /GS0 gs 480.00 251.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 251.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 221.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 221.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 221.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 221.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 221.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 221.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 221.25 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 527.25 m 399 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 527.25 m 403 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 527.25 m 480 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 527.25 m 484 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 527.25 m 562 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 502.25 m 318 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 527.25 m 399 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 502.25 m 399 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 527.25 m 480 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 502.25 m 480 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 527.25 m 484 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 527.25 m 562 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 502.25 m 562 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 502.25 m 399 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 502.25 m 480 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 502.25 m 562 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 422.25 m 399 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 422.25 m 480 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 422.25 m 562 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 422.25 m 318 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 407.25 m 318 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 422.25 m 399 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 407.25 m 399 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 422.25 m 480 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 407.25 m 480 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 407.25 m 562 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 266.25 m 399 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 266.25 m 480 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 266.25 m 562 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 266.25 m 318 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 251.25 m 318 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 266.25 m 399 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 251.25 m 399 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 266.25 m 480 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 251.25 m 480 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 251.25 m 562 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 251.25 m 399 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 251.25 m 480 251.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 532.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 532.02 Td (For the Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.50 507.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 507.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 507.02 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 492.04 Td (Operating Revenues, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 492.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.00 492.04 Td (2,660,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 492.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 492.02 Td (2,819,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 492.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.75 492.02 Td (2,741,757) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 477.02 Td (Plus \(less\):) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 477.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 477.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 477.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 462.47 Td (Operating revenues eliminated upon consolidation of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 451.97 Td (investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.25 452.04 Td (318) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 452.02 Td (721) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 452.02 Td (1,950) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 437.47 Td (Distribution and servicing expense, excluding) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.97 Td (consolidated investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 350.35 427.04 Td (\(545,668) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 427.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.10 427.02 Td (\(594,746) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 427.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.10 427.02 Td (\(619,022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 427.02 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 412.04 Td (Operating Revenues, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 412.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.00 412.04 Td (2,115,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 412.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 412.02 Td (2,225,081) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 412.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.75 412.02 Td (2,124,685) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 382.04 Td (Operating Income, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 382.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.10 382.04 Td (50,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.60 382.02 Td (498,219) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.60 382.02 Td (430,893) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 367.02 Td (Plus:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 367.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 367.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 367.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 351.52 Td (Gains \(losses\) on deferred compensation and seed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 341.02 Td (investments, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 341.04 Td (\(1,205) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 341.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 341.02 Td (9,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 341.02 Td (16,987) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 326.02 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 326.04 Td (371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.25 326.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 326.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 311.02 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.60 311.04 Td (\(33,375) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 311.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.25 311.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 311.02 Td (5,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 296.02 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 296.04 Td (4,979) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 296.02 Td (2,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 296.02 Td (12,314) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 281.47 Td (Operating income and expenses of consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 270.97 Td (investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.25 271.04 Td (461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 271.02 Td (899) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 271.02 Td (2,370) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 256.04 Td (Operating Income, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 256.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 256.04 Td (392,691) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 256.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.60 256.02 Td (511,112) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 256.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.60 256.02 Td (467,564) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 226.04 Td (Operating Margin, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.85 226.04 Td (1.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 226.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 226.02 Td (17.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 226.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 226.02 Td (15.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 226.02 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 211.04 Td (Operating Margin, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 211.04 Td (18.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 211.02 Td (23.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 211.02 Td (22.0) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 182.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 182.15 Td (EBITDA) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 169.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 169.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.47 169.55 Td (define ) Tj ET Q q 0 0 0 rg BT 93.45 169.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 133.60 169.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 171.52 169.55 Td ( ) Tj ET Q q 0 0 0 rg BT 173.76 169.55 Td (as ) Tj ET Q q 0 0 0 rg BT 184.74 169.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 205.64 169.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 245.21 169.55 Td (by ) Tj ET Q q 0 0 0 rg BT 257.94 169.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 299.84 169.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 339.98 169.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 359.73 169.55 Td (\(minus\) ) Tj ET Q q 0 0 0 rg BT 394.63 169.55 Td (allocation ) Tj ET Q q 0 0 0 rg BT 438.27 169.55 Td (of ) Tj ET Q q 0 0 0 rg BT 449.26 169.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 469.57 169.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 519.63 169.55 Td (payments, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 156.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.12 156.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 122.28 156.95 Td (net ) Tj ET Q q 0 0 0 rg BT 137.83 156.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.29 156.95 Td (accretion ) Tj ET Q q 0 0 0 rg BT 190.49 156.95 Td (and ) Tj ET Q q 0 0 0 rg BT 208.36 156.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 264.15 156.95 Td (of ) Tj ET Q q 0 0 0 rg BT 275.61 156.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 296.41 156.95 Td (discounts ) Tj ET Q q 0 0 0 rg BT 338.79 156.95 Td (and ) Tj ET Q q 0 0 0 rg BT 356.67 156.95 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 404.01 156.95 Td (current ) Tj ET Q q 0 0 0 rg BT 436.46 156.95 Td (income ) Tj ET Q q 0 0 0 rg BT 470.08 156.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.63 156.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 524.79 156.95 Td (net ) Tj ET Q q 0 0 0 rg BT 540.33 156.95 Td (gains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 144.35 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 83.97 144.35 Td (on ) Tj ET Q q 0 0 0 rg BT 96.86 144.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.32 144.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 189.99 144.35 Td (the ) Tj ET Q q 0 0 0 rg BT 205.20 144.35 Td (net ) Tj ET Q q 0 0 0 rg BT 220.42 144.35 Td (change ) Tj ET Q q 0 0 0 rg BT 252.54 144.35 Td (of ) Tj ET Q q 0 0 0 rg BT 263.67 144.35 Td (other ) Tj ET Q q 0 0 0 rg BT 287.64 144.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.52 144.35 Td (and ) Tj ET Q q 0 0 0 rg BT 332.07 144.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 373.54 144.35 Td (and ) Tj ET Q q 0 0 0 rg BT 391.09 144.35 Td (other) Tj ET Q q 0 0 0 rg BT 412.08 144.35 Td (. ) Tj ET Q q 0 0 0 rg BT 417.09 144.35 Td ( ) Tj ET Q q 0 0 0 rg BT 419.31 144.35 Td (The ) Tj ET Q q 0 0 0 rg BT 438.02 144.35 Td (net ) Tj ET Q q 0 0 0 rg BT 453.24 144.35 Td (change ) Tj ET Q q 0 0 0 rg BT 485.36 144.35 Td (of ) Tj ET Q q 0 0 0 rg BT 496.49 144.35 Td (other ) Tj ET Q q 0 0 0 rg BT 520.45 144.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.34 144.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 131.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.20 131.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 139.90 131.75 Td (aligns ) Tj ET Q q 0 0 0 rg BT 167.60 131.75 Td (with ) Tj ET Q q 0 0 0 rg BT 188.89 131.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.34 131.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 262.37 131.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 311.07 131.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.44 131.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.06 131.75 Td (Flows. ) Tj ET Q q 0 0 0 rg BT 376.98 131.75 Td ( ) Tj ET Q q 0 0 0 rg BT 379.41 131.75 Td (This ) Tj ET Q q 0 0 0 rg BT 400.70 131.75 Td (definition ) Tj ET Q q 0 0 0 rg BT 444.14 131.75 Td (results ) Tj ET Q q 0 0 0 rg BT 474.18 131.75 Td (in ) Tj ET Q q 0 0 0 rg BT 484.97 131.75 Td (a ) Tj ET Q q 0 0 0 rg BT 492.25 131.75 Td (metric ) Tj ET Q q 0 0 0 rg BT 521.69 131.75 Td (that ) Tj ET Q q 0 0 0 rg BT 540.05 131.75 Td (is ) Tj ET Q q 0 0 0 rg BT 549.68 131.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.15 Td (same ) Tj ET Q q 0 0 0 rg BT 73.70 119.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 107.82 119.15 Td (as ) Tj ET Q q 0 0 0 rg BT 119.19 119.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 157.11 119.15 Td ( ) Tj ET Q q 0 0 0 rg BT 159.73 119.15 Td (used ) Tj ET Q q 0 0 0 rg BT 181.60 119.15 Td (in ) Tj ET Q q 0 0 0 rg BT 192.40 119.15 Td (covenants ) Tj ET Q q 0 0 0 rg BT 237.01 119.15 Td (in ) Tj ET Q q 0 0 0 rg BT 247.80 119.15 Td (our ) Tj ET Q q 0 0 0 rg BT 264.42 119.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 307.29 119.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 333.82 119.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 366.18 119.15 Td (agreement.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 96.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.36 96.55 Td (believe ) Tj ET Q q 0 0 0 rg BT 99.81 96.55 Td (that ) Tj ET Q q 0 0 0 rg BT 117.99 96.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 159.04 96.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 196.95 96.55 Td ( ) Tj ET Q q 0 0 0 rg BT 200.08 96.55 Td (is ) Tj ET Q q 0 0 0 rg BT 210.22 96.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 239.01 96.55 Td (to ) Tj ET Q q 0 0 0 rg BT 250.30 96.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 291.35 96.55 Td (as ) Tj ET Q q 0 0 0 rg BT 303.23 96.55 Td (a ) Tj ET Q q 0 0 0 rg BT 311.02 96.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 349.73 96.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 387.85 96.55 Td (that ) Tj ET Q q 0 0 0 rg BT 406.72 96.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 446.01 96.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 491.13 96.55 Td (information ) Tj ET Q q 0 0 0 rg BT 543.84 96.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.95 Td (regard ) Tj ET Q q 0 0 0 rg BT 79.67 83.95 Td (to ) Tj ET Q q 0 0 0 rg BT 91.20 83.95 Td (our ) Tj ET Q q 0 0 0 rg BT 108.55 83.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 160.30 83.95 Td (with ) Tj ET Q q 0 0 0 rg BT 182.33 83.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.76 83.95 Td (covenants ) Tj ET Q q 0 0 0 rg BT 249.10 83.95 Td (and ) Tj ET Q q 0 0 0 rg BT 267.62 83.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 297.81 83.95 Td (to ) Tj ET Q q 0 0 0 rg BT 309.33 83.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 333.10 83.95 Td (future ) Tj ET Q q 0 0 0 rg BT 361.52 83.95 Td (working ) Tj ET Q q 0 0 0 rg BT 399.88 83.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 431.22 83.95 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 492.02 83.95 Td ( ) Tj ET Q q 0 0 0 rg BT 495.13 83.95 Td (This ) Tj ET Q q 0 0 0 rg BT 517.16 83.95 Td (measure ) Tj ET Q q 0 0 0 rg BT 555.50 83.95 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 71.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 89.18 71.35 Td (in ) Tj ET Q q 0 0 0 rg BT 99.71 71.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 136.48 71.35 Td (to ) Tj ET Q q 0 0 0 rg BT 147.01 71.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 170.37 71.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 210.06 71.35 Td (by ) Tj ET Q q 0 0 0 rg BT 222.92 71.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 264.93 71.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 305.20 71.35 Td (and ) Tj ET Q q 0 0 0 rg BT 322.72 71.35 Td (may ) Tj ET Q q 0 0 0 rg BT 343.15 71.35 Td (not ) Tj ET Q q 0 0 0 rg BT 358.93 71.35 Td (be ) Tj ET Q q 0 0 0 rg BT 371.20 71.35 Td (comparable ) Tj ET Q q 0 0 0 rg BT 422.54 71.35 Td (to ) Tj ET Q q 0 0 0 rg BT 433.06 71.35 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 480.51 71.35 Td ( ) Tj ET Q q 0 0 0 rg BT 482.87 71.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 520.82 71.35 Td (measures, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.75 Td (including ) Tj ET Q q 0 0 0 rg BT 91.08 58.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 132.07 58.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.74 58.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 180.65 58.75 Td ( ) Tj ET Q q 0 0 0 rg BT 182.57 58.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.24 58.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.82 58.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 234.98 58.75 Td (measures, ) Tj ET Q q 0 0 0 rg BT 278.60 58.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.26 58.75 Td (other ) Tj ET Q q 0 0 0 rg BT 312.76 58.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 362.21 58.75 Td ( ) Tj ET Q q 0 0 0 rg BT 364.13 58.75 Td (Further) Tj ET Q q 0 0 0 rg BT 394.62 58.75 Td (, ) Tj ET Q q 0 0 0 rg BT 398.74 58.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 438.57 58.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 476.49 58.75 Td ( ) Tj ET Q q 0 0 0 rg BT 478.41 58.75 Td (is ) Tj ET Q q 0 0 0 rg BT 487.33 58.75 Td (not ) Tj ET Q q 0 0 0 rg BT 502.67 58.75 Td (to ) Tj ET Q q 0 0 0 rg BT 512.76 58.75 Td (be ) Tj ET Q q 0 0 0 rg BT 524.59 58.75 Td (confused ) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 70.93 741.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.70 741.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 134.79 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 148.06 741.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 190.48 741.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 231.15 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 242.66 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 267.00 741.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 308.84 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.35 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 341.77 741.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 367.87 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 394.55 741.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 421.97 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.36 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.29 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 455.06 741.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 495.15 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 506.66 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 514.09 741.75 Td (supplement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (to, ) Tj ET Q q 0 0 0 rg BT 62.92 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 80.70 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 96.75 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.54 729.15 Td (replacement ) Tj ET Q q 0 0 0 rg BT 161.47 729.15 Td (of, ) Tj ET Q q 0 0 0 rg BT 175.46 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 182.75 729.15 Td (GAAP) Tj ET Q q 0 0 0 rg BT 210.95 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 213.57 729.15 Td (measure.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 59.13 703.95 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 119.48 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.85 703.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 154.48 703.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 194.43 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 207.55 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 249.83 703.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 290.36 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 300.57 703.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 341.11 703.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 379.03 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 381.65 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 391.28 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 402.65 703.95 Td (follows ) Tj ET Q q 0 0 0 rg BT 436.78 703.95 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 471.48 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 482.27 703.95 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 663.45 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 663.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 663.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 663.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 663.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 663.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 663.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.45 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 633.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 633.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 633.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 633.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 633.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 633.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 592.45 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 592.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 592.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 592.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 592.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 592.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 592.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 562.45 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 562.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 562.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 562.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 562.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 562.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 562.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 532.45 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 532.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 532.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 532.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 532.45 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 532.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 532.45 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 678.45 m 399 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 678.45 m 403 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 678.45 m 480 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 678.45 m 484 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 678.45 m 562 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 663.45 m 318 663.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 678.45 m 399 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 663.45 m 399 663.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 663.45 m 480 663.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 663.45 m 562 663.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 663.45 m 399 663.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 532.45 m 318 532.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 532.45 m 399 532.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 532.45 m 480 532.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 532.45 m 562 532.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 517.45 m 318 517.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 532.45 m 399 532.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 517.45 m 399 517.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 517.45 m 480 517.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 517.45 m 562 517.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.95 683.22 Td (Trailing twelve months ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.50 668.24 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 668.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 668.22 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 653.24 Td (Cash provided by operating activities, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 653.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 653.24 Td (454,451) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 653.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 653.22 Td (568,118) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 653.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 653.22 Td (437,324) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 638.22 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 623.22 Td (Debt redemption payments allocated to operations) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.50 623.24 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 623.22 Td (98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 623.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 607.72 Td (Interest expense, net of accretion and amortization of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 597.22 Td (debt discounts and premiums) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 597.24 Td (45,324) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 597.22 Td (53,999) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 597.22 Td (49,846) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 582.22 Td (Current tax expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 582.24 Td (15,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 582.22 Td (24,897) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 582.22 Td (19,375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 567.22 Td (Net gain on investment securities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.35 567.24 Td (8,563) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 567.22 Td (50,853) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 567.22 Td (27,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 552.22 Td (Net change of other assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 552.24 Td (30,084) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.35 552.22 Td (\(118,919) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 552.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 552.22 Td (76,140) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 537.22 Td (Other, principally transition-related costs in fiscal 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 537.24 Td (67,881) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 537.22 Td (9,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 537.22 Td (7,037) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 522.24 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 522.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 522.24 Td (621,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 522.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 522.22 Td (686,499) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 522.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 522.22 Td (617,092) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 493.35 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 106.29 493.35 Td ( ) Tj ET Q q 0 0 0 rg BT 108.34 493.35 Td (AND ) Tj ET Q q 0 0 0 rg BT 133.71 493.35 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 165.60 493.35 Td (AL) Tj ET Q q 0 0 0 rg BT 179.61 493.35 Td ( ) Tj ET Q q 0 0 0 rg BT 182.24 493.35 Td (RESOURCES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.38 480.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 106.18 480.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 148.22 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.52 480.75 Td (our ) Tj ET Q q 0 0 0 rg BT 178.07 480.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 209.62 480.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 249.91 480.75 Td (is ) Tj ET Q q 0 0 0 rg BT 260.47 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 272.19 480.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 331.73 480.75 Td (support ) Tj ET Q q 0 0 0 rg BT 366.78 480.75 Td (our ) Tj ET Q q 0 0 0 rg BT 384.34 480.75 Td (business ) Tj ET Q q 0 0 0 rg BT 423.48 480.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 466.69 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.41 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 497.13 480.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 532.76 480.75 Td (needed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 468.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.73 468.15 Td (at ) Tj ET Q q 0 0 0 rg BT 97.95 468.15 Td (all ) Tj ET Q q 0 0 0 rg BT 111.09 468.15 Td (times, ) Tj ET Q q 0 0 0 rg BT 139.11 468.15 Td (including ) Tj ET Q q 0 0 0 rg BT 181.42 468.15 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 234.22 468.15 Td (required ) Tj ET Q q 0 0 0 rg BT 271.85 468.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 302.48 468.15 Td (in ) Tj ET Q q 0 0 0 rg BT 313.29 468.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.50 468.15 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 399.34 468.15 Td ( ) Tj ET Q q 0 0 0 rg BT 401.99 468.15 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 443.72 468.15 Td (and ) Tj ET Q q 0 0 0 rg BT 461.52 468.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.99 468.15 Td (access ) Tj ET Q q 0 0 0 rg BT 506.45 468.15 Td (to ) Tj ET Q q 0 0 0 rg BT 517.26 468.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 555.50 468.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 455.55 Td (important ) Tj ET Q q 0 0 0 rg BT 92.73 455.55 Td (to ) Tj ET Q q 0 0 0 rg BT 103.30 455.55 Td (the ) Tj ET Q q 0 0 0 rg BT 118.53 455.55 Td (success ) Tj ET Q q 0 0 0 rg BT 152.42 455.55 Td (of ) Tj ET Q q 0 0 0 rg BT 163.56 455.55 Td (our ) Tj ET Q q 0 0 0 rg BT 179.96 455.55 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 216.78 455.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 265.55 455.55 Td ( ) Tj ET Q q 0 0 0 rg BT 267.95 455.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 286.68 455.55 Td (overall ) Tj ET Q q 0 0 0 rg BT 318.23 455.55 Td (funding ) Tj ET Q q 0 0 0 rg BT 353.30 455.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 379.60 455.55 Td (and ) Tj ET Q q 0 0 0 rg BT 397.17 455.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.55 455.55 Td (base ) Tj ET Q q 0 0 0 rg BT 448.61 455.55 Td (are ) Tj ET Q q 0 0 0 rg BT 463.83 455.55 Td (continually ) Tj ET Q q 0 0 0 rg BT 513.47 455.55 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 554.35 455.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 442.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 92.99 442.95 Td (if ) Tj ET Q q 0 0 0 rg BT 100.92 442.95 Td (the ) Tj ET Q q 0 0 0 rg BT 115.26 442.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.76 442.95 Td (base ) Tj ET Q q 0 0 0 rg BT 164.93 442.95 Td (meets ) Tj ET Q q 0 0 0 rg BT 190.93 442.95 Td (the ) Tj ET Q q 0 0 0 rg BT 205.27 442.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 244.10 442.95 Td (needs ) Tj ET Q q 0 0 0 rg BT 269.52 442.95 Td (of ) Tj ET Q q 0 0 0 rg BT 279.78 442.95 Td (our ) Tj ET Q q 0 0 0 rg BT 295.29 442.95 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 343.76 442.95 Td ( ) Tj ET Q q 0 0 0 rg BT 345.16 442.95 Td (W) Tj ET Q q 0 0 0 rg BT 354.23 442.95 Td (e ) Tj ET Q q 0 0 0 rg BT 360.41 442.95 Td (intend ) Tj ET Q q 0 0 0 rg BT 388.16 442.95 Td (to ) Tj ET Q q 0 0 0 rg BT 397.84 442.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 435.51 442.95 Td (to ) Tj ET Q q 0 0 0 rg BT 445.19 442.95 Td (explore ) Tj ET Q q 0 0 0 rg BT 478.19 442.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.44 442.95 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 430.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 107.44 430.35 Td (as ) Tj ET Q q 0 0 0 rg BT 118.72 430.35 Td (a ) Tj ET Q q 0 0 0 rg BT 125.92 430.35 Td (means ) Tj ET Q q 0 0 0 rg BT 155.27 430.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.55 430.35 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 219.82 430.35 Td (and ) Tj ET Q q 0 0 0 rg BT 237.52 430.35 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 297.20 430.35 Td (our ) Tj ET Q q 0 0 0 rg BT 313.73 430.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 336.67 430.35 Td (management ) Tj ET Q q 0 0 0 rg BT 392.85 430.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.59 430.35 Td ( ) Tj ET Q q 0 0 0 rg BT 435.94 430.35 Td (These ) Tj ET Q q 0 0 0 rg BT 463.55 430.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 521.49 430.35 Td (may ) Tj ET Q q 0 0 0 rg BT 542.10 430.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (time ) Tj ET Q q 0 0 0 rg BT 71.74 417.75 Td (to ) Tj ET Q q 0 0 0 rg BT 83.49 417.75 Td (time ) Tj ET Q q 0 0 0 rg BT 105.74 417.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 140.81 417.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 194.56 417.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.89 417.75 Td (are ) Tj ET Q q 0 0 0 rg BT 230.28 417.75 Td (material ) Tj ET Q q 0 0 0 rg BT 268.26 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.01 417.75 Td (size ) Tj ET Q q 0 0 0 rg BT 299.92 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 318.66 417.75 Td (may ) Tj ET Q q 0 0 0 rg BT 340.32 417.75 Td (require, ) Tj ET Q q 0 0 0 rg BT 376.26 417.75 Td (among ) Tj ET Q q 0 0 0 rg BT 408.42 417.75 Td (other ) Tj ET Q q 0 0 0 rg BT 433.57 417.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 465.45 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.19 417.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 517.52 417.75 Td (to ) Tj ET Q q 0 0 0 rg BT 529.26 417.75 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 405.15 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 96.74 405.15 Td (the ) Tj ET Q q 0 0 0 rg BT 112.19 405.15 Td (raising ) Tj ET Q q 0 0 0 rg BT 143.39 405.15 Td (of ) Tj ET Q q 0 0 0 rg BT 154.76 405.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.38 405.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 228.25 405.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 258.86 405.15 Td (and/or ) Tj ET Q q 0 0 0 rg BT 288.31 405.15 Td (the ) Tj ET Q q 0 0 0 rg BT 303.76 405.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 341.96 405.15 Td (of ) Tj ET Q q 0 0 0 rg BT 353.33 405.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 397.95 405.15 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 379.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 379.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 127.00 379.95 Td (of ) Tj ET Q q 0 0 0 rg BT 138.04 379.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 174.16 379.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.36 379.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 239.99 379.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 282.53 379.95 Td (above ) Tj ET Q q 0 0 0 rg BT 309.90 379.95 Td (does ) Tj ET Q q 0 0 0 rg BT 331.45 379.95 Td (not ) Tj ET Q q 0 0 0 rg BT 347.16 379.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 378.04 379.95 Td (our ) Tj ET Q q 0 0 0 rg BT 394.33 379.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 432.22 379.95 Td (and ) Tj ET Q q 0 0 0 rg BT 449.68 379.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 479.96 379.95 Td (resources. ) Tj ET Q q 0 0 0 rg BT 524.53 379.95 Td ( ) Tj ET Q q 0 0 0 rg BT 526.66 379.95 Td (W) Tj ET Q q 0 0 0 rg BT 535.73 379.95 Td (e ) Tj ET Q q 0 0 0 rg BT 542.69 379.95 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 367.35 Td (no ) Tj ET Q q 0 0 0 rg BT 63.52 367.35 Td (rights ) Tj ET Q q 0 0 0 rg BT 90.95 367.35 Td (to ) Tj ET Q q 0 0 0 rg BT 102.63 367.35 Td (the ) Tj ET Q q 0 0 0 rg BT 118.98 367.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 155.73 367.35 Td (from, ) Tj ET Q q 0 0 0 rg BT 182.28 367.35 Td (nor ) Tj ET Q q 0 0 0 rg BT 199.79 367.35 Td (do ) Tj ET Q q 0 0 0 rg BT 213.81 367.35 Td (we ) Tj ET Q q 0 0 0 rg BT 229.57 367.35 Td (bear ) Tj ET Q q 0 0 0 rg BT 251.15 367.35 Td (the ) Tj ET Q q 0 0 0 rg BT 267.50 367.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 290.85 367.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 337.52 367.35 Td (with, ) Tj ET Q q 0 0 0 rg BT 362.32 367.35 Td (the ) Tj ET Q q 0 0 0 rg BT 378.67 367.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 406.68 367.35 Td (and ) Tj ET Q q 0 0 0 rg BT 425.36 367.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 467.95 367.35 Td (of ) Tj ET Q q 0 0 0 rg BT 480.22 367.35 Td (the ) Tj ET Q q 0 0 0 rg BT 496.56 367.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 522.24 367.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 367.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 354.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.18 354.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 150.37 354.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.06 354.75 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 236.07 354.75 Td (beyond ) Tj ET Q q 0 0 0 rg BT 269.59 354.75 Td (our ) Tj ET Q q 0 0 0 rg BT 286.20 354.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 338.97 354.75 Td (in ) Tj ET Q q 0 0 0 rg BT 349.75 354.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.52 354.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.21 354.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 454.98 354.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 474.49 354.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 517.91 354.75 Td (from ) Tj ET Q q 0 0 0 rg BT 540.93 354.75 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 342.15 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 90.45 342.15 Td (which ) Tj ET Q q 0 0 0 rg BT 120.03 342.15 Td (are ) Tj ET Q q 0 0 0 rg BT 136.76 342.15 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 185.00 342.15 Td (in ) Tj ET Q q 0 0 0 rg BT 197.09 342.15 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 260.21 342.15 Td ( ) Tj ET Q q 0 0 0 rg BT 263.26 342.15 Td (Additionally) Tj ET Q q 0 0 0 rg BT 315.66 342.15 Td (, ) Tj ET Q q 0 0 0 rg BT 322.20 342.15 Td (creditors ) Tj ET Q q 0 0 0 rg BT 362.86 342.15 Td (of ) Tj ET Q q 0 0 0 rg BT 375.52 342.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.27 342.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 418.36 342.15 Td (and ) Tj ET Q q 0 0 0 rg BT 437.44 342.15 Td (other ) Tj ET Q q 0 0 0 rg BT 462.93 342.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.92 342.15 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 329.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.93 329.55 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 134.69 329.55 Td (have ) Tj ET Q q 0 0 0 rg BT 156.87 329.55 Td (no ) Tj ET Q q 0 0 0 rg BT 169.73 329.55 Td (recourse ) Tj ET Q q 0 0 0 rg BT 207.65 329.55 Td (to ) Tj ET Q q 0 0 0 rg BT 218.17 329.55 Td (our ) Tj ET Q q 0 0 0 rg BT 234.53 329.55 Td (general ) Tj ET Q q 0 0 0 rg BT 267.78 329.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 294.04 329.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 327.31 329.55 Td (the ) Tj ET Q q 0 0 0 rg BT 342.49 329.55 Td (level ) Tj ET Q q 0 0 0 rg BT 365.25 329.55 Td (of ) Tj ET Q q 0 0 0 rg BT 376.36 329.55 Td (our ) Tj ET Q q 0 0 0 rg BT 392.71 329.55 Td (investment, ) Tj ET Q q 0 0 0 rg BT 443.77 329.55 Td (if ) Tj ET Q q 0 0 0 rg BT 452.54 329.55 Td (any) Tj ET Q q 0 0 0 rg BT 467.02 329.55 Td (, ) Tj ET Q q 0 0 0 rg BT 472.00 329.55 Td (so ) Tj ET Q q 0 0 0 rg BT 483.70 329.55 Td (we ) Tj ET Q q 0 0 0 rg BT 498.30 329.55 Td (do ) Tj ET Q q 0 0 0 rg BT 511.15 329.55 Td (not ) Tj ET Q q 0 0 0 rg BT 526.93 329.55 Td (consider ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 316.95 Td (these ) Tj ET Q q 0 0 0 rg BT 73.70 316.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 115.41 316.95 Td (to ) Tj ET Q q 0 0 0 rg BT 126.20 316.95 Td (be ) Tj ET Q q 0 0 0 rg BT 138.73 316.95 Td (our ) Tj ET Q q 0 0 0 rg BT 155.35 316.95 Td (obligations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.07 291.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.81 291.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 126.21 291.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 167.53 291.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.51 291.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 222.74 291.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.11 291.75 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 294.31 291.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.20 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.60 291.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.50 291.75 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 406.18 291.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 454.50 291.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 499.02 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.42 291.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 279.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.02 279.15 Td (and ) Tj ET Q q 0 0 0 rg BT 107.55 279.15 Td (related ) Tj ET Q q 0 0 0 rg BT 139.47 279.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 155.65 279.15 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 208.86 279.15 Td ( ) Tj ET Q q 0 0 0 rg BT 212.22 279.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 231.91 279.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.77 279.15 Td (have ) Tj ET Q q 0 0 0 rg BT 282.95 279.15 Td (been ) Tj ET Q q 0 0 0 rg BT 306.14 279.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 354.99 279.15 Td (funded ) Tj ET Q q 0 0 0 rg BT 387.51 279.15 Td (by ) Tj ET Q q 0 0 0 rg BT 401.37 279.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.98 279.15 Td (capital, ) Tj ET Q q 0 0 0 rg BT 464.95 279.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 509.71 279.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 531.15 279.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 279.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 266.55 Td (results ) Tj ET Q q 0 0 0 rg BT 78.86 266.55 Td (of ) Tj ET Q q 0 0 0 rg BT 89.56 266.55 Td (our ) Tj ET Q q 0 0 0 rg BT 105.50 266.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 153.82 266.55 Td ( ) Tj ET Q q 0 0 0 rg BT 155.33 266.55 Td (At ) Tj ET Q q 0 0 0 rg BT 167.78 266.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 212.89 266.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 238.46 266.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.06 266.55 Td (and ) Tj ET Q q 0 0 0 rg BT 276.17 266.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 296.78 266.55 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 349.17 266.55 Td (total ) Tj ET Q q 0 0 0 rg BT 369.78 266.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 398.86 266.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 442.21 266.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 462.24 266.55 Td (and ) Tj ET Q q 0 0 0 rg BT 479.35 266.55 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 536.26 266.55 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 253.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.74 253.95 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 93.95 253.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.37 253.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.83 253.95 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 148.04 253.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.46 253.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.92 253.95 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 202.13 253.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.55 253.95 Td ( ) Tj ET Q q 0 0 0 rg BT 232.38 253.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.38 253.95 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 271.59 253.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.01 253.95 Td (, ) Tj ET Q q 0 0 0 rg BT 304.47 253.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 354.52 253.95 Td (. ) Tj ET Q q 0 0 0 rg BT 359.98 253.95 Td ( ) Tj ET Q q 0 0 0 rg BT 362.61 253.95 Td (T) Tj ET Q q 0 0 0 rg BT 368.29 253.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 386.87 253.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.20 253.95 Td (include ) Tj ET Q q 0 0 0 rg BT 447.94 253.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 486.36 253.95 Td (related ) Tj ET Q q 0 0 0 rg BT 517.76 253.95 Td (to ) Tj ET Q q 0 0 0 rg BT 528.76 253.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 553.77 253.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 241.35 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 70.50 241.35 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 216.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.57 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.80 216.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.53 216.15 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 168.42 216.15 Td (are ) Tj ET Q q 0 0 0 rg BT 185.30 216.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.44 216.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 267.51 216.15 Td (in ) Tj ET Q q 0 0 0 rg BT 279.74 216.15 Td (liquid ) Tj ET Q q 0 0 0 rg BT 308.31 216.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 350.29 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 369.52 216.15 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 430.75 216.15 Td (money ) Tj ET Q q 0 0 0 rg BT 463.39 216.15 Td (market ) Tj ET Q q 0 0 0 rg BT 496.62 216.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 524.02 216.15 Td (that ) Tj ET Q q 0 0 0 rg BT 543.83 216.15 Td (hold ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 97.06 203.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 137.04 203.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.27 203.55 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 213.50 203.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 255.21 203.55 Td (commercial ) Tj ET Q q 0 0 0 rg BT 306.84 203.55 Td (paper ) Tj ET Q q 0 0 0 rg BT 332.23 203.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.47 203.55 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 379.25 203.55 Td (government ) Tj ET Q q 0 0 0 rg BT 431.47 203.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.70 203.55 Td (agency ) Tj ET Q q 0 0 0 rg BT 480.51 203.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 524.86 203.55 Td (and ) Tj ET Q q 0 0 0 rg BT 542.09 203.55 Td (bank ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 190.95 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 89.33 190.95 Td (W) Tj ET Q q 0 0 0 rg BT 98.40 190.95 Td (e ) Tj ET Q q 0 0 0 rg BT 106.06 190.95 Td (have ) Tj ET Q q 0 0 0 rg BT 128.88 190.95 Td (not ) Tj ET Q q 0 0 0 rg BT 145.30 190.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 194.36 190.95 Td (any ) Tj ET Q q 0 0 0 rg BT 212.52 190.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 240.60 190.95 Td (on ) Tj ET Q q 0 0 0 rg BT 254.10 190.95 Td (these ) Tj ET Q q 0 0 0 rg BT 278.68 190.95 Td (investments. ) Tj ET Q q 0 0 0 rg BT 334.47 190.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 353.80 190.95 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 403.47 190.95 Td (of ) Tj ET Q q 0 0 0 rg BT 415.21 190.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.87 190.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.03 190.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 476.69 190.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 527.51 190.95 Td (partially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 178.35 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 90.62 178.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.07 178.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 145.44 178.35 Td (that ) Tj ET Q q 0 0 0 rg BT 163.81 178.35 Td (material ) Tj ET Q q 0 0 0 rg BT 200.83 178.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 223.30 178.35 Td (may ) Tj ET Q q 0 0 0 rg BT 244.00 178.35 Td (be ) Tj ET Q q 0 0 0 rg BT 256.53 178.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 302.31 178.35 Td (with ) Tj ET Q q 0 0 0 rg BT 323.60 178.35 Td (these ) Tj ET Q q 0 0 0 rg BT 347.80 178.35 Td (balances.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 741.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 187.72 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 204.34 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 262.38 741.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 311.08 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.45 741.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.08 741.75 Td (Flows ) Tj ET Q q 0 0 0 rg BT 374.38 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 389.25 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.70 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 429.48 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.18 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 487.21 741.75 Td (31 ) Tj ET Q q 0 0 0 rg BT 500.33 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 514.62 741.75 Td (millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 716.25 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 716.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 716.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 716.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 716.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 716.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 716.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 686.25 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 686.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 686.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 686.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 686.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 686.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 686.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 656.25 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 656.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 656.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 656.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 656.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 656.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 656.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 626.25 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 626.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 626.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 626.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 626.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 626.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 626.25 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 716.25 m 358 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 716.25 m 426 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 716.25 m 494 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 716.25 m 426 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 716.25 m 494 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.25 m 358 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 656.25 m 426 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 656.25 m 494 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 656.25 m 562 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 626.25 m 358 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 626.25 m 426 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 626.25 m 494 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 626.25 m 562 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 611.25 m 358 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 611.25 m 426 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 611.25 m 494 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 611.25 m 562 611.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 721.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.00 721.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 721.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 721.02 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 706.02 Td (Cash flows provided by operating activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 706.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 706.04 Td (454.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 706.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 706.02 Td (568.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 706.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 706.02 Td (437.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 691.02 Td (Cash flows provided by/\(used in\) investing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 691.04 Td (\(244.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 691.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 691.02 Td (\(208.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 691.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 691.02 Td (137.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 676.02 Td (Cash flows provided by/\(used in\) financing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 676.04 Td (465.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 676.02 Td (\(507.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 676.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 676.02 Td (\(639.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 676.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 661.02 Td (Effect of exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.10 661.04 Td (\(16.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 661.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.10 661.02 Td (\(41.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 661.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 661.02 Td (\(10.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 661.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 646.02 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 646.04 Td (659.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 646.02 Td (\(188.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 646.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 646.02 Td (\(75.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 646.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 631.02 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 631.04 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 631.02 Td (858.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 631.02 Td (933.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 616.02 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 616.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.50 616.04 Td (1,329.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 616.02 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 616.02 Td (858.0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 586.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.31 586.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 105.61 586.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 144.74 586.55 Td (by ) Tj ET Q q 0 0 0 rg BT 157.04 586.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 198.50 586.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 238.21 586.55 Td (during ) Tj ET Q q 0 0 0 rg BT 267.43 586.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 291.98 586.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.41 586.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.61 586.55 Td ($454.5 ) Tj ET Q q 0 0 0 rg BT 370.29 586.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.63 586.55 Td (, ) Tj ET Q q 0 0 0 rg BT 405.06 586.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 445.94 586.55 Td (related ) Tj ET Q q 0 0 0 rg BT 476.30 586.55 Td (to ) Tj ET Q q 0 0 0 rg BT 486.28 586.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 503.24 586.55 Td (Loss, ) Tj ET Q q 0 0 0 rg BT 527.51 586.55 Td (adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 573.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.01 573.95 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 104.18 573.95 Td (items. ) Tj ET Q q 0 0 0 rg BT 131.83 573.95 Td ( ) Tj ET Q q 0 0 0 rg BT 134.10 573.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 157.37 573.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 191.13 573.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 230.73 573.95 Td (by ) Tj ET Q q 0 0 0 rg BT 243.50 573.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 285.42 573.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 325.59 573.95 Td (during ) Tj ET Q q 0 0 0 rg BT 355.27 573.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 380.28 573.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 403.55 573.95 Td (were ) Tj ET Q q 0 0 0 rg BT 426.22 573.95 Td ($568.1 ) Tj ET Q q 0 0 0 rg BT 457.36 573.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 492.60 573.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 533.94 573.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 561.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.98 561.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 77.45 561.35 Td (Income, ) Tj ET Q q 0 0 0 rg BT 113.86 561.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 151.17 561.35 Td (for ) Tj ET Q q 0 0 0 rg BT 165.72 561.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 205.93 561.35 Td (items, ) Tj ET Q q 0 0 0 rg BT 233.61 561.35 Td ( ) Tj ET Q q 0 0 0 rg BT 235.92 561.35 Td (and ) Tj ET Q q 0 0 0 rg BT 253.39 561.35 Td (net ) Tj ET Q q 0 0 0 rg BT 268.53 561.35 Td (activity ) Tj ET Q q 0 0 0 rg BT 302.33 561.35 Td (related ) Tj ET Q q 0 0 0 rg BT 333.20 561.35 Td (to ) Tj ET Q q 0 0 0 rg BT 343.68 561.35 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 370.78 561.35 Td ( ) Tj ET Q q 0 0 0 rg BT 373.09 561.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 396.40 561.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 430.21 561.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 469.84 561.35 Td (by ) Tj ET Q q 0 0 0 rg BT 482.65 561.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 524.61 561.35 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 548.75 Td (during ) Tj ET Q q 0 0 0 rg BT 79.68 548.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 105.18 548.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 128.94 548.75 Td (were ) Tj ET Q q 0 0 0 rg BT 152.10 548.75 Td ($437.3 ) Tj ET Q q 0 0 0 rg BT 183.74 548.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 219.46 548.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 261.30 548.75 Td (related ) Tj ET Q q 0 0 0 rg BT 292.63 548.75 Td (to ) Tj ET Q q 0 0 0 rg BT 303.56 548.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 321.48 548.75 Td (Income, ) Tj ET Q q 0 0 0 rg BT 358.35 548.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 396.11 548.75 Td (for ) Tj ET Q q 0 0 0 rg BT 411.11 548.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 451.78 548.75 Td (items, ) Tj ET Q q 0 0 0 rg BT 479.92 548.75 Td (of) Tj ET Q q 0 0 0 rg BT 488.47 548.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 506.40 548.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.33 548.75 Td (part ) Tj ET Q q 0 0 0 rg BT 536.41 548.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 548.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 536.15 Td (purchases ) Tj ET Q q 0 0 0 rg BT 93.70 536.15 Td (of ) Tj ET Q q 0 0 0 rg BT 105.25 536.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 137.79 536.15 Td (and ) Tj ET Q q 0 0 0 rg BT 155.75 536.15 Td (other ) Tj ET Q q 0 0 0 rg BT 180.12 536.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 233.09 536.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.05 536.15 Td (a ) Tj ET Q q 0 0 0 rg BT 258.51 536.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 297.44 536.15 Td (in ) Tj ET Q q 0 0 0 rg BT 308.41 536.15 Td (net ) Tj ET Q q 0 0 0 rg BT 324.04 536.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 358.33 536.15 Td (related ) Tj ET Q q 0 0 0 rg BT 389.69 536.15 Td (to ) Tj ET Q q 0 0 0 rg BT 400.66 536.15 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 428.25 536.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 470.12 536.15 Td (due ) Tj ET Q q 0 0 0 rg BT 488.08 536.15 Td (to ) Tj ET Q q 0 0 0 rg BT 499.05 536.15 Td (the ) Tj ET Q q 0 0 0 rg BT 514.68 536.15 Td (wind-down ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 523.55 Td (of ) Tj ET Q q 0 0 0 rg BT 62.11 523.55 Td (a ) Tj ET Q q 0 0 0 rg BT 70.63 523.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 127.56 523.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 149.50 523.55 Td (obligation ) Tj ET Q q 0 0 0 rg BT 195.94 523.55 Td (\("CLO"\).� ) Tj ET Q q 0 0 0 rg BT 241.62 523.55 Td (See ) Tj ET Q q 0 0 0 rg BT 260.64 523.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 284.91 523.55 Td (17 ) Tj ET Q q 0 0 0 rg BT 299.27 523.55 Td (of ) Tj ET Q q 0 0 0 rg BT 311.88 523.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 340.24 523.55 Td (to ) Tj ET Q q 0 0 0 rg BT 352.27 523.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 411.54 523.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 454.48 523.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 504.42 523.55 Td (for ) Tj ET Q q 0 0 0 rg BT 520.52 523.55 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 510.95 Td (information ) Tj ET Q q 0 0 0 rg BT 101.70 510.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 144.56 510.95 Td (the ) Tj ET Q q 0 0 0 rg BT 160.01 510.95 Td (CLO.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.63 485.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 111.51 485.75 Td (used ) Tj ET Q q 0 0 0 rg BT 132.89 485.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.19 485.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 183.82 485.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.85 485.75 Td (during ) Tj ET Q q 0 0 0 rg BT 253.40 485.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 278.27 485.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 304.02 485.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.55 485.75 Td ($244.6 ) Tj ET Q q 0 0 0 rg BT 357.56 485.75 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.90 485.75 Td (, ) Tj ET Q q 0 0 0 rg BT 392.65 485.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.78 485.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 435.99 485.75 Td (related ) Tj ET Q q 0 0 0 rg BT 466.68 485.75 Td (to ) Tj ET Q q 0 0 0 rg BT 476.98 485.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 519.35 485.75 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.21 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 85.09 473.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 137.30 473.15 Td (of ) Tj ET Q q 0 0 0 rg BT 148.09 473.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 178.14 473.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 237.32 473.15 Td (and ) Tj ET Q q 0 0 0 rg BT 254.53 473.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 270.00 473.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 325.41 473.15 Td (and ) Tj ET Q q 0 0 0 rg BT 342.62 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 357.49 473.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 405.62 473.15 Td (in ) Tj ET Q q 0 0 0 rg BT 415.83 473.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 457.53 473.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 512.94 473.15 Td (aggregating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 460.55 Td ($234.1 ) Tj ET Q q 0 0 0 rg BT 81.16 460.55 Td (million ) Tj ET Q q 0 0 0 rg BT 114.29 460.55 Td (\(net ) Tj ET Q q 0 0 0 rg BT 133.40 460.55 Td (of ) Tj ET Q q 0 0 0 rg BT 144.94 460.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 183.88 460.55 Td (cash\). ) Tj ET Q q 0 0 0 rg BT 211.44 460.55 Td ( ) Tj ET Q q 0 0 0 rg BT 214.23 460.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 238.02 460.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 277.56 460.55 Td (used ) Tj ET Q q 0 0 0 rg BT 299.60 460.55 Td (in ) Tj ET Q q 0 0 0 rg BT 310.55 460.55 Td (investing ) Tj ET Q q 0 0 0 rg BT 351.84 460.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 392.54 460.55 Td (during ) Tj ET Q q 0 0 0 rg BT 422.74 460.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 448.27 460.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 474.68 460.55 Td (were ) Tj ET Q q 0 0 0 rg BT 497.87 460.55 Td ($208.0 ) Tj ET Q q 0 0 0 rg BT 529.54 460.55 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 447.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.23 447.95 Td (related ) Tj ET Q q 0 0 0 rg BT 122.46 447.95 Td (to ) Tj ET Q q 0 0 0 rg BT 133.29 447.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 176.19 447.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 222.00 447.95 Td (with ) Tj ET Q q 0 0 0 rg BT 243.33 447.95 Td (the ) Tj ET Q q 0 0 0 rg BT 258.82 447.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 311.65 447.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.05 447.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 354.29 447.95 Td (Currie ) Tj ET Q q 0 0 0 rg BT 383.78 447.95 Td (and ) Tj ET Q q 0 0 0 rg BT 401.60 447.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 417.69 447.95 Td (Investors ) Tj ET Q q 0 0 0 rg BT 458.84 447.95 Td (of ) Tj ET Q q 0 0 0 rg BT 470.25 447.95 Td ($183.7 ) Tj ET Q q 0 0 0 rg BT 501.79 447.95 Td (million ) Tj ET Q q 0 0 0 rg BT 534.78 447.95 Td (\(net ) Tj ET Q q 0 0 0 rg BT 553.77 447.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 88.29 435.35 Td (cash\) ) Tj ET Q q 0 0 0 rg BT 113.08 435.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.88 435.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 173.76 435.35 Td (made ) Tj ET Q q 0 0 0 rg BT 199.14 435.35 Td (for ) Tj ET Q q 0 0 0 rg BT 214.02 435.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 238.23 435.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.37 435.35 Td (of ) Tj ET Q q 0 0 0 rg BT 276.76 435.35 Td ($45.8 ) Tj ET Q q 0 0 0 rg BT 303.02 435.35 Td (million; ) Tj ET Q q 0 0 0 rg BT 338.92 435.35 Td (of) Tj ET Q q 0 0 0 rg BT 347.47 435.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 365.27 435.35 Td (in ) Tj ET Q q 0 0 0 rg BT 376.08 435.35 Td (part ) Tj ET Q q 0 0 0 rg BT 395.04 435.35 Td (by ) Tj ET Q q 0 0 0 rg BT 408.18 435.35 Td (the ) Tj ET Q q 0 0 0 rg BT 423.65 435.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 463.60 435.35 Td (from ) Tj ET Q q 0 0 0 rg BT 486.65 435.35 Td (businesses ) Tj ET Q q 0 0 0 rg BT 533.63 435.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 553.77 435.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.75 Td ($47.0 ) Tj ET Q q 0 0 0 rg BT 75.94 422.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 111.72 422.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.54 422.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 138.35 422.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 172.67 422.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 212.81 422.75 Td (by ) Tj ET Q q 0 0 0 rg BT 226.13 422.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 267.44 422.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 308.16 422.75 Td (during ) Tj ET Q q 0 0 0 rg BT 338.39 422.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 363.95 422.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 390.39 422.75 Td (were ) Tj ET Q q 0 0 0 rg BT 413.60 422.75 Td ($137.6 ) Tj ET Q q 0 0 0 rg BT 445.30 422.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.07 422.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 522.96 422.75 Td (related ) Tj ET Q q 0 0 0 rg BT 554.34 422.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.15 Td (net ) Tj ET Q q 0 0 0 rg BT 64.95 410.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 99.07 410.15 Td (related ) Tj ET Q q 0 0 0 rg BT 130.26 410.15 Td (to ) Tj ET Q q 0 0 0 rg BT 141.05 410.15 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 168.47 410.15 Td (of) Tj ET Q q 0 0 0 rg BT 177.03 410.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 194.81 410.15 Td (in ) Tj ET Q q 0 0 0 rg BT 205.61 410.15 Td (part ) Tj ET Q q 0 0 0 rg BT 224.56 410.15 Td (by ) Tj ET Q q 0 0 0 rg BT 237.68 410.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 280.55 410.15 Td (made ) Tj ET Q q 0 0 0 rg BT 305.91 410.15 Td (for ) Tj ET Q q 0 0 0 rg BT 320.78 410.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 344.98 410.15 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.11 384.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 107.23 384.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 147.16 384.95 Td (by ) Tj ET Q q 0 0 0 rg BT 160.28 384.95 Td (financing ) Tj ET Q q 0 0 0 rg BT 202.54 384.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 243.06 384.95 Td (during ) Tj ET Q q 0 0 0 rg BT 273.08 384.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 298.44 384.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 324.67 384.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.69 384.95 Td ($465.7 ) Tj ET Q q 0 0 0 rg BT 379.17 384.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.51 384.95 Td (, ) Tj ET Q q 0 0 0 rg BT 414.75 384.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 456.44 384.95 Td (related ) Tj ET Q q 0 0 0 rg BT 487.61 384.95 Td (to ) Tj ET Q q 0 0 0 rg BT 498.39 384.95 Td (the ) Tj ET Q q 0 0 0 rg BT 513.83 384.95 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 553.76 384.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.65 372.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 102.54 372.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.60 372.35 Td ($699.8 ) Tj ET Q q 0 0 0 rg BT 144.79 372.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.13 372.35 Td ( ) Tj ET Q q 0 0 0 rg BT 177.45 372.35 Td (of ) Tj ET Q q 0 0 0 rg BT 188.51 372.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 232.23 372.35 Td (debt, ) Tj ET Q q 0 0 0 rg BT 255.25 372.35 Td (of) Tj ET Q q 0 0 0 rg BT 263.81 372.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 281.29 372.35 Td (in ) Tj ET Q q 0 0 0 rg BT 291.77 372.35 Td (part ) Tj ET Q q 0 0 0 rg BT 310.42 372.35 Td (by ) Tj ET Q q 0 0 0 rg BT 323.23 372.35 Td (the ) Tj ET Q q 0 0 0 rg BT 338.38 372.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 386.17 372.35 Td (of ) Tj ET Q q 0 0 0 rg BT 397.23 372.35 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 412.68 372.35 Td (million ) Tj ET Q q 0 0 0 rg BT 445.33 372.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 473.89 372.35 Td (of ) Tj ET Q q 0 0 0 rg BT 484.95 372.35 Td (our ) Tj ET Q q 0 0 0 rg BT 501.27 372.35 Td (common ) Tj ET Q q 0 0 0 rg BT 540.33 372.35 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.21 359.75 Td ($209.6 ) Tj ET Q q 0 0 0 rg BT 95.55 359.75 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 125.89 359.75 Td (. ) Tj ET Q q 0 0 0 rg BT 130.98 359.75 Td ( ) Tj ET Q q 0 0 0 rg BT 133.45 359.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 156.91 359.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 196.13 359.75 Td (used ) Tj ET Q q 0 0 0 rg BT 217.84 359.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.48 359.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 270.60 359.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 310.97 359.75 Td (during ) Tj ET Q q 0 0 0 rg BT 340.85 359.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 366.05 359.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 392.15 359.75 Td (were ) Tj ET Q q 0 0 0 rg BT 415.01 359.75 Td ($507.0 ) Tj ET Q q 0 0 0 rg BT 446.35 359.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.78 359.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 523.32 359.75 Td (related ) Tj ET Q q 0 0 0 rg BT 554.35 359.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.36 347.15 Td (repayment ) Tj ET Q q 0 0 0 rg BT 112.70 347.15 Td (of ) Tj ET Q q 0 0 0 rg BT 124.47 347.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 168.90 347.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 190.01 347.15 Td (of ) Tj ET Q q 0 0 0 rg BT 201.78 347.15 Td ($645.8 ) Tj ET Q q 0 0 0 rg BT 233.69 347.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 269.68 347.15 Td (the ) Tj ET Q q 0 0 0 rg BT 285.53 347.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 334.03 347.15 Td (of ) Tj ET Q q 0 0 0 rg BT 345.80 347.15 Td (6.9 ) Tj ET Q q 0 0 0 rg BT 361.96 347.15 Td (million ) Tj ET Q q 0 0 0 rg BT 395.32 347.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 424.59 347.15 Td (of ) Tj ET Q q 0 0 0 rg BT 436.36 347.15 Td (our ) Tj ET Q q 0 0 0 rg BT 453.39 347.15 Td (common ) Tj ET Q q 0 0 0 rg BT 493.16 347.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.35 347.15 Td (for ) Tj ET Q q 0 0 0 rg BT 533.62 347.15 Td ($356.5 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.72 334.55 Td (the ) Tj ET Q q 0 0 0 rg BT 99.81 334.55 Td (repayment ) Tj ET Q q 0 0 0 rg BT 146.39 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 157.40 334.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 201.06 334.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 221.40 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.41 334.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 256.84 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 267.85 334.55 Td ($79.2 ) Tj ET Q q 0 0 0 rg BT 293.73 334.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 328.96 334.55 Td (and ) Tj ET Q q 0 0 0 rg BT 346.38 334.55 Td (dividends ) Tj ET Q q 0 0 0 rg BT 389.47 334.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 409.81 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 420.82 334.55 Td ($70.8 ) Tj ET Q q 0 0 0 rg BT 446.71 334.55 Td (million, ) Tj 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Tj ET Q q 0 0 0 rg BT 482.02 309.35 Td (repayment ) Tj ET Q q 0 0 0 rg BT 528.96 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 540.33 309.35 Td (long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.75 Td (term ) Tj ET Q q 0 0 0 rg BT 72.07 296.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 93.48 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.55 296.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 131.05 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 143.12 296.75 Td ($133.0 ) Tj ET Q q 0 0 0 rg BT 175.32 296.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 211.61 296.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.77 296.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 276.57 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.64 296.75 Td (9.7 ) Tj ET Q q 0 0 0 rg BT 305.10 296.75 Td (million ) Tj ET Q q 0 0 0 rg BT 338.76 296.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 368.33 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.40 296.75 Td (our ) Tj ET Q q 0 0 0 rg BT 397.73 296.75 Td (common ) Tj ET Q q 0 0 0 rg BT 437.80 296.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 463.29 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Tf ET q 0 0 0 rg BT 224.27 518.10 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.64 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.70 518.10 Td (Junior ) Tj ET Q q 0 0 0 rg BT 287.00 518.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 345.04 518.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 371.59 518.10 Td (due ) Tj ET Q q 0 0 0 rg BT 388.81 518.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 411.86 518.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 430.24 518.10 Td ("2056 ) Tj ET Q q 0 0 0 rg BT 457.57 518.10 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 491.91 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.12 518.10 Td ($450 ) Tj ET Q q 0 0 0 rg BT 532.17 518.10 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 505.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.98 505.50 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.10 505.50 Td ( ) Tj ET Q q 0 0 0 rg BT 88.84 505.50 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.99 505.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 144.23 505.50 Td (due ) Tj ET Q q 0 0 0 rg BT 161.13 505.50 Td (2026 ) Tj ET Q q 0 0 0 rg BT 183.86 505.50 Td (\(the ) Tj ET Q q 0 0 0 rg BT 201.92 505.50 Td ("2026 ) Tj ET Q q 0 0 0 rg BT 228.95 505.50 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 265.59 505.50 Td ( ) Tj ET Q q 0 0 0 rg BT 267.20 505.50 Td (The ) Tj ET Q q 0 0 0 rg BT 285.26 505.50 Td (net ) Tj ET Q q 0 0 0 rg BT 299.83 505.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 338.88 505.50 Td (of ) Tj ET Q q 0 0 0 rg BT 349.36 505.50 Td (these ) Tj ET Q q 0 0 0 rg BT 372.67 505.50 Td (of) Tj ET Q q 0 0 0 rg BT 381.23 505.50 Td (ferings ) Tj ET Q q 0 0 0 rg BT 412.13 505.50 Td (were ) Tj ET Q q 0 0 0 rg BT 434.26 505.50 Td (used ) Tj ET Q q 0 0 0 rg BT 455.25 505.50 Td (to ) Tj ET Q q 0 0 0 rg BT 465.15 505.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 497.78 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 505.50 Td (acquisitions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.72 492.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 96.69 492.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 134.57 492.90 Td (in ) Tj ET Q q 0 0 0 rg BT 145.45 492.90 Td (April ) Tj ET Q q 0 0 0 rg BT 171.08 492.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 195.56 492.90 Td (and ) Tj ET Q q 0 0 0 rg BT 214.19 492.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 231.90 492.90 Td (rust ) Tj ET Q q 0 0 0 rg BT 251.13 492.90 Td (in ) Tj ET Q q 0 0 0 rg BT 262.77 492.90 Td (May ) Tj ET Q q 0 0 0 rg BT 285.49 492.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 312.59 492.90 Td (as ) Tj ET Q q 0 0 0 rg BT 324.81 492.90 Td (further ) Tj ET Q q 0 0 0 rg BT 356.85 492.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 400.57 492.90 Td (below ) Tj ET Q q 0 0 0 rg BT 429.70 492.90 Td (and ) Tj ET Q q 0 0 0 rg BT 448.34 492.90 Td (in ) Tj ET Q q 0 0 0 rg BT 459.98 492.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 483.86 492.90 Td (18 ) Tj ET Q q 0 0 0 rg BT 497.84 492.90 Td (of ) Tj ET Q q 0 0 0 rg BT 510.06 492.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 538.03 492.90 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 492.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 480.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 480.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 149.24 480.30 Td (Statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.89 455.10 Td (December ) Tj ET Q q 0 0 0 rg BT 108.67 455.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 135.94 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 151.82 455.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 186.36 455.10 Td (into ) Tj ET Q q 0 0 0 rg BT 206.34 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.64 455.10 Td (new ) Tj ET Q q 0 0 0 rg BT 235.77 455.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 281.98 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 309.52 455.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 356.89 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 386.19 455.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 426.00 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 441.88 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.18 455.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 472.20 455.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.62 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.09 455.10 Td (multi-currency) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 442.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.84 442.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.84 442.50 Td (facility) Tj ET Q q 0 0 0 rg BT 148.90 442.50 Td (, ) Tj ET Q q 0 0 0 rg BT 154.62 442.50 Td (and ) Tj ET Q q 0 0 0 rg BT 172.88 442.50 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 216.21 442.50 Td ($40 ) Tj ET Q q 0 0 0 rg BT 235.06 442.50 Td (million ) Tj ET Q q 0 0 0 rg BT 268.50 442.50 Td (under ) Tj ET Q q 0 0 0 rg BT 295.50 442.50 Td (this ) Tj ET Q q 0 0 0 rg BT 313.77 442.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 357.11 442.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 384.11 442.50 Td (facility) Tj ET Q q 0 0 0 rg BT 413.17 442.50 Td (, ) Tj ET Q q 0 0 0 rg BT 418.89 442.50 Td (which ) Tj ET Q q 0 0 0 rg BT 447.65 442.50 Td (remained ) Tj ET Q q 0 0 0 rg BT 489.81 442.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 541.91 442.50 Td (as ) Tj ET Q q 0 0 0 rg BT 553.76 442.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.90 Td (March ) Tj ET Q q 0 0 0 rg BT 79.30 429.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.81 429.90 Td (2016. ) Tj ET Q q 0 0 0 rg BT 120.83 429.90 Td ( ) Tj ET Q q 0 0 0 rg BT 123.05 429.90 Td (The ) Tj ET Q q 0 0 0 rg BT 141.76 429.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 181.47 429.90 Td (were ) Tj ET Q q 0 0 0 rg BT 204.26 429.90 Td (used ) Tj ET Q q 0 0 0 rg BT 225.90 429.90 Td (to ) Tj ET Q q 0 0 0 rg BT 236.46 429.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 262.17 429.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.39 429.90 Td ($40 ) Tj ET Q q 0 0 0 rg BT 295.53 429.90 Td (million ) Tj ET Q q 0 0 0 rg BT 328.26 429.90 Td (of ) Tj ET Q q 0 0 0 rg BT 339.40 429.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 390.79 429.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 441.01 429.90 Td (under ) Tj ET Q q 0 0 0 rg BT 467.31 429.90 Td (our ) Tj ET Q q 0 0 0 rg BT 483.70 429.90 Td (previous ) Tj ET Q q 0 0 0 rg BT 522.25 429.90 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 417.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 77.07 417.30 Td (facility) Tj ET Q q 0 0 0 rg BT 106.13 417.30 Td (, ) Tj ET Q q 0 0 0 rg BT 112.42 417.30 Td (which ) Tj ET Q q 0 0 0 rg BT 141.75 417.30 Td (were ) Tj ET Q q 0 0 0 rg BT 165.81 417.30 Td (used ) Tj ET Q q 0 0 0 rg BT 188.73 417.30 Td (to ) Tj ET Q q 0 0 0 rg BT 200.56 417.30 Td (partially ) Tj ET Q q 0 0 0 rg BT 239.22 417.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 273.78 417.30 Td (the ) Tj ET Q q 0 0 0 rg BT 290.28 417.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 340.02 417.30 Td (of ) Tj ET Q q 0 0 0 rg BT 352.43 417.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 384.10 417.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 444.91 417.30 Td (in ) Tj ET Q q 0 0 0 rg BT 456.74 417.30 Td (October ) Tj ET Q q 0 0 0 rg BT 494.23 417.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 521.52 417.30 Td (as ) Tj ET Q q 0 0 0 rg BT 533.93 417.30 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.69 404.70 Td (below) Tj ET Q q 0 0 0 rg BT 117.67 404.70 Td (. ) Tj ET Q q 0 0 0 rg BT 123.23 404.70 Td ( ) Tj ET Q q 0 0 0 rg BT 126.17 404.70 Td (In ) Tj ET Q q 0 0 0 rg BT 137.86 404.70 Td (May ) Tj ET Q q 0 0 0 rg BT 160.05 404.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 186.61 404.70 Td (we ) Tj ET Q q 0 0 0 rg BT 201.80 404.70 Td (used ) Tj ET Q q 0 0 0 rg BT 223.98 404.70 Td ($460 ) Tj ET Q q 0 0 0 rg BT 247.93 404.70 Td (million ) Tj ET Q q 0 0 0 rg BT 281.20 404.70 Td (of ) Tj ET Q q 0 0 0 rg BT 292.89 404.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 337.82 404.70 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 388.59 404.70 Td (under ) Tj ET Q q 0 0 0 rg BT 415.44 404.70 Td (the ) Tj ET Q q 0 0 0 rg BT 431.21 404.70 Td (new ) Tj ET Q q 0 0 0 rg BT 451.64 404.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 494.83 404.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 521.67 404.70 Td (facility ) Tj ET Q q 0 0 0 rg BT 554.35 404.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 83.39 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.20 392.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 148.27 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.01 392.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 177.72 392.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 196.46 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.61 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.77 392.10 Td (replenish ) Tj ET Q q 0 0 0 rg BT 267.25 392.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 288.90 392.10 Td (used ) Tj ET Q q 0 0 0 rg BT 311.13 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.29 392.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 363.76 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.58 392.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 432.74 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.47 392.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 478.96 392.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 516.36 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.51 392.10 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 379.50 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 111.89 379.50 Td ( ) Tj ET Q q 0 0 0 rg BT 114.32 379.50 Td (The ) Tj ET Q q 0 0 0 rg BT 133.27 379.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 167.39 379.50 Td (of ) Tj ET Q q 0 0 0 rg BT 178.76 379.50 Td (total ) Tj ET Q q 0 0 0 rg BT 200.05 379.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 250.51 379.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 302.13 379.50 Td (under ) Tj ET Q q 0 0 0 rg BT 328.66 379.50 Td (this ) Tj ET Q q 0 0 0 rg BT 346.46 379.50 Td (facility ) Tj ET Q q 0 0 0 rg BT 378.82 379.50 Td (is ) Tj ET Q q 0 0 0 rg BT 388.45 379.50 Td ($500 ) Tj ET Q q 0 0 0 rg BT 412.08 379.50 Td (million ) Tj ET Q q 0 0 0 rg BT 445.04 379.50 Td (as ) Tj ET Q q 0 0 0 rg BT 456.41 379.50 Td (of ) Tj ET Q q 0 0 0 rg BT 467.78 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 483.24 379.50 Td (date ) Tj ET Q q 0 0 0 rg BT 503.35 379.50 Td (of ) Tj ET Q q 0 0 0 rg BT 514.72 379.50 Td (filing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 354.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.69 354.30 Td (new ) Tj ET Q q 0 0 0 rg BT 89.04 354.30 Td (revolving ) Tj ET Q q 0 0 0 rg BT 132.15 354.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 158.91 354.30 Td (facility ) Tj ET Q q 0 0 0 rg BT 191.51 354.30 Td (may ) Tj ET Q q 0 0 0 rg BT 212.45 354.30 Td (be ) Tj ET Q q 0 0 0 rg BT 225.23 354.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 267.73 354.30 Td (by ) Tj ET Q q 0 0 0 rg BT 281.09 354.30 Td (an ) Tj ET Q q 0 0 0 rg BT 293.87 354.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 337.54 354.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.89 354.30 Td (of ) Tj ET Q q 0 0 0 rg BT 383.50 354.30 Td (up ) Tj ET Q q 0 0 0 rg BT 396.86 354.30 Td (to ) Tj ET Q q 0 0 0 rg BT 407.89 354.30 Td ($500 ) Tj ET Q q 0 0 0 rg BT 431.76 354.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 467.58 354.30 Td (to ) Tj ET Q q 0 0 0 rg BT 478.61 354.30 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 499.85 354.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 532.76 354.30 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.68 341.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.52 341.70 Td (approval ) Tj ET Q q 0 0 0 rg BT 116.27 341.70 Td (of ) Tj ET Q q 0 0 0 rg BT 128.03 341.70 Td (the ) Tj ET Q q 0 0 0 rg BT 143.87 341.70 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 179.83 341.70 Td (expires ) Tj ET Q q 0 0 0 rg BT 213.16 341.70 Td (in ) Tj ET Q q 0 0 0 rg BT 224.34 341.70 Td (December ) Tj ET Q q 0 0 0 rg BT 270.49 341.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 297.13 341.70 Td (and ) Tj ET Q q 0 0 0 rg BT 315.30 341.70 Td (can ) Tj ET Q q 0 0 0 rg BT 332.88 341.70 Td (be ) Tj ET Q q 0 0 0 rg BT 345.81 341.70 Td (repaid ) Tj ET Q q 0 0 0 rg BT 375.06 341.70 Td (at ) Tj ET Q q 0 0 0 rg BT 385.65 341.70 Td (any ) Tj ET Q q 0 0 0 rg BT 403.82 341.70 Td (time. ) Tj ET Q q 0 0 0 rg BT 428.12 341.70 Td ( ) Tj ET Q q 0 0 0 rg BT 430.91 341.70 Td (This ) Tj ET Q q 0 0 0 rg BT 452.59 341.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 495.85 341.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 522.76 341.70 Td (facility ) Tj ET Q q 0 0 0 rg BT 555.51 341.70 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (available ) Tj ET Q q 0 0 0 rg BT 90.02 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.81 329.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 122.68 329.10 Td (working ) Tj ET Q q 0 0 0 rg BT 160.31 329.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 190.92 329.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 217.45 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.23 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 250.10 329.10 Td (general ) Tj ET Q q 0 0 0 rg BT 283.62 329.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 325.89 329.10 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 303.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.78 303.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 149.38 303.90 Td (under ) Tj ET Q q 0 0 0 rg BT 174.89 303.90 Td (our ) Tj ET Q q 0 0 0 rg BT 190.50 303.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 216.02 303.90 Td (agreement ) Tj ET Q q 0 0 0 rg BT 261.35 303.90 Td (were ) Tj ET Q q 0 0 0 rg BT 283.36 303.90 Td (modified ) Tj ET Q q 0 0 0 rg BT 322.88 303.90 Td (in ) Tj ET Q q 0 0 0 rg BT 332.66 303.90 Td (March ) Tj ET Q q 0 0 0 rg BT 361.68 303.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 384.29 303.90 Td (and ) Tj ET Q q 0 0 0 rg BT 401.06 303.90 Td (include: ) Tj ET Q q 0 0 0 rg BT 436.50 303.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 480.69 303.90 Td (net ) Tj ET Q q 0 0 0 rg BT 495.13 303.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 514.82 303.90 Td (to ) Tj ET Q q 0 0 0 rg BT 524.60 303.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 562.51 303.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 71.43 291.30 Td (of ) Tj ET Q q 0 0 0 rg BT 82.87 291.30 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 98.68 291.30 Td (to ) Tj ET Q q 0 0 0 rg BT 109.54 291.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 117.48 291.30 Td (for ) Tj ET Q q 0 0 0 rg BT 132.41 291.30 Td (the ) Tj ET Q q 0 0 0 rg BT 147.93 291.30 Td (period ) Tj ET Q q 0 0 0 rg BT 177.44 291.30 Td (from ) Tj ET Q q 0 0 0 rg BT 200.54 291.30 Td (March ) Tj ET Q q 0 0 0 rg BT 230.63 291.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.45 291.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 270.13 291.30 Td (through ) Tj ET Q q 0 0 0 rg BT 305.49 291.30 Td (September ) Tj ET Q q 0 0 0 rg BT 353.08 291.30 Td (30, ) Tj ET Q q 0 0 0 rg BT 368.89 291.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 395.21 291.30 Td (3.25 ) Tj ET Q q 0 0 0 rg BT 416.27 291.30 Td (to ) Tj ET Q q 0 0 0 rg BT 427.13 291.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 435.07 291.30 Td (for ) Tj ET Q q 0 0 0 rg BT 450.00 291.30 Td (the ) Tj ET Q q 0 0 0 rg BT 465.52 291.30 Td (period ) Tj ET Q q 0 0 0 rg BT 495.03 291.30 Td (from ) Tj ET Q q 0 0 0 rg BT 518.13 291.30 Td (October ) Tj ET Q q 0 0 0 rg BT 554.64 291.30 Td (1, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.48 278.70 Td (through ) Tj ET Q q 0 0 0 rg BT 107.13 278.70 Td (December ) Tj ET Q q 0 0 0 rg BT 152.25 278.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.35 278.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 192.96 278.70 Td (and ) Tj ET Q q 0 0 0 rg BT 210.10 278.70 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 225.21 278.70 Td (to ) Tj ET Q q 0 0 0 rg BT 235.36 278.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 242.59 278.70 Td (thereafter; ) Tj ET Q q 0 0 0 rg BT 287.71 278.70 Td (and ) Tj ET Q q 0 0 0 rg BT 304.85 278.70 Td (minimum ) Tj ET Q q 0 0 0 rg BT 347.67 278.70 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 385.58 278.70 Td ( ) Tj ET Q q 0 0 0 rg BT 387.56 278.70 Td (to ) Tj ET Q q 0 0 0 rg BT 397.71 278.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 430.60 278.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 451.82 278.70 Td (of ) Tj ET Q q 0 0 0 rg BT 462.55 278.70 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 477.66 278.70 Td (to ) Tj ET Q q 0 0 0 rg BT 487.81 278.70 Td (1. ) Tj ET Q q 0 0 0 rg BT 497.66 278.70 Td ( ) Tj ET Q q 0 0 0 rg BT 499.65 278.70 Td (Debt ) Tj ET Q q 0 0 0 rg BT 522.04 278.70 Td (is ) Tj ET Q q 0 0 0 rg BT 531.02 278.70 Td (defined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.84 266.10 Td (include ) Tj ET Q q 0 0 0 rg BT 94.92 266.10 Td (all ) Tj ET Q q 0 0 0 rg BT 108.58 266.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 158.42 266.10 Td (for ) Tj ET Q q 0 0 0 rg BT 173.83 266.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 217.24 266.10 Td (money) Tj ET Q q 0 0 0 rg BT 245.14 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.93 266.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 295.51 266.10 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 353.49 266.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 374.74 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.66 266.10 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 412.00 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 266.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 461.48 266.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 492.35 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.52 266.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 524.93 266.10 Td (these ) Tj ET Q q 0 0 0 rg BT 549.68 266.10 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 253.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 70.75 253.50 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 118.53 253.50 Td (our ) Tj ET Q q 0 0 0 rg BT 135.70 253.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 156.95 253.50 Td (is ) Tj ET Q q 0 0 0 rg BT 167.13 253.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 203.53 253.50 Td (by ) Tj ET Q q 0 0 0 rg BT 217.20 253.50 Td (the ) Tj ET Q q 0 0 0 rg BT 233.20 253.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 267.87 253.50 Td (of ) Tj ET Q q 0 0 0 rg BT 279.79 253.50 Td (our ) Tj ET Q q 0 0 0 rg BT 296.96 253.50 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 349.70 253.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.53 253.50 Td (in ) Tj ET Q q 0 0 0 rg BT 382.87 253.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 413.44 253.50 Td (of ) Tj ET Q q 0 0 0 rg BT 425.36 253.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.36 253.50 Td (greater ) Tj ET Q q 0 0 0 rg BT 473.68 253.50 Td (of ) Tj ET Q q 0 0 0 rg BT 485.60 253.50 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 531.93 253.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 553.76 253.50 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.90 Td ($300 ) Tj ET Q q 0 0 0 rg BT 72.93 240.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 108.33 240.90 Td (by ) Tj ET Q q 0 0 0 rg BT 121.26 240.90 Td (the ) Tj ET Q q 0 0 0 rg BT 136.53 240.90 Td (lesser ) Tj ET Q q 0 0 0 rg BT 162.87 240.90 Td (of ) Tj ET Q q 0 0 0 rg BT 174.05 240.90 Td (50% ) Tj ET Q q 0 0 0 rg BT 195.73 240.90 Td (of ) Tj ET Q q 0 0 0 rg BT 206.91 240.90 Td (the ) Tj ET Q q 0 0 0 rg BT 222.17 240.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 265.41 240.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 299.34 240.90 Td (of ) Tj ET Q q 0 0 0 rg BT 310.52 240.90 Td (our ) Tj ET Q q 0 0 0 rg BT 326.96 240.90 Td (seed ) Tj ET Q q 0 0 0 rg BT 348.05 240.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.47 240.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 431.06 240.90 Td (or ) Tj ET Q q 0 0 0 rg BT 442.24 240.90 Td ($125 ) Tj ET Q q 0 0 0 rg BT 465.68 240.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 501.07 240.90 Td (and ) Tj ET Q q 0 0 0 rg BT 518.67 240.90 Td (an ) Tj ET Q q 0 0 0 rg BT 531.01 240.90 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 228.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 74.58 228.30 Td (to ) Tj ET Q q 0 0 0 rg BT 85.08 228.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 106.66 228.30 Td (of ) Tj ET Q q 0 0 0 rg BT 117.75 228.30 Td (our ) Tj ET Q q 0 0 0 rg BT 134.08 228.30 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 163.83 228.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 194.15 228.30 Td (securities. ) Tj ET Q q 0 0 0 rg BT 238.76 228.30 Td ( ) Tj ET Q q 0 0 0 rg BT 241.10 228.30 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 279.02 228.30 Td ( ) Tj ET Q q 0 0 0 rg BT 281.35 228.30 Td (is ) Tj ET Q q 0 0 0 rg BT 290.69 228.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 324.51 228.30 Td (as ) Tj ET Q q 0 0 0 rg BT 335.60 228.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 391.00 228.30 Td (net ) Tj ET Q q 0 0 0 rg BT 406.17 228.30 Td (income ) Tj ET Q q 0 0 0 rg BT 439.41 228.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 465.08 228.30 Td (plus/minus ) Tj ET Q q 0 0 0 rg BT 513.51 228.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 528.68 228.30 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.70 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 90.70 215.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 124.04 215.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 162.92 215.70 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 217.24 215.70 Td (and ) Tj ET Q q 0 0 0 rg BT 234.84 215.70 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 292.96 215.70 Td (amortization ) Tj ET Q q 0 0 0 rg BT 348.46 215.70 Td (of ) Tj ET Q q 0 0 0 rg BT 359.64 215.70 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 410.77 215.70 Td (any ) Tj ET Q q 0 0 0 rg BT 428.37 215.70 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 487.36 215.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 523.61 215.70 Td (or ) Tj ET Q q 0 0 0 rg BT 534.79 215.70 Td (losses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.47 203.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 106.19 203.10 Td (char) Tj ET Q q 0 0 0 rg BT 124.06 203.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 142.50 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.47 203.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 189.84 203.10 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 263.37 203.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 288.81 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 299.37 203.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 332.66 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.64 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.28 203.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 409.52 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.93 203.10 Td (As ) Tj ET Q q 0 0 0 rg BT 424.41 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.97 203.10 Td (March ) Tj ET Q q 0 0 0 rg BT 464.18 203.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 479.12 203.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 504.55 203.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.94 203.10 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 190.50 Td (net ) Tj ET Q q 0 0 0 rg BT 64.85 190.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 85.46 190.50 Td (to ) Tj ET Q q 0 0 0 rg BT 96.15 190.50 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 134.07 190.50 Td ( ) Tj ET Q q 0 0 0 rg BT 136.59 190.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 158.36 190.50 Td (was ) Tj ET Q q 0 0 0 rg BT 177.22 190.50 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 192.87 190.50 Td (to ) Tj ET Q q 0 0 0 rg BT 203.56 190.50 Td (1 ) Tj ET Q q 0 0 0 rg BT 211.34 190.50 Td (and ) Tj ET Q q 0 0 0 rg BT 229.03 190.50 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 266.94 190.50 Td ( ) Tj ET Q q 0 0 0 rg BT 269.47 190.50 Td (to ) Tj ET Q q 0 0 0 rg BT 280.16 190.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 313.60 190.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 349.94 190.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 371.71 190.50 Td (was ) Tj ET Q q 0 0 0 rg BT 390.56 190.50 Td (13.0 ) Tj ET Q q 0 0 0 rg BT 411.47 190.50 Td (to ) Tj ET Q q 0 0 0 rg BT 422.16 190.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 432.56 190.50 Td (and ) Tj ET Q q 0 0 0 rg BT 450.25 190.50 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 493.29 190.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 517.39 190.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 548.50 190.50 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.90 Td (maintained ) Tj ET Q q 0 0 0 rg BT 98.78 177.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 149.80 177.90 Td (with ) Tj ET Q q 0 0 0 rg BT 171.09 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 186.54 177.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 232.31 177.90 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.70 Td (If ) Tj ET Q q 0 0 0 rg BT 60.10 152.70 Td (our ) Tj ET Q q 0 0 0 rg BT 77.70 152.70 Td (net ) Tj ET Q q 0 0 0 rg BT 94.14 152.70 Td (income ) Tj ET Q q 0 0 0 rg BT 128.65 152.70 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 155.59 152.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 211.69 152.70 Td (declines, ) Tj ET Q q 0 0 0 rg BT 252.33 152.70 Td (or ) Tj ET Q q 0 0 0 rg BT 264.68 152.70 Td (if ) Tj ET Q q 0 0 0 rg BT 274.70 152.70 Td (we ) Tj ET Q q 0 0 0 rg BT 290.55 152.70 Td (spend ) Tj ET Q q 0 0 0 rg BT 318.66 152.70 Td (our ) Tj ET Q q 0 0 0 rg BT 336.26 152.70 Td (available ) Tj ET Q q 0 0 0 rg BT 377.76 152.70 Td (cash, ) Tj ET Q q 0 0 0 rg BT 402.65 152.70 Td (it ) Tj ET Q q 0 0 0 rg BT 412.09 152.70 Td (may ) Tj ET Q q 0 0 0 rg BT 433.78 152.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.96 152.70 Td (our ) Tj ET Q q 0 0 0 rg BT 483.56 152.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 514.00 152.70 Td (to ) Tj ET Q q 0 0 0 rg BT 525.77 152.70 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.30 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.37 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.61 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 175.75 140.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 222.76 140.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.17 140.10 Td (If ) Tj ET Q q 0 0 0 rg BT 234.57 140.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.22 140.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 293.60 140.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.75 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.16 140.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 378.96 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.03 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 424.01 140.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 468.40 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 488.89 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 501.20 140.10 Td (under ) Tj ET Q q 0 0 0 rg BT 527.52 140.10 Td (pressure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 127.50 Td (at ) Tj ET Q q 0 0 0 rg BT 59.47 127.50 Td (a ) Tj ET Q q 0 0 0 rg BT 66.52 127.50 Td (time ) Tj ET Q q 0 0 0 rg BT 87.58 127.50 Td (when ) Tj ET Q q 0 0 0 rg BT 112.72 127.50 Td (we ) Tj ET Q q 0 0 0 rg BT 127.35 127.50 Td (either ) Tj ET Q q 0 0 0 rg BT 153.65 127.50 Td (have ) Tj ET Q q 0 0 0 rg BT 175.86 127.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 227.26 127.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 277.48 127.50 Td (under ) Tj ET Q q 0 0 0 rg BT 303.78 127.50 Td (this ) Tj ET Q q 0 0 0 rg BT 321.35 127.50 Td (facility) Tj ET Q q 0 0 0 rg BT 350.40 127.50 Td (, ) Tj ET Q q 0 0 0 rg BT 355.42 127.50 Td (want ) Tj ET Q q 0 0 0 rg BT 378.22 127.50 Td (to ) Tj ET Q q 0 0 0 rg BT 388.78 127.50 Td (utilize ) Tj ET Q q 0 0 0 rg BT 417.42 127.50 Td (available ) Tj ET Q q 0 0 0 rg BT 457.71 127.50 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 510.55 127.50 Td (or ) Tj ET Q q 0 0 0 rg BT 521.69 127.50 Td (otherwise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.90 Td (desire ) Tj ET Q q 0 0 0 rg BT 77.13 114.90 Td (to ) Tj ET Q q 0 0 0 rg BT 87.86 114.90 Td (keep ) Tj ET Q q 0 0 0 rg BT 110.24 114.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 160.63 114.90 Td (available, ) Tj ET Q q 0 0 0 rg BT 203.70 114.90 Td (we ) Tj ET Q q 0 0 0 rg BT 218.51 114.90 Td (may ) Tj ET Q q 0 0 0 rg BT 239.14 114.90 Td (elect ) Tj ET Q q 0 0 0 rg BT 261.52 114.90 Td (to ) Tj ET Q q 0 0 0 rg BT 272.24 114.90 Td (take ) Tj ET Q q 0 0 0 rg BT 292.29 114.90 Td (a ) Tj ET Q q 0 0 0 rg BT 299.51 114.90 Td (number ) Tj ET Q q 0 0 0 rg BT 334.14 114.90 Td (of ) Tj ET Q q 0 0 0 rg BT 345.45 114.90 Td (actions, ) Tj ET Q q 0 0 0 rg BT 380.38 114.90 Td (including ) Tj ET Q q 0 0 0 rg BT 422.60 114.90 Td (reducing ) Tj ET Q q 0 0 0 rg BT 461.89 114.90 Td (our ) Tj ET Q q 0 0 0 rg BT 478.45 114.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 518.91 114.90 Td (in ) Tj ET Q q 0 0 0 rg BT 529.64 114.90 Td (order ) Tj ET Q q 0 0 0 rg BT 554.35 114.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 102.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.81 102.30 Td (our ) Tj ET Q q 0 0 0 rg BT 103.73 102.30 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 147.77 102.30 Td (using ) Tj ET Q q 0 0 0 rg BT 173.45 102.30 Td (available ) Tj ET Q q 0 0 0 rg BT 214.26 102.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 235.84 102.30 Td (to ) Tj ET Q q 0 0 0 rg BT 246.93 102.30 Td (repay ) Tj ET Q q 0 0 0 rg BT 273.17 102.30 Td (all ) Tj ET Q q 0 0 0 rg BT 286.58 102.30 Td (or ) Tj ET Q q 0 0 0 rg BT 298.25 102.30 Td (a ) Tj ET Q q 0 0 0 rg BT 305.83 102.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 339.09 102.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.75 102.30 Td (our ) Tj ET Q q 0 0 0 rg BT 367.67 102.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 419.59 102.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 440.59 102.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 473.25 102.30 Td (to ) Tj ET Q q 0 0 0 rg BT 484.34 102.30 Td (these ) Tj ET Q q 0 0 0 rg BT 508.84 102.30 Td (covenants ) Tj ET Q q 0 0 0 rg BT 553.75 102.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.70 Td (seeking ) Tj ET Q q 0 0 0 rg BT 83.14 89.70 Td (to ) Tj ET Q q 0 0 0 rg BT 92.86 89.70 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 132.91 89.70 Td (with ) Tj ET Q q 0 0 0 rg BT 153.14 89.70 Td (our ) Tj ET Q q 0 0 0 rg BT 168.69 89.70 Td (lenders ) Tj ET Q q 0 0 0 rg BT 200.57 89.70 Td (to ) Tj ET Q q 0 0 0 rg BT 210.30 89.70 Td (modify ) Tj ET Q q 0 0 0 rg BT 242.19 89.70 Td (the ) Tj ET Q q 0 0 0 rg BT 256.58 89.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 281.47 89.70 Td (or ) Tj ET Q q 0 0 0 rg BT 291.78 89.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.50 89.70 Td (restructure ) Tj ET Q q 0 0 0 rg BT 347.96 89.70 Td (our ) Tj ET Q q 0 0 0 rg BT 363.51 89.70 Td (debt. ) Tj ET Q q 0 0 0 rg BT 385.78 89.70 Td ( ) Tj ET Q q 0 0 0 rg BT 387.34 89.70 Td (Using ) Tj ET Q q 0 0 0 rg BT 413.98 89.70 Td (available ) Tj ET Q q 0 0 0 rg BT 453.44 89.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 473.66 89.70 Td (to ) Tj ET Q q 0 0 0 rg BT 483.38 89.70 Td (repay ) Tj ET Q q 0 0 0 rg BT 508.26 89.70 Td (indebtedness ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (would ) Tj ET Q q 0 0 0 rg BT 78.68 77.10 Td (make ) Tj ET Q q 0 0 0 rg BT 104.35 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.11 77.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.70 77.10 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 193.03 77.10 Td (for ) Tj ET Q q 0 0 0 rg BT 208.20 77.10 Td (other ) Tj ET Q q 0 0 0 rg BT 232.71 77.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 253.72 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.81 77.10 Td (might ) Tj ET Q q 0 0 0 rg BT 299.25 77.10 Td (af) Tj ET Q q 0 0 0 rg BT 307.21 77.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 325.88 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.64 77.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 380.16 77.10 Td (discussions ) Tj ET Q q 0 0 0 rg BT 430.93 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.02 77.10 Td (conclusions. ) Tj ET Q q 0 0 0 rg BT 504.16 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.09 77.10 Td (Entering ) Tj ET Q q 0 0 0 rg BT 546.18 77.10 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 64.50 Td (any ) Tj ET Q q 0 0 0 rg BT 67.29 64.50 Td (modification ) Tj ET Q q 0 0 0 rg BT 123.57 64.50 Td (or ) Tj ET Q q 0 0 0 rg BT 134.94 64.50 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 191.21 64.50 Td (of ) Tj ET Q q 0 0 0 rg BT 202.58 64.50 Td (our ) Tj ET Q q 0 0 0 rg BT 219.21 64.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 239.91 64.50 Td (would ) Tj ET Q q 0 0 0 rg BT 268.78 64.50 Td (likely ) Tj ET Q q 0 0 0 rg BT 295.32 64.50 Td (result ) Tj ET Q q 0 0 0 rg BT 321.28 64.50 Td (in ) Tj ET Q q 0 0 0 rg BT 332.07 64.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 376.68 64.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 396.21 64.50 Td (or ) Tj ET Q q 0 0 0 rg BT 407.59 64.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 441.12 64.50 Td (payments.) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (59) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.09 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 81.18 741.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 106.64 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 120.73 741.75 Td (refinanced ) Tj ET Q q 0 0 0 rg BT 166.87 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 182.71 741.75 Td (then ) Tj ET Q q 0 0 0 rg BT 202.63 741.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 253.47 741.75 Td (2.5% ) Tj ET Q q 0 0 0 rg BT 277.19 741.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 306.44 741.75 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 357.86 741.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 384.20 741.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 402.37 741.75 Td ("Convertible ) Tj ET Q q 0 0 0 rg BT 458.07 741.75 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 494.81 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.52 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 514.69 741.75 Td (refinancing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (was ) Tj ET Q q 0 0 0 rg BT 68.56 729.15 Td (ef) Tj ET Q q 0 0 0 rg BT 76.52 729.15 Td (fected ) Tj ET Q q 0 0 0 rg BT 104.90 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 140.29 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 155.84 729.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 194.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 205.61 729.15 Td ($650 ) Tj ET Q q 0 0 0 rg BT 229.34 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 262.40 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 273.87 729.15 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 298.47 729.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 328.61 729.15 Td (Notes, ) Tj ET 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rg BT 499.67 615.75 Td (term ) Tj ET Q q 0 0 0 rg BT 521.47 615.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 542.11 615.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (used ) Tj ET Q q 0 0 0 rg BT 70.94 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 81.29 603.15 Td (repay ) Tj ET Q q 0 0 0 rg BT 106.80 603.15 Td ($500 ) Tj ET Q q 0 0 0 rg BT 129.99 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 162.52 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.45 603.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 224.64 603.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 274.66 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 300.76 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 307.61 603.15 Td (previous ) Tj ET Q q 0 0 0 rg BT 345.96 603.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 388.39 603.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.48 603.15 Td (facility) Tj ET Q q 0 0 0 rg BT 443.54 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 448.35 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 476.20 603.15 Td (was ) Tj ET Q q 0 0 0 rg BT 494.72 603.15 Td 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rg BT 522.45 580.55 Td (with ) Tj ET Q q 0 0 0 rg BT 543.85 580.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 567.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.66 567.95 Td (hand, ) Tj ET Q q 0 0 0 rg BT 88.35 567.95 Td (were ) Tj ET Q q 0 0 0 rg BT 111.41 567.95 Td (used ) Tj ET Q q 0 0 0 rg BT 133.32 567.95 Td (to ) Tj ET Q q 0 0 0 rg BT 144.14 567.95 Td (repay ) Tj ET Q q 0 0 0 rg BT 170.12 567.95 Td (the ) Tj ET Q q 0 0 0 rg BT 185.60 567.95 Td ($450 ) Tj ET Q q 0 0 0 rg BT 209.26 567.95 Td (million ) Tj ET Q q 0 0 0 rg BT 242.26 567.95 Td (of ) Tj ET Q q 0 0 0 rg BT 253.66 567.95 Td (then ) Tj ET Q q 0 0 0 rg BT 274.40 567.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 326.06 567.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 376.55 567.95 Td (under ) Tj ET Q q 0 0 0 rg BT 403.11 567.95 Td (the ) Tj ET Q q 0 0 0 rg BT 418.60 567.95 Td (five-year ) Tj ET Q q 0 0 0 rg BT 459.14 567.95 Td (term ) Tj ET Q q 0 0 0 rg BT 481.04 567.95 Td (loan ) Tj ET Q q 0 0 0 rg BT 501.78 567.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 535.34 567.95 Td (into ) Tj ET Q q 0 0 0 rg BT 554.33 567.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 555.35 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 102.10 555.35 Td (with ) Tj ET Q q 0 0 0 rg BT 123.79 555.35 Td (the ) Tj ET Q q 0 0 0 rg BT 139.64 555.35 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 185.23 555.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 212.16 555.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 258.91 555.35 Td (noted ) Tj ET Q q 0 0 0 rg BT 285.26 555.35 Td (above. ) Tj ET Q q 0 0 0 rg BT 315.99 555.35 Td ( ) Tj ET Q q 0 0 0 rg BT 318.79 555.35 Td (The ) Tj ET Q q 0 0 0 rg BT 338.14 555.35 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 373.54 555.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 403.98 555.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 431.50 555.35 Td (were ) Tj ET Q q 0 0 0 rg BT 454.93 555.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 475.45 555.35 Td (at ) Tj ET Q q 0 0 0 rg BT 486.06 555.35 Td (a ) Tj ET Q q 0 0 0 rg BT 493.74 555.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 532.35 555.35 Td (of ) Tj ET Q q 0 0 0 rg BT 544.12 555.35 Td ($6.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 542.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.09 542.75 Td (which ) Tj ET Q q 0 0 0 rg BT 113.37 542.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.00 542.75 Td (being ) Tj ET Q q 0 0 0 rg BT 148.96 542.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 193.56 542.75 Td (to ) Tj ET Q q 0 0 0 rg BT 204.35 542.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 237.89 542.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 274.33 542.75 Td (over ) Tj ET Q q 0 0 0 rg BT 295.61 542.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.06 542.75 Td (30 ) Tj ET Q q 0 0 0 rg BT 324.19 542.75 Td (year ) Tj ET Q q 0 0 0 rg BT 344.88 542.75 Td (term.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 520.15 Td (Also ) Tj ET Q q 0 0 0 rg BT 71.75 520.15 Td (in ) Tj ET Q q 0 0 0 rg BT 82.32 520.15 Td (January ) Tj ET Q q 0 0 0 rg BT 117.38 520.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 143.42 520.15 Td (we ) Tj ET Q q 0 0 0 rg BT 158.07 520.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 191.37 520.15 Td (into ) Tj ET Q q 0 0 0 rg BT 210.12 520.15 Td (a ) Tj ET Q q 0 0 0 rg BT 217.18 520.15 Td ($250 ) Tj ET Q q 0 0 0 rg BT 240.59 520.15 Td (million ) Tj ET Q q 0 0 0 rg BT 273.34 520.15 Td (incremental ) Tj ET Q q 0 0 0 rg BT 325.31 520.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 367.96 520.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 394.27 520.15 Td (facility) Tj ET Q q 0 0 0 rg BT 423.32 520.15 Td (, ) Tj ET Q q 0 0 0 rg BT 428.36 520.15 Td (which ) Tj ET Q q 0 0 0 rg BT 456.43 520.15 Td (was ) Tj ET Q q 0 0 0 rg BT 475.16 520.15 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 534.13 520.15 Td (in, ) Tj ET Q q 0 0 0 rg BT 547.34 520.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 507.55 Td (was ) Tj ET Q q 0 0 0 rg BT 68.81 507.55 Td (in ) Tj ET Q q 0 0 0 rg BT 79.95 507.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 117.34 507.55 Td (to ) Tj ET Q q 0 0 0 rg BT 128.48 507.55 Td (the ) Tj ET Q q 0 0 0 rg BT 144.28 507.55 Td ($500 ) Tj ET Q q 0 0 0 rg BT 168.26 507.55 Td (million ) Tj ET Q q 0 0 0 rg BT 201.57 507.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 244.79 507.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 271.66 507.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 304.38 507.55 Td (available ) Tj ET Q q 0 0 0 rg BT 345.25 507.55 Td (under) Tj ET Q q 0 0 0 rg BT 368.73 507.55 Td (, ) Tj ET Q q 0 0 0 rg BT 374.33 507.55 Td (the ) Tj ET Q q 0 0 0 rg BT 390.14 507.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 417.02 507.55 Td (agreement ) Tj ET Q q 0 0 0 rg BT 463.71 507.55 Td (we ) Tj ET Q q 0 0 0 rg BT 478.93 507.55 Td (entered ) Tj ET Q q 0 0 0 rg BT 512.80 507.55 Td (into ) Tj ET Q q 0 0 0 rg BT 532.11 507.55 Td (in ) Tj ET Q q 0 0 0 rg BT 543.26 507.55 Td (June ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 494.95 Td (2012. ) Tj ET Q q 0 0 0 rg BT 75.41 494.95 Td ( ) Tj ET Q q 0 0 0 rg BT 77.53 494.95 Td (These ) Tj ET Q q 0 0 0 rg BT 104.89 494.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 147.42 494.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 173.60 494.95 Td (facilities ) Tj ET Q q 0 0 0 rg BT 212.04 494.95 Td (were ) Tj ET Q q 0 0 0 rg BT 234.73 494.95 Td (available ) Tj ET Q q 0 0 0 rg BT 274.91 494.95 Td (to ) Tj ET Q q 0 0 0 rg BT 285.36 494.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 306.89 494.95 Td (working ) Tj ET Q q 0 0 0 rg BT 344.17 494.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 374.44 494.95 Td (needs ) Tj ET Q q 0 0 0 rg BT 400.64 494.95 Td (and ) Tj ET Q q 0 0 0 rg BT 418.08 494.95 Td (for ) Tj ET Q q 0 0 0 rg BT 432.61 494.95 Td (general ) Tj ET Q q 0 0 0 rg BT 465.79 494.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 507.72 494.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 547.33 494.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 482.35 Td (were ) Tj ET Q q 0 0 0 rg BT 72.33 482.35 Td (to ) Tj ET Q q 0 0 0 rg BT 82.92 482.35 Td (expire ) Tj ET Q q 0 0 0 rg BT 111.58 482.35 Td (in ) Tj ET Q q 0 0 0 rg BT 122.18 482.35 Td (June ) Tj ET Q q 0 0 0 rg BT 143.85 482.35 Td (2017. ) Tj ET Q q 0 0 0 rg BT 169.90 482.35 Td ( ) Tj ET Q q 0 0 0 rg BT 172.15 482.35 Td (There ) Tj ET Q q 0 0 0 rg BT 199.06 482.35 Td (were ) Tj ET Q q 0 0 0 rg BT 221.89 482.35 Td (no ) Tj ET Q q 0 0 0 rg BT 234.81 482.35 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 285.07 482.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 336.50 482.35 Td (under ) Tj ET Q q 0 0 0 rg BT 362.83 482.35 Td (either ) Tj ET Q q 0 0 0 rg BT 389.16 482.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 421.32 482.35 Td (as ) Tj ET Q q 0 0 0 rg BT 432.50 482.35 Td (of ) Tj ET Q q 0 0 0 rg BT 443.67 482.35 Td (March ) Tj ET Q q 0 0 0 rg BT 473.50 482.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 489.05 482.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 515.10 482.35 Td ( ) Tj ET Q q 0 0 0 rg BT 517.53 482.35 Td (In ) Tj ET Q q 0 0 0 rg BT 528.70 482.35 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 469.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.74 469.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 99.92 469.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 131.12 469.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 173.97 469.75 Td ($40 ) Tj ET Q q 0 0 0 rg BT 192.33 469.75 Td (million ) Tj ET Q q 0 0 0 rg BT 225.28 469.75 Td (under ) Tj ET Q q 0 0 0 rg BT 251.80 469.75 Td (these ) Tj ET Q q 0 0 0 rg BT 275.99 469.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 314.75 469.75 Td (to ) Tj ET Q q 0 0 0 rg BT 325.53 469.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 363.13 469.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 396.64 469.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.08 469.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 460.77 469.75 Td (of ) Tj ET Q q 0 0 0 rg BT 472.13 469.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.75 469.75 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 457.15 Td (which ) Tj ET Q q 0 0 0 rg BT 78.73 457.15 Td (was ) Tj ET Q q 0 0 0 rg BT 98.63 457.15 Td (repaid ) Tj ET Q q 0 0 0 rg BT 128.44 457.15 Td (in ) Tj ET Q q 0 0 0 rg BT 140.17 457.15 Td (December ) Tj ET Q q 0 0 0 rg BT 186.88 457.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 211.45 457.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 236.02 457.15 Td (entering ) Tj ET Q q 0 0 0 rg BT 274.00 457.15 Td (into ) Tj ET Q q 0 0 0 rg BT 293.90 457.15 Td (a ) Tj ET Q q 0 0 0 rg BT 302.13 457.15 Td (new ) Tj ET Q q 0 0 0 rg BT 323.19 457.15 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 369.33 457.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 396.80 457.15 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 446.72 457.15 Td (as ) Tj ET Q q 0 0 0 rg BT 459.04 457.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 502.85 457.15 Td (above. ) Tj ET Q q 0 0 0 rg BT 534.12 457.15 Td ( ) Tj ET Q q 0 0 0 rg BT 537.43 457.15 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 444.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.37 444.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.90 444.55 Td (facilities ) Tj ET Q q 0 0 0 rg BT 157.67 444.55 Td (were ) Tj ET Q q 0 0 0 rg BT 180.70 444.55 Td (terminated ) Tj ET Q q 0 0 0 rg BT 228.22 444.55 Td (ef) Tj ET Q q 0 0 0 rg BT 236.19 444.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 267.38 444.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 291.00 444.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.46 444.55 Td (repayment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 421.95 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 421.95 Td (June ) Tj ET Q q 0 0 0 rg BT 82.74 421.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.99 421.95 Td (we ) Tj ET Q q 0 0 0 rg BT 123.86 421.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 152.74 421.95 Td ($250 ) Tj ET Q q 0 0 0 rg BT 176.36 421.95 Td (million ) Tj ET Q q 0 0 0 rg BT 209.33 421.95 Td (of ) Tj ET Q q 0 0 0 rg BT 220.70 421.95 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 245.19 421.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 275.23 421.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 302.36 421.95 Td (due ) Tj ET Q q 0 0 0 rg BT 320.14 421.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 343.77 421.95 Td (at ) Tj ET Q q 0 0 0 rg BT 353.97 421.95 Td (a ) Tj ET Q q 0 0 0 rg BT 361.26 421.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 399.46 421.95 Td (of ) Tj ET Q q 0 0 0 rg BT 410.83 421.95 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 431.83 421.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 467.42 421.95 Td ($250 ) Tj ET Q q 0 0 0 rg BT 491.05 421.95 Td (million ) Tj ET Q q 0 0 0 rg BT 524.01 421.95 Td (of ) Tj ET Q q 0 0 0 rg BT 535.38 421.95 Td (3.95% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 409.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.51 409.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 106.61 409.35 Td (due ) Tj ET Q q 0 0 0 rg BT 124.37 409.35 Td (2024 ) Tj ET Q q 0 0 0 rg BT 147.97 409.35 Td (at ) Tj ET Q q 0 0 0 rg BT 158.15 409.35 Td (a ) Tj ET Q q 0 0 0 rg BT 165.41 409.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 203.59 409.35 Td (of ) Tj ET Q q 0 0 0 rg BT 214.94 409.35 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 235.91 409.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 271.47 409.35 Td (and ) Tj ET Q q 0 0 0 rg BT 289.23 409.35 Td (an ) Tj ET Q q 0 0 0 rg BT 301.74 409.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.33 409.35 Td ($150 ) Tj ET Q q 0 0 0 rg BT 369.93 409.35 Td (million ) Tj ET Q q 0 0 0 rg BT 402.87 409.35 Td (of ) Tj ET Q q 0 0 0 rg BT 414.22 409.35 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 449.19 409.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 479.20 409.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 506.30 409.35 Td (due ) Tj ET Q q 0 0 0 rg BT 524.06 409.35 Td (2044 ) Tj ET Q q 0 0 0 rg BT 547.66 409.35 Td (at ) Tj ET Q q 0 0 0 rg BT 557.84 409.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 89.60 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.54 396.75 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 121.11 396.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 156.26 396.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.45 396.75 Td (In ) Tj ET Q q 0 0 0 rg BT 169.39 396.75 Td (July ) Tj ET Q q 0 0 0 rg BT 189.09 396.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 214.90 396.75 Td (these ) Tj ET Q q 0 0 0 rg BT 238.67 396.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 278.18 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.12 396.75 Td ($659 ) Tj ET Q q 0 0 0 rg BT 312.31 396.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 347.46 396.75 Td (net ) Tj ET Q q 0 0 0 rg BT 362.48 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.42 396.75 Td (related ) Tj ET Q q 0 0 0 rg BT 404.18 396.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 425.90 396.75 Td (together ) Tj ET Q q 0 0 0 rg BT 462.49 396.75 Td (with ) Tj ET Q q 0 0 0 rg BT 483.35 396.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 504.20 396.75 Td (on ) Tj ET Q q 0 0 0 rg BT 516.89 396.75 Td (hand, ) Tj ET Q q 0 0 0 rg BT 542.12 396.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.15 Td (used ) Tj ET Q q 0 0 0 rg BT 70.53 384.15 Td (to ) Tj ET Q q 0 0 0 rg BT 80.49 384.15 Td (redeem ) Tj ET Q q 0 0 0 rg BT 113.17 384.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.79 384.15 Td (then ) Tj ET Q q 0 0 0 rg BT 147.65 384.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 198.44 384.15 Td ($650 ) Tj ET Q q 0 0 0 rg BT 221.22 384.15 Td (million ) Tj ET Q q 0 0 0 rg BT 253.35 384.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 384.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.49 384.15 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 302.15 384.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 331.35 384.15 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 360.26 384.15 Td ( ) Tj ET Q q 0 0 0 rg BT 361.92 384.15 Td (The ) Tj ET Q q 0 0 0 rg BT 380.03 384.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 424.96 384.15 Td (of ) Tj ET Q q 0 0 0 rg BT 435.50 384.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.11 384.15 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 473.77 384.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 502.97 384.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 529.26 384.15 Td (resulted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 371.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.70 371.55 Td (a ) Tj ET Q q 0 0 0 rg BT 68.39 371.55 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 103.77 371.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 165.70 371.55 Td (char) Tj ET Q q 0 0 0 rg BT 183.58 371.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 196.52 371.55 Td (of ) Tj ET Q q 0 0 0 rg BT 208.29 371.55 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 240.20 371.55 Td (million ) Tj ET Q q 0 0 0 rg BT 273.56 371.55 Td (in ) Tj ET Q q 0 0 0 rg BT 284.76 371.55 Td (July ) Tj ET Q q 0 0 0 rg BT 305.29 371.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 331.95 371.55 Td (consisting ) Tj ET Q q 0 0 0 rg BT 377.56 371.55 Td (of ) Tj ET Q q 0 0 0 rg BT 389.34 371.55 Td (a ) Tj ET Q q 0 0 0 rg BT 397.03 371.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 418.71 371.55 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 473.64 371.55 Td (premium ) Tj ET Q q 0 0 0 rg BT 514.58 371.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.76 371.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 358.95 Td ($98.6 ) Tj ET Q q 0 0 0 rg BT 76.09 358.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 112.01 358.95 Td (net ) Tj ET Q q 0 0 0 rg BT 127.81 358.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.52 358.95 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 160.85 358.95 Td (million ) Tj ET Q q 0 0 0 rg BT 194.15 358.95 Td (from ) Tj ET Q q 0 0 0 rg BT 217.53 358.95 Td (a ) Tj ET Q q 0 0 0 rg BT 225.15 358.95 Td (reverse ) Tj ET Q q 0 0 0 rg BT 258.43 358.95 Td (treasury ) Tj ET Q q 0 0 0 rg BT 295.21 358.95 Td (lock, ) Tj ET Q q 0 0 0 rg BT 318.88 358.95 Td (to ) Tj ET Q q 0 0 0 rg BT 330.01 358.95 Td (call ) Tj ET Q q 0 0 0 rg BT 348.13 358.95 Td (the ) Tj ET Q q 0 0 0 rg BT 363.92 358.95 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 388.75 358.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 419.13 358.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 446.59 358.95 Td (and ) Tj ET Q q 0 0 0 rg BT 464.72 358.95 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 486.05 358.95 Td (million ) Tj ET Q q 0 0 0 rg BT 519.35 358.95 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 346.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 346.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 106.67 346.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 144.26 346.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 167.89 346.35 Td (and ) Tj ET Q q 0 0 0 rg BT 185.68 346.35 Td (original ) Tj ET Q q 0 0 0 rg BT 220.96 346.35 Td (issue ) Tj ET Q q 0 0 0 rg BT 244.59 346.35 Td (discount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.05 321.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 119.27 321.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 161.73 321.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 187.85 321.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 219.81 321.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 265.75 321.15 Td (is ) Tj ET Q q 0 0 0 rg BT 274.97 321.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.09 321.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 355.79 321.15 Td (by ) Tj ET Q q 0 0 0 rg BT 368.51 321.15 Td (the ) Tj ET Q q 0 0 0 rg BT 383.56 321.15 Td (ratings ) Tj ET Q q 0 0 0 rg BT 414.36 321.15 Td (of ) Tj ET Q q 0 0 0 rg BT 425.32 321.15 Td (two ) Tj ET Q q 0 0 0 rg BT 443.29 321.15 Td (rating ) Tj ET Q q 0 0 0 rg BT 470.00 321.15 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 510.99 321.15 Td ( ) Tj ET Q q 0 0 0 rg BT 513.05 321.15 Td (The ) Tj ET Q q 0 0 0 rg BT 531.59 321.15 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 308.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.02 308.55 Td (and ) Tj ET Q q 0 0 0 rg BT 83.96 308.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 113.73 308.55 Td (commitment ) Tj ET Q q 0 0 0 rg BT 168.59 308.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 183.19 308.55 Td (on ) Tj ET Q q 0 0 0 rg BT 195.48 308.55 Td (our ) Tj ET Q q 0 0 0 rg BT 211.25 308.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 253.28 308.55 Td (line ) Tj ET Q q 0 0 0 rg BT 270.81 308.55 Td (of ) Tj ET Q q 0 0 0 rg BT 281.34 308.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 307.02 308.55 Td (are ) Tj ET Q q 0 0 0 rg BT 321.62 308.55 Td (based ) Tj ET Q q 0 0 0 rg BT 347.31 308.55 Td (on ) Tj ET Q q 0 0 0 rg BT 359.60 308.55 Td (the ) Tj ET Q q 0 0 0 rg BT 374.21 308.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 402.81 308.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.50 308.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 454.77 308.55 Td (of ) Tj ET Q q 0 0 0 rg BT 465.30 308.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.92 308.55 Td (two ) Tj ET Q q 0 0 0 rg BT 497.45 308.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 523.72 308.55 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 565.12 308.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 295.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.51 295.95 Td (June ) Tj ET Q q 0 0 0 rg BT 84.01 295.95 Td (201) Tj ET Q q 0 0 0 rg BT 99.37 295.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 110.51 295.95 Td (our ) Tj ET Q q 0 0 0 rg BT 127.76 295.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 155.51 295.95 Td (by ) Tj ET Q q 0 0 0 rg BT 169.27 295.95 Td (one ) Tj ET Q q 0 0 0 rg BT 187.69 295.95 Td (of ) Tj ET Q q 0 0 0 rg BT 199.70 295.95 Td (these ) Tj ET Q q 0 0 0 rg BT 224.53 295.95 Td (agencies ) Tj ET Q q 0 0 0 rg BT 263.94 295.95 Td (was ) Tj ET Q q 0 0 0 rg BT 283.53 295.95 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 338.69 295.95 Td (one ) Tj ET Q q 0 0 0 rg BT 357.11 295.95 Td (grade ) Tj ET Q q 0 0 0 rg BT 383.69 295.95 Td (below ) Tj ET Q q 0 0 0 rg BT 412.61 295.95 Td (the ) Tj ET Q q 0 0 0 rg BT 428.69 295.95 Td (other) Tj ET Q q 0 0 0 rg BT 449.69 295.95 Td (. ) Tj ET Q q 0 0 0 rg BT 455.57 295.95 Td ( ) Tj ET Q q 0 0 0 rg BT 458.83 295.95 Td (Should ) Tj ET Q q 0 0 0 rg BT 491.85 295.95 Td (the ) Tj ET Q q 0 0 0 rg BT 507.94 295.95 Td (other ) Tj ET Q q 0 0 0 rg BT 532.77 295.95 Td (agency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 283.35 Td (downgrade ) Tj ET Q q 0 0 0 rg BT 98.78 283.35 Td (our ) Tj ET Q q 0 0 0 rg BT 115.40 283.35 Td (rating, ) Tj ET Q q 0 0 0 rg BT 145.14 283.35 Td (absent ) Tj ET Q q 0 0 0 rg BT 174.59 283.35 Td (an ) Tj ET Q q 0 0 0 rg BT 187.13 283.35 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 223.57 283.35 Td (from ) Tj ET Q q 0 0 0 rg BT 246.60 283.35 Td (the ) Tj ET Q q 0 0 0 rg BT 262.06 283.35 Td (former ) Tj ET Q q 0 0 0 rg BT 293.25 283.35 Td (agency) Tj ET Q q 0 0 0 rg BT 322.30 283.35 Td (, ) Tj ET Q q 0 0 0 rg BT 327.55 283.35 Td (our ) Tj ET Q q 0 0 0 rg BT 344.17 283.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 377.70 283.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 401.33 283.35 Td (will ) Tj ET Q q 0 0 0 rg BT 420.29 283.35 Td (rise ) Tj ET Q q 0 0 0 rg BT 438.08 283.35 Td (modestly) Tj ET Q q 0 0 0 rg BT 475.89 283.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.15 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 258.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.32 258.15 Td (6 ) Tj ET Q q 0 0 0 rg BT 98.20 258.15 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 258.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 258.15 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 258.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 258.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 258.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 258.15 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 258.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 258.15 Td (information ) Tj ET Q q 0 0 0 rg BT 407.61 258.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 450.46 258.15 Td (our ) Tj ET Q q 0 0 0 rg BT 467.09 258.15 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 232.95 Td (Other) Tj ET Q q 0 0 0 rg BT 76.14 232.95 Td ( ) Tj ET Q q 0 0 0 rg BT 78.57 232.95 Td (T) Tj ET Q q 0 0 0 rg BT 84.79 232.95 Td (ransactions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 220.35 Td (e ) Tj ET Q q 0 0 0 rg BT 66.47 220.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 97.12 220.35 Td (that ) Tj ET Q q 0 0 0 rg BT 116.10 220.35 Td (over ) Tj ET Q q 0 0 0 rg BT 138.00 220.35 Td (the ) Tj ET Q q 0 0 0 rg BT 154.07 220.35 Td (next ) Tj ET Q q 0 0 0 rg BT 175.40 220.35 Td (12 ) Tj ET Q q 0 0 0 rg BT 189.14 220.35 Td (months ) Tj ET Q q 0 0 0 rg BT 223.30 220.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 245.20 220.35 Td (generated ) Tj ET Q q 0 0 0 rg BT 289.25 220.35 Td (from ) Tj ET Q q 0 0 0 rg BT 312.90 220.35 Td (our ) Tj ET Q q 0 0 0 rg BT 330.14 220.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 373.04 220.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 414.19 220.35 Td (and ) Tj ET Q q 0 0 0 rg BT 432.59 220.35 Td (available ) Tj ET Q q 0 0 0 rg BT 473.73 220.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.63 220.35 Td (on ) Tj ET Q q 0 0 0 rg BT 509.37 220.35 Td (hand ) Tj ET Q q 0 0 0 rg BT 533.03 220.35 Td (will ) Tj ET Q q 0 0 0 rg BT 552.60 220.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 207.75 Td (adequate ) Tj ET Q q 0 0 0 rg BT 89.47 207.75 Td (to ) Tj ET Q q 0 0 0 rg BT 100.31 207.75 Td (support ) Tj ET Q q 0 0 0 rg BT 134.47 207.75 Td (our ) Tj ET Q q 0 0 0 rg BT 151.13 207.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.45 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 211.28 207.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 252.44 207.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 273.76 207.75 Td (needs, ) Tj ET Q q 0 0 0 rg BT 302.96 207.75 Td (other ) Tj ET Q q 0 0 0 rg BT 327.20 207.75 Td (than ) Tj ET Q q 0 0 0 rg BT 347.94 207.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 403.39 207.75 Td (as ) Tj ET Q q 0 0 0 rg BT 414.81 207.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 457.72 207.75 Td (below) Tj ET Q q 0 0 0 rg BT 482.70 207.75 Td (. ) Tj ET Q q 0 0 0 rg BT 487.99 207.75 Td ( ) Tj ET Q q 0 0 0 rg BT 490.65 207.75 Td (In ) Tj ET Q q 0 0 0 rg BT 502.06 207.75 Td (May ) Tj ET Q q 0 0 0 rg BT 523.97 207.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 550.26 207.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.15 Td (utilized ) Tj ET Q q 0 0 0 rg BT 84.06 195.15 Td ($460 ) Tj ET Q q 0 0 0 rg BT 108.13 195.15 Td (million ) Tj ET Q q 0 0 0 rg BT 141.53 195.15 Td (of ) Tj ET Q q 0 0 0 rg BT 153.35 195.15 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 200.16 195.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 238.21 195.15 Td (under ) Tj ET Q q 0 0 0 rg BT 265.18 195.15 Td (our ) Tj ET Q q 0 0 0 rg BT 282.25 195.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 325.56 195.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 352.53 195.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 385.33 195.15 Td (and ) Tj ET Q q 0 0 0 rg BT 403.56 195.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.46 195.15 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 459.84 195.15 Td (from ) Tj ET Q q 0 0 0 rg BT 483.32 195.15 Td (the ) Tj ET Q q 0 0 0 rg BT 499.22 195.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 537.86 195.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 195.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.55 Td (2026 ) Tj ET Q q 0 0 0 rg BT 72.82 182.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 99.63 182.55 Td (and ) Tj ET Q q 0 0 0 rg BT 117.11 182.55 Td (the ) Tj ET Q q 0 0 0 rg BT 132.25 182.55 Td (2056 ) Tj ET Q q 0 0 0 rg BT 155.57 182.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 182.38 182.55 Td (to ) Tj ET Q q 0 0 0 rg BT 192.86 182.55 Td (finance ) Tj ET Q q 0 0 0 rg BT 226.07 182.55 Td (the ) Tj ET Q q 0 0 0 rg BT 241.22 182.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 289.61 182.55 Td (of ) Tj ET Q q 0 0 0 rg BT 300.67 182.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 318.38 182.55 Td (rust, ) Tj ET Q q 0 0 0 rg BT 339.08 182.55 Td (as ) Tj ET Q q 0 0 0 rg BT 350.14 182.55 Td (further ) Tj ET Q q 0 0 0 rg BT 381.02 182.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 423.59 182.55 Td (below) Tj ET Q q 0 0 0 rg BT 448.56 182.55 Td (, ) Tj ET Q q 0 0 0 rg BT 453.51 182.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.98 182.55 Td (to ) Tj ET Q q 0 0 0 rg BT 481.47 182.55 Td (replenish ) Tj ET Q q 0 0 0 rg BT 522.27 182.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.24 182.55 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 169.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.02 169.95 Td (complete ) Tj ET Q q 0 0 0 rg BT 102.86 169.95 Td (the ) Tj ET Q q 0 0 0 rg BT 119.04 169.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 172.56 169.95 Td (of ) Tj ET Q q 0 0 0 rg BT 184.66 169.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 219.51 169.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 257.28 169.95 Td (in ) Tj ET Q q 0 0 0 rg BT 268.06 169.95 Td (April ) Tj ET Q q 0 0 0 rg BT 293.58 169.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 317.93 169.95 Td (and ) Tj ET Q q 0 0 0 rg BT 336.45 169.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 367.80 169.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 428.30 169.95 Td (in ) Tj ET Q q 0 0 0 rg BT 439.82 169.95 Td (October ) Tj ET Q q 0 0 0 rg BT 476.99 169.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 503.97 169.95 Td ( ) Tj ET Q q 0 0 0 rg BT 507.08 169.95 Td (W) Tj ET Q q 0 0 0 rg BT 516.15 169.95 Td (e ) Tj ET Q q 0 0 0 rg BT 524.17 169.95 Td (may ) Tj ET Q q 0 0 0 rg BT 545.60 169.95 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 78.51 157.35 Td (our ) Tj ET Q q 0 0 0 rg BT 95.27 157.35 Td (other ) Tj ET Q q 0 0 0 rg BT 119.61 157.35 Td (available ) Tj ET Q q 0 0 0 rg BT 160.28 157.35 Td (resources ) Tj ET Q q 0 0 0 rg BT 202.69 157.35 Td (for ) Tj ET Q q 0 0 0 rg BT 217.70 157.35 Td (any ) Tj ET Q q 0 0 0 rg BT 235.63 157.35 Td (number ) Tj ET Q q 0 0 0 rg BT 270.47 157.35 Td (of ) Tj ET Q q 0 0 0 rg BT 281.98 157.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 321.49 157.35 Td (activities, ) Tj ET Q q 0 0 0 rg BT 364.79 157.35 Td (including, ) Tj ET Q q 0 0 0 rg BT 409.85 157.35 Td (but ) Tj ET Q q 0 0 0 rg BT 426.03 157.35 Td (not ) Tj ET Q q 0 0 0 rg BT 442.21 157.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 474.73 157.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 488.29 157.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 543.85 157.35 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.72 144.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 132.12 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 142.52 144.75 Td (new ) Tj ET Q q 0 0 0 rg BT 162.25 144.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 203.27 144.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 250.98 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 261.96 144.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 290.44 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.42 144.75 Td (our ) Tj ET Q q 0 0 0 rg BT 317.65 144.75 Td (common ) Tj ET Q q 0 0 0 rg BT 356.63 144.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 383.66 144.75 Td (repayment ) Tj ET Q q 0 0 0 rg BT 430.21 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.19 144.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 492.42 144.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 515.36 144.75 Td (or ) Tj ET Q q 0 0 0 rg BT 526.34 144.75 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.72 132.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 102.83 132.15 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 148.76 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 151.23 132.15 Td (In ) Tj ET Q q 0 0 0 rg BT 162.44 132.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 199.32 132.15 Td (to ) Tj ET Q q 0 0 0 rg BT 209.96 132.15 Td (our ) Tj ET Q q 0 0 0 rg BT 226.43 132.15 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 264.47 132.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.59 132.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 327.72 132.15 Td (needs, ) Tj ET Q q 0 0 0 rg BT 356.72 132.15 Td (we ) Tj ET Q q 0 0 0 rg BT 371.44 132.15 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 414.72 132.15 Td (other ) Tj ET Q q 0 0 0 rg BT 438.76 132.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 459.89 132.15 Td (needs ) Tj ET Q q 0 0 0 rg BT 486.27 132.15 Td (during ) Tj ET Q q 0 0 0 rg BT 516.15 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 531.45 132.15 Td (next ) Tj ET Q q 0 0 0 rg BT 552.00 132.15 Td (12 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.55 Td (months, ) Tj ET Q q 0 0 0 rg BT 85.67 119.55 Td (as ) Tj ET Q q 0 0 0 rg BT 97.04 119.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.92 119.55 Td (below) Tj ET Q q 0 0 0 rg BT 164.90 119.55 Td (.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (60) Tj ET Q BT /F4 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 749.01 53.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 49.50 741.90 Td (Acquisitions) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 635.40 166.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 635.40 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 635.40 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 635.40 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 635.40 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 635.40 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 635.40 61.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 635.40 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 635.40 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 635.40 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 635.40 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 635.40 6.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 635.40 47.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 700.4 m 215 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 700.4 m 286 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 700.4 m 339 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 700.4 m 405 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 700.4 m 457 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 700.4 m 509 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 700.4 m 562 700.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 675.4 m 215 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 675.4 m 286 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 675.4 m 339 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 675.4 m 405 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 675.4 m 457 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 675.4 m 509 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 675.4 m 562 675.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 609.4 m 215 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 609.4 m 286 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 609.4 m 339 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 609.4 m 405 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 609.4 m 457 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 609.4 m 509 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 609.4 m 562 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 594.4 m 215 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 609.4 m 286 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 594.4 m 286 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 609.4 m 339 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 594.4 m 339 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 609.4 m 405 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 594.4 m 405 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 609.4 m 457 609.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 594.4 m 457 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 594.4 m 509 594.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 594.4 m 562 594.4 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.95 715.67 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.40 705.17 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.20 715.67 Td (Martin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.05 705.17 Td (Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.25 715.67 Td (PK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.60 705.17 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.25 715.67 Td (QS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.75 705.17 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.10 705.17 Td (Fauchier) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.25 705.17 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 690.69 Td (Maximum Remaining Contingent ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 680.19 Td (Consideration) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 124.09 684.95 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 680.17 Td (81.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.35 680.17 Td (467.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.85 680.17 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.60 680.17 Td (30.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.60 680.17 Td (28.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 680.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 680.17 Td (609.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 655.19 Td (Contingent consideration liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 640.17 Td (Current Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.85 640.17 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.60 640.17 Td (12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 390.50 640.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 640.17 Td (6.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.50 640.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 640.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 640.17 Td (26.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 624.67 Td (Non-current Contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 614.17 Td (consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 614.17 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.60 614.17 Td (28.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.85 614.17 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 614.17 Td (7.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.50 614.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 614.17 Td (58.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 599.17 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 599.17 Td (27.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.60 599.17 Td (41.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.85 599.17 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.60 599.17 Td (13.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.50 599.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 599.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 599.17 Td (84.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 579.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.54 579.70 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 579.70 Td (Using ) Tj ET Q q 0 0 0 rg BT 89.93 579.70 Td (the ) Tj ET Q q 0 0 0 rg BT 102.44 579.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 139.50 579.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 173.71 579.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.58 579.70 Td (as ) Tj ET Q q 0 0 0 rg BT 197.78 579.70 Td (of ) Tj ET Q q 0 0 0 rg BT 206.99 579.70 Td (March ) Tj ET Q q 0 0 0 rg BT 231.30 579.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.05 579.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 263.17 579.70 Td (for ) Tj ET Q q 0 0 0 rg BT 275.21 579.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.14 579.70 Td (denominated ) Tj ET Q q 0 0 0 rg BT 352.17 579.70 Td (in ) Tj ET Q q 0 0 0 rg BT 360.90 579.70 Td (currencies ) Tj ET Q q 0 0 0 rg BT 397.95 579.70 Td (other ) Tj ET Q q 0 0 0 rg BT 417.54 579.70 Td (than ) Tj ET Q q 0 0 0 rg BT 434.30 579.70 Td (the ) Tj ET Q q 0 0 0 rg BT 446.81 579.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.05 579.70 Td (dollar) Tj ET Q q 0 0 0 rg BT 483.41 579.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 554.50 Td (On ) Tj ET Q q 0 0 0 rg BT 64.36 554.50 Td (May ) Tj ET Q q 0 0 0 rg BT 85.63 554.50 Td (2, ) Tj ET Q q 0 0 0 rg BT 95.53 554.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 121.18 554.50 Td (we ) Tj ET Q q 0 0 0 rg BT 135.45 554.50 Td (closed ) Tj ET Q q 0 0 0 rg BT 164.30 554.50 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 554.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 227.25 554.50 Td (to ) Tj ET Q q 0 0 0 rg BT 237.44 554.50 Td (combine ) Tj ET Q q 0 0 0 rg BT 275.62 554.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 307.39 554.50 Td (and ) Tj ET Q q 0 0 0 rg BT 324.58 554.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 342.29 554.50 Td (rust, ) Tj ET Q q 0 0 0 rg BT 362.69 554.50 Td (to ) Tj ET Q q 0 0 0 rg BT 372.88 554.50 Td (create ) Tj ET Q q 0 0 0 rg BT 399.96 554.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 417.67 554.50 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 467.81 554.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.59 554.50 Td (which ) Tj ET Q q 0 0 0 rg BT 506.27 554.50 Td (we ) Tj ET Q q 0 0 0 rg BT 520.54 554.50 Td (own ) Tj ET Q q 0 0 0 rg BT 540.65 554.50 Td (65%. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 541.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.99 541.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 118.22 541.90 Td (required ) Tj ET Q q 0 0 0 rg BT 156.36 541.90 Td (a ) Tj ET Q q 0 0 0 rg BT 164.18 541.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 186.00 541.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.32 541.90 Td (of ) Tj ET Q q 0 0 0 rg BT 237.23 541.90 Td ($400 ) Tj ET Q q 0 0 0 rg BT 261.39 541.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 297.52 541.90 Td (which ) Tj ET Q q 0 0 0 rg BT 326.34 541.90 Td (was ) Tj ET Q q 0 0 0 rg BT 345.83 541.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 378.15 541.90 Td (with ) Tj ET Q q 0 0 0 rg BT 399.98 541.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 450.97 541.90 Td (under ) Tj ET Q q 0 0 0 rg BT 478.04 541.90 Td (our ) Tj ET Q q 0 0 0 rg BT 495.20 541.90 Td (revolving ) Tj ET Q q 0 0 0 rg BT 538.61 541.90 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 529.30 Td (facility) Tj ET Q q 0 0 0 rg BT 78.56 529.30 Td (, ) Tj ET Q q 0 0 0 rg BT 84.07 529.30 Td (as ) Tj ET Q q 0 0 0 rg BT 95.70 529.30 Td (well ) Tj ET Q q 0 0 0 rg BT 116.67 529.30 Td (as ) Tj ET Q q 0 0 0 rg BT 128.30 529.30 Td (a ) Tj ET Q q 0 0 0 rg BT 135.85 529.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 169.07 529.30 Td (of ) Tj ET Q q 0 0 0 rg BT 180.71 529.30 Td (the ) Tj ET Q q 0 0 0 rg BT 196.42 529.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 236.63 529.30 Td (from ) Tj ET Q q 0 0 0 rg BT 259.92 529.30 Td (the ) Tj ET Q q 0 0 0 rg BT 275.64 529.30 Td (2026 ) Tj ET Q q 0 0 0 rg BT 299.53 529.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 326.91 529.30 Td (and ) Tj ET Q q 0 0 0 rg BT 344.96 529.30 Td (the ) Tj ET Q q 0 0 0 rg BT 360.68 529.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 384.56 529.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 411.95 529.30 Td (that ) Tj ET Q q 0 0 0 rg BT 430.58 529.30 Td (were ) Tj ET Q q 0 0 0 rg BT 453.87 529.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 483.01 529.30 Td (in ) Tj ET Q q 0 0 0 rg BT 494.06 529.30 Td (March ) Tj ET Q q 0 0 0 rg BT 524.36 529.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 550.87 529.30 Td ( ) Tj ET Q q 0 0 0 rg BT 553.76 529.30 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 516.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 98.65 516.70 Td (with ) Tj ET Q q 0 0 0 rg BT 120.40 516.70 Td (the ) Tj ET Q q 0 0 0 rg BT 136.32 516.70 Td (combination, ) Tj ET Q q 0 0 0 rg BT 194.52 516.70 Td (we ) Tj ET Q q 0 0 0 rg BT 209.85 516.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 240.33 516.70 Td (to ) Tj ET Q q 0 0 0 rg BT 251.58 516.70 Td (incur ) Tj ET Q q 0 0 0 rg BT 276.24 516.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 332.98 516.70 Td (and ) Tj ET Q q 0 0 0 rg BT 351.22 516.70 Td (transition ) Tj ET Q q 0 0 0 rg BT 393.97 516.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 418.06 516.70 Td (of ) Tj ET Q q 0 0 0 rg BT 429.89 516.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 493.62 516.70 Td ($100 ) Tj ET Q q 0 0 0 rg BT 517.71 516.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.76 516.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.91 504.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 141.31 504.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 163.31 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 178.88 504.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 219.53 504.10 Td (char) Tj ET Q q 0 0 0 rg BT 237.41 504.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 256.78 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.93 504.10 Td (As ) Tj ET Q q 0 0 0 rg BT 273.35 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.84 504.10 Td (March ) Tj ET Q q 0 0 0 rg BT 315.00 504.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 330.87 504.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 357.25 504.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 420.65 504.10 Td ($43 ) Tj ET Q q 0 0 0 rg BT 439.15 504.10 Td (million ) Tj ET Q q 0 0 0 rg BT 472.24 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.73 504.10 Td (these ) Tj ET Q q 0 0 0 rg BT 508.06 504.10 Td (char) Tj ET Q q 0 0 0 rg BT 525.94 504.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 542.68 504.10 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 491.50 Td (been ) Tj ET Q q 0 0 0 rg BT 72.05 491.50 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 112.39 491.50 Td (and ) Tj ET Q q 0 0 0 rg BT 130.29 491.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 193.67 491.50 Td ($24 ) Tj ET Q q 0 0 0 rg BT 212.15 491.50 Td (million ) Tj ET Q q 0 0 0 rg BT 245.22 491.50 Td (have ) Tj ET Q q 0 0 0 rg BT 267.78 491.50 Td (been ) Tj ET Q q 0 0 0 rg BT 290.33 491.50 Td (paid. ) Tj ET Q q 0 0 0 rg BT 313.77 491.50 Td ( ) Tj ET Q q 0 0 0 rg BT 315.90 491.50 Td (A) Tj ET Q q 0 0 0 rg BT 322.90 491.50 Td ( ) Tj ET Q q 0 0 0 rg BT 325.63 491.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 372.69 491.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 405.75 491.50 Td (of ) Tj ET Q q 0 0 0 rg BT 417.23 491.50 Td (the ) Tj ET Q q 0 0 0 rg BT 432.79 491.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 478.10 491.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 501.83 491.50 Td (will ) Tj ET Q q 0 0 0 rg BT 520.90 491.50 Td (be ) Tj ET Q q 0 0 0 rg BT 533.54 491.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.35 491.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 478.90 Td (the ) Tj ET Q q 0 0 0 rg BT 63.85 478.90 Td (year ) Tj ET Q q 0 0 0 rg BT 83.44 478.90 Td (ending ) Tj ET Q q 0 0 0 rg BT 113.53 478.90 Td (March ) Tj ET Q q 0 0 0 rg BT 142.46 478.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 157.10 478.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 182.25 478.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.77 478.90 Td (See ) Tj ET Q q 0 0 0 rg BT 200.45 478.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 226.47 478.90 Td (2 ) Tj ET Q q 0 0 0 rg BT 233.24 478.90 Td (and ) Tj ET Q q 0 0 0 rg BT 249.92 478.90 Td (18 ) Tj ET Q q 0 0 0 rg BT 261.94 478.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.20 478.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 298.22 478.90 Td (to ) Tj ET Q q 0 0 0 rg BT 307.91 478.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 364.84 478.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 405.44 478.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 453.04 478.90 Td (for ) Tj ET Q q 0 0 0 rg BT 466.80 478.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 510.31 478.90 Td (information. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 453.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.64 453.70 Td (April ) Tj ET Q q 0 0 0 rg BT 89.77 453.70 Td (13, ) Tj ET Q q 0 0 0 rg BT 105.86 453.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 132.45 453.70 Td (we ) Tj ET Q q 0 0 0 rg BT 147.66 453.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 186.77 453.70 Td (a ) Tj ET Q q 0 0 0 rg BT 194.40 453.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 232.94 453.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.81 453.70 Td (in ) Tj ET Q q 0 0 0 rg BT 277.94 453.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 312.40 453.70 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 352.40 453.70 Td ( ) Tj ET Q q 0 0 0 rg BT 355.15 453.70 Td (The ) Tj ET Q q 0 0 0 rg BT 374.44 453.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 423.48 453.70 Td (required ) Tj ET Q q 0 0 0 rg BT 461.43 453.70 Td (a ) Tj ET Q q 0 0 0 rg BT 469.06 453.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 490.68 453.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 529.80 453.70 Td (of ) Tj ET Q q 0 0 0 rg BT 541.51 453.70 Td ($577 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 441.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.80 441.10 Td (which ) Tj ET Q q 0 0 0 rg BT 112.80 441.10 Td (was ) Tj ET Q q 0 0 0 rg BT 131.46 441.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 162.96 441.10 Td (with ) Tj ET Q q 0 0 0 rg BT 183.96 441.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.96 441.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 223.63 441.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.71 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.87 441.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 289.52 441.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.27 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.44 441.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 365.35 441.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.59 441.10 Td (2026 ) Tj ET Q q 0 0 0 rg BT 414.93 441.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 441.76 441.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.26 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.42 441.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 497.76 441.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.60 441.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.10 441.10 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 428.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 75.05 428.50 Td ( ) Tj ET Q q 0 0 0 rg BT 76.97 428.50 Td (In ) Tj ET Q q 0 0 0 rg BT 87.64 428.50 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 139.13 428.50 Td (with ) Tj ET Q q 0 0 0 rg BT 159.72 428.50 Td (the ) Tj ET Q q 0 0 0 rg BT 174.47 428.50 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 225.09 428.50 Td (we ) Tj ET Q q 0 0 0 rg BT 239.26 428.50 Td (committed ) Tj ET Q q 0 0 0 rg BT 286.09 428.50 Td (to ) Tj ET Q q 0 0 0 rg BT 296.18 428.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 330.17 428.50 Td ($100 ) Tj ET Q q 0 0 0 rg BT 353.10 428.50 Td (million ) Tj ET Q q 0 0 0 rg BT 385.35 428.50 Td (of ) Tj ET Q q 0 0 0 rg BT 396.02 428.50 Td (seed ) Tj ET Q q 0 0 0 rg BT 416.60 428.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.51 428.50 Td (to ) Tj ET Q q 0 0 0 rg BT 456.60 428.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 490.01 428.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 526.34 428.50 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 415.90 Td (within ) Tj ET Q q 0 0 0 rg BT 78.96 415.90 Td (two ) Tj ET Q q 0 0 0 rg BT 97.34 415.90 Td (years ) Tj ET Q q 0 0 0 rg BT 122.12 415.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.49 415.90 Td (closing. ) Tj ET Q q 0 0 0 rg BT 169.07 415.90 Td ( ) Tj ET Q q 0 0 0 rg BT 171.69 415.90 Td (See ) Tj ET Q q 0 0 0 rg BT 189.48 415.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 212.52 415.90 Td (18 ) Tj ET Q q 0 0 0 rg BT 225.64 415.90 Td (of ) Tj ET Q q 0 0 0 rg BT 237.01 415.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 264.14 415.90 Td (to ) Tj ET Q q 0 0 0 rg BT 274.93 415.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 332.97 415.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 374.67 415.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 423.37 415.90 Td (for ) Tj ET Q q 0 0 0 rg BT 438.24 415.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 482.85 415.90 Td (information. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 390.70 Td (On ) Tj ET Q q 0 0 0 rg BT 65.89 390.70 Td (October ) Tj ET Q q 0 0 0 rg BT 103.26 390.70 Td (21, ) Tj ET Q q 0 0 0 rg BT 119.94 390.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.11 390.70 Td (we ) Tj ET Q q 0 0 0 rg BT 162.91 390.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 202.61 390.70 Td (a ) Tj ET Q q 0 0 0 rg BT 210.82 390.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 249.95 390.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.41 390.70 Td (in ) Tj ET Q q 0 0 0 rg BT 296.14 390.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 327.69 390.70 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 391.01 390.70 Td ( ) Tj ET Q q 0 0 0 rg BT 394.30 390.70 Td (The ) Tj ET Q q 0 0 0 rg BT 414.18 390.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 463.81 390.70 Td (required ) Tj ET Q q 0 0 0 rg BT 502.35 390.70 Td (an ) Tj ET Q q 0 0 0 rg BT 515.81 390.70 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.86 390.70 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 87.31 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.70 378.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.00 378.10 Td ($214 ) Tj ET Q q 0 0 0 rg BT 182.65 378.10 Td (million ) Tj ET Q q 0 0 0 rg BT 214.64 378.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 242.54 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.02 378.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 289.00 378.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 330.29 378.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.68 378.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.07 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.47 378.10 Td (October ) Tj ET Q q 0 0 0 rg BT 403.94 378.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 418.72 378.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 441.37 378.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.26 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.74 378.10 Td (296 ) Tj ET Q q 0 0 0 rg BT 487.14 378.10 Td (million ) Tj ET Q q 0 0 0 rg BT 518.76 378.10 Td (Australian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 76.45 365.50 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 121.18 365.50 Td (which ) Tj ET Q q 0 0 0 rg BT 149.30 365.50 Td (was ) Tj ET Q q 0 0 0 rg BT 168.09 365.50 Td (funded ) Tj ET Q q 0 0 0 rg BT 199.70 365.50 Td (with ) Tj ET Q q 0 0 0 rg BT 220.82 365.50 Td ($40 ) Tj ET Q q 0 0 0 rg BT 239.03 365.50 Td (million ) Tj ET Q q 0 0 0 rg BT 271.82 365.50 Td (of ) Tj ET Q q 0 0 0 rg BT 283.02 365.50 Td (net ) Tj ET Q q 0 0 0 rg BT 298.31 365.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 348.60 365.50 Td (under ) Tj ET Q q 0 0 0 rg BT 374.96 365.50 Td (our ) Tj ET Q q 0 0 0 rg BT 391.41 365.50 Td (previous ) Tj ET Q q 0 0 0 rg BT 430.03 365.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 472.73 365.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 499.09 365.50 Td (facility) Tj ET Q q 0 0 0 rg BT 528.14 365.50 Td (, ) Tj ET Q q 0 0 0 rg BT 533.22 365.50 Td (as ) Tj ET Q q 0 0 0 rg BT 544.43 365.50 Td (well ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 352.90 Td (as ) Tj ET Q q 0 0 0 rg BT 61.12 352.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 97.25 352.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.78 352.90 Td (resources. ) Tj ET Q q 0 0 0 rg BT 163.93 352.90 Td ( ) Tj ET Q q 0 0 0 rg BT 166.80 352.90 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 216.34 352.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 275.79 352.90 Td (may ) Tj ET Q q 0 0 0 rg BT 296.74 352.90 Td (be ) Tj ET Q q 0 0 0 rg BT 309.52 352.90 Td (due ) Tj ET Q q 0 0 0 rg BT 327.56 352.90 Td (March ) Tj ET Q q 0 0 0 rg BT 357.84 352.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.84 352.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 397.71 352.90 Td (and ) Tj ET Q q 0 0 0 rg BT 415.75 352.90 Td (March ) Tj ET Q q 0 0 0 rg BT 446.03 352.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.03 352.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 488.53 352.90 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 540.97 352.90 Td (up ) Tj ET Q q 0 0 0 rg BT 554.34 352.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.97 340.30 Td ($81 ) Tj ET Q q 0 0 0 rg BT 131.55 340.30 Td (million ) Tj ET Q q 0 0 0 rg BT 164.71 340.30 Td (\(using ) Tj ET Q q 0 0 0 rg BT 193.79 340.30 Td (the ) Tj ET Q q 0 0 0 rg BT 209.45 340.30 Td (foreign ) Tj ET Q q 0 0 0 rg BT 242.59 340.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 285.06 340.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 303.62 340.30 Td (as ) Tj ET Q q 0 0 0 rg BT 315.20 340.30 Td (of ) Tj ET Q q 0 0 0 rg BT 326.77 340.30 Td (March ) Tj ET Q q 0 0 0 rg BT 357.00 340.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 372.95 340.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 396.78 340.30 Td (for ) Tj ET Q q 0 0 0 rg BT 411.85 340.30 Td (the ) Tj ET Q q 0 0 0 rg BT 427.50 340.30 Td (maximum ) Tj ET Q q 0 0 0 rg BT 472.91 340.30 Td (106 ) Tj ET Q q 0 0 0 rg BT 491.48 340.30 Td (million ) Tj ET Q q 0 0 0 rg BT 524.02 340.30 Td (Australia ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 327.70 Td (dollar ) Tj ET Q q 0 0 0 rg BT 76.33 327.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 110.16 327.70 Td (per ) Tj ET Q q 0 0 0 rg BT 125.90 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.07 327.70 Td (contract\), ) Tj ET Q q 0 0 0 rg BT 183.34 327.70 Td (dependent ) Tj ET Q q 0 0 0 rg BT 228.83 327.70 Td (on ) Tj ET Q q 0 0 0 rg BT 241.66 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 256.83 327.70 Td (achievement ) Tj ET Q q 0 0 0 rg BT 312.22 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 323.30 327.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.20 327.70 Td (net ) Tj ET Q q 0 0 0 rg BT 369.37 327.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 404.93 327.70 Td (tar) Tj ET Q q 0 0 0 rg BT 415.82 327.70 Td (gets, ) Tj ET Q q 0 0 0 rg BT 437.69 327.70 Td (and ) Tj ET Q q 0 0 0 rg BT 455.19 327.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 487.27 327.70 Td (to ) Tj ET Q q 0 0 0 rg BT 497.77 327.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 536.85 327.70 Td (catch-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (up ) Tj ET Q q 0 0 0 rg BT 62.71 315.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 115.58 315.10 Td (extending ) Tj ET Q q 0 0 0 rg BT 159.70 315.10 Td (through ) Tj ET Q q 0 0 0 rg BT 195.07 315.10 Td (March ) Tj ET Q q 0 0 0 rg BT 225.18 315.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.01 315.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 267.35 315.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.06 315.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 336.93 315.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 374.63 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.08 315.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 408.04 315.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.56 315.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 456.01 315.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.89 315.10 Td (put ) Tj ET Q q 0 0 0 rg BT 483.02 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.89 315.10 Td (call ) Tj ET Q q 0 0 0 rg BT 518.75 315.10 Td (provisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.50 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 302.50 Td (may ) Tj ET Q q 0 0 0 rg BT 88.57 302.50 Td (result ) Tj ET Q q 0 0 0 rg BT 114.53 302.50 Td (in ) Tj ET Q q 0 0 0 rg BT 125.32 302.50 Td (future ) Tj ET Q q 0 0 0 rg BT 153.02 302.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 174.30 302.50 Td (outlays.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 277.30 Td (On ) Tj ET Q q 0 0 0 rg BT 64.83 277.30 Td (October ) Tj ET Q q 0 0 0 rg BT 101.15 277.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 111.53 277.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 137.65 277.30 Td (we ) Tj ET Q q 0 0 0 rg BT 152.40 277.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 191.04 277.30 Td (all ) Tj ET Q q 0 0 0 rg BT 204.04 277.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 255.54 277.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.29 277.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 321.78 277.30 Td (of ) Tj ET Q q 0 0 0 rg BT 333.03 277.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 364.11 277.30 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 396.06 277.30 Td ( ) Tj ET Q q 0 0 0 rg BT 398.38 277.30 Td (The ) Tj ET Q q 0 0 0 rg BT 417.20 277.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 465.77 277.30 Td (included ) Tj ET Q q 0 0 0 rg BT 504.43 277.30 Td (an ) Tj ET Q q 0 0 0 rg BT 516.84 277.30 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.84 277.30 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.21 264.70 Td (of ) Tj ET Q q 0 0 0 rg BT 99.51 264.70 Td ($203 ) Tj ET Q q 0 0 0 rg BT 123.07 264.70 Td (million ) Tj ET Q q 0 0 0 rg BT 155.96 264.70 Td (\(using ) Tj ET Q q 0 0 0 rg BT 184.77 264.70 Td (the ) Tj ET Q q 0 0 0 rg BT 200.15 264.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 233.03 264.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 275.23 264.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 293.52 264.70 Td (as ) Tj ET Q q 0 0 0 rg BT 304.82 264.70 Td (of ) Tj ET Q q 0 0 0 rg BT 316.12 264.70 Td (October ) Tj ET Q q 0 0 0 rg BT 352.50 264.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 362.93 264.70 Td (2014 ) Tj ET Q q 0 0 0 rg BT 386.48 264.70 Td (for ) Tj ET Q q 0 0 0 rg BT 401.28 264.70 Td (the ) Tj ET Q q 0 0 0 rg BT 416.67 264.70 Td (�125 ) Tj ET Q q 0 0 0 rg BT 440.22 264.70 Td (million ) Tj ET Q q 0 0 0 rg BT 473.12 264.70 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 517.95 264.70 Td (which ) Tj ET Q q 0 0 0 rg BT 546.17 264.70 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 80.93 252.10 Td (from ) Tj ET Q q 0 0 0 rg BT 103.62 252.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 139.14 252.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 162.70 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.97 252.10 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 213.92 252.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 272.76 252.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 315.28 252.10 Td (may ) Tj ET Q q 0 0 0 rg BT 335.63 252.10 Td (be ) Tj ET Q q 0 0 0 rg BT 347.81 252.10 Td (due ) Tj ET Q q 0 0 0 rg BT 365.25 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.02 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.13 252.10 Td (March ) Tj ET Q q 0 0 0 rg BT 422.81 252.10 Td (31 ) Tj ET Q q 0 0 0 rg BT 435.58 252.10 Td (following ) Tj ET Q q 0 0 0 rg BT 478.69 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.79 252.10 Td (second ) Tj ET Q q 0 0 0 rg BT 525.22 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.66 252.10 Td (third ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.50 Td (anniversaries ) Tj ET Q q 0 0 0 rg BT 108.00 239.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.86 239.50 Td (closing, ) Tj ET Q q 0 0 0 rg BT 155.93 239.50 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 208.60 239.50 Td (up ) Tj ET Q q 0 0 0 rg BT 222.21 239.50 Td (to ) Tj ET Q q 0 0 0 rg BT 233.49 239.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 297.25 239.50 Td ($467 ) Tj ET Q q 0 0 0 rg BT 321.36 239.50 Td (million ) Tj ET Q q 0 0 0 rg BT 354.81 239.50 Td (\(using ) Tj ET Q q 0 0 0 rg BT 384.17 239.50 Td (the ) Tj ET Q q 0 0 0 rg BT 400.11 239.50 Td (foreign ) Tj ET Q q 0 0 0 rg BT 433.54 239.50 Td (exchange ) Tj ET Q q 0 0 0 rg BT 476.30 239.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 495.14 239.50 Td (as ) Tj ET Q q 0 0 0 rg BT 507.00 239.50 Td (of ) Tj ET Q q 0 0 0 rg BT 518.86 239.50 Td (March ) Tj ET Q q 0 0 0 rg BT 549.37 239.50 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 226.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 74.18 226.90 Td (for ) Tj ET Q q 0 0 0 rg BT 90.10 226.90 Td (the ) Tj ET Q q 0 0 0 rg BT 106.60 226.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 152.86 226.90 Td (�325 ) Tj ET Q q 0 0 0 rg BT 177.53 226.90 Td (million ) Tj ET Q q 0 0 0 rg BT 211.55 226.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 249.04 226.90 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 290.33 226.90 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 331.92 226.90 Td (of ) Tj ET Q q 0 0 0 rg BT 344.34 226.90 Td (the ) Tj ET Q q 0 0 0 rg BT 360.84 226.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 400.68 226.90 Td (of ) Tj ET Q q 0 0 0 rg BT 413.10 226.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.34 226.90 Td (potential ) Tj ET Q q 0 0 0 rg BT 485.76 226.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 522.10 226.90 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 226.90 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 214.30 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 101.17 214.30 Td (and ) Tj ET Q q 0 0 0 rg BT 118.71 214.30 Td (dependent ) Tj ET Q q 0 0 0 rg BT 164.23 214.30 Td (on ) Tj ET Q q 0 0 0 rg BT 177.11 214.30 Td (the ) Tj ET Q q 0 0 0 rg BT 192.31 214.30 Td (achievement ) Tj ET Q q 0 0 0 rg BT 247.74 214.30 Td (of ) Tj ET Q q 0 0 0 rg BT 258.87 214.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 289.81 214.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.92 214.30 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 364.82 214.30 Td (as ) Tj ET Q q 0 0 0 rg BT 375.95 214.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 416.22 214.30 Td (in ) Tj ET Q q 0 0 0 rg BT 426.77 214.30 Td (the ) Tj ET Q q 0 0 0 rg BT 441.97 214.30 Td (share ) Tj ET Q q 0 0 0 rg BT 466.50 214.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 506.19 214.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 554.92 214.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 201.70 Td (March ) Tj ET Q q 0 0 0 rg BT 79.84 201.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.90 201.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 119.83 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 137.93 201.70 Td (2018. ) Tj ET Q q 0 0 0 rg BT 164.49 201.70 Td ( ) Tj ET Q q 0 0 0 rg BT 167.43 201.70 Td (No ) Tj ET Q q 0 0 0 rg BT 183.19 201.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 230.45 201.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 289.95 201.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 329.05 201.70 Td (was ) Tj ET Q q 0 0 0 rg BT 348.31 201.70 Td (due ) Tj ET Q q 0 0 0 rg BT 366.41 201.70 Td (as ) Tj ET Q q 0 0 0 rg BT 378.09 201.70 Td (of ) Tj ET Q q 0 0 0 rg BT 389.77 201.70 Td (March ) Tj ET Q q 0 0 0 rg BT 420.11 201.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 436.17 201.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 462.73 201.70 Td (for ) Tj ET Q q 0 0 0 rg BT 477.91 201.70 Td (the ) Tj ET Q q 0 0 0 rg BT 493.67 201.70 Td (first ) Tj ET Q q 0 0 0 rg BT 513.52 201.70 Td (anniversary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.10 Td (payment. ) Tj ET Q q 0 0 0 rg BT 90.49 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.22 189.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 122.42 189.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 164.87 189.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.25 189.10 Td (be ) Tj ET Q q 0 0 0 rg BT 187.37 189.10 Td (made ) Tj ET Q q 0 0 0 rg BT 212.32 189.10 Td (may ) Tj ET Q q 0 0 0 rg BT 232.61 189.10 Td (also ) Tj ET Q q 0 0 0 rg BT 251.73 189.10 Td (include ) Tj ET Q q 0 0 0 rg BT 284.85 189.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 322.64 189.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.10 189.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 367.87 189.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 406.82 189.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 441.70 189.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.07 189.10 Td (other ) Tj ET Q q 0 0 0 rg BT 482.86 189.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 531.73 189.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.69 189.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 176.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 94.73 176.50 Td (for ) Tj ET Q q 0 0 0 rg BT 109.64 176.50 Td (separately) Tj ET Q q 0 0 0 rg BT 151.52 176.50 Td (. ) Tj ET Q q 0 0 0 rg BT 156.82 176.50 Td ( ) Tj ET Q q 0 0 0 rg BT 159.49 176.50 Td (In ) Tj ET Q q 0 0 0 rg BT 170.90 176.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 210.61 176.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 241.86 176.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 271.35 176.50 Td (and ) Tj ET Q q 0 0 0 rg BT 289.19 176.50 Td (the ) Tj ET Q q 0 0 0 rg BT 304.68 176.50 Td (trustees ) Tj ET Q q 0 0 0 rg BT 339.43 176.50 Td (of ) Tj ET Q q 0 0 0 rg BT 350.85 176.50 Td (the ) Tj ET Q q 0 0 0 rg BT 366.34 176.50 Td (pension ) Tj ET Q q 0 0 0 rg BT 401.68 176.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 422.43 176.50 Td (referenced ) Tj ET Q q 0 0 0 rg BT 469.39 176.50 Td (above ) Tj ET Q q 0 0 0 rg BT 497.13 176.50 Td (have ) Tj ET Q q 0 0 0 rg BT 519.62 176.50 Td (received ) Tj ET Q q 0 0 0 rg BT 557.85 176.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 163.90 Td (notice ) Tj ET Q q 0 0 0 rg BT 77.36 163.90 Td (that ) Tj ET Q q 0 0 0 rg BT 95.30 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 110.33 163.90 Td (Pensions ) Tj ET Q q 0 0 0 rg BT 149.87 163.90 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 193.48 163.90 Td (in ) Tj ET Q q 0 0 0 rg BT 203.84 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.87 163.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 241.49 163.90 Td (is ) Tj ET Q q 0 0 0 rg BT 250.69 163.90 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 294.88 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 309.90 163.90 Td (plan�) Tj ET Q q 0 0 0 rg BT 330.90 163.90 Td (s ) Tj ET Q q 0 0 0 rg BT 337.19 163.90 Td (current ) Tj ET Q q 0 0 0 rg BT 369.12 163.90 Td (structure ) Tj ET Q q 0 0 0 rg BT 408.05 163.90 Td (and ) Tj ET Q q 0 0 0 rg BT 425.41 163.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 460.28 163.90 Td (status. ) Tj ET Q q 0 0 0 rg BT 489.02 163.90 Td ( ) Tj ET Q q 0 0 0 rg BT 491.06 163.90 Td (While ) Tj ET Q q 0 0 0 rg BT 518.92 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 163.90 Td (review ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 151.30 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 151.30 Td (still ) Tj ET Q q 0 0 0 rg BT 77.51 151.30 Td (in ) Tj ET Q q 0 0 0 rg BT 88.30 151.30 Td (process, ) Tj ET Q q 0 0 0 rg BT 125.04 151.30 Td (there ) Tj ET Q q 0 0 0 rg BT 148.65 151.30 Td (can ) Tj ET Q q 0 0 0 rg BT 165.85 151.30 Td (be ) Tj ET Q q 0 0 0 rg BT 178.39 151.30 Td (no ) Tj ET Q q 0 0 0 rg BT 191.51 151.30 Td (assurance ) Tj ET Q q 0 0 0 rg BT 234.95 151.30 Td (that ) Tj ET Q q 0 0 0 rg BT 253.32 151.30 Td (the ) Tj ET Q q 0 0 0 rg BT 268.77 151.30 Td (review ) Tj ET Q q 0 0 0 rg BT 299.96 151.30 Td (will ) Tj ET Q q 0 0 0 rg BT 318.93 151.30 Td (not ) Tj ET Q q 0 0 0 rg BT 334.97 151.30 Td (result ) Tj ET Q q 0 0 0 rg BT 360.92 151.30 Td (in ) Tj ET Q q 0 0 0 rg BT 371.71 151.30 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 421.54 151.30 Td (funding.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 126.10 Td (December ) Tj ET Q q 0 0 0 rg BT 105.92 126.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 131.81 126.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 162.65 126.10 Td (Currie ) Tj ET Q q 0 0 0 rg BT 191.75 126.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 230.16 126.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.99 126.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 287.75 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.76 126.10 Td (PK ) Tj ET Q q 0 0 0 rg BT 314.45 126.10 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 370.09 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.19 126.10 Td (The ) Tj ET Q q 0 0 0 rg BT 390.78 126.10 Td (business ) Tj ET Q q 0 0 0 rg BT 428.63 126.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 476.98 126.10 Td (was ) Tj ET Q q 0 0 0 rg BT 495.57 126.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 541.58 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 552.59 126.10 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 76.60 113.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 97.85 113.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 136.61 113.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.96 113.50 Td ($5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.33 113.50 Td ( ) Tj ET Q q 0 0 0 rg BT 168.93 113.50 Td (million ) Tj ET Q q 0 0 0 rg BT 201.87 113.50 Td (and ) Tj ET Q q 0 0 0 rg BT 219.63 113.50 Td (a ) Tj ET Q q 0 0 0 rg BT 226.89 113.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 273.81 113.50 Td (payment, ) Tj ET Q q 0 0 0 rg BT 315.19 113.50 Td (due ) Tj ET Q q 0 0 0 rg BT 332.95 113.50 Td (on ) Tj ET Q q 0 0 0 rg BT 346.05 113.50 Td (December ) Tj ET Q q 0 0 0 rg BT 391.79 113.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.52 113.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 433.74 113.50 Td (which ) Tj ET Q q 0 0 0 rg BT 462.00 113.50 Td (is ) Tj ET Q q 0 0 0 rg BT 471.61 113.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 512.10 113.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 554.94 113.50 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.90 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 70.70 100.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 106.49 100.90 Td ( ) Tj ET Q q 0 0 0 rg BT 109.11 100.90 Td (The ) Tj ET Q q 0 0 0 rg BT 128.26 100.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 162.58 100.90 Td (of ) Tj ET Q q 0 0 0 rg BT 174.15 100.90 Td (any ) Tj ET Q q 0 0 0 rg BT 192.14 100.90 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 229.37 100.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 276.52 100.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 315.50 100.90 Td (will ) Tj ET Q q 0 0 0 rg BT 334.66 100.90 Td (be ) Tj ET Q q 0 0 0 rg BT 347.40 100.90 Td (based ) Tj ET Q q 0 0 0 rg BT 374.13 100.90 Td (on ) Tj ET Q q 0 0 0 rg BT 387.46 100.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.84 100.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.40 100.90 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 494.76 100.90 Td ( ) Tj ET Q q 0 0 0 rg BT 497.38 100.90 Td (The ) Tj ET Q q 0 0 0 rg BT 516.53 100.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.85 100.90 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 88.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.28 88.30 Td (was ) Tj ET Q q 0 0 0 rg BT 107.24 88.30 Td (funded ) Tj ET Q q 0 0 0 rg BT 139.02 88.30 Td (with ) Tj ET Q q 0 0 0 rg BT 160.31 88.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 196.19 88.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.47 88.30 Td (resources.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 63.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.29 63.10 Td (May ) Tj ET Q q 0 0 0 rg BT 112.05 63.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 127.69 63.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.82 63.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.57 63.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 214.82 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.16 63.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 278.74 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.00 63.10 Td (QS ) Tj ET Q q 0 0 0 rg BT 305.93 63.10 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 349.56 63.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.07 63.10 Td (In ) Tj ET Q q 0 0 0 rg BT 363.33 63.10 Td (July ) Tj ET Q q 0 0 0 rg BT 383.34 63.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 409.48 63.10 Td (we ) Tj ET Q q 0 0 0 rg BT 424.23 63.10 Td (may ) Tj ET Q q 0 0 0 rg BT 444.82 63.10 Td (be ) Tj ET Q q 0 0 0 rg BT 457.24 63.10 Td (required ) Tj ET Q q 0 0 0 rg BT 494.73 63.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.41 63.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 523.08 63.10 Td (up ) Tj ET Q q 0 0 0 rg BT 536.09 63.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.76 63.10 Td ($10) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.50 Td (million ) Tj ET Q q 0 0 0 rg BT 82.07 50.50 Td (for ) Tj ET Q q 0 0 0 rg BT 96.54 50.50 Td (the ) Tj ET Q q 0 0 0 rg BT 111.60 50.50 Td (second ) Tj ET Q q 0 0 0 rg BT 142.99 50.50 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 194.20 50.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 240.75 50.50 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 302.17 50.50 Td (with ) Tj ET Q q 0 0 0 rg BT 323.07 50.50 Td (the ) Tj ET Q q 0 0 0 rg BT 338.13 50.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.86 50.50 Td (of ) Tj ET Q q 0 0 0 rg BT 382.83 50.50 Td (the ) Tj ET Q q 0 0 0 rg BT 397.89 50.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 436.28 50.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 481.66 50.50 Td (on ) Tj ET Q q 0 0 0 rg BT 494.39 50.50 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 50.50 Td (achievement ) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.61 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 93.54 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 109.73 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 146.33 741.75 Td (tar) Tj ET Q q 0 0 0 rg BT 157.21 741.75 Td (gets. ) Tj ET Q q 0 0 0 rg BT 180.12 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 183.24 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 192.31 741.75 Td (e ) Tj ET Q q 0 0 0 rg BT 200.33 741.75 Td (intend ) Tj ET Q q 0 0 0 rg BT 229.94 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 241.47 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 264.09 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 282.61 741.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 317.47 741.75 Td (due ) Tj ET Q q 0 0 0 rg BT 336.00 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 358.03 741.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 394.64 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 416.67 741.75 Td (resources. ) Tj ET Q q 0 0 0 rg BT 462.30 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 465.67 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 477.78 741.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 518.18 741.75 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 109.63 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 121.94 729.15 Td (up ) Tj ET Q q 0 0 0 rg BT 136.00 729.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.73 729.15 Td ($20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 163.48 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 167.04 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 200.94 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 216.75 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 233.14 729.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 262.36 729.15 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 314.90 729.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 354.62 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 376.26 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 389.73 729.15 Td (due ) Tj ET Q q 0 0 0 rg BT 408.45 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 420.18 729.15 Td (July ) Tj ET Q q 0 0 0 rg BT 441.25 729.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 468.44 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 488.91 729.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 535.62 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 549.69 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (achievement ) Tj ET Q q 0 0 0 rg BT 104.77 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 115.73 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.51 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 161.56 716.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 197.00 716.55 Td (tar) Tj ET Q q 0 0 0 rg BT 207.89 716.55 Td (gets, ) Tj ET Q q 0 0 0 rg BT 229.65 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 247.02 716.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 278.98 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 289.36 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 296.24 716.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 335.20 716.55 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 373.56 716.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 421.86 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 432.24 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 447.28 716.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 475.16 716.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 526.36 716.55 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 703.95 Td (any ) Tj ET Q q 0 0 0 rg BT 82.15 703.95 Td (second ) Tj ET Q q 0 0 0 rg BT 113.94 703.95 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 165.54 703.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 204.32 703.95 Td (shortfall. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.89 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 90.94 678.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 117.21 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 132.10 678.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 178.48 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.96 678.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 242.68 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.07 678.75 Td (all ) Tj ET Q q 0 0 0 rg BT 267.21 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.60 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.08 678.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 345.72 678.75 Td (share ) Tj ET Q q 0 0 0 rg BT 370.52 678.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 401.15 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 412.54 678.75 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 448.70 678.75 Td (. ) Tj ET Q q 0 0 0 rg BT 453.97 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 456.62 678.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 505.93 678.75 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.37 666.15 Td (up ) Tj ET Q q 0 0 0 rg BT 72.98 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 83.27 666.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.04 666.15 Td ($29 ) Tj ET Q q 0 0 0 rg BT 163.91 666.15 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.24 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 196.36 666.15 Td (\(using ) Tj ET Q q 0 0 0 rg BT 224.73 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 239.68 666.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 281.44 666.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 299.29 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 310.16 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 321.02 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 350.55 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 365.79 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 391.53 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 405.90 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.84 666.15 Td (�20 ) Tj ET Q q 0 0 0 rg BT 438.71 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 471.17 666.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 515.87 666.15 Td (contractual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 89.46 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 109.88 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 122.13 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 139.63 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 152.47 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 163.56 653.55 Td (about ) Tj ET Q q 0 0 0 rg BT 189.22 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 204.39 653.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 232.39 653.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 283.71 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 294.80 653.55 Td (closing, ) Tj ET Q q 0 0 0 rg BT 330.10 653.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 375.59 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 388.43 653.55 Td (achieving ) Tj ET Q q 0 0 0 rg BT 431.58 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 462.49 653.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 489.32 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 500.41 653.55 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 538.60 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 553.77 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.55 640.95 Td (costs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.62 615.75 Td (Note�2 ) Tj ET Q q 0 0 0 rg BT 98.86 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.56 615.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 138.01 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 149.14 615.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 207.51 615.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 249.54 615.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 298.57 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.77 615.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 358.71 615.75 Td (information ) Tj ET Q q 0 0 0 rg BT 411.24 615.75 Td (related ) Tj ET Q q 0 0 0 rg BT 442.76 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 453.89 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.67 615.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 522.79 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 534.49 615.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 111.89 603.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 143.09 603.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 175.16 603.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 191.21 603.15 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 234.96 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 252.74 603.15 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 288.90 603.15 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 59.77 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 88.70 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.85 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 127.62 565.35 Td (implemented ) Tj ET Q q 0 0 0 rg BT 183.96 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 195.39 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 203.36 565.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 229.37 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 284.54 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 312.31 565.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 331.91 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 352.10 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 366.46 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 421.63 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 431.90 565.35 Td (Royce. ) Tj ET Q q 0 0 0 rg BT 462.87 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 464.39 565.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 492.16 565.35 Td (this ) Tj ET Q q 0 0 0 rg BT 508.85 565.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.18 552.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 101.33 552.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 139.93 552.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 177.36 552.75 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 223.54 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 234.14 552.75 Td (16.9% ) Tj ET Q q 0 0 0 rg BT 263.70 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.31 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.58 552.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 318.84 552.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 345.19 552.75 Td (were ) Tj ET Q q 0 0 0 rg BT 368.03 552.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 396.72 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 407.33 552.75 Td (its ) Tj ET Q q 0 0 0 rg BT 419.69 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 475.77 552.75 Td (team. ) Tj ET Q q 0 0 0 rg BT 501.24 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 503.68 552.75 Td (In ) Tj ET Q q 0 0 0 rg BT 514.87 552.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 554.35 552.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (June ) Tj ET Q q 0 0 0 rg BT 71.65 540.15 Td (2013 ) Tj ET Q q 0 0 0 rg BT 95.55 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 113.61 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 143.91 540.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 170.43 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 185.58 540.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 243.30 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 251.26 540.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 278.65 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 335.20 540.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 364.34 540.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 389.40 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 408.05 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 427.28 540.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 456.42 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.89 540.15 Td (key ) Tj ET Q q 0 0 0 rg BT 505.95 540.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 553.75 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.81 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 99.54 527.55 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 156.05 527.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 206.10 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 211.30 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 222.03 527.55 Td (participate ) Tj ET Q q 0 0 0 rg BT 268.91 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 279.65 527.55 Td (15% ) Tj ET Q q 0 0 0 rg BT 301.47 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 312.78 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 328.18 527.55 Td (future ) Tj ET Q q 0 0 0 rg BT 355.82 527.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 388.14 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 399.45 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 414.85 527.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 459.98 527.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 503.95 527.55 Td (value ) Tj ET Q q 0 0 0 rg BT 529.26 527.55 Td (\(subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.55 514.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 109.23 514.95 Td (discounts\), ) Tj ET Q q 0 0 0 rg BT 156.90 514.95 Td (if ) Tj ET Q q 0 0 0 rg BT 165.19 514.95 Td (any) Tj ET Q q 0 0 0 rg BT 179.67 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 184.18 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 194.80 514.95 Td (further ) Tj ET Q q 0 0 0 rg BT 225.25 514.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 267.37 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 277.42 514.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 299.71 514.95 Td (1) Tj ET Q q 0 0 0 rg BT 304.57 514.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 311.69 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 322.32 514.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 348.69 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 358.74 514.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 416.03 514.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 456.98 514.95 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 507.56 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 509.44 514.95 Td (Repurchases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 502.35 Td (units ) Tj ET Q q 0 0 0 rg BT 83.54 502.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 117.46 502.35 Td (under ) Tj ET Q q 0 0 0 rg BT 143.80 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 167.81 502.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 192.40 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 212.92 502.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 243.92 502.35 Td (future ) Tj ET Q q 0 0 0 rg BT 271.43 502.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 309.45 502.35 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 369.32 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 371.76 502.35 Td (In ) Tj ET Q q 0 0 0 rg BT 382.94 502.35 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 434.95 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 456.05 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 471.31 502.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 519.82 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 531.00 502.35 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 90.58 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 106.86 489.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 165.73 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 179.68 489.75 Td (af) Tj ET Q q 0 0 0 rg BT 187.65 489.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 216.18 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 273.87 489.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 304.16 489.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 326.28 489.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 359.49 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 371.70 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.57 489.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 410.70 489.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 469.56 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 485.85 489.75 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 543.83 489.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (immediate ) Tj ET Q q 0 0 0 rg BT 96.44 477.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 129.40 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 144.27 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 159.72 477.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 186.85 477.15 Td (grant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.34 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 93.01 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 108.94 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.28 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 186.85 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 194.82 451.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 225.32 451.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 263.99 451.95 Td (various ) Tj ET Q q 0 0 0 rg BT 296.83 451.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 322.67 451.95 Td (facilities ) Tj ET Q q 0 0 0 rg BT 360.75 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 374.92 451.95 Td (general ) Tj ET Q q 0 0 0 rg BT 407.75 451.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 449.33 451.95 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 491.21 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 493.14 451.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 525.98 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 451.95 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.04 439.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 95.51 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 105.41 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.96 439.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.67 439.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 206.21 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 216.69 439.35 Td (various ) Tj ET Q q 0 0 0 rg BT 249.32 439.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 294.20 439.35 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 334.70 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 336.04 439.35 Td (All ) Tj ET Q q 0 0 0 rg BT 351.19 439.35 Td (such ) Tj ET Q q 0 0 0 rg BT 372.16 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 380.13 439.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 410.43 439.35 Td (met ) Tj ET Q q 0 0 0 rg BT 427.90 439.35 Td (their ) Tj ET Q q 0 0 0 rg BT 448.87 439.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 493.16 439.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.87 439.35 Td (adequacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 426.75 Td (during ) Tj ET Q q 0 0 0 rg BT 136.98 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.43 426.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 185.97 426.75 Td (presented.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.00 401.55 Td (January ) Tj ET Q q 0 0 0 rg BT 94.41 401.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 119.79 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 135.54 401.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 162.96 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.46 401.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.28 401.55 Td (authorized ) Tj ET Q q 0 0 0 rg BT 260.35 401.55 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 280.48 401.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 309.66 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 323.65 401.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 367.40 401.55 Td (purchases ) Tj ET Q q 0 0 0 rg BT 410.56 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 421.06 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 436.81 401.55 Td (common ) Tj ET Q q 0 0 0 rg BT 475.31 401.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 501.85 401.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td ($800 ) Tj ET Q q 0 0 0 rg BT 73.30 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 106.43 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 117.97 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 146.43 388.95 Td (remained ) Tj ET Q q 0 0 0 rg BT 188.29 388.95 Td (available ) Tj ET Q q 0 0 0 rg BT 228.98 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 240.52 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 252.06 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 282.26 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 298.18 388.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 324.60 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 327.19 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 336.26 388.95 Td (e ) Tj ET Q q 0 0 0 rg BT 343.72 388.95 Td (intend ) Tj ET Q q 0 0 0 rg BT 372.76 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 383.72 388.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 412.76 388.95 Td (up ) Tj ET Q q 0 0 0 rg BT 426.06 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 437.02 388.95 Td ($90 ) Tj ET Q q 0 0 0 rg BT 455.56 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 488.70 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 500.24 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.69 388.95 Td (generated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 72.34 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 99.84 376.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 146.01 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 156.61 376.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 196.35 376.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 225.03 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 236.20 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 252.63 376.35 Td (common ) Tj ET Q q 0 0 0 rg BT 291.80 376.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 316.40 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 329.33 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 336.42 376.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 376.75 376.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 402.81 376.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 434.98 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 445.58 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 477.16 376.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 523.34 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 376.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 88.87 363.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 109.57 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.95 363.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 144.85 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 147.48 363.75 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Futur) Tj ET Q q 0 0 0 rg BT 75.56 338.55 Td (e ) Tj ET Q q 0 0 0 rg BT 82.85 338.55 Td (Outlook) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.64 325.95 Td (described ) Tj ET Q q 0 0 0 rg BT 106.35 325.95 Td (above, ) Tj ET Q q 0 0 0 rg BT 136.52 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 151.23 325.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 191.60 325.95 Td (project ) Tj ET Q q 0 0 0 rg BT 223.23 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 241.45 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 257.92 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 279.05 325.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 304.85 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 327.74 325.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.86 325.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 410.24 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 429.05 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 441.43 325.95 Td (suf) Tj ET Q q 0 0 0 rg BT 454.08 325.95 Td (ficient ) Tj ET Q q 0 0 0 rg BT 483.37 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 494.01 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 515.73 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 532.20 325.95 Td (present ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 313.35 Td (foreseeable, ) Tj ET Q q 0 0 0 rg BT 120.38 313.35 Td (near) Tj ET Q q 0 0 0 rg BT 138.23 313.35 Td (-term ) Tj ET Q q 0 0 0 rg BT 163.62 313.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 201.85 313.35 Td (needs, ) Tj ET Q q 0 0 0 rg BT 231.03 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 255.25 313.35 Td (than ) Tj ET Q q 0 0 0 rg BT 275.97 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 290.86 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 306.34 313.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 359.15 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 370.54 313.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 404.68 313.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 441.73 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 451.96 313.35 Td (April ) Tj ET Q q 0 0 0 rg BT 476.77 313.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 500.42 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.22 313.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 535.93 313.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 554.33 313.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (May ) Tj ET Q q 0 0 0 rg BT 71.02 300.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 96.92 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.70 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 112.65 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.67 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 153.35 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.75 300.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 194.65 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 209.17 300.75 Td (had ) Tj ET Q q 0 0 0 rg BT 226.61 300.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 289.53 300.75 Td ($1.1�billion ) Tj ET Q q 0 0 0 rg BT 340.23 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 350.67 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.61 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.04 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 409.98 300.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 460.08 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 470.52 300.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 500.20 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.22 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 527.50 300.75 Td (working ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 288.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 139.80 288.15 Td ($689 ) Tj ET Q q 0 0 0 rg BT 163.24 288.15 Td (million ) Tj ET Q q 0 0 0 rg BT 196.02 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 207.20 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 235.30 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 254.07 288.15 Td (used ) Tj ET Q q 0 0 0 rg BT 275.76 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 286.36 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 308.05 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 323.32 288.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 370.08 288.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 412.77 288.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 465.37 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 476.56 288.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 510.49 288.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 547.34 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 275.55 Td (rust. ) Tj ET Q q 0 0 0 rg BT 88.45 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 90.69 275.55 Td (As ) Tj ET Q q 0 0 0 rg BT 105.23 275.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 148.34 275.55 Td (above, ) Tj ET Q q 0 0 0 rg BT 178.91 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 194.02 275.55 Td (intend ) Tj ET Q q 0 0 0 rg BT 223.14 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 234.17 275.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 263.28 275.55 Td (up ) Tj ET Q q 0 0 0 rg BT 276.65 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 287.69 275.55 Td ($90 ) Tj ET Q q 0 0 0 rg BT 306.30 275.55 Td (million ) Tj ET Q q 0 0 0 rg BT 339.51 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 351.13 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 372.65 275.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 416.33 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 439.61 275.55 Td (future ) Tj ET Q q 0 0 0 rg BT 467.55 275.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 514.15 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 525.19 275.55 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.18 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 89.37 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 105.81 262.95 Td (common ) Tj ET Q q 0 0 0 rg BT 144.99 262.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.60 262.95 Td (during ) Tj ET Q q 0 0 0 rg BT 199.45 262.95 Td (each ) Tj ET Q q 0 0 0 rg BT 221.12 262.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 253.30 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 264.48 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 279.75 262.95 Td (year ) Tj ET Q q 0 0 0 rg BT 300.26 262.95 Td (ending ) Tj ET Q q 0 0 0 rg BT 331.28 262.95 Td (March ) Tj ET Q q 0 0 0 rg BT 361.12 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.69 262.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 402.75 262.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 434.94 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 445.54 262.95 Td (market ) Tj ET Q q 0 0 0 rg BT 477.14 262.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 523.33 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 262.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.06 250.35 Td (needs. ) Tj ET Q q 0 0 0 rg BT 98.50 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 100.26 250.35 Td (W) Tj ET Q q 0 0 0 rg BT 109.33 250.35 Td (e ) Tj ET Q q 0 0 0 rg BT 115.89 250.35 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 166.78 250.35 Td (interrupted ) Tj ET Q q 0 0 0 rg BT 214.75 250.35 Td (share ) Tj ET Q q 0 0 0 rg BT 238.81 250.35 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 290.27 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 300.34 250.35 Td (November ) Tj ET Q q 0 0 0 rg BT 346.56 250.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 369.46 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 386.52 250.35 Td (resumed ) Tj ET Q q 0 0 0 rg BT 424.00 250.35 Td (share ) Tj ET Q q 0 0 0 rg BT 448.05 250.35 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 499.51 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 509.58 250.35 Td (March ) Tj ET Q q 0 0 0 rg BT 538.89 250.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 565.14 250.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.19 237.75 Td (intend ) Tj ET Q q 0 0 0 rg BT 95.39 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.52 237.75 Td (catch ) Tj ET Q q 0 0 0 rg BT 131.63 237.75 Td (up ) Tj ET Q q 0 0 0 rg BT 145.09 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 157.95 237.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 202.90 237.75 Td ($12 ) Tj ET Q q 0 0 0 rg BT 221.61 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 254.91 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 266.03 237.75 Td (share ) Tj ET Q q 0 0 0 rg BT 291.15 237.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 343.66 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 354.79 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.58 237.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 403.27 237.75 Td (ending ) Tj ET Q q 0 0 0 rg BT 434.80 237.75 Td (June ) Tj ET Q q 0 0 0 rg BT 457.01 237.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.09 237.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 499.68 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 502.64 237.75 Td (In ) Tj ET Q q 0 0 0 rg BT 514.34 237.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 554.34 237.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.09 225.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 99.56 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 113.66 225.15 Td (intend ) Tj ET Q q 0 0 0 rg BT 141.75 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 151.77 225.15 Td (repay ) Tj ET Q q 0 0 0 rg BT 176.94 225.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 239.43 225.15 Td ($50 ) Tj ET Q q 0 0 0 rg BT 257.03 225.15 Td (million ) Tj ET Q q 0 0 0 rg BT 289.22 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 299.82 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 314.50 225.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 365.34 225.15 Td ($500 ) Tj ET Q q 0 0 0 rg BT 388.19 225.15 Td (million ) Tj ET Q q 0 0 0 rg BT 420.38 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 225.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 480.66 225.15 Td (under ) Tj ET Q q 0 0 0 rg BT 506.41 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 522.26 225.15 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.45 212.55 Td (facility) Tj ET Q q 0 0 0 rg BT 104.50 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 109.18 212.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 140.96 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 151.18 212.55 Td (market ) Tj ET Q q 0 0 0 rg BT 182.38 212.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 228.17 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 245.38 212.55 Td (other ) Tj ET Q q 0 0 0 rg BT 269.00 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 289.70 212.55 Td (needs. ) Tj ET Q q 0 0 0 rg BT 318.28 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 319.88 212.55 Td (After ) Tj ET Q q 0 0 0 rg BT 344.08 212.55 Td (drawing ) Tj ET Q q 0 0 0 rg BT 380.53 212.55 Td ($460 ) Tj ET Q q 0 0 0 rg BT 403.58 212.55 Td (million ) Tj ET Q q 0 0 0 rg BT 435.96 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 448.50 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 464.55 212.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 506.83 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.78 212.55 Td (facility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.73 199.95 Td (May ) Tj ET Q q 0 0 0 rg BT 83.04 199.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.73 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 120.96 199.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 170.08 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 191.81 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 207.70 199.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 260.93 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 272.74 199.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 307.30 199.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 344.77 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 362.99 199.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 380.70 199.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 402.14 199.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 434.94 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 446.17 199.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 497.63 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 519.36 199.95 Td (applicable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 96.75 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 111.63 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 134.09 187.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 197.38 187.35 Td ($350 ) Tj ET Q q 0 0 0 rg BT 221.02 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 254.00 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 265.38 187.35 Td (available ) Tj ET Q q 0 0 0 rg BT 305.92 187.35 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 352.30 187.35 Td (capacity ) Tj ET Q q 0 0 0 rg BT 389.92 187.35 Td (under ) Tj ET Q q 0 0 0 rg BT 416.46 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 433.10 187.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 475.98 187.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 502.52 187.35 Td (facility) Tj ET Q q 0 0 0 rg BT 531.58 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 536.84 187.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (expires ) Tj ET Q q 0 0 0 rg BT 81.88 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 92.10 174.75 Td (December ) Tj ET Q q 0 0 0 rg BT 137.29 174.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 162.97 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 164.87 174.75 Td (W) Tj ET Q q 0 0 0 rg BT 173.94 174.75 Td (e ) Tj ET Q q 0 0 0 rg BT 180.66 174.75 Td (do ) Tj ET Q q 0 0 0 rg BT 193.21 174.75 Td (not ) Tj ET Q q 0 0 0 rg BT 208.68 174.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 248.63 174.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 278.08 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 288.31 174.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 310.18 174.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 361.79 174.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 381.92 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 392.72 174.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 421.02 174.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 462.73 174.75 Td (over ) Tj ET Q q 0 0 0 rg BT 483.44 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.32 174.75 Td (next ) Tj ET Q q 0 0 0 rg BT 518.45 174.75 Td (12�months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (beyond ) Tj ET Q q 0 0 0 rg BT 83.33 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 100.25 162.15 Td (current ) Tj ET Q q 0 0 0 rg BT 132.91 162.15 Td (levels, ) Tj ET Q q 0 0 0 rg BT 162.95 162.15 Td (unless ) Tj ET Q q 0 0 0 rg BT 192.12 162.15 Td (we ) Tj ET Q q 0 0 0 rg BT 207.29 162.15 Td (enter ) Tj ET Q q 0 0 0 rg BT 231.19 162.15 Td (into ) Tj ET Q q 0 0 0 rg BT 250.45 162.15 Td (one ) Tj ET Q q 0 0 0 rg BT 268.53 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 280.20 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 304.70 162.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 357.79 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 369.46 162.15 Td (refinancings. ) Tj ET Q q 0 0 0 rg BT 426.90 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 429.82 162.15 Td (Going ) Tj ET Q q 0 0 0 rg BT 458.99 162.15 Td (forward, ) Tj ET Q q 0 0 0 rg BT 497.77 162.15 Td (there ) Tj ET Q q 0 0 0 rg BT 521.68 162.15 Td (can ) Tj ET Q q 0 0 0 rg BT 539.18 162.15 Td (be ) Tj ET Q q 0 0 0 rg BT 552.01 162.15 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (assurances ) Tj ET Q q 0 0 0 rg BT 97.63 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.61 149.55 Td (these ) Tj ET Q q 0 0 0 rg BT 134.42 149.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 190.14 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 202.12 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 219.35 149.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 269.24 149.55 Td (could ) Tj ET Q q 0 0 0 rg BT 295.80 149.55 Td (prove ) Tj ET Q q 0 0 0 rg BT 322.94 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 334.34 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 347.49 149.55 Td (incorrect, ) Tj ET Q q 0 0 0 rg BT 390.66 149.55 Td (events ) Tj ET Q q 0 0 0 rg BT 420.72 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 442.03 149.55 Td (occur ) Tj ET Q q 0 0 0 rg BT 468.58 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 487.56 149.55 Td (require ) Tj ET Q q 0 0 0 rg BT 520.53 149.55 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.03 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 97.13 136.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 126.48 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 137.16 136.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 174.69 136.95 Td (under ) Tj ET Q q 0 0 0 rg BT 200.53 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 216.47 136.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 258.65 136.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 284.49 136.95 Td (facility) Tj ET Q q 0 0 0 rg BT 313.55 136.95 Td (, ) Tj ET Q q 0 0 0 rg BT 318.11 136.95 Td (such ) Tj ET Q q 0 0 0 rg BT 339.30 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 349.99 136.95 Td (an ) Tj ET Q q 0 0 0 rg BT 361.84 136.95 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 412.77 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 422.88 136.95 Td (refinance ) Tj ET Q q 0 0 0 rg BT 463.87 136.95 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 522.68 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 533.36 136.95 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.93 124.35 Td (might ) Tj ET Q q 0 0 0 rg BT 123.10 124.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 178.27 124.35 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 213.90 124.35 Td (af) Tj ET Q q 0 0 0 rg BT 221.87 124.35 Td (fecting ) Tj ET Q q 0 0 0 rg BT 253.70 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 270.37 124.35 Td (results ) Tj ET Q q 0 0 0 rg BT 300.46 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 311.88 124.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.30 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 376.14 124.35 Td (generation ) Tj ET Q q 0 0 0 rg BT 423.13 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 434.55 124.35 Td (available ) Tj ET Q q 0 0 0 rg BT 475.12 124.35 Td (cash. ) Tj ET Q q 0 0 0 rg BT 499.08 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 501.76 124.35 Td (If ) Tj ET Q q 0 0 0 rg BT 511.43 124.35 Td (these ) Tj ET Q q 0 0 0 rg BT 535.68 124.35 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (result ) Tj ET Q q 0 0 0 rg BT 75.76 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 86.86 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 103.79 111.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 150.46 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 168.55 111.75 Td (available ) Tj ET Q q 0 0 0 rg BT 209.37 111.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.96 111.75 Td (being ) Tj ET Q q 0 0 0 rg BT 257.22 111.75 Td (insuf) Tj ET Q q 0 0 0 rg BT 278.03 111.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 307.79 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.88 111.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 341.06 111.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 379.58 111.75 Td (needs, ) Tj ET Q q 0 0 0 rg BT 409.04 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 424.22 111.75 Td (would ) Tj ET Q q 0 0 0 rg BT 453.40 111.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 480.24 111.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 501.83 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 512.93 111.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 548.51 111.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (available ) Tj ET Q q 0 0 0 rg BT 89.87 99.15 Td (resources ) Tj ET Q q 0 0 0 rg BT 132.00 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 144.98 99.15 Td (taking ) Tj ET Q q 0 0 0 rg BT 173.70 99.15 Td (actions ) Tj ET Q q 0 0 0 rg BT 205.93 99.15 Td (such ) Tj ET Q q 0 0 0 rg BT 227.65 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 238.88 99.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 278.09 99.15 Td (future ) Tj ET Q q 0 0 0 rg BT 305.64 99.15 Td (share ) Tj ET Q q 0 0 0 rg BT 330.28 99.15 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 384.94 99.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 424.15 99.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 466.29 99.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 509.29 99.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 548.51 99.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 90.52 86.55 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 147.88 86.55 Td (on ) Tj ET Q q 0 0 0 rg BT 162.09 86.55 Td (investments, ) Tj ET Q q 0 0 0 rg BT 218.59 86.55 Td (selling ) Tj ET Q q 0 0 0 rg BT 250.30 86.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.50 86.55 Td (\(such ) Tj ET Q q 0 0 0 rg BT 304.96 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 317.41 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 367.20 86.55 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 416.69 86.55 Td (repatriating ) Tj ET Q q 0 0 0 rg BT 468.79 86.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 508.07 86.55 Td (from ) Tj ET Q q 0 0 0 rg BT 532.19 86.55 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.68 73.95 Td (reducing ) Tj ET Q q 0 0 0 rg BT 144.38 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 161.35 73.95 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 203.70 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 215.41 73.95 Td (modifying ) Tj ET Q q 0 0 0 rg BT 262.14 73.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 321.67 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 343.31 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 360.27 73.95 Td (af) Tj ET Q q 0 0 0 rg BT 368.24 73.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 399.79 73.95 Td (and/or ) Tj ET Q q 0 0 0 rg BT 429.58 73.95 Td (employees. ) Tj ET Q q 0 0 0 rg BT 480.09 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 483.06 73.95 Td (Should ) Tj ET Q q 0 0 0 rg BT 515.79 73.95 Td (these ) Tj ET Q q 0 0 0 rg BT 540.33 73.95 Td (types ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.20 61.35 Td (actions ) Tj ET Q q 0 0 0 rg BT 93.89 61.35 Td (prove ) Tj ET Q q 0 0 0 rg BT 120.75 61.35 Td (insuf) Tj ET Q q 0 0 0 rg BT 141.56 61.35 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 173.96 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 185.65 61.35 Td (should ) Tj ET Q q 0 0 0 rg BT 216.61 61.35 Td (an ) Tj ET Q q 0 0 0 rg BT 229.47 61.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 278.50 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 290.19 61.35 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 340.96 61.35 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 392.90 61.35 Td (arise, ) Tj ET Q q 0 0 0 rg BT 418.30 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 433.50 61.35 Td (would ) Tj ET Q q 0 0 0 rg BT 462.70 61.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 489.56 61.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 518.75 61.35 Td (borrowing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 87.10 48.75 Td (under ) Tj ET Q q 0 0 0 rg BT 113.63 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 130.26 48.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 173.12 48.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.65 48.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 232.01 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 243.39 48.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 264.67 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 275.46 48.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 297.91 48.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 342.52 48.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 371.39 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 382.77 48.75 Td (debt.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.05 729.15 Td (liquid ) Tj ET Q q 0 0 0 rg BT 96.77 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.49 729.15 Td (include ) Tj ET Q q 0 0 0 rg BT 158.62 729.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 183.13 729.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 205.00 729.15 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 258.67 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 277.05 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 308.84 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 341.79 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 391.09 729.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 436.59 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 439.10 729.15 Td (At ) Tj ET Q q 0 0 0 rg BT 452.82 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 483.45 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 499.79 729.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 526.64 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 543.86 729.15 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (liquid ) Tj ET Q q 0 0 0 rg BT 77.26 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.02 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 128.68 716.55 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 150.31 716.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 183.61 716.55 Td ($689 ) Tj ET Q q 0 0 0 rg BT 207.87 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 241.47 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 253.47 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 282.39 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 301.98 716.55 Td (used ) Tj ET Q q 0 0 0 rg BT 324.48 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 335.91 716.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 358.42 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 374.50 716.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 422.09 716.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 465.60 716.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 519.02 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 716.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.34 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 96.40 703.95 Td (April ) Tj ET Q q 0 0 0 rg BT 120.99 703.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 144.42 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 162.00 703.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 179.71 703.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 197.89 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 208.49 703.95 Td (May ) Tj ET Q q 0 0 0 rg BT 230.16 703.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 256.21 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 258.47 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 277.22 703.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 322.22 703.95 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 343.02 703.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 372.87 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 384.04 703.95 Td (liquid ) Tj ET Q q 0 0 0 rg BT 410.97 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.90 703.95 Td (included ) Tj ET Q q 0 0 0 rg BT 476.48 703.95 Td ($378 ) Tj ET Q q 0 0 0 rg BT 499.91 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 532.67 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 543.85 703.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.98 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 119.46 691.35 Td (held ) Tj ET Q q 0 0 0 rg BT 139.86 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 152.68 691.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 185.32 691.35 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 239.85 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 242.17 691.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 268.40 691.35 Td (net ) Tj ET Q q 0 0 0 rg BT 283.54 691.35 Td (working ) Tj ET Q q 0 0 0 rg BT 320.86 691.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 351.16 691.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 389.07 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.13 691.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 432.77 691.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 484.67 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 499.81 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 515.55 691.35 Td (significant. ) Tj ET Q q 0 0 0 rg BT 565.12 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.12 678.75 Td (order ) Tj ET Q q 0 0 0 rg BT 86.14 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 97.17 678.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 134.44 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 151.30 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.83 678.75 Td (available ) Tj ET Q q 0 0 0 rg BT 213.59 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 224.63 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 261.87 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 276.98 678.75 Td (general ) Tj ET Q q 0 0 0 rg BT 310.74 678.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 353.25 678.75 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 396.08 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 411.19 678.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 432.14 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.17 678.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 472.28 678.75 Td (up ) Tj ET Q q 0 0 0 rg BT 485.65 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 496.69 678.75 Td ($170 ) Tj ET Q q 0 0 0 rg BT 520.56 678.75 Td (million ) Tj ET Q q 0 0 0 rg BT 553.76 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 81.72 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 102.28 666.15 Td (over ) Tj ET Q q 0 0 0 rg BT 122.83 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 137.56 666.15 Td (next ) Tj ET Q q 0 0 0 rg BT 157.54 666.15 Td (several ) Tj ET Q q 0 0 0 rg BT 189.17 666.15 Td (years, ) Tj ET Q q 0 0 0 rg BT 215.85 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 226.50 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 254.06 666.15 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 274.33 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 306.57 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 315.47 666.15 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 370.43 666.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 402.65 666.15 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 442.74 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 444.22 666.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 464.21 666.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 508.10 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.82 666.15 Td (provision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.23 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 116.47 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 140.62 653.55 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 195.68 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 214.58 653.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 261.48 653.55 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 312.74 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 315.32 653.55 Td (No ) Tj ET Q q 0 0 0 rg BT 330.73 653.55 Td (further ) Tj ET Q q 0 0 0 rg BT 361.87 653.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 412.84 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 424.16 653.55 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 479.79 653.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 502.78 653.55 Td (period ) Tj ET Q q 0 0 0 rg BT 532.18 653.55 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 88.30 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 98.53 640.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 139.65 640.95 Td (planned. ) Tj ET Q q 0 0 0 rg BT 178.74 640.95 Td (�However) Tj ET Q q 0 0 0 rg BT 219.43 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 225.28 640.95 Td (if ) Tj ET Q q 0 0 0 rg BT 234.92 640.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 297.62 640.95 Td (change, ) Tj ET Q q 0 0 0 rg BT 333.20 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 348.67 640.95 Td (will ) Tj ET Q q 0 0 0 rg BT 368.23 640.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 403.53 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 419.00 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 437.38 640.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 455.77 640.95 Td (any ) Tj ET Q q 0 0 0 rg BT 474.15 640.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 520.52 640.95 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.10 628.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 95.61 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 106.71 628.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 155.71 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 177.31 628.35 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 228.63 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 240.31 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 248.87 628.35 Td (fshore ) Tj ET Q q 0 0 0 rg BT 278.04 628.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 319.17 628.35 Td (It ) Tj ET Q q 0 0 0 rg BT 328.51 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 338.45 628.35 Td (not ) Tj ET Q q 0 0 0 rg BT 354.80 628.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 393.87 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 404.38 628.35 Td (this ) Tj ET Q q 0 0 0 rg BT 422.48 628.35 Td (time ) Tj ET Q q 0 0 0 rg BT 444.07 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 455.17 628.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 500.08 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 515.84 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 549.68 628.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 84.79 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 103.16 615.75 Td (would ) Tj ET Q q 0 0 0 rg BT 132.04 615.75 Td (result ) Tj ET Q q 0 0 0 rg BT 157.99 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 181.03 615.75 Td (any ) Tj ET Q q 0 0 0 rg BT 198.81 615.75 Td (further ) Tj ET Q q 0 0 0 rg BT 230.00 615.75 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 281.02 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 292.40 615.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 348.08 615.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 381.02 615.75 Td (earnings.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.55 590.55 Td (edit ) Tj ET Q q 0 0 0 rg BT 81.09 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 100.65 590.55 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 145.29 590.55 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.58 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 89.83 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 110.57 577.95 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.39 577.95 Td (deposits ) Tj ET Q q 0 0 0 rg BT 192.89 577.95 Td (involve ) Tj ET Q q 0 0 0 rg BT 226.47 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.11 577.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 283.10 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 300.34 577.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 338.01 577.95 Td (risks. ) Tj ET Q q 0 0 0 rg BT 362.56 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 364.49 577.95 Td (W) Tj ET Q q 0 0 0 rg BT 373.56 577.95 Td (e ) Tj ET Q q 0 0 0 rg BT 380.30 577.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 419.13 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 435.21 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.95 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 473.19 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 493.93 577.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 543.84 577.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.59 565.35 Td (number ) Tj ET Q q 0 0 0 rg BT 91.10 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 102.28 565.35 Td (high ) Tj ET Q q 0 0 0 rg BT 123.39 565.35 Td (quality ) Tj ET Q q 0 0 0 rg BT 154.98 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.15 565.35 Td (institutions ) Tj ET Q q 0 0 0 rg BT 243.26 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 254.44 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.21 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 297.80 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 320.65 565.35 Td (time ) Tj ET Q q 0 0 0 rg BT 341.74 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 352.35 565.35 Td (time ) Tj ET Q q 0 0 0 rg BT 373.44 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 393.96 565.35 Td (have ) Tj ET Q q 0 0 0 rg BT 416.21 565.35 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 479.87 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 500.97 565.35 Td (one ) Tj ET Q q 0 0 0 rg BT 518.57 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 529.75 565.35 Td (more ) Tj ET Q q 0 0 0 rg BT 553.76 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 72.96 552.75 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 124.15 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.89 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 144.10 552.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 182.13 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 202.69 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 226.15 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.76 552.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 313.32 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 323.95 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 349.17 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 366.22 552.75 Td (their ) Tj ET Q q 0 0 0 rg BT 387.34 552.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 413.13 552.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 444.18 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 458.88 552.75 Td (monitored ) Tj ET Q q 0 0 0 rg BT 503.92 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 516.31 552.75 Td (an ) Tj ET Q q 0 0 0 rg BT 528.10 552.75 Td (ongoing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (basis.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 106.36 514.95 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 132.91 514.95 Td (Arrangements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 502.35 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 101.17 502.35 Td (sheet ) Tj ET Q q 0 0 0 rg BT 124.46 502.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 185.37 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 195.84 502.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 229.05 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 241.27 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 255.82 502.35 Td (Securities ) Tj ET Q q 0 0 0 rg BT 298.95 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 315.83 502.35 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 358.95 502.35 Td (Commission ) Tj ET Q q 0 0 0 rg BT 413.77 502.35 Td (\("SEC"\), ) Tj ET Q q 0 0 0 rg BT 452.94 502.35 Td (include ) Tj ET Q q 0 0 0 rg BT 485.57 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 515.86 502.35 Td (contractual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 109.70 489.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 149.51 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 161.32 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 190.62 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 198.93 489.75 Td (company ) Tj ET Q q 0 0 0 rg BT 241.06 489.75 Td (has ) Tj ET Q q 0 0 0 rg BT 258.70 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 272.26 489.75 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 321.11 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 344.00 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 356.39 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.60 489.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 436.56 489.75 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 489.50 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 521.71 489.75 Td (guarantee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 93.56 477.15 Td (retained ) Tj ET Q q 0 0 0 rg BT 130.91 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 143.19 477.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 191.05 477.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 225.50 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 237.20 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.23 477.15 Td (transferred ) Tj ET Q q 0 0 0 rg BT 314.24 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 325.95 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 339.39 477.15 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 406.50 477.15 Td (entity) Tj ET Q q 0 0 0 rg BT 429.73 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 435.89 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.99 477.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 513.51 477.15 Td (instruments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 91.85 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 103.28 464.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 132.22 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 143.66 464.55 Td (material ) Tj ET Q q 0 0 0 rg BT 180.75 464.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 217.26 464.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 254.94 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 265.80 464.55 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 332.06 464.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 365.08 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 383.52 464.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 418.29 464.55 Td (financing, ) Tj ET Q q 0 0 0 rg BT 463.26 464.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 498.16 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 503.48 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 535.32 464.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 553.77 464.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.48 451.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 93.30 451.95 Td (support. ) Tj ET Q q 0 0 0 rg BT 129.50 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 131.58 451.95 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 178.56 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 187.64 451.95 Td (required ) Tj ET Q q 0 0 0 rg BT 224.70 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 239.02 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 256.25 451.95 Td (of) Tj ET Q q 0 0 0 rg BT 264.81 451.95 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 305.94 451.95 Td (sheet ) Tj ET Q q 0 0 0 rg BT 329.59 451.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 388.22 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 406.04 451.95 Td (have, ) Tj ET Q q 0 0 0 rg BT 430.56 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 441.39 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 456.28 451.95 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 503.84 451.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 529.83 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 540.07 451.95 Td (have, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 55.92 439.35 Td (material ) Tj ET Q q 0 0 0 rg BT 92.07 439.35 Td (current ) Tj ET Q q 0 0 0 rg BT 123.56 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 134.07 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 160.90 439.35 Td (ef) Tj ET Q q 0 0 0 rg BT 168.86 439.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.36 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 198.61 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 214.37 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.86 439.35 Td (condition, ) Tj ET Q q 0 0 0 rg BT 296.90 439.35 Td (results ) Tj ET Q q 0 0 0 rg BT 326.07 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 336.58 439.35 Td (operations, ) Tj ET Q q 0 0 0 rg BT 384.70 439.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 422.04 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 432.55 439.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 462.29 439.35 Td (resources. ) Tj ET Q q 0 0 0 rg BT 506.32 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.95 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 517.02 439.35 Td (e ) Tj ET Q q 0 0 0 rg BT 523.44 439.35 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (do ) Tj ET Q q 0 0 0 rg BT 61.75 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 76.92 426.75 Td (enter ) Tj ET Q q 0 0 0 rg BT 99.66 426.75 Td (into ) Tj ET Q q 0 0 0 rg BT 117.74 426.75 Td (of) Tj ET Q q 0 0 0 rg BT 126.30 426.75 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 167.10 426.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 190.43 426.75 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 251.36 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 261.86 426.75 Td (defined, ) Tj ET Q q 0 0 0 rg BT 297.72 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 321.05 426.75 Td (than ) Tj ET Q q 0 0 0 rg BT 340.88 426.75 Td (those ) Tj ET Q q 0 0 0 rg BT 364.79 426.75 Td (described ) Tj ET Q q 0 0 0 rg BT 406.78 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 416.69 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.27 426.75 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 482.01 426.75 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 532.76 426.75 Td (section ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 69.02 414.15 Td (follows ) Tj ET Q q 0 0 0 rg BT 104.29 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.22 414.15 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 185.92 414.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 229.94 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 241.88 414.15 Td (Critical ) Tj ET Q q 0 0 0 rg BT 276.31 414.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 329.07 414.15 Td (Policies ) Tj ET Q q 0 0 0 rg BT 366.09 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 385.02 414.15 Td (Notes�1 ) Tj ET Q q 0 0 0 rg BT 421.17 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.10 414.15 Td (17 ) Tj ET Q q 0 0 0 rg BT 454.37 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 466.89 414.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 495.16 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 507.10 414.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.20 401.55 Td (Statements.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (63) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 106.37 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 125.92 741.90 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 178.72 741.90 Td (Obligations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.18 729.30 Td (have ) Tj ET Q q 0 0 0 rg BT 86.95 729.30 Td (contractual ) Tj ET Q q 0 0 0 rg BT 135.55 729.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 184.16 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 194.28 729.30 Td (make ) Tj ET Q q 0 0 0 rg BT 218.97 729.30 Td (future ) Tj ET Q q 0 0 0 rg BT 245.99 729.30 Td (payments, ) Tj ET Q q 0 0 0 rg BT 290.81 729.30 Td (principally ) Tj ET Q q 0 0 0 rg BT 338.25 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 348.37 729.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 396.39 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 417.00 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 432.95 729.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 476.31 729.30 Td (debt, ) Tj ET Q q 0 0 0 rg BT 498.96 729.30 Td (non-cancelable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (lease ) Tj ET Q q 0 0 0 rg BT 73.52 716.70 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 126.99 716.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 176.10 716.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 226.94 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 245.13 716.70 Td (service ) Tj ET Q q 0 0 0 rg BT 277.90 716.70 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 331.37 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 334.40 716.70 Td (See ) Tj ET Q q 0 0 0 rg BT 352.59 716.70 Td (Notes�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.72 716.70 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.97 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 388.00 716.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.19 716.70 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.44 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 414.48 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 426.25 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 453.78 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 464.98 716.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 523.43 716.70 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.20 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 704.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.69 704.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 206.97 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 238.16 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.96 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.58 704.10 Td (commitments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 678.90 Td (following ) Tj ET Q q 0 0 0 rg BT 111.17 678.90 Td (table ) Tj ET Q q 0 0 0 rg BT 133.83 678.90 Td (sets ) Tj ET Q q 0 0 0 rg BT 151.84 678.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.50 678.90 Td (these ) Tj ET Q q 0 0 0 rg BT 198.33 678.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 247.23 678.90 Td (obligations ) Tj ET Q q 0 0 0 rg BT 296.16 678.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 310.08 678.90 Td (millions\) ) Tj ET Q q 0 0 0 rg BT 350.25 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 363.01 678.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 388.00 678.90 Td (year) Tj ET Q q 0 0 0 rg BT 405.65 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 410.53 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 427.95 678.90 Td (excludes ) Tj ET Q q 0 0 0 rg BT 466.94 678.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 515.84 678.90 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 666.30 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358 336.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 317.8 m 358 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 336.8 m 406 336.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 317.8 m 406 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 336.8 m 454 336.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 317.8 m 454 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 336.8 m 508 336.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 317.8 m 508 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 336.8 m 563 336.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 317.8 m 563 317.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.50 635.57 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.00 635.57 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 635.57 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 635.57 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.00 635.57 Td (2021) Tj ET Q BT 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595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 595.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.50 595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 595.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.50 595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 595.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 595.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 595.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.50 595.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 595.57 Td (40.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 581.02 Td (Long-term borrowings by contract) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 570.52 Td (maturity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.50 570.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 570.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 570.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 570.57 Td (250.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 570.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 570.57 Td (1,500.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 570.57 Td (1,750.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 555.57 Td (Interest on long-term borrowings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 545.07 Td (and credit facility commitment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 534.57 Td (fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.60 534.57 Td (86.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.60 534.57 Td (86.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 534.57 Td (86.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 534.57 Td (83.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.60 534.57 Td (79.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 534.57 Td (1,410.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 534.57 Td (1,833.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 520.02 Td (Minimum rental and service) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 509.52 Td (commitments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 509.57 Td (128.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.35 509.57 Td (109.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 509.57 Td (88.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 509.57 Td (79.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.60 509.57 Td (73.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.35 509.57 Td (225.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 509.57 Td (704.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 491.57 Td (Total Contractual Obligations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 491.57 Td (254.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.35 491.57 Td (196.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 491.57 Td (175.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 491.57 Td (413.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.35 491.57 Td (152.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 491.57 Td (3,136.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 491.57 Td (4,328.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 473.59 Td (Contingent Obligations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 458.07 Td (Payments related to business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 447.57 Td (acquisitions) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 111.66 452.33 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 431.57 Td (Clarion Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 431.57 Td (577.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 431.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 431.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 431.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 431.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 431.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 431.57 Td (577.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 415.57 Td (EnTrust) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 415.57 Td (400.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 415.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 415.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 415.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 415.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 415.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 415.57 Td (400.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 399.57 Td (Martin Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 399.57 Td (467.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 399.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 399.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 399.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 399.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 399.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 399.57 Td (467.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 383.57 Td (RARE Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.60 383.57 Td (23.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.60 383.57 Td (57.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 383.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 383.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 383.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 383.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 383.57 Td (81.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 367.57 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.60 367.57 Td (38.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.85 367.57 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 367.57 Td (20.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 367.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 367.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 367.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 367.57 Td (61.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 352.07 Td (Total payments related to business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 341.57 Td (acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.50 341.57 Td (1,507.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.60 341.57 Td (60.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 341.57 Td (20.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 341.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 341.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 341.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 341.57 Td (1,587.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 322.59 Td (T) Tj ET Q q 0 0 0 rg BT 58.54 322.59 Td (otal Obligations) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 130.01 327.35 Td (\(3\)\(4\)\(5\)\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.50 322.57 Td (1,762.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.35 322.57 Td (256.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 322.57 Td (195.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 322.57 Td (413.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.35 322.57 Td (152.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 322.57 Td (3,136.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.50 322.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 322.57 Td (5,915.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 307.50 Td (\(1\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 58.83 307.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 307.50 Td (Represents ) Tj ET Q q 0 0 0 rg BT 109.92 307.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 153.86 307.50 Td (under ) Tj ET Q q 0 0 0 rg BT 177.28 307.50 Td (our ) Tj ET Q q 0 0 0 rg BT 192.22 307.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 229.65 307.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 253.07 307.50 Td (facility ) Tj ET Q q 0 0 0 rg BT 281.49 307.50 Td (which ) Tj ET Q q 0 0 0 rg BT 306.42 307.50 Td (does ) Tj ET Q q 0 0 0 rg BT 325.85 307.50 Td (not ) Tj ET Q q 0 0 0 rg BT 340.29 307.50 Td (expire ) Tj ET Q q 0 0 0 rg BT 365.71 307.50 Td (until ) Tj ET Q q 0 0 0 rg BT 385.15 307.50 Td (December ) Tj ET Q q 0 0 0 rg BT 425.06 307.50 Td (2020. ) Tj ET Q q 0 0 0 rg BT 448.25 307.50 Td (In ) Tj ET Q q 0 0 0 rg BT 458.03 307.50 Td (April ) Tj ET Q q 0 0 0 rg BT 479.96 307.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 503.15 307.50 Td (we ) Tj ET Q q 0 0 0 rg BT 516.58 307.50 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 554.00 307.50 Td (an ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 296.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 105.85 296.70 Td ($460 ) Tj ET Q q 0 0 0 rg BT 126.21 296.70 Td (million ) Tj ET Q q 0 0 0 rg BT 154.57 296.70 Td (under ) Tj ET Q q 0 0 0 rg BT 177.42 296.70 Td (this ) Tj ET Q q 0 0 0 rg BT 192.78 296.70 Td (facility ) Tj ET Q q 0 0 0 rg BT 220.62 296.70 Td (and ) Tj ET Q q 0 0 0 rg BT 235.98 296.70 Td (exercised ) Tj ET Q q 0 0 0 rg BT 272.31 296.70 Td (an ) Tj ET Q q 0 0 0 rg BT 283.17 296.70 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 324.51 296.70 Td (variable ) Tj ET Q q 0 0 0 rg BT 355.85 296.70 Td (for ) Tj ET Q q 0 0 0 rg BT 368.70 296.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 389.55 296.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 418.40 296.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 434.25 296.70 Td (swap ) Tj ET Q q 0 0 0 rg BT 455.10 296.70 Td (with ) Tj ET Q q 0 0 0 rg BT 473.46 296.70 Td (the ) Tj ET Q q 0 0 0 rg BT 486.81 296.70 Td (intention ) Tj ET Q q 0 0 0 rg BT 521.17 296.70 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 296.70 Td (repaying ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.66 285.90 Td ($500 ) Tj ET Q q 0 0 0 rg BT 100.82 285.90 Td (million ) Tj ET Q q 0 0 0 rg BT 128.98 285.90 Td (of ) Tj ET Q q 0 0 0 rg BT 138.64 285.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 181.79 285.90 Td (through ) Tj ET Q q 0 0 0 rg BT 211.95 285.90 Td (December ) Tj ET Q q 0 0 0 rg BT 251.09 285.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 273.50 285.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.66 285.90 Td (However) Tj ET Q q 0 0 0 rg BT 308.28 285.90 Td (, ) Tj ET Q q 0 0 0 rg BT 312.69 285.90 Td (we ) Tj ET Q q 0 0 0 rg BT 325.35 285.90 Td (may ) Tj ET Q q 0 0 0 rg BT 343.00 285.90 Td (elect ) Tj ET Q q 0 0 0 rg BT 362.15 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.31 285.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 393.45 285.90 Td (this ) Tj ET Q q 0 0 0 rg BT 408.62 285.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 426.27 285.90 Td (sooner ) Tj ET Q q 0 0 0 rg BT 452.43 285.90 Td (if ) Tj ET Q q 0 0 0 rg BT 460.08 285.90 Td (management ) Tj ET Q q 0 0 0 rg BT 508.22 285.90 Td (elects ) Tj ET Q q 0 0 0 rg BT 530.87 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 540.03 285.90 Td (utilize ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.74 275.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 101.99 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.74 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.99 275.10 Td (available ) Tj ET Q q 0 0 0 rg BT 160.72 275.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 178.96 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.70 275.10 Td (this ) Tj ET Q q 0 0 0 rg BT 206.96 275.10 Td (purpose. ) Tj ET Q q 0 0 0 rg BT 239.95 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.20 275.10 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 264.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 264.90 Td (The ) Tj ET Q q 0 0 0 rg BT 82.57 264.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 109.93 264.90 Td (of ) Tj ET Q q 0 0 0 rg BT 118.87 264.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 156.61 264.90 Td (payments ) Tj ET Q q 0 0 0 rg BT 191.04 264.90 Td (reflected ) Tj ET Q q 0 0 0 rg BT 222.63 264.90 Td (for ) Tj ET Q q 0 0 0 rg BT 234.40 264.90 Td (any ) Tj ET Q q 0 0 0 rg BT 248.53 264.90 Td (year ) Tj ET Q q 0 0 0 rg BT 265.01 264.90 Td (represents ) Tj ET Q q 0 0 0 rg BT 301.33 264.90 Td (the ) Tj ET Q q 0 0 0 rg BT 313.57 264.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 349.90 264.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 377.26 264.90 Td (that ) Tj ET Q q 0 0 0 rg BT 391.86 264.90 Td (could ) Tj ET Q q 0 0 0 rg BT 412.61 264.90 Td (be ) Tj ET Q q 0 0 0 rg BT 422.49 264.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 450.78 264.90 Td (at ) Tj ET Q q 0 0 0 rg BT 458.77 264.90 Td (the ) Tj ET Q q 0 0 0 rg BT 471.01 264.90 Td (earliest ) Tj ET Q q 0 0 0 rg BT 497.41 264.90 Td (possible ) Tj ET Q q 0 0 0 rg BT 527.13 264.90 Td (date ) Tj ET Q q 0 0 0 rg BT 543.15 264.90 Td (under ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 254.70 Td (the ) Tj ET Q q 0 0 0 rg BT 80.25 254.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 101.50 254.70 Td (of ) Tj ET Q q 0 0 0 rg BT 110.94 254.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.69 254.70 Td (business ) Tj ET Q q 0 0 0 rg BT 154.86 254.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 187.43 254.70 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 230.62 254.70 Td (using ) Tj ET Q q 0 0 0 rg BT 251.40 254.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.15 254.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 301.44 254.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 335.90 254.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.00 254.70 Td (as ) Tj ET Q q 0 0 0 rg BT 360.44 254.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.88 254.70 Td (March ) Tj ET Q q 0 0 0 rg BT 394.43 254.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.42 254.70 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.42 254.70 Td (, ) Tj ET Q q 0 0 0 rg BT 428.91 254.70 Td (for ) Tj ET Q q 0 0 0 rg BT 441.18 254.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 472.35 254.70 Td (denominated ) Tj ET Q q 0 0 0 rg BT 518.62 254.70 Td (in ) Tj ET Q q 0 0 0 rg BT 527.59 254.70 Td (currencies ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 244.50 Td (ot) Tj ET Q BT /F1 8.50 Tf ET 1 1 1 rg /GS0 gs 74.11 250.39 249.55 -7.73 re f /GS0 gs q 0 0 0 rg BT 74.11 244.50 Td (her ) Tj ET Q q 0 0 0 rg BT 87.48 244.50 Td (than ) Tj ET Q q 0 0 0 rg BT 104.62 244.50 Td (the ) Tj ET Q q 0 0 0 rg BT 117.51 244.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 135.14 244.50 Td (dollar) Tj ET Q q 0 0 0 rg BT 154.50 244.50 Td (. ) Tj ET Q q 0 0 0 rg BT 159.13 244.50 Td ( ) Tj ET Q q 0 0 0 rg BT 161.46 244.50 Td (The ) Tj ET Q q 0 0 0 rg BT 177.19 244.50 Td (related ) Tj ET Q q 0 0 0 rg BT 202.82 244.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 241.21 244.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 289.51 244.50 Td (liabilities ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 323.66 244.50 Td (had ) Tj ET Q q 0 0 0 rg BT 338.44 244.50 Td (a ) Tj ET Q q 0 0 0 rg BT 344.73 244.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 359.03 244.50 Td (value ) Tj ET Q q 0 0 0 rg BT 379.95 244.50 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 389.54 244.50 Td ($84.6) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 408.66 244.50 Td ( ) Tj ET Q q 0 0 0 rg BT 411.17 244.50 Td (million ) Tj ET Q q 0 0 0 rg BT 438.24 244.50 Td (as ) Tj ET Q q 0 0 0 rg BT 447.83 244.50 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 457.42 244.50 Td (March ) Tj ET Q q 0 0 0 rg BT 482.12 244.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.25 244.50 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.25 244.50 Td (, ) Tj ET Q q 0 0 0 rg BT 516.89 244.50 Td (net ) Tj ET Q q 0 0 0 rg BT 529.78 244.50 Td (of ) Tj ET Q q 0 0 0 rg BT 539.37 244.50 Td (certain ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 234.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 99.07 234.30 Td (pension ) Tj ET Q q 0 0 0 rg BT 127.33 234.30 Td (and ) Tj ET Q q 0 0 0 rg BT 141.43 234.30 Td (other ) Tj ET Q q 0 0 0 rg BT 160.72 234.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 200.32 234.30 Td (related ) Tj ET Q q 0 0 0 rg BT 225.27 234.30 Td (to ) Tj ET Q q 0 0 0 rg BT 233.71 234.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 258.67 234.30 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 284.33 234.30 Td ( ) Tj ET Q q 0 0 0 rg BT 286.16 234.30 Td (See ) Tj ET Q q 0 0 0 rg BT 300.25 234.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.91 234.30 Td (2 ) Tj ET Q q 0 0 0 rg BT 327.98 234.30 Td (and ) Tj ET Q q 0 0 0 rg BT 342.08 234.30 Td (8 ) Tj ET Q q 0 0 0 rg BT 348.15 234.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.06 234.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 378.71 234.30 Td (to ) Tj ET Q q 0 0 0 rg BT 387.15 234.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 433.83 234.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 467.29 234.30 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 508.54 234.30 Td ( ) Tj ET Q q 0 0 0 rg BT 510.23 234.30 Td (The ) Tj ET Q q 0 0 0 rg BT 525.27 234.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 545.51 234.30 Td (2017 ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 224.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 98.04 224.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 129.50 224.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.15 224.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 168.38 224.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 197.97 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.98 224.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 226.31 224.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 240.80 224.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 273.68 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.80 224.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.64 224.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 336.95 224.10 Td (made ) Tj ET Q q 0 0 0 rg BT 357.10 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.06 224.10 Td (April ) Tj ET Q q 0 0 0 rg BT 384.74 224.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 403.47 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.48 224.10 Td (May ) Tj ET Q q 0 0 0 rg BT 434.80 224.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 455.66 224.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 496.17 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 500.03 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.38 224.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 547.40 224.10 Td (with ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 213.90 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 124.87 213.90 Td (which ) Tj ET Q q 0 0 0 rg BT 147.77 213.90 Td (are ) Tj ET Q q 0 0 0 rg BT 160.27 213.90 Td (further ) Tj ET Q q 0 0 0 rg BT 185.52 213.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 220.23 213.90 Td (in ) Tj ET Q q 0 0 0 rg BT 228.96 213.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 247.61 213.90 Td (18 ) Tj ET Q q 0 0 0 rg BT 258.24 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 267.44 213.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 289.40 213.90 Td (to ) Tj ET Q q 0 0 0 rg BT 298.14 213.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 345.12 213.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 378.88 213.90 Td (Statements.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 203.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 203.70 Td (The ) Tj ET Q q 0 0 0 rg BT 82.62 203.70 Td (table ) Tj ET Q q 0 0 0 rg BT 101.04 203.70 Td (above ) Tj ET Q q 0 0 0 rg BT 123.23 203.70 Td (does ) Tj ET Q q 0 0 0 rg BT 140.72 203.70 Td (not ) Tj ET Q q 0 0 0 rg BT 153.48 203.70 Td (include ) Tj ET Q q 0 0 0 rg BT 180.40 203.70 Td (approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 231.40 203.70 Td ($28.9) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 250.52 203.70 Td (�million ) Tj ET Q q 0 0 0 rg BT 279.11 203.70 Td (in ) Tj ET Q q 0 0 0 rg BT 287.62 203.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 312.17 203.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 360.35 203.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.86 203.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 408.06 203.70 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 451.51 203.70 Td (in ) Tj ET Q q 0 0 0 rg BT 460.02 203.70 Td (which ) Tj ET Q q 0 0 0 rg BT 482.70 203.70 Td (we ) Tj ET Q q 0 0 0 rg BT 494.51 203.70 Td (are ) Tj ET Q q 0 0 0 rg BT 506.79 203.70 Td (a ) Tj ET Q q 0 0 0 rg BT 512.46 203.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 538.45 203.70 Td (partner ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 193.50 Td (or ) Tj ET Q q 0 0 0 rg BT 76.86 193.50 Td ($100 ) Tj ET Q q 0 0 0 rg BT 96.14 193.50 Td (million ) Tj ET Q q 0 0 0 rg BT 122.98 193.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.34 193.50 Td (co-investment ) Tj ET Q q 0 0 0 rg BT 182.78 193.50 Td (commitment ) Tj ET Q q 0 0 0 rg BT 228.03 193.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 265.24 193.50 Td (with ) Tj ET Q q 0 0 0 rg BT 282.63 193.50 Td (the ) Tj ET Q q 0 0 0 rg BT 295.30 193.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 323.07 193.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 353.21 193.50 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 394.92 193.50 Td ( ) Tj ET Q q 0 0 0 rg BT 397.03 193.50 Td (These ) Tj ET Q q 0 0 0 rg BT 419.61 193.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 459.67 193.50 Td (will ) Tj ET Q q 0 0 0 rg BT 475.17 193.50 Td (be ) Tj ET Q q 0 0 0 rg BT 485.48 193.50 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 529.55 193.50 Td (or ) Tj ET Q q 0 0 0 rg BT 538.91 193.50 Td (funded ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 183.30 Td (as ) Tj ET Q q 0 0 0 rg BT 76.71 183.30 Td (required, ) Tj ET Q q 0 0 0 rg BT 109.27 183.30 Td (through ) Tj ET Q q 0 0 0 rg BT 137.84 183.30 Td (the ) Tj ET Q q 0 0 0 rg BT 150.35 183.30 Td (end ) Tj ET Q q 0 0 0 rg BT 164.75 183.30 Td (of ) Tj ET Q q 0 0 0 rg BT 173.96 183.30 Td (the ) Tj ET Q q 0 0 0 rg BT 186.47 183.30 Td (commitment ) Tj ET Q q 0 0 0 rg BT 231.56 183.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 258.71 183.30 Td (running ) Tj ET Q q 0 0 0 rg BT 287.27 183.30 Td (through ) Tj ET Q q 0 0 0 rg BT 315.84 183.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 336.37 183.30 Td (2021.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 83.07 173.10 Td (table ) Tj ET Q q 0 0 0 rg BT 101.94 173.10 Td (above ) Tj ET Q q 0 0 0 rg BT 124.58 173.10 Td (does ) Tj ET Q q 0 0 0 rg BT 142.52 173.10 Td (not ) Tj ET Q q 0 0 0 rg BT 155.73 173.10 Td (include ) Tj ET Q q 0 0 0 rg BT 183.10 173.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 214.26 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.52 173.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 260.49 173.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 273.23 173.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 306.28 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.71 173.10 Td ($49.6 ) Tj ET Q q 0 0 0 rg BT 337.19 173.10 Td (million ) Tj ET Q q 0 0 0 rg BT 364.10 173.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 379.66 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.83 173.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 427.77 173.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 453.73 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.99 173.10 Td (state ) Tj ET Q q 0 0 0 rg BT 483.92 173.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.65 173.10 Td (liabilities\), ) Tj ET Q q 0 0 0 rg BT 535.60 173.10 Td (because ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 162.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 104.33 162.90 Td (of ) Tj ET Q q 0 0 0 rg BT 113.54 162.90 Td (any ) Tj ET Q q 0 0 0 rg BT 127.94 162.90 Td (related ) Tj ET Q q 0 0 0 rg BT 153.18 162.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.41 162.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 202.29 162.90 Td (cannot ) Tj ET Q q 0 0 0 rg BT 227.07 162.90 Td (be ) Tj ET Q q 0 0 0 rg BT 237.22 162.90 Td (reliably ) Tj ET Q q 0 0 0 rg BT 265.31 162.90 Td (estimated.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 152.70 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 152.70 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 152.70 Td (table ) Tj ET Q q 0 0 0 rg BT 101.58 152.70 Td (above ) Tj ET Q q 0 0 0 rg BT 124.04 152.70 Td (does ) Tj ET Q q 0 0 0 rg BT 141.80 152.70 Td (not ) Tj ET Q q 0 0 0 rg BT 154.83 152.70 Td (include ) Tj ET Q q 0 0 0 rg BT 182.02 152.70 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 223.36 152.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 275.58 152.70 Td (interests, ) Tj ET Q q 0 0 0 rg BT 308.20 152.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 342.01 152.70 Td (related ) Tj ET Q q 0 0 0 rg BT 367.30 152.70 Td (to ) Tj ET Q q 0 0 0 rg BT 376.08 152.70 Td (af) Tj ET Q q 0 0 0 rg BT 382.53 152.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 404.53 152.70 Td (minority ) Tj ET Q q 0 0 0 rg BT 435.98 152.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 466.48 152.70 Td (and ) Tj ET Q q 0 0 0 rg BT 480.92 152.70 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 503.16 152.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.41 152.70 Td ($175.8) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.79 152.70 Td ( ) Tj ET Q q 0 0 0 rg BT 537.96 152.70 Td (million ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 142.50 Td (as ) Tj ET Q q 0 0 0 rg BT 76.93 142.50 Td (of ) Tj ET Q q 0 0 0 rg BT 86.35 142.50 Td (March ) Tj ET Q q 0 0 0 rg BT 110.88 142.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.85 142.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 145.32 142.50 Td (because ) Tj ET Q q 0 0 0 rg BT 174.57 142.50 Td (the ) Tj ET Q q 0 0 0 rg BT 187.30 142.50 Td (timing ) Tj ET Q q 0 0 0 rg BT 211.84 142.50 Td (of ) Tj ET Q q 0 0 0 rg BT 221.27 142.50 Td (any ) Tj ET Q q 0 0 0 rg BT 235.88 142.50 Td (related ) Tj ET Q q 0 0 0 rg BT 261.35 142.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.80 142.50 Td (outflows ) Tj ET Q q 0 0 0 rg BT 310.90 142.50 Td (cannot ) Tj ET Q q 0 0 0 rg BT 335.90 142.50 Td (be ) Tj ET Q q 0 0 0 rg BT 346.27 142.50 Td (reliably ) Tj ET Q q 0 0 0 rg BT 374.58 142.50 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 411.62 142.50 Td ( ) Tj ET Q q 0 0 0 rg BT 413.45 142.50 Td (As ) Tj ET Q q 0 0 0 rg BT 425.24 142.50 Td (further ) Tj ET Q q 0 0 0 rg BT 450.71 142.50 Td (described ) Tj ET Q q 0 0 0 rg BT 485.63 142.50 Td (in ) Tj ET Q q 0 0 0 rg BT 494.58 142.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 513.45 142.50 Td (18 ) Tj ET Q q 0 0 0 rg BT 524.30 142.50 Td (of ) Tj ET Q q 0 0 0 rg BT 533.72 142.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 555.90 142.50 Td (to ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 132.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 114.48 132.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 148.24 132.30 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 189.79 132.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 217.41 132.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 247.39 132.30 Td (and ) Tj ET Q q 0 0 0 rg BT 261.79 132.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 276.13 132.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 291.00 132.30 Td (will ) Tj ET Q q 0 0 0 rg BT 306.35 132.30 Td (also ) Tj ET Q q 0 0 0 rg BT 322.17 132.30 Td (have ) Tj ET Q q 0 0 0 rg BT 340.34 132.30 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 381.63 132.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 433.81 132.30 Td (interests.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 67.50 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.60 122.10 Td (table ) Tj ET Q q 0 0 0 rg BT 101.01 122.10 Td (above ) Tj ET Q q 0 0 0 rg BT 123.19 122.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 154.81 122.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 186.44 122.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 226.10 122.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 251.12 122.10 Td (from ) Tj ET Q q 0 0 0 rg BT 269.53 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.80 122.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 311.54 122.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 348.36 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.33 122.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 383.29 122.10 Td (under ) Tj ET Q q 0 0 0 rg BT 404.53 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.80 122.10 Td (af) Tj ET Q q 0 0 0 rg BT 423.25 122.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 444.96 122.10 Td (management ) Tj ET Q q 0 0 0 rg BT 490.27 122.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.40 122.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 533.23 122.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.23 122.10 Td (key ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 111.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 106.14 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 115.52 111.90 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 144.01 111.90 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 189.97 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 204.53 111.90 Td (Royce ) Tj ET Q q 0 0 0 rg BT 228.54 111.90 Td (due ) Tj ET Q q 0 0 0 rg BT 243.11 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 252.01 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.69 111.90 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 305.21 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.59 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 327.26 111.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 351.75 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 366.32 111.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 397.41 111.90 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 434.17 111.90 Td (payable. ) Tj ET Q q 0 0 0 rg BT 465.02 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 467.31 111.90 Td (See ) Tj ET Q q 0 0 0 rg BT 481.88 111.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 504.00 111.90 Td (1and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 522.82 111.90 Td (1) Tj ET Q q 0 0 0 rg BT 526.75 111.90 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.00 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 533.29 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 542.67 111.90 Td (Notes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 101.70 Td (to ) Tj ET Q q 0 0 0 rg BT 76.24 101.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 123.22 101.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.98 101.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 196.40 101.70 Td (for ) Tj ET Q q 0 0 0 rg BT 208.44 101.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 244.56 101.70 Td (information ) Tj ET Q q 0 0 0 rg BT 286.81 101.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 321.51 101.70 Td (af) Tj ET Q q 0 0 0 rg BT 327.96 101.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 349.91 101.70 Td (management ) Tj ET Q q 0 0 0 rg BT 395.46 101.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.83 101.70 Td (plans.) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (64) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (MARKET) Tj ET Q q 0 0 0 rg BT 96.56 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 99.19 741.90 Td (RISK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 717.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 717.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.75 717.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 105.01 717.30 Td (an ) Tj ET Q q 0 0 0 rg BT 117.45 717.30 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 161.36 717.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.63 717.30 Td (management ) Tj ET Q q 0 0 0 rg BT 235.80 717.30 Td (program ) Tj ET Q q 0 0 0 rg BT 273.89 717.30 Td (to ) Tj ET Q q 0 0 0 rg BT 284.58 717.30 Td (oversee ) Tj ET Q q 0 0 0 rg BT 319.17 717.30 Td (and ) Tj ET Q q 0 0 0 rg BT 336.85 717.30 Td (coordinate ) Tj ET Q q 0 0 0 rg BT 383.68 717.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 401.95 717.30 Td (management ) Tj ET Q q 0 0 0 rg BT 458.12 717.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 498.55 717.30 Td (of ) Tj ET Q q 0 0 0 rg BT 509.81 717.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 717.30 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 704.70 Td (its ) Tj ET Q q 0 0 0 rg BT 79.09 704.70 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 133.55 704.70 Td ( ) Tj ET Q q 0 0 0 rg BT 135.81 704.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 164.31 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 179.39 704.70 Td (program, ) Tj ET Q q 0 0 0 rg BT 219.84 704.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.66 704.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.67 704.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 308.83 704.70 Td (are ) Tj ET Q q 0 0 0 rg BT 323.90 704.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 364.06 704.70 Td (at ) Tj ET Q q 0 0 0 rg BT 373.89 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.98 704.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 434.40 704.70 Td (level. ) Tj ET Q q 0 0 0 rg BT 459.68 704.70 Td ( ) Tj ET Q q 0 0 0 rg BT 461.78 704.70 Td (The ) Tj ET Q q 0 0 0 rg BT 480.36 704.70 Td (following ) Tj ET Q q 0 0 0 rg BT 523.45 704.70 Td (describes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 692.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 113.64 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.01 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.63 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 179.84 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 198.21 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.65 692.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 253.03 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.82 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 295.60 692.10 Td (risk.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 666.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 94.71 666.90 Td (and ) Tj ET Q q 0 0 0 rg BT 114.26 666.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 132.63 666.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 168.50 666.90 Td (\(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.88 654.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 107.51 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 119.31 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 136.36 654.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.64 654.30 Td (is ) Tj ET Q q 0 0 0 rg BT 182.70 654.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 228.31 654.30 Td (from ) Tj ET Q q 0 0 0 rg BT 251.78 654.30 Td (the ) Tj ET Q q 0 0 0 rg BT 267.66 654.30 Td (market ) Tj ET Q q 0 0 0 rg BT 299.87 654.30 Td (value ) Tj ET Q q 0 0 0 rg BT 325.66 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 353.84 654.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 384.02 654.30 Td ( ) Tj ET Q q 0 0 0 rg BT 386.40 654.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 438.20 654.30 Td (, ) Tj ET Q q 0 0 0 rg BT 443.88 654.30 Td (a ) Tj ET Q q 0 0 0 rg BT 451.60 654.30 Td (decline ) Tj ET Q q 0 0 0 rg BT 484.97 654.30 Td (in ) Tj ET Q q 0 0 0 rg BT 496.19 654.30 Td (the ) Tj ET Q q 0 0 0 rg BT 512.07 654.30 Td (value ) Tj ET Q q 0 0 0 rg BT 537.87 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 654.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.68 641.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.03 641.70 Td (will ) Tj ET Q q 0 0 0 rg BT 159.06 641.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 185.07 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 201.16 641.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 230.98 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 248.83 641.70 Td (thus ) Tj ET Q q 0 0 0 rg BT 269.03 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 285.72 641.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 328.35 641.70 Td (to ) Tj ET Q q 0 0 0 rg BT 339.21 641.70 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 380.66 641.70 Td ( ) Tj ET Q q 0 0 0 rg BT 383.35 641.70 Td (In ) Tj ET Q q 0 0 0 rg BT 394.79 641.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 434.52 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 451.21 641.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 475.48 641.70 Td (income ) Tj ET Q q 0 0 0 rg BT 509.08 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.93 641.70 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.84 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.50 629.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 125.08 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.09 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.75 629.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 183.17 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.75 629.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.50 629.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.07 629.10 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 302.11 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 313.69 629.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 340.45 629.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.20 629.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 396.86 629.10 Td (may ) Tj ET Q q 0 0 0 rg BT 417.77 629.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 438.69 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.70 629.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 480.52 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.18 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 528.17 629.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.75 629.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 616.50 Td (bonds ) Tj ET Q q 0 0 0 rg BT 77.49 616.50 Td (held ) Tj ET Q q 0 0 0 rg BT 98.48 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.55 616.50 Td (various ) Tj ET Q q 0 0 0 rg BT 143.37 616.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 175.44 616.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.59 616.50 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 241.33 616.50 Td (or ) Tj ET Q q 0 0 0 rg BT 252.98 616.50 Td (separately ) Tj ET Q q 0 0 0 rg BT 298.44 616.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 339.25 616.50 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 381.52 616.50 Td ( ) Tj ET Q q 0 0 0 rg BT 384.42 616.50 Td (In ) Tj ET Q q 0 0 0 rg BT 396.07 616.50 Td (the ) Tj ET Q q 0 0 0 rg BT 411.81 616.50 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 450.28 616.50 Td (course ) Tj ET Q q 0 0 0 rg BT 480.59 616.50 Td (of ) Tj ET Q q 0 0 0 rg BT 492.25 616.50 Td (our ) Tj ET Q q 0 0 0 rg BT 509.15 616.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 550.27 616.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.90 Td (may ) Tj ET Q q 0 0 0 rg BT 69.74 603.90 Td (also ) Tj ET Q q 0 0 0 rg BT 88.82 603.90 Td (reduce ) Tj ET Q q 0 0 0 rg BT 118.96 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 129.87 603.90 Td (waive ) Tj ET Q q 0 0 0 rg BT 157.10 603.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.34 603.90 Td (management ) Tj ET Q q 0 0 0 rg BT 261.15 603.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 282.84 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 293.75 603.90 Td (limit ) Tj ET Q q 0 0 0 rg BT 315.75 603.90 Td (total ) Tj ET Q q 0 0 0 rg BT 336.57 603.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 379.26 603.90 Td (on ) Tj ET Q q 0 0 0 rg BT 391.93 603.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.65 603.90 Td (products ) Tj ET Q q 0 0 0 rg BT 460.97 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 471.88 603.90 Td (services ) Tj ET Q q 0 0 0 rg BT 507.86 603.90 Td (for ) Tj ET Q q 0 0 0 rg BT 522.27 603.90 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.30 Td (time ) Tj ET Q q 0 0 0 rg BT 69.96 591.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 102.67 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 112.64 591.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 147.09 591.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 168.14 591.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 210.47 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 221.01 591.30 Td (for ) Tj ET Q q 0 0 0 rg BT 235.06 591.30 Td (other ) Tj ET Q q 0 0 0 rg BT 258.43 591.30 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 294.35 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 311.31 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 321.27 591.30 Td (help ) Tj ET Q q 0 0 0 rg BT 341.15 591.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 366.85 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 377.40 591.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 413.59 591.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 453.29 591.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 482.22 591.30 Td ( ) Tj ET Q q 0 0 0 rg BT 484.02 591.30 Td (Market ) Tj ET Q q 0 0 0 rg BT 516.14 591.30 Td (conditions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (such ) Tj ET Q q 0 0 0 rg BT 71.98 578.70 Td (as ) Tj ET Q q 0 0 0 rg BT 83.95 578.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.01 578.70 Td (current ) Tj ET Q q 0 0 0 rg BT 132.97 578.70 Td (historical ) Tj ET Q q 0 0 0 rg BT 175.27 578.70 Td (low ) Tj ET Q q 0 0 0 rg BT 194.25 578.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.39 578.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.35 578.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 306.27 578.70 Td (may ) Tj ET Q q 0 0 0 rg BT 327.58 578.70 Td (lead ) Tj ET Q q 0 0 0 rg BT 348.30 578.70 Td (us ) Tj ET Q q 0 0 0 rg BT 360.86 578.70 Td (to ) Tj ET Q q 0 0 0 rg BT 372.26 578.70 Td (take ) Tj ET Q q 0 0 0 rg BT 392.98 578.70 Td (such ) Tj ET Q q 0 0 0 rg BT 415.45 578.70 Td (actions. ) Tj ET Q q 0 0 0 rg BT 451.05 578.70 Td ( ) Tj ET Q q 0 0 0 rg BT 454.28 578.70 Td (Performance ) Tj ET Q q 0 0 0 rg BT 511.14 578.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 531.28 578.70 Td (may ) Tj ET Q q 0 0 0 rg BT 552.58 578.70 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.43 566.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.89 566.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 122.41 566.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 170.44 566.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 208.55 566.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 248.41 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.61 566.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 307.12 566.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 362.13 566.10 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 417.44 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.55 566.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 462.76 566.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 497.95 566.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 517.98 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.11 566.10 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (these ) Tj ET Q q 0 0 0 rg BT 73.26 553.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 94.97 553.50 Td ( ) Tj ET Q q 0 0 0 rg BT 97.15 553.50 Td (Declines ) Tj ET Q q 0 0 0 rg BT 136.07 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 146.42 553.50 Td (market ) Tj ET Q q 0 0 0 rg BT 177.76 553.50 Td (values ) Tj ET Q q 0 0 0 rg BT 206.76 553.50 Td (of ) Tj ET Q q 0 0 0 rg BT 217.21 553.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 243.90 553.50 Td (will ) Tj ET Q q 0 0 0 rg BT 262.42 553.50 Td (result ) Tj ET Q q 0 0 0 rg BT 287.93 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 298.28 553.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 333.69 553.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 348.69 553.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 388.19 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 405.53 553.50 Td (net ) Tj ET Q q 0 0 0 rg BT 420.54 553.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 456.25 553.50 Td ( ) Tj ET Q q 0 0 0 rg BT 458.28 553.50 Td (W) Tj ET Q q 0 0 0 rg BT 467.35 553.50 Td (e ) Tj ET Q q 0 0 0 rg BT 474.19 553.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 515.44 553.50 Td (earn ) Tj ET Q q 0 0 0 rg BT 535.69 553.50 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.53 540.90 Td (on ) Tj ET Q q 0 0 0 rg BT 81.16 540.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 109.54 540.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 136.16 540.90 Td (than ) Tj ET Q q 0 0 0 rg BT 156.37 540.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 175.40 540.90 Td (char) Tj ET Q q 0 0 0 rg BT 193.28 540.90 Td (ged ) Tj ET Q q 0 0 0 rg BT 210.57 540.90 Td (for ) Tj ET Q q 0 0 0 rg BT 224.94 540.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 248.65 540.90 Td (income ) Tj ET Q q 0 0 0 rg BT 281.68 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 298.97 540.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 336.69 540.90 Td (assets. ) Tj ET Q q 0 0 0 rg BT 365.94 540.90 Td ( ) Tj ET Q q 0 0 0 rg BT 368.07 540.90 Td (Declines ) Tj ET Q q 0 0 0 rg BT 406.93 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 417.23 540.90 Td (market ) Tj ET Q q 0 0 0 rg BT 448.51 540.90 Td (values ) Tj ET Q q 0 0 0 rg BT 477.47 540.90 Td (of ) Tj ET Q q 0 0 0 rg BT 487.87 540.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 514.50 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 524.80 540.90 Td (this ) Tj ET Q q 0 0 0 rg BT 542.10 540.90 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (class ) Tj ET Q q 0 0 0 rg BT 72.48 528.30 Td (will ) Tj ET Q q 0 0 0 rg BT 91.38 528.30 Td (have ) Tj ET Q q 0 0 0 rg BT 113.77 528.30 Td (a ) Tj ET Q q 0 0 0 rg BT 120.99 528.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 152.70 528.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 183.84 528.30 Td (on ) Tj ET Q q 0 0 0 rg BT 196.91 528.30 Td (our ) Tj ET Q q 0 0 0 rg BT 213.47 528.30 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 255.98 528.30 Td ( ) Tj ET Q q 0 0 0 rg BT 258.54 528.30 Td (In ) Tj ET Q q 0 0 0 rg BT 269.85 528.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 309.46 528.30 Td (under ) Tj ET Q q 0 0 0 rg BT 335.93 528.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.73 528.30 Td (sharing ) Tj ET Q q 0 0 0 rg BT 405.20 528.30 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 466.95 528.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 498.08 528.30 Td (of ) Tj ET Q q 0 0 0 rg BT 509.39 528.30 Td (our ) Tj ET Q q 0 0 0 rg BT 525.95 528.30 Td (af) Tj ET Q q 0 0 0 rg BT 533.92 528.30 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (retain ) Tj ET Q q 0 0 0 rg BT 75.97 515.70 Td (dif) Tj ET Q q 0 0 0 rg BT 87.45 515.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 114.50 515.70 Td (percentages ) Tj ET Q q 0 0 0 rg BT 166.62 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 177.94 515.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 217.82 515.70 Td (to ) Tj ET Q q 0 0 0 rg BT 228.56 515.70 Td (cover ) Tj ET Q q 0 0 0 rg BT 254.44 515.70 Td (their ) Tj ET Q q 0 0 0 rg BT 276.25 515.70 Td (costs, ) Tj ET Q q 0 0 0 rg BT 302.45 515.70 Td (including ) Tj ET Q q 0 0 0 rg BT 344.68 515.70 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 408.19 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 410.76 515.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 429.66 515.70 Td (net ) Tj ET Q q 0 0 0 rg BT 445.06 515.70 Td (income ) Tj ET Q q 0 0 0 rg BT 478.53 515.70 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 507.06 515.70 Td (profit ) Tj ET Q q 0 0 0 rg BT 532.96 515.70 Td (mar) Tj ET Q q 0 0 0 rg BT 549.09 515.70 Td (gin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 503.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 127.96 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.20 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.36 503.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 194.31 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.55 503.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 247.70 503.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 287.50 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.81 503.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 343.79 503.10 Td (based ) Tj ET Q q 0 0 0 rg BT 370.19 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.18 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 411.33 503.10 Td (af) Tj ET Q q 0 0 0 rg BT 419.30 503.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 450.37 503.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 488.42 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.90 503.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 547.34 503.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (a ) Tj ET Q q 0 0 0 rg BT 57.48 490.50 Td (change ) Tj ET Q q 0 0 0 rg BT 90.52 490.50 Td (in ) Tj ET Q q 0 0 0 rg BT 101.28 490.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 129.09 490.50 Td (at ) Tj ET Q q 0 0 0 rg BT 139.99 490.50 Td (one ) Tj ET Q q 0 0 0 rg BT 158.47 490.50 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 204.95 490.50 Td (can ) Tj ET Q q 0 0 0 rg BT 222.83 490.50 Td (have ) Tj ET Q q 0 0 0 rg BT 245.97 490.50 Td (a ) Tj ET Q q 0 0 0 rg BT 253.95 490.50 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 309.74 490.50 Td (dif) Tj ET Q q 0 0 0 rg BT 321.21 490.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 349.01 490.50 Td (ef) Tj ET Q q 0 0 0 rg BT 356.98 490.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 376.03 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 389.85 490.50 Td (our ) Tj ET Q q 0 0 0 rg BT 407.16 490.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 447.79 490.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.27 490.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 505.15 490.50 Td (than ) Tj ET Q q 0 0 0 rg BT 526.55 490.50 Td (an ) Tj ET Q q 0 0 0 rg BT 539.78 490.50 Td (equal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (change ) Tj ET Q q 0 0 0 rg BT 81.86 477.90 Td (at ) Tj ET Q q 0 0 0 rg BT 92.06 477.90 Td (another ) Tj ET Q q 0 0 0 rg BT 126.17 477.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 168.65 477.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.72 452.70 Td (rading ) Tj ET Q q 0 0 0 rg BT 88.11 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 107.66 452.70 Td (Non-T) Tj ET Q q 0 0 0 rg BT 136.06 452.70 Td (rading ) Tj ET Q q 0 0 0 rg BT 167.86 452.70 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.02 440.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 99.96 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.31 440.10 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 168.49 440.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.18 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.19 440.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 256.12 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.06 440.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 315.33 440.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 359.80 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 401.65 440.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 422.50 440.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 452.68 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.04 440.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 507.81 440.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 539.17 440.10 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 427.50 Td (products, ) Tj ET Q q 0 0 0 rg BT 108.70 427.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 141.07 427.50 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 197.64 427.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 230.02 427.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 265.31 427.50 Td (companies ) Tj ET Q q 0 0 0 rg BT 312.83 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 330.62 427.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.81 427.50 Td (other ) Tj ET Q q 0 0 0 rg BT 386.01 427.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.71 427.50 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 402.30 Td (rading ) Tj ET Q q 0 0 0 rg BT 86.34 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 105.47 402.30 Td (other ) Tj ET Q q 0 0 0 rg BT 131.02 402.30 Td (current ) Tj ET Q q 0 0 0 rg BT 164.73 402.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 221.49 402.30 Td (excluding ) Tj ET Q q 0 0 0 rg BT 266.87 402.30 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 295.63 402.30 Td (at ) Tj ET Q q 0 0 0 rg BT 307.18 402.30 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 354.31 402.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 379.28 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 398.41 402.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 426.01 402.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 459.73 402.30 Td (to ) Tj ET Q q 0 0 0 rg BT 471.87 402.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 491.59 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 504.31 402.30 Td (security ) Tj ET Q q 0 0 0 rg BT 541.52 402.30 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.70 389.70 Td (are ) Tj ET Q q 0 0 0 rg BT 117.14 389.70 Td (summarized ) Tj ET Q q 0 0 0 rg BT 171.08 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 181.88 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.33 389.70 Td (table ) Tj ET Q q 0 0 0 rg BT 220.36 389.70 Td (below ) Tj ET Q q 0 0 0 rg BT 248.65 389.70 Td (\(in ) Tj ET Q q 0 0 0 rg BT 262.94 389.70 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 364.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 364.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 364.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 364.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 334.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 334.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 334.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 334.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 294.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 294.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 294.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 294.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 294.20 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.20000000000005 m 434 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.20000000000005 m 434 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 364.20000000000005 m 498 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 364.20000000000005 m 562 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 294.20000000000005 m 498 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 294.20000000000005 m 562 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 294.20000000000005 m 434 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 279.20000000000005 m 434 279.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 294.20000000000005 m 498 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 279.20000000000005 m 498 279.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 294.20000000000005 m 562 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 279.20000000000005 m 562 279.20000000000005 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 368.99 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 368.97 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 353.97 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 338.97 Td (Trading investments relating to long-term incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 338.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 338.99 Td (106,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 338.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 338.97 Td (80,529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 323.97 Td (Trading investments of proprietary fund products and other trading investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 323.99 Td (393,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 323.97 Td (358,034) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 309.42 Td (Equity method investments relating to long-term incentive compensation plans,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 298.92 Td (proprietary fund products and other investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 298.99 Td (15,371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 298.97 Td (16,172) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 283.97 Td (Total current investments, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 283.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 283.99 Td (515,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 283.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 283.97 Td (454,735) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 254.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 254.50 Td (rading ) Tj ET Q q 0 0 0 rg BT 84.73 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 102.24 254.50 Td (other ) Tj ET Q q 0 0 0 rg BT 126.17 254.50 Td (current ) Tj ET Q q 0 0 0 rg BT 158.26 254.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 210.78 254.50 Td (of ) Tj ET Q q 0 0 0 rg BT 221.88 254.50 Td ($1) Tj ET Q q 0 0 0 rg BT 231.99 254.50 Td (13.0 ) Tj ET Q q 0 0 0 rg BT 252.72 254.50 Td (million ) Tj ET Q q 0 0 0 rg BT 285.42 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 302.93 254.50 Td ($89.2�million ) Tj ET Q q 0 0 0 rg BT 361.88 254.50 Td (at ) Tj ET Q q 0 0 0 rg BT 371.81 254.50 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 417.32 254.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 440.68 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 458.19 254.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 484.18 254.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 534.22 254.50 Td (, ) Tj ET Q q 0 0 0 rg BT 539.20 254.50 Td (relate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 241.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 241.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 104.01 241.90 Td (incentive ) Tj ET Q q 0 0 0 rg BT 144.97 241.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 169.60 241.90 Td (which ) Tj ET Q q 0 0 0 rg BT 197.73 241.90 Td (will ) Tj ET Q q 0 0 0 rg BT 216.54 241.90 Td (have ) Tj ET Q q 0 0 0 rg BT 238.83 241.90 Td (of) Tj ET Q q 0 0 0 rg BT 247.39 241.90 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 281.35 241.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 322.90 241.90 Td (at ) Tj ET Q q 0 0 0 rg BT 332.95 241.90 Td (the ) Tj ET Q q 0 0 0 rg BT 348.25 241.90 Td (end ) Tj ET Q q 0 0 0 rg BT 365.88 241.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.09 241.90 Td (the ) Tj ET Q q 0 0 0 rg BT 392.39 241.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 437.42 241.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 470.22 241.90 Td (periods, ) Tj ET Q q 0 0 0 rg BT 506.23 241.90 Td (but ) Tj ET Q q 0 0 0 rg BT 522.12 241.90 Td (for ) Tj ET Q q 0 0 0 rg BT 536.83 241.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 229.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 229.30 Td (related ) Tj ET Q q 0 0 0 rg BT 97.00 229.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 139.13 229.30 Td (may ) Tj ET Q q 0 0 0 rg BT 160.26 229.30 Td (not ) Tj ET Q q 0 0 0 rg BT 176.73 229.30 Td (completely ) Tj ET Q q 0 0 0 rg BT 226.43 229.30 Td (of) Tj ET Q q 0 0 0 rg BT 234.99 229.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 253.20 229.30 Td (at ) Tj ET Q q 0 0 0 rg BT 263.83 229.30 Td (the ) Tj ET Q q 0 0 0 rg BT 279.71 229.30 Td (end ) Tj ET Q q 0 0 0 rg BT 297.92 229.30 Td (of ) Tj ET Q q 0 0 0 rg BT 309.72 229.30 Td (each ) Tj ET Q q 0 0 0 rg BT 332.00 229.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 373.54 229.30 Td (period ) Tj ET Q q 0 0 0 rg BT 403.42 229.30 Td (due ) Tj ET Q q 0 0 0 rg BT 421.63 229.30 Td (to ) Tj ET Q q 0 0 0 rg BT 432.85 229.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 466.24 229.30 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 515.67 229.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.50 229.30 Td (Therefore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 216.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.53 216.70 Td (in ) Tj ET Q q 0 0 0 rg BT 112.15 216.70 Td (the ) Tj ET Q q 0 0 0 rg BT 127.44 216.70 Td (market ) Tj ET Q q 0 0 0 rg BT 159.05 216.70 Td (value ) Tj ET Q q 0 0 0 rg BT 184.24 216.70 Td (of ) Tj ET Q q 0 0 0 rg BT 195.44 216.70 Td (these ) Tj ET Q q 0 0 0 rg BT 219.48 216.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 251.67 216.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 304.29 216.70 Td (will ) Tj ET Q q 0 0 0 rg BT 323.09 216.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 354.12 216.70 Td (our ) Tj ET Q q 0 0 0 rg BT 370.57 216.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 431.34 216.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 470.24 216.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 531.60 216.70 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 92.94 204.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 113.35 204.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 159.12 204.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.25 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.70 204.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 220.66 204.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 267.04 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.41 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.86 204.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 317.19 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.81 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.26 204.10 Td (income ) Tj ET Q q 0 0 0 rg BT 382.79 204.10 Td (\(loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 178.90 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 116.24 178.90 Td ($402.3 ) Tj ET Q q 0 0 0 rg BT 148.29 178.90 Td (million ) Tj ET Q q 0 0 0 rg BT 181.80 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 200.13 178.90 Td ($365.5�million ) Tj ET Q q 0 0 0 rg BT 265.14 178.90 Td (of ) Tj ET Q q 0 0 0 rg BT 277.06 178.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 309.98 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 328.31 178.90 Td (other ) Tj ET Q q 0 0 0 rg BT 353.06 178.90 Td (current ) Tj ET Q q 0 0 0 rg BT 385.96 178.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 439.30 178.90 Td (at ) Tj ET Q q 0 0 0 rg BT 450.05 178.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 496.37 178.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 520.55 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 538.88 178.90 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 166.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 166.30 Td (, ) Tj ET Q q 0 0 0 rg BT 104.44 166.30 Td (are ) Tj ET Q q 0 0 0 rg BT 119.53 166.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 171.97 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.41 166.30 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 231.33 166.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 252.85 166.30 Td (products ) Tj ET Q q 0 0 0 rg BT 291.28 166.30 Td (and ) Tj ET Q q 0 0 0 rg BT 308.71 166.30 Td (other ) Tj ET Q q 0 0 0 rg BT 332.56 166.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 385.00 166.30 Td (for ) Tj ET Q q 0 0 0 rg BT 399.51 166.30 Td (which ) Tj ET Q q 0 0 0 rg BT 427.45 166.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 479.29 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 489.73 166.30 Td (market ) Tj ET Q q 0 0 0 rg BT 521.16 166.30 Td (value ) Tj ET Q q 0 0 0 rg BT 546.17 166.30 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 153.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.98 153.70 Td (our ) Tj ET Q q 0 0 0 rg BT 97.88 153.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 159.69 153.70 Td (income ) Tj ET Q q 0 0 0 rg BT 193.50 153.70 Td (\(expense\). ) Tj ET Q q 0 0 0 rg BT 239.84 153.70 Td ( ) Tj ET Q q 0 0 0 rg BT 242.75 153.70 Td (Of ) Tj ET Q q 0 0 0 rg BT 256.73 153.70 Td (these ) Tj ET Q q 0 0 0 rg BT 281.21 153.70 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 322.33 153.70 Td (the ) Tj ET Q q 0 0 0 rg BT 338.06 153.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 390.54 153.70 Td (in ) Tj ET Q q 0 0 0 rg BT 401.61 153.70 Td (market ) Tj ET Q q 0 0 0 rg BT 433.67 153.70 Td (value ) Tj ET Q q 0 0 0 rg BT 459.32 153.70 Td (related ) Tj ET Q q 0 0 0 rg BT 490.79 153.70 Td (to ) Tj ET Q q 0 0 0 rg BT 501.86 153.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 141.10 Td ($35.8�million ) Tj ET Q q 0 0 0 rg BT 108.81 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 141.10 Td ($37.5�million ) Tj ET Q q 0 0 0 rg BT 186.01 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.49 141.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 246.86 141.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 268.83 141.10 Td (products ) Tj ET Q q 0 0 0 rg BT 307.72 141.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.19 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.66 141.10 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 376.54 141.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 400.27 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.16 141.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 444.51 141.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 494.55 141.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.91 141.10 Td (have ) Tj ET Q q 0 0 0 rg BT 522.45 141.10 Td (of) Tj ET Q q 0 0 0 rg BT 531.01 141.10 Td (fsetting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 128.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.84 128.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.68 128.50 Td (under ) Tj ET Q q 0 0 0 rg BT 171.61 128.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 206.86 128.50 Td (share ) Tj ET Q q 0 0 0 rg BT 231.04 128.50 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 292.24 128.50 Td ( ) Tj ET Q q 0 0 0 rg BT 294.12 128.50 Td (The ) Tj ET Q q 0 0 0 rg BT 312.46 128.50 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 364.06 128.50 Td (in ) Tj ET Q q 0 0 0 rg BT 374.25 128.50 Td (market ) Tj ET Q q 0 0 0 rg BT 405.42 128.50 Td (value ) Tj ET Q q 0 0 0 rg BT 430.18 128.50 Td (related ) Tj ET Q q 0 0 0 rg BT 460.77 128.50 Td (to ) Tj ET Q q 0 0 0 rg BT 470.96 128.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 533.63 128.50 Td ($141.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.90 Td (million ) Tj ET Q q 0 0 0 rg BT 81.92 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 99.16 115.90 Td ($163.0 ) Tj ET Q q 0 0 0 rg BT 130.11 115.90 Td (million ) Tj ET Q q 0 0 0 rg BT 162.53 115.90 Td (in ) Tj ET Q q 0 0 0 rg BT 172.77 115.90 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 221.50 115.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 242.82 115.90 Td (products ) Tj ET Q q 0 0 0 rg BT 281.06 115.90 Td (as ) Tj ET Q q 0 0 0 rg BT 291.89 115.90 Td (of ) Tj ET Q q 0 0 0 rg BT 302.72 115.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 347.95 115.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 371.03 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 388.27 115.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 413.97 115.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 464.02 115.90 Td (, ) Tj ET Q q 0 0 0 rg BT 468.72 115.90 Td (are ) Tj ET Q q 0 0 0 rg BT 483.62 115.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 538.78 115.90 Td (of) Tj ET Q q 0 0 0 rg BT 547.34 115.90 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (by ) Tj ET Q q 0 0 0 rg BT 61.55 103.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 85.26 103.30 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 118.89 103.30 Td (on ) Tj ET Q q 0 0 0 rg BT 130.94 103.30 Td (market ) Tj ET Q q 0 0 0 rg BT 161.64 103.30 Td (hedges ) Tj ET Q q 0 0 0 rg BT 192.35 103.30 Td (and ) Tj ET Q q 0 0 0 rg BT 209.05 103.30 Td (therefore ) Tj ET Q q 0 0 0 rg BT 248.49 103.30 Td (do ) Tj ET Q q 0 0 0 rg BT 260.54 103.30 Td (not ) Tj ET Q q 0 0 0 rg BT 275.51 103.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 319.62 103.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 349.74 103.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 366.45 103.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 399.49 103.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 427.52 103.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 479.81 103.30 Td (to ) Tj ET Q q 0 0 0 rg BT 489.52 103.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.65 103.30 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 565.14 103.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 90.70 Td (Investments ) Tj ET Q q 0 0 0 rg BT 103.78 90.70 Td (in ) Tj ET Q q 0 0 0 rg BT 115.49 90.70 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 165.68 90.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 188.47 90.70 Td (products ) Tj ET Q q 0 0 0 rg BT 228.17 90.70 Td (are ) Tj ET Q q 0 0 0 rg BT 244.53 90.70 Td (not ) Tj ET Q q 0 0 0 rg BT 261.49 90.70 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 307.02 90.70 Td (before ) Tj ET Q q 0 0 0 rg BT 337.38 90.70 Td (the ) Tj ET Q q 0 0 0 rg BT 353.75 90.70 Td (related ) Tj ET Q q 0 0 0 rg BT 385.85 90.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 408.64 90.70 Td (establishes ) Tj ET Q q 0 0 0 rg BT 457.68 90.70 Td (a ) Tj ET Q q 0 0 0 rg BT 465.88 90.70 Td (track ) Tj ET Q q 0 0 0 rg BT 490.41 90.70 Td (record, ) Tj ET Q q 0 0 0 rg BT 523.39 90.70 Td (has ) Tj ET Q q 0 0 0 rg BT 540.93 90.70 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 92.67 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.04 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.32 78.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 148.94 78.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.57 78.10 Td (made ) Tj ET Q q 0 0 0 rg BT 183.93 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.73 78.10 Td (no ) Tj ET Q q 0 0 0 rg BT 207.85 78.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 237.30 78.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 267.92 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.37 78.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 315.93 78.10 Td (.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Non-trading ) Tj ET Q q 0 0 0 rg BT 102.44 741.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 131.18 741.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 174.20 741.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 200.62 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 209.81 741.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 254.58 741.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 277.20 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.98 741.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 319.22 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 350.58 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 360.37 741.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 377.74 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 388.10 741.75 Td (security ) Tj ET Q q 0 0 0 rg BT 422.96 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 445.56 741.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 496.75 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.19 741.75 Td (summarized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 729.15 Td (table ) Tj ET Q q 0 0 0 rg BT 98.78 729.15 Td (below ) Tj ET Q q 0 0 0 rg BT 127.06 729.15 Td (\(in ) Tj ET Q q 0 0 0 rg BT 141.35 729.15 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 703.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 703.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 703.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 703.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 703.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 673.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 673.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 673.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 673.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 673.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 643.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 643.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 643.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 643.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 643.65 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 643.65 m 498 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 643.65 m 562 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 643.65 m 434 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 628.65 m 434 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 643.65 m 498 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 628.65 m 498 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 643.65 m 562 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.65 m 562 628.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 708.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 708.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 693.42 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 678.42 Td (Investments in partnerships,�LLCs and other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 678.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.35 678.44 Td (8,013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 678.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 678.42 Td (14,511) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 663.42 Td (Equity method investments in partnerships and LLCs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 663.44 Td (37,292) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 663.42 Td (48,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 648.42 Td (Other investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 648.44 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 648.42 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 633.42 Td (Total non-trading assets, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 633.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 633.44 Td (45,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 633.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 633.42 Td (62,932) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 98.85 603.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.21 603.95 Td (of ) Tj ET Q q 0 0 0 rg BT 152.65 603.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 177.52 603.95 Td (totaled ) Tj ET Q q 0 0 0 rg BT 208.79 603.95 Td ($48.7 ) Tj ET Q q 0 0 0 rg BT 235.11 603.95 Td (million ) Tj ET Q q 0 0 0 rg BT 268.15 603.95 Td (and ) Tj ET Q q 0 0 0 rg BT 286.01 603.95 Td ($48.0�million ) Tj ET Q q 0 0 0 rg BT 345.29 603.95 Td (as ) Tj ET Q q 0 0 0 rg BT 356.74 603.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.19 603.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 414.04 603.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 437.74 603.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 603.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 481.92 603.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 531.96 603.95 Td (. ) Tj ET Q q 0 0 0 rg BT 537.29 603.95 Td ( ) Tj ET Q q 0 0 0 rg BT 539.39 603.95 Td (As ) Tj ET Q q 0 0 0 rg BT 553.76 603.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 97.06 591.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 122.46 591.35 Td (and ) Tj ET Q q 0 0 0 rg BT 142.02 591.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 170.04 591.35 Td (we ) Tj ET Q q 0 0 0 rg BT 186.69 591.35 Td (held ) Tj ET Q q 0 0 0 rg BT 209.17 591.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.81 591.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 294.38 591.35 Td (in ) Tj ET Q q 0 0 0 rg BT 306.95 591.35 Td (the ) Tj ET Q q 0 0 0 rg BT 324.18 591.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 350.75 591.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.89 591.35 Td ($13.6 ) Tj ET Q q 0 0 0 rg BT 391.92 591.35 Td (million ) Tj ET Q q 0 0 0 rg BT 426.66 591.35 Td (and ) Tj ET Q q 0 0 0 rg BT 446.22 591.35 Td ($15.6�million, ) Tj ET Q q 0 0 0 rg BT 509.83 591.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 591.35 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 591.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.75 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 104.72 578.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.19 578.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 578.75 Td (market ) Tj ET Q q 0 0 0 rg BT 164.78 578.75 Td (value ) Tj ET Q q 0 0 0 rg BT 190.82 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.87 578.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 256.34 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.39 578.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 293.86 578.75 Td (in ) Tj ET Q q 0 0 0 rg BT 305.33 578.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 336.04 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 578.75 Td (our ) Tj ET Q q 0 0 0 rg BT 365.39 578.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 394.94 578.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.32 578.75 Td (will ) Tj ET Q q 0 0 0 rg BT 463.96 578.75 Td (not ) Tj ET Q q 0 0 0 rg BT 480.68 578.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.55 578.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.02 578.75 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.05 566.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 131.00 566.15 Td (to ) Tj ET Q q 0 0 0 rg BT 141.38 566.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.17 566.15 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 217.24 566.15 Td ( ) Tj ET Q q 0 0 0 rg BT 219.45 566.15 Td (However) Tj ET Q q 0 0 0 rg BT 257.52 566.15 Td (, ) Tj ET Q q 0 0 0 rg BT 262.35 566.15 Td (it ) Tj ET Q q 0 0 0 rg BT 270.40 566.15 Td (may ) Tj ET Q q 0 0 0 rg BT 290.69 566.15 Td (have ) Tj ET Q q 0 0 0 rg BT 312.72 566.15 Td (an ) Tj ET Q q 0 0 0 rg BT 324.84 566.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 355.63 566.15 Td (on ) Tj ET Q q 0 0 0 rg BT 368.34 566.15 Td (other ) Tj ET Q q 0 0 0 rg BT 392.12 566.15 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 453.23 566.15 Td (income ) Tj ET Q q 0 0 0 rg BT 486.35 566.15 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 529.37 566.15 Td (of ) Tj ET Q q 0 0 0 rg BT 540.33 566.15 Td (CIVs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.55 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 553.55 Td (a ) Tj ET Q q 0 0 0 rg BT 78.08 553.55 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 140.77 553.55 Td (of) Tj ET Q q 0 0 0 rg BT 149.33 553.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 167.12 553.55 Td (in ) Tj ET Q q 0 0 0 rg BT 177.91 553.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 195.69 553.55 Td (income ) Tj ET Q q 0 0 0 rg BT 229.23 553.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 255.18 553.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 305.62 553.55 Td (to ) Tj ET Q q 0 0 0 rg BT 316.42 553.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 380.87 553.55 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.35 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 528.35 Td (aluation ) Tj ET Q q 0 0 0 rg BT 92.21 528.35 Td (of ) Tj ET Q q 0 0 0 rg BT 103.43 528.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 135.65 528.35 Td (and ) Tj ET Q q 0 0 0 rg BT 153.28 528.35 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 204.74 528.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 257.37 528.35 Td (is ) Tj ET Q q 0 0 0 rg BT 266.85 528.35 Td (described ) Tj ET Q q 0 0 0 rg BT 309.55 528.35 Td (below ) Tj ET Q q 0 0 0 rg BT 337.68 528.35 Td (within ) Tj ET Q q 0 0 0 rg BT 366.99 528.35 Td (Critical ) Tj ET Q q 0 0 0 rg BT 400.41 528.35 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 451.87 528.35 Td (Policies ) Tj ET Q q 0 0 0 rg BT 487.59 528.35 Td (under ) Tj ET Q q 0 0 0 rg BT 513.97 528.35 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 528.35 Td (heading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.75 Td ("V) Tj ET Q q 0 0 0 rg BT 60.21 515.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 95.47 515.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.65 515.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 146.16 515.75 Td (Instruments." ) Tj ET Q q 0 0 0 rg BT 204.09 515.75 Td ( ) Tj ET Q q 0 0 0 rg BT 205.52 515.75 Td (See ) Tj ET Q q 0 0 0 rg BT 222.12 515.75 Td (Notes�1 ) Tj ET Q q 0 0 0 rg BT 255.93 515.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.53 515.75 Td (15 ) Tj ET Q q 0 0 0 rg BT 284.47 515.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.65 515.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 320.59 515.75 Td (to ) Tj ET Q q 0 0 0 rg BT 330.19 515.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 387.04 515.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.55 515.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 475.07 515.75 Td (for ) Tj ET Q q 0 0 0 rg BT 488.75 515.75 Td (further ) Tj ET Q q 0 0 0 rg BT 518.75 515.75 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 503.15 Td (derivatives.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.80 477.95 Td (following ) Tj ET Q q 0 0 0 rg BT 112.60 477.95 Td (is ) Tj ET Q q 0 0 0 rg BT 122.58 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 130.22 477.95 Td (summary ) Tj ET Q q 0 0 0 rg BT 172.27 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 199.79 477.95 Td (ef) Tj ET Q q 0 0 0 rg BT 207.76 477.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 226.47 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 238.19 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 245.82 477.95 Td (10% ) Tj ET Q q 0 0 0 rg BT 268.04 477.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 305.41 477.95 Td (or ) Tj ET Q q 0 0 0 rg BT 317.13 477.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 356.24 477.95 Td (in ) Tj ET Q q 0 0 0 rg BT 367.38 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 477.95 Td (market ) Tj ET Q q 0 0 0 rg BT 415.31 477.95 Td (values ) Tj ET Q q 0 0 0 rg BT 445.11 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 456.83 477.95 Td (our ) Tj ET Q q 0 0 0 rg BT 473.80 477.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.50 477.95 Td (instruments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.87 465.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 465.35 Td (market ) Tj ET Q q 0 0 0 rg BT 124.44 465.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 166.14 465.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 188.60 465.35 Td (at ) Tj ET Q q 0 0 0 rg BT 198.80 465.35 Td (March ) Tj ET Q q 0 0 0 rg BT 228.83 465.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.58 465.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 268.21 465.35 Td (\(in ) Tj ET Q q 0 0 0 rg BT 282.50 465.35 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 418.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.85 230.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 319.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 262.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 262.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 262.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 262.85 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 418.85 m 280 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 418.85 m 374 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 418.85 m 468 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 418.85 m 562 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 418.85 m 280 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 418.85 m 374 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 418.85 m 468 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 418.85 m 562 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 319.85 m 280 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 319.85 m 374 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 319.85 m 468 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 319.85 m 562 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 319.85 m 280 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 319.85 m 374 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 319.85 m 468 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 319.85 m 562 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 248.85000000000002 m 374 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 248.85000000000002 m 468 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 248.85000000000002 m 280 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.85000000000002 m 280 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 248.85000000000002 m 374 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 234.85000000000002 m 374 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 248.85000000000002 m 468 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 234.85000000000002 m 468 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 248.85000000000002 m 562 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 234.85000000000002 m 562 234.85000000000002 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.90 423.64 Td (Carrying Value) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.10 445.24 Td (Fair) Tj ET Q q 0 0 0 rg BT 418.15 445.24 Td ( ) Tj ET Q q 0 0 0 rg BT 420.59 445.24 Td (V) Tj ET Q q 0 0 0 rg BT 427.21 445.24 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 433.74 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.85 422.24 Td (10% Incr) Tj ET Q q 0 0 0 rg BT 430.53 422.24 Td (ease) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 449.19 427.00 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 493.10 445.24 Td (Fair) Tj ET Q q 0 0 0 rg BT 512.15 445.24 Td ( ) Tj ET Q q 0 0 0 rg BT 514.59 445.24 Td (V) Tj ET Q q 0 0 0 rg BT 521.21 445.24 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.35 433.74 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.65 422.24 Td (10% Decr) Tj ET Q q 0 0 0 rg BT 525.65 422.24 Td (ease) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 544.31 427.00 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 409.07 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 395.07 Td (Trading investments relating to long-term incentive) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 384.57 Td (compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 384.62 Td (106,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 384.62 Td (117,220) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 384.62 Td (95,908) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 370.07 Td (Trading investments of proprietary fund products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 359.57 Td (and other trading investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 359.62 Td (393,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 359.62 Td (432,740) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 359.62 Td (354,060) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 345.07 Td (Equity method investments relating to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 334.57 Td (incentive compensation plans, proprietary fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 324.07 Td (products and other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 324.62 Td (15,371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 324.62 Td (16,908) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 324.62 Td (13,834) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 310.07 Td (Total current investments, excluding CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 310.07 Td (515,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 310.07 Td (566,868) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 310.07 Td (463,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 296.07 Td (Investments in CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 296.07 Td (13,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 296.07 Td (15,005) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 296.07 Td (12,277) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 282.07 Td (Investments in partnerships,�LLCs and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.35 282.07 Td (8,013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 282.07 Td (8,814) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 282.07 Td (7,212) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 267.62 Td (Equity method investments in partnerships and LLCs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 267.62 Td (37,292) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 267.62 Td (41,021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 267.62 Td (33,563) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 253.07 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.50 253.07 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 253.07 Td (91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 253.07 Td (75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 239.07 Td (Total investments subject to market risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 239.07 Td (574,364) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 239.07 Td (631,799) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 239.07 Td (516,929) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 225.75 Td (Gains ) Tj ET Q q 0 0 0 rg BT 89.10 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 103.59 225.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 125.64 225.75 Td (related ) Tj ET Q q 0 0 0 rg BT 150.34 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.50 225.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 200.66 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 209.82 225.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 239.40 225.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 286.77 225.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 306.59 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 321.08 225.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 359.56 225.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 377.16 225.75 Td (products ) Tj ET Q q 0 0 0 rg BT 407.65 225.75 Td (are ) Tj ET Q q 0 0 0 rg BT 420.35 225.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 447.72 225.75 Td (of) Tj ET Q q 0 0 0 rg BT 454.24 225.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 468.73 225.75 Td (over ) Tj ET Q q 0 0 0 rg BT 485.88 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.59 225.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 524.64 225.75 Td (period ) Tj ET Q q 0 0 0 rg BT 548.02 225.75 Td (by ) Tj ET Q q 0 0 0 rg BT 558.95 225.75 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 216.15 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 115.83 216.15 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 153.49 216.15 Td (to ) Tj ET Q q 0 0 0 rg BT 162.28 216.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 209.27 216.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 237.60 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.71 216.15 Td (related ) Tj ET Q q 0 0 0 rg BT 276.03 216.15 Td (liability) Tj ET Q q 0 0 0 rg BT 300.40 216.15 Td (. ) Tj ET Q q 0 0 0 rg BT 304.96 216.15 Td ( ) Tj ET Q q 0 0 0 rg BT 307.52 216.15 Td (In ) Tj ET Q q 0 0 0 rg BT 316.74 216.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 347.52 216.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 388.30 216.15 Td (in ) Tj ET Q q 0 0 0 rg BT 397.08 216.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 435.18 216.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 452.41 216.15 Td (products ) Tj ET Q q 0 0 0 rg BT 482.52 216.15 Td (of ) Tj ET Q q 0 0 0 rg BT 491.74 216.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 540.51 216.15 Td ($141.3 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 206.55 Td (million ) Tj ET Q q 0 0 0 rg BT 92.00 206.55 Td (have ) Tj ET Q q 0 0 0 rg BT 108.48 206.55 Td (been ) Tj ET Q q 0 0 0 rg BT 124.96 206.55 Td (economically ) Tj ET Q q 0 0 0 rg BT 169.44 206.55 Td (hedged ) Tj ET Q q 0 0 0 rg BT 193.92 206.55 Td (to ) Tj ET Q q 0 0 0 rg BT 201.53 206.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 218.02 206.55 Td (market ) Tj ET Q q 0 0 0 rg BT 241.61 206.55 Td (risk. ) Tj ET Q q 0 0 0 rg BT 257.00 206.55 Td ( ) Tj ET Q q 0 0 0 rg BT 258.07 206.55 Td (As ) Tj ET Q q 0 0 0 rg BT 268.34 206.55 Td (a ) Tj ET Q q 0 0 0 rg BT 273.28 206.55 Td (result, ) Tj ET Q q 0 0 0 rg BT 294.43 206.55 Td (a ) Tj ET Q q 0 0 0 rg BT 299.36 206.55 Td (10% ) Tj ET Q q 0 0 0 rg BT 315.41 206.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 343.00 206.55 Td (or ) Tj ET Q q 0 0 0 rg BT 351.04 206.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 379.95 206.55 Td (in ) Tj ET Q q 0 0 0 rg BT 387.56 206.55 Td (the ) Tj ET Q q 0 0 0 rg BT 398.71 206.55 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 433.41 206.55 Td (market ) Tj ET Q q 0 0 0 rg BT 457.00 206.55 Td (value ) Tj ET Q q 0 0 0 rg BT 475.71 206.55 Td (of ) Tj ET Q q 0 0 0 rg BT 483.75 206.55 Td (our ) Tj ET Q q 0 0 0 rg BT 495.80 206.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.17 206.55 Td (instruments ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 196.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 92.16 196.95 Td (to ) Tj ET Q q 0 0 0 rg BT 100.38 196.95 Td (market ) Tj ET Q q 0 0 0 rg BT 124.59 196.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 156.36 196.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 173.48 196.95 Td (would ) Tj ET Q q 0 0 0 rg BT 195.48 196.95 Td (result ) Tj ET Q q 0 0 0 rg BT 215.25 196.95 Td (in ) Tj ET Q q 0 0 0 rg BT 223.47 196.95 Td (a ) Tj ET Q q 0 0 0 rg BT 229.02 196.95 Td ($28.4�million ) Tj ET Q q 0 0 0 rg BT 274.14 196.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 302.34 196.95 Td (or ) Tj ET Q q 0 0 0 rg BT 311.00 196.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 340.54 196.95 Td (in ) Tj ET Q q 0 0 0 rg BT 348.76 196.95 Td (our ) Tj ET Q q 0 0 0 rg BT 361.42 196.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 386.07 196.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 415.18 196.95 Td (as ) Tj ET Q q 0 0 0 rg BT 423.84 196.95 Td (of ) Tj ET Q q 0 0 0 rg BT 432.50 196.95 Td (March ) Tj ET Q q 0 0 0 rg BT 455.38 196.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 467.38 196.95 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.35 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.70 172.35 Td (as ) Tj ET Q q 0 0 0 rg BT 86.19 172.35 Td (of ) Tj ET Q q 0 0 0 rg BT 97.68 172.35 Td (March ) Tj ET Q q 0 0 0 rg BT 127.82 172.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.69 172.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 167.43 172.35 Td (and ) Tj ET Q q 0 0 0 rg BT 185.33 172.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 211.69 172.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.09 172.35 Td (and ) Tj ET Q q 0 0 0 rg BT 250.99 172.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.39 172.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 322.95 172.35 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.85 172.35 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 382.96 172.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.38 172.35 Td ( ) Tj ET Q q 0 0 0 rg BT 413.12 172.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.02 172.35 Td ($353.3 ) Tj ET Q q 0 0 0 rg BT 462.64 172.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.98 172.35 Td (, ) Tj ET Q q 0 0 0 rg BT 498.34 172.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 548.39 172.35 Td (, ) Tj ET Q q 0 0 0 rg BT 553.75 172.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.75 Td (money ) Tj ET Q q 0 0 0 rg BT 80.70 159.75 Td (market ) Tj ET Q q 0 0 0 rg BT 112.48 159.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 141.06 159.75 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 135.15 Td (For) Tj ET Q q 0 0 0 rg BT 65.63 135.15 Td (eign ) Tj ET Q q 0 0 0 rg BT 86.93 135.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 135.15 Td (Sensitivity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 122.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.54 122.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 100.74 122.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 143.12 122.55 Td (in ) Tj ET Q q 0 0 0 rg BT 154.60 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 170.73 122.55 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 195.34 122.55 Td (but ) Tj ET Q q 0 0 0 rg BT 212.06 122.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 247.44 122.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 287.19 122.55 Td (earn ) Tj ET Q q 0 0 0 rg BT 308.57 122.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 349.19 122.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 122.55 Td (incur ) Tj ET Q q 0 0 0 rg BT 392.54 122.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 433.75 122.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 467.39 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 483.53 122.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 505.51 122.55 Td ( ) Tj ET Q q 0 0 0 rg BT 508.08 122.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 559.89 122.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.96 109.95 Td (in ) Tj ET Q q 0 0 0 rg BT 113.02 109.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 146.23 109.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 188.76 109.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 211.47 109.95 Td (for ) Tj ET Q q 0 0 0 rg BT 226.61 109.95 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 275.26 109.95 Td (principally ) Tj ET Q q 0 0 0 rg BT 323.64 109.95 Td (in ) Tj ET Q q 0 0 0 rg BT 334.69 109.95 Td (the ) Tj ET Q q 0 0 0 rg BT 350.41 109.95 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 376.34 109.95 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 407.51 109.95 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 436.93 109.95 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 473.93 109.95 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 521.38 109.95 Td (Australia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.70 97.35 Td (those ) Tj ET Q q 0 0 0 rg BT 90.90 97.35 Td (denominated ) Tj ET Q q 0 0 0 rg BT 147.18 97.35 Td (in ) Tj ET Q q 0 0 0 rg BT 157.38 97.35 Td (the ) Tj ET Q q 0 0 0 rg BT 172.25 97.35 Td (euro, ) Tj ET Q q 0 0 0 rg BT 195.57 97.35 Td (may ) Tj ET Q q 0 0 0 rg BT 215.69 97.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 246.30 97.35 Td (our ) Tj ET Q q 0 0 0 rg BT 261.89 97.35 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 291.05 97.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 333.03 97.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 375.60 97.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 441.20 97.35 Td (income ) Tj ET Q q 0 0 0 rg BT 474.15 97.35 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 499.52 97.35 Td (and ) Tj ET Q q 0 0 0 rg BT 516.72 97.35 Td (net ) Tj ET Q q 0 0 0 rg BT 531.59 97.35 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 77.75 84.75 Td ( ) Tj ET Q q 0 0 0 rg BT 79.87 84.75 Td (W) Tj ET Q q 0 0 0 rg BT 88.94 84.75 Td (e ) Tj ET Q q 0 0 0 rg BT 95.88 84.75 Td (and ) Tj ET Q q 0 0 0 rg BT 113.33 84.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 144.18 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.21 84.75 Td (our ) Tj ET Q q 0 0 0 rg BT 171.50 84.75 Td (af) Tj ET Q q 0 0 0 rg BT 179.47 84.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 210.33 84.75 Td (have ) Tj ET Q q 0 0 0 rg BT 232.43 84.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 265.62 84.75 Td (into ) Tj ET Q q 0 0 0 rg BT 284.24 84.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 319.76 84.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 359.94 84.75 Td (to ) Tj ET Q q 0 0 0 rg BT 370.40 84.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 405.33 84.75 Td (a ) Tj ET Q q 0 0 0 rg BT 412.28 84.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 444.90 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 455.93 84.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.05 84.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 501.91 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 512.94 84.75 Td (fluctuations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.38 72.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 93.42 72.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 135.77 72.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 158.31 72.15 Td (on ) Tj ET Q q 0 0 0 rg BT 171.52 72.15 Td (their ) Tj ET Q q 0 0 0 rg BT 193.48 72.15 Td (results ) Tj ET Q q 0 0 0 rg BT 223.60 72.15 Td (of ) Tj ET Q q 0 0 0 rg BT 235.06 72.15 Td (operations. ) Tj ET Q q 0 0 0 rg BT 284.14 72.15 Td ( ) Tj ET Q q 0 0 0 rg BT 286.66 72.15 Td (W) Tj ET Q q 0 0 0 rg BT 295.73 72.15 Td (e ) Tj ET Q q 0 0 0 rg BT 303.10 72.15 Td (do ) Tj ET Q q 0 0 0 rg BT 316.32 72.15 Td (not ) Tj ET Q q 0 0 0 rg BT 332.45 72.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 362.56 72.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 395.59 72.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 435.03 72.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 487.32 72.15 Td (to ) Tj ET Q q 0 0 0 rg BT 498.20 72.15 Td (have ) Tj ET Q q 0 0 0 rg BT 520.74 72.15 Td (a ) Tj ET Q q 0 0 0 rg BT 528.11 72.15 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.55 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 59.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.83 59.55 Td (on ) Tj ET Q q 0 0 0 rg BT 88.95 59.55 Td (our ) Tj ET Q q 0 0 0 rg BT 105.57 59.55 Td (net ) Tj ET Q q 0 0 0 rg BT 121.03 59.55 Td (income ) Tj ET Q q 0 0 0 rg BT 154.56 59.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 180.52 59.55 Td (or ) Tj ET Q q 0 0 0 rg BT 191.89 59.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 226.79 59.55 Td (.) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (66) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Inter) Tj ET Q q 0 0 0 rg BT 72.05 741.90 Td (est ) Tj ET Q q 0 0 0 rg BT 86.92 741.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 110.54 741.90 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Exposure ) Tj ET Q q 0 0 0 rg BT 92.27 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 103.55 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 137.57 729.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 156.42 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 193.35 729.30 Td (on ) Tj ET Q q 0 0 0 rg BT 206.97 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 224.08 729.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 276.19 729.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 297.38 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 307.50 729.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 363.69 729.30 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 406.46 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 418.32 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 435.43 729.30 Td ($250 ) Tj ET Q q 0 0 0 rg BT 459.55 729.30 Td (million ) Tj ET Q q 0 0 0 rg BT 493.00 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 504.86 729.30 Td (3.95% ) Tj ET Q q 0 0 0 rg BT 535.09 729.30 Td (Senior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.49 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 94.15 716.70 Td (July ) Tj ET Q q 0 0 0 rg BT 114.14 716.70 Td (2024, ) Tj ET Q q 0 0 0 rg BT 140.26 716.70 Td ($550 ) Tj ET Q q 0 0 0 rg BT 163.76 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 196.59 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.83 716.70 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 242.70 716.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 272.60 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 299.60 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 317.25 716.70 Td (July ) Tj ET Q q 0 0 0 rg BT 337.25 716.70 Td (2044, ) Tj ET Q q 0 0 0 rg BT 363.37 716.70 Td ($450 ) Tj ET Q q 0 0 0 rg BT 386.86 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 419.69 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 430.93 716.70 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 460.55 716.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 490.46 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 517.45 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 535.11 716.70 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (2026, ) Tj ET Q q 0 0 0 rg BT 75.61 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.26 704.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 116.75 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 149.58 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.82 704.10 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 195.68 704.10 Td (Junior ) Tj ET Q q 0 0 0 rg BT 224.42 704.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 282.90 704.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 309.89 704.10 Td (due ) Tj ET Q q 0 0 0 rg BT 327.54 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 357.43 704.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 380.92 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 396.23 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 406.29 704.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 430.36 704.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 463.75 704.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 488.69 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.18 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 502.41 704.10 Td (June ) Tj ET Q q 0 0 0 rg BT 524.15 704.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 550.26 704.10 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (entered ) Tj ET Q q 0 0 0 rg BT 82.77 691.50 Td (into ) Tj ET Q q 0 0 0 rg BT 101.49 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 113.78 691.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.06 691.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 165.18 691.50 Td (swap ) Tj ET Q q 0 0 0 rg BT 189.14 691.50 Td (contract, ) Tj ET Q q 0 0 0 rg BT 227.95 691.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 275.24 691.50 Td (as ) Tj ET Q q 0 0 0 rg BT 286.36 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 293.40 691.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 310.35 691.50 Td (value ) Tj ET Q q 0 0 0 rg BT 335.47 691.50 Td (hedge, ) Tj ET Q q 0 0 0 rg BT 365.55 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 376.09 691.50 Td (ef) Tj ET Q q 0 0 0 rg BT 384.06 691.50 Td (fectively ) Tj ET Q q 0 0 0 rg BT 423.17 691.50 Td (convert ) Tj ET Q q 0 0 0 rg BT 457.03 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 473.41 691.50 Td ($250 ) Tj ET Q q 0 0 0 rg BT 496.79 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 529.50 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 540.63 691.50 Td (2.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.01 678.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 105.61 678.90 Td (due ) Tj ET Q q 0 0 0 rg BT 122.87 678.90 Td (July ) Tj ET Q q 0 0 0 rg BT 142.48 678.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 165.57 678.90 Td (from ) Tj ET Q q 0 0 0 rg BT 188.08 678.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 211.76 678.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 229.59 678.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 249.77 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 260.04 678.90 Td (floating ) Tj ET Q q 0 0 0 rg BT 294.80 678.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 312.63 678.90 Td (debt. ) Tj ET Q q 0 0 0 rg BT 335.44 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 337.54 678.90 Td (In ) Tj ET Q q 0 0 0 rg BT 348.38 678.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 387.52 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 402.45 678.90 Td ($40 ) Tj ET Q q 0 0 0 rg BT 420.30 678.90 Td (million ) Tj ET Q q 0 0 0 rg BT 452.73 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 463.58 678.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 514.68 678.90 Td (borrowings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (under ) Tj ET Q q 0 0 0 rg BT 75.78 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 92.15 666.30 Td (revolving ) Tj ET Q q 0 0 0 rg BT 134.77 666.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 161.05 666.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 207.15 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 218.27 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 229.39 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 259.17 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 274.67 666.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 300.67 666.30 Td (is ) Tj ET Q q 0 0 0 rg BT 310.05 666.30 Td (also ) Tj ET Q q 0 0 0 rg BT 329.34 666.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 361.46 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 372.00 666.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 423.95 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 434.49 666.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 467.77 666.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 492.59 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 494.45 666.30 Td (As ) Tj ET Q q 0 0 0 rg BT 508.49 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 519.61 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 549.39 666.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 76.40 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 94.84 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 106.86 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 114.79 653.70 Td (result ) Tj ET Q q 0 0 0 rg BT 141.40 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 153.42 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 169.52 653.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.70 653.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.71 653.70 Td (swap ) Tj ET Q q 0 0 0 rg BT 247.57 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 266.00 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 282.11 653.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 334.38 653.70 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 385.49 653.70 Td (under ) Tj ET Q q 0 0 0 rg BT 412.67 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 429.94 653.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 473.46 653.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 500.63 653.70 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 550.26 653.70 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 87.25 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 105.76 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.19 641.10 Td (1% ) Tj ET Q q 0 0 0 rg BT 129.95 641.10 Td (change ) Tj ET Q q 0 0 0 rg BT 162.44 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.37 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.04 641.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 229.63 641.10 Td (would ) Tj ET Q q 0 0 0 rg BT 258.64 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 284.73 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.67 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 303.09 641.10 Td (net ) Tj ET Q q 0 0 0 rg BT 318.68 641.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 349.43 641.10 Td (change ) Tj ET Q q 0 0 0 rg BT 381.93 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.86 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 426.53 641.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 463.11 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.62 641.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 495.76 641.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 531.49 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 534.25 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.02 641.10 Td (On ) Tj ET Q q 0 0 0 rg BT 552.61 641.10 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 92.94 628.50 Td (basis, ) Tj ET Q q 0 0 0 rg BT 119.19 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 134.65 628.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 168.18 628.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 186.54 628.50 Td (swap ) Tj ET Q q 0 0 0 rg BT 210.74 628.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 247.18 628.50 Td (wholly ) Tj ET Q q 0 0 0 rg BT 278.97 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 290.35 628.50 Td (partially ) Tj ET Q q 0 0 0 rg BT 327.96 628.50 Td (hedges ) Tj ET Q q 0 0 0 rg BT 359.74 628.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 393.27 628.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 411.63 628.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 452.16 628.50 Td (on ) Tj ET Q q 0 0 0 rg BT 465.29 628.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 507.57 628.50 Td (cash. ) Tj ET Q q 0 0 0 rg BT 531.47 628.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (On ) Tj ET Q q 0 0 0 rg BT 64.70 603.30 Td (April ) Tj ET Q q 0 0 0 rg BT 89.91 603.30 Td (21, ) Tj ET Q q 0 0 0 rg BT 106.08 603.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 132.75 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 148.62 603.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.57 603.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.35 603.30 Td (swap ) Tj ET Q q 0 0 0 rg BT 225.97 603.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 273.92 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 285.71 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 293.41 603.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.02 603.30 Td (value ) Tj ET Q q 0 0 0 rg BT 336.81 603.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 364.92 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 384.29 603.30 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 434.86 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 437.68 603.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 484.74 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 496.53 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 508.32 603.30 Td (this ) Tj ET Q q 0 0 0 rg BT 526.53 603.30 Td (date, ) Tj ET Q q 0 0 0 rg BT 549.69 603.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td ($250 ) Tj ET Q q 0 0 0 rg BT 73.31 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 106.45 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.01 590.70 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 142.69 590.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 172.91 590.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 200.22 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 215.84 590.70 Td (at ) Tj ET Q q 0 0 0 rg BT 226.23 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 233.70 590.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 258.08 590.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.79 590.70 Td (rate. ) Tj ET Q q 0 0 0 rg BT 312.96 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 315.77 590.70 Td (In ) Tj ET Q q 0 0 0 rg BT 327.33 590.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 367.17 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 379.86 590.70 Td (April ) Tj ET Q q 0 0 0 rg BT 404.83 590.70 Td (29, ) Tj ET Q q 0 0 0 rg BT 420.77 590.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 447.20 590.70 Td (we ) Tj ET Q q 0 0 0 rg BT 462.25 590.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 495.96 590.70 Td (into ) Tj ET Q q 0 0 0 rg BT 515.10 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 522.57 590.70 Td (4.67-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 97.90 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 131.71 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 150.35 578.10 Td (swap, ) Tj ET Q q 0 0 0 rg BT 177.47 578.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 225.28 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.93 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.50 578.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 266.07 578.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 288.22 578.10 Td (hedge, ) Tj ET Q q 0 0 0 rg BT 318.83 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 337.48 578.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 372.46 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.36 578.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 430.17 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.25 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 475.06 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 493.71 578.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 512.37 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.77 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.51 578.10 Td ($500 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (million ) Tj ET Q q 0 0 0 rg BT 82.46 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 93.83 565.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 145.46 565.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 195.91 565.50 Td (under ) Tj ET Q q 0 0 0 rg BT 222.45 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 239.07 565.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 281.93 565.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 308.46 565.50 Td (facility) Tj ET Q q 0 0 0 rg BT 337.52 565.50 Td (. ) Tj ET Q q 0 0 0 rg BT 342.77 565.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (See ) Tj ET Q q 0 0 0 rg BT 67.99 540.30 Td (Notes�6 ) Tj ET Q q 0 0 0 rg BT 103.70 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 122.19 540.30 Td (15 ) Tj ET Q q 0 0 0 rg BT 136.02 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 148.10 540.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 175.92 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 187.42 540.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 246.17 540.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 288.57 540.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 337.98 540.30 Td (for ) Tj ET Q q 0 0 0 rg BT 353.56 540.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 398.88 540.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 445.96 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 458.04 540.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 479.45 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 497.94 540.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 547.34 540.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 88.58 527.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 138.62 527.70 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 101.43 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 103.48 502.50 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 179.03 502.50 Td (POLICIES ) Tj ET Q q 0 0 0 rg BT 231.26 502.50 Td (AND ) Tj ET Q q 0 0 0 rg BT 256.63 502.50 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 297.28 502.50 Td (TES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.99 477.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 134.15 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 148.47 477.30 Td (an ) Tj ET Q q 0 0 0 rg BT 159.89 477.30 Td (integral ) Tj ET Q q 0 0 0 rg BT 193.46 477.30 Td (part ) Tj ET Q q 0 0 0 rg BT 211.29 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 221.54 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 235.87 477.30 Td (preparation ) Tj ET Q q 0 0 0 rg BT 285.18 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 295.43 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 310.93 477.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.16 477.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 394.99 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.66 477.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 453.37 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 473.54 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.11 477.30 Td (principles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.64 464.70 Td (accepted ) Tj ET Q q 0 0 0 rg BT 129.43 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 139.68 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 154.58 464.70 Td (United ) Tj ET Q q 0 0 0 rg BT 185.23 464.70 Td (States ) Tj ET Q q 0 0 0 rg BT 212.39 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 222.76 464.70 Td (America. ) Tj ET Q q 0 0 0 rg BT 263.60 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 265.68 464.70 Td (Understanding ) Tj ET Q q 0 0 0 rg BT 329.58 464.70 Td (these ) Tj ET Q q 0 0 0 rg BT 353.23 464.70 Td (policies, ) Tj ET Q q 0 0 0 rg BT 390.59 464.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 433.18 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 442.25 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 448.99 464.70 Td (key ) Tj ET Q q 0 0 0 rg BT 466.23 464.70 Td (factor ) Tj ET Q q 0 0 0 rg BT 492.78 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 503.03 464.70 Td (understanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.47 452.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 104.42 452.10 Td (results ) Tj ET Q q 0 0 0 rg BT 134.80 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.52 452.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 193.22 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.35 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.05 452.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 290.48 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.45 452.10 Td (See ) Tj ET Q q 0 0 0 rg BT 311.58 452.10 Td (Note�1 ) Tj ET Q q 0 0 0 rg BT 342.84 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.55 452.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 382.02 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.16 452.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 451.54 452.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 493.58 452.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 542.63 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.84 452.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.29 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 108.06 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 125.09 439.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.45 439.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 221.55 439.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 257.24 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 275.43 439.50 Td (other ) Tj ET Q q 0 0 0 rg BT 300.03 439.50 Td (information. ) Tj ET Q q 0 0 0 rg BT 355.26 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 358.30 439.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 392.23 439.50 Td (critical ) Tj ET Q q 0 0 0 rg BT 424.41 439.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 473.51 439.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 509.20 439.50 Td (require ) Tj ET Q q 0 0 0 rg BT 541.97 439.50 Td (us ) Tj ET Q q 0 0 0 rg BT 554.33 439.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (make ) Tj ET Q q 0 0 0 rg BT 74.33 426.90 Td (estimates ) Tj ET Q q 0 0 0 rg BT 115.50 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 132.75 426.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.77 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 204.61 426.90 Td (af) Tj ET Q q 0 0 0 rg BT 212.58 426.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.40 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 245.33 426.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 283.00 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 293.84 426.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 323.06 426.90 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 366.86 426.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.26 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 423.52 426.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 463.52 426.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 500.59 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 510.85 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 426.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 98.92 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 101.39 414.30 Td (Due ) Tj ET Q q 0 0 0 rg BT 121.35 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 131.99 414.30 Td (their ) Tj ET Q q 0 0 0 rg BT 153.70 414.30 Td (nature, ) Tj ET Q q 0 0 0 rg BT 185.03 414.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 226.58 414.30 Td (involve ) Tj ET Q q 0 0 0 rg BT 260.54 414.30 Td (judgment ) Tj ET Q q 0 0 0 rg BT 302.67 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 329.05 414.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.52 414.30 Td (available ) Tj ET Q q 0 0 0 rg BT 392.89 414.30 Td (information. ) Tj ET Q q 0 0 0 rg BT 447.55 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 449.85 414.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 496.33 414.30 Td (actual ) Tj ET Q q 0 0 0 rg BT 523.86 414.30 Td (results ) Tj ET Q q 0 0 0 rg BT 553.75 414.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.86 401.70 Td (could ) Tj ET Q q 0 0 0 rg BT 111.97 401.70 Td (dif) Tj ET Q q 0 0 0 rg BT 123.45 401.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 136.88 401.70 Td (from ) Tj ET Q q 0 0 0 rg BT 159.07 401.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 199.93 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 216.87 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 231.47 401.70 Td (dif) Tj ET Q q 0 0 0 rg BT 242.95 401.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 275.62 401.70 Td (could ) Tj ET Q q 0 0 0 rg BT 300.72 401.70 Td (have ) Tj ET Q q 0 0 0 rg BT 322.33 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 328.77 401.70 Td (material ) Tj ET Q q 0 0 0 rg BT 364.94 401.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 395.30 401.70 Td (on ) Tj ET Q q 0 0 0 rg BT 407.58 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 422.19 401.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 477.04 401.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 401.70 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 376.50 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 376.50 Td (consider ) Tj ET Q q 0 0 0 rg BT 104.05 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 376.50 Td (following ) Tj ET Q q 0 0 0 rg BT 162.96 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 173.75 376.50 Td (be ) Tj ET Q q 0 0 0 rg BT 186.29 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 202.91 376.50 Td (critical ) Tj ET Q q 0 0 0 rg BT 234.69 376.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 283.38 376.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 318.66 376.50 Td (that ) Tj ET Q q 0 0 0 rg BT 337.03 376.50 Td (involve ) Tj ET Q q 0 0 0 rg BT 371.15 376.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 418.10 376.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 459.80 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 471.17 376.50 Td (judgments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.53 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 75.63 338.70 Td (normal ) Tj ET Q q 0 0 0 rg BT 107.65 338.70 Td (course ) Tj ET Q q 0 0 0 rg BT 137.34 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 148.36 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 164.64 338.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 205.13 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 219.65 338.70 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 254.60 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 272.04 338.70 Td (manage ) Tj ET Q q 0 0 0 rg BT 306.97 338.70 Td (various ) Tj ET Q q 0 0 0 rg BT 340.16 338.70 Td (types ) Tj ET Q q 0 0 0 rg BT 364.60 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 375.63 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 423.98 338.70 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 463.29 338.70 Td (For ) Tj ET Q q 0 0 0 rg BT 480.15 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 496.43 338.70 Td (services, ) Tj ET Q q 0 0 0 rg BT 535.15 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 549.67 338.70 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 84.40 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.98 326.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 129.70 326.10 Td (management ) Tj ET Q q 0 0 0 rg BT 186.76 326.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 207.08 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.65 326.10 Td (may ) Tj ET Q q 0 0 0 rg BT 247.15 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 260.47 326.10 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 298.00 326.10 Td (under ) Tj ET Q q 0 0 0 rg BT 325.32 326.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 357.29 326.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 422.81 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.39 326.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 468.11 326.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 513.51 326.10 Td (subordinate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (management ) Tj ET Q q 0 0 0 rg BT 105.48 313.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.73 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 135.81 313.50 Td (other ) Tj ET Q q 0 0 0 rg BT 159.73 313.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 200.55 313.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 222.42 313.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 241.09 313.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 281.33 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.84 313.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.93 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 320.44 313.50 Td (these ) Tj ET Q q 0 0 0 rg BT 344.35 313.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 377.02 313.50 Td (is ) Tj ET Q q 0 0 0 rg BT 386.36 313.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.76 313.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 459.85 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 470.36 313.50 Td (any ) Tj ET Q q 0 0 0 rg BT 487.86 313.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 516.44 313.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (we ) Tj ET Q q 0 0 0 rg BT 64.72 300.90 Td (have ) Tj ET Q q 0 0 0 rg BT 87.52 300.90 Td (made ) Tj ET Q q 0 0 0 rg BT 113.23 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 124.95 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 140.75 300.90 Td (required ) Tj ET Q q 0 0 0 rg BT 178.71 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 189.85 300.90 Td (make, ) Tj ET Q q 0 0 0 rg BT 218.19 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 236.33 300.90 Td (any ) Tj ET Q q 0 0 0 rg BT 254.46 300.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 285.42 300.90 Td (but ) Tj ET Q q 0 0 0 rg BT 301.81 300.90 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 353.18 300.90 Td (management ) Tj ET Q q 0 0 0 rg BT 409.80 300.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 432.31 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 435.29 300.90 Td (Uncollected ) Tj ET Q q 0 0 0 rg BT 488.99 300.90 Td (management ) Tj ET Q q 0 0 0 rg BT 545.61 300.90 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 72.75 288.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 113.49 288.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 162.40 288.30 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 199.64 288.30 Td (were ) Tj ET Q q 0 0 0 rg BT 222.88 288.30 Td (not ) Tj ET Q q 0 0 0 rg BT 239.14 288.30 Td (material ) Tj ET Q q 0 0 0 rg BT 276.37 288.30 Td (at ) Tj ET Q q 0 0 0 rg BT 286.79 288.30 Td (March ) Tj ET Q q 0 0 0 rg BT 317.03 288.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 332.99 288.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 359.46 288.30 Td (we ) Tj ET Q q 0 0 0 rg BT 374.54 288.30 Td (have ) Tj ET Q q 0 0 0 rg BT 397.20 288.30 Td (not ) Tj ET Q q 0 0 0 rg BT 413.45 288.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 442.54 288.30 Td (any ) Tj ET Q q 0 0 0 rg BT 460.54 288.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.46 288.30 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 97.17 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 108.11 275.70 Td (these ) Tj ET Q q 0 0 0 rg BT 132.46 275.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 181.31 275.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 218.49 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 230.01 275.70 Td (their ) Tj ET Q q 0 0 0 rg BT 252.03 275.70 Td (investors, ) Tj ET Q q 0 0 0 rg BT 295.34 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 313.28 275.70 Td (we ) Tj ET Q q 0 0 0 rg BT 328.30 275.70 Td (did ) Tj ET Q q 0 0 0 rg BT 344.49 275.70 Td (not ) Tj ET Q q 0 0 0 rg BT 360.68 275.70 Td (sell ) Tj ET Q q 0 0 0 rg BT 378.04 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 389.56 275.70 Td (transfer ) Tj ET Q q 0 0 0 rg BT 424.40 275.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 451.67 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 462.62 275.70 Td (any ) Tj ET Q q 0 0 0 rg BT 480.55 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 492.07 275.70 Td (these ) Tj ET Q q 0 0 0 rg BT 516.42 275.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 89.37 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.21 263.10 Td (In ) Tj ET Q q 0 0 0 rg BT 103.80 263.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.86 263.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.37 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 214.94 263.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 263.85 263.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 308.98 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 324.06 263.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 374.73 263.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 406.13 263.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 451.56 263.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 500.48 263.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 540.35 263.10 Td (some ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 250.50 Td (which ) Tj ET Q q 0 0 0 rg BT 89.16 250.50 Td (are ) Tj ET Q q 0 0 0 rg BT 104.60 250.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 152.13 250.50 Td (as ) Tj ET Q q 0 0 0 rg BT 163.50 250.50 Td (CIVs. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.09 225.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.86 225.30 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 165.95 225.30 Td (we ) Tj ET Q q 0 0 0 rg BT 179.88 225.30 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 214.24 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 231.08 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 245.59 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.10 225.30 Td (manager ) Tj ET Q q 0 0 0 rg BT 297.94 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 308.37 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 322.87 225.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 370.04 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 379.90 225.30 Td (be ) Tj ET Q q 0 0 0 rg BT 391.50 225.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 427.00 225.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 459.59 225.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 491.60 225.30 Td (\("VIEs"\) ) Tj ET Q q 0 0 0 rg BT 530.44 225.30 Td (\(further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (described ) Tj ET Q q 0 0 0 rg BT 93.61 212.70 Td (below\) ) Tj ET Q q 0 0 0 rg BT 126.64 212.70 Td (while ) Tj ET Q q 0 0 0 rg BT 153.84 212.70 Td (others ) Tj ET Q q 0 0 0 rg BT 183.38 212.70 Td (are ) Tj ET Q q 0 0 0 rg BT 200.07 212.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 249.43 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 261.47 212.70 Td (be ) Tj ET Q q 0 0 0 rg BT 275.25 212.70 Td (voting ) Tj ET Q q 0 0 0 rg BT 305.96 212.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 333.76 212.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 367.96 212.70 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 413.23 212.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 446.85 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 458.89 212.70 Td (traditional ) Tj ET Q q 0 0 0 rg BT 505.92 212.70 Td (consolidation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (concepts ) Tj ET Q q 0 0 0 rg BT 88.79 200.10 Td (based ) Tj ET Q q 0 0 0 rg BT 115.25 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 128.31 200.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 174.61 200.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 203.71 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.26 200.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 253.15 200.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 301.79 200.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 338.75 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 357.05 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.42 200.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 420.27 200.10 Td (VREs ) Tj ET Q q 0 0 0 rg BT 447.92 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 463.29 200.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 518.92 200.10 Td (if ) Tj ET Q q 0 0 0 rg BT 527.89 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 542.69 200.10 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 57.32 187.50 Td (controlling ) Tj ET Q q 0 0 0 rg BT 106.56 187.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.46 187.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 180.53 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 191.86 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 207.85 187.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 257.09 187.50 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 293.20 187.50 Td (absent ) Tj ET Q q 0 0 0 rg BT 323.19 187.50 Td (substantive ) Tj ET Q q 0 0 0 rg BT 373.60 187.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 410.59 187.50 Td (rights ) Tj ET Q q 0 0 0 rg BT 437.67 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 449.00 187.50 Td (replace ) Tj ET Q q 0 0 0 rg BT 482.47 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 498.46 187.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 537.77 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 187.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 76.53 174.90 Td (\(kick-out ) Tj ET Q q 0 0 0 rg BT 118.13 174.90 Td (rights\). ) Tj ET Q q 0 0 0 rg BT 151.28 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 154.17 174.90 Td (W) Tj ET Q q 0 0 0 rg BT 163.24 174.90 Td (e ) Tj ET Q q 0 0 0 rg BT 171.01 174.90 Td (may ) Tj ET Q q 0 0 0 rg BT 192.20 174.90 Td (also ) Tj ET Q q 0 0 0 rg BT 212.23 174.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 234.58 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 250.53 174.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 278.14 174.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.91 174.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 349.10 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 360.38 174.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 391.83 174.90 Td (VRE ) Tj ET Q q 0 0 0 rg BT 415.94 174.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 465.13 174.90 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 502.65 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 513.92 174.90 Td (generate ) Tj ET Q q 0 0 0 rg BT 552.59 174.90 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.98 162.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 153.43 162.30 Td (track ) Tj ET Q q 0 0 0 rg BT 176.82 162.30 Td (record ) Tj ET Q q 0 0 0 rg BT 206.03 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 216.60 162.30 Td (order ) Tj ET Q q 0 0 0 rg BT 241.15 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 251.72 162.30 Td (attract ) Tj ET Q q 0 0 0 rg BT 280.35 162.30 Td (third-party ) Tj ET Q q 0 0 0 rg BT 327.66 162.30 Td (investors ) Tj ET Q q 0 0 0 rg BT 367.97 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 378.54 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 393.77 162.30 Td (product. ) Tj ET Q q 0 0 0 rg BT 430.87 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 433.27 162.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 452.00 162.30 Td (initial ) Tj ET Q q 0 0 0 rg BT 478.90 162.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 527.38 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 537.95 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 545.01 162.30 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (product ) Tj ET Q q 0 0 0 rg BT 85.88 149.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 126.92 149.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 173.79 149.70 Td (100% ) Tj ET Q q 0 0 0 rg BT 202.59 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 215.65 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 232.78 149.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 280.83 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 293.30 149.70 Td (that ) Tj ET Q q 0 0 0 rg BT 313.35 149.70 Td (product. ) Tj ET Q q 0 0 0 rg BT 352.35 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 355.71 149.70 Td (As ) Tj ET Q q 0 0 0 rg BT 371.68 149.70 Td (further ) Tj ET Q q 0 0 0 rg BT 404.55 149.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 449.10 149.70 Td (below) Tj ET Q q 0 0 0 rg BT 474.08 149.70 Td (, ) Tj ET Q q 0 0 0 rg BT 481.01 149.70 Td (these ) Tj ET Q q 0 0 0 rg BT 506.89 149.70 Td (�seed ) Tj ET Q q 0 0 0 rg BT 534.51 149.70 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (investments� ) Tj ET Q q 0 0 0 rg BT 105.93 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.35 137.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 175.02 137.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.37 137.10 Td (long ) Tj ET Q q 0 0 0 rg BT 205.64 137.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.99 137.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.83 137.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 268.18 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.44 137.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 322.12 137.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.45 137.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 392.96 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.73 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.16 137.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 453.46 137.10 Td (but ) Tj ET Q q 0 0 0 rg BT 468.48 137.10 Td (they ) Tj ET Q q 0 0 0 rg BT 488.16 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 502.58 137.10 Td (not ) Tj ET Q q 0 0 0 rg BT 517.60 137.10 Td (designated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 124.50 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 85.67 124.50 Td (unless ) Tj ET Q q 0 0 0 rg BT 114.54 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 130.00 124.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.70 124.50 Td (is ) Tj ET Q q 0 0 0 rg BT 188.33 124.50 Td (longer) Tj ET Q q 0 0 0 rg BT 214.94 124.50 Td (-term. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 59.30 99.30 Td (VIE ) Tj ET Q q 0 0 0 rg BT 79.81 99.30 Td (is ) Tj ET Q q 0 0 0 rg BT 89.83 99.30 Td (an ) Tj ET Q q 0 0 0 rg BT 102.75 99.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.68 99.30 Td (which ) Tj ET Q q 0 0 0 rg BT 158.36 99.30 Td (does ) Tj ET Q q 0 0 0 rg BT 180.62 99.30 Td (not ) Tj ET Q q 0 0 0 rg BT 197.05 99.30 Td (have ) Tj ET Q q 0 0 0 rg BT 219.89 99.30 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.21 99.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.47 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 300.65 99.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.56 99.30 Td (its ) Tj ET Q q 0 0 0 rg BT 347.50 99.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.42 99.30 Td (without ) Tj ET Q q 0 0 0 rg BT 423.52 99.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.53 99.30 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.78 99.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (support; ) Tj ET Q q 0 0 0 rg BT 87.53 86.70 Td (or ) Tj ET Q q 0 0 0 rg BT 99.89 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 116.33 86.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.19 86.70 Td (investors, ) Tj ET Q q 0 0 0 rg BT 190.34 86.70 Td (as ) Tj ET Q q 0 0 0 rg BT 202.70 86.70 Td (a ) Tj ET Q q 0 0 0 rg BT 210.97 86.70 Td (group, ) Tj ET Q q 0 0 0 rg BT 241.70 86.70 Td (do ) Tj ET Q q 0 0 0 rg BT 255.81 86.70 Td (not ) Tj ET Q q 0 0 0 rg BT 272.84 86.70 Td (have ) Tj ET Q q 0 0 0 rg BT 296.28 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 312.72 86.70 Td (normal ) Tj ET Q q 0 0 0 rg BT 346.07 86.70 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 409.73 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 422.09 86.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 451.95 86.70 Td (for ) Tj ET Q q 0 0 0 rg BT 467.80 86.70 Td (a ) Tj ET Q q 0 0 0 rg BT 476.08 86.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.43 86.70 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 74.10 Td (interest.) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (67) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.96 741.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 144.01 741.90 Td (VIEs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 65.76 729.30 Td (most ) Tj ET Q q 0 0 0 rg BT 87.85 729.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 132.10 729.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 179.85 729.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 200.64 729.30 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 223.89 729.30 Td (deemed ) Tj ET Q q 0 0 0 rg BT 258.21 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 268.05 729.30 Td (be ) Tj ET Q q 0 0 0 rg BT 279.63 729.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.38 729.30 Td (companies, ) Tj ET Q q 0 0 0 rg BT 376.57 729.30 Td (including ) Tj ET Q q 0 0 0 rg BT 417.91 729.30 Td (money ) Tj ET Q q 0 0 0 rg BT 448.16 729.30 Td (market ) Tj ET Q q 0 0 0 rg BT 478.98 729.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 506.61 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 520.52 729.30 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (we ) Tj ET Q q 0 0 0 rg BT 64.27 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 79.62 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 94.97 716.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 130.74 716.70 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 180.49 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 191.76 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 206.94 716.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 226.96 716.70 Td (if ) Tj ET Q q 0 0 0 rg BT 235.90 716.70 Td (we ) Tj ET Q q 0 0 0 rg BT 250.67 716.70 Td (absorb ) Tj ET Q q 0 0 0 rg BT 281.19 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 288.38 716.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 326.49 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 337.76 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 352.93 716.70 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 378.93 716.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 418.77 716.70 Td (losses, ) Tj ET Q q 0 0 0 rg BT 449.01 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 460.29 716.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 493.12 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 500.31 716.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 538.41 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 716.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 75.02 704.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 114.37 704.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 149.66 704.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 183.49 704.10 Td (if ) Tj ET Q q 0 0 0 rg BT 191.95 704.10 Td (any) Tj ET Q q 0 0 0 rg BT 206.43 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.10 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.14 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 231.52 704.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 291.88 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.67 704.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 342.03 704.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 377.31 704.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 408.52 704.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 447.30 704.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 471.52 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 490.47 704.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 510.59 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.80 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.51 704.10 Td (decision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (maker ) Tj ET Q q 0 0 0 rg BT 78.69 691.50 Td (if ) Tj ET Q q 0 0 0 rg BT 88.05 691.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.57 691.50 Td (criteria ) Tj ET Q q 0 0 0 rg BT 152.25 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 168.02 691.50 Td (met. ) Tj ET Q q 0 0 0 rg BT 189.34 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 192.29 691.50 Td (In ) Tj ET Q q 0 0 0 rg BT 203.99 691.50 Td (determining ) Tj ET Q q 0 0 0 rg BT 257.68 691.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 294.45 691.50 Td (we ) Tj ET Q q 0 0 0 rg BT 309.64 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 325.41 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.19 691.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 377.38 691.50 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 427.56 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 439.25 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 452.12 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 501.15 691.50 Td (company ) Tj ET Q q 0 0 0 rg BT 542.37 691.50 Td (VIE, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (we ) Tj ET Q q 0 0 0 rg BT 64.20 678.90 Td (consider ) Tj ET Q q 0 0 0 rg BT 102.23 678.90 Td (both ) Tj ET Q q 0 0 0 rg BT 123.36 678.90 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 170.14 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 187.76 678.90 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 239.78 678.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 270.81 678.90 Td (such ) Tj ET Q q 0 0 0 rg BT 292.52 678.90 Td (as ) Tj ET Q q 0 0 0 rg BT 303.72 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.01 678.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 348.30 678.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 374.68 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 385.88 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 401.17 678.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 429.87 678.90 Td (holders; ) Tj ET Q q 0 0 0 rg BT 466.16 678.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.44 678.90 Td (participation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 666.30 Td (all ) Tj ET Q q 0 0 0 rg BT 73.42 666.30 Td (parties, ) Tj ET Q q 0 0 0 rg BT 106.38 666.30 Td (including ) Tj ET Q q 0 0 0 rg BT 148.38 666.30 Td (how ) Tj ET Q q 0 0 0 rg BT 168.80 666.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 188.05 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 203.21 666.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 233.53 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 251.03 666.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 271.45 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 281.95 666.30 Td (us; ) Tj ET Q q 0 0 0 rg BT 296.55 666.30 Td (related ) Tj ET Q q 0 0 0 rg BT 327.45 666.30 Td (party ) Tj ET Q q 0 0 0 rg BT 351.37 666.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 396.87 666.30 Td (employees�\) ) Tj ET Q q 0 0 0 rg BT 451.10 666.30 Td (ownership; ) Tj ET Q q 0 0 0 rg BT 500.10 666.30 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 547.34 666.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 84.21 653.70 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 143.12 653.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (In ) Tj ET Q q 0 0 0 rg BT 61.65 628.50 Td (determining ) Tj ET Q q 0 0 0 rg BT 115.79 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 132.02 628.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 168.66 628.50 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 215.20 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 221.22 628.50 Td (we ) Tj ET Q q 0 0 0 rg BT 236.87 628.50 Td (must ) Tj ET Q q 0 0 0 rg BT 260.69 628.50 Td (make ) Tj ET Q q 0 0 0 rg BT 286.83 628.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 342.16 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 360.72 628.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 403.20 628.50 Td (about, ) Tj ET Q q 0 0 0 rg BT 432.55 628.50 Td (among ) Tj ET Q q 0 0 0 rg BT 464.53 628.50 Td (other ) Tj ET Q q 0 0 0 rg BT 489.51 628.50 Td (things, ) Tj ET Q q 0 0 0 rg BT 521.21 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 537.44 628.50 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.00 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 116.19 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 131.46 615.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 179.40 615.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 206.35 615.90 Td (held ) Tj ET Q q 0 0 0 rg BT 226.87 615.90 Td (by ) Tj ET Q q 0 0 0 rg BT 239.82 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 254.92 615.90 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 277.48 615.90 Td (including ) Tj ET Q q 0 0 0 rg BT 319.59 615.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.12 615.90 Td (returns, ) Tj ET Q q 0 0 0 rg BT 402.35 615.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 423.45 615.90 Td (flows, ) Tj ET Q q 0 0 0 rg BT 451.86 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 469.46 615.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 495.81 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 513.42 615.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.78 615.90 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (risks. ) Tj ET Q q 0 0 0 rg BT 73.46 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 74.96 603.30 Td (In ) Tj ET Q q 0 0 0 rg BT 85.21 603.30 Td (determining ) Tj ET Q q 0 0 0 rg BT 137.44 603.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 172.76 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 178.81 603.30 Td (VIE ) Tj ET Q q 0 0 0 rg BT 197.81 603.30 Td (is ) Tj ET Q q 0 0 0 rg BT 206.31 603.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 252.13 603.30 Td (for ) Tj ET Q q 0 0 0 rg BT 265.88 603.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 309.95 603.30 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 351.41 603.30 Td (we ) Tj ET Q q 0 0 0 rg BT 365.15 603.30 Td (consider ) Tj ET Q q 0 0 0 rg BT 402.22 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.55 603.30 Td (same ) Tj ET Q q 0 0 0 rg BT 439.62 603.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 469.69 603.30 Td (used ) Tj ET Q q 0 0 0 rg BT 490.44 603.30 Td (for ) Tj ET Q q 0 0 0 rg BT 504.18 603.30 Td (determination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 590.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 112.19 590.70 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 158.73 590.70 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (Other VIEs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (For ) Tj ET Q q 0 0 0 rg BT 65.84 552.90 Td (other ) Tj ET Q q 0 0 0 rg BT 89.17 552.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 133.51 552.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 181.34 552.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 206.43 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 223.93 552.90 Td (do ) Tj ET Q q 0 0 0 rg BT 236.18 552.90 Td (not ) Tj ET Q q 0 0 0 rg BT 251.35 552.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 273.52 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 288.10 552.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.93 552.90 Td (company ) Tj ET Q q 0 0 0 rg BT 376.17 552.90 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 410.28 552.90 Td (such ) Tj ET Q q 0 0 0 rg BT 431.28 552.90 Td (as ) Tj ET Q q 0 0 0 rg BT 441.79 552.90 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 500.09 552.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 519.92 552.90 Td (obligation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.56 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 100.45 540.30 Td (CLO ) Tj ET Q q 0 0 0 rg BT 124.18 540.30 Td (entities, ) Tj ET Q q 0 0 0 rg BT 159.86 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 174.83 540.30 Td (determine ) Tj ET Q q 0 0 0 rg BT 219.54 540.30 Td (if ) Tj ET Q q 0 0 0 rg BT 228.68 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 243.66 540.30 Td (are ) Tj ET Q q 0 0 0 rg BT 259.20 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 274.76 540.30 Td (primary ) Tj ET Q q 0 0 0 rg BT 310.73 540.30 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 360.68 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.15 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 379.35 540.30 Td (VIE ) Tj ET Q q 0 0 0 rg BT 399.57 540.30 Td (if ) Tj ET Q q 0 0 0 rg BT 408.71 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 423.68 540.30 Td (have ) Tj ET Q q 0 0 0 rg BT 446.23 540.30 Td (both ) Tj ET Q q 0 0 0 rg BT 467.63 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.19 540.30 Td (power ) Tj ET Q q 0 0 0 rg BT 512.16 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 523.05 540.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 549.69 540.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 90.23 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 101.80 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 117.24 527.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 137.56 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 156.13 527.70 Td (most ) Tj ET Q q 0 0 0 rg BT 179.37 527.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 234.69 527.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 266.08 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 281.73 527.70 Td (entity's ) Tj ET Q q 0 0 0 rg BT 314.45 527.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 358.08 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 413.96 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 431.94 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 447.59 527.70 Td (obligation ) Tj ET Q q 0 0 0 rg BT 492.99 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 503.98 527.70 Td (absorb ) Tj ET Q q 0 0 0 rg BT 534.80 527.70 Td (losses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.76 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.11 515.10 Td (right ) Tj ET Q q 0 0 0 rg BT 98.46 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.14 515.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 141.97 515.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 180.35 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 198.61 515.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 246.04 515.10 Td (could ) Tj ET Q q 0 0 0 rg BT 271.89 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 284.31 515.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 331.16 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.84 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.00 515.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 379.64 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.98 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 391.05 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 398.22 515.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 436.31 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.66 515.10 Td (management ) Tj ET Q q 0 0 0 rg BT 507.82 515.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 523.16 515.10 Td (structure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (including ) Tj ET Q q 0 0 0 rg BT 92.72 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 109.11 502.50 Td (seniority ) Tj ET Q q 0 0 0 rg BT 149.41 502.50 Td (level ) Tj ET Q q 0 0 0 rg BT 173.38 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 185.68 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 203.24 502.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 226.32 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 242.71 502.50 Td (current ) Tj ET Q q 0 0 0 rg BT 276.00 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 294.72 502.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 335.59 502.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 379.96 502.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 436.57 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 448.87 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 465.26 502.50 Td (entity) Tj ET Q q 0 0 0 rg BT 488.49 502.50 Td (, ) Tj ET Q q 0 0 0 rg BT 494.67 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 506.98 502.50 Td (well ) Tj ET Q q 0 0 0 rg BT 528.62 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 540.92 502.50 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 95.88 489.90 Td (included ) Tj ET Q q 0 0 0 rg BT 134.66 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 145.45 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 160.91 489.90 Td (governing ) Tj ET Q q 0 0 0 rg BT 206.11 489.90 Td (documents ) Tj ET Q q 0 0 0 rg BT 254.22 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 272.59 489.90 Td (might ) Tj ET Q q 0 0 0 rg BT 299.72 489.90 Td (restrict ) Tj ET Q q 0 0 0 rg BT 331.50 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 342.87 489.90 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 386.30 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 398.84 489.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 438.77 489.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 457.74 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 469.11 489.90 Td (residual ) Tj ET Q q 0 0 0 rg BT 504.98 489.90 Td (return. ) Tj ET Q q 0 0 0 rg BT 535.30 489.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (In ) Tj ET Q q 0 0 0 rg BT 61.71 464.70 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 108.90 464.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 146.18 464.70 Td (we ) Tj ET Q q 0 0 0 rg BT 161.88 464.70 Td (have ) Tj ET Q q 0 0 0 rg BT 185.16 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 201.45 464.70 Td (obligation ) Tj ET Q q 0 0 0 rg BT 247.49 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 259.12 464.70 Td (absorb ) Tj ET Q q 0 0 0 rg BT 290.57 464.70 Td (losses, ) Tj ET Q q 0 0 0 rg BT 321.74 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 333.95 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 350.23 464.70 Td (right ) Tj ET Q q 0 0 0 rg BT 373.53 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 385.15 464.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 418.92 464.70 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 458.24 464.70 Td (that ) Tj ET Q q 0 0 0 rg BT 477.45 464.70 Td (could ) Tj ET Q q 0 0 0 rg BT 504.24 464.70 Td (potentially ) Tj ET Q q 0 0 0 rg BT 552.60 464.70 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.64 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.62 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.97 452.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 133.91 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.97 452.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 185.35 452.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 215.74 452.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.79 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.43 452.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 304.29 452.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 332.06 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.03 452.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 410.90 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.46 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.11 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 484.00 452.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 522.85 452.10 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 63.83 439.50 Td (following ) Tj ET Q q 0 0 0 rg BT 106.17 439.50 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 151.99 439.50 Td (factors: ) Tj ET Q q 0 0 0 rg BT 184.98 439.50 Td (if ) Tj ET Q q 0 0 0 rg BT 192.90 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 206.64 439.50 Td (have ) Tj ET Q q 0 0 0 rg BT 227.97 439.50 Td (involvement ) Tj ET Q q 0 0 0 rg BT 281.96 439.50 Td (with ) Tj ET Q q 0 0 0 rg BT 302.13 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 316.47 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 364.05 439.50 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 395.87 439.50 Td (beyond ) Tj ET Q q 0 0 0 rg BT 428.28 439.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 470.62 439.50 Td (management ) Tj ET Q q 0 0 0 rg BT 525.76 439.50 Td (services; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (if ) Tj ET Q q 0 0 0 rg BT 58.63 426.90 Td (we ) Tj ET Q q 0 0 0 rg BT 73.58 426.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 94.97 426.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 123.92 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 135.38 426.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 156.18 426.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 193.88 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 204.76 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.30 426.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 269.10 426.90 Td (vehicle; ) Tj ET Q q 0 0 0 rg BT 305.04 426.90 Td (if ) Tj ET Q q 0 0 0 rg BT 314.17 426.90 Td (we ) Tj ET Q q 0 0 0 rg BT 329.13 426.90 Td (have ) Tj ET Q q 0 0 0 rg BT 351.66 426.90 Td (transferred ) Tj ET Q q 0 0 0 rg BT 399.85 426.90 Td (any ) Tj ET Q q 0 0 0 rg BT 417.72 426.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.93 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 455.81 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 471.36 426.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 520.15 426.90 Td (vehicle; ) Tj ET Q q 0 0 0 rg BT 556.09 426.90 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.78 414.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 103.98 414.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 147.24 414.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 166.60 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 177.22 414.30 Td (future ) Tj ET Q q 0 0 0 rg BT 204.75 414.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 238.11 414.30 Td (are ) Tj ET Q q 0 0 0 rg BT 253.38 414.30 Td (insignificant ) Tj ET Q q 0 0 0 rg BT 308.33 414.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 342.27 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 352.89 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 368.17 414.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 407.37 414.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 428.48 414.30 Td (flows ) Tj ET Q q 0 0 0 rg BT 454.27 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 465.47 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 480.75 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.28 414.30 Td (vehicle; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 68.24 401.70 Td (if ) Tj ET Q q 0 0 0 rg BT 78.22 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 94.63 401.70 Td (variability ) Tj ET Q q 0 0 0 rg BT 141.36 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 153.68 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.08 401.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 210.97 401.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 231.44 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 243.19 401.70 Td (relation ) Tj ET Q q 0 0 0 rg BT 278.83 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 290.57 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 306.98 401.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 347.29 401.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 369.53 401.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 396.43 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 408.75 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 425.16 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 474.81 401.70 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 508.70 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 519.28 401.70 Td (more ) Tj ET Q q 0 0 0 rg BT 544.43 401.70 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (insignificant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 363.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 363.90 Td (must ) Tj ET Q q 0 0 0 rg BT 88.90 363.90 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 139.35 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 156.94 363.90 Td (VIE ) Tj ET Q q 0 0 0 rg BT 177.06 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 191.93 363.90 Td (which ) Tj ET Q q 0 0 0 rg BT 220.22 363.90 Td (we ) Tj ET Q q 0 0 0 rg BT 235.09 363.90 Td (are ) Tj ET Q q 0 0 0 rg BT 250.53 363.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 285.80 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 296.60 363.90 Td (be ) Tj ET Q q 0 0 0 rg BT 309.13 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 324.58 363.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 360.45 363.90 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 406.99 363.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 338.70 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.41 338.70 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.66 338.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.91 338.70 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 110.16 338.70 Td (, ) Tj ET Q q 0 0 0 rg BT 115.41 338.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.19 338.70 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.69 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 146.32 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 157.69 338.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 184.81 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 195.61 338.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 253.64 338.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 295.34 338.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 344.05 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 358.92 338.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 403.53 338.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 449.91 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 461.28 338.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 486.08 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 503.86 338.70 Td (other ) Tj ET Q q 0 0 0 rg BT 527.87 338.70 Td (VIEs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 90.62 313.50 Td (Recognition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.71 300.90 Td (vast ) Tj ET Q q 0 0 0 rg BT 88.50 300.90 Td (majority ) Tj ET Q q 0 0 0 rg BT 126.96 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 138.59 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 155.47 300.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 195.66 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 211.36 300.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 256.80 300.90 Td (as ) Tj ET Q q 0 0 0 rg BT 268.43 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 275.97 300.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 324.32 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 335.95 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 351.66 300.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 369.11 300.90 Td (value ) Tj ET Q q 0 0 0 rg BT 394.73 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 406.36 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 422.60 300.90 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 452.61 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 455.28 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 474.49 300.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 522.86 300.90 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (within ) Tj ET Q q 0 0 0 rg BT 78.77 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 94.03 288.30 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 137.29 288.30 Td (we ) Tj ET Q q 0 0 0 rg BT 151.97 288.30 Td (manage, ) Tj ET Q q 0 0 0 rg BT 189.68 288.30 Td (which ) Tj ET Q q 0 0 0 rg BT 217.77 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 233.02 288.30 Td (not ) Tj ET Q q 0 0 0 rg BT 248.87 288.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 288.02 288.30 Td (within ) Tj ET Q q 0 0 0 rg BT 317.29 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 333.72 288.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.23 288.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.39 288.30 Td (statements, ) Tj ET Q q 0 0 0 rg BT 477.77 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 493.02 288.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 534.52 288.30 Td (valued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.05 275.70 Td (follows: ) Tj ET Q q 0 0 0 rg BT 96.28 275.70 Td (\(i\)�with ) Tj ET Q q 0 0 0 rg BT 129.29 275.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 160.83 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 170.80 275.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.26 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 226.31 275.70 Td (which ) Tj ET Q q 0 0 0 rg BT 253.78 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 284.74 275.70 Td (quotations ) Tj ET Q q 0 0 0 rg BT 330.29 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 344.92 275.70 Td (readily ) Tj ET Q q 0 0 0 rg BT 375.87 275.70 Td (available, ) Tj ET Q q 0 0 0 rg BT 418.20 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 432.83 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 463.79 275.70 Td (value ) Tj ET Q q 0 0 0 rg BT 488.34 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.89 275.70 Td (such ) Tj ET Q q 0 0 0 rg BT 519.94 275.70 Td (securities; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 263.10 Td (\(ii\)�with ) Tj ET Q q 0 0 0 rg BT 104.03 263.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 136.39 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.18 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 171.38 263.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.66 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.45 263.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 261.19 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 278.39 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 303.75 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 315.13 263.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 364.98 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.77 263.10 Td (good ) Tj ET Q q 0 0 0 rg BT 399.40 263.10 Td (faith.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (For ) Tj ET Q q 0 0 0 rg BT 67.65 237.90 Td (most ) Tj ET Q q 0 0 0 rg BT 91.64 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 103.95 237.90 Td (our ) Tj ET Q q 0 0 0 rg BT 121.51 237.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 154.24 237.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 181.13 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 199.86 237.90 Td (other ) Tj ET Q q 0 0 0 rg BT 225.00 237.90 Td (pooled ) Tj ET Q q 0 0 0 rg BT 257.14 237.90 Td (products, ) Tj ET Q q 0 0 0 rg BT 299.49 237.90 Td (their ) Tj ET Q q 0 0 0 rg BT 322.30 237.90 Td (boards ) Tj ET Q q 0 0 0 rg BT 353.86 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 366.17 237.90 Td (directors ) Tj ET Q q 0 0 0 rg BT 406.47 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 418.78 237.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.51 237.90 Td (bodies ) Tj ET Q q 0 0 0 rg BT 482.49 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 498.87 237.90 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.26 237.90 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (establishing ) Tj ET Q q 0 0 0 rg BT 103.04 225.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 139.07 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 157.60 225.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 207.03 225.30 Td (related ) Tj ET Q q 0 0 0 rg BT 238.97 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 250.50 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 266.70 225.30 Td (pricing ) Tj ET Q q 0 0 0 rg BT 299.82 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 311.93 225.30 Td (securities. ) Tj ET Q q 0 0 0 rg BT 357.58 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 360.96 225.30 Td (Each ) Tj ET Q q 0 0 0 rg BT 385.31 225.30 Td (board ) Tj ET Q q 0 0 0 rg BT 412.59 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 424.71 225.30 Td (directors ) Tj ET Q q 0 0 0 rg BT 464.81 225.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 507.25 225.30 Td (delegates ) Tj ET Q q 0 0 0 rg BT 549.68 225.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (execution ) Tj ET Q q 0 0 0 rg BT 92.85 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 104.14 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 212.70 Td (various ) Tj ET Q q 0 0 0 rg BT 152.96 212.70 Td (functions ) Tj ET Q q 0 0 0 rg BT 194.57 212.70 Td (related ) Tj ET Q q 0 0 0 rg BT 225.67 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 236.38 212.70 Td (pricing ) Tj ET Q q 0 0 0 rg BT 268.66 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 279.36 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 286.56 212.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 308.35 212.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 349.96 212.70 Td (committee ) Tj ET Q q 0 0 0 rg BT 396.82 212.70 Td (which, ) Tj ET Q q 0 0 0 rg BT 427.64 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 438.35 212.70 Td (turn, ) Tj ET Q q 0 0 0 rg BT 460.42 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 481.04 212.70 Td (rely ) Tj ET Q q 0 0 0 rg BT 499.90 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 512.94 212.70 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.07 200.10 Td (various ) Tj ET Q q 0 0 0 rg BT 105.14 200.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 135.29 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.61 200.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 177.51 200.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 219.33 200.10 Td (such ) Tj ET Q q 0 0 0 rg BT 240.73 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.64 200.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 305.11 200.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 337.01 200.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 375.62 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.60 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 412.01 200.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 460.23 200.10 Td (agent, ) Tj ET Q q 0 0 0 rg BT 487.76 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.74 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.15 200.10 Td (manager) Tj ET Q q 0 0 0 rg BT 559.88 200.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (broker) Tj ET Q q 0 0 0 rg BT 76.69 187.50 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 114.70 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 132.01 187.50 Td (others ) Tj ET Q q 0 0 0 rg BT 159.82 187.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 174.22 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 181.03 187.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 235.67 187.50 Td (thereof\). ) Tj ET Q q 0 0 0 rg BT 273.67 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 275.67 187.50 Td (The ) Tj ET Q q 0 0 0 rg BT 294.15 187.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 319.63 187.50 Td (have ) Tj ET Q q 0 0 0 rg BT 341.60 187.50 Td (controls ) Tj ET Q q 0 0 0 rg BT 377.58 187.50 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 425.21 187.50 Td (designed ) Tj ET Q q 0 0 0 rg BT 464.69 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 475.01 187.50 Td (ensure ) Tj ET Q q 0 0 0 rg BT 504.56 187.50 Td (that ) Tj ET Q q 0 0 0 rg BT 522.46 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 537.44 187.50 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (assigned ) Tj ET Q q 0 0 0 rg BT 88.26 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 99.02 174.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.27 174.90 Td (they ) Tj ET Q q 0 0 0 rg BT 161.94 174.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 183.21 174.90 Td (are ) Tj ET Q q 0 0 0 rg BT 198.62 174.90 Td (accurate. ) Tj ET Q q 0 0 0 rg BT 238.81 174.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 296.22 174.90 Td (has ) Tj ET Q q 0 0 0 rg BT 312.81 174.90 Td (established ) Tj ET Q q 0 0 0 rg BT 362.06 174.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 397.32 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 408.08 174.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 438.08 174.90 Td (consistency ) Tj ET Q q 0 0 0 rg BT 489.67 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 500.43 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 515.86 174.90 Td (application ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 162.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 96.73 162.30 Td (recognition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.84 137.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 100.65 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.48 137.10 Td (advisor ) Tj ET Q q 0 0 0 rg BT 150.05 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 163.96 137.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 200.02 137.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 241.05 137.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.96 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 269.44 137.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 310.17 137.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 359.67 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 373.58 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.07 137.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 419.48 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.89 137.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.21 137.10 Td (held ) Tj ET Q q 0 0 0 rg BT 490.96 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.79 137.10 Td (client ) Tj ET Q q 0 0 0 rg BT 525.78 137.10 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 64.68 124.50 Td (may ) Tj ET Q q 0 0 0 rg BT 85.70 124.50 Td (share ) Tj ET Q q 0 0 0 rg BT 110.79 124.50 Td (this ) Tj ET Q q 0 0 0 rg BT 128.90 124.50 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 189.00 124.50 Td (with ) Tj ET Q q 0 0 0 rg BT 210.61 124.50 Td (others\) ) Tj ET Q q 0 0 0 rg BT 242.71 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 260.80 124.50 Td (have ) Tj ET Q q 0 0 0 rg BT 283.56 124.50 Td (established ) Tj ET Q q 0 0 0 rg BT 333.16 124.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 368.76 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 379.86 124.50 Td (govern ) Tj ET Q q 0 0 0 rg BT 411.96 124.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 453.97 124.50 Td (processes ) Tj ET Q q 0 0 0 rg BT 497.15 124.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 529.25 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 540.35 124.50 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 91.33 111.90 Td (above ) Tj ET Q q 0 0 0 rg BT 117.99 111.90 Td (for ) Tj ET Q q 0 0 0 rg BT 131.82 111.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 162.57 111.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.49 111.90 Td (that ) Tj ET Q q 0 0 0 rg BT 204.82 111.90 Td (are ) Tj ET Q q 0 0 0 rg BT 219.22 111.90 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 266.29 111.90 Td (designed ) Tj ET Q q 0 0 0 rg BT 305.20 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 314.95 111.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 343.94 111.90 Td (consistency ) Tj ET Q q 0 0 0 rg BT 394.52 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 418.68 111.90 Td (application ) Tj ET Q q 0 0 0 rg BT 466.92 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 477.25 111.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 512.07 111.90 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 565.14 111.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.39 99.30 Td (relies ) Tj ET Q q 0 0 0 rg BT 133.21 99.30 Td (extensively ) Tj ET Q q 0 0 0 rg BT 184.11 99.30 Td (on ) Tj ET Q q 0 0 0 rg BT 197.68 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 213.59 99.30 Td (data ) Tj ET Q q 0 0 0 rg BT 234.16 99.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 274.56 99.30 Td (by ) Tj ET Q q 0 0 0 rg BT 288.14 99.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 342.53 99.30 Td (pricing ) Tj ET Q q 0 0 0 rg BT 375.35 99.30 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 430.49 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 446.39 99.30 Td (custodians ) Tj ET Q q 0 0 0 rg BT 493.80 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 505.04 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 520.95 99.30 Td (pricing ) Tj ET Q q 0 0 0 rg BT 553.77 99.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.52 86.70 Td (account ) Tj ET Q q 0 0 0 rg BT 121.21 86.70 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 150.97 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 153.59 86.70 Td (Separate ) Tj ET Q q 0 0 0 rg BT 192.36 86.70 Td (account ) Tj ET Q q 0 0 0 rg BT 227.64 86.70 Td (customers ) Tj ET Q q 0 0 0 rg BT 272.84 86.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 312.20 86.70 Td (select ) Tj ET Q q 0 0 0 rg BT 338.73 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 354.19 86.70 Td (custodian.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 61.50 Td (aluation ) Tj ET Q q 0 0 0 rg BT 93.16 61.50 Td (processes ) Tj ET Q q 0 0 0 rg BT 136.81 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 151.72 61.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 179.64 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 195.88 61.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 242.44 61.50 Td (on ) Tj ET Q q 0 0 0 rg BT 256.36 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 272.60 61.50 Td (nature ) Tj ET Q q 0 0 0 rg BT 302.26 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 314.42 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 61.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.58 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 377.16 61.50 Td (any ) Tj ET Q q 0 0 0 rg BT 395.73 61.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 445.79 61.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 492.96 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 515.05 61.50 Td (our ) Tj ET Q q 0 0 0 rg BT 532.46 61.50 Td (clients. ) Tj ET Q q 0 0 0 rg BT 565.12 61.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 80.13 48.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.42 48.90 Td (under ) Tj ET Q q 0 0 0 rg BT 148.96 48.90 Td (management ) Tj ET Q q 0 0 0 rg BT 205.24 48.90 Td (for ) Tj ET Q q 0 0 0 rg BT 220.11 48.90 Td (which ) Tj ET Q q 0 0 0 rg BT 248.41 48.90 Td (market ) Tj ET Q q 0 0 0 rg BT 280.19 48.90 Td (quotations ) Tj ET Q q 0 0 0 rg BT 326.57 48.90 Td (are ) Tj ET Q q 0 0 0 rg BT 342.02 48.90 Td (available ) Tj ET Q q 0 0 0 rg BT 382.55 48.90 Td (are ) Tj ET Q q 0 0 0 rg BT 398.00 48.90 Td (usually ) Tj ET Q q 0 0 0 rg BT 430.97 48.90 Td (valued ) Tj ET Q q 0 0 0 rg BT 461.59 48.90 Td (at ) Tj ET Q q 0 0 0 rg BT 471.80 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 487.26 48.90 Td (last ) Tj ET Q q 0 0 0 rg BT 504.48 48.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 542.09 48.90 Td (sales ) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 73.24 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 84.73 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 93.29 741.75 Td (ficial ) Tj ET Q q 0 0 0 rg BT 117.61 741.75 Td (closing ) Tj ET Q q 0 0 0 rg BT 150.69 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 174.43 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 187.68 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.26 741.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 239.25 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 271.15 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 282.65 741.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 325.04 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 338.29 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 366.70 741.75 Td (they ) Tj ET Q q 0 0 0 rg BT 387.53 741.75 Td (trade. ) Tj ET Q q 0 0 0 rg BT 413.89 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 741.75 Td (Debt ) Tj ET Q q 0 0 0 rg BT 439.80 741.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 482.21 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 508.87 741.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.32 729.15 Td (usually ) Tj ET Q q 0 0 0 rg BT 96.66 729.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 126.65 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 136.23 729.15 Td (bid, ) Tj ET Q q 0 0 0 rg BT 154.28 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 165.03 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 179.86 729.15 Td (mean ) Tj ET Q q 0 0 0 rg BT 204.60 729.15 Td (between ) Tj ET Q q 0 0 0 rg BT 241.59 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 256.42 729.15 Td (last ) Tj ET Q q 0 0 0 rg BT 273.00 729.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 303.58 729.15 Td (bid ) Tj ET Q q 0 0 0 rg BT 319.01 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 336.17 729.15 Td (asked ) Tj ET Q q 0 0 0 rg BT 362.08 729.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 391.78 729.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 431.11 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 443.61 729.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 496.93 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 528.68 729.15 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 67.17 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 81.90 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 107.73 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 120.15 716.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 172.22 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 182.31 716.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.31 716.55 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 253.52 716.55 Td (quotations ) Tj ET Q q 0 0 0 rg BT 299.19 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 321.52 716.55 Td (bond ) Tj ET Q q 0 0 0 rg BT 344.44 716.55 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 378.72 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 409.79 716.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 461.87 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 471.95 716.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 522.85 716.55 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.51 703.95 Td (various ) Tj ET Q q 0 0 0 rg BT 99.27 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 122.69 703.95 Td (relationships ) Tj ET Q q 0 0 0 rg BT 178.20 703.95 Td (between ) Tj ET Q q 0 0 0 rg BT 215.03 703.95 Td (securities. ) Tj ET Q q 0 0 0 rg BT 259.16 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 261.01 703.95 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 308.35 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 328.27 703.95 Td (obligations ) Tj ET Q q 0 0 0 rg BT 376.79 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 391.45 703.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 432.37 703.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 462.20 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 471.63 703.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 515.46 703.95 Td (cost, ) Tj ET Q q 0 0 0 rg BT 536.85 703.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (approximates ) Tj ET Q q 0 0 0 rg BT 109.42 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.34 691.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 156.05 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 159.16 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 178.83 691.35 Td (vast ) Tj ET Q q 0 0 0 rg BT 199.09 691.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 238.02 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 250.12 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 266.72 691.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 294.58 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 304.93 691.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 336.27 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 363.52 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 377.37 691.35 Td (data ) Tj ET Q q 0 0 0 rg BT 398.21 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 421.97 691.35 Td (third ) Tj ET Q q 0 0 0 rg BT 445.15 691.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 476.49 691.35 Td (such ) Tj ET Q q 0 0 0 rg BT 499.08 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 511.18 691.35 Td (independent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 82.56 678.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 122.33 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 144.90 678.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 194.29 678.75 Td (agents, ) Tj ET Q q 0 0 0 rg BT 227.06 678.75 Td (custodians ) Tj ET Q q 0 0 0 rg BT 274.71 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.20 678.75 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 330.63 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 333.72 678.75 Td (This ) Tj ET Q q 0 0 0 rg BT 355.71 678.75 Td (varies ) Tj ET Q q 0 0 0 rg BT 384.10 678.75 Td (slightly ) Tj ET Q q 0 0 0 rg BT 418.93 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 442.66 678.75 Td (time ) Tj ET Q q 0 0 0 rg BT 464.65 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 476.14 678.75 Td (time ) Tj ET Q q 0 0 0 rg BT 498.12 678.75 Td (based ) Tj ET Q q 0 0 0 rg BT 525.35 678.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 549.67 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.66 666.15 Td (composition ) Tj ET Q q 0 0 0 rg BT 152.24 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 163.66 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 202.23 666.15 Td (class ) Tj ET Q q 0 0 0 rg BT 225.31 666.15 Td (\(equity) Tj ET Q q 0 0 0 rg BT 254.37 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 259.67 666.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 283.91 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 317.48 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 335.31 666.15 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 377.06 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 388.48 666.15 Td (well ) Tj ET Q q 0 0 0 rg BT 409.22 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 420.64 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 436.13 666.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 463.87 666.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 512.03 666.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 554.35 666.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.36 653.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 105.14 653.55 Td (within ) Tj ET Q q 0 0 0 rg BT 135.01 653.55 Td (each ) Tj ET Q q 0 0 0 rg BT 157.28 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 180.73 653.55 Td (class. ) Tj ET Q q 0 0 0 rg BT 206.80 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 209.84 653.55 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 258.94 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 270.72 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 286.59 653.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 328.70 653.55 Td (process ) Tj ET Q q 0 0 0 rg BT 363.22 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 375.00 653.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 407.78 653.55 Td (source, ) Tj ET Q q 0 0 0 rg BT 440.85 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 456.13 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 478.98 653.55 Td (established ) Tj ET Q q 0 0 0 rg BT 528.67 653.55 Td (controls ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 97.61 640.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 137.56 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 148.36 640.95 Td (assess ) Tj ET Q q 0 0 0 rg BT 176.65 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 192.11 640.95 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 257.71 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 269.09 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.54 640.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 312.24 640.95 Td (provided. ) Tj ET Q q 0 0 0 rg BT 354.82 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 357.26 640.95 Td (Where ) Tj ET Q q 0 0 0 rg BT 387.86 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 419.64 640.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 447.34 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 462.79 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 478.83 640.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 510.61 640.95 Td (available, ) Tj ET Q q 0 0 0 rg BT 553.76 640.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.49 628.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 113.89 628.35 Td (not ) Tj ET Q q 0 0 0 rg BT 129.48 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 139.82 628.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 168.80 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 185.54 628.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 213.08 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 237.99 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 258.24 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 270.32 628.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 319.72 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 330.06 628.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 379.44 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 400.28 628.35 Td (established ) Tj ET Q q 0 0 0 rg BT 449.11 628.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 490.36 628.35 Td (procedures ) Tj ET Q q 0 0 0 rg BT 538.59 628.35 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (on, ) Tj ET Q q 0 0 0 rg BT 64.57 615.75 Td (among ) Tj ET Q q 0 0 0 rg BT 95.08 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 118.60 615.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 148.84 615.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 206.76 615.75 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 237.00 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.94 615.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 295.69 615.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 314.54 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 326.55 615.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 352.99 615.75 Td (where ) Tj ET Q q 0 0 0 rg BT 380.58 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.09 615.75 Td (values ) Tj ET Q q 0 0 0 rg BT 425.86 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 440.62 615.75 Td (based ) Tj ET Q q 0 0 0 rg BT 466.47 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 478.91 615.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 536.83 615.75 Td (inputs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.79 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 80.67 603.15 Td (material. ) Tj ET Q q 0 0 0 rg BT 120.16 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 122.08 603.15 Td (As ) Tj ET Q q 0 0 0 rg BT 136.22 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 147.43 603.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 193.06 603.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 219.15 603.15 Td (equity) Tj ET Q q 0 0 0 rg BT 244.71 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 249.80 603.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 273.85 603.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 309.84 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 327.47 603.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 364.98 603.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 391.95 603.15 Td (values ) Tj ET Q q 0 0 0 rg BT 421.25 603.15 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 469.77 603.15 Td ($180.5 ) Tj ET Q q 0 0 0 rg BT 501.11 603.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 533.62 603.15 Td ($376.8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 79.54 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 97.33 590.55 Td ($1) Tj ET Q q 0 0 0 rg BT 107.44 590.55 Td (12.3 ) Tj ET Q q 0 0 0 rg BT 128.44 590.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 161.11 590.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 211.16 590.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.66 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.98 565.35 Td (vast ) Tj ET Q q 0 0 0 rg BT 98.38 565.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 136.45 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 147.68 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 163.62 565.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 190.61 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 200.10 565.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 230.58 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 243.57 565.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 297.38 565.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 329.61 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 365.92 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 392.31 565.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 415.80 565.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 463.77 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 495.42 565.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 522.98 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 534.21 565.35 Td (inputs, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 63.96 552.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.49 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 127.86 552.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 145.83 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 155.05 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.09 552.75 Td (most ) Tj ET Q q 0 0 0 rg BT 192.73 552.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 239.27 552.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.24 552.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 304.95 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.99 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 344.95 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 355.91 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 371.63 552.75 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 400.98 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.19 552.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 447.98 552.75 Td (events ) Tj ET Q q 0 0 0 rg BT 477.02 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.40 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 533.35 552.75 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (turmoil ) Tj ET Q q 0 0 0 rg BT 82.53 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 104.47 540.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 146.23 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 177.49 540.15 Td (price ) Tj ET Q q 0 0 0 rg BT 200.59 540.15 Td (volatility; ) Tj ET Q q 0 0 0 rg BT 243.54 540.15 Td (however) Tj ET Q q 0 0 0 rg BT 279.27 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 284.01 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 298.95 540.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 340.14 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 351.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.95 540.15 Td (vast ) Tj ET Q q 0 0 0 rg BT 384.98 540.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 422.67 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 433.53 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.47 540.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 490.24 540.15 Td (held ) Tj ET Q q 0 0 0 rg BT 510.43 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 523.05 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 539.16 540.15 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 77.28 527.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 113.90 527.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 152.87 527.55 Td (continues ) Tj ET Q q 0 0 0 rg BT 195.34 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 205.73 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 217.87 527.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 251.58 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 274.22 527.55 Td (readily ) Tj ET Q q 0 0 0 rg BT 305.60 527.55 Td (available ) Tj ET Q q 0 0 0 rg BT 345.72 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 377.10 527.55 Td (price ) Tj ET Q q 0 0 0 rg BT 400.32 527.55 Td (quotations. ) Tj ET Q q 0 0 0 rg BT 448.92 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 450.66 527.55 Td (As ) Tj ET Q q 0 0 0 rg BT 464.55 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 475.53 527.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 520.91 527.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 546.76 527.55 Td (less ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (than ) Tj ET Q q 0 0 0 rg BT 70.20 514.95 Td (1% ) Tj ET Q q 0 0 0 rg BT 86.82 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 98.20 514.95 Td (total ) Tj ET Q q 0 0 0 rg BT 118.91 514.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 146.03 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 155.66 514.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 186.28 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 212.81 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 225.93 514.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 284.54 514.95 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 315.46 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 317.51 514.95 Td (All ) Tj ET Q q 0 0 0 rg BT 332.97 514.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 360.10 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 391.29 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 402.08 514.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 436.20 514.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 473.23 514.95 Td (will ) Tj ET Q q 0 0 0 rg BT 492.19 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 504.73 514.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 531.26 514.95 Td (3.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (V) Tj ET Q q 0 0 0 rg BT 56.12 489.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 95.51 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.88 489.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.51 489.75 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.59 477.15 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 477.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.33 477.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.58 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 224.66 477.15 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.64 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 274.06 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 289.14 477.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.13 477.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.71 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 384.54 477.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.37 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 426.37 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 437.37 477.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 475.21 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 493.21 477.15 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.94 477.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 76.82 464.55 Td (except ) Tj ET Q q 0 0 0 rg BT 106.18 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 112.79 464.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 145.08 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 155.79 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 171.74 464.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 215.10 464.55 Td (debt. ) Tj ET Q q 0 0 0 rg BT 237.76 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 239.58 464.55 Td (T) Tj ET Q q 0 0 0 rg BT 245.63 464.55 Td (rading ) Tj ET Q q 0 0 0 rg BT 274.41 464.55 Td (investments, ) Tj ET Q q 0 0 0 rg BT 329.15 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.19 464.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 418.80 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 435.92 464.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 479.85 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 506.31 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 523.43 464.55 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (included ) Tj ET Q q 0 0 0 rg BT 88.10 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 98.71 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 113.98 451.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 171.83 451.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 208.09 451.95 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 237.95 451.95 Td (include ) Tj ET Q q 0 0 0 rg BT 271.29 451.95 Td (forms ) Tj ET Q q 0 0 0 rg BT 298.23 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 309.42 451.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.59 451.95 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 402.66 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 405.10 451.95 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 453.60 451.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 478.21 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 495.81 451.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 523.34 451.95 Td (related ) Tj ET Q q 0 0 0 rg BT 554.35 451.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 74.07 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.80 439.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 165.80 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 181.61 439.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 221.33 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 232.49 439.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 250.65 439.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 285.13 439.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 314.96 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 326.70 439.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 353.61 439.35 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 422.51 439.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 456.99 439.35 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 489.44 439.35 Td (depending ) Tj ET Q q 0 0 0 rg BT 536.17 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.62 426.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 133.49 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 144.86 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.31 426.75 Td (instrument.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.00 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.17 401.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 149.25 401.55 Td (where ) Tj ET Q q 0 0 0 rg BT 177.82 401.55 Td (we ) Tj ET Q q 0 0 0 rg BT 192.98 401.55 Td (do ) Tj ET Q q 0 0 0 rg BT 206.40 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 222.74 401.55 Td (control ) Tj ET Q q 0 0 0 rg BT 255.40 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 271.14 401.55 Td (investee, ) Tj ET Q q 0 0 0 rg BT 311.09 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 329.17 401.55 Td (where ) Tj ET Q q 0 0 0 rg BT 357.74 401.55 Td (we ) Tj ET Q q 0 0 0 rg BT 372.90 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 388.64 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 404.97 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 401.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 456.88 401.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 507.02 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.68 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 526.05 401.55 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 549.09 401.55 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (can ) Tj ET Q q 0 0 0 rg BT 67.45 388.95 Td (exert ) Tj ET Q q 0 0 0 rg BT 91.81 388.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.51 388.95 Td (influence ) Tj ET Q q 0 0 0 rg BT 181.95 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 203.99 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 220.19 388.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.30 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 278.84 388.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 321.87 388.95 Td (policies ) Tj ET Q q 0 0 0 rg BT 357.91 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 370.03 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 386.24 388.95 Td (investee, ) Tj ET Q q 0 0 0 rg BT 426.64 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 442.27 388.95 Td (follow ) Tj ET Q q 0 0 0 rg BT 473.06 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 489.26 388.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.89 388.95 Td (method ) Tj ET Q q 0 0 0 rg BT 553.76 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 100.75 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 103.12 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 122.01 376.35 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 168.30 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 179.61 376.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 215.98 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 230.78 376.35 Td (exert ) Tj ET Q q 0 0 0 rg BT 254.33 376.35 Td (control ) Tj ET Q q 0 0 0 rg BT 286.63 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 297.93 376.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 344.82 376.35 Td (influence ) Tj ET Q q 0 0 0 rg BT 386.44 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 407.66 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 423.04 376.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.33 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 480.05 376.35 Td (operational ) Tj ET Q q 0 0 0 rg BT 529.84 376.35 Td (policies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 73.38 363.75 Td (investee ) Tj ET Q q 0 0 0 rg BT 110.40 363.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 146.83 363.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 193.76 363.75 Td (judgment ) Tj ET Q q 0 0 0 rg BT 236.04 363.75 Td (based ) Tj ET Q q 0 0 0 rg BT 262.56 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 275.67 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.11 363.75 Td (facts ) Tj ET Q q 0 0 0 rg BT 313.55 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 331.32 363.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 393.41 363.75 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 446.77 363.75 Td (each ) Tj ET Q q 0 0 0 rg BT 468.61 363.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 513.80 363.75 Td (investment. ) Tj ET Q q 0 0 0 rg BT 565.13 363.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Factors ) Tj ET Q q 0 0 0 rg BT 84.01 351.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 133.10 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 144.87 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 170.04 351.15 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 221.47 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 243.15 351.15 Td (include ) Tj ET Q q 0 0 0 rg BT 277.65 351.15 Td (investor ) Tj ET Q q 0 0 0 rg BT 315.08 351.15 Td (voting ) Tj ET Q q 0 0 0 rg BT 345.52 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 357.87 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 383.04 351.15 Td (rights, ) Tj ET Q q 0 0 0 rg BT 413.19 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 431.95 351.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 474.62 351.15 Td (we ) Tj ET Q q 0 0 0 rg BT 490.46 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 512.14 351.15 Td (have ) Tj ET Q q 0 0 0 rg BT 535.56 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (governing ) Tj ET Q q 0 0 0 rg BT 94.71 338.55 Td (board ) Tj ET Q q 0 0 0 rg BT 121.26 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 132.64 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 148.10 338.55 Td (investee, ) Tj ET Q q 0 0 0 rg BT 187.77 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 203.23 338.55 Td (legal ) Tj ET Q q 0 0 0 rg BT 226.28 338.55 Td (rights ) Tj ET Q q 0 0 0 rg BT 252.83 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 264.21 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 288.43 338.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 328.98 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 339.78 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 355.25 338.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 381.80 338.55 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 420.59 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 431.40 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 446.86 338.55 Td (fund's ) Tj ET Q q 0 0 0 rg BT 474.73 338.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 517.01 338.55 Td (documents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 81.44 325.95 Td (relationship ) Tj ET Q q 0 0 0 rg BT 132.99 325.95 Td (between ) Tj ET Q q 0 0 0 rg BT 169.95 325.95 Td (us ) Tj ET Q q 0 0 0 rg BT 181.26 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 198.39 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 221.94 325.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 261.83 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 271.98 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 286.78 325.95 Td (entity) Tj ET Q q 0 0 0 rg BT 310.01 325.95 Td (. ) Tj ET Q q 0 0 0 rg BT 314.61 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 316.59 325.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 334.89 325.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.11 325.95 Td (method ) Tj ET Q q 0 0 0 rg BT 396.58 325.95 Td (investees ) Tj ET Q q 0 0 0 rg BT 437.05 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 454.77 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 469.56 325.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 517.61 325.95 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (record ) Tj ET Q q 0 0 0 rg BT 77.89 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 98.70 313.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 145.76 313.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.50 313.35 Td (at ) Tj ET Q q 0 0 0 rg BT 206.65 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.79 313.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 249.73 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 251.18 313.35 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 296.77 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 322.24 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 336.64 313.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 364.46 313.35 Td (method ) Tj ET Q q 0 0 0 rg BT 397.53 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 407.84 313.35 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 458.11 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 473.68 313.35 Td (share ) Tj ET Q q 0 0 0 rg BT 497.40 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 507.72 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 522.12 313.35 Td (investee's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.17 300.75 Td (net ) Tj ET Q q 0 0 0 rg BT 112.19 300.75 Td (income ) Tj ET Q q 0 0 0 rg BT 145.27 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 156.20 300.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 174.73 300.75 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 238.15 300.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 282.90 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.65 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 324.57 300.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 376.92 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 387.27 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 402.28 300.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.62 300.75 Td (held ) Tj ET Q q 0 0 0 rg BT 474.89 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 487.57 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.58 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.01 300.75 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (investee. ) Tj ET Q q 0 0 0 rg BT 89.19 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 91.86 288.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.85 288.15 Td (share ) Tj ET Q q 0 0 0 rg BT 135.67 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 147.08 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 162.57 288.15 Td (investee's ) Tj ET Q q 0 0 0 rg BT 205.62 288.15 Td (net ) Tj ET Q q 0 0 0 rg BT 221.11 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 254.68 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 266.10 288.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 285.10 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 294.77 288.15 Td (based ) Tj ET Q q 0 0 0 rg BT 321.34 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 334.51 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.00 288.15 Td (most ) Tj ET Q q 0 0 0 rg BT 373.08 288.15 Td (current ) Tj ET Q q 0 0 0 rg BT 405.48 288.15 Td (information ) Tj ET Q q 0 0 0 rg BT 457.72 288.15 Td (available ) Tj ET Q q 0 0 0 rg BT 498.28 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 516.10 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 525.77 288.15 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 68.16 275.55 Td (net ) Tj ET Q q 0 0 0 rg BT 83.61 275.55 Td (gain ) Tj ET Q q 0 0 0 rg BT 104.31 275.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 130.27 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 143.40 275.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 196.19 275.55 Td (within ) Tj ET Q q 0 0 0 rg BT 225.65 275.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 287.17 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 320.70 275.55 Td (\(expense\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.01 250.35 Td (investments, ) Tj ET Q q 0 0 0 rg BT 122.72 250.35 Td (we ) Tj ET Q q 0 0 0 rg BT 137.88 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 163.54 250.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 192.71 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 210.79 250.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 235.29 250.35 Td (income ) Tj ET Q q 0 0 0 rg BT 269.11 250.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.69 250.35 Td (using ) Tj ET Q q 0 0 0 rg BT 337.36 250.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 370.61 250.35 Td (market ) Tj ET Q q 0 0 0 rg BT 402.69 250.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 430.68 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 445.85 250.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 471.52 250.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 523.44 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 535.10 250.35 Td (broker ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.15 237.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 87.69 237.75 Td (price ) Tj ET Q q 0 0 0 rg BT 110.58 237.75 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 158.86 237.75 Td (when ) Tj ET Q q 0 0 0 rg BT 183.50 237.75 Td (available. ) Tj ET Q q 0 0 0 rg BT 225.92 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.82 237.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 253.64 237.75 Td (income ) Tj ET Q q 0 0 0 rg BT 286.45 237.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 328.00 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 347.98 237.75 Td (also ) Tj ET Q q 0 0 0 rg BT 366.80 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 378.61 237.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 408.50 237.75 Td (using ) Tj ET Q q 0 0 0 rg BT 433.15 237.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 474.13 237.75 Td (models ) Tj ET Q q 0 0 0 rg BT 506.36 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 237.75 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 75.71 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 88.51 225.15 Td (spreads ) Tj ET Q q 0 0 0 rg BT 122.30 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 132.76 225.15 Td (actively ) Tj ET Q q 0 0 0 rg BT 168.30 225.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 196.83 225.15 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 245.78 225.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 266.15 225.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 317.45 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 338.42 225.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 369.87 225.15 Td (available ) Tj ET Q q 0 0 0 rg BT 410.07 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 441.52 225.15 Td (prices. ) Tj ET Q q 0 0 0 rg BT 471.52 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 473.65 225.15 Td (W) Tj ET Q q 0 0 0 rg BT 482.72 225.15 Td (e ) Tj ET Q q 0 0 0 rg BT 489.68 225.15 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 526.96 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 543.25 225.15 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 83.03 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.90 212.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.35 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 192.38 212.55 Td ("other ) Tj ET Q q 0 0 0 rg BT 222.04 212.55 Td (than ) Tj ET Q q 0 0 0 rg BT 243.90 212.55 Td (temporary" ) Tj ET Q q 0 0 0 rg BT 295.13 212.55 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 349.95 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 353.75 212.55 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 406.52 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 428.39 212.55 Td (exist ) Tj ET Q q 0 0 0 rg BT 452.01 212.55 Td (when ) Tj ET Q q 0 0 0 rg BT 478.55 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 495.17 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 513.53 212.55 Td (value ) Tj ET Q q 0 0 0 rg BT 540.06 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 552.60 212.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.37 199.95 Td (security ) Tj ET Q q 0 0 0 rg BT 132.41 199.95 Td (has ) Tj ET Q q 0 0 0 rg BT 148.20 199.95 Td (been ) Tj ET Q q 0 0 0 rg BT 169.81 199.95 Td (below ) Tj ET Q q 0 0 0 rg BT 197.27 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 211.89 199.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 248.68 199.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 267.39 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 281.42 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 293.13 199.95 Td (extended ) Tj ET Q q 0 0 0 rg BT 332.82 199.95 Td (period ) Tj ET Q q 0 0 0 rg BT 361.44 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 371.98 199.95 Td (time. ) Tj ET Q q 0 0 0 rg BT 395.07 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 396.86 199.95 Td (If ) Tj ET Q q 0 0 0 rg BT 405.65 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 417.35 199.95 Td ("other ) Tj ET Q q 0 0 0 rg BT 445.01 199.95 Td (than ) Tj ET Q q 0 0 0 rg BT 464.88 199.95 Td (temporary" ) Tj ET Q q 0 0 0 rg BT 514.11 199.95 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (is ) Tj ET Q q 0 0 0 rg BT 60.36 187.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 111.44 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 123.46 187.35 Td (exist, ) Tj ET Q q 0 0 0 rg BT 149.78 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.46 187.35 Td (dif) Tj ET Q q 0 0 0 rg BT 177.93 187.35 Td (ference ) Tj ET Q q 0 0 0 rg BT 212.67 187.35 Td (between ) Tj ET Q q 0 0 0 rg BT 251.51 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 268.19 187.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 307.04 187.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 327.81 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 340.41 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 357.09 187.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 407.02 187.35 Td (security ) Tj ET Q q 0 0 0 rg BT 444.11 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.13 187.35 Td (its ) Tj ET Q q 0 0 0 rg BT 476.90 187.35 Td (current ) Tj ET Q q 0 0 0 rg BT 510.49 187.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 528.91 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 555.51 187.35 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.18 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 109.55 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 116.84 174.75 Td (char) Tj ET Q q 0 0 0 rg BT 134.72 174.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 147.25 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 158.05 174.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 196.24 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 207.04 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.49 174.75 Td (period ) Tj ET Q q 0 0 0 rg BT 251.94 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 262.73 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 291.02 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.47 174.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 357.50 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 367.13 174.75 Td (determined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.97 149.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.03 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 131.08 149.55 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 164.31 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 175.94 149.55 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 237.72 149.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.26 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 295.40 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 323.94 149.55 Td (market ) Tj ET Q q 0 0 0 rg BT 355.98 149.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 383.94 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 395.58 149.55 Td (quotations ) Tj ET Q q 0 0 0 rg BT 442.22 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 457.92 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 474.23 149.55 Td (readily ) Tj ET Q q 0 0 0 rg BT 506.27 149.55 Td (available, ) Tj ET Q q 0 0 0 rg BT 549.67 149.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 111.35 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.63 136.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.74 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 168.02 136.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 205.37 136.95 Td (us ) Tj ET Q q 0 0 0 rg BT 218.24 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 229.95 136.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 268.47 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.84 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 311.11 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.39 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 339.76 136.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.95 136.95 Td (using ) Tj ET Q q 0 0 0 rg BT 409.24 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 417.44 136.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 450.12 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 462.41 136.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 501.52 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 520.22 136.95 Td (resources, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (including ) Tj ET Q q 0 0 0 rg BT 92.03 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 107.72 124.35 Td (most ) Tj ET Q q 0 0 0 rg BT 131.01 124.35 Td (current ) Tj ET Q q 0 0 0 rg BT 163.60 124.35 Td (available ) Tj ET Q q 0 0 0 rg BT 204.36 124.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.96 124.35 Td (information ) Tj ET Q q 0 0 0 rg BT 296.40 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 311.51 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 327.20 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.14 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 394.17 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 409.86 124.35 Td (industry) Tj ET Q q 0 0 0 rg BT 443.60 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 449.08 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 451.32 124.35 Td (As ) Tj ET Q q 0 0 0 rg BT 465.85 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 477.46 124.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 523.48 124.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 547.35 124.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 76.50 111.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 121.28 111.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 174.82 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.36 111.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 214.52 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 230.14 111.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 261.51 111.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 325.53 111.75 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 347.28 111.75 Td (million ) Tj ET Q q 0 0 0 rg BT 380.99 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 399.52 111.75 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 421.27 111.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 457.61 111.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 507.66 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 513.65 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.77 111.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.29 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 120.66 99.15 Td (were ) Tj ET Q q 0 0 0 rg BT 143.69 99.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 174.30 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 187.42 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 204.05 99.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 258.59 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 269.96 99.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 311.66 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 329.45 99.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 388.06 99.15 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (At ) Tj ET Q q 0 0 0 rg BT 61.95 73.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 107.05 73.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 130.00 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 147.10 73.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 172.67 73.95 Td (we ) Tj ET Q q 0 0 0 rg BT 186.86 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 205.73 73.95 Td (had ) Tj ET Q q 0 0 0 rg BT 222.83 73.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 285.43 73.95 Td ($45.3 ) Tj ET Q q 0 0 0 rg BT 311.00 73.95 Td (million ) Tj ET Q q 0 0 0 rg BT 343.28 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 360.39 73.95 Td ($62.9 ) Tj ET Q q 0 0 0 rg BT 385.96 73.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 420.87 73.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 470.92 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 475.49 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 486.18 73.95 Td (other ) Tj ET Q q 0 0 0 rg BT 509.71 73.95 Td (investments, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (such ) Tj ET Q q 0 0 0 rg BT 71.17 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 82.34 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 130.84 61.35 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 187.21 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 205.38 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 220.63 61.35 Td (included ) Tj ET Q q 0 0 0 rg BT 259.21 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 269.80 61.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 296.13 61.35 Td (noncurrent ) Tj ET Q q 0 0 0 rg BT 344.03 61.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.96 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 383.88 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 399.13 61.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 456.97 61.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 493.21 61.35 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 525.67 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 536.84 61.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.71 48.75 Td ($37.3 ) Tj ET Q q 0 0 0 rg BT 138.90 48.75 Td (million ) Tj ET Q q 0 0 0 rg BT 171.80 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.52 48.75 Td ($48.3 ) Tj ET Q q 0 0 0 rg BT 215.71 48.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 251.23 48.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 301.28 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 306.46 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 321.84 48.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 366.97 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 381.77 48.75 Td (under ) Tj ET Q q 0 0 0 rg BT 408.24 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.63 48.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 452.44 48.75 Td (method. ) Tj ET Q q 0 0 0 rg BT 489.12 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 491.50 48.75 Td (The ) Tj ET Q q 0 0 0 rg BT 510.39 48.75 Td (remainder ) Tj ET Q q 0 0 0 rg BT 555.51 48.75 Td (is ) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (69) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 94.84 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 109.86 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 136.54 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.15 741.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 171.84 741.75 Td (method, ) Tj ET Q q 0 0 0 rg BT 208.74 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 237.18 741.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 279.61 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 288.80 741.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 320.15 741.75 Td (indicate ) Tj ET Q q 0 0 0 rg BT 356.16 741.75 Td (there ) Tj ET Q q 0 0 0 rg BT 379.92 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 400.78 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 413.47 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 426.15 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 477.34 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 488.28 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 503.89 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 529.40 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 540.93 741.75 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (investments. ) Tj ET Q q 0 0 0 rg BT 105.09 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 107.89 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 119.44 729.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 159.28 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 170.82 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 182.37 729.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 228.33 729.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 252.13 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 270.09 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 296.52 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 311.56 729.15 Td (had ) Tj ET Q q 0 0 0 rg BT 329.52 729.15 Td ($15.4 ) Tj ET Q q 0 0 0 rg BT 355.95 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 389.08 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 407.05 729.15 Td ($16.2 ) Tj ET Q q 0 0 0 rg BT 433.47 729.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 469.24 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 519.28 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 524.71 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 536.25 729.15 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (method ) Tj ET Q q 0 0 0 rg BT 83.62 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.41 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 154.78 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 170.22 716.55 Td (included ) Tj ET Q q 0 0 0 rg BT 209.00 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 219.80 716.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 269.08 716.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.36 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 324.48 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.94 716.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 397.97 716.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 434.41 716.55 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 691.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.14 691.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.17 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 174.54 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.24 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 218.10 691.35 Td (measurements ) Tj ET Q q 0 0 0 rg BT 281.29 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 299.58 691.35 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 349.37 691.35 Td (defines ) Tj ET Q q 0 0 0 rg BT 382.81 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 400.51 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 426.38 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 691.35 Td (establishes ) Tj ET Q q 0 0 0 rg BT 493.28 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 501.07 691.35 Td (framework ) Tj ET Q q 0 0 0 rg BT 550.26 691.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (measuring ) Tj ET Q q 0 0 0 rg BT 95.71 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.75 678.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 140.58 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 142.87 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 161.66 678.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.19 678.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 250.56 678.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 283.35 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 300.39 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 325.59 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 336.81 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.10 678.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 394.21 678.75 Td (price ) Tj ET Q q 0 0 0 rg BT 417.66 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 435.88 678.75 Td (would ) Tj ET Q q 0 0 0 rg BT 464.59 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 476.97 678.75 Td (received ) Tj ET Q q 0 0 0 rg BT 515.00 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 529.71 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 542.08 678.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.79 666.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 81.42 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 92.13 666.15 Td (transfer ) Tj ET Q q 0 0 0 rg BT 126.74 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 133.95 666.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 169.16 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 179.88 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 195.25 666.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.12 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 246.41 666.15 Td (most ) Tj ET Q q 0 0 0 rg BT 269.38 666.15 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 329.08 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 360.78 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 375.57 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.90 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 425.19 666.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 460.41 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.12 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 483.58 666.15 Td (orderly ) Tj ET Q q 0 0 0 rg BT 516.45 666.15 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (between ) Tj ET Q q 0 0 0 rg BT 87.05 653.55 Td (market ) Tj ET Q q 0 0 0 rg BT 118.77 653.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 170.32 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 183.38 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 198.78 653.55 Td (measurement ) Tj ET Q q 0 0 0 rg BT 257.32 653.55 Td (date. ) Tj ET Q q 0 0 0 rg BT 280.00 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 282.00 653.55 Td (A) Tj ET Q q 0 0 0 rg BT 289.00 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 291.57 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.71 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 334.01 653.55 Td (measurement ) Tj ET Q q 0 0 0 rg BT 392.56 653.55 Td (should ) Tj ET Q q 0 0 0 rg BT 423.13 653.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 452.50 653.55 Td (all ) Tj ET Q q 0 0 0 rg BT 465.56 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 476.88 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 653.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 653.55 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 81.38 640.95 Td (participants ) Tj ET Q q 0 0 0 rg BT 133.10 640.95 Td (would ) Tj ET Q q 0 0 0 rg BT 162.08 640.95 Td (use ) Tj ET Q q 0 0 0 rg BT 178.81 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 189.71 640.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 222.18 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 237.74 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.89 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 272.36 640.95 Td (liability) Tj ET Q q 0 0 0 rg BT 304.35 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 309.70 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 352.10 640.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 406.75 640.95 Td (about ) Tj ET Q q 0 0 0 rg BT 432.81 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 448.37 640.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.85 640.95 Td (inherent ) Tj ET Q q 0 0 0 rg BT 503.99 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 514.89 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 522.28 640.95 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.20 628.35 Td (technique, ) Tj ET Q q 0 0 0 rg BT 137.27 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 152.72 628.35 Td (ef) Tj ET Q q 0 0 0 rg BT 160.69 628.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.05 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 190.42 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 197.70 628.35 Td (restriction ) Tj ET Q q 0 0 0 rg BT 242.90 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 256.02 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 271.48 628.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.43 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 301.80 628.35 Td (use ) Tj ET Q q 0 0 0 rg BT 318.42 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 329.79 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 342.33 628.35 Td (asset, ) Tj ET Q q 0 0 0 rg BT 367.99 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 385.78 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 401.23 628.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.60 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 628.35 Td (non-performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 603.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 120.58 603.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 162.82 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 179.41 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.33 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 225.41 603.15 Td (measurements ) Tj ET Q q 0 0 0 rg BT 289.82 603.15 Td (establishes ) Tj ET Q q 0 0 0 rg BT 339.66 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 348.66 603.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 392.65 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 412.74 603.15 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 459.65 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.83 603.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 506.84 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 523.43 603.15 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (techniques ) Tj ET Q q 0 0 0 rg BT 96.78 590.55 Td (used ) Tj ET Q q 0 0 0 rg BT 118.41 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 128.95 590.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 166.31 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.26 590.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 211.00 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 213.21 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 231.91 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.86 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 273.97 590.55 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 315.99 590.55 Td (gives ) Tj ET Q q 0 0 0 rg BT 340.54 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 355.74 590.55 Td (highest ) Tj ET Q q 0 0 0 rg BT 388.45 590.55 Td (priority ) Tj ET Q q 0 0 0 rg BT 422.32 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 432.87 590.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 463.82 590.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 491.27 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 501.82 590.55 Td (active ) Tj ET Q q 0 0 0 rg BT 529.26 590.55 Td (markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 577.95 Td (identical ) Tj ET Q q 0 0 0 rg BT 103.15 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.27 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 141.64 577.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 183.34 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 201.13 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.58 577.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 246.62 577.95 Td (priority ) Tj ET Q q 0 0 0 rg BT 280.74 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 291.54 577.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 350.14 577.95 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.93 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.76 552.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 157.85 552.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 200.19 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.44 552.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 254.52 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 264.20 552.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.87 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 305.71 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 320.62 552.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 362.38 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.63 552.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 420.81 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 431.08 552.75 Td (one ) Tj ET Q q 0 0 0 rg BT 448.34 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.18 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.11 552.75 Td (following ) Tj ET Q q 0 0 0 rg BT 517.04 552.75 Td (categories:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 527.55 Td (Level�1�� ) Tj ET Q q 0 0 0 rg BT 132.87 527.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 174.41 527.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 225.88 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 240.59 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 268.71 527.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 296.25 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 311.54 527.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 342.58 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 353.21 527.55 Td (active ) Tj ET Q q 0 0 0 rg BT 380.75 527.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 419.08 527.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 449.83 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 464.54 527.55 Td (us, ) Tj ET Q q 0 0 0 rg BT 478.97 527.55 Td (include ) Tj ET Q q 0 0 0 rg BT 512.34 527.55 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 514.95 Td (publicly ) Tj ET Q q 0 0 0 rg BT 133.33 514.95 Td (traded ) Tj ET Q q 0 0 0 rg BT 162.19 514.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 193.98 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 219.94 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 241.23 514.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 272.43 514.95 Td (market ) Tj ET Q q 0 0 0 rg BT 304.21 514.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 331.91 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 349.69 514.95 Td (equities ) Tj ET Q q 0 0 0 rg BT 384.98 514.95 Td (listed ) Tj ET Q q 0 0 0 rg BT 410.35 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 421.15 514.95 Td (active ) Tj ET Q q 0 0 0 rg BT 448.84 514.95 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (Level�2�� ) Tj ET Q q 0 0 0 rg BT 133.74 489.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.16 489.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.50 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 244.09 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 273.09 489.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 301.50 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 317.66 489.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 349.58 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 365.16 489.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 397.67 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.51 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.01 489.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 486.43 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 497.94 489.75 Td (active ) Tj ET Q q 0 0 0 rg BT 526.35 489.75 Td (markets; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 477.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 113.11 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 128.48 477.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 159.60 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 174.38 477.15 Td (identical ) Tj ET Q q 0 0 0 rg BT 213.08 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 224.37 477.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 256.07 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.11 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 293.83 477.15 Td (inactive ) Tj ET Q q 0 0 0 rg BT 329.60 477.15 Td (markets; ) Tj ET Q q 0 0 0 rg BT 368.30 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 379.59 477.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 407.21 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 422.57 477.15 Td (based ) Tj ET Q q 0 0 0 rg BT 449.02 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 462.06 477.15 Td (observable ) Tj ET Q q 0 0 0 rg BT 510.09 477.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 540.93 477.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (than ) Tj ET Q q 0 0 0 rg BT 105.31 464.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 135.62 464.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 165.04 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 186.02 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 196.50 464.55 Td (models ) Tj ET Q q 0 0 0 rg BT 228.56 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 239.04 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 262.34 464.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 303.15 464.55 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 369.33 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 371.06 464.55 Td (For ) Tj ET Q q 0 0 0 rg BT 387.38 464.55 Td (us, ) Tj ET Q q 0 0 0 rg BT 401.07 464.55 Td (this ) Tj ET Q q 0 0 0 rg BT 417.97 464.55 Td (category ) Tj ET Q q 0 0 0 rg BT 455.85 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 475.66 464.55 Td (include ) Tj ET Q q 0 0 0 rg BT 508.29 464.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 531.60 464.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 451.95 Td (securities, ) Tj ET Q q 0 0 0 rg BT 130.40 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 161.59 451.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 210.86 451.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 232.73 451.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 274.15 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 291.93 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.12 451.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 367.15 451.95 Td (debt. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.75 Td (Level�3�� ) Tj ET Q q 0 0 0 rg BT 133.84 426.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.34 426.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.77 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 244.45 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 273.54 426.75 Td (values ) Tj ET Q q 0 0 0 rg BT 303.80 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 320.05 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 347.39 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 361.33 426.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 420.74 426.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 452.47 426.75 Td (including ) Tj ET Q q 0 0 0 rg BT 495.57 426.75 Td (those ) Tj ET Q q 0 0 0 rg BT 521.16 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 426.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.15 Td (there ) Tj ET Q q 0 0 0 rg BT 108.74 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 118.00 414.15 Td (little ) Tj ET Q q 0 0 0 rg BT 139.50 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 150.50 414.15 Td (no ) Tj ET Q q 0 0 0 rg BT 163.26 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 194.66 414.15 Td (activity) Tj ET Q q 0 0 0 rg BT 225.47 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 230.35 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 232.44 414.15 Td (This ) Tj ET Q q 0 0 0 rg BT 253.37 414.15 Td (category ) Tj ET Q q 0 0 0 rg BT 291.77 414.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 329.01 414.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 381.43 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 391.85 414.15 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 448.06 414.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.06 414.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.98 414.15 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 104.86 401.55 Td (private ) Tj ET Q q 0 0 0 rg BT 138.21 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 168.65 401.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 198.81 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 202.70 401.55 Td (This ) Tj ET Q q 0 0 0 rg BT 225.57 401.55 Td (category ) Tj ET Q q 0 0 0 rg BT 265.91 401.55 Td (may ) Tj ET Q q 0 0 0 rg BT 288.19 401.55 Td (also ) Tj ET Q q 0 0 0 rg BT 309.30 401.55 Td (include ) Tj ET Q q 0 0 0 rg BT 344.40 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 377.17 401.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 428.01 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 451.45 401.55 Td (products ) Tj ET Q q 0 0 0 rg BT 491.81 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 514.68 401.55 Td (redemption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 388.95 Td (restrictions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 363.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.07 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 122.91 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.41 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 363.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.99 363.75 Td (may ) Tj ET Q q 0 0 0 rg BT 228.16 363.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.74 363.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.50 363.75 Td (from ) Tj ET Q q 0 0 0 rg BT 315.00 363.75 Td (more ) Tj ET Q q 0 0 0 rg BT 339.66 363.75 Td (than ) Tj ET Q q 0 0 0 rg BT 360.83 363.75 Td (one ) Tj ET Q q 0 0 0 rg BT 379.08 363.75 Td (level ) Tj ET Q q 0 0 0 rg BT 402.57 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 363.75 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.28 363.75 Td (. ) Tj ET Q q 0 0 0 rg BT 475.00 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 497.27 363.75 Td (level ) Tj ET Q q 0 0 0 rg BT 520.77 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 532.02 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 363.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 74.50 351.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 116.41 351.15 Td (within ) Tj ET Q q 0 0 0 rg BT 145.52 351.15 Td (which ) Tj ET Q q 0 0 0 rg BT 173.44 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 180.37 351.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 197.21 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 222.21 351.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 280.46 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 290.89 351.15 Td (its ) Tj ET Q q 0 0 0 rg BT 303.08 351.15 Td (entirety ) Tj ET Q q 0 0 0 rg BT 337.41 351.15 Td (falls ) Tj ET Q q 0 0 0 rg BT 357.76 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 367.03 351.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 416.52 351.15 Td (based ) Tj ET Q q 0 0 0 rg BT 442.70 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 455.46 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 470.56 351.15 Td (lowest ) Tj ET Q q 0 0 0 rg BT 500.24 351.15 Td (level ) Tj ET Q q 0 0 0 rg BT 522.91 351.15 Td (input ) Tj ET Q q 0 0 0 rg BT 546.76 351.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 338.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.08 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 116.87 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 149.52 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 174.88 338.55 Td (measurement ) Tj ET Q q 0 0 0 rg BT 233.49 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 244.28 338.55 Td (its ) Tj ET Q q 0 0 0 rg BT 256.83 338.55 Td (entirety) Tj ET Q q 0 0 0 rg BT 288.21 338.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 99.73 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 121.97 313.35 Td (products ) Tj ET Q q 0 0 0 rg BT 161.12 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 179.27 313.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 210.83 313.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 263.98 313.35 Td (held ) Tj ET Q q 0 0 0 rg BT 285.05 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 298.54 313.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 323.70 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 339.51 313.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 370.49 313.35 Td (at ) Tj ET Q q 0 0 0 rg BT 381.06 313.35 Td (net ) Tj ET Q q 0 0 0 rg BT 396.88 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 420.29 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 446.02 313.35 Td (\("NA) Tj ET Q q 0 0 0 rg BT 467.61 313.35 Td (V"\) ) Tj ET Q q 0 0 0 rg BT 485.97 313.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 536.19 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 549.69 313.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 70.81 300.75 Td (administrator) Tj ET Q q 0 0 0 rg BT 126.22 300.75 Td (. ) Tj ET Q q 0 0 0 rg BT 130.91 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 132.83 300.75 Td (These ) Tj ET Q q 0 0 0 rg BT 159.97 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 185.37 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 200.25 300.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 239.06 300.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 276.12 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.35 300.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 328.06 300.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 356.36 300.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 408.59 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 429.33 300.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 476.88 300.75 Td (market ) Tj ET Q q 0 0 0 rg BT 508.10 300.75 Td (prices. ) Tj ET Q q 0 0 0 rg BT 537.86 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 539.78 300.75 Td (Their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (valuations ) Tj ET Q q 0 0 0 rg BT 95.02 288.15 Td (may ) Tj ET Q q 0 0 0 rg BT 115.45 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 127.72 288.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 169.73 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 180.83 288.15 Td (Level�1, ) Tj ET Q q 0 0 0 rg BT 217.59 288.15 Td (Level�2, ) Tj ET Q q 0 0 0 rg BT 254.35 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 265.45 288.15 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 299.58 288.15 Td (based ) Tj ET Q q 0 0 0 rg BT 325.85 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 338.70 288.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 374.88 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 390.06 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 411.66 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 421.02 288.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 463.02 288.15 Td (traded, ) Tj ET Q q 0 0 0 rg BT 494.24 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 509.42 288.15 Td (frequency ) Tj ET Q q 0 0 0 rg BT 553.75 288.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.35 275.55 Td (related ) Tj ET Q q 0 0 0 rg BT 96.93 275.55 Td (NA) Tj ET Q q 0 0 0 rg BT 110.74 275.55 Td (V) Tj ET Q q 0 0 0 rg BT 118.13 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 121.15 275.55 Td (determinations ) Tj ET Q q 0 0 0 rg BT 186.57 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 204.75 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 220.59 275.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 252.18 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 263.95 275.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 314.78 275.55 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 367.08 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 370.10 275.55 Td (For ) Tj ET Q q 0 0 0 rg BT 387.70 275.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 440.88 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 452.07 275.55 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 485.42 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 503.60 275.55 Td (privately-held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.82 262.95 Td (\(private ) Tj ET Q q 0 0 0 rg BT 127.14 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 156.05 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 173.88 262.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 222.63 262.95 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 280.12 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 295.03 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 323.36 262.95 Td (market ) Tj ET Q q 0 0 0 rg BT 355.18 262.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 382.92 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 394.33 262.95 Td (quotations ) Tj ET Q q 0 0 0 rg BT 440.75 262.95 Td (may ) Tj ET Q q 0 0 0 rg BT 461.50 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 477.58 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 490.16 262.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 521.99 262.95 Td (available, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (including ) Tj ET Q q 0 0 0 rg BT 91.08 250.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 121.56 250.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 173.64 250.35 Td (held ) Tj ET Q q 0 0 0 rg BT 193.63 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 206.05 250.35 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 232.76 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 288.32 250.35 Td (must ) Tj ET Q q 0 0 0 rg BT 310.66 250.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 347.56 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.31 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 386.96 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 397.62 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 412.37 250.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 453.94 250.35 Td (using ) Tj ET Q q 0 0 0 rg BT 478.61 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 485.18 250.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 516.25 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 250.35 Td (methods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.93 237.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 113.46 237.75 Td (including ) Tj ET Q q 0 0 0 rg BT 156.39 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.48 237.75 Td (most ) Tj ET Q q 0 0 0 rg BT 196.17 237.75 Td (current ) Tj ET Q q 0 0 0 rg BT 229.17 237.75 Td (available ) Tj ET Q q 0 0 0 rg BT 270.33 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.32 237.75 Td (information ) Tj ET Q q 0 0 0 rg BT 363.16 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 378.67 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.76 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.10 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 462.53 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.62 237.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 516.30 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 527.74 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 556.66 237.75 Td (it ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (applies ) Tj ET Q q 0 0 0 rg BT 81.01 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 90.94 225.15 Td (order ) Tj ET Q q 0 0 0 rg BT 114.86 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 124.79 225.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 168.54 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 184.87 225.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 212.00 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 213.64 225.15 Td (These ) Tj ET Q q 0 0 0 rg BT 240.48 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 281.32 225.15 Td (processes ) Tj ET Q q 0 0 0 rg BT 323.32 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 337.33 225.15 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 369.43 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 386.36 225.15 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 447.02 225.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 488.44 225.15 Td (inherently ) Tj ET Q q 0 0 0 rg BT 532.77 225.15 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (management's ) Tj ET Q q 0 0 0 rg BT 111.75 212.55 Td (judgment ) Tj ET Q q 0 0 0 rg BT 154.04 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 171.82 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 187.27 212.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 227.78 212.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 270.06 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 280.85 212.55 Td (Level�3.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Futures ) Tj ET Q q 0 0 0 rg BT 83.65 187.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.19 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 139.66 187.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 170.29 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 180.51 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.99 187.35 Td (last ) Tj ET Q q 0 0 0 rg BT 213.21 187.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 259.02 187.35 Td (price ) Tj ET Q q 0 0 0 rg BT 282.65 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 292.87 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 187.35 Td (end ) Tj ET Q q 0 0 0 rg BT 326.15 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 337.54 187.35 Td (each ) Tj ET Q q 0 0 0 rg BT 359.42 187.35 Td (day ) Tj ET Q q 0 0 0 rg BT 377.23 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 390.37 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 187.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 448.13 187.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 471.78 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 500.08 187.35 Td (they ) Tj ET Q q 0 0 0 rg BT 520.81 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 536.27 187.35 Td (traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 82.73 174.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.01 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 136.38 174.75 Td (Level�1. ) Tj ET Q q 0 0 0 rg BT 173.41 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.44 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 70.37 149.55 Td (practical ) Tj ET Q q 0 0 0 rg BT 108.79 149.55 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 154.50 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 169.01 149.55 Td (rely ) Tj ET Q q 0 0 0 rg BT 187.61 149.55 Td (on ) Tj ET Q q 0 0 0 rg BT 200.38 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 215.48 149.55 Td (NA) Tj ET Q q 0 0 0 rg BT 229.29 149.55 Td (Vs ) Tj ET Q q 0 0 0 rg BT 243.24 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 254.25 149.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 285.09 149.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 337.52 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 348.54 149.55 Td (their ) Tj ET Q q 0 0 0 rg BT 370.06 149.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.90 149.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 414.53 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 435.24 149.55 Td (NA) Tj ET Q q 0 0 0 rg BT 449.05 149.55 Td (Vs ) Tj ET Q q 0 0 0 rg BT 462.99 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 481.01 149.55 Td (have ) Tj ET Q q 0 0 0 rg BT 503.10 149.55 Td (been ) Tj ET Q q 0 0 0 rg BT 525.19 149.55 Td (provided ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 62.63 136.95 Td (investees ) Tj ET Q q 0 0 0 rg BT 103.74 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 119.18 136.95 Td (derived ) Tj ET Q q 0 0 0 rg BT 153.29 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 176.33 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 191.78 136.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.98 136.95 Td (values ) Tj ET Q q 0 0 0 rg BT 238.43 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 249.80 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 265.25 136.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 313.37 136.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 366.16 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 377.53 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 388.90 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 404.36 136.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.47 136.95 Td (date.) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 76.58 741.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 123.06 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 150.02 741.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 213.99 741.75 Td (1% ) Tj ET Q q 0 0 0 rg BT 231.32 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 243.40 741.75 Td (total ) Tj ET Q q 0 0 0 rg BT 265.39 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 293.22 741.75 Td (\(3% ) Tj ET Q q 0 0 0 rg BT 314.04 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.12 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.18 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.01 741.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 437.57 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 448.48 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.38 741.75 Td (value\) ) Tj ET Q q 0 0 0 rg BT 495.95 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.44 741.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 531.76 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 543.84 741.75 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 92.20 729.15 Td (\(82% ) Tj ET Q q 0 0 0 rg BT 118.56 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 130.93 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.28 729.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 213.98 729.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 257.83 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 269.03 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.22 729.15 Td (value\) ) Tj ET Q q 0 0 0 rg BT 317.07 729.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 341.10 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 357.55 729.15 Td (definition ) Tj ET Q q 0 0 0 rg BT 402.00 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 414.36 729.15 Td (Level�3. ) Tj ET Q q 0 0 0 rg BT 452.38 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 456.00 729.15 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 502.78 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 519.23 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.35 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.78 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.72 716.55 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 131.71 716.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 195.56 716.55 Td (1% ) Tj ET Q q 0 0 0 rg BT 212.75 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.70 716.55 Td (total ) Tj ET Q q 0 0 0 rg BT 246.56 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 274.26 716.55 Td (\(3% ) Tj ET Q q 0 0 0 rg BT 294.95 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 306.89 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.82 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 374.52 716.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 417.95 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 428.72 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.49 716.55 Td (value\) ) Tj ET Q q 0 0 0 rg BT 475.92 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 494.28 716.55 Td (3% ) Tj ET Q q 0 0 0 rg BT 511.48 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 523.42 716.55 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (\(82% ) Tj ET Q q 0 0 0 rg BT 74.87 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 86.24 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.60 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 167.30 703.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 210.16 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 220.36 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.56 703.95 Td (value\) ) Tj ET Q q 0 0 0 rg BT 266.42 703.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 289.45 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 304.90 703.95 Td (definition ) Tj ET Q q 0 0 0 rg BT 348.35 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 359.73 703.95 Td (Level�3.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.21 678.75 Td (transfers ) Tj ET Q q 0 0 0 rg BT 108.98 678.75 Td (between ) Tj ET Q q 0 0 0 rg BT 146.59 678.75 Td (categories ) Tj ET Q q 0 0 0 rg BT 191.78 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 207.22 678.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.08 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 260.28 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.73 678.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.35 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.73 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.18 678.75 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 653.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 653.55 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.98 653.55 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.48 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.11 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.48 653.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 167.60 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 178.39 653.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 236.43 653.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 278.13 653.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 326.84 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 341.70 653.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 386.32 653.55 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.64 628.35 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.27 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 147.82 628.35 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 90.02 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 101.40 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.77 615.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 158.55 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 184.80 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 200.24 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 211.61 615.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 245.74 615.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 260.03 615.75 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.25 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 605.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 605.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.25 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 577.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 577.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.25 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 549.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 549.25 97.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 549.25 m 461 549.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 549.25 m 562 549.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 536.25 m 461 536.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 534.25 m 461 534.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 536.25 m 562 536.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 534.25 m 562 534.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 595.47 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 595.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 595.47 Td (88,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 581.47 Td (Indefinite-life intangible assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 581.47 Td (3,000,954) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 567.47 Td (Trade names) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 567.47 Td (57,187) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 553.47 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 553.47 Td (1,479,516) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 539.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 539.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 539.47 Td (4,626,001) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 510.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 510.55 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 118.83 510.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 163.41 510.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.50 510.55 Td (consist ) Tj ET Q q 0 0 0 rg BT 222.25 510.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 263.92 510.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.26 510.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.26 510.55 Td (management ) Tj ET Q q 0 0 0 rg BT 354.49 510.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 397.61 510.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 438.10 510.55 Td (to ) Tj ET Q q 0 0 0 rg BT 448.86 510.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 484.10 510.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 533.33 510.55 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 497.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.58 497.95 Td (or ) Tj ET Q q 0 0 0 rg BT 87.08 497.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 153.98 497.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 182.68 497.95 Td (and ) Tj ET Q q 0 0 0 rg BT 200.59 497.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 224.33 497.95 Td (names ) Tj ET Q q 0 0 0 rg BT 253.91 497.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 293.40 497.95 Td (from ) Tj ET Q q 0 0 0 rg BT 316.56 497.95 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 372.10 497.95 Td ( ) Tj ET Q q 0 0 0 rg BT 374.25 497.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 400.33 497.95 Td (management ) Tj ET Q q 0 0 0 rg BT 456.73 497.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 497.38 497.95 Td (are ) Tj ET Q q 0 0 0 rg BT 512.95 497.95 Td (amortizable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.59 485.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.18 485.35 Td (that ) Tj ET Q q 0 0 0 rg BT 138.02 485.35 Td (are ) Tj ET Q q 0 0 0 rg BT 152.94 485.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 200.50 485.35 Td (at ) Tj ET Q q 0 0 0 rg BT 210.18 485.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 258.35 485.35 Td (and ) Tj ET Q q 0 0 0 rg BT 275.61 485.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 319.68 485.35 Td (over ) Tj ET Q q 0 0 0 rg BT 340.44 485.35 Td (the ) Tj ET Q q 0 0 0 rg BT 355.36 485.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 394.77 485.35 Td (life ) Tj ET Q q 0 0 0 rg BT 410.85 485.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.70 485.35 Td (the ) Tj ET Q q 0 0 0 rg BT 436.62 485.35 Td (contract. ) Tj ET Q q 0 0 0 rg BT 475.16 485.35 Td ( ) Tj ET Q q 0 0 0 rg BT 477.25 485.35 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 519.59 485.35 Td (to ) Tj ET Q q 0 0 0 rg BT 529.85 485.35 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 99.27 472.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.56 472.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 158.01 472.75 Td (or ) Tj ET Q q 0 0 0 rg BT 169.88 472.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 237.15 472.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.61 472.75 Td (are ) Tj ET Q q 0 0 0 rg BT 279.55 472.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 340.40 472.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 385.51 472.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 413.13 472.75 Td (because ) Tj ET Q q 0 0 0 rg BT 449.49 472.75 Td (we ) Tj ET Q q 0 0 0 rg BT 464.85 472.75 Td (assume ) Tj ET Q q 0 0 0 rg BT 498.89 472.75 Td (that ) Tj ET Q q 0 0 0 rg BT 517.76 472.75 Td (there ) Tj ET Q q 0 0 0 rg BT 541.87 472.75 Td (is ) Tj ET Q q 0 0 0 rg BT 552.00 472.75 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 460.15 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 99.44 460.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 121.41 460.15 Td (on ) Tj ET Q q 0 0 0 rg BT 134.04 460.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.01 460.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 184.96 460.15 Td (period ) Tj ET Q q 0 0 0 rg BT 213.92 460.15 Td (due ) Tj ET Q q 0 0 0 rg BT 231.21 460.15 Td (to ) Tj ET Q q 0 0 0 rg BT 241.51 460.15 Td (the ) Tj ET Q q 0 0 0 rg BT 256.48 460.15 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 301.19 460.15 Td (of ) Tj ET Q q 0 0 0 rg BT 312.08 460.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 355.62 460.15 Td (renewal ) Tj ET Q q 0 0 0 rg BT 390.98 460.15 Td (at ) Tj ET Q q 0 0 0 rg BT 400.69 460.15 Td (little ) Tj ET Q q 0 0 0 rg BT 422.08 460.15 Td (or ) Tj ET Q q 0 0 0 rg BT 432.96 460.15 Td (no ) Tj ET Q q 0 0 0 rg BT 445.59 460.15 Td (cost. ) Tj ET Q q 0 0 0 rg BT 467.27 460.15 Td ( ) Tj ET Q q 0 0 0 rg BT 469.40 460.15 Td (Similarly) Tj ET Q q 0 0 0 rg BT 507.81 460.15 Td (, ) Tj ET Q q 0 0 0 rg BT 512.57 460.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 535.69 460.15 Td (names ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 447.55 Td (are ) Tj ET Q q 0 0 0 rg BT 64.94 447.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 113.05 447.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 173.40 447.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 218.02 447.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.14 447.55 Td (because ) Tj ET Q q 0 0 0 rg BT 281.00 447.55 Td (they ) Tj ET Q q 0 0 0 rg BT 301.70 447.55 Td (are ) Tj ET Q q 0 0 0 rg BT 317.14 447.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 357.08 447.55 Td (to ) Tj ET Q q 0 0 0 rg BT 367.87 447.55 Td (generate ) Tj ET Q q 0 0 0 rg BT 406.05 447.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.33 447.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 453.29 447.55 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 501.02 447.55 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.25 422.35 Td (allocating ) Tj ET Q q 0 0 0 rg BT 103.66 422.35 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 422.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 157.81 422.35 Td (price ) Tj ET Q q 0 0 0 rg BT 180.80 422.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.55 422.35 Td (an ) Tj ET Q q 0 0 0 rg BT 203.47 422.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 251.55 422.35 Td (to ) Tj ET Q q 0 0 0 rg BT 261.72 422.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.72 422.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 334.85 422.35 Td (we ) Tj ET Q q 0 0 0 rg BT 349.10 422.35 Td (must ) Tj ET Q q 0 0 0 rg BT 371.52 422.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 415.51 422.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.34 422.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.92 422.35 Td (value ) Tj ET Q q 0 0 0 rg BT 471.66 422.35 Td (of ) Tj ET Q q 0 0 0 rg BT 482.41 422.35 Td (the ) Tj ET Q q 0 0 0 rg BT 497.25 422.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.75 422.35 Td (acquired. ) Tj ET Q q 0 0 0 rg BT 565.14 422.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 409.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 409.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 109.31 409.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.92 409.75 Td (values ) Tj ET Q q 0 0 0 rg BT 154.80 409.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.59 409.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 209.63 409.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 236.17 409.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.36 409.75 Td (based ) Tj ET Q q 0 0 0 rg BT 300.32 409.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 323.37 409.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 364.48 409.75 Td (future ) Tj ET Q q 0 0 0 rg BT 391.59 409.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.30 409.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 440.30 409.75 Td (which ) Tj ET Q q 0 0 0 rg BT 468.01 409.75 Td (take ) Tj ET Q q 0 0 0 rg BT 487.55 409.75 Td (into ) Tj ET Q q 0 0 0 rg BT 505.93 409.75 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.63 397.15 Td (and ) Tj ET Q q 0 0 0 rg BT 109.84 397.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 164.81 397.15 Td (including ) Tj ET Q q 0 0 0 rg BT 207.52 397.15 Td (profit ) Tj ET Q q 0 0 0 rg BT 233.90 397.15 Td (mar) Tj ET Q q 0 0 0 rg BT 250.04 397.15 Td (gins, ) Tj ET Q q 0 0 0 rg BT 273.22 397.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 306.02 397.15 Td (or ) Tj ET Q q 0 0 0 rg BT 317.81 397.15 Td (attrition ) Tj ET Q q 0 0 0 rg BT 354.11 397.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 376.98 397.15 Td (for ) Tj ET Q q 0 0 0 rg BT 392.27 397.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 431.47 397.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 472.42 397.15 Td (based ) Tj ET Q q 0 0 0 rg BT 499.38 397.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 523.43 397.15 Td (historical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.55 Td (experience ) Tj ET Q q 0 0 0 rg BT 98.07 384.55 Td (and ) Tj ET Q q 0 0 0 rg BT 116.33 384.55 Td (other ) Tj ET Q q 0 0 0 rg BT 141.01 384.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 175.30 384.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 218.64 384.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 255.56 384.55 Td (lives, ) Tj ET Q q 0 0 0 rg BT 281.12 384.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 319.80 384.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 345.35 384.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 387.52 384.55 Td (net ) Tj ET Q q 0 0 0 rg BT 403.45 384.55 Td (client ) Tj ET Q q 0 0 0 rg BT 429.87 384.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 456.31 384.55 Td (and ) Tj ET Q q 0 0 0 rg BT 474.57 384.55 Td (market ) Tj ET Q q 0 0 0 rg BT 506.83 384.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 565.13 384.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 371.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 371.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 128.64 371.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.64 371.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 182.12 371.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 218.19 371.95 Td (lives ) Tj ET Q q 0 0 0 rg BT 240.27 371.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 276.34 371.95 Td (judgment ) Tj ET Q q 0 0 0 rg BT 318.25 371.95 Td (based ) Tj ET Q q 0 0 0 rg BT 344.41 371.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 367.66 371.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 408.98 371.95 Td (client ) Tj ET Q q 0 0 0 rg BT 434.55 371.95 Td (turnover ) Tj ET Q q 0 0 0 rg BT 472.37 371.95 Td (and ) Tj ET Q q 0 0 0 rg BT 489.78 371.95 Td (attrition ) Tj ET Q q 0 0 0 rg BT 525.28 371.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 547.35 371.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.09 359.35 Td (probability ) Tj ET Q q 0 0 0 rg BT 111.93 359.35 Td (that ) Tj ET Q q 0 0 0 rg BT 129.44 359.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.11 359.35 Td (with ) Tj ET Q q 0 0 0 rg BT 189.54 359.35 Td (termination ) Tj ET Q q 0 0 0 rg BT 239.71 359.35 Td (provisions ) Tj ET Q q 0 0 0 rg BT 285.22 359.35 Td (will ) Tj ET Q q 0 0 0 rg BT 303.32 359.35 Td (be ) Tj ET Q q 0 0 0 rg BT 315.00 359.35 Td (renewed. ) Tj ET Q q 0 0 0 rg BT 354.95 359.35 Td ( ) Tj ET Q q 0 0 0 rg BT 356.58 359.35 Td (The ) Tj ET Q q 0 0 0 rg BT 374.67 359.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 412.02 359.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 429.52 359.35 Td (employed ) Tj ET Q q 0 0 0 rg BT 472.69 359.35 Td (is ) Tj ET Q q 0 0 0 rg BT 481.45 359.35 Td (a ) Tj ET Q q 0 0 0 rg BT 487.88 359.35 Td (weighted-average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 346.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.45 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 81.24 346.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 112.26 346.75 Td (that ) Tj ET Q q 0 0 0 rg BT 131.05 346.75 Td (takes ) Tj ET Q q 0 0 0 rg BT 155.66 346.75 Td (into ) Tj ET Q q 0 0 0 rg BT 175.04 346.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 234.64 346.75 Td (a ) Tj ET Q q 0 0 0 rg BT 242.34 346.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 283.29 346.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 338.23 346.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.09 346.75 Td (degree ) Tj ET Q q 0 0 0 rg BT 385.11 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 396.90 346.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.69 346.75 Td (inherent ) Tj ET Q q 0 0 0 rg BT 453.13 346.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.33 346.75 Td (the ) Tj ET Q q 0 0 0 rg BT 480.20 346.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 506.28 346.75 Td (as ) Tj ET Q q 0 0 0 rg BT 518.06 346.75 Td (more ) Tj ET Q q 0 0 0 rg BT 542.68 346.75 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.15 Td (described ) Tj ET Q q 0 0 0 rg BT 92.36 334.15 Td (below) Tj ET Q q 0 0 0 rg BT 117.34 334.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 308.95 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.94 308.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.28 308.95 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 308.95 Td (residual ) Tj ET Q q 0 0 0 rg BT 184.89 308.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.15 308.95 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 308.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.52 308.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.21 308.95 Td (in ) Tj ET Q q 0 0 0 rg BT 305.15 308.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.32 308.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.84 308.95 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.85 308.95 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.45 308.95 Td (and ) Tj ET Q q 0 0 0 rg BT 439.38 308.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.14 308.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.41 308.95 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 308.95 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.35 Td (liabilities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.15 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.43 271.15 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 271.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 126.28 271.15 Td (significance ) Tj ET Q q 0 0 0 rg BT 179.28 271.15 Td (of ) Tj ET Q q 0 0 0 rg BT 190.30 271.15 Td (our ) Tj ET Q q 0 0 0 rg BT 206.57 271.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 250.83 271.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.60 271.15 Td (and ) Tj ET Q q 0 0 0 rg BT 295.03 271.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 334.64 271.15 Td (to ) Tj ET Q q 0 0 0 rg BT 345.08 271.15 Td (our ) Tj ET Q q 0 0 0 rg BT 361.35 271.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.69 271.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.69 271.15 Td (statements, ) Tj ET Q q 0 0 0 rg BT 504.91 271.15 Td (on ) Tj ET Q q 0 0 0 rg BT 517.69 271.15 Td (a ) Tj ET Q q 0 0 0 rg BT 524.62 271.15 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.81 258.55 Td (we ) Tj ET Q q 0 0 0 rg BT 87.36 258.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 125.24 258.55 Td (if ) Tj ET Q q 0 0 0 rg BT 133.96 258.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 177.67 258.55 Td (events ) Tj ET Q q 0 0 0 rg BT 206.80 258.55 Td (have ) Tj ET Q q 0 0 0 rg BT 228.93 258.55 Td (occurred ) Tj ET Q q 0 0 0 rg BT 267.97 258.55 Td (that ) Tj ET Q q 0 0 0 rg BT 286.02 258.55 Td (may ) Tj ET Q q 0 0 0 rg BT 306.40 258.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 341.94 258.55 Td (a ) Tj ET Q q 0 0 0 rg BT 348.91 258.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 395.54 258.55 Td (change ) Tj ET Q q 0 0 0 rg BT 427.58 258.55 Td (in ) Tj ET Q q 0 0 0 rg BT 438.06 258.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.94 258.55 Td (values. ) Tj ET Q q 0 0 0 rg BT 486.69 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 488.83 258.55 Td (T) Tj ET Q q 0 0 0 rg BT 494.88 258.55 Td (riggering ) Tj ET Q q 0 0 0 rg BT 535.67 258.55 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 245.95 Td (may ) Tj ET Q q 0 0 0 rg BT 71.27 245.95 Td (include ) Tj ET Q q 0 0 0 rg BT 105.87 245.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.89 245.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 189.65 245.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 227.16 245.95 Td (in ) Tj ET Q q 0 0 0 rg BT 239.02 245.95 Td (our ) Tj ET Q q 0 0 0 rg BT 256.71 245.95 Td (business ) Tj ET Q q 0 0 0 rg BT 295.99 245.95 Td (or ) Tj ET Q q 0 0 0 rg BT 308.43 245.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 245.95 Td (legal ) Tj ET Q q 0 0 0 rg BT 349.06 245.95 Td (or ) Tj ET Q q 0 0 0 rg BT 361.50 245.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 408.34 245.95 Td (environment, ) Tj ET Q q 0 0 0 rg BT 467.73 245.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 487.76 245.95 Td (of ) Tj ET Q q 0 0 0 rg BT 500.20 245.95 Td (key ) Tj ET Q q 0 0 0 rg BT 519.06 245.95 Td (personnel, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.50 233.35 Td (business ) Tj ET Q q 0 0 0 rg BT 134.77 233.35 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 190.26 233.35 Td (or ) Tj ET Q q 0 0 0 rg BT 201.68 233.35 Td (other ) Tj ET Q q 0 0 0 rg BT 225.94 233.35 Td (events, ) Tj ET Q q 0 0 0 rg BT 258.07 233.35 Td (including ) Tj ET Q q 0 0 0 rg BT 300.41 233.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 336.91 233.35 Td (in ) Tj ET Q q 0 0 0 rg BT 347.76 233.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 391.25 233.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 450.49 233.35 Td (with ) Tj ET Q q 0 0 0 rg BT 471.84 233.35 Td (our ) Tj ET Q q 0 0 0 rg BT 488.52 233.35 Td (af) Tj ET Q q 0 0 0 rg BT 496.48 233.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 527.74 233.35 Td (that ) Tj ET Q q 0 0 0 rg BT 546.17 233.35 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.48 220.75 Td (future ) Tj ET Q q 0 0 0 rg BT 109.95 220.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.01 220.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 186.46 220.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.86 220.75 Td (If ) Tj ET Q q 0 0 0 rg BT 200.26 220.75 Td (a ) Tj ET Q q 0 0 0 rg BT 208.32 220.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 253.13 220.75 Td (event ) Tj ET Q q 0 0 0 rg BT 279.28 220.75 Td (has ) Tj ET Q q 0 0 0 rg BT 296.68 220.75 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 339.43 220.75 Td (we ) Tj ET Q q 0 0 0 rg BT 355.08 220.75 Td (perform ) Tj ET Q q 0 0 0 rg BT 392.30 220.75 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 445.27 220.75 Td (tests, ) Tj ET Q q 0 0 0 rg BT 469.97 220.75 Td (which ) Tj ET Q q 0 0 0 rg BT 499.04 220.75 Td (include ) Tj ET Q q 0 0 0 rg BT 533.35 220.75 Td (critical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.15 Td (reviews ) Tj ET Q q 0 0 0 rg BT 85.98 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 98.55 208.15 Td (all ) Tj ET Q q 0 0 0 rg BT 112.88 208.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 161.03 208.15 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 219.40 208.15 Td (to ) Tj ET Q q 0 0 0 rg BT 231.39 208.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 277.20 208.15 Td (if ) Tj ET Q q 0 0 0 rg BT 287.44 208.15 Td (any ) Tj ET Q q 0 0 0 rg BT 306.43 208.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 352.24 208.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.57 208.15 Td (or ) Tj ET Q q 0 0 0 rg BT 393.14 208.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 434.30 208.15 Td (are ) Tj ET Q q 0 0 0 rg BT 450.95 208.15 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 494.72 208.15 Td ( ) Tj ET Q q 0 0 0 rg BT 498.54 208.15 Td (If ) Tj ET Q q 0 0 0 rg BT 509.36 208.15 Td (we ) Tj ET Q q 0 0 0 rg BT 525.43 208.15 Td (have ) Tj ET Q q 0 0 0 rg BT 549.08 208.15 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 104.73 195.55 Td (concluded ) Tj ET Q q 0 0 0 rg BT 150.62 195.55 Td (that ) Tj ET Q q 0 0 0 rg BT 169.10 195.55 Td (it ) Tj ET Q q 0 0 0 rg BT 177.68 195.55 Td (is ) Tj ET Q q 0 0 0 rg BT 187.42 195.55 Td (more ) Tj ET Q q 0 0 0 rg BT 211.74 195.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 238.39 195.55 Td (than ) Tj ET Q q 0 0 0 rg BT 259.21 195.55 Td (not ) Tj ET Q q 0 0 0 rg BT 275.37 195.55 Td (that ) Tj ET Q q 0 0 0 rg BT 293.85 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 309.42 195.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 354.72 195.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.03 195.55 Td (values ) Tj ET Q q 0 0 0 rg BT 401.60 195.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 433.48 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 449.05 195.55 Td (related ) Tj ET Q q 0 0 0 rg BT 480.35 195.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 518.08 195.55 Td (values, ) Tj ET Q q 0 0 0 rg BT 550.27 195.55 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.95 Td (perform ) Tj ET Q q 0 0 0 rg BT 85.94 182.95 Td (these ) Tj ET Q q 0 0 0 rg BT 110.14 182.95 Td (tests ) Tj ET Q q 0 0 0 rg BT 131.44 182.95 Td (for ) Tj ET Q q 0 0 0 rg BT 146.30 182.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 206.66 182.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 251.27 182.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.40 182.95 Td (and ) Tj ET Q q 0 0 0 rg BT 296.18 182.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 336.14 182.95 Td (annually ) Tj ET Q q 0 0 0 rg BT 374.92 182.95 Td (at ) Tj ET Q q 0 0 0 rg BT 385.13 182.95 Td (December ) Tj ET Q q 0 0 0 rg BT 430.89 182.95 Td (31.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 157.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.75 157.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 112.00 157.75 Td (our ) Tj ET Q q 0 0 0 rg BT 128.52 157.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 159.03 157.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 209.96 157.75 Td (tests ) Tj ET Q q 0 0 0 rg BT 231.14 157.75 Td (of ) Tj ET Q q 0 0 0 rg BT 242.41 157.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 282.27 157.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.95 157.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 360.19 157.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 404.70 157.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 431.72 157.75 Td (as ) Tj ET Q q 0 0 0 rg BT 442.99 157.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.26 157.75 Td (December ) Tj ET Q q 0 0 0 rg BT 499.92 157.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.56 157.75 Td (2015. ) Tj ET Q q 0 0 0 rg BT 541.71 157.75 Td ( ) Tj ET Q q 0 0 0 rg BT 543.67 157.75 Td (As ) Tj ET Q q 0 0 0 rg BT 557.86 157.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.15 Td (result ) Tj ET Q q 0 0 0 rg BT 75.32 145.15 Td (of ) Tj ET Q q 0 0 0 rg BT 86.57 145.15 Td (these ) Tj ET Q q 0 0 0 rg BT 110.64 145.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 161.54 145.15 Td (tests, ) Tj ET Q q 0 0 0 rg BT 185.33 145.15 Td (our ) Tj ET Q q 0 0 0 rg BT 201.82 145.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 234.06 145.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 300.70 145.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 326.53 145.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 366.92 145.15 Td (and ) Tj ET Q q 0 0 0 rg BT 384.58 145.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 408.06 145.15 Td (name ) Tj ET Q q 0 0 0 rg BT 433.29 145.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 493.52 145.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 538.00 145.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.55 Td (were ) Tj ET Q q 0 0 0 rg BT 71.89 132.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 121.12 132.55 Td (to ) Tj ET Q q 0 0 0 rg BT 131.27 132.55 Td (be ) Tj ET Q q 0 0 0 rg BT 143.18 132.55 Td (partially ) Tj ET Q q 0 0 0 rg BT 180.16 132.55 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 222.09 132.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 260.83 132.55 Td (in ) Tj ET Q q 0 0 0 rg BT 270.99 132.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 313.79 132.55 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 345.51 132.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 387.16 132.55 Td (char) Tj ET Q q 0 0 0 rg BT 405.04 132.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 421.02 132.55 Td (of ) Tj ET Q q 0 0 0 rg BT 431.76 132.55 Td ($371 ) Tj ET Q q 0 0 0 rg BT 454.75 132.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 489.71 132.55 Td ( ) Tj ET Q q 0 0 0 rg BT 491.70 132.55 Td (Neither ) Tj ET Q q 0 0 0 rg BT 525.18 132.55 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.95 Td (nor ) Tj ET Q q 0 0 0 rg BT 65.84 119.95 Td (any ) Tj ET Q q 0 0 0 rg BT 83.35 119.95 Td (other ) Tj ET Q q 0 0 0 rg BT 107.27 119.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 151.61 119.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.45 119.95 Td (were ) Tj ET Q q 0 0 0 rg BT 201.20 119.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 236.19 119.95 Td (to ) Tj ET Q q 0 0 0 rg BT 246.70 119.95 Td (be ) Tj ET Q q 0 0 0 rg BT 258.96 119.95 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 301.25 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 303.60 119.95 Td (Further) Tj ET Q q 0 0 0 rg BT 334.09 119.95 Td (, ) Tj ET Q q 0 0 0 rg BT 339.06 119.95 Td (no ) Tj ET Q q 0 0 0 rg BT 351.90 119.95 Td (impairments ) Tj ET Q q 0 0 0 rg BT 406.74 119.95 Td (in ) Tj ET Q q 0 0 0 rg BT 417.26 119.95 Td (the ) Tj ET Q q 0 0 0 rg BT 432.43 119.95 Td (value ) Tj ET Q q 0 0 0 rg BT 457.51 119.95 Td (of ) Tj ET Q q 0 0 0 rg BT 468.61 119.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 520.51 119.95 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.97 107.35 Td (were ) Tj ET Q q 0 0 0 rg BT 100.34 107.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 149.37 107.35 Td (during ) Tj ET Q q 0 0 0 rg BT 179.75 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.55 107.35 Td (year ) Tj ET Q q 0 0 0 rg BT 216.59 107.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.64 107.35 Td (March ) Tj ET Q q 0 0 0 rg BT 275.01 107.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.11 107.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.70 107.35 Td (as ) Tj ET Q q 0 0 0 rg BT 329.42 107.35 Td (our ) Tj ET Q q 0 0 0 rg BT 346.39 107.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 388.44 107.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.15 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 415.95 107.35 Td (related ) Tj ET Q q 0 0 0 rg BT 447.49 107.35 Td (future ) Tj ET Q q 0 0 0 rg BT 475.53 107.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 497.16 107.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 523.46 107.35 Td (exceeded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 94.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 88.92 94.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 126.99 94.75 Td (values. ) Tj ET Q q 0 0 0 rg BT 159.30 94.75 Td (W) Tj ET Q q 0 0 0 rg BT 168.37 94.75 Td (e ) Tj ET Q q 0 0 0 rg BT 176.12 94.75 Td (also ) Tj ET Q q 0 0 0 rg BT 196.12 94.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 246.44 94.75 Td (that ) Tj ET Q q 0 0 0 rg BT 265.27 94.75 Td (no ) Tj ET Q q 0 0 0 rg BT 278.86 94.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 323.36 94.75 Td (events ) Tj ET Q q 0 0 0 rg BT 353.27 94.75 Td (had ) Tj ET Q q 0 0 0 rg BT 371.52 94.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 411.33 94.75 Td (as ) Tj ET Q q 0 0 0 rg BT 423.17 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.00 94.75 Td (March ) Tj ET Q q 0 0 0 rg BT 465.49 94.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 481.70 94.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 508.42 94.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 552.02 94.75 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 93.20 82.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 152.64 82.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 196.35 82.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.47 82.15 Td (and ) Tj ET Q q 0 0 0 rg BT 235.34 82.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 274.39 82.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 324.51 82.15 Td (testing ) Tj ET Q q 0 0 0 rg BT 354.22 82.15 Td (was ) Tj ET Q q 0 0 0 rg BT 372.26 82.15 Td (necessary) Tj ET Q q 0 0 0 rg BT 412.39 82.15 Td (. ) Tj ET Q q 0 0 0 rg BT 416.73 82.15 Td ( ) Tj ET Q q 0 0 0 rg BT 418.07 82.15 Td (As ) Tj ET Q q 0 0 0 rg BT 431.45 82.15 Td (a ) Tj ET Q q 0 0 0 rg BT 437.82 82.15 Td (result ) Tj ET Q q 0 0 0 rg BT 462.86 82.15 Td (of ) Tj ET Q q 0 0 0 rg BT 473.32 82.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 522.26 82.15 Td (regarding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 69.55 Td (future ) Tj ET Q q 0 0 0 rg BT 76.64 69.55 Td (market ) Tj ET Q q 0 0 0 rg BT 107.85 69.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 156.29 69.55 Td (assessing ) Tj ET Q q 0 0 0 rg BT 197.44 69.55 Td (the ) Tj ET Q q 0 0 0 rg BT 212.34 69.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.97 69.55 Td (value ) Tj ET Q q 0 0 0 rg BT 253.78 69.55 Td (of ) Tj ET Q q 0 0 0 rg BT 264.59 69.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.48 69.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 320.03 69.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 338.43 69.55 Td (and ) Tj ET Q q 0 0 0 rg BT 355.66 69.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 399.72 69.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 426.28 69.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 462.16 69.55 Td (management ) Tj ET Q q 0 0 0 rg BT 517.87 69.55 Td (to ) Tj ET Q q 0 0 0 rg BT 528.10 69.55 Td (exercise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 56.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.45 56.95 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 141.36 56.95 Td ( ) Tj ET Q q 0 0 0 rg BT 143.99 56.95 Td (Details ) Tj ET Q q 0 0 0 rg BT 176.36 56.95 Td (of ) Tj ET Q q 0 0 0 rg BT 187.73 56.95 Td (our ) Tj ET Q q 0 0 0 rg BT 204.35 56.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 248.96 56.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 276.09 56.95 Td (and ) Tj ET Q q 0 0 0 rg BT 293.87 56.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 333.83 56.95 Td (and ) Tj ET Q q 0 0 0 rg BT 351.62 56.95 Td (the ) Tj ET Q q 0 0 0 rg BT 367.07 56.95 Td (related ) Tj ET Q q 0 0 0 rg BT 398.26 56.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 449.29 56.95 Td (tests ) Tj ET Q q 0 0 0 rg BT 470.58 56.95 Td (follow) Tj ET Q q 0 0 0 rg BT 497.32 56.95 Td (. ) Tj ET Q q 0 0 0 rg BT 502.57 56.95 Td ( ) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.17 729.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 114.60 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 124.69 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 154.04 729.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 212.52 729.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 247.10 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 256.61 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.79 729.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 306.54 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.64 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 327.89 729.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 386.96 729.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 417.47 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 438.06 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.31 729.15 Td (asset, ) Tj ET Q q 0 0 0 rg BT 501.69 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 512.94 729.15 Td (amortizable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.89 716.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 126.62 716.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 152.65 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 160.31 716.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 184.29 716.55 Td (name ) Tj ET Q q 0 0 0 rg BT 210.02 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 233.43 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 251.59 716.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 291.92 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 303.66 716.55 Td ($123 ) Tj ET Q q 0 0 0 rg BT 327.66 716.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 363.61 716.55 Td ($68 ) Tj ET Q q 0 0 0 rg BT 382.36 716.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 418.32 716.55 Td ($5 ) Tj ET Q q 0 0 0 rg BT 431.81 716.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 467.77 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 485.93 716.55 Td ($162 ) Tj ET Q q 0 0 0 rg BT 509.92 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 543.26 716.55 Td (\(170 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 82.14 703.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 128.84 703.95 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 163.00 703.95 Td (94 ) Tj ET Q q 0 0 0 rg BT 176.45 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 209.09 703.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 255.79 703.95 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 289.95 703.95 Td (7 ) Tj ET Q q 0 0 0 rg BT 298.15 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 330.79 703.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 377.49 703.95 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 411.65 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 429.76 703.95 Td (225 ) Tj ET Q q 0 0 0 rg BT 448.47 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 481.11 703.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 527.81 703.95 Td (dollars\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 105.07 691.35 Td (using ) Tj ET Q q 0 0 0 rg BT 130.72 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.45 691.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 179.67 691.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 222.21 691.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 240.84 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 252.49 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.13 691.35 Td (October ) Tj ET Q q 0 0 0 rg BT 300.85 691.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 316.87 691.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 343.39 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 346.29 691.35 Td (Because ) Tj ET Q q 0 0 0 rg BT 384.17 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 399.90 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.37 691.35 Td (values ) Tj ET Q q 0 0 0 rg BT 447.09 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 458.73 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.46 691.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 505.36 691.35 Td (Infrastructure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 110.22 678.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 142.39 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 164.63 678.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 205.53 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 228.94 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.10 678.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 299.65 678.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 337.04 678.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 376.78 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 400.19 678.75 Td (were ) Tj ET Q q 0 0 0 rg BT 423.59 678.75 Td (established ) Tj ET Q q 0 0 0 rg BT 473.24 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 484.99 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.73 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.56 678.75 Td (October ) Tj ET Q q 0 0 0 rg BT 549.38 678.75 Td (21, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.97 666.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 121.51 666.15 Td (date, ) Tj ET Q q 0 0 0 rg BT 144.09 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 160.55 666.15 Td (December ) Tj ET Q q 0 0 0 rg BT 206.16 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 221.75 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 247.84 666.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 298.71 666.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 357.75 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 376.54 666.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 408.76 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 419.39 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 426.52 666.15 Td (review ) Tj ET Q q 0 0 0 rg BT 457.55 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 468.22 666.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 495.19 666.15 Td (trends ) Tj ET Q q 0 0 0 rg BT 523.32 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 540.94 666.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (critical ) Tj ET Q q 0 0 0 rg BT 81.27 653.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 122.97 653.55 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 153.89 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 182.18 653.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 208.13 653.55 Td (no ) Tj ET Q q 0 0 0 rg BT 221.26 653.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 268.21 653.55 Td (changes. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Amortizable ) Tj ET Q q 0 0 0 rg BT 104.63 628.35 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 151.80 628.35 Td (Assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.36 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.14 615.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 153.17 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 615.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.97 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 234.07 615.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 281.84 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.37 615.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 347.06 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 356.92 615.75 Td (each ) Tj ET Q q 0 0 0 rg BT 378.44 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 419.21 615.75 Td (period ) Tj ET Q q 0 0 0 rg BT 448.32 615.75 Td (using ) Tj ET Q q 0 0 0 rg BT 473.36 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 485.56 615.75 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 543.84 615.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 70.62 603.15 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 108.94 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 110.82 603.15 Td (Significant ) Tj ET Q q 0 0 0 rg BT 158.77 603.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 212.56 603.15 Td (used ) Tj ET Q q 0 0 0 rg BT 233.68 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 243.72 603.15 Td (assessing ) Tj ET Q q 0 0 0 rg BT 284.67 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 299.37 603.15 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 359.55 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 370.17 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 425.68 603.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 461.37 603.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 505.23 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 531.60 603.15 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.99 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.08 590.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 137.84 590.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 181.07 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 194.00 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.26 590.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.58 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 267.17 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.43 590.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 327.43 590.55 Td (lives ) Tj ET Q q 0 0 0 rg BT 349.69 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 360.86 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 376.12 590.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 419.07 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.50 590.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 463.58 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.66 590.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 510.42 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 525.67 590.55 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 590.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.53 577.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 111.47 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 124.10 577.95 Td (current ) Tj ET Q q 0 0 0 rg BT 155.49 577.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 182.12 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 196.49 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 211.45 577.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 256.72 577.95 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 299.38 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 301.51 577.95 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 343.88 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 358.82 577.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 400.02 577.95 Td (assumed ) Tj ET Q q 0 0 0 rg BT 438.31 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 448.60 577.95 Td (turnover ) Tj ET Q q 0 0 0 rg BT 486.30 577.95 Td (evenly ) Tj ET Q q 0 0 0 rg BT 516.42 577.95 Td (throughout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 565.35 Td (life ) Tj ET Q q 0 0 0 rg BT 82.50 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 94.34 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.26 565.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 155.35 565.35 Td (asset. ) Tj ET Q q 0 0 0 rg BT 181.47 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 184.34 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 203.76 565.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 249.42 565.35 Td (life ) Tj ET Q q 0 0 0 rg BT 266.50 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 278.34 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 294.26 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 317.77 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 327.86 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 354.86 565.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 378.95 565.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 410.61 565.35 Td (such ) Tj ET Q q 0 0 0 rg BT 432.95 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 444.79 565.35 Td (average ) Tj ET Q q 0 0 0 rg BT 480.52 565.35 Td (client ) Tj ET Q q 0 0 0 rg BT 506.94 565.35 Td (retention ) Tj ET Q q 0 0 0 rg BT 547.35 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (client ) Tj ET Q q 0 0 0 rg BT 75.61 552.75 Td (turnover ) Tj ET Q q 0 0 0 rg BT 113.97 552.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 139.20 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 141.99 552.75 Td (If ) Tj ET Q q 0 0 0 rg BT 151.77 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.38 552.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 223.24 552.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 256.93 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 272.54 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 285.82 552.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 315.44 552.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 368.66 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 552.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 424.37 552.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 446.99 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 462.59 552.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 500.37 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.32 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.93 552.75 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 62.39 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 77.60 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 94.56 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 119.69 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 129.08 540.15 Td (assessed. ) Tj ET Q q 0 0 0 rg BT 169.67 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 171.53 540.15 Td (Actual ) Tj ET Q q 0 0 0 rg BT 201.91 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.95 540.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 248.68 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 259.23 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 276.78 540.15 Td (one ) Tj ET Q q 0 0 0 rg BT 294.33 540.15 Td (period ) Tj ET Q q 0 0 0 rg BT 323.54 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 344.01 540.15 Td (vary ) Tj ET Q q 0 0 0 rg BT 365.05 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 387.85 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 403.06 540.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 444.52 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 465.56 540.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 491.28 540.15 Td (without ) Tj ET Q q 0 0 0 rg BT 525.76 540.15 Td (resulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.68 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 73.61 527.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 125.03 527.55 Td (char) Tj ET Q q 0 0 0 rg BT 142.91 527.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 155.83 527.55 Td (because ) Tj ET Q q 0 0 0 rg BT 192.07 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 199.75 527.55 Td (variance ) Tj ET Q q 0 0 0 rg BT 238.32 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 249.50 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 267.68 527.55 Td (one ) Tj ET Q q 0 0 0 rg BT 285.85 527.55 Td (period ) Tj ET Q q 0 0 0 rg BT 315.69 527.55 Td (must ) Tj ET Q q 0 0 0 rg BT 339.13 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 352.05 527.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 400.55 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 411.73 527.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 464.32 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 486.00 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 510.59 527.55 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 514.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 99.07 514.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 140.76 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 162.04 514.95 Td (flows. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.19 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.96 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 106.38 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.53 489.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 149.17 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.02 489.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 208.28 489.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 253.87 489.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 282.55 489.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 305.40 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.17 489.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 369.75 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 414.76 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.28 489.75 Td (range ) Tj ET Q q 0 0 0 rg BT 468.61 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 492.04 489.75 Td (three ) Tj ET Q q 0 0 0 rg BT 516.05 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 527.24 489.75 Td (12�years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 78.08 477.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 155.33 477.15 Td (life ) Tj ET Q q 0 0 0 rg BT 171.95 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 183.32 477.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 246.59 477.15 Td (10.9�years.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Indefinite-Life ) Tj ET Q q 0 0 0 rg BT 115.70 451.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 162.86 451.95 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.24 439.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 112.39 439.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.04 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 161.86 439.35 Td (lives ) Tj ET Q q 0 0 0 rg BT 184.85 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 203.75 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 219.72 439.35 Td (indeterminable ) Tj ET Q q 0 0 0 rg BT 285.85 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 297.75 439.35 Td (indefinite, ) Tj ET Q q 0 0 0 rg BT 343.77 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.49 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 387.39 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 397.54 439.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 447.93 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 479.31 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 511.62 439.35 Td (participant's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (perspective ) Tj ET Q q 0 0 0 rg BT 100.51 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 127.61 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 141.31 426.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 183.57 426.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 232.26 426.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.12 426.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 283.27 426.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 312.72 426.75 Td (into ) Tj ET Q q 0 0 0 rg BT 332.25 426.75 Td (account ) Tj ET Q q 0 0 0 rg BT 368.10 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 426.75 Td (values ) Tj ET Q q 0 0 0 rg BT 414.15 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 446.50 426.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 498.68 426.75 Td (would ) Tj ET Q q 0 0 0 rg BT 528.13 426.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 546.49 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 557.85 426.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 81.46 414.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 129.17 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 138.98 414.15 Td (acquire ) Tj ET Q q 0 0 0 rg BT 171.52 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 185.99 414.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 230.19 414.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 258.96 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 260.49 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 269.56 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 275.86 414.15 Td (have ) Tj ET Q q 0 0 0 rg BT 297.32 414.15 Td (two ) Tj ET Q q 0 0 0 rg BT 314.72 414.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 349.60 414.15 Td (types ) Tj ET Q q 0 0 0 rg BT 373.41 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.80 414.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 443.17 414.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 486.80 414.15 Td (assets: ) Tj ET Q q 0 0 0 rg BT 515.86 414.15 Td (proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.37 401.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 111.90 401.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 132.31 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 143.10 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 150.39 401.55 Td (lesser ) Tj ET Q q 0 0 0 rg BT 176.92 401.55 Td (extent, ) Tj ET Q q 0 0 0 rg BT 207.82 401.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 231.44 401.55 Td (names.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 376.35 Td (e ) Tj ET Q q 0 0 0 rg BT 64.77 376.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 108.30 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 138.79 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 163.07 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 173.36 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 188.90 376.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 232.44 376.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 258.48 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 283.93 376.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 306.48 376.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 353.52 376.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 394.12 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.33 376.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 441.83 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 469.03 376.35 Td (take ) Tj ET Q q 0 0 0 rg BT 488.07 376.35 Td (into ) Tj ET Q q 0 0 0 rg BT 505.95 376.35 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.14 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 363.75 Td (future ) Tj ET Q q 0 0 0 rg BT 130.08 363.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 152.17 363.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 178.06 363.75 Td (mar) Tj ET Q q 0 0 0 rg BT 194.20 363.75 Td (gins, ) Tj ET Q q 0 0 0 rg BT 216.89 363.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 249.20 363.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 274.20 363.75 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 300.97 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 318.69 363.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.83 363.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 381.84 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 384.22 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 403.11 363.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 463.98 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.68 363.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.82 363.75 Td (values ) Tj ET Q q 0 0 0 rg BT 537.20 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 363.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.58 351.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 153.93 351.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.78 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 190.14 351.15 Td (highly ) Tj ET Q q 0 0 0 rg BT 219.33 351.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 264.83 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 277.69 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 301.62 351.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 343.04 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.56 351.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 396.73 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 407.25 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 431.18 351.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 459.21 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 484.89 351.15 Td (result ) Tj ET Q q 0 0 0 rg BT 510.58 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 521.10 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 528.11 351.15 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.21 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 111.27 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 126.41 338.55 Td (related ) Tj ET Q q 0 0 0 rg BT 157.28 338.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 194.57 338.55 Td (values. ) Tj ET Q q 0 0 0 rg BT 225.82 338.55 Td (An ) Tj ET Q q 0 0 0 rg BT 240.96 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.68 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 272.99 338.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 322.53 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 333.01 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 345.23 338.55 Td (impaired ) Tj ET Q q 0 0 0 rg BT 384.86 338.55 Td (if ) Tj ET Q q 0 0 0 rg BT 393.58 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 408.72 338.55 Td (current ) Tj ET Q q 0 0 0 rg BT 440.76 338.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 475.15 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.02 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 517.07 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 526.38 338.55 Td (less ) Tj ET Q q 0 0 0 rg BT 544.44 338.55 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 325.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.73 325.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 142.54 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 168.12 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.70 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 195.37 325.95 Td (asset. ) Tj ET Q q 0 0 0 rg BT 221.24 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 224.08 325.95 Td (If ) Tj ET Q q 0 0 0 rg BT 233.91 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 246.65 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 269.90 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 279.74 325.95 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 322.52 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 338.19 325.95 Td (dif) Tj ET Q q 0 0 0 rg BT 349.66 325.95 Td (ference ) Tj ET Q q 0 0 0 rg BT 383.38 325.95 Td (between ) Tj ET Q q 0 0 0 rg BT 421.20 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 436.87 325.95 Td (current ) Tj ET Q q 0 0 0 rg BT 469.44 325.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 504.35 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 521.76 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 313.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 102.90 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 128.43 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.97 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 155.59 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.79 313.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 218.31 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 231.60 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 247.22 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.74 313.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 333.86 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 343.66 313.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 392.51 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 404.05 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 416.75 313.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 461.53 313.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 498.14 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 509.10 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 524.72 313.35 Td (period ) Tj ET Q q 0 0 0 rg BT 554.34 313.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 77.79 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.24 300.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 144.27 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 153.90 300.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 203.75 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 214.55 300.75 Td (exist. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 92.59 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 111.19 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 126.86 275.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 167.61 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 185.62 275.55 Td (operated ) Tj ET Q q 0 0 0 rg BT 224.62 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 236.21 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 243.72 275.55 Td (single ) Tj ET Q q 0 0 0 rg BT 271.66 275.55 Td (unit, ) Tj ET Q q 0 0 0 rg BT 293.47 275.55 Td (such ) Tj ET Q q 0 0 0 rg BT 315.57 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 327.16 275.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 367.91 275.55 Td (within ) Tj ET Q q 0 0 0 rg BT 397.60 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.28 275.55 Td (same ) Tj ET Q q 0 0 0 rg BT 437.70 275.55 Td (family ) Tj ET Q q 0 0 0 rg BT 467.96 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.56 275.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 508.37 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 524.04 275.55 Td (reviewed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 61.26 262.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.66 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 124.42 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 140.83 262.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 189.91 262.95 Td (interchangeable ) Tj ET Q q 0 0 0 rg BT 259.96 262.95 Td (because ) Tj ET Q q 0 0 0 rg BT 296.79 262.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 338.30 262.95 Td (can ) Tj ET Q q 0 0 0 rg BT 356.46 262.95 Td (transfer ) Tj ET Q q 0 0 0 rg BT 392.12 262.95 Td (between ) Tj ET Q q 0 0 0 rg BT 430.70 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 457.62 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 479.89 262.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 513.23 262.95 Td (restrictions. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Similarly) Tj ET Q q 0 0 0 rg BT 87.90 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 93.22 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.57 250.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 140.60 250.35 Td (generated ) Tj ET Q q 0 0 0 rg BT 184.10 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 197.30 250.35 Td (new ) Tj ET Q q 0 0 0 rg BT 217.49 250.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 243.51 250.35 Td (added ) Tj ET Q q 0 0 0 rg BT 271.28 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 282.14 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 297.66 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 319.60 250.35 Td (group ) Tj ET Q q 0 0 0 rg BT 346.79 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 362.31 250.35 Td (included ) Tj ET Q q 0 0 0 rg BT 401.16 250.35 Td (when ) Tj ET Q q 0 0 0 rg BT 426.60 250.35 Td (determining ) Tj ET Q q 0 0 0 rg BT 480.03 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 495.55 250.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.82 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 538.25 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.37 237.75 Td (asset. ) Tj ET Q q 0 0 0 rg BT 120.29 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 122.96 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 142.16 237.75 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 181.78 237.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 230.74 237.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 277.35 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 290.73 237.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 323.35 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 334.40 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 364.69 237.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 388.57 237.75 Td (included ) Tj ET Q q 0 0 0 rg BT 427.60 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 435.14 237.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 502.17 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.29 237.75 Td (business, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 79.05 225.15 Td (was ) Tj ET Q q 0 0 0 rg BT 99.28 225.15 Td (mer) Tj ET Q q 0 0 0 rg BT 115.41 225.15 Td (ged ) Tj ET Q q 0 0 0 rg BT 134.46 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 157.03 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.75 225.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 210.89 225.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 244.52 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 267.66 225.15 Td (business ) Tj ET Q q 0 0 0 rg BT 307.14 225.15 Td (through ) Tj ET Q q 0 0 0 rg BT 343.70 225.15 Td (common ) Tj ET Q q 0 0 0 rg BT 384.34 225.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 444.50 225.15 Td (shared ) Tj ET Q q 0 0 0 rg BT 475.80 225.15 Td (resources ) Tj ET Q q 0 0 0 rg BT 519.34 225.15 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 112.21 212.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 160.65 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 179.34 212.55 Td (processes\) ) Tj ET Q q 0 0 0 rg BT 226.60 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 245.29 212.55 Td (co-branding ) Tj ET Q q 0 0 0 rg BT 299.55 212.55 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 347.12 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 349.87 212.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 401.67 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 407.83 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 424.19 212.55 Td (related ) Tj ET Q q 0 0 0 rg BT 456.28 212.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 494.79 212.55 Td (values ) Tj ET Q q 0 0 0 rg BT 525.15 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 543.84 212.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 75.46 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 86.83 199.95 Td (these ) Tj ET Q q 0 0 0 rg BT 111.03 199.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 136.99 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 159.43 199.95 Td (been ) Tj ET Q q 0 0 0 rg BT 181.88 199.95 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 230.56 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 245.43 199.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 296.46 199.95 Td (testing. ) Tj ET Q q 0 0 0 rg BT 329.71 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 332.34 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 334.96 199.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Projected ) Tj ET Q q 0 0 0 rg BT 91.70 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.90 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 138.77 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 154.13 174.75 Td (based ) Tj ET Q q 0 0 0 rg BT 180.58 174.75 Td (on ) Tj ET Q q 0 0 0 rg BT 193.63 174.75 Td (annualized ) Tj ET Q q 0 0 0 rg BT 241.65 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.85 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 288.73 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 303.51 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 318.88 174.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 364.57 174.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 405.01 174.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 446.62 174.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 482.40 174.75 Td (40�years, ) Tj ET Q q 0 0 0 rg BT 522.84 174.75 Td (assuming ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 79.81 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 100.80 162.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 122.37 162.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 154.45 162.15 Td (from ) Tj ET Q q 0 0 0 rg BT 177.18 162.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 219.75 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 234.90 162.15 Td (client ) Tj ET Q q 0 0 0 rg BT 260.55 162.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 286.21 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 303.70 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 345.09 162.15 Td (market ) Tj ET Q q 0 0 0 rg BT 376.57 162.15 Td (performance. ) Tj ET Q q 0 0 0 rg BT 434.57 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 436.73 162.15 Td (T) Tj ET Q q 0 0 0 rg BT 442.41 162.15 Td (o ) Tj ET Q q 0 0 0 rg BT 449.98 162.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 487.30 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 502.45 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.84 162.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 77.88 149.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 119.36 149.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 151.52 149.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 173.76 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 186.68 149.55 Td (af) Tj ET Q q 0 0 0 rg BT 194.65 149.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 221.56 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 236.79 149.55 Td (used ) Tj ET Q q 0 0 0 rg BT 258.46 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 269.04 149.55 Td (project ) Tj ET Q q 0 0 0 rg BT 300.62 149.55 Td (their ) Tj ET Q q 0 0 0 rg BT 321.74 149.55 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 351.29 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 353.71 149.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 377.13 149.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 398.79 149.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 430.96 149.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 453.20 149.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 491.19 149.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 532.68 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 543.85 149.55 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.76 136.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 102.85 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 120.76 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 152.67 136.95 Td (expectations ) Tj ET Q q 0 0 0 rg BT 207.91 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 221.17 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 244.33 136.95 Td (class ) Tj ET Q q 0 0 0 rg BT 267.50 136.95 Td (\(equity) Tj ET Q q 0 0 0 rg BT 296.56 136.95 Td (, ) Tj ET Q q 0 0 0 rg BT 301.94 136.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 326.27 136.95 Td (income ) Tj ET Q q 0 0 0 rg BT 359.94 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 377.85 136.95 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 419.69 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 437.61 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 450.86 136.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 499.70 136.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 538.60 136.95 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (upon, ) Tj ET Q q 0 0 0 rg BT 75.06 124.35 Td (among ) Tj ET Q q 0 0 0 rg BT 105.57 124.35 Td (other ) Tj ET Q q 0 0 0 rg BT 129.08 124.35 Td (things, ) Tj ET Q q 0 0 0 rg BT 159.31 124.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 200.32 124.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 247.72 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 264.81 124.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 319.23 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 329.91 124.35 Td (future ) Tj ET Q q 0 0 0 rg BT 356.92 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 388.00 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 405.10 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 453.11 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 508.09 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 530.44 124.35 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.53 111.75 Td (external ) Tj ET Q q 0 0 0 rg BT 102.21 111.75 Td (sources. ) Tj ET Q q 0 0 0 rg BT 138.19 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 140.05 111.75 Td (Currently) Tj ET Q q 0 0 0 rg BT 179.62 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 184.11 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 199.97 111.75 Td (market ) Tj ET Q q 0 0 0 rg BT 230.99 111.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 262.60 111.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 316.39 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 331.07 111.75 Td (6% ) Tj ET Q q 0 0 0 rg BT 346.94 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 361.05 111.75 Td (equity) Tj ET Q q 0 0 0 rg BT 386.61 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 391.10 111.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 406.96 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 421.07 111.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 444.51 111.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 479.91 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.94 111.75 Td (0% ) Tj ET Q q 0 0 0 rg BT 512.80 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 526.91 111.75 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 92.45 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 115.28 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 124.10 99.15 Td (general ) Tj ET Q q 0 0 0 rg BT 159.16 99.15 Td (assumption ) Tj ET Q q 0 0 0 rg BT 211.15 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 224.06 99.15 Td (2% ) Tj ET Q q 0 0 0 rg BT 242.22 99.15 Td (or) Tj ET Q q 0 0 0 rg BT 250.77 99.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 277.67 99.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 311.58 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 327.99 99.15 Td (all ) Tj ET Q q 0 0 0 rg BT 342.64 99.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 385.59 99.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 419.50 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 431.82 99.15 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 480.89 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 497.29 99.15 Td (or) Tj ET Q q 0 0 0 rg BT 505.85 99.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 532.75 99.15 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (\(contraction\), ) Tj ET Q q 0 0 0 rg BT 108.97 86.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 150.66 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 161.46 86.55 Td (years ) Tj ET Q q 0 0 0 rg BT 186.23 86.55 Td (one ) Tj ET Q q 0 0 0 rg BT 204.02 86.55 Td (through ) Tj ET Q q 0 0 0 rg BT 239.31 86.55 Td (five. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 61.35 Td (starting ) Tj ET Q q 0 0 0 rg BT 102.91 61.35 Td (point ) Tj ET Q q 0 0 0 rg BT 127.30 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 142.34 61.35 Td (these ) Tj ET Q q 0 0 0 rg BT 166.71 61.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 221.43 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 231.23 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 248.02 61.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 290.46 61.35 Td (planning ) Tj ET Q q 0 0 0 rg BT 330.00 61.35 Td (process ) Tj ET Q q 0 0 0 rg BT 364.29 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 382.83 61.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 420.62 61.35 Td (three-year ) Tj ET Q q 0 0 0 rg BT 465.35 61.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 492.65 61.35 Td (projections ) Tj ET Q q 0 0 0 rg BT 542.11 61.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.68 48.75 Td (management ) Tj ET Q q 0 0 0 rg BT 122.67 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.77 48.75 Td (each ) Tj ET Q q 0 0 0 rg BT 157.35 48.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 200.36 48.75 Td (af) Tj ET Q q 0 0 0 rg BT 208.33 48.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 236.16 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 255.26 48.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 294.18 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.36 48.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 346.36 48.75 Td (business ) Tj ET Q q 0 0 0 rg BT 385.30 48.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 448.13 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 460.22 48.75 Td (each ) Tj ET Q q 0 0 0 rg BT 482.80 48.75 Td (af) Tj ET Q q 0 0 0 rg BT 490.77 48.75 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 521.24 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 543.25 48.75 Td (flow ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (72) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 105.17 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 121.16 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.47 741.75 Td (af) Tj ET Q q 0 0 0 rg BT 161.44 741.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 193.76 741.75 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 235.13 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 247.62 741.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 301.81 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 313.72 741.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 344.28 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 352.69 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 385.59 741.75 Td (participant ) Tj ET Q q 0 0 0 rg BT 434.24 741.75 Td (view) Tj ET Q q 0 0 0 rg BT 453.97 741.75 Td (. ) Tj ET Q q 0 0 0 rg BT 460.34 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 464.09 741.75 Td (Beyond ) Tj ET Q q 0 0 0 rg BT 500.50 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 522.31 741.75 Td (three, ) Tj ET Q q 0 0 0 rg BT 549.67 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 92.05 729.15 Td (move ) Tj ET Q q 0 0 0 rg BT 118.86 729.15 Td (towards ) Tj ET Q q 0 0 0 rg BT 155.58 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 173.05 729.15 Td (general ) Tj ET Q q 0 0 0 rg BT 207.43 729.15 Td (or) Tj ET Q q 0 0 0 rg BT 215.98 729.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 242.20 729.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 275.43 729.15 Td (assumption ) Tj ET Q q 0 0 0 rg BT 326.74 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.96 729.15 Td (2%, ) Tj ET Q q 0 0 0 rg BT 359.06 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 371.29 729.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 422.57 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 438.29 729.15 Td (each ) Tj ET Q q 0 0 0 rg BT 461.00 729.15 Td (af) Tj ET Q q 0 0 0 rg BT 468.97 729.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 496.94 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 515.58 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 539.46 729.15 Td (class, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (through ) Tj ET Q q 0 0 0 rg BT 85.33 716.55 Td (year ) Tj ET Q q 0 0 0 rg BT 106.57 716.55 Td (20. ) Tj ET Q q 0 0 0 rg BT 122.87 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 125.81 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 145.30 716.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 185.22 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 207.05 716.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 229.46 716.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 262.38 716.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 281.29 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 296.70 716.55 Td (year ) Tj ET Q q 0 0 0 rg BT 317.94 716.55 Td (20 ) Tj ET Q q 0 0 0 rg BT 331.61 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 341.78 716.55 Td (held ) Tj ET Q q 0 0 0 rg BT 363.03 716.55 Td (constant ) Tj ET Q q 0 0 0 rg BT 401.19 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 419.52 716.55 Td (used ) Tj ET Q q 0 0 0 rg BT 441.94 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 453.28 716.55 Td (further ) Tj ET Q q 0 0 0 rg BT 485.01 716.55 Td (project ) Tj ET Q q 0 0 0 rg BT 517.34 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.16 716.55 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (through ) Tj ET Q q 0 0 0 rg BT 84.83 703.95 Td (year ) Tj ET Q q 0 0 0 rg BT 105.56 703.95 Td (40. ) Tj ET Q q 0 0 0 rg BT 121.35 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 124.02 703.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 152.35 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 165.51 703.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 206.66 703.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 233.82 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 246.99 703.95 Td (af) Tj ET Q q 0 0 0 rg BT 254.96 703.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 282.11 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 299.94 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.02 703.95 Td (class, ) Tj ET Q q 0 0 0 rg BT 348.72 703.95 Td (af) Tj ET Q q 0 0 0 rg BT 356.69 703.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 383.84 703.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 422.67 703.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 438.15 703.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 460.64 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 476.12 703.95 Td (applied ) Tj ET Q q 0 0 0 rg BT 509.69 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 520.53 703.95 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.33 691.35 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 134.04 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 136.61 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 155.70 691.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 196.38 691.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 228.31 691.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 250.33 691.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 291.00 691.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 332.83 691.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 372.91 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 388.50 691.35 Td (applied ) Tj ET Q q 0 0 0 rg BT 422.17 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 433.11 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 440.54 691.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 517.93 691.35 Td (mar) Tj ET Q q 0 0 0 rg BT 534.07 691.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 550.25 691.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.90 678.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 112.61 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 120.58 678.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 152.72 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 172.03 678.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 208.25 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.86 678.75 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 254.56 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 258.13 678.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 275.43 678.75 Td (gins ) Tj ET Q q 0 0 0 rg BT 296.50 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 312.89 678.75 Td (based ) Tj ET Q q 0 0 0 rg BT 340.36 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 354.43 678.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 414.56 678.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 456.03 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 467.76 678.75 Td (place ) Tj ET Q q 0 0 0 rg BT 493.48 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 504.63 678.75 Td (each ) Tj ET Q q 0 0 0 rg BT 527.43 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 535.39 678.75 Td (filiate. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Projected ) Tj ET Q q 0 0 0 rg BT 91.78 666.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 134.06 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 167.59 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 177.22 666.15 Td (further ) Tj ET Q q 0 0 0 rg BT 208.41 666.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 244.26 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 257.39 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 269.92 666.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 320.36 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.81 666.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 354.17 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 364.96 666.15 Td (calculate ) Tj ET Q q 0 0 0 rg BT 404.90 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.35 666.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 462.04 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 483.32 666.15 Td (flows. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 64.93 640.95 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.95 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 112.65 640.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 144.10 640.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 197.72 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 212.24 640.95 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 258.84 640.95 Td (given ) Tj ET Q q 0 0 0 rg BT 283.87 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 299.57 640.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 357.84 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.29 640.95 Td (multiple ) Tj ET Q q 0 0 0 rg BT 404.99 640.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 434.99 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 476.35 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 478.05 640.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 511.83 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 528.69 640.95 Td (external ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (sources, ) Tj ET Q q 0 0 0 rg BT 86.35 628.35 Td (although ) Tj ET Q q 0 0 0 rg BT 125.83 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 142.56 628.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 197.21 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 212.76 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.24 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 628.35 Td (change ) Tj ET Q q 0 0 0 rg BT 288.60 628.35 Td (based ) Tj ET Q q 0 0 0 rg BT 315.24 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 328.48 628.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 380.78 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 391.68 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 408.41 628.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 436.21 628.35 Td (results ) Tj ET Q q 0 0 0 rg BT 466.36 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 484.26 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 628.35 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.14 628.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.83 615.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.75 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.57 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 159.48 615.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.22 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 203.39 615.75 Td (change ) Tj ET Q q 0 0 0 rg BT 236.12 615.75 Td (due ) Tj ET Q q 0 0 0 rg BT 254.28 615.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 268.08 615.75 Td (among ) Tj ET Q q 0 0 0 rg BT 299.65 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 324.23 615.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 358.42 615.75 Td (poor ) Tj ET Q q 0 0 0 rg BT 380.67 615.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 429.74 615.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.79 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 499.29 615.75 Td (one ) Tj ET Q q 0 0 0 rg BT 517.45 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 529.20 615.75 Td (more ) Tj ET Q q 0 0 0 rg BT 553.77 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.03 603.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.22 603.15 Td (af) Tj ET Q q 0 0 0 rg BT 116.19 603.15 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 149.93 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 165.29 603.15 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 215.06 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 225.79 603.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 252.83 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 265.86 603.15 Td (clients, ) Tj ET Q q 0 0 0 rg BT 298.44 603.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 334.79 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 345.49 603.15 Td (business ) Tj ET Q q 0 0 0 rg BT 383.62 603.15 Td (climate, ) Tj ET Q q 0 0 0 rg BT 419.68 603.15 Td (adverse ) Tj ET Q q 0 0 0 rg BT 454.28 603.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 499.97 603.15 Td (actions, ) Tj ET Q q 0 0 0 rg BT 534.87 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 546.16 603.15 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 590.55 Td (key ) Tj ET Q q 0 0 0 rg BT 80.31 590.55 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 127.21 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.41 590.55 Td (W) Tj ET Q q 0 0 0 rg BT 139.48 590.55 Td (e ) Tj ET Q q 0 0 0 rg BT 147.59 590.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 186.61 590.55 Td (these ) Tj ET Q q 0 0 0 rg BT 211.64 590.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 234.92 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 246.54 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.82 590.55 Td (development ) Tj ET Q q 0 0 0 rg BT 320.51 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.70 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 350.15 590.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 383.35 590.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 438.72 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 457.33 590.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 496.37 590.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 522.26 590.55 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (further ) Tj ET Q q 0 0 0 rg BT 80.61 577.95 Td (below) Tj ET Q q 0 0 0 rg BT 105.59 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 110.76 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 113.30 577.95 Td (Further) Tj ET Q q 0 0 0 rg BT 143.79 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 148.96 577.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 176.57 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.77 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 223.65 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 234.36 577.95 Td (any ) Tj ET Q q 0 0 0 rg BT 252.06 577.95 Td (one ) Tj ET Q q 0 0 0 rg BT 269.76 577.95 Td (period ) Tj ET Q q 0 0 0 rg BT 299.13 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 319.75 577.95 Td (vary ) Tj ET Q q 0 0 0 rg BT 340.95 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 363.91 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 577.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 420.88 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.08 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 467.96 577.95 Td (without ) Tj ET Q q 0 0 0 rg BT 502.59 577.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 541.88 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 552.59 577.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.23 565.35 Td (char) Tj ET Q q 0 0 0 rg BT 119.11 565.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 132.35 565.35 Td (because ) Tj ET Q q 0 0 0 rg BT 168.91 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 176.90 565.35 Td (variance ) Tj ET Q q 0 0 0 rg BT 215.78 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 227.28 565.35 Td (any ) Tj ET Q q 0 0 0 rg BT 245.77 565.35 Td (one ) Tj ET Q q 0 0 0 rg BT 264.26 565.35 Td (period ) Tj ET Q q 0 0 0 rg BT 294.41 565.35 Td (must ) Tj ET Q q 0 0 0 rg BT 318.16 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 331.40 565.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 380.21 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 391.71 565.35 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 444.61 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 466.61 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 491.51 565.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 565.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.70 552.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 122.39 552.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.67 552.75 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.19 527.55 Td (process ) Tj ET Q q 0 0 0 rg BT 102.04 527.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 139.40 527.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 190.75 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 201.85 527.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 229.28 527.55 Td (results ) Tj ET Q q 0 0 0 rg BT 259.06 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 269.58 527.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.36 527.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 324.46 527.55 Td (projections. ) Tj ET Q q 0 0 0 rg BT 376.11 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 378.47 527.55 Td (However) Tj ET Q q 0 0 0 rg BT 416.53 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 421.52 527.55 Td (dif) Tj ET Q q 0 0 0 rg BT 432.99 527.55 Td (ferences ) Tj ET Q q 0 0 0 rg BT 470.32 527.55 Td (between ) Tj ET Q q 0 0 0 rg BT 507.67 527.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 535.10 527.55 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.43 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 82.20 514.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 104.38 514.95 Td (projections ) Tj ET Q q 0 0 0 rg BT 152.81 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 167.40 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 182.59 514.95 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 231.01 514.95 Td (indicative ) Tj ET Q q 0 0 0 rg BT 274.18 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 284.70 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 291.13 514.95 Td (need ) Tj ET Q q 0 0 0 rg BT 312.72 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 322.66 514.95 Td (reassess ) Tj ET Q q 0 0 0 rg BT 358.26 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 374.03 514.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 414.87 514.95 Td (given ) Tj ET Q q 0 0 0 rg BT 439.97 514.95 Td (that: ) Tj ET Q q 0 0 0 rg BT 460.41 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 476.17 514.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 523.44 514.95 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.60 502.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.29 502.35 Td (analyses ) Tj ET Q q 0 0 0 rg BT 130.31 502.35 Td (include ) Tj ET Q q 0 0 0 rg BT 163.66 502.35 Td (projections ) Tj ET Q q 0 0 0 rg BT 212.76 502.35 Td (well ) Tj ET Q q 0 0 0 rg BT 233.28 502.35 Td (beyond ) Tj ET Q q 0 0 0 rg BT 266.64 502.35 Td (three ) Tj ET Q q 0 0 0 rg BT 290.07 502.35 Td (years ) Tj ET Q q 0 0 0 rg BT 314.67 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 332.27 502.35 Td (variances ) Tj ET Q q 0 0 0 rg BT 374.36 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 384.97 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.24 502.35 Td (near) Tj ET Q q 0 0 0 rg BT 418.10 502.35 Td (-years ) Tj ET Q q 0 0 0 rg BT 446.20 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 466.72 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 479.08 502.35 Td (of) Tj ET Q q 0 0 0 rg BT 487.63 502.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 505.24 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 515.85 502.35 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (years; ) Tj ET Q q 0 0 0 rg BT 76.88 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.76 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 118.80 489.75 Td (assessments ) Tj ET Q q 0 0 0 rg BT 171.86 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 186.98 489.75 Td (point-in-time, ) Tj ET Q q 0 0 0 rg BT 247.33 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 264.79 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.93 489.75 Td (consistency ) Tj ET Q q 0 0 0 rg BT 331.23 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 342.28 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 349.25 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.13 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 391.17 489.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 440.14 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 461.12 489.75 Td (other ) Tj ET Q q 0 0 0 rg BT 485.00 489.75 Td (indicators ) Tj ET Q q 0 0 0 rg BT 528.71 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 539.77 489.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 67.96 477.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 97.48 477.15 Td (expectations ) Tj ET Q q 0 0 0 rg BT 152.68 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 164.14 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 196.00 477.15 Td (participants ) Tj ET Q q 0 0 0 rg BT 247.70 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 257.99 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 276.45 477.15 Td (point-in-time ) Tj ET Q q 0 0 0 rg BT 334.57 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 344.29 477.15 Td (critical ) Tj ET Q q 0 0 0 rg BT 376.15 477.15 Td (evidence ) Tj ET Q q 0 0 0 rg BT 416.18 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.64 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.18 477.15 Td (soundness ) Tj ET Q q 0 0 0 rg BT 489.06 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 500.52 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 516.06 477.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 553.76 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 78.17 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.48 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 93.53 464.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 143.49 464.55 Td (periods, ) Tj ET Q q 0 0 0 rg BT 180.34 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 195.89 464.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 234.76 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 250.90 464.55 Td (dif) Tj ET Q q 0 0 0 rg BT 262.37 464.55 Td (ferences ) Tj ET Q q 0 0 0 rg BT 300.65 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 312.12 464.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 340.50 464.55 Td (results ) Tj ET Q q 0 0 0 rg BT 371.22 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 394.93 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 412.23 464.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 435.95 464.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 485.91 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 497.39 464.55 Td (considering ) Tj ET Q q 0 0 0 rg BT 549.68 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 115.10 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 126.47 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 141.93 451.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 174.30 451.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 228.85 451.95 Td (used ) Tj ET Q q 0 0 0 rg BT 250.72 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 261.51 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 278.13 451.95 Td (current ) Tj ET Q q 0 0 0 rg BT 310.49 451.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 361.52 451.95 Td (testing. ) Tj ET Q q 0 0 0 rg BT 394.77 451.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.63 426.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.67 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 129.70 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 156.82 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 170.54 426.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 229.73 426.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 271.43 426.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 314.89 426.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 339.10 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.06 426.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 372.36 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.73 426.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 420.19 426.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 451.39 426.75 Td (using ) Tj ET Q q 0 0 0 rg BT 477.36 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 485.24 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 517.60 426.75 Td (participant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (perspective. ) Tj ET Q q 0 0 0 rg BT 102.35 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 104.60 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 113.67 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 120.74 414.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 158.15 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.40 414.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 192.73 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 203.89 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 224.39 414.15 Td (based ) Tj ET Q q 0 0 0 rg BT 250.71 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 263.63 414.15 Td (published ) Tj ET Q q 0 0 0 rg BT 306.88 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 327.37 414.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 352.06 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 361.13 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 368.21 414.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 405.62 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.86 414.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 440.20 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.36 414.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.02 414.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.42 414.15 Td (based ) Tj ET Q q 0 0 0 rg BT 536.75 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.55 401.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 109.38 401.55 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 143.20 401.55 Td (Model, ) Tj ET Q q 0 0 0 rg BT 176.74 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 205.89 401.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 249.05 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 265.37 401.55 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 304.42 401.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.82 401.55 Td (rate, ) Tj ET Q q 0 0 0 rg BT 360.68 401.55 Td (peer) Tj ET Q q 0 0 0 rg BT 378.54 401.55 Td (-group ) Tj ET Q q 0 0 0 rg BT 410.02 401.55 Td (betas, ) Tj ET Q q 0 0 0 rg BT 437.72 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 456.37 401.55 Td (company ) Tj ET Q q 0 0 0 rg BT 498.36 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 517.01 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.75 401.55 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 95.82 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 115.43 388.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 143.37 388.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.82 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 169.53 388.95 Td (further ) Tj ET Q q 0 0 0 rg BT 199.80 388.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 236.49 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 246.36 388.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 283.63 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 298.16 388.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 331.34 388.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 348.79 388.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 393.64 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 414.01 388.95 Td (each ) Tj ET Q q 0 0 0 rg BT 434.94 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 461.09 388.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.52 388.95 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 90.32 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 106.94 376.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 148.06 376.35 Td (unit. ) Tj ET Q q 0 0 0 rg BT 169.45 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 188.40 376.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 226.61 376.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 249.06 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 264.50 376.35 Td (also ) Tj ET Q q 0 0 0 rg BT 284.04 376.35 Td (calibrated ) Tj ET Q q 0 0 0 rg BT 328.06 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 354.59 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 367.71 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 380.25 376.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 429.54 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 440.91 376.35 Td (relevant ) Tj ET Q q 0 0 0 rg BT 477.35 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 509.12 376.35 Td (values. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 95.71 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 116.26 351.15 Td (standard ) Tj ET Q q 0 0 0 rg BT 153.70 351.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 194.65 351.15 Td (practices ) Tj ET Q q 0 0 0 rg BT 233.83 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 247.95 351.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 280.14 351.15 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 334.79 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 349.50 351.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 390.43 351.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 437.80 351.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.33 351.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 479.45 351.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 515.16 351.15 Td (also ) Tj ET Q q 0 0 0 rg BT 533.95 351.15 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.35 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 67.70 338.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.21 338.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 115.05 338.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 143.10 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 154.53 338.55 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 207.46 338.55 Td (This ) Tj ET Q q 0 0 0 rg BT 228.81 338.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 244.32 338.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 276.16 338.55 Td (represents ) Tj ET Q q 0 0 0 rg BT 321.41 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.92 338.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 385.10 338.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 400.62 338.55 Td (savings ) Tj ET Q q 0 0 0 rg BT 434.80 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 442.15 338.55 Td (third ) Tj ET Q q 0 0 0 rg BT 464.66 338.55 Td (party ) Tj ET Q q 0 0 0 rg BT 488.92 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 507.35 338.55 Td (purchased ) Tj ET Q q 0 0 0 rg BT 552.60 338.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.41 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 85.41 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 92.57 325.95 Td (given ) Tj ET Q q 0 0 0 rg BT 118.40 325.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 159.98 325.95 Td (date ) Tj ET Q q 0 0 0 rg BT 179.97 325.95 Td (would ) Tj ET Q q 0 0 0 rg BT 208.72 325.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 241.52 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 264.44 325.95 Td (future ) Tj ET Q q 0 0 0 rg BT 292.01 325.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.34 325.95 Td (deductions ) Tj ET Q q 0 0 0 rg BT 355.33 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 370.07 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 385.40 325.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 440.97 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 452.21 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 467.54 325.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 507.36 325.95 Td (price ) Tj ET Q q 0 0 0 rg BT 530.84 325.95 Td (over ) Tj ET Q q 0 0 0 rg BT 552.00 325.95 Td (15 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (years. ) Tj ET Q q 0 0 0 rg BT 76.90 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.45 288.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 98.81 288.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 164.58 288.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 189.53 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 229.05 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 239.42 288.15 Td ($698 ) Tj ET Q q 0 0 0 rg BT 262.04 288.15 Td (million ) Tj ET Q q 0 0 0 rg BT 294.00 288.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 338.18 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 352.05 288.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 414.32 288.15 Td (20% ) Tj ET Q q 0 0 0 rg BT 435.19 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 445.55 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 461.17 288.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.52 288.15 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 77.95 275.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 99.69 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 109.19 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.35 275.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 169.00 275.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 210.58 275.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 260.31 275.55 Td (char) Tj ET Q q 0 0 0 rg BT 278.19 275.55 Td (ge, ) Tj ET Q q 0 0 0 rg BT 292.06 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 308.55 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 322.69 275.55 Td (supported ) Tj ET Q q 0 0 0 rg BT 365.44 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 377.26 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 391.42 275.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 434.16 275.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 499.63 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 524.29 275.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 565.13 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (These ) Tj ET Q q 0 0 0 rg BT 77.17 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 103.10 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 125.52 262.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 169.53 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 180.30 262.95 Td (experience ) Tj ET Q q 0 0 0 rg BT 228.36 262.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 261.88 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 273.22 262.95 Td (moderate ) Tj ET Q q 0 0 0 rg BT 314.88 262.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 348.99 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 360.33 262.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 399.68 262.95 Td (over ) Tj ET Q q 0 0 0 rg BT 420.94 262.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 449.18 262.95 Td (years ) Tj ET Q q 0 0 0 rg BT 473.94 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 491.70 262.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 522.86 262.95 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (risks, ) Tj ET Q q 0 0 0 rg BT 75.24 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 87.26 250.35 Td (follows. ) Tj ET Q q 0 0 0 rg BT 124.42 250.35 Td (The ) Tj ET Q q 0 0 0 rg BT 144.02 250.35 Td (past ) Tj ET Q q 0 0 0 rg BT 164.21 250.35 Td (several ) Tj ET Q q 0 0 0 rg BT 197.22 250.35 Td (years ) Tj ET Q q 0 0 0 rg BT 222.65 250.35 Td (have ) Tj ET Q q 0 0 0 rg BT 245.75 250.35 Td (seen ) Tj ET Q q 0 0 0 rg BT 267.68 250.35 Td (declines ) Tj ET Q q 0 0 0 rg BT 305.36 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 316.80 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 332.90 250.35 Td (traditional ) Tj ET Q q 0 0 0 rg BT 379.33 250.35 Td (high ) Tj ET Q q 0 0 0 rg BT 401.27 250.35 Td (net ) Tj ET Q q 0 0 0 rg BT 417.38 250.35 Td (worth ) Tj ET Q q 0 0 0 rg BT 445.15 250.35 Td (client ) Tj ET Q q 0 0 0 rg BT 471.75 250.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 539.17 250.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 91.43 237.75 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 130.88 237.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 173.67 237.75 Td (focus, ) Tj ET Q q 0 0 0 rg BT 202.77 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 232.15 237.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 265.61 237.75 Td (has ) Tj ET Q q 0 0 0 rg BT 283.33 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 291.89 237.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 310.77 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.66 237.75 Td (some ) Tj ET Q q 0 0 0 rg BT 348.55 237.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 377.93 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 400.32 237.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 435.54 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 447.43 237.75 Td (their ) Tj ET Q q 0 0 0 rg BT 470.40 237.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 524.29 237.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 565.12 237.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 87.21 225.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 155.95 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 179.79 225.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 224.62 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 242.03 225.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 276.37 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 289.13 225.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 322.29 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 356.04 225.15 Td (influences, ) Tj ET Q q 0 0 0 rg BT 406.41 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 419.75 225.15 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 466.91 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 479.67 225.15 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 519.99 225.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.33 225.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 101.94 212.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 127.55 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 144.98 212.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 181.65 212.55 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 223.29 212.55 Td (adding ) Tj ET Q q 0 0 0 rg BT 254.14 212.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 298.40 212.55 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 347.91 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 358.35 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 374.62 212.55 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 418.59 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 420.87 212.55 Td (Due ) Tj ET Q q 0 0 0 rg BT 440.64 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 451.08 212.55 Td (part ) Tj ET Q q 0 0 0 rg BT 469.68 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 480.12 212.55 Td (these ) Tj ET Q q 0 0 0 rg BT 503.97 212.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 537.43 212.55 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (results ) Tj ET Q q 0 0 0 rg BT 79.17 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 93.66 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 108.74 199.95 Td (12 ) Tj ET Q q 0 0 0 rg BT 121.49 199.95 Td (months ) Tj ET Q q 0 0 0 rg BT 154.67 199.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 181.99 199.95 Td (December ) Tj ET Q q 0 0 0 rg BT 227.38 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 242.76 199.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 268.64 199.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 309.95 199.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 353.60 199.95 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 406.58 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 417.00 199.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 449.00 199.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 503.18 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 517.67 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.75 199.95 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 117.20 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 144.10 187.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 185.56 187.35 Td (used ) Tj ET Q q 0 0 0 rg BT 208.36 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 220.09 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 236.48 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.45 187.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 312.41 187.35 Td (testing ) Tj ET Q q 0 0 0 rg BT 343.97 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 355.11 187.35 Td (December ) Tj ET Q q 0 0 0 rg BT 401.81 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 418.49 187.35 Td (2014. ) Tj ET Q q 0 0 0 rg BT 445.68 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 448.45 187.35 Td (Additionally) Tj ET Q q 0 0 0 rg BT 500.85 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 507.04 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 523.42 187.35 Td (historical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 88.79 174.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 121.67 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.97 174.75 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 171.24 174.75 Td (business ) Tj ET Q q 0 0 0 rg BT 209.38 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 218.94 174.75 Td (now ) Tj ET Q q 0 0 0 rg BT 239.57 174.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 271.87 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 282.59 174.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 300.89 174.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 346.59 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 367.81 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.19 174.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 402.08 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 413.38 174.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.50 174.75 Td (key ) Tj ET Q q 0 0 0 rg BT 462.21 174.75 Td (staf) Tj ET Q q 0 0 0 rg BT 477.18 174.75 Td (f. ) Tj ET Q q 0 0 0 rg BT 485.85 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.84 174.75 Td (As ) Tj ET Q q 0 0 0 rg BT 502.06 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 509.27 174.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 537.78 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 548.50 174.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (December ) Tj ET Q q 0 0 0 rg BT 94.75 162.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 117.86 162.15 Td (testing, ) Tj ET Q q 0 0 0 rg BT 150.60 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 165.54 162.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 197.40 162.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 251.44 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 265.79 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 289.48 162.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 329.49 162.15 Td (were ) Tj ET Q q 0 0 0 rg BT 352.00 162.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 387.34 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 397.62 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 412.56 162.15 Td (first ) Tj ET Q q 0 0 0 rg BT 431.59 162.15 Td (five ) Tj ET Q q 0 0 0 rg BT 450.03 162.15 Td (years, ) Tj ET Q q 0 0 0 rg BT 476.92 162.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 507.32 162.15 Td (together ) Tj ET Q q 0 0 0 rg BT 543.83 162.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.18 149.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 96.60 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.20 149.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 152.43 149.55 Td (mar) Tj ET Q q 0 0 0 rg BT 168.57 149.55 Td (gins ) Tj ET Q q 0 0 0 rg BT 188.92 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 199.94 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 215.61 149.55 Td (first ) Tj ET Q q 0 0 0 rg BT 235.38 149.55 Td (two ) Tj ET Q q 0 0 0 rg BT 253.98 149.55 Td (years, ) Tj ET Q q 0 0 0 rg BT 281.60 149.55 Td (led ) Tj ET Q q 0 0 0 rg BT 297.28 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 308.30 149.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 352.53 149.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 394.45 149.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 415.95 149.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 442.14 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 465.40 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 481.07 149.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 522.13 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 524.36 149.55 Td (Also, ) Tj ET Q q 0 0 0 rg BT 549.67 149.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.34 136.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.78 136.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 138.89 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 162.07 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.68 136.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 210.20 136.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 277.12 136.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 303.23 136.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 343.91 136.95 Td (were ) Tj ET Q q 0 0 0 rg BT 367.09 136.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 415.36 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 425.71 136.95 Td (16.5%, ) Tj ET Q q 0 0 0 rg BT 458.24 136.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.41 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 513.35 136.95 Td (14.5% ) Tj ET Q q 0 0 0 rg BT 543.25 136.95 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 124.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 98.78 124.35 Td (year's ) Tj ET Q q 0 0 0 rg BT 125.45 124.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.48 124.35 Td (testing, ) Tj ET Q q 0 0 0 rg BT 209.73 124.35 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 252.58 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 268.04 124.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 299.23 124.35 Td (noted ) Tj ET Q q 0 0 0 rg BT 325.18 124.35 Td (above. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 77.94 99.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 101.72 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 118.49 99.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 160.33 99.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 208.60 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.04 99.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 252.06 99.15 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 293.03 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 308.64 99.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 346.40 99.15 Td (value ) Tj ET Q q 0 0 0 rg BT 371.92 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.44 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.04 99.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 431.56 99.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 498.49 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 524.60 99.15 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.44 86.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 114.02 86.55 Td (its ) Tj ET Q q 0 0 0 rg BT 126.47 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.56 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 168.83 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.10 86.55 Td ($335 ) Tj ET Q q 0 0 0 rg BT 203.63 86.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 239.12 86.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 278.39 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 289.08 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 301.52 86.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 352.45 86.55 Td (char) Tj ET Q q 0 0 0 rg BT 370.33 86.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 382.77 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 394.04 86.55 Td ($364 ) Tj ET Q q 0 0 0 rg BT 417.57 86.55 Td (million ) Tj ET Q q 0 0 0 rg BT 450.43 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 465.20 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 480.55 86.55 Td (excess. ) Tj ET Q q 0 0 0 rg BT 513.11 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 515.64 86.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 539.16 86.55 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.26 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.35 73.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 109.35 73.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 175.75 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 201.35 73.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 241.51 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 256.58 73.95 Td (assumed ) Tj ET Q q 0 0 0 rg BT 295.01 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 305.43 73.95 Td (have ) Tj ET Q q 0 0 0 rg BT 327.51 73.95 Td (an ) Tj ET Q q 0 0 0 rg BT 339.68 73.95 Td (average ) Tj ET Q q 0 0 0 rg BT 374.58 73.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 404.83 73.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 436.84 73.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 454.83 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 465.84 73.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 528.75 73.95 Td (7% ) Tj ET Q q 0 0 0 rg BT 545.00 73.95 Td (\(5% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (market ) Tj ET Q q 0 0 0 rg BT 81.37 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 99.24 61.35 Td (2% ) Tj ET Q q 0 0 0 rg BT 115.95 61.35 Td (or) Tj ET Q q 0 0 0 rg BT 124.50 61.35 Td (ganic/other\). ) Tj ET Q q 0 0 0 rg BT 180.57 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 183.28 61.35 Td (However) Tj ET Q q 0 0 0 rg BT 221.35 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 226.68 61.35 Td (given ) Tj ET Q q 0 0 0 rg BT 252.72 61.35 Td (current ) Tj ET Q q 0 0 0 rg BT 285.17 61.35 Td (experience, ) Tj ET Q q 0 0 0 rg BT 335.97 61.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 377.75 61.35 Td (near) Tj ET Q q 0 0 0 rg BT 395.61 61.35 Td (-year ) Tj ET Q q 0 0 0 rg BT 419.88 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 441.25 61.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 467.30 61.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 496.82 61.35 Td (moderate ) Tj ET Q q 0 0 0 rg BT 538.00 61.35 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 88.58 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 99.08 48.75 Td (years ) Tj ET Q q 0 0 0 rg BT 123.56 48.75 Td (one ) Tj ET Q q 0 0 0 rg BT 141.05 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.54 48.75 Td (two, ) Tj ET Q q 0 0 0 rg BT 179.25 48.75 Td (no ) Tj ET Q q 0 0 0 rg BT 192.08 48.75 Td (net ) Tj ET Q q 0 0 0 rg BT 206.72 48.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 233.56 48.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 259.22 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 269.72 48.75 Td (year ) Tj ET Q q 0 0 0 rg BT 290.12 48.75 Td (three, ) Tj ET Q q 0 0 0 rg BT 316.06 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.55 48.75 Td (trend ) Tj ET Q q 0 0 0 rg BT 357.45 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 367.95 48.75 Td (modest ) Tj ET Q q 0 0 0 rg BT 400.10 48.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 426.93 48.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 460.76 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.26 48.75 Td (year ) Tj ET Q q 0 0 0 rg BT 491.66 48.75 Td (four) Tj ET Q q 0 0 0 rg BT 508.57 48.75 Td (. ) Tj ET Q q 0 0 0 rg BT 513.53 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 515.86 48.75 Td (Investment ) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 108.28 741.75 Td (including ) Tj ET Q q 0 0 0 rg BT 151.04 741.75 Td (its ) Tj ET Q q 0 0 0 rg BT 164.06 741.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 204.47 741.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 236.15 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 249.75 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 277.92 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 301.43 741.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 330.49 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 340.59 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.36 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 395.78 741.75 Td (factor ) Tj ET Q q 0 0 0 rg BT 423.36 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 434.63 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 451.73 741.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 484.58 741.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 534.33 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.87 729.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 148.64 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.60 729.15 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 217.75 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 220.38 729.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 239.33 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 271.11 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 326.79 729.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 376.07 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 391.52 729.15 Td (supported ) Tj ET Q q 0 0 0 rg BT 435.55 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 448.68 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 464.13 729.15 Td (fact ) Tj ET Q q 0 0 0 rg BT 482.50 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 500.87 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 516.32 729.15 Td (two ) Tj ET Q q 0 0 0 rg BT 534.70 729.15 Td (lar) Tj ET Q q 0 0 0 rg BT 545.59 729.15 Td (gest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.43 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 93.77 716.55 Td (comprise ) Tj ET Q q 0 0 0 rg BT 134.86 716.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 198.10 716.55 Td (half ) Tj ET Q q 0 0 0 rg BT 217.02 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 228.37 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 243.79 716.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 284.29 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 306.72 716.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 336.45 716.55 Td (have ) Tj ET Q q 0 0 0 rg BT 358.87 716.55 Td (10-year ) Tj ET Q q 0 0 0 rg BT 393.53 716.55 Td (average ) Tj ET Q q 0 0 0 rg BT 428.76 716.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 460.52 716.55 Td (approximating ) Tj ET Q q 0 0 0 rg BT 524.35 716.55 Td (5%. ) Tj ET Q q 0 0 0 rg BT 543.57 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 546.17 716.55 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (market ) Tj ET Q q 0 0 0 rg BT 81.28 703.95 Td (projections ) Tj ET Q q 0 0 0 rg BT 130.56 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 146.00 703.95 Td (further ) Tj ET Q q 0 0 0 rg BT 177.20 703.95 Td (supported ) Tj ET Q q 0 0 0 rg BT 221.23 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 234.36 703.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 271.40 703.95 Td (statistics.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.44 678.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 110.97 678.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 143.75 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 166.61 678.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.12 678.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 247.88 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 259.67 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.11 678.75 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 319.18 678.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 346.13 678.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 404.56 678.75 Td (\(�CAM�\) ) Tj ET Q q 0 0 0 rg BT 448.41 678.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 498.10 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.46 678.75 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 532.45 678.75 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (account ) Tj ET Q q 0 0 0 rg BT 83.89 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 97.88 666.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.27 666.15 Td (70% ) Tj ET Q q 0 0 0 rg BT 181.26 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 191.75 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 207.49 666.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 266.96 666.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 310.69 666.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 339.56 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 340.92 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 354.33 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 364.82 666.15 Td (December ) Tj ET Q q 0 0 0 rg BT 409.70 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 424.57 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 449.94 666.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 512.33 666.15 Td ($150 ) Tj ET Q q 0 0 0 rg BT 535.07 666.15 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.30 653.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 90.07 653.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.78 653.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 172.32 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 185.46 653.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 239.42 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 257.03 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 266.10 653.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 293.23 653.55 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 321.82 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 337.28 653.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 383.07 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 404.38 653.55 Td (this ) Tj ET Q q 0 0 0 rg BT 422.19 653.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 447.86 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 469.17 653.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 532.46 653.55 Td (35% ) Tj ET Q q 0 0 0 rg BT 554.34 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (each ) Tj ET Q q 0 0 0 rg BT 72.01 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 84.04 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.56 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 132.00 640.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 156.86 640.95 Td (income ) Tj ET Q q 0 0 0 rg BT 190.32 640.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 218.10 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 236.54 640.95 Td (30% ) Tj ET Q q 0 0 0 rg BT 259.07 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 270.52 640.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 308.66 640.95 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 339.07 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 342.35 640.95 Td (Previously ) Tj ET Q q 0 0 0 rg BT 390.55 640.95 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 432.90 640.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 489.83 640.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 533.34 640.95 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 96.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 114.90 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.56 628.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 165.14 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 183.54 628.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 206.63 628.35 Td (related ) Tj ET Q q 0 0 0 rg BT 238.44 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 249.85 628.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 289.84 628.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 336.23 628.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 373.29 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 384.71 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.78 628.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 439.61 628.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 481.07 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 497.14 628.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 537.10 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 548.52 628.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.26 615.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 141.45 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 163.80 615.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 186.74 615.75 Td (analyses. ) Tj ET Q q 0 0 0 rg BT 228.63 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.33 615.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 261.69 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 275.88 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 293.57 615.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 336.33 615.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 385.52 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.87 615.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 430.82 615.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 472.71 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 489.23 615.75 Td (related ) Tj ET Q q 0 0 0 rg BT 521.49 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.76 615.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.51 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 104.39 603.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 142.32 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 168.02 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 181.47 603.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 245.08 603.15 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 266.41 603.15 Td (billion. ) Tj ET Q q 0 0 0 rg BT 299.41 603.15 Td (For ) Tj ET Q q 0 0 0 rg BT 316.95 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 333.90 603.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 385.26 603.15 Td (test, ) Tj ET Q q 0 0 0 rg BT 405.43 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.04 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 453.33 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 476.69 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.48 603.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 533.34 603.15 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.05 590.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 111.25 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 126.37 590.55 Td (assumed ) Tj ET Q q 0 0 0 rg BT 164.84 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 175.31 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 197.43 590.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 227.73 590.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 259.78 590.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 281.90 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 299.95 590.55 Td (average ) Tj ET Q q 0 0 0 rg BT 334.89 590.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 397.84 590.55 Td (6%, ) Tj ET Q q 0 0 0 rg BT 416.77 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 434.23 590.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 463.35 590.55 Td (moderate ) Tj ET Q q 0 0 0 rg BT 504.20 590.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 531.01 590.55 Td (inflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 577.95 Td (years ) Tj ET Q q 0 0 0 rg BT 85.46 577.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 93.53 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 111.51 577.95 Td (2. ) Tj ET Q q 0 0 0 rg BT 122.20 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.02 577.95 Td (Projected ) Tj ET Q q 0 0 0 rg BT 167.49 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.97 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 215.12 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 226.68 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 242.33 577.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 283.06 577.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 315.04 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 337.10 577.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 377.82 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 393.46 577.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 441.77 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 452.17 577.95 Td (13.0%. ) Tj ET Q q 0 0 0 rg BT 484.73 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 487.55 577.95 Td (Results ) Tj ET Q q 0 0 0 rg BT 521.29 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 536.35 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 552.00 577.95 Td (12 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (months ) Tj ET Q q 0 0 0 rg BT 83.51 565.35 Td (through ) Tj ET Q q 0 0 0 rg BT 119.26 565.35 Td (December ) Tj ET Q q 0 0 0 rg BT 165.48 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.69 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 208.40 565.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 252.88 565.35 Td (favorably ) Tj ET Q q 0 0 0 rg BT 296.20 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 307.45 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 323.36 565.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 356.20 565.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 411.20 565.35 Td (related ) Tj ET Q q 0 0 0 rg BT 442.85 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 454.10 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.02 565.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 511.01 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 543.26 565.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.02 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 113.06 552.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 164.09 552.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 194.72 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 204.92 552.75 Td (December ) Tj ET Q q 0 0 0 rg BT 250.68 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 266.43 552.75 Td (2014. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 94.59 527.55 Td (all ) Tj ET Q q 0 0 0 rg BT 107.59 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 131.66 527.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 162.73 527.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 194.38 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.71 527.55 Td (same, ) Tj ET Q q 0 0 0 rg BT 236.41 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 252.90 527.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 280.47 527.55 Td (results ) Tj ET Q q 0 0 0 rg BT 310.38 527.55 Td (and/or ) Tj ET Q q 0 0 0 rg BT 339.71 527.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 376.03 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 386.69 527.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 441.12 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 455.86 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 471.19 527.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 511.60 527.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 543.26 527.55 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.00 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.25 514.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 133.10 514.95 Td (projections ) Tj ET Q q 0 0 0 rg BT 182.35 514.95 Td (over ) Tj ET Q q 0 0 0 rg BT 203.61 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 219.04 514.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 263.04 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 291.89 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 314.31 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 325.07 514.95 Td (deviate ) Tj ET Q q 0 0 0 rg BT 357.99 514.95 Td (more ) Tj ET Q q 0 0 0 rg BT 382.16 514.95 Td (than ) Tj ET Q q 0 0 0 rg BT 402.84 514.95 Td (30% ) Tj ET Q q 0 0 0 rg BT 424.68 514.95 Td (from ) Tj ET Q q 0 0 0 rg BT 447.69 514.95 Td (previous ) Tj ET Q q 0 0 0 rg BT 486.45 514.95 Td (projections, ) Tj ET Q q 0 0 0 rg BT 538.33 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 549.68 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 88.10 502.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 106.85 502.35 Td (would ) Tj ET Q q 0 0 0 rg BT 136.11 502.35 Td (have ) Tj ET Q q 0 0 0 rg BT 158.95 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 170.13 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 183.06 502.35 Td (raised ) Tj ET Q q 0 0 0 rg BT 211.14 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 234.57 502.35 Td (13.0% ) Tj ET Q q 0 0 0 rg BT 264.70 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 275.89 502.35 Td (more ) Tj ET Q q 0 0 0 rg BT 300.47 502.35 Td (than ) Tj ET Q q 0 0 0 rg BT 321.57 502.35 Td (16.5%, ) Tj ET Q q 0 0 0 rg BT 354.33 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 369.59 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 385.43 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 408.86 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 420.04 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 432.96 502.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 468.63 502.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 511.59 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 514.60 502.35 Td (Despite ) Tj ET Q q 0 0 0 rg BT 549.69 502.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 78.58 489.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 108.24 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.25 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.08 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 161.07 489.75 Td (over ) Tj ET Q q 0 0 0 rg BT 181.99 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.07 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 227.89 489.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 265.13 489.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 292.75 489.75 Td (given ) Tj ET Q q 0 0 0 rg BT 318.34 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 333.42 489.75 Td (current ) Tj ET Q q 0 0 0 rg BT 365.41 489.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 414.90 489.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 457.39 489.75 Td (future ) Tj ET Q q 0 0 0 rg BT 484.72 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 516.13 489.75 Td (conditions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (it ) Tj ET Q q 0 0 0 rg BT 57.91 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 67.48 477.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 115.54 477.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 152.53 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 170.85 477.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 192.67 477.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 250.91 477.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 276.82 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 293.98 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 321.06 477.15 Td (levels ) Tj ET Q q 0 0 0 rg BT 348.12 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 368.77 477.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 407.48 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 418.22 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 433.62 477.15 Td (near ) Tj ET Q q 0 0 0 rg BT 454.26 477.15 Td (term ) Tj ET Q q 0 0 0 rg BT 476.08 477.15 Td (such ) Tj ET Q q 0 0 0 rg BT 497.90 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 516.21 477.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 543.85 477.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 75.65 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 98.87 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 114.51 464.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 155.24 464.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 187.21 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 213.36 464.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 254.07 464.55 Td (could ) Tj ET Q q 0 0 0 rg BT 280.21 464.55 Td (deviate ) Tj ET Q q 0 0 0 rg BT 313.34 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 336.57 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 352.21 464.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 401.68 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 414.99 464.55 Td (more ) Tj ET Q q 0 0 0 rg BT 439.38 464.55 Td (than ) Tj ET Q q 0 0 0 rg BT 460.27 464.55 Td (30% ) Tj ET Q q 0 0 0 rg BT 482.33 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 500.31 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 515.95 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 539.17 464.55 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 62.04 451.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 97.31 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 108.10 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 120.64 451.95 Td (impaired ) Tj ET Q q 0 0 0 rg BT 160.58 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 173.71 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 180.99 451.95 Td (material ) Tj ET Q q 0 0 0 rg BT 218.02 451.95 Td (amount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 426.75 Td (rade ) Tj ET Q q 0 0 0 rg BT 76.59 426.75 Td (names ) Tj ET Q q 0 0 0 rg BT 106.39 426.75 Td (account ) Tj ET Q q 0 0 0 rg BT 142.02 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 157.24 426.75 Td (2% ) Tj ET Q q 0 0 0 rg BT 174.21 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.94 426.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 246.64 426.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 291.61 426.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.09 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 337.23 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 353.02 426.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 395.07 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 426.61 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 437.76 426.75 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 473.10 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 501.74 426.75 Td (had ) Tj ET Q q 0 0 0 rg BT 519.88 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.52 426.75 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 75.26 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 87.02 414.15 Td ($45 ) Tj ET Q q 0 0 0 rg BT 105.79 414.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 141.55 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 150.62 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 158.30 414.15 Td (tested ) Tj ET Q q 0 0 0 rg BT 185.81 414.15 Td (these ) Tj ET Q q 0 0 0 rg BT 210.40 414.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 255.41 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.92 414.15 Td (using ) Tj ET Q q 0 0 0 rg BT 308.69 414.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 363.63 414.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 395.81 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 407.00 414.15 Td (those ) Tj ET Q q 0 0 0 rg BT 432.18 414.15 Td (described ) Tj ET Q q 0 0 0 rg BT 475.43 414.15 Td (above ) Tj ET Q q 0 0 0 rg BT 503.52 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 518.78 414.15 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (life ) Tj ET Q q 0 0 0 rg BT 66.85 401.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 110.73 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 113.85 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 133.53 401.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 166.63 401.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 190.98 401.55 Td (name ) Tj ET Q q 0 0 0 rg BT 217.07 401.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 255.42 401.55 Td (value ) Tj ET Q q 0 0 0 rg BT 281.51 401.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 323.92 401.55 Td (its ) Tj ET Q q 0 0 0 rg BT 337.20 401.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 380.80 401.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 398.73 401.55 Td (value ) Tj ET Q q 0 0 0 rg BT 424.83 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 436.93 401.55 Td ($38 ) Tj ET Q q 0 0 0 rg BT 456.04 401.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 492.36 401.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 532.47 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 543.99 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 552.01 401.55 Td ($7 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 83.23 388.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 135.03 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 150.66 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 166.88 388.95 Td (excess. ) Tj ET Q q 0 0 0 rg BT 200.30 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 203.45 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 223.16 388.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 263.30 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 281.27 388.95 Td (values ) Tj ET Q q 0 0 0 rg BT 311.48 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.62 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 339.84 388.95 Td (other ) Tj ET Q q 0 0 0 rg BT 364.81 388.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 389.18 388.95 Td (names ) Tj ET Q q 0 0 0 rg BT 419.40 388.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 475.28 388.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 517.73 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 388.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 87.11 376.35 Td (amounts.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 91.28 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 100.39 338.55 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 142.73 338.55 Td (at ) Tj ET Q q 0 0 0 rg BT 152.41 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.35 338.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 207.95 338.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 226.39 338.55 Td (level ) Tj ET Q q 0 0 0 rg BT 248.90 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 266.17 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 275.28 338.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 322.88 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 337.23 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 387.74 338.55 Td (when ) Tj ET Q q 0 0 0 rg BT 412.59 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 427.53 338.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 464.62 338.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 498.22 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 509.08 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 524.02 338.55 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.66 325.95 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 104.72 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 120.38 325.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 155.29 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 172.69 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 198.25 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 209.83 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.49 325.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 266.80 325.95 Td (unit. ) Tj ET Q q 0 0 0 rg BT 288.59 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 291.42 325.95 Td (In ) Tj ET Q q 0 0 0 rg BT 303.00 325.95 Td (estimating ) Tj ET Q q 0 0 0 rg BT 349.57 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 365.23 325.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 400.14 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.54 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 443.10 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 454.68 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.33 325.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 511.65 325.95 Td (unit, ) Tj ET Q q 0 0 0 rg BT 533.44 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 548.51 325.95 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.34 313.35 Td (techniques ) Tj ET Q q 0 0 0 rg BT 139.01 313.35 Td (based ) Tj ET Q q 0 0 0 rg BT 165.68 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 178.94 313.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 227.20 313.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 269.03 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.45 313.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 316.55 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 334.47 313.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 372.39 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 375.15 313.35 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 419.63 313.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.56 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 462.49 313.35 Td (techniques ) Tj ET Q q 0 0 0 rg BT 510.16 313.35 Td (employed ) Tj ET Q q 0 0 0 rg BT 554.33 313.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 93.86 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.24 300.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 151.10 300.75 Td (price ) Tj ET Q q 0 0 0 rg BT 175.63 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.92 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 201.38 300.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 253.62 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 256.91 300.75 Td (W) Tj ET Q q 0 0 0 rg BT 265.98 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 274.19 300.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 313.89 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 325.60 300.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 361.80 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 379.34 300.75 Td (business ) Tj ET Q q 0 0 0 rg BT 418.47 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 430.77 300.75 Td (one ) Tj ET Q q 0 0 0 rg BT 449.47 300.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 480.81 300.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.69 300.75 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.87 288.15 Td (segment. ) Tj ET Q q 0 0 0 rg BT 130.21 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 131.93 288.15 Td (Internal ) Tj ET Q q 0 0 0 rg BT 166.30 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 221.67 288.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 261.88 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 272.35 288.15 Td (discrete ) Tj ET Q q 0 0 0 rg BT 306.72 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.17 288.15 Td (information ) Tj ET Q q 0 0 0 rg BT 396.47 288.15 Td (regularly ) Tj ET Q q 0 0 0 rg BT 436.09 288.15 Td (received ) Tj ET Q q 0 0 0 rg BT 473.37 288.15 Td (by ) Tj ET Q q 0 0 0 rg BT 485.59 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 500.14 288.15 Td (chief ) Tj ET Q q 0 0 0 rg BT 522.84 288.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (decision ) Tj ET Q q 0 0 0 rg BT 87.33 275.55 Td (maker) Tj ET Q q 0 0 0 rg BT 113.15 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 118.61 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 135.44 275.55 Td (Chief ) Tj ET Q q 0 0 0 rg BT 161.61 275.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 206.43 275.55 Td (Of) Tj ET Q q 0 0 0 rg BT 217.32 275.55 Td (ficer) Tj ET Q q 0 0 0 rg BT 236.13 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 241.59 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 251.43 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 261.85 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 277.52 275.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 333.42 275.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 364.22 275.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 390.39 275.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 448.04 275.55 Td (business ) Tj ET Q q 0 0 0 rg BT 486.46 275.55 Td (level. ) Tj ET Q q 0 0 0 rg BT 512.33 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 514.55 275.55 Td (As ) Tj ET Q q 0 0 0 rg BT 529.05 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 536.55 275.55 Td (result, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 89.62 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 99.42 262.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 138.93 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 156.88 262.95 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 199.90 262.95 Td (at ) Tj ET Q q 0 0 0 rg BT 210.27 262.95 Td (one ) Tj ET Q q 0 0 0 rg BT 228.21 262.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 258.97 262.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 285.09 262.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 342.69 262.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 383.97 262.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 403.10 262.95 Td (level. ) Tj ET Q q 0 0 0 rg BT 428.92 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 431.70 262.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 450.82 262.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 481.58 262.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.70 262.95 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.25 250.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 108.84 250.35 Td (consists ) Tj ET Q q 0 0 0 rg BT 144.36 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 155.36 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 170.45 250.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 212.36 250.35 Td (businesses ) Tj ET Q q 0 0 0 rg BT 258.96 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 269.97 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 286.22 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 308.89 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 364.80 250.35 Td (af) Tj ET Q q 0 0 0 rg BT 372.77 250.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 403.60 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 421.02 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 437.28 250.35 Td (centralized ) Tj ET Q q 0 0 0 rg BT 485.59 250.35 Td (global ) Tj ET Q q 0 0 0 rg BT 514.09 250.35 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 99.22 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 102.57 237.75 Td (In ) Tj ET Q q 0 0 0 rg BT 114.67 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 132.01 237.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 183.77 237.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 215.12 237.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 252.59 237.75 Td (all ) Tj ET Q q 0 0 0 rg BT 266.44 237.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 322.86 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 350.71 237.75 Td (\(except ) Tj ET Q q 0 0 0 rg BT 384.96 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 400.55 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 432.47 237.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.65 237.75 Td (benefits\) ) Tj ET Q q 0 0 0 rg BT 488.73 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 507.24 237.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 549.68 237.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 90.00 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 100.76 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 117.36 225.15 Td (single ) Tj ET Q q 0 0 0 rg BT 145.04 225.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 175.65 225.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 201.58 225.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 259.00 225.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 300.09 225.15 Td (unit. ) Tj ET Q q 0 0 0 rg BT 321.65 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 324.25 225.15 Td (Similarly) Tj ET Q q 0 0 0 rg BT 362.65 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 367.88 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 383.31 225.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 424.97 225.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 467.22 225.15 Td (results ) Tj ET Q q 0 0 0 rg BT 497.24 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 508.59 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.01 225.15 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 69.07 212.55 Td (include ) Tj ET Q q 0 0 0 rg BT 103.21 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 120.45 212.55 Td (holding ) Tj ET Q q 0 0 0 rg BT 155.77 212.55 Td (company ) Tj ET Q q 0 0 0 rg BT 197.49 212.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 240.37 212.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 264.61 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 283.01 212.55 Td (overhead, ) Tj ET Q q 0 0 0 rg BT 327.35 212.55 Td (including ) Tj ET Q q 0 0 0 rg BT 370.25 212.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 394.48 212.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 440.87 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 462.77 212.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 506.24 212.55 Td (management, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (finance, ) Tj ET Q q 0 0 0 rg BT 85.65 199.95 Td (human ) Tj ET Q q 0 0 0 rg BT 116.85 199.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 161.75 199.95 Td (legal ) Tj ET Q q 0 0 0 rg BT 184.78 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 202.56 199.95 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 256.21 199.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 290.90 199.95 Td (audit ) Tj ET Q q 0 0 0 rg BT 314.52 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 332.31 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 356.51 199.95 Td (central ) Tj ET Q q 0 0 0 rg BT 387.70 199.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 429.97 199.95 Td (functions. ) Tj ET Q q 0 0 0 rg BT 474.29 199.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.38 174.75 Td (principally ) Tj ET Q q 0 0 0 rg BT 141.08 174.75 Td (originated ) Tj ET Q q 0 0 0 rg BT 186.86 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 210.48 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.52 174.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 279.90 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.86 174.75 Td (CAM, ) Tj ET Q q 0 0 0 rg BT 321.62 174.75 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 357.20 174.75 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 389.86 174.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 421.65 174.75 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 454.31 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.69 174.75 Td (more ) Tj ET Q q 0 0 0 rg BT 497.47 174.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 534.50 174.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 111.81 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 114.18 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 133.06 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 158.35 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 169.65 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 185.03 162.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 226.07 162.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 244.95 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 254.51 162.15 Td (based ) Tj ET Q q 0 0 0 rg BT 280.97 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 291.69 162.15 Td (part, ) Tj ET Q q 0 0 0 rg BT 313.19 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 326.24 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 367.86 162.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.48 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 438.86 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 460.07 162.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 488.58 162.15 Td (including ) Tj ET Q q 0 0 0 rg BT 530.79 162.15 Td (all ) Tj ET Q q 0 0 0 rg BT 543.84 162.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 75.35 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 86.61 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.63 149.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 154.04 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 164.73 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 181.24 149.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 212.92 149.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 241.39 149.55 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 289.39 149.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 315.24 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.92 149.55 Td (other ) Tj ET Q q 0 0 0 rg BT 357.01 149.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 406.17 149.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 434.64 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 445.33 149.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 482.26 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 492.94 149.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 529.85 149.55 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.62 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 87.99 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 104.62 136.95 Td (managers. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 97.70 111.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 151.75 111.75 Td (used ) Tj ET Q q 0 0 0 rg BT 173.12 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 183.41 111.75 Td (assessing ) Tj ET Q q 0 0 0 rg BT 224.62 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 239.58 111.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 273.78 111.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 290.48 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 315.34 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.21 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 111.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 381.78 111.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 400.24 111.75 Td (under ) Tj ET Q q 0 0 0 rg BT 426.27 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 441.23 111.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 488.84 111.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.63 111.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 531.00 111.75 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 65.07 99.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 109.82 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 131.23 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 146.81 99.15 Td (methodology ) Tj ET Q q 0 0 0 rg BT 204.98 99.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 247.97 99.15 Td (above ) Tj ET Q q 0 0 0 rg BT 275.80 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 290.79 99.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 351.27 99.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 396.01 99.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 425.88 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.03 99.15 Td (Also, ) Tj ET Q q 0 0 0 rg BT 453.24 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 463.57 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 479.15 99.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 520.38 99.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 539.47 99.15 Td (level, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (future ) Tj ET Q q 0 0 0 rg BT 77.20 86.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 119.46 86.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 143.09 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 158.53 86.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 201.40 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 219.18 86.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 274.88 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 296.17 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 311.62 86.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 353.31 86.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.59 86.55 Td (results ) Tj ET Q q 0 0 0 rg BT 425.63 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 437.00 86.55 Td (all ) Tj ET Q q 0 0 0 rg BT 450.12 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 466.74 86.55 Td (af) Tj ET Q q 0 0 0 rg BT 474.71 86.55 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 508.54 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 511.16 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 513.79 86.55 Td ( ) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Actual ) Tj ET Q q 0 0 0 rg BT 80.84 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 102.84 741.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 129.52 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 141.03 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 159.54 741.75 Td (one ) Tj ET Q q 0 0 0 rg BT 178.05 741.75 Td (period ) Tj ET Q q 0 0 0 rg BT 208.22 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 229.65 741.75 Td (vary ) Tj ET Q q 0 0 0 rg BT 251.65 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 275.41 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.58 741.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 333.99 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 356.00 741.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 382.68 741.75 Td (without ) Tj ET Q q 0 0 0 rg BT 418.11 741.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 458.20 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.72 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 482.97 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 534.72 741.75 Td (char) Tj ET Q q 0 0 0 rg BT 552.60 741.75 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (because ) Tj ET Q q 0 0 0 rg BT 85.31 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 92.55 729.15 Td (variance ) Tj ET Q q 0 0 0 rg BT 130.69 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.44 729.15 Td (any ) Tj ET Q q 0 0 0 rg BT 159.19 729.15 Td (one ) Tj ET Q q 0 0 0 rg BT 176.93 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 206.34 729.15 Td (must ) Tj ET Q q 0 0 0 rg BT 229.34 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 241.83 729.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 289.90 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 300.65 729.15 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 352.81 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 374.06 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 398.21 729.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 452.72 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 471.05 729.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.20 729.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.85 729.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.45 691.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.30 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 129.15 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 156.09 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 169.63 691.35 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 228.64 691.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 270.16 691.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 313.43 691.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.46 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 349.24 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 378.52 691.35 Td (using ) Tj ET Q q 0 0 0 rg BT 404.31 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 412.00 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 444.19 691.35 Td (participant ) Tj ET Q q 0 0 0 rg BT 492.12 691.35 Td (perspective, ) Tj ET Q q 0 0 0 rg BT 545.59 691.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.12 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 115.41 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.87 678.75 Td (methodology ) Tj ET Q q 0 0 0 rg BT 188.91 678.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 231.78 678.75 Td (above ) Tj ET Q q 0 0 0 rg BT 259.48 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 274.34 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 334.69 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 379.31 678.75 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 653.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.65 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 84.98 653.55 Td (perform ) Tj ET Q q 0 0 0 rg BT 121.22 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 128.30 653.55 Td (market-based ) Tj ET Q q 0 0 0 rg BT 187.27 653.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 228.77 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 239.93 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 256.35 653.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 297.25 653.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 316.01 653.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 343.79 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 371.87 653.55 Td (applies ) Tj ET Q q 0 0 0 rg BT 404.03 653.55 Td (an ) Tj ET Q q 0 0 0 rg BT 416.36 653.55 Td (average ) Tj ET Q q 0 0 0 rg BT 451.42 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 462.58 653.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 500.50 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 502.91 653.55 Td (multiples ) Tj ET Q q 0 0 0 rg BT 544.42 653.55 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 61.02 640.95 Td (change ) Tj ET Q q 0 0 0 rg BT 94.10 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.19 640.95 Td (control ) Tj ET Q q 0 0 0 rg BT 139.28 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 192.79 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 208.38 640.95 Td (peer ) Tj ET Q q 0 0 0 rg BT 229.80 640.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 278.05 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 289.57 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 306.91 640.95 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 351.38 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 354.49 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 374.16 640.95 Td (results ) Tj ET Q q 0 0 0 rg BT 404.93 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 417.02 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 434.37 640.95 Td (two ) Tj ET Q q 0 0 0 rg BT 453.47 640.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 495.89 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.99 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 534.07 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 640.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.92 628.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 110.19 628.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 129.45 628.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 177.88 628.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 199.47 628.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 221.66 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 239.75 628.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 277.67 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 280.60 628.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 318.53 628.35 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 360.54 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 376.29 628.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 420.62 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 438.72 628.35 Td (any ) Tj ET Q q 0 0 0 rg BT 456.81 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 504.07 628.35 Td (dif) Tj ET Q q 0 0 0 rg BT 515.55 628.35 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 556.08 628.35 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (any) Tj ET Q q 0 0 0 rg BT 63.98 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 69.58 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 85.38 615.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 123.94 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.08 615.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 180.04 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 615.75 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 261.81 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.53 615.75 Td (each ) Tj ET Q q 0 0 0 rg BT 295.74 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 321.46 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 339.60 615.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 376.40 615.75 Td (any ) Tj ET Q q 0 0 0 rg BT 394.54 615.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 443.59 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 454.74 615.75 Td (either ) Tj ET Q q 0 0 0 rg BT 481.62 615.75 Td (result ) Tj ET Q q 0 0 0 rg BT 507.93 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 517.91 615.75 Td (warranted. ) Tj ET Q q 0 0 0 rg BT 565.14 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Once ) Tj ET Q q 0 0 0 rg BT 74.20 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 89.58 603.15 Td (values ) Tj ET Q q 0 0 0 rg BT 118.95 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 134.32 603.15 Td (accepted, ) Tj ET Q q 0 0 0 rg BT 176.21 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 191.59 603.15 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 250.12 603.15 Td (weighted ) Tj ET Q q 0 0 0 rg BT 291.15 603.15 Td (average ) Tj ET Q q 0 0 0 rg BT 326.34 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 337.64 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 353.01 603.15 Td (two ) Tj ET Q q 0 0 0 rg BT 371.31 603.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 412.35 603.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 431.23 603.15 Td (valuations ) Tj ET Q q 0 0 0 rg BT 476.94 603.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 495.81 603.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 543.85 603.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 70.71 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 87.83 590.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 125.74 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 127.71 590.55 Td (multiple ) Tj ET Q q 0 0 0 rg BT 164.66 590.55 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 205.69 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 214.66 590.55 Td (used ) Tj ET Q q 0 0 0 rg BT 235.87 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 246.57 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 261.36 590.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 295.41 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.94 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 336.64 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 347.34 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 363.30 590.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 393.41 590.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 418.70 590.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 475.48 590.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 515.93 590.55 Td (unit, ) Tj ET Q q 0 0 0 rg BT 536.85 590.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 60.31 577.95 Td (December ) Tj ET Q q 0 0 0 rg BT 106.68 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.04 577.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 149.89 577.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 192.18 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 208.24 577.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 246.45 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 272.42 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 286.15 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 294.04 577.95 Td (material ) Tj ET Q q 0 0 0 rg BT 331.67 577.95 Td (amount. ) Tj ET Q q 0 0 0 rg BT 369.03 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 372.26 577.95 Td (Considering ) Tj ET Q q 0 0 0 rg BT 426.82 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.88 577.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 477.59 577.95 Td (merits ) Tj ET Q q 0 0 0 rg BT 507.07 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 519.05 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 535.11 577.95 Td (details ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (involved ) Tj ET Q q 0 0 0 rg BT 88.87 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 99.66 565.35 Td (each ) Tj ET Q q 0 0 0 rg BT 121.52 565.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 163.22 565.35 Td (process, ) Tj ET Q q 0 0 0 rg BT 199.96 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 214.83 565.35 Td (used ) Tj ET Q q 0 0 0 rg BT 236.70 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 249.24 565.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 274.60 565.35 Td (weighting ) Tj ET Q q 0 0 0 rg BT 319.22 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 330.59 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 346.05 565.35 Td (two ) Tj ET Q q 0 0 0 rg BT 364.42 565.35 Td (values ) Tj ET Q q 0 0 0 rg BT 393.87 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 408.74 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 424.19 565.35 Td (December ) Tj ET Q q 0 0 0 rg BT 469.96 565.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 493.58 565.35 Td (testing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 540.15 Td (e ) Tj ET Q q 0 0 0 rg BT 66.60 540.15 Td (further ) Tj ET Q q 0 0 0 rg BT 98.54 540.15 Td (assess ) Tj ET Q q 0 0 0 rg BT 127.57 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 143.77 540.15 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 184.44 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 196.55 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 212.75 540.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 254.61 540.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 274.31 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 300.42 540.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 351.02 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 374.80 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 399.74 540.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 442.18 540.15 Td (methods ) Tj ET Q q 0 0 0 rg BT 481.13 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 495.00 540.15 Td (comparing ) Tj ET Q q 0 0 0 rg BT 543.27 540.15 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (results ) Tj ET Q q 0 0 0 rg BT 79.88 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 91.02 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 107.99 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 140.11 527.55 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 199.63 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 210.77 527.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 255.72 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 268.60 527.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 303.65 527.55 Td (control ) Tj ET Q q 0 0 0 rg BT 336.36 527.55 Td (premium. ) Tj ET Q q 0 0 0 rg BT 379.86 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 382.62 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 401.91 527.55 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 467.86 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.57 527.55 Td (this ) Tj ET Q q 0 0 0 rg BT 497.71 527.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 532.76 527.55 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 91.45 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 102.49 514.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 152.02 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 166.56 514.95 Td (comparing ) Tj ET Q q 0 0 0 rg BT 215.50 514.95 Td (it ) Tj ET Q q 0 0 0 rg BT 225.38 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 514.95 Td (control ) Tj ET Q q 0 0 0 rg BT 271.37 514.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 317.40 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 337.19 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 361.05 514.95 Td (been ) Tj ET Q q 0 0 0 rg BT 384.91 514.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 407.03 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 419.24 514.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 457.09 514.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 486.20 514.95 Td (change ) Tj ET Q q 0 0 0 rg BT 519.97 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 532.76 514.95 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 104.90 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 107.33 502.35 Td (This ) Tj ET Q q 0 0 0 rg BT 128.63 502.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 177.91 502.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.69 502.35 Td (evidence ) Tj ET Q q 0 0 0 rg BT 256.63 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 274.99 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 291.61 502.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 339.73 502.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 394.27 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 405.06 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 421.68 502.35 Td (analyses ) Tj ET Q q 0 0 0 rg BT 459.88 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 471.25 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 487.87 502.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 528.98 502.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 547.93 502.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 90.31 489.75 Td (reasonable. ) Tj ET Q q 0 0 0 rg BT 140.45 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.07 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 145.70 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 63.32 464.55 Td (calculating ) Tj ET Q q 0 0 0 rg BT 114.46 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 133.53 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 167.76 464.55 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 229.39 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 246.71 464.55 Td (these ) Tj ET Q q 0 0 0 rg BT 273.36 464.55 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 318.39 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 352.62 464.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 395.61 464.55 Td (can ) Tj ET Q q 0 0 0 rg BT 415.25 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 440.15 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 449.88 464.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 499.28 464.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 532.93 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 548.50 464.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 110.98 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 128.44 451.95 Td (if ) Tj ET Q q 0 0 0 rg BT 137.15 451.95 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 189.89 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 204.43 451.95 Td (may ) Tj ET Q q 0 0 0 rg BT 224.80 451.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 262.67 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 277.80 451.95 Td (average ) Tj ET Q q 0 0 0 rg BT 312.74 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 344.19 451.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 371.56 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 382.60 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 398.90 451.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.36 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 437.90 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 444.86 451.95 Td (period ) Tj ET Q q 0 0 0 rg BT 473.99 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 485.03 451.95 Td (one ) Tj ET Q q 0 0 0 rg BT 502.49 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 513.54 451.95 Td (two ) Tj ET Q q 0 0 0 rg BT 531.58 451.95 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (before ) Tj ET Q q 0 0 0 rg BT 79.07 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 94.65 439.35 Td (test ) Tj ET Q q 0 0 0 rg BT 111.99 439.35 Td (date ) Tj ET Q q 0 0 0 rg BT 132.24 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.16 439.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 187.90 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 219.81 439.35 Td (capitalization. ) Tj ET Q q 0 0 0 rg BT 281.14 439.35 Td (A) Tj ET Q q 0 0 0 rg BT 288.14 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 290.90 439.35 Td (control ) Tj ET Q q 0 0 0 rg BT 323.39 439.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 364.06 439.35 Td (arises ) Tj ET Q q 0 0 0 rg BT 390.72 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 413.89 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 429.47 439.35 Td (fact ) Tj ET Q q 0 0 0 rg BT 447.97 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 466.47 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 477.39 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 490.06 439.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 541.52 439.35 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.00 426.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 98.24 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 105.40 426.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 145.81 426.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 166.39 426.75 Td (over ) Tj ET Q q 0 0 0 rg BT 187.55 426.75 Td (current ) Tj ET Q q 0 0 0 rg BT 219.78 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 251.43 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 279.00 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 290.25 426.75 Td (publicly ) Tj ET Q q 0 0 0 rg BT 327.16 426.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 355.90 426.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 403.30 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 421.54 426.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 451.44 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 462.11 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 477.44 426.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 506.77 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 517.44 426.75 Td (control ) Tj ET Q q 0 0 0 rg BT 549.68 426.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.35 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 106.21 414.15 Td (an ) Tj ET Q q 0 0 0 rg BT 118.23 414.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 156.48 414.15 Td (company) Tj ET Q q 0 0 0 rg BT 194.29 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 199.02 414.15 Td (Further) Tj ET Q q 0 0 0 rg BT 229.51 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 234.25 414.15 Td (assessments ) Tj ET Q q 0 0 0 rg BT 287.11 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 297.96 414.15 Td (control ) Tj ET Q q 0 0 0 rg BT 329.82 414.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 373.92 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 384.20 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.14 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.66 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 477.41 414.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 513.94 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 528.87 414.15 Td (dif) Tj ET Q q 0 0 0 rg BT 540.34 414.15 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (because ) Tj ET Q q 0 0 0 rg BT 85.84 401.55 Td (many ) Tj ET Q q 0 0 0 rg BT 112.29 401.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 165.57 401.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 200.18 401.55 Td (privately ) Tj ET Q q 0 0 0 rg BT 240.61 401.55 Td (held ) Tj ET Q q 0 0 0 rg BT 261.80 401.55 Td (companies, ) Tj ET Q q 0 0 0 rg BT 312.45 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 324.31 401.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 358.92 401.55 Td (only ) Tj ET Q q 0 0 0 rg BT 380.70 401.55 Td (portions ) Tj ET Q q 0 0 0 rg BT 418.23 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 430.09 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 437.87 401.55 Td (public ) Tj ET Q q 0 0 0 rg BT 467.23 401.55 Td (company) Tj ET Q q 0 0 0 rg BT 505.04 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 510.78 401.55 Td (such ) Tj ET Q q 0 0 0 rg BT 533.14 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 552.00 401.55 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (control ) Tj ET Q q 0 0 0 rg BT 81.87 388.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 122.40 388.95 Td (can ) Tj ET Q q 0 0 0 rg BT 139.60 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 152.13 388.95 Td (calculated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 78.12 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 91.57 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 108.52 363.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 145.31 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 163.43 363.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 225.57 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 240.77 363.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 274.04 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.83 363.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 324.86 363.75 Td (control ) Tj ET Q q 0 0 0 rg BT 357.56 363.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 398.43 363.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 448.61 363.75 Td (by ) Tj ET Q q 0 0 0 rg BT 462.07 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 479.02 363.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 520.47 363.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 539.76 363.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (estimation ) Tj ET Q q 0 0 0 rg BT 95.87 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 106.07 351.15 Td (December ) Tj ET Q q 0 0 0 rg BT 151.84 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.59 351.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 193.84 351.15 Td (which ) Tj ET Q q 0 0 0 rg BT 222.12 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 231.75 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 241.96 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.41 351.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 283.94 351.15 Td (end ) Tj ET Q q 0 0 0 rg BT 301.73 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 313.10 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.55 351.15 Td (observed ) Tj ET Q q 0 0 0 rg BT 369.08 351.15 Td (range, ) Tj ET Q q 0 0 0 rg BT 397.65 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 407.28 351.15 Td (reasonable. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Contingent Consideration Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 59.93 313.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 107.69 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 128.04 313.35 Td (business ) Tj ET Q q 0 0 0 rg BT 165.32 313.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 219.79 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 233.72 313.35 Td (may ) Tj ET Q q 0 0 0 rg BT 253.49 313.35 Td (be ) Tj ET Q q 0 0 0 rg BT 265.09 313.35 Td (required ) Tj ET Q q 0 0 0 rg BT 301.76 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 311.61 313.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 328.46 313.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 372.14 313.35 Td (future ) Tj ET Q q 0 0 0 rg BT 398.89 313.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 457.15 313.35 Td (based ) Tj ET Q q 0 0 0 rg BT 482.74 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 494.93 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 313.35 Td (achievement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 300.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.18 300.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 138.27 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.19 300.75 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 212.90 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 214.93 300.75 Td (W) Tj ET Q q 0 0 0 rg BT 224.00 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 230.85 300.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 268.02 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.04 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.79 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 324.72 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 335.65 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 359.41 300.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 398.34 300.75 Td (future ) Tj ET Q q 0 0 0 rg BT 425.59 300.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 474.45 300.75 Td (at ) Tj ET Q q 0 0 0 rg BT 484.21 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 499.22 300.75 Td (time ) Tj ET Q q 0 0 0 rg BT 520.07 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 526.92 300.75 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 104.68 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 114.38 288.15 Td (consummated ) Tj ET Q q 0 0 0 rg BT 175.39 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 193.25 288.15 Td (record ) Tj ET Q q 0 0 0 rg BT 222.76 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 230.11 288.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 279.47 288.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 338.73 288.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 374.09 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 384.95 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.47 288.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 458.57 288.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 495.08 288.15 Td (Sheet. ) Tj ET Q q 0 0 0 rg BT 523.73 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 526.42 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 528.92 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 547.94 288.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (values ) Tj ET Q q 0 0 0 rg BT 78.81 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 90.04 275.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 136.85 275.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 195.90 275.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 237.46 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 252.76 275.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 285.57 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 296.80 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 308.03 275.55 Td (each ) Tj ET Q q 0 0 0 rg BT 329.75 275.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 370.13 275.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 411.10 275.55 Td (date. ) Tj ET Q q 0 0 0 rg BT 433.70 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 435.64 275.55 Td (As ) Tj ET Q q 0 0 0 rg BT 449.79 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 461.02 275.55 Td (March ) Tj ET Q q 0 0 0 rg BT 490.91 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 506.52 275.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 532.63 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 275.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (values ) Tj ET Q q 0 0 0 rg BT 78.00 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 88.43 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 104.10 262.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 150.10 262.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 208.35 262.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 249.11 262.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 291.59 262.95 Td ($84.6 ) Tj ET Q q 0 0 0 rg BT 316.89 262.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 351.53 262.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 385.28 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 395.13 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 410.80 262.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 462.64 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 473.07 262.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.75 262.95 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.78 250.35 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 114.93 250.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 132.06 250.35 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 176.88 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 195.74 250.35 Td (PK ) Tj ET Q q 0 0 0 rg BT 212.86 250.35 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 269.93 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 273.37 250.35 Td (There ) Tj ET Q q 0 0 0 rg BT 301.55 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 321.58 250.35 Td (no ) Tj ET Q q 0 0 0 rg BT 335.79 250.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 383.81 250.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 444.08 250.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 480.45 250.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 527.30 250.35 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 88.86 237.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 137.56 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 148.94 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.31 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 190.34 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.09 237.75 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 215.15 Td (e ) Tj ET Q q 0 0 0 rg BT 67.15 215.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 106.06 215.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.81 215.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.30 215.15 Td (value ) Tj ET Q q 0 0 0 rg BT 167.96 215.15 Td (of ) Tj ET Q q 0 0 0 rg BT 180.63 215.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 228.87 215.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 289.36 215.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 332.36 215.15 Td (using ) Tj ET Q q 0 0 0 rg BT 359.04 215.15 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 451.02 215.15 Td (modeling ) Tj ET Q q 0 0 0 rg BT 494.61 215.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 531.18 215.15 Td (to ) Tj ET Q q 0 0 0 rg BT 543.26 215.15 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (business ) Tj ET Q q 0 0 0 rg BT 87.74 202.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 136.47 202.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.28 202.55 Td (its ) Tj ET Q q 0 0 0 rg BT 166.85 202.55 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 221.97 202.55 Td (for ) Tj ET Q q 0 0 0 rg BT 236.87 202.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 283.84 202.55 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 345.68 202.55 Td ( ) Tj ET Q q 0 0 0 rg BT 348.33 202.55 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 392.98 202.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 435.87 202.55 Td (are ) Tj ET Q q 0 0 0 rg BT 451.34 202.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 499.48 202.55 Td (to ) Tj ET Q q 0 0 0 rg BT 510.30 202.55 Td (their ) Tj ET Q q 0 0 0 rg BT 532.19 202.55 Td (present ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 189.95 Td (at ) Tj ET Q q 0 0 0 rg BT 85.07 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 100.52 189.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 159.12 189.95 Td (date.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 167.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 101.60 167.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 132.03 167.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 172.94 167.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 220.26 167.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 257.68 167.35 Td (us ) Tj ET Q q 0 0 0 rg BT 270.62 167.35 Td (to ) Tj ET Q q 0 0 0 rg BT 282.38 167.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 301.14 167.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.73 167.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 406.90 167.35 Td (based ) Tj ET Q q 0 0 0 rg BT 434.41 167.35 Td (on ) Tj ET Q q 0 0 0 rg BT 448.50 167.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.93 167.35 Td (achievement ) Tj ET Q q 0 0 0 rg BT 521.59 167.35 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 167.35 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 154.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.56 154.75 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 124.42 154.75 Td (as ) Tj ET Q q 0 0 0 rg BT 135.50 154.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 175.73 154.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.22 154.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.38 154.75 Td (share ) Tj ET Q q 0 0 0 rg BT 225.86 154.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 265.51 154.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 314.19 154.75 Td (at ) Tj ET Q q 0 0 0 rg BT 324.09 154.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.99 154.75 Td (future ) Tj ET Q q 0 0 0 rg BT 382.39 154.75 Td (dates ) Tj ET Q q 0 0 0 rg BT 406.29 154.75 Td (over ) Tj ET Q q 0 0 0 rg BT 427.28 154.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.43 154.75 Td (three ) Tj ET Q q 0 0 0 rg BT 465.75 154.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.24 154.75 Td (one-half ) Tj ET Q q 0 0 0 rg BT 520.55 154.75 Td (year ) Tj ET Q q 0 0 0 rg BT 540.95 154.75 Td (earn-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 142.15 Td (out ) Tj ET Q q 0 0 0 rg BT 64.91 142.15 Td (term. ) Tj ET Q q 0 0 0 rg BT 88.78 142.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.77 142.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.10 142.15 Td (modeling ) Tj ET Q q 0 0 0 rg BT 150.76 142.15 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 142.15 Td (the ) Tj ET Q q 0 0 0 rg BT 176.32 142.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 206.90 142.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 235.72 142.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 282.04 142.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 320.19 142.15 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 374.65 142.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 411.64 142.15 Td (Monte ) Tj ET Q q 0 0 0 rg BT 441.05 142.15 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 466.38 142.15 Td (simulation ) Tj ET Q q 0 0 0 rg BT 512.71 142.15 Td (of ) Tj ET Q q 0 0 0 rg BT 523.45 142.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 129.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 80.12 129.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.66 129.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 157.06 129.55 Td (and ) Tj ET Q q 0 0 0 rg BT 175.71 129.55 Td (product ) Tj ET Q q 0 0 0 rg BT 211.28 129.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 267.82 129.55 Td (to ) Tj ET Q q 0 0 0 rg BT 279.48 129.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 324.95 129.55 Td (the ) Tj ET Q q 0 0 0 rg BT 341.27 129.55 Td (related ) Tj ET Q q 0 0 0 rg BT 373.32 129.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 417.05 129.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 456.70 129.55 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 498.40 129.55 Td (If ) Tj ET Q q 0 0 0 rg BT 508.89 129.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.21 129.55 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 116.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 89.17 116.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 128.26 116.95 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 186.60 116.95 Td (change, ) Tj ET Q q 0 0 0 rg BT 222.46 116.95 Td (the ) Tj ET Q q 0 0 0 rg BT 238.80 116.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 286.63 116.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 346.71 116.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 389.30 116.95 Td (are ) Tj ET Q q 0 0 0 rg BT 405.63 116.95 Td (\(reduced\) ) Tj ET Q q 0 0 0 rg BT 449.36 116.95 Td (or ) Tj ET Q q 0 0 0 rg BT 461.61 116.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 504.76 116.95 Td (in ) Tj ET Q q 0 0 0 rg BT 516.44 116.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.78 116.95 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 82.08 104.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.96 104.35 Td (in ) Tj ET Q q 0 0 0 rg BT 133.26 104.35 Td (a ) Tj ET Q q 0 0 0 rg BT 141.05 104.35 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 169.25 104.35 Td (or ) Tj ET Q q 0 0 0 rg BT 181.13 104.35 Td (loss, ) Tj ET Q q 0 0 0 rg BT 203.23 104.35 Td (which ) Tj ET Q q 0 0 0 rg BT 232.02 104.35 Td (is ) Tj ET Q q 0 0 0 rg BT 242.15 104.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 282.01 104.35 Td (within ) Tj ET Q q 0 0 0 rg BT 311.97 104.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 339.01 104.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.80 104.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 418.75 104.35 Td (in ) Tj ET Q q 0 0 0 rg BT 430.04 104.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.00 104.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 504.55 104.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 553.76 104.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.91 91.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 114.28 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.20 91.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 164.20 91.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 204.60 91.75 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 253.73 91.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.82 91.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 304.38 91.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 330.80 91.75 Td (or ) Tj ET Q q 0 0 0 rg BT 341.47 91.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 396.44 91.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 411.18 91.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 437.59 91.75 Td (for ) Tj ET Q q 0 0 0 rg BT 451.75 91.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 482.25 91.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 511.00 91.75 Td (would ) Tj ET Q q 0 0 0 rg BT 539.17 91.75 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.76 79.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 116.33 79.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 146.25 79.15 Td (\(lower\) ) Tj ET Q q 0 0 0 rg BT 180.24 79.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 227.65 79.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 287.30 79.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 323.06 79.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 340.72 79.15 Td (value ) Tj ET Q q 0 0 0 rg BT 366.54 79.15 Td (and ) Tj ET Q q 0 0 0 rg BT 384.79 79.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.71 79.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 440.54 79.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 477.45 79.15 Td (could ) Tj ET Q q 0 0 0 rg BT 503.86 79.15 Td (be ) Tj ET Q q 0 0 0 rg BT 516.86 79.15 Td (material ) Tj ET Q q 0 0 0 rg BT 554.35 79.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 66.55 Td (our ) Tj ET Q q 0 0 0 rg BT 65.25 66.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 106.66 66.55 Td (results. ) Tj ET Q q 0 0 0 rg BT 138.45 66.55 Td ( ) Tj ET Q q 0 0 0 rg BT 140.08 66.55 Td (The ) Tj ET Q q 0 0 0 rg BT 158.16 66.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 187.92 66.55 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 249.44 66.55 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 285.75 66.55 Td (, ) Tj ET Q q 0 0 0 rg BT 290.13 66.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.05 66.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 322.23 66.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 362.47 66.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 401.54 66.55 Td (agreements ) Tj ET Q q 0 0 0 rg BT 451.11 66.55 Td (require ) Tj ET Q q 0 0 0 rg BT 482.60 66.55 Td (us ) Tj ET Q q 0 0 0 rg BT 493.69 66.55 Td (to ) Tj ET Q q 0 0 0 rg BT 503.61 66.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 520.53 66.55 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 53.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.52 53.95 Td (based ) Tj ET Q q 0 0 0 rg BT 134.87 53.95 Td (on ) Tj ET Q q 0 0 0 rg BT 147.82 53.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 184.09 53.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 215.10 53.95 Td (future ) Tj ET Q q 0 0 0 rg BT 242.62 53.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 278.30 53.95 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 323.92 53.95 Td (are ) Tj ET Q q 0 0 0 rg BT 339.18 53.95 Td (achieved. ) Tj ET Q q 0 0 0 rg BT 381.57 53.95 Td ( ) Tj ET Q q 0 0 0 rg BT 384.02 53.95 Td (Likewise, ) Tj ET Q q 0 0 0 rg BT 427.58 53.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 474.35 53.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 515.28 53.95 Td (\(decreases\) ) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.80 741.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 100.99 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 136.35 741.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 162.97 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 177.34 741.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 207.47 741.75 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 269.36 741.75 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 305.68 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 310.43 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.72 741.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 343.27 741.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 383.90 741.75 Td (would ) Tj ET Q q 0 0 0 rg BT 412.28 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 437.73 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 448.03 741.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 502.65 741.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.60 741.75 Td (\(lower\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.45 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 155.64 729.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 190.93 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.13 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 233.49 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.28 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 266.73 729.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 306.10 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 342.54 729.15 Td (could ) Tj ET Q q 0 0 0 rg BT 368.50 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 381.03 729.15 Td (material ) Tj ET Q q 0 0 0 rg BT 418.06 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.85 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 445.47 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 487.75 729.15 Td (results.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 107.55 703.95 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.87 691.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 121.47 691.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 182.83 691.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 208.03 691.35 Td (include ) Tj ET Q q 0 0 0 rg BT 241.98 691.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 267.18 691.35 Td (options, ) Tj ET Q q 0 0 0 rg BT 303.76 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 316.71 691.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 360.57 691.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 385.77 691.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 426.12 691.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 449.86 691.35 Td (market-based ) Tj ET Q q 0 0 0 rg BT 509.46 691.35 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 80.45 678.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 117.80 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 130.68 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 172.13 678.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 201.62 678.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 245.39 678.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 272.26 678.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 306.71 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 326.57 678.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 354.33 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 362.29 678.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 391.49 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 449.84 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.79 678.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 507.66 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 678.75 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.15 666.15 Td (payable ) Tj ET Q q 0 0 0 rg BT 145.14 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 155.64 666.15 Td (stock. ) Tj ET Q q 0 0 0 rg BT 182.76 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 185.09 666.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 213.67 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 230.00 666.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 254.49 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 315.15 666.15 Td (plans, ) Tj ET Q q 0 0 0 rg BT 342.27 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 356.85 666.15 Td (issue ) Tj ET Q q 0 0 0 rg BT 380.18 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 408.76 666.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 440.83 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 451.33 666.15 Td (directors, ) Tj ET Q q 0 0 0 rg BT 493.02 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 501.58 666.15 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 529.86 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 547.35 666.15 Td (key ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.98 628.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 110.92 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 132.32 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 147.88 628.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 193.76 628.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.55 628.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 285.81 628.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 346.86 628.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 383.41 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 398.39 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 413.95 628.35 Td (years ) Tj ET Q q 0 0 0 rg BT 438.83 628.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 466.63 628.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 512.52 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 538.88 628.35 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.72 615.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 94.41 615.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 132.46 615.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 193.85 615.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 213.82 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 229.13 615.75 Td (all ) Tj ET Q q 0 0 0 rg BT 242.69 615.75 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 291.82 615.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 344.44 615.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 377.24 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 387.88 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 410.18 615.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 434.82 615.75 Td (date ) Tj ET Q q 0 0 0 rg BT 455.37 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.01 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 498.81 615.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 543.85 615.75 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 603.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 108.58 603.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 140.75 603.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 173.50 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 185.85 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 200.52 603.15 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 253.10 603.15 Td (method. ) Tj ET Q q 0 0 0 rg BT 289.06 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 290.50 603.15 Td (Also, ) Tj ET Q q 0 0 0 rg BT 314.81 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 340.56 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 355.23 603.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 403.14 603.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 445.51 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 466.01 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 491.18 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 521.59 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 531.60 603.15 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.95 590.55 Td (deductions ) Tj ET Q q 0 0 0 rg BT 113.07 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 123.86 590.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 153.89 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.26 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 176.64 590.55 Td (less ) Tj ET Q q 0 0 0 rg BT 195.01 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 215.72 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 590.55 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 283.36 590.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 344.31 590.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 380.75 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 396.19 590.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 438.47 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 449.85 590.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 492.12 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.41 590.55 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 565.35 Td (e ) Tj ET Q q 0 0 0 rg BT 65.32 565.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 98.90 565.35 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 114.11 565.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 149.16 565.35 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 164.38 565.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 199.43 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 216.68 565.35 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 231.90 565.35 Td (million ) Tj ET Q q 0 0 0 rg BT 264.33 565.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 288.58 565.35 Td (options ) Tj ET Q q 0 0 0 rg BT 321.59 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 331.85 565.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 356.68 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 382.40 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 408.11 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 425.36 565.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 451.08 565.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 501.12 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 505.84 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.93 565.35 Td (During ) Tj ET Q q 0 0 0 rg BT 539.77 565.35 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 76.06 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 91.23 552.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 148.99 552.75 Td (an ) Tj ET Q q 0 0 0 rg BT 161.83 552.75 Td (af) Tj ET Q q 0 0 0 rg BT 169.80 552.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 197.22 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 253.79 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.97 552.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 303.98 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 325.58 552.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 355.34 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 383.94 552.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 420.11 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 431.21 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 446.97 552.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 485.47 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 497.15 552.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 536.25 552.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 87.25 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 98.18 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 113.76 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 121.73 540.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 148.98 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 159.90 540.15 Td (its ) Tj ET Q q 0 0 0 rg BT 172.58 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 228.99 540.15 Td (team. ) Tj ET Q q 0 0 0 rg BT 254.78 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 257.33 540.15 Td (These ) Tj ET Q q 0 0 0 rg BT 285.17 540.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 322.92 540.15 Td (allow ) Tj ET Q q 0 0 0 rg BT 349.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.59 540.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 398.26 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 409.19 540.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 442.25 540.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 482.91 540.15 Td (distributions ) Tj ET Q q 0 0 0 rg BT 538.17 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 527.55 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 90.52 527.55 Td (net ) Tj ET Q q 0 0 0 rg BT 105.94 527.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.84 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 156.60 527.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 194.77 527.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 220.09 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 230.85 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 246.26 527.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 294.32 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 305.65 527.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 351.99 527.55 Td (represented ) Tj ET Q q 0 0 0 rg BT 402.96 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 416.05 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 431.47 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.30 527.55 Td (they ) Tj ET Q q 0 0 0 rg BT 480.97 527.55 Td (hold. ) Tj ET Q q 0 0 0 rg BT 504.85 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 507.44 527.55 Td (During ) Tj ET Q q 0 0 0 rg BT 539.77 527.55 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.84 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 92.79 514.95 Td (also ) Tj ET Q q 0 0 0 rg BT 113.42 514.95 Td (implemented ) Tj ET Q q 0 0 0 rg BT 171.95 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 229.31 514.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 259.26 514.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 285.14 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 301.10 514.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 334.55 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 353.42 514.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 408.45 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 427.32 514.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 462.52 514.95 Td (units ) Tj ET Q q 0 0 0 rg BT 486.66 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 498.53 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 530.81 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 543.27 514.95 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 97.12 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 115.58 502.35 Td (entitle ) Tj ET Q q 0 0 0 rg BT 144.54 502.35 Td (them ) Tj ET Q q 0 0 0 rg BT 168.25 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 179.13 502.35 Td (participate ) Tj ET Q q 0 0 0 rg BT 226.16 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 237.04 502.35 Td (15% ) Tj ET Q q 0 0 0 rg BT 259.00 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 270.47 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 286.01 502.35 Td (future ) Tj ET Q q 0 0 0 rg BT 313.80 502.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 346.26 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 357.72 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 373.27 502.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 418.54 502.35 Td (af) Tj ET Q q 0 0 0 rg BT 426.51 502.35 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 459.69 502.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 503.80 502.35 Td (value ) Tj ET Q q 0 0 0 rg BT 529.26 502.35 Td (\(subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 62.14 489.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 114.43 489.75 Td (discounts\). ) Tj ET Q q 0 0 0 rg BT 164.70 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 169.17 489.75 Td (For ) Tj ET Q q 0 0 0 rg BT 188.23 489.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 234.70 489.75 Td (information ) Tj ET Q q 0 0 0 rg BT 288.75 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 303.73 489.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 357.76 489.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 423.18 489.75 Td (see ) Tj ET Q q 0 0 0 rg BT 441.07 489.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 470.04 489.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 479.77 489.75 Td (and�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.55 489.75 Td (1) Tj ET Q q 0 0 0 rg BT 502.41 489.75 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.66 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 512.14 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.36 489.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 554.34 489.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 477.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 149.24 477.15 Td (Statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 451.95 Td (e ) Tj ET Q q 0 0 0 rg BT 66.32 451.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 111.38 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 127.30 451.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 144.96 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 170.78 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 182.61 451.95 Td (each ) Tj ET Q q 0 0 0 rg BT 204.93 451.95 Td (option ) Tj ET Q q 0 0 0 rg BT 234.85 451.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 259.52 451.95 Td (using ) Tj ET Q q 0 0 0 rg BT 285.36 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 301.27 451.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 365.01 451.95 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 428.17 451.95 Td (model, ) Tj ET Q q 0 0 0 rg BT 460.13 451.95 Td (except ) Tj ET Q q 0 0 0 rg BT 490.61 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 505.94 451.95 Td (market-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (grants, ) Tj ET Q q 0 0 0 rg BT 81.41 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 97.28 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 126.57 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 142.43 439.35 Td (use ) Tj ET Q q 0 0 0 rg BT 160.06 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 168.34 439.35 Td (Monte ) Tj ET Q q 0 0 0 rg BT 199.38 439.35 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 226.33 439.35 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 290.03 439.35 Td (model. ) Tj ET Q q 0 0 0 rg BT 322.53 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 326.15 439.35 Td (Both ) Tj ET Q q 0 0 0 rg BT 350.20 439.35 Td (models ) Tj ET Q q 0 0 0 rg BT 384.16 439.35 Td (require ) Tj ET Q q 0 0 0 rg BT 417.51 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 474.78 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 486.58 439.35 Td (develop ) Tj ET Q q 0 0 0 rg BT 523.44 439.35 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 92.00 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 122.84 426.75 Td (input ) Tj ET Q q 0 0 0 rg BT 146.70 426.75 Td (variables. ) Tj ET Q q 0 0 0 rg BT 189.50 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.60 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 210.20 426.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 238.14 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 252.66 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.76 426.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 330.69 426.75 Td (model ) Tj ET Q q 0 0 0 rg BT 359.21 426.75 Td (include: ) Tj ET Q q 0 0 0 rg BT 395.30 426.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 419.74 426.75 Td (price ) Tj ET Q q 0 0 0 rg BT 443.00 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 455.77 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.87 426.75 Td (date ) Tj ET Q q 0 0 0 rg BT 490.63 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.65 426.75 Td (grant, ) Tj ET Q q 0 0 0 rg BT 528.12 426.75 Td (exercise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (price ) Tj ET Q q 0 0 0 rg BT 72.89 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 84.04 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 99.27 414.15 Td (option, ) Tj ET Q q 0 0 0 rg BT 131.13 414.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 170.28 414.15 Td (yield, ) Tj ET Q q 0 0 0 rg BT 196.31 414.15 Td (volatility) Tj ET Q q 0 0 0 rg BT 233.54 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 238.57 414.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 278.28 414.15 Td (life ) Tj ET Q q 0 0 0 rg BT 294.68 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 312.24 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.47 414.15 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 365.44 414.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 398.75 414.15 Td (rate, ) Tj ET Q q 0 0 0 rg BT 419.51 414.15 Td (all ) Tj ET Q q 0 0 0 rg BT 432.41 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 443.56 414.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 474.25 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 495.32 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 510.55 414.15 Td (exception ) Tj ET Q q 0 0 0 rg BT 553.77 414.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.20 401.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 89.65 401.55 Td (date ) Tj ET Q q 0 0 0 rg BT 110.01 401.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.05 401.55 Td (price ) Tj ET Q q 0 0 0 rg BT 158.90 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.94 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 192.64 401.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 229.90 401.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 256.39 401.55 Td (require ) Tj ET Q q 0 0 0 rg BT 288.99 401.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 330.94 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 342.56 401.55 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 399.98 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 402.64 401.55 Td (W) Tj ET Q q 0 0 0 rg BT 411.71 401.55 Td (e ) Tj ET Q q 0 0 0 rg BT 419.25 401.55 Td (calculate ) Tj ET Q q 0 0 0 rg BT 459.42 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 475.12 401.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 514.74 401.55 Td (yield ) Tj ET Q q 0 0 0 rg BT 538.61 401.55 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.58 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 89.50 388.95 Td (average ) Tj ET Q q 0 0 0 rg BT 125.22 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 137.05 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 152.97 388.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 195.13 388.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 236.11 388.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 275.94 388.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 319.27 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 341.01 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 348.76 388.95 Td (term ) Tj ET Q q 0 0 0 rg BT 371.08 388.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 396.91 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 408.16 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.07 388.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 464.47 388.95 Td (life ) Tj ET Q q 0 0 0 rg BT 481.54 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.38 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.29 388.95 Td (options. ) Tj ET Q q 0 0 0 rg BT 545.92 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 548.78 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 557.85 388.95 Td (e ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 86.84 376.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 127.11 376.35 Td (equally ) Tj ET Q q 0 0 0 rg BT 160.37 376.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 201.22 376.35 Td (between ) Tj ET Q q 0 0 0 rg BT 238.55 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 253.74 376.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 295.17 376.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 322.59 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 333.69 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 350.04 376.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 374.56 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 395.57 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 402.59 376.35 Td (period ) Tj ET Q q 0 0 0 rg BT 431.77 376.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 456.86 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 467.38 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 482.57 376.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 522.23 376.35 Td (life ) Tj ET Q q 0 0 0 rg BT 538.58 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (option ) Tj ET Q q 0 0 0 rg BT 79.21 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.25 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.96 363.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 147.91 363.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 188.71 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.33 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 232.36 363.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 257.99 363.75 Td (options ) Tj ET Q q 0 0 0 rg BT 291.79 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 302.24 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.95 363.75 Td (date ) Tj ET Q q 0 0 0 rg BT 338.31 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.94 363.75 Td (grant. ) Tj ET Q q 0 0 0 rg BT 377.02 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 379.69 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 398.89 363.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 439.08 363.75 Td (life ) Tj ET Q q 0 0 0 rg BT 455.94 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 465.83 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.53 363.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 524.65 363.75 Td (length ) Tj ET Q q 0 0 0 rg BT 553.77 363.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (time ) Tj ET Q q 0 0 0 rg BT 71.04 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 83.83 351.15 Td (option ) Tj ET Q q 0 0 0 rg BT 113.54 351.15 Td (will ) Tj ET Q q 0 0 0 rg BT 132.75 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 145.54 351.15 Td (held ) Tj ET Q q 0 0 0 rg BT 166.50 351.15 Td (before ) Tj ET Q q 0 0 0 rg BT 196.19 351.15 Td (it ) Tj ET Q q 0 0 0 rg BT 204.90 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 214.78 351.15 Td (either ) Tj ET Q q 0 0 0 rg BT 241.56 351.15 Td (exercised ) Tj ET Q q 0 0 0 rg BT 284.08 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 295.71 351.15 Td (canceled, ) Tj ET Q q 0 0 0 rg BT 337.93 351.15 Td (based ) Tj ET Q q 0 0 0 rg BT 364.72 351.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.59 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 405.47 351.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 447.42 351.15 Td (option ) Tj ET Q q 0 0 0 rg BT 477.13 351.15 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.40 351.15 Td (experience. ) Tj ET Q q 0 0 0 rg BT 565.12 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.52 338.55 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 106.77 338.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 140.37 338.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 158.80 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 168.50 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 184.02 338.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 202.45 338.55 Td (available ) Tj ET Q q 0 0 0 rg BT 243.03 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 257.97 338.55 Td (zero-coupon ) Tj ET Q q 0 0 0 rg BT 313.14 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 334.50 338.55 Td (Government ) Tj ET Q q 0 0 0 rg BT 389.68 338.55 Td (issues ) Tj ET Q q 0 0 0 rg BT 417.46 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 438.82 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 446.18 338.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 491.44 338.55 Td (term ) Tj ET Q q 0 0 0 rg BT 513.38 338.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 538.81 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 338.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 89.27 325.95 Td (life ) Tj ET Q q 0 0 0 rg BT 105.73 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 116.94 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 325.95 Td (options ) Tj ET Q q 0 0 0 rg BT 165.62 325.95 Td (being ) Tj ET Q q 0 0 0 rg BT 191.42 325.95 Td (valued. ) Tj ET Q q 0 0 0 rg BT 224.49 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 226.96 325.95 Td (If ) Tj ET Q q 0 0 0 rg BT 236.42 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 251.13 325.95 Td (used ) Tj ET Q q 0 0 0 rg BT 272.84 325.95 Td (dif) Tj ET Q q 0 0 0 rg BT 284.31 325.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 311.26 325.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 349.31 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 359.94 325.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 397.39 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 413.85 325.95 Td (variables ) Tj ET Q q 0 0 0 rg BT 454.22 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 468.93 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 484.22 325.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Monte ) Tj ET Q q 0 0 0 rg BT 80.08 313.35 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 106.57 313.35 Td (models, ) Tj ET Q q 0 0 0 rg BT 142.70 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 154.61 313.35 Td (if ) Tj ET Q q 0 0 0 rg BT 164.19 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 179.60 313.35 Td (used ) Tj ET Q q 0 0 0 rg BT 202.01 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 209.84 313.35 Td (dif) Tj ET Q q 0 0 0 rg BT 221.31 313.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 248.96 313.35 Td (type ) Tj ET Q q 0 0 0 rg BT 270.21 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 282.12 313.35 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 345.36 313.35 Td (model, ) Tj ET Q q 0 0 0 rg BT 377.40 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 393.39 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.13 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 437.03 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 448.94 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 466.11 313.35 Td (option ) Tj ET Q q 0 0 0 rg BT 496.11 313.35 Td (grants ) Tj ET Q q 0 0 0 rg BT 524.94 313.35 Td (might ) Tj ET Q q 0 0 0 rg BT 552.60 313.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (dif) Tj ET Q q 0 0 0 rg BT 60.97 300.75 Td (ferent.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 275.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.53 275.55 Td (also ) Tj ET Q q 0 0 0 rg BT 86.74 275.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 132.02 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 148.15 275.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 166.01 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 192.05 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 204.10 275.55 Td (option-like ) Tj ET Q q 0 0 0 rg BT 253.47 275.55 Td (af) Tj ET Q q 0 0 0 rg BT 261.44 275.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 289.22 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 346.17 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 375.71 275.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 397.09 275.55 Td (grants ) Tj ET Q q 0 0 0 rg BT 426.05 275.55 Td (using ) Tj ET Q q 0 0 0 rg BT 452.10 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 468.22 275.55 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 532.17 275.55 Td (option-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.31 262.95 Td (model, ) Tj ET Q q 0 0 0 rg BT 112.24 262.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 144.05 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.28 262.95 Td (any ) Tj ET Q q 0 0 0 rg BT 171.50 262.95 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 224.90 262.95 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 268.38 262.95 Td (discounts. ) Tj ET Q q 0 0 0 rg BT 312.74 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 314.80 262.95 Td (Inputs ) Tj ET Q q 0 0 0 rg BT 343.12 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 353.35 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 368.24 262.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 430.96 262.95 Td (model ) Tj ET Q q 0 0 0 rg BT 459.27 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 474.15 262.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 515.27 262.95 Td (determined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.95 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 66.90 250.35 Td (fashion ) Tj ET Q q 0 0 0 rg BT 100.10 250.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 131.55 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 142.00 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 157.12 250.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.98 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 199.00 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 210.03 250.35 Td (grants ) Tj ET Q q 0 0 0 rg BT 237.98 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 249.02 250.35 Td (options ) Tj ET Q q 0 0 0 rg BT 282.22 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 292.68 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 308.96 250.35 Td (own ) Tj ET Q q 0 0 0 rg BT 329.33 250.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 356.41 250.35 Td (described ) Tj ET Q q 0 0 0 rg BT 398.93 250.35 Td (above. ) Tj ET Q q 0 0 0 rg BT 428.91 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 431.20 250.35 Td (However) Tj ET Q q 0 0 0 rg BT 469.26 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 474.17 250.35 Td (because ) Tj ET Q q 0 0 0 rg BT 509.69 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 525.97 250.35 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 250.35 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 65.03 237.75 Td (private ) Tj ET Q q 0 0 0 rg BT 96.89 237.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 144.50 237.75 Td (without ) Tj ET Q q 0 0 0 rg BT 179.30 237.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 210.58 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 235.46 237.75 Td (prices, ) Tj ET Q q 0 0 0 rg BT 265.87 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 280.82 237.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 309.77 237.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 357.97 237.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 379.34 237.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 401.29 237.75 Td (analyses ) Tj ET Q q 0 0 0 rg BT 439.58 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.45 237.75 Td (market-based ) Tj ET Q q 0 0 0 rg BT 516.71 237.75 Td (valuations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 81.22 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 91.94 225.15 Td (those ) Tj ET Q q 0 0 0 rg BT 116.66 225.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 159.47 225.15 Td (above ) Tj ET Q q 0 0 0 rg BT 187.09 225.15 Td (under ) Tj ET Q q 0 0 0 rg BT 213.56 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 228.94 225.15 Td (heading ) Tj ET Q q 0 0 0 rg BT 264.73 225.15 Td (�Intangible ) Tj ET Q q 0 0 0 rg BT 313.96 225.15 Td (Assets ) Tj ET Q q 0 0 0 rg BT 343.93 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 361.65 225.15 Td (Goodwill�, ) Tj ET Q q 0 0 0 rg BT 411.16 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 421.88 225.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 466.42 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 481.80 225.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 526.92 225.15 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 93.52 212.55 Td (values, ) Tj ET Q q 0 0 0 rg BT 125.60 212.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 157.96 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 168.76 212.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 219.19 212.55 Td (discounts ) Tj ET Q q 0 0 0 rg BT 261.49 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 276.35 212.55 Td (lack ) Tj ET Q q 0 0 0 rg BT 296.47 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 307.84 212.55 Td (control ) Tj ET Q q 0 0 0 rg BT 340.21 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 357.99 212.55 Td (marketability) Tj ET Q q 0 0 0 rg BT 413.29 212.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 91.89 187.35 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.61 187.35 Td (Inter) Tj ET Q q 0 0 0 rg BT 142.16 187.35 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.48 174.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.29 174.75 Td (include ) Tj ET Q q 0 0 0 rg BT 185.02 174.75 Td (af) Tj ET Q q 0 0 0 rg BT 192.98 174.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.29 174.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.28 174.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 174.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.43 174.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 379.08 174.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 407.15 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 417.13 174.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.02 174.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 174.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 89.47 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 107.57 162.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 137.34 162.15 Td (management ) Tj ET Q q 0 0 0 rg BT 193.92 162.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.11 162.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 244.13 162.15 Td (interests. ) Tj ET Q q 0 0 0 rg BT 284.68 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 287.62 162.15 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 354.73 162.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 392.66 162.15 Td (where ) Tj ET Q q 0 0 0 rg BT 421.25 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 437.02 162.15 Td (holder ) Tj ET Q q 0 0 0 rg BT 466.78 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 487.80 162.15 Td (be ) Tj ET Q q 0 0 0 rg BT 500.65 162.15 Td (able ) Tj ET Q q 0 0 0 rg BT 521.08 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 532.19 162.15 Td (request ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 94.28 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 108.71 149.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 149.99 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 160.35 149.55 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 212.98 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 229.77 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 244.20 149.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 280.81 149.55 Td (at ) Tj ET Q q 0 0 0 rg BT 290.00 149.55 Td (their ) Tj ET Q q 0 0 0 rg BT 310.87 149.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 352.72 149.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 397.50 149.55 Td (values. ) Tj ET Q q 0 0 0 rg BT 428.57 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 430.07 149.55 Td (When ) Tj ET Q q 0 0 0 rg BT 456.77 149.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 501.54 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 510.17 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 525.20 149.55 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 58.98 136.95 Td (occur ) Tj ET Q q 0 0 0 rg BT 83.61 136.95 Td (until ) Tj ET Q q 0 0 0 rg BT 104.18 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 110.15 136.95 Td (future ) Tj ET Q q 0 0 0 rg BT 136.54 136.95 Td (date, ) Tj ET Q q 0 0 0 rg BT 157.97 136.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 193.10 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 202.58 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.72 136.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 255.35 136.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 299.82 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 323.87 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 338.00 136.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 385.37 136.95 Td (over ) Tj ET Q q 0 0 0 rg BT 405.34 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 419.49 136.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 463.96 136.95 Td (period. ) Tj ET Q q 0 0 0 rg BT 494.72 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 496.03 136.95 Td (Nonredeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.39 124.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 150.45 124.35 Td (do ) Tj ET Q q 0 0 0 rg BT 163.01 124.35 Td (not ) Tj ET Q q 0 0 0 rg BT 178.49 124.35 Td (permit ) Tj ET Q q 0 0 0 rg BT 207.96 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 222.86 124.35 Td (holder ) Tj ET Q q 0 0 0 rg BT 251.74 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 261.98 124.35 Td (request ) Tj ET Q q 0 0 0 rg BT 294.36 124.35 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 342.21 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 359.43 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 374.31 124.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 411.36 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 421.00 124.35 Td (their ) Tj ET Q q 0 0 0 rg BT 442.30 124.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 479.94 124.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 507.37 124.35 Td (together ) Tj ET Q q 0 0 0 rg BT 543.83 124.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 107.54 111.75 Td (net ) Tj ET Q q 0 0 0 rg BT 122.99 111.75 Td (income ) Tj ET Q q 0 0 0 rg BT 156.52 111.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 197.04 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 207.84 111.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 272.29 111.75 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 86.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.72 86.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 105.19 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 121.50 86.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 168.14 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 194.37 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 206.60 86.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 271.91 86.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 310.39 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 322.62 86.55 Td (their ) Tj ET Q q 0 0 0 rg BT 345.35 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 363.40 86.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 392.25 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 395.74 86.55 Td (For ) Tj ET Q q 0 0 0 rg BT 413.81 86.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.36 86.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.43 86.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 89.77 73.95 Td (where ) Tj ET Q q 0 0 0 rg BT 118.67 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.74 73.95 Td (investor ) Tj ET Q q 0 0 0 rg BT 171.82 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 193.14 73.95 Td (request ) Tj ET Q q 0 0 0 rg BT 226.71 73.95 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 277.19 73.95 Td (at ) Tj ET Q q 0 0 0 rg BT 288.02 73.95 Td (any ) Tj ET Q q 0 0 0 rg BT 306.42 73.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 330.96 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 348.77 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 374.76 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 385.01 73.95 Td (based ) Tj ET Q q 0 0 0 rg BT 412.16 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 425.90 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 458.30 73.95 Td (quotes ) Tj ET Q q 0 0 0 rg BT 488.96 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 500.96 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.03 73.95 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.66 61.35 Td (held ) Tj ET Q q 0 0 0 rg BT 112.24 61.35 Td (by ) Tj ET Q q 0 0 0 rg BT 125.25 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 140.58 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 189.16 61.35 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 228.69 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 231.20 61.35 Td (For ) Tj ET Q q 0 0 0 rg BT 248.29 61.35 Td (af) Tj ET Q q 0 0 0 rg BT 256.26 61.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 283.25 61.35 Td (minority ) Tj ET Q q 0 0 0 rg BT 321.92 61.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 359.42 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.08 61.35 Td (management ) Tj ET Q q 0 0 0 rg BT 433.23 61.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 461.98 61.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 482.56 61.35 Td (interests, ) Tj ET Q q 0 0 0 rg BT 522.69 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.76 61.35 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 83.14 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.72 48.75 Td (related ) Tj ET Q q 0 0 0 rg BT 130.03 48.75 Td (total ) Tj ET Q q 0 0 0 rg BT 151.44 48.75 Td (business ) Tj ET Q q 0 0 0 rg BT 189.78 48.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 233.92 48.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 262.04 48.75 Td (after ) Tj ET Q q 0 0 0 rg BT 284.02 48.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 334.57 48.75 Td (discounts ) Tj ET Q q 0 0 0 rg BT 376.99 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 391.98 48.75 Td (lack ) Tj ET Q q 0 0 0 rg BT 412.22 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 423.71 48.75 Td (marketability ) Tj ET Q q 0 0 0 rg BT 482.44 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.35 48.75 Td (control. ) Tj ET Q q 0 0 0 rg BT 535.47 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 538.02 48.75 Td (There ) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 69.74 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 88.82 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 100.89 741.75 Td (features ) Tj ET Q q 0 0 0 rg BT 136.28 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.19 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 170.93 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 199.33 741.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 239.11 741.75 Td (such ) Tj ET Q q 0 0 0 rg BT 260.52 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 271.43 741.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 310.34 741.75 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 372.87 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 390.78 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 405.76 741.75 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 464.49 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 474.82 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 496.22 741.75 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 544.17 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.17 741.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.84 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 92.34 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 103.86 729.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 152.70 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 209.11 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.13 729.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 258.97 729.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 296.73 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 316.41 729.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 341.92 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 355.19 729.15 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 418.61 729.15 Td (option ) Tj ET Q q 0 0 0 rg BT 448.21 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 480.72 729.15 Td (model ) Tj ET Q q 0 0 0 rg BT 509.73 729.15 Td (calculations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 716.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 86.83 716.55 Td (above.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 691.35 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 691.35 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 64.83 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 79.25 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.59 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.36 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.79 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 167.30 678.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 181.73 678.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 202.58 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.92 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.35 678.75 Td (federal, ) Tj ET Q q 0 0 0 rg BT 260.72 678.75 Td (state ) Tj ET Q q 0 0 0 rg BT 281.57 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.33 678.75 Td (local ) Tj ET Q q 0 0 0 rg BT 320.34 678.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 373.85 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.20 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.63 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 418.90 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 435.67 678.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 478.68 678.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 510.60 678.75 Td (jurisdictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.82 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 87.63 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 102.02 666.15 Td (operate. ) Tj ET Q q 0 0 0 rg BT 137.69 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 139.69 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 148.75 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 155.56 666.15 Td (file ) Tj ET Q q 0 0 0 rg BT 171.71 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 204.76 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 219.74 666.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 251.05 666.15 Td (representing ) Tj ET Q q 0 0 0 rg BT 305.09 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 321.24 666.15 Td (filing ) Tj ET Q q 0 0 0 rg BT 346.14 666.15 Td (positions ) Tj ET Q q 0 0 0 rg BT 386.21 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 407.03 666.15 Td (each ) Tj ET Q q 0 0 0 rg BT 428.41 666.15 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 481.02 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 483.17 666.15 Td (Due ) Tj ET Q q 0 0 0 rg BT 502.81 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 513.13 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 528.10 666.15 Td (inherent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (complexities ) Tj ET Q q 0 0 0 rg BT 104.91 653.55 Td (arising ) Tj ET Q q 0 0 0 rg BT 135.24 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 157.41 653.55 Td (conducting ) Tj ET Q q 0 0 0 rg BT 205.81 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 243.16 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 260.07 653.55 Td (being ) Tj ET Q q 0 0 0 rg BT 285.15 653.55 Td (taxed ) Tj ET Q q 0 0 0 rg BT 309.64 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 319.56 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 325.98 653.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 372.65 653.55 Td (number ) Tj ET Q q 0 0 0 rg BT 406.47 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 416.97 653.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 473.27 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 487.27 653.55 Td (must ) Tj ET Q q 0 0 0 rg BT 509.44 653.55 Td (make ) Tj ET Q q 0 0 0 rg BT 533.93 653.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.20 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 108.99 640.95 Td (judgments ) Tj ET Q q 0 0 0 rg BT 155.36 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 166.15 640.95 Td (determining ) Tj ET Q q 0 0 0 rg BT 219.52 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 236.14 640.95 Td (income ) Tj ET Q q 0 0 0 rg BT 269.67 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 285.12 640.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 327.41 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 342.28 640.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.64 640.95 Td (statement ) Tj ET Q q 0 0 0 rg BT 424.50 640.95 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (These ) Tj ET Q q 0 0 0 rg BT 76.84 615.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 118.18 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.60 615.75 Td (judgments ) Tj ET Q q 0 0 0 rg BT 181.62 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 196.70 615.75 Td (used ) Tj ET Q q 0 0 0 rg BT 218.21 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.64 615.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 281.64 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 296.74 615.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 311.83 615.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 335.10 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.11 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 372.87 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.29 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 431.64 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 449.06 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.59 615.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 522.92 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 615.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.22 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 92.60 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 110.65 603.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 152.62 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 171.25 603.15 Td (arise ) Tj ET Q q 0 0 0 rg BT 193.96 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 217.26 603.15 Td (dif) Tj ET Q q 0 0 0 rg BT 228.73 603.15 Td (ferences ) Tj ET Q q 0 0 0 rg BT 266.59 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 277.65 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 293.36 603.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 323.67 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 335.31 603.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.42 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 389.47 603.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 426.18 603.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 476.88 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 492.02 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.73 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 603.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (statement ) Tj ET Q q 0 0 0 rg BT 92.01 590.55 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 134.24 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 136.51 590.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 193.60 590.55 Td (assesses ) Tj ET Q q 0 0 0 rg BT 230.28 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 245.38 590.55 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 290.24 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 308.26 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 322.77 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 341.38 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 353.56 590.55 Td (able ) Tj ET Q q 0 0 0 rg BT 373.32 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 383.76 590.55 Td (realize ) Tj ET Q q 0 0 0 rg BT 414.01 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 430.28 590.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 467.52 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 482.62 590.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 512.02 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 514.29 590.55 Td (If ) Tj ET Q q 0 0 0 rg BT 523.56 590.55 Td (it ) Tj ET Q q 0 0 0 rg BT 531.67 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 540.94 590.55 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 75.61 577.95 Td (than ) Tj ET Q q 0 0 0 rg BT 95.88 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 111.49 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 129.43 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 144.45 577.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 181.61 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 196.63 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.24 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 237.77 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 253.38 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 265.48 577.95 Td (realized, ) Tj ET Q q 0 0 0 rg BT 303.52 577.95 Td (then ) Tj ET Q q 0 0 0 rg BT 323.79 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 330.65 577.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 371.91 577.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 416.67 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 425.86 577.95 Td (established ) Tj ET Q q 0 0 0 rg BT 474.71 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 495.57 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 502.43 577.95 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.52 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 97.31 565.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 134.91 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.36 565.35 Td (provision.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.58 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 70.65 540.15 Td (result ) Tj ET Q q 0 0 0 rg BT 96.40 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.55 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.79 540.15 Td (prospective ) Tj ET Q q 0 0 0 rg BT 173.61 540.15 Td (application ) Tj ET Q q 0 0 0 rg BT 222.67 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 233.83 540.15 Td (new ) Tj ET Q q 0 0 0 rg BT 253.73 540.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 302.21 540.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 345.15 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 359.81 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 382.04 540.15 Td (of) Tj ET Q q 0 0 0 rg BT 390.60 540.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 408.17 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 421.08 540.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 458.46 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.70 540.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 503.24 540.15 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 547.35 540.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 68.02 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 99.94 527.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 142.36 527.55 Td (allowances, ) Tj ET Q q 0 0 0 rg BT 194.99 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 213.51 527.55 Td (present ) Tj ET Q q 0 0 0 rg BT 247.19 527.55 Td (them ) Tj ET Q q 0 0 0 rg BT 271.54 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 283.64 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 291.65 527.55 Td (single ) Tj ET Q q 0 0 0 rg BT 320.09 527.55 Td (non-current ) Tj ET Q q 0 0 0 rg BT 372.43 527.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 407.28 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 419.38 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 431.48 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 462.24 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 478.72 527.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 505.70 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 508.82 527.55 Td (W) Tj ET Q q 0 0 0 rg BT 517.89 527.55 Td (e ) Tj ET Q q 0 0 0 rg BT 525.90 527.55 Td (have ) Tj ET Q q 0 0 0 rg BT 549.08 527.55 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 114.52 514.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.13 514.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 175.17 514.95 Td (periods.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 107.19 489.75 Td (all ) Tj ET Q q 0 0 0 rg BT 120.53 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.13 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 148.98 489.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.80 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.48 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 229.83 489.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 255.99 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.01 489.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 288.53 489.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 320.52 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 338.54 489.75 Td (state, ) Tj ET Q q 0 0 0 rg BT 363.25 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.27 489.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 404.53 489.75 Td (taxing ) Tj ET Q q 0 0 0 rg BT 433.63 489.75 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 491.02 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 493.24 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 507.76 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.36 489.75 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 75.69 477.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 96.94 477.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 128.65 477.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 166.19 477.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 181.58 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 208.65 477.15 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 257.28 477.15 Td ($71) Tj ET Q q 0 0 0 rg BT 272.64 477.15 Td (1.5�million, ) Tj ET Q q 0 0 0 rg BT 323.92 477.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 370.80 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 382.11 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 410.34 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 419.91 477.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 459.79 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 470.53 477.15 Td (require ) Tj ET Q q 0 0 0 rg BT 502.83 477.15 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 523.77 477.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 553.76 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (future ) Tj ET Q q 0 0 0 rg BT 78.55 464.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 101.19 464.55 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 143.36 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 156.08 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 185.72 464.55 Td ($740 ) Tj ET Q q 0 0 0 rg BT 210.69 464.55 Td (million ) Tj ET Q q 0 0 0 rg BT 245.00 464.55 Td (must ) Tj ET Q q 0 0 0 rg BT 269.40 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 283.29 464.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 317.58 464.55 Td (sourced ) Tj ET Q q 0 0 0 rg BT 354.21 464.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 396.38 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 400.35 464.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 441.63 464.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 458.44 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 486.91 464.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 531.69 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 543.83 464.55 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 103.94 451.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.21 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 166.14 451.95 Td (net ) Tj ET Q q 0 0 0 rg BT 181.49 451.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.67 451.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 251.28 451.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 292.86 451.95 Td (expire ) Tj ET Q q 0 0 0 rg BT 321.62 451.95 Td (20�years ) Tj ET Q q 0 0 0 rg BT 359.42 451.95 Td (after ) Tj ET Q q 0 0 0 rg BT 381.18 451.95 Td (they ) Tj ET Q q 0 0 0 rg BT 401.78 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 417.12 451.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 460.45 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 451.95 Td (those ) Tj ET Q q 0 0 0 rg BT 502.82 451.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 542.09 451.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.71 439.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.44 439.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 129.32 439.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 171.27 439.35 Td (expire ) Tj ET Q q 0 0 0 rg BT 200.40 439.35 Td (10�years ) Tj ET Q q 0 0 0 rg BT 238.58 439.35 Td (after ) Tj ET Q q 0 0 0 rg BT 260.70 439.35 Td (they ) Tj ET Q q 0 0 0 rg BT 281.67 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 297.38 439.35 Td (generated. ) Tj ET Q q 0 0 0 rg BT 343.71 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 346.60 439.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 375.15 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 388.55 439.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 430.52 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 442.15 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 470.12 439.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 503.33 439.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 539.75 439.35 Td (using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.27 426.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 149.12 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 170.64 426.75 Td (those ) Tj ET Q q 0 0 0 rg BT 195.66 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 217.76 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.78 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 245.63 426.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 285.81 426.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 337.07 426.75 Td (testing, ) Tj ET Q q 0 0 0 rg BT 370.55 426.75 Td (it ) Tj ET Q q 0 0 0 rg BT 379.24 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 389.09 426.75 Td (more ) Tj ET Q q 0 0 0 rg BT 413.52 426.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 440.28 426.75 Td (than ) Tj ET Q q 0 0 0 rg BT 461.21 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 477.48 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 496.08 426.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 552.01 426.75 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.47 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.52 414.15 Td (current ) Tj ET Q q 0 0 0 rg BT 107.48 414.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 138.84 414.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.90 414.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 189.36 414.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 223.65 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 234.04 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 249.10 414.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 290.97 414.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 318.28 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 333.32 414.15 Td (realizable. ) Tj ET Q q 0 0 0 rg BT 378.98 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.04 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 390.53 414.15 Td (ith ) Tj ET Q q 0 0 0 rg BT 403.84 414.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 435.79 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 446.18 414.15 Td (those ) Tj ET Q q 0 0 0 rg BT 470.57 414.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 509.54 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 532.18 414.15 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.63 401.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 90.84 401.55 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 154.66 401.55 Td (it ) Tj ET Q q 0 0 0 rg BT 162.80 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 172.11 401.55 Td (more ) Tj ET Q q 0 0 0 rg BT 195.99 401.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 222.21 401.55 Td (than ) Tj ET Q q 0 0 0 rg BT 242.59 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 258.31 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 276.36 401.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 291.50 401.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 327.04 401.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 361.42 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 371.89 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 387.03 401.55 Td (utilization ) Tj ET Q q 0 0 0 rg BT 431.91 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 442.96 401.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 505.91 401.55 Td ($23.5�million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 388.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 94.25 388.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 118.67 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 130.26 388.95 Td (credits ) Tj ET Q q 0 0 0 rg BT 161.09 388.95 Td (will ) Tj ET Q q 0 0 0 rg BT 180.27 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 196.52 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 209.28 388.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 245.34 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 263.35 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 270.85 388.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 312.76 388.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 358.17 388.95 Td (has ) Tj ET Q q 0 0 0 rg BT 375.00 388.95 Td (been ) Tj ET Q q 0 0 0 rg BT 397.67 388.95 Td (established. ) Tj ET Q q 0 0 0 rg BT 449.79 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 452.63 388.95 Td (Further) Tj ET Q q 0 0 0 rg BT 483.12 388.95 Td (, ) Tj ET Q q 0 0 0 rg BT 488.59 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 505.43 388.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 547.35 388.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.39 376.35 Td (do ) Tj ET Q q 0 0 0 rg BT 117.87 376.35 Td (not ) Tj ET Q q 0 0 0 rg BT 134.26 376.35 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 188.54 376.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 220.08 376.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 257.47 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 285.51 376.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.30 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 333.44 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.24 376.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 395.96 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 407.68 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 432.22 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 463.78 376.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 491.54 376.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 522.80 376.35 Td (under ) Tj ET Q q 0 0 0 rg BT 549.68 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.80 363.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 106.07 363.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 145.43 363.75 Td (Code, ) Tj ET Q q 0 0 0 rg BT 172.85 363.75 Td (could ) Tj ET Q q 0 0 0 rg BT 198.80 363.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 221.26 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 237.88 363.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 283.08 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.46 363.75 Td (net ) Tj ET Q q 0 0 0 rg BT 309.91 363.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 352.19 363.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 371.15 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.94 363.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 421.88 363.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 437.34 363.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 463.87 363.75 Td (benefits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.26 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 74.10 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 103.60 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.82 338.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 144.54 338.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 175.77 338.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 216.94 338.55 Td (allowances ) Tj ET Q q 0 0 0 rg BT 265.68 338.55 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 313.83 338.55 Td ($21.0 ) Tj ET Q q 0 0 0 rg BT 339.55 338.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 374.60 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 376.55 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 394.96 338.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 433.19 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 443.45 338.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 474.69 338.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 515.86 338.55 Td (allowances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 72.76 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 88.43 325.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 111.69 325.95 Td (year ) Tj ET Q q 0 0 0 rg BT 132.60 325.95 Td (relates ) Tj ET Q q 0 0 0 rg BT 162.85 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 173.86 325.95 Td ($12.7 ) Tj ET Q q 0 0 0 rg BT 200.34 325.95 Td (million ) Tj ET Q q 0 0 0 rg BT 233.52 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 245.11 325.95 Td (expiring ) Tj ET Q q 0 0 0 rg BT 282.95 325.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 316.12 325.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.80 325.95 Td (credits. ) Tj ET Q q 0 0 0 rg BT 365.26 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 367.90 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 387.07 325.95 Td (release ) Tj ET Q q 0 0 0 rg BT 419.06 325.95 Td (was ) Tj ET Q q 0 0 0 rg BT 438.24 325.95 Td (of) Tj ET Q q 0 0 0 rg BT 446.79 325.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 464.80 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 475.81 325.95 Td (part ) Tj ET Q q 0 0 0 rg BT 494.99 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 508.33 325.95 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 529.55 325.95 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.78 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 88.97 313.35 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 109.88 313.35 Td (million ) Tj ET Q q 0 0 0 rg BT 142.75 313.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 172.68 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 183.38 313.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 216.23 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 231.59 313.35 Td (credits, ) Tj ET Q q 0 0 0 rg BT 264.73 313.35 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 285.64 313.35 Td (million ) Tj ET Q q 0 0 0 rg BT 318.51 313.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 348.44 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 359.14 313.35 Td (charitable ) Tj ET Q q 0 0 0 rg BT 403.06 313.35 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 463.63 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 481.32 313.35 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 502.23 313.35 Td (million ) Tj ET Q q 0 0 0 rg BT 535.10 313.35 Td (relates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 300.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 91.50 300.75 Td (Currie's ) Tj ET Q q 0 0 0 rg BT 126.92 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 169.20 300.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 199.54 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 202.16 300.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (While ) Tj ET Q q 0 0 0 rg BT 77.59 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 92.85 275.55 Td (planning ) Tj ET Q q 0 0 0 rg BT 132.02 275.55 Td (may ) Tj ET Q q 0 0 0 rg BT 152.53 275.55 Td (enhance ) Tj ET Q q 0 0 0 rg BT 189.36 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 205.79 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.05 275.55 Td (positions, ) Tj ET Q q 0 0 0 rg BT 264.03 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.29 275.55 Td (realization ) Tj ET Q q 0 0 0 rg BT 326.03 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.21 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 352.47 275.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 388.14 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 401.07 275.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 438.47 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 453.73 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 480.66 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 495.34 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 523.43 275.55 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (allowances ) Tj ET Q q 0 0 0 rg BT 98.77 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 121.22 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 137.26 262.95 Td (been ) Tj ET Q q 0 0 0 rg BT 159.71 262.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 199.66 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 209.29 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 225.33 262.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 271.10 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 284.23 262.95 Td (implementation ) Tj ET Q q 0 0 0 rg BT 352.76 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 364.13 262.95 Td (any ) Tj ET Q q 0 0 0 rg BT 381.91 262.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 428.86 262.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 444.32 262.95 Td (strategies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.65 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 74.88 237.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 120.52 237.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 146.63 237.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 167.78 237.75 Td (state ) Tj ET Q q 0 0 0 rg BT 189.51 237.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 226.96 237.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.27 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.25 237.75 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 317.79 237.75 Td ($175.7 ) Tj ET Q q 0 0 0 rg BT 349.15 237.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 384.60 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 387.08 237.75 Td (Due ) Tj ET Q q 0 0 0 rg BT 407.06 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 417.71 237.75 Td (limitations ) Tj ET Q q 0 0 0 rg BT 465.11 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 478.09 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.40 237.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 538.46 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 237.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.38 225.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 109.94 225.15 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 171.05 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 188.44 225.15 Td (taking ) Tj ET Q q 0 0 0 rg BT 216.91 225.15 Td (into ) Tj ET Q q 0 0 0 rg BT 235.47 225.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 294.26 225.15 Td (state ) Tj ET Q q 0 0 0 rg BT 315.73 225.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 330.78 225.15 Td (planning ) Tj ET Q q 0 0 0 rg BT 369.75 225.15 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 414.26 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 429.31 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 460.10 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 501.40 225.15 Td (allowance ) Tj ET Q q 0 0 0 rg BT 546.18 225.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td ($26.8 ) Tj ET Q q 0 0 0 rg BT 76.97 212.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 113.78 212.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 170.70 212.55 Td (all ) Tj ET Q q 0 0 0 rg BT 185.05 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 197.64 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 227.14 212.55 Td (relates ) Tj ET Q q 0 0 0 rg BT 258.39 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 270.40 212.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 294.66 212.55 Td (years ) Tj ET Q q 0 0 0 rg BT 320.66 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 336.75 212.55 Td (state ) Tj ET Q q 0 0 0 rg BT 359.83 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 376.51 212.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 420.00 212.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 440.19 212.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 477.27 212.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 521.93 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 533.94 212.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.45 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 115.65 199.95 Td (cases ) Tj ET Q q 0 0 0 rg BT 140.84 199.95 Td (where ) Tj ET Q q 0 0 0 rg BT 169.52 199.95 Td (it ) Tj ET Q q 0 0 0 rg BT 178.39 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 188.43 199.95 Td (more ) Tj ET Q q 0 0 0 rg BT 213.03 199.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 239.98 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 258.76 199.95 Td (these ) Tj ET Q q 0 0 0 rg BT 283.37 199.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 319.64 199.95 Td (will ) Tj ET Q q 0 0 0 rg BT 339.01 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 355.46 199.95 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 401.06 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 414.01 199.95 Td (realized. ) Tj ET Q q 0 0 0 rg BT 452.89 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 455.92 199.95 Td (Due ) Tj ET Q q 0 0 0 rg BT 476.45 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 487.65 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 503.51 199.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 553.77 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (future ) Tj ET Q q 0 0 0 rg BT 76.76 187.35 Td (state ) Tj ET Q q 0 0 0 rg BT 98.19 187.35 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 161.62 187.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 192.38 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 209.73 187.35 Td (future ) Tj ET Q q 0 0 0 rg BT 236.99 187.35 Td (ef) Tj ET Q q 0 0 0 rg BT 244.96 187.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 275.71 187.35 Td (state ) Tj ET Q q 0 0 0 rg BT 297.14 187.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 312.16 187.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 336.80 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 351.81 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 376.74 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 387.68 187.35 Td (state ) Tj ET Q q 0 0 0 rg BT 409.11 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 424.13 187.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 465.97 187.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 484.50 187.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 519.93 187.35 Td (ultimately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 85.35 174.75 Td (may ) Tj ET Q q 0 0 0 rg BT 106.05 174.75 Td (vary) Tj ET Q q 0 0 0 rg BT 124.03 174.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.72 149.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 99.68 149.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 156.86 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 164.15 149.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 202.92 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 213.73 149.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 255.44 149.55 Td (allowances ) Tj ET Q q 0 0 0 rg BT 304.72 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 316.10 149.55 Td ($1) Tj ET Q q 0 0 0 rg BT 326.21 149.55 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 341.97 149.55 Td (million ) Tj ET Q q 0 0 0 rg BT 374.94 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 385.75 149.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 411.12 149.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 434.75 149.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 476.46 149.55 Td (relates ) Tj ET Q q 0 0 0 rg BT 506.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 517.30 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 532.77 149.55 Td (change ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.56 136.95 Td (statutory ) Tj ET Q q 0 0 0 rg BT 98.20 136.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 122.54 136.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 137.26 136.95 Td (planning ) Tj ET Q q 0 0 0 rg BT 175.89 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 185.95 136.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 214.09 136.95 Td (attributes ) Tj ET Q q 0 0 0 rg BT 255.05 136.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 301.27 136.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 348.65 136.95 Td (realizable, ) Tj ET Q q 0 0 0 rg BT 393.97 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 411.02 136.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 463.08 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 473.14 136.95 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 532.76 136.95 Td (pricing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (models. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 99.15 Td (o ) Tj ET Q q 0 0 0 rg BT 63.22 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 78.83 99.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 107.27 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 124.06 99.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 160.67 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 172.21 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 187.82 99.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 234.92 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 246.45 99.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 284.21 99.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.82 99.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.11 99.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 352.63 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 365.92 99.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 403.68 99.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.29 99.15 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 463.79 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 478.82 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 501.42 99.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.69 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (timing, ) Tj ET Q q 0 0 0 rg BT 83.05 86.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 112.79 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 131.46 86.55 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 182.79 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 195.05 86.55 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 238.49 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 250.74 86.55 Td (well ) Tj ET Q q 0 0 0 rg BT 272.33 86.55 Td (as, ) Tj ET Q q 0 0 0 rg BT 287.21 86.55 Td (future ) Tj ET Q q 0 0 0 rg BT 315.78 86.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 357.77 86.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 393.34 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 405.02 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 421.35 86.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 437.68 86.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 494.25 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 506.51 86.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 547.35 86.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.84 73.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 154.45 73.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 184.19 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 186.81 73.95 Td (In ) Tj ET Q q 0 0 0 rg BT 198.17 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.62 73.95 Td (event ) Tj ET Q q 0 0 0 rg BT 238.97 73.95 Td (we ) Tj ET Q q 0 0 0 rg BT 253.84 73.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 298.43 73.95 Td (all ) Tj ET Q q 0 0 0 rg BT 311.55 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 322.91 73.95 Td (any ) Tj ET Q q 0 0 0 rg BT 340.69 73.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 373.64 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 385.00 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 401.61 73.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 439.20 73.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.65 73.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.76 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 500.13 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 515.56 73.95 Td (not ) Tj ET Q q 0 0 0 rg BT 531.60 73.95 Td (already ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.65 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.22 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 99.29 61.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 140.77 61.35 Td (allowance ) Tj ET Q q 0 0 0 rg BT 185.73 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 200.96 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 216.78 61.35 Td (realizable, ) Tj ET Q q 0 0 0 rg BT 262.61 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 277.26 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 296.00 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 308.32 61.35 Td (required ) Tj ET Q q 0 0 0 rg BT 345.71 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 356.28 61.35 Td (establish ) Tj ET Q q 0 0 0 rg BT 395.43 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 402.50 61.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 443.98 61.35 Td (allowance ) Tj ET Q q 0 0 0 rg BT 488.95 61.35 Td (by ) Tj ET Q q 0 0 0 rg BT 501.85 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 508.92 61.35 Td (char) Tj ET Q q 0 0 0 rg BT 526.80 61.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 539.11 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 61.35 Td (the ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 83.68 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.78 741.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 142.73 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 154.17 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.27 741.75 Td (period ) Tj ET Q q 0 0 0 rg BT 200.37 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 211.81 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 240.75 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 259.77 741.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 321.36 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 331.64 741.75 Td (made. ) Tj ET Q q 0 0 0 rg BT 360.28 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 363.55 741.75 Td (Depending ) Tj ET Q q 0 0 0 rg BT 412.90 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 426.68 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.78 741.75 Td (facts ) Tj ET Q q 0 0 0 rg BT 465.88 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.31 741.75 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 549.69 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 729.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 79.91 729.15 Td (could ) Tj ET Q q 0 0 0 rg BT 105.87 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 118.40 729.15 Td (material ) Tj ET Q q 0 0 0 rg BT 155.43 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 166.22 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 182.84 729.15 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.22 703.95 Td (calculation ) Tj ET Q q 0 0 0 rg BT 118.69 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.83 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 148.23 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.46 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 206.94 703.95 Td (involves ) Tj ET Q q 0 0 0 rg BT 245.92 703.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 302.96 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 314.53 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 330.76 703.95 Td (application ) Tj ET Q q 0 0 0 rg BT 380.81 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 392.95 703.95 Td (complex ) Tj ET Q q 0 0 0 rg BT 432.51 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.74 703.95 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 501.42 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 703.95 Td (W) Tj ET Q q 0 0 0 rg BT 513.64 703.95 Td (e ) Tj ET Q q 0 0 0 rg BT 521.70 703.95 Td (recognize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.31 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 106.28 691.35 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 155.07 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.63 691.35 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 227.00 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 237.90 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 253.46 691.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 274.86 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 292.75 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 317.05 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 332.61 691.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 387.26 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 413.89 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 427.12 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 443.85 691.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 481.57 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 493.04 691.35 Td (whether) Tj ET Q q 0 0 0 rg BT 526.44 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 531.79 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 77.78 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.57 678.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 119.48 678.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 164.10 678.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 188.30 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 207.26 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 219.80 678.75 Td (due.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (RECENT) Tj ET Q q 0 0 0 rg BT 93.07 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.12 653.55 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 170.66 653.55 Td (DEVELOPMENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 628.35 Td (discussion ) Tj ET Q q 0 0 0 rg BT 113.67 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 125.04 628.35 Td (Recent ) Tj ET Q q 0 0 0 rg BT 156.24 628.35 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 207.85 628.35 Td (Developments ) Tj ET Q q 0 0 0 rg BT 271.13 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 281.92 628.35 Td (Note�1 ) Tj ET Q q 0 0 0 rg BT 312.83 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 324.20 628.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 351.33 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 362.12 628.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 420.16 628.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.86 628.35 Td (Statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (EFFECTS ) Tj ET Q q 0 0 0 rg BT 99.39 603.15 Td (OF) Tj ET Q q 0 0 0 rg BT 113.58 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 116.20 603.15 Td (INFLA) Tj ET Q q 0 0 0 rg BT 148.09 603.15 Td (TION) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 577.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 84.73 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 95.06 577.95 Td (inflation ) Tj ET Q q 0 0 0 rg BT 132.22 577.95 Td (can ) Tj ET Q q 0 0 0 rg BT 148.38 577.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 182.03 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 190.00 577.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 207.32 577.95 Td (various ) Tj ET Q q 0 0 0 rg BT 239.82 577.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 281.93 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 323.18 577.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 365.58 577.95 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 428.11 577.95 Td (communications ) Tj ET Q q 0 0 0 rg BT 499.10 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 515.84 577.95 Td (technology ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 565.35 Td (occupancy) Tj ET Q q 0 0 0 rg BT 111.10 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 115.95 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 143.84 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 164.15 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 179.80 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 191.94 565.35 Td (readily ) Tj ET Q q 0 0 0 rg BT 223.32 565.35 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 274.51 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 284.91 565.35 Td (char) Tj ET Q q 0 0 0 rg BT 302.79 565.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 319.01 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 333.49 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 369.53 565.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 409.09 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 421.82 565.35 Td (us. ) Tj ET Q q 0 0 0 rg BT 436.01 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 438.24 565.35 Td (Further) Tj ET Q q 0 0 0 rg BT 468.73 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 473.58 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 483.98 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 499.03 565.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 526.92 565.35 Td (inflation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 92.99 552.75 Td (af) Tj ET Q q 0 0 0 rg BT 100.96 552.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 124.04 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 140.13 552.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 183.05 552.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 222.17 552.75 Td (it ) Tj ET Q q 0 0 0 rg BT 231.27 552.75 Td (may ) Tj ET Q q 0 0 0 rg BT 252.61 552.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.44 552.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 325.02 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 343.44 552.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 383.42 552.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 428.68 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 452.35 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.77 552.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 511.37 552.75 Td (values. ) Tj ET Q q 0 0 0 rg BT 544.08 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 547.34 552.75 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.46 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.42 540.15 Td ("Market ) Tj ET Q q 0 0 0 rg BT 146.23 540.15 Td (Risk�� ) Tj ET Q q 0 0 0 rg BT 181.82 540.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 225.85 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 244.22 540.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 262.58 540.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 297.28 540.15 Td (\(Loss\)" ) Tj ET Q q 0 0 0 rg BT 331.60 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 349.97 540.15 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 388.24 540.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 440.44 540.15 Td (Policies�� ) Tj ET Q q 0 0 0 rg BT 490.02 540.15 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 535.09 540.15 Td (Assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 527.55 Td (Goodwill" ) Tj ET Q q 0 0 0 rg BT 113.87 527.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 160.82 527.55 Td (discussed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 502.35 Td (7A. ) Tj ET Q q 0 0 0 rg BT 98.71 502.35 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 146.94 502.35 Td (A) Tj ET Q q 0 0 0 rg BT 153.75 502.35 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 181.47 502.35 Td (AND ) Tj ET Q q 0 0 0 rg BT 206.84 502.35 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 247.49 502.35 Td (A) Tj ET Q q 0 0 0 rg BT 254.29 502.35 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 282.59 502.35 Td (DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 358.75 502.35 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 395.90 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 398.53 502.35 Td (MARKET) Tj ET Q q 0 0 0 rg BT 445.59 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 448.22 502.35 Td (RISK.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (See "Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 233.78 477.15 Td (Analysis of Financial Condition and Results of Operations - Market Risk" for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (disclosures about market risk.) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (78) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 149.56 741.90 Td ( ST) Tj ET Q q 0 0 0 rg BT 164.24 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 171.05 741.90 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 224.44 741.90 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 320.79 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 335.59 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 342.78 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 359.80 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 366.02 741.90 Td (A.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 225.90 716.70 Td (REPOR) Tj ET Q q 0 0 0 rg BT 262.28 716.70 Td (T) Tj ET Q q 0 0 0 rg BT 269.10 716.70 Td ( OF) Tj ET Q q 0 0 0 rg BT 285.91 716.70 Td ( MANAGEMENT) Tj ET Q q 0 0 0 rg BT 367.68 716.70 Td ( ON ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.80 704.10 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 225.65 704.10 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 280.79 704.10 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 375.30 704.10 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 414.31 704.10 Td (TING) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.54 678.90 Td (management ) Tj ET Q q 0 0 0 rg BT 122.91 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.37 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.67 678.90 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 208.25 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 216.97 678.90 Td (responsible ) Tj ET Q q 0 0 0 rg BT 266.52 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.48 678.90 Td (establishing ) Tj ET Q q 0 0 0 rg BT 332.36 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.24 678.90 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 401.12 678.90 Td (adequate ) Tj ET Q q 0 0 0 rg BT 440.15 678.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 473.94 678.90 Td (control ) Tj ET Q q 0 0 0 rg BT 505.40 678.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 678.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (reporting.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.68 641.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.85 641.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 145.52 641.10 Td (control ) Tj ET Q q 0 0 0 rg BT 177.87 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 199.14 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.47 641.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 279.57 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.18 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.44 641.10 Td (process ) Tj ET Q q 0 0 0 rg BT 330.54 641.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 370.47 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.25 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 415.93 641.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 463.43 641.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 506.84 641.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.68 641.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (reliability ) Tj ET Q q 0 0 0 rg BT 94.67 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 107.76 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.84 628.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 191.67 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 211.18 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 628.50 Td (preparation ) Tj ET Q q 0 0 0 rg BT 280.50 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 293.60 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.67 628.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 383.34 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 399.93 628.50 Td (external ) Tj ET Q q 0 0 0 rg BT 438.09 628.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 479.76 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 492.28 628.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 543.83 628.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 99.24 615.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 144.31 615.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 187.05 615.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 227.44 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 239.27 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 255.77 615.90 Td (United ) Tj ET Q q 0 0 0 rg BT 288.02 615.90 Td (States ) Tj ET Q q 0 0 0 rg BT 316.77 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.38 615.90 Td (America. ) Tj ET Q q 0 0 0 rg BT 370.82 615.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 396.06 615.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 434.29 615.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.03 615.90 Td (control ) Tj ET Q q 0 0 0 rg BT 503.44 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 615.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 91.42 603.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 129.85 603.30 Td (those ) Tj ET Q q 0 0 0 rg BT 155.45 603.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 191.55 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 210.14 603.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 259.64 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 278.82 603.30 Td (\(i\)�pertain ) Tj ET Q q 0 0 0 rg BT 323.94 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 335.55 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 351.81 603.30 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 408.30 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 603.30 Td (records ) Tj ET Q q 0 0 0 rg BT 454.82 603.30 Td (that, ) Tj ET Q q 0 0 0 rg BT 476.62 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 488.23 603.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 536.55 603.30 Td (detail, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (accurately ) Tj ET Q q 0 0 0 rg BT 94.87 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 112.26 590.70 Td (fairly ) Tj ET Q q 0 0 0 rg BT 137.23 590.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 166.27 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.33 590.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 233.71 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 251.11 590.70 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 303.52 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 314.50 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.56 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.28 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 367.26 590.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.07 590.70 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 424.80 590.70 Td (\(ii\)�provide ) Tj ET Q q 0 0 0 rg BT 474.56 590.70 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 521.69 590.70 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.89 578.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 122.69 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.16 578.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 179.53 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.92 578.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 236.38 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.19 578.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 279.25 578.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 330.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.10 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.48 578.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 431.45 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.26 578.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 494.12 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 516.43 578.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (principles ) Tj ET Q q 0 0 0 rg BT 93.51 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 135.17 565.50 Td (accepted ) Tj ET Q q 0 0 0 rg BT 174.49 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 185.26 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 200.68 565.50 Td (United ) Tj ET Q q 0 0 0 rg BT 231.86 565.50 Td (States ) Tj ET Q q 0 0 0 rg BT 259.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 270.32 565.50 Td (America, ) Tj ET Q q 0 0 0 rg BT 311.69 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 329.45 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 347.79 565.50 Td (receipts ) Tj ET Q q 0 0 0 rg BT 383.04 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 400.80 565.50 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 457.05 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 468.40 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 492.57 565.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 523.76 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 539.17 565.50 Td (being ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (made ) Tj ET Q q 0 0 0 rg BT 75.67 552.90 Td (only ) Tj ET Q q 0 0 0 rg BT 97.77 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 109.36 552.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 160.00 552.90 Td (with ) Tj ET Q q 0 0 0 rg BT 182.10 552.90 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 245.02 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.19 552.90 Td (management ) Tj ET Q q 0 0 0 rg BT 314.27 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 332.86 552.90 Td (directors ) Tj ET Q q 0 0 0 rg BT 373.03 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 385.20 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.21 552.90 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 445.14 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 463.73 552.90 Td (\(iii\)�provide ) Tj ET Q q 0 0 0 rg BT 517.61 552.90 Td (reasonable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.97 540.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 135.86 540.30 Td (prevention ) Tj ET Q q 0 0 0 rg BT 183.43 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 194.83 540.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 224.32 540.30 Td (detection ) Tj ET Q q 0 0 0 rg BT 265.47 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 276.87 540.30 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 334.35 540.30 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 385.71 540.30 Td (use, ) Tj ET Q q 0 0 0 rg BT 404.99 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 416.40 540.30 Td (disposition ) Tj ET Q q 0 0 0 rg BT 465.15 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 476.55 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 500.79 540.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 538.01 540.30 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 527.70 Td (could ) Tj ET Q q 0 0 0 rg BT 93.82 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 116.27 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 123.56 527.70 Td (material ) Tj ET Q q 0 0 0 rg BT 160.58 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 168.55 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.91 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 200.03 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.84 527.70 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.04 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 98.34 502.50 Td (its ) Tj ET Q q 0 0 0 rg BT 110.82 502.50 Td (inherent ) Tj ET Q q 0 0 0 rg BT 147.78 502.50 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 197.88 502.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 232.51 502.50 Td (control ) Tj ET Q q 0 0 0 rg BT 264.81 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 286.02 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.31 502.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.36 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 386.99 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 402.97 502.50 Td (prevent ) Tj ET Q q 0 0 0 rg BT 437.01 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 448.31 502.50 Td (detect ) Tj ET Q q 0 0 0 rg BT 475.94 502.50 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 540.05 502.50 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (projections ) Tj ET Q q 0 0 0 rg BT 98.72 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 127.75 489.90 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 174.05 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.35 489.90 Td (ef) Tj ET Q q 0 0 0 rg BT 193.32 489.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 242.53 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 253.26 489.90 Td (future ) Tj ET Q q 0 0 0 rg BT 280.89 489.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.37 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 329.75 489.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.05 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.78 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 489.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.48 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 424.79 489.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 461.18 489.90 Td (may ) Tj ET Q q 0 0 0 rg BT 481.82 489.90 Td (become ) Tj ET Q q 0 0 0 rg BT 517.03 489.90 Td (inadequate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (because ) Tj ET Q q 0 0 0 rg BT 85.35 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 477.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.17 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 477.30 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 192.96 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 204.33 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 222.70 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.16 477.30 Td (degree ) Tj ET Q q 0 0 0 rg BT 268.76 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 280.13 477.30 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.15 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 352.44 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 367.90 477.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 403.18 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 414.55 477.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 463.24 477.30 Td (may ) Tj ET Q q 0 0 0 rg BT 483.94 477.30 Td (deteriorate.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.62 452.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 146.51 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.65 452.10 Td (ef) Tj ET Q q 0 0 0 rg BT 170.62 452.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 220.57 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.63 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 257.51 452.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 295.38 452.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 330.76 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 363.82 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 385.78 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.82 452.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 467.62 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.68 452.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.73 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 522.45 452.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 452.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 452.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (based ) Tj ET Q q 0 0 0 rg BT 76.08 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 89.24 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.74 439.50 Td (framework ) Tj ET Q q 0 0 0 rg BT 153.47 439.50 Td (set ) Tj ET Q q 0 0 0 rg BT 167.80 439.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 190.88 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 204.04 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.54 439.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 268.87 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 280.28 439.50 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 330.79 439.50 Td (Or) Tj ET Q q 0 0 0 rg BT 341.68 439.50 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 392.17 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 403.58 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 418.89 439.50 Td (T) Tj ET Q q 0 0 0 rg BT 424.93 439.50 Td (readway ) Tj ET Q q 0 0 0 rg BT 463.16 439.50 Td (Commission ) Tj ET Q q 0 0 0 rg BT 518.92 439.50 Td (\("COSO"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (in ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 60.48 426.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 97.12 426.90 Td (Contr) Tj ET Q q 0 0 0 rg BT 121.23 426.90 Td (ol�� ) Tj ET Q q 0 0 0 rg BT 144.17 426.90 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 190.72 426.90 Td (Framework ) Tj ET Q q 0 0 0 rg BT 242.52 426.90 Td (\(2013\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.95 426.90 Td (Based ) Tj ET Q q 0 0 0 rg BT 304.42 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 317.73 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 336.29 426.90 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 388.38 426.90 Td (management ) Tj ET Q q 0 0 0 rg BT 444.84 426.90 Td (concluded ) Tj ET Q q 0 0 0 rg BT 490.80 426.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 511.98 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 523.54 426.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.09 426.90 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.31 414.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.31 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 91.61 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.87 414.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 153.11 414.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 187.87 414.30 Td (control ) Tj ET Q q 0 0 0 rg BT 220.29 414.30 Td (over ) Tj ET Q q 0 0 0 rg BT 241.63 414.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.04 414.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 322.21 414.30 Td (is ) Tj ET Q q 0 0 0 rg BT 331.90 414.30 Td (ef) Tj ET Q q 0 0 0 rg BT 339.86 414.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.11 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 397.70 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 410.88 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 426.39 414.30 Td (criteria ) Tj ET Q q 0 0 0 rg BT 458.80 414.30 Td (established ) Tj ET Q q 0 0 0 rg BT 508.14 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.99 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 534.50 414.30 Td (COSO ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (framework.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 77.38 376.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 127.62 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.96 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.12 376.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 203.27 376.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 238.94 376.50 Td (control ) Tj ET Q q 0 0 0 rg BT 272.27 376.50 Td (over ) Tj ET Q q 0 0 0 rg BT 294.52 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.84 376.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 376.92 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 389.25 376.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.59 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 432.58 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 449.30 376.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.30 376.50 Td (, ) Tj ET Q q 0 0 0 rg BT 476.52 376.50 Td (has ) Tj ET Q q 0 0 0 rg BT 494.10 376.50 Td (been ) Tj ET Q q 0 0 0 rg BT 517.51 376.50 Td (audited ) Tj ET Q q 0 0 0 rg BT 552.01 376.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (PricewaterhouseCoopers�LLP) Tj ET Q q 0 0 0 rg BT 174.02 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 179.28 363.90 Td (an ) Tj ET Q q 0 0 0 rg BT 191.82 363.90 Td (independent ) Tj ET Q q 0 0 0 rg BT 245.77 363.90 Td (registered ) Tj ET Q q 0 0 0 rg BT 289.80 363.90 Td (public ) Tj ET Q q 0 0 0 rg BT 318.68 363.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.38 363.90 Td (firm, ) Tj ET Q q 0 0 0 rg BT 390.72 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 402.10 363.90 Td (stated ) Tj ET Q q 0 0 0 rg BT 429.23 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 440.03 363.90 Td (their ) Tj ET Q q 0 0 0 rg BT 461.90 363.90 Td (report ) Tj ET Q q 0 0 0 rg BT 489.61 363.90 Td (appearing ) Tj ET Q q 0 0 0 rg BT 533.64 363.90 Td (herein, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 77.59 351.30 Td (expresses ) Tj ET Q q 0 0 0 rg BT 120.26 351.30 Td (an ) Tj ET Q q 0 0 0 rg BT 132.60 351.30 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 182.84 351.30 Td (opinion ) Tj ET Q q 0 0 0 rg BT 217.36 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 230.29 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.54 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 253.51 351.30 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 302.59 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 313.76 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 337.77 351.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 374.76 351.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.26 351.30 Td (control ) Tj ET Q q 0 0 0 rg BT 441.43 351.30 Td (over ) Tj ET Q q 0 0 0 rg BT 462.51 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 501.67 351.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 542.59 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 553.77 351.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 338.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 338.70 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.28 338.70 Td (.) Tj ET Q /GS0 gs q 157.00 0 0 36.00 49.50 272.50 cm /I36 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 247.30 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 80.13 247.30 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 234.70 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 192.77 234.70 Td (ficer) Tj ET Q /GS0 gs q 125.00 0 0 62.00 49.50 155.10 cm /I37 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 142.50 Td (Peter H. 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653.70 Td (respects, ) Tj ET Q q 0 0 0 rg BT 549.67 653.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.21 641.10 Td (position ) Tj ET Q q 0 0 0 rg BT 126.03 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.76 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.32 641.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 196.51 641.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 215.52 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.66 641.10 Td (its ) Tj ET Q q 0 0 0 rg BT 246.57 641.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 299.13 641.10 Td (\(�the ) Tj ET Q q 0 0 0 rg BT 323.09 641.10 Td (Company�\) ) Tj ET Q q 0 0 0 rg BT 375.06 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 385.62 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 416.01 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 432.12 641.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 456.10 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.24 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 504.62 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.73 641.10 Td (2015, ) 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153.31 527.70 Td (conducted ) Tj ET Q q 0 0 0 rg BT 198.09 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 213.71 527.70 Td (audits ) Tj ET Q q 0 0 0 rg BT 240.42 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 250.22 527.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 299.05 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 319.35 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 333.81 527.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 375.09 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 385.47 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 399.92 527.70 Td (Public ) Tj ET Q q 0 0 0 rg BT 428.39 527.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 470.49 527.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 521.10 527.70 Td (Oversight ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 78.10 515.10 Td (\(United ) Tj ET Q q 0 0 0 rg BT 113.11 515.10 Td (States\). ) Tj ET Q q 0 0 0 rg BT 147.25 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.97 515.10 Td (Those ) Tj ET Q q 0 0 0 rg BT 178.56 515.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 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(material ) Tj ET Q q 0 0 0 rg BT 278.76 502.50 Td (misstatement ) Tj ET Q q 0 0 0 rg BT 337.83 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 356.66 502.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 394.14 502.50 Td (ef) Tj ET Q q 0 0 0 rg BT 402.10 502.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 434.33 502.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.06 502.50 Td (control ) Tj ET Q q 0 0 0 rg BT 503.46 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 525.78 502.50 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.17 489.90 Td (was ) Tj ET Q q 0 0 0 rg BT 108.69 489.90 Td (maintained ) Tj ET Q q 0 0 0 rg BT 157.53 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 167.88 489.90 Td (all ) Tj ET Q q 0 0 0 rg BT 180.56 489.90 Td (material ) Tj ET Q q 0 0 0 rg BT 217.15 489.90 Td (respects. ) Tj ET Q q 0 0 0 rg BT 255.77 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 257.96 489.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 276.48 489.90 Td (audits ) Tj ET Q q 0 0 0 rg BT 303.74 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.68 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.69 489.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.61 489.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 415.12 489.90 Td (included ) Tj ET Q q 0 0 0 rg BT 453.46 489.90 Td (examining, ) Tj ET Q q 0 0 0 rg BT 502.59 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 515.28 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 522.12 489.90 Td (test ) Tj ET Q q 0 0 0 rg BT 538.89 489.90 Td (basis, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (evidence ) Tj ET Q q 0 0 0 rg BT 89.61 477.30 Td (supporting ) Tj ET Q q 0 0 0 rg BT 137.34 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.97 477.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 191.36 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 209.32 477.30 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 258.79 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 269.76 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 285.39 477.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.93 477.30 Td (statements, ) Tj ET Q q 0 0 0 rg BT 374.68 477.30 Td (assessing ) Tj ET Q q 0 0 0 rg BT 416.57 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.21 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 481.08 477.30 Td (principles ) Tj ET Q q 0 0 0 rg BT 525.29 477.30 Td (used ) Tj ET Q q 0 0 0 rg BT 547.34 477.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.71 464.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 136.67 464.70 Td (made ) Tj ET Q q 0 0 0 rg BT 161.29 464.70 Td (by ) Tj ET Q q 0 0 0 rg BT 173.68 464.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 231.83 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 248.88 464.70 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 294.50 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 309.21 464.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 340.25 464.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.87 464.70 Td (statement ) Tj ET Q q 0 0 0 rg BT 420.99 464.70 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 476.82 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 478.70 464.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 496.92 464.70 Td (audit ) Tj ET Q q 0 0 0 rg BT 519.80 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 530.43 464.70 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 81.96 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 103.33 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.78 452.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.98 452.10 Td (included ) Tj ET Q q 0 0 0 rg BT 222.85 452.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 265.23 452.10 Td (an ) Tj ET Q q 0 0 0 rg BT 277.86 452.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 340.06 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.53 452.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 386.31 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 418.77 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 440.14 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.59 452.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 523.42 452.10 Td (assessing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 439.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 82.59 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 100.58 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 107.50 439.50 Td (material ) Tj ET Q q 0 0 0 rg BT 144.15 439.50 Td (weakness ) Tj ET Q q 0 0 0 rg BT 186.64 439.50 Td (exists, ) Tj ET Q q 0 0 0 rg BT 215.44 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 232.85 439.50 Td (testing ) Tj ET Q q 0 0 0 rg BT 263.11 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 280.52 439.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 326.51 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.59 439.50 Td (design ) Tj ET Q q 0 0 0 rg BT 371.26 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 388.67 439.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.58 439.50 Td (ef) Tj ET Q q 0 0 0 rg BT 438.54 439.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 487.45 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 498.45 439.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 532.77 439.50 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (based ) Tj ET Q q 0 0 0 rg BT 76.30 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 89.69 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 105.41 426.90 Td (assessed ) Tj ET Q q 0 0 0 rg BT 143.88 426.90 Td (risk. ) Tj ET Q q 0 0 0 rg BT 165.15 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 168.04 426.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.26 426.90 Td (audits ) Tj ET Q q 0 0 0 rg BT 215.23 426.90 Td (also ) Tj ET Q q 0 0 0 rg BT 235.04 426.90 Td (included ) Tj ET Q q 0 0 0 rg BT 274.09 426.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 324.21 426.90 Td (such ) Tj ET Q q 0 0 0 rg BT 346.35 426.90 Td (other ) Tj ET Q q 0 0 0 rg BT 370.82 426.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 419.77 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 431.41 426.90 Td (we ) Tj ET Q q 0 0 0 rg BT 446.55 426.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 494.92 426.90 Td (necessary ) Tj ET Q q 0 0 0 rg BT 538.62 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 426.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 114.04 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 123.11 414.30 Td (e ) Tj ET Q q 0 0 0 rg BT 130.39 414.30 Td (believe ) Tj ET Q q 0 0 0 rg BT 163.33 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 181.70 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 198.33 414.30 Td (audits ) Tj ET Q q 0 0 0 rg BT 226.03 414.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 260.73 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 268.02 414.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 315.54 414.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 339.16 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 354.03 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 370.65 414.30 Td (opinions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.34 389.10 Td (company�) Tj ET Q q 0 0 0 rg BT 100.74 389.10 Td (s ) Tj ET Q q 0 0 0 rg BT 107.66 389.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 142.56 389.10 Td (control ) Tj ET Q q 0 0 0 rg BT 175.14 389.10 Td (over ) Tj ET Q q 0 0 0 rg BT 196.63 389.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.19 389.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 277.51 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.35 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.84 389.10 Td (process ) Tj ET Q q 0 0 0 rg BT 329.17 389.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 369.32 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.32 389.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 415.23 389.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 462.96 389.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 506.60 389.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.67 389.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (reliability ) Tj ET Q q 0 0 0 rg BT 91.96 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 102.33 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.70 376.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 180.82 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 197.61 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 212.07 376.50 Td (preparation ) Tj ET Q q 0 0 0 rg BT 261.52 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 271.90 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.26 376.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.22 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 370.09 376.50 Td (external ) Tj ET Q q 0 0 0 rg BT 405.54 376.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 444.50 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 454.30 376.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 503.15 376.50 Td (with ) Tj ET Q q 0 0 0 rg BT 523.45 376.50 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 88.04 363.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 135.94 363.90 Td (principles. ) Tj ET Q q 0 0 0 rg BT 181.79 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.21 363.90 Td (A) Tj ET Q q 0 0 0 rg BT 190.22 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 192.04 363.90 Td (company�) Tj ET Q q 0 0 0 rg BT 233.45 363.90 Td (s ) Tj ET Q q 0 0 0 rg BT 239.36 363.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 273.25 363.90 Td (control ) Tj ET Q q 0 0 0 rg BT 304.82 363.90 Td (over ) Tj ET Q q 0 0 0 rg BT 325.30 363.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.85 363.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 404.16 363.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 440.98 363.90 Td (those ) Tj ET Q q 0 0 0 rg BT 464.97 363.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 499.45 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 516.44 363.90 Td (procedures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 68.69 351.30 Td (\(i\)�pertain ) Tj ET Q q 0 0 0 rg BT 113.82 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 125.43 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 141.70 351.30 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 198.19 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 210.38 351.30 Td (records ) Tj ET Q q 0 0 0 rg BT 244.72 351.30 Td (that, ) Tj ET Q q 0 0 0 rg BT 266.53 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 278.14 351.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 326.48 351.30 Td (detail, ) Tj ET Q q 0 0 0 rg BT 355.87 351.30 Td (accurately ) Tj ET Q q 0 0 0 rg BT 402.44 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 421.05 351.30 Td (fairly ) Tj ET Q q 0 0 0 rg BT 447.23 351.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 477.48 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 493.75 351.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 547.34 351.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 102.64 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 114.35 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 130.14 338.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.60 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 169.30 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 185.09 338.70 Td (company; 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Tj ET Q /GS0 gs q 159.00 0 0 30.00 49.50 190.30 cm /I38 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 165.10 Td (Baltimore, Maryland) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.50 Td (May 23, 2016 ) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 33.25 Td (80) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 739.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 739.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 215.05 727.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 277.87 727.30 Td (TED BALANCE SHEETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.30 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0.9333333333333333 1 rg /GS0 gs 479.00 166.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 166.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 142.20 346.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 142.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 142.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 142.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 142.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 118.20 346.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 118.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 118.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 118.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 118.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 94.20 346.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 94.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 94.20 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 94.20 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 94.20 79.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 690.2 m 396 690.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 690.2 m 479 690.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 690.2 m 562 690.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 543.2 m 396 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 543.2 m 479 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 543.2 m 562 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 531.2 m 396 531.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 543.2 m 479 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 531.2 m 479 531.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 543.2 m 562 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 531.2 m 562 531.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 531.2 m 479 531.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 531.2 m 562 531.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 472.20000000000005 m 396 472.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 458.20000000000005 m 396 458.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 472.20000000000005 m 479 472.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 458.20000000000005 m 479 458.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 472.20000000000005 m 562 472.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 458.20000000000005 m 562 458.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 346.20000000000005 m 396 346.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 346.20000000000005 m 479 346.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 346.20000000000005 m 562 346.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 335.20000000000005 m 396 335.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 346.20000000000005 m 479 346.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 335.20000000000005 m 479 335.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 346.20000000000005 m 562 346.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 335.20000000000005 m 562 335.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 335.20000000000005 m 479 335.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 335.20000000000005 m 562 335.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 277.20000000000005 m 396 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 277.20000000000005 m 479 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 277.20000000000005 m 562 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 266.20000000000005 m 396 266.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 277.20000000000005 m 479 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 266.20000000000005 m 479 266.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 277.20000000000005 m 562 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 266.20000000000005 m 562 266.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 130.20000000000005 m 396 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 130.20000000000005 m 479 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 130.20000000000005 m 562 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 130.20000000000005 m 479 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 130.20000000000005 m 562 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 106.20000000000005 m 396 106.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 106.20000000000005 m 479 106.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 106.20000000000005 m 562 106.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 94.20000000000005 m 396 94.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 82.20000000000005 m 396 82.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 94.20000000000005 m 479 94.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 82.20000000000005 m 479 82.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 94.20000000000005 m 562 94.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 82.20000000000005 m 562 82.20000000000005 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 694.76 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 407.55 694.77 Td (March 31, 2016) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 491.75 694.76 Td (March 31, 2015) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 681.32 Td (ASSETS) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 670.11 Td (Current Assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 402.50 670.27 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.50 670.11 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 658.11 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 402.50 658.27 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 658.27 Td (1,329,126) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.50 658.11 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 658.11 Td (669,552) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 646.11 Td (Cash and cash equivalents of consolidated investment vehicles) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 461.05 646.27 Td (297) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 646.11 Td (2,808) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 634.16 Td (Restricted cash) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 634.32 Td (19,580) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 634.16 Td (32,114) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 623.16 Td (Receivables:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 612.11 Td (Investment advisory and related fees) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 612.27 Td (334,922) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 612.11 Td (368,399) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 600.16 Td (Other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 600.32 Td (74,694) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 600.16 Td (118,850) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 589.16 Td (Investment securities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 589.32 Td (515,335) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 589.16 Td (454,735) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 578.16 Td (Investment securities of consolidated investment vehicles) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 578.32 Td (48,715) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 578.16 Td (48,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 567.16 Td (Deferred income taxes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.80 567.32 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 567.16 Td (169,706) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 556.16 Td (Other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 556.32 Td (55,405) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 556.16 Td (51,002) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 545.16 Td (Other assets of consolidated investment vehicles) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.90 545.32 Td (7,054) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 545.16 Td (6,121) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 94.50 534.11 Td (Total Current Assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 534.27 Td (2,385,128) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 534.11 Td (1,921,287) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 522.16 Td (Fixed assets, net) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 522.32 Td (163,305) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 522.16 Td (179,606) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 511.11 Td (Intangible assets, net) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 511.27 Td (3,146,485) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 511.11 Td (3,313,334) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 499.11 Td (Goodwill) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 499.27 Td (1,479,516) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 499.11 Td (1,339,510) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 487.11 Td (Deferred income taxes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 487.27 Td (206,797) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 487.11 Td (161,978) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 58.50 475.11 Td (Other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 475.27 Td (139,215) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 475.11 Td (149,119) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 462.77 Td (TOTAL ASSETS) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 402.50 462.77 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 462.77 Td (7,520,446) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.50 462.76 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 462.76 Td (7,064,834) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 443.27 Td (LIABILITIES AND STOCKHOLDERS� EQUITY) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.50 443.11 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 430.32 Td (LIABILITIES) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 419.16 Td (Current Liabilities) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 408.11 Td (Accrued compensation) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 402.50 408.27 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 408.27 Td (430,736) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.50 408.11 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 408.11 Td (400,245) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 396.11 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 396.27 Td (201,572) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 396.11 Td (208,210) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 384.11 Td (Short-term borrowings) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 384.27 Td (40,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.80 384.11 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 372.11 Td (Contingent consideration) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 372.27 Td (26,396) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 372.11 Td (22,276) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 360.16 Td (Other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 360.32 Td (138,301) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 360.16 Td (177,879) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 88.50 349.11 Td (Other current liabilities of consolidated investment vehicles) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 453.90 349.27 Td (4,548) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 349.11 Td (6,436) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 94.50 337.16 Td (Total Current Liabilities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 337.32 Td (841,553) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 337.16 Td (815,046) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 326.11 Td (Deferred compensation) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 326.27 Td (65,897) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 326.11 Td (51,706) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 314.16 Td (Deferred income taxes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 314.32 Td (260,386) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 314.16 Td (362,209) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 303.11 Td (Contingent consideration) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 303.27 Td (58,189) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 303.11 Td (88,508) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 291.16 Td (Other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 291.32 Td (141,886) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 291.16 Td (167,998) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 280.11 Td (Long-term debt) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 280.27 Td (1,740,985) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 280.11 Td (1,048,946) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 268.32 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 268.32 Td (3,108,896) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 268.16 Td (2,534,413) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 251.27 Td (Commitments and Contingencies \(Note 8\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 231.77 Td (REDEEMABLE NONCONTROLLING INTERESTS) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 444.40 231.77 Td (175,785) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 231.76 Td (45,520) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 213.27 Td (STOCKHOLDERS' EQUITY) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 201.11 Td (Common stock, par value $.10; authorized 500,000,000 shares; issued 107,011,664) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 79.50 191.66 Td (shares in March 2016 and 111,469,142 shares in March 2015) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 194.77 Td (10,701) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 194.76 Td (11,147) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 181.11 Td (Additional paid-in capital) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 181.27 Td (2,693,113) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 181.11 Td (2,844,441) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 169.11 Td (Employee stock trust) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 446.00 169.27 Td (\(26,263) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 475.30 169.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.00 169.11 Td (\(29,570) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 169.11 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 157.11 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 157.27 Td (26,263) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 157.11 Td (29,570) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 145.11 Td (Retained earnings) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 145.27 Td (1,576,242) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 145.11 Td (1,690,055) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 133.11 Td (Accumulated other comprehensive loss, net) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 446.00 133.27 Td (\(66,493) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 475.30 133.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.00 133.11 Td (\(60,742) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 133.11 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 72.00 121.11 Td (Total stockholders' equity attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 121.27 Td (4,213,563) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 121.11 Td (4,484,901) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 72.00 109.27 Td (Nonredeemable noncontrolling interest) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 449.15 109.27 Td (22,202) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.80 109.11 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 58.50 97.27 Td (TOTAL STOCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 97.27 Td (4,235,765) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 97.11 Td (4,484,901) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 85.27 Td (TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 402.50 85.27 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 437.30 85.27 Td (7,520,446) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.50 85.11 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 85.11 Td (7,064,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 73.10 Td (See 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 558.2 m 402.5 558.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 573.2 m 482.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 558.2 m 482.5 558.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 573.2 m 562.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 558.2 m 562.5 558.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 514.2 m 322.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 514.2 m 402.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 514.2 m 482.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 514.2 m 562.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 388.20000000000005 m 322.5 388.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 388.20000000000005 m 402.5 388.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 388.20000000000005 m 482.5 388.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 388.20000000000005 m 562.5 388.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 373.20000000000005 m 322.5 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 373.20000000000005 m 402.5 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 373.20000000000005 m 482.5 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 373.20000000000005 m 562.5 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 358.20000000000005 m 322.5 358.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 358.20000000000005 m 402.5 358.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 358.20000000000005 m 482.5 358.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 358.20000000000005 m 562.5 358.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 358.20000000000005 m 322.5 358.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 264.20000000000005 m 322.5 264.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 264.20000000000005 m 402.5 264.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 264.20000000000005 m 482.5 264.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 264.20000000000005 m 562.5 264.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 249.20000000000005 m 402.5 249.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 249.20000000000005 m 482.5 249.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 249.20000000000005 m 562.5 249.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 249.20000000000005 m 322.5 249.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 210.20000000000005 m 322.5 210.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 210.20000000000005 m 402.5 210.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 210.20000000000005 m 482.5 210.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 210.20000000000005 m 562.5 210.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 170.20000000000005 m 322.5 170.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 170.20000000000005 m 402.5 170.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 170.20000000000005 m 482.5 170.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 170.20000000000005 m 562.5 170.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 146.20000000000005 m 322.5 146.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 146.20000000000005 m 402.5 146.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 146.20000000000005 m 482.5 146.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 146.20000000000005 m 562.5 146.20000000000005 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.65 695.97 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 681.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 681.59 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 681.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 681.42 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 667.59 Td (OPERATING REVENUES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 652.97 Td (Investment advisory fees:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 637.97 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.00 637.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 637.99 Td (826,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 637.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 637.97 Td (824,211) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 637.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 637.97 Td (777,420) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 622.97 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 622.99 Td (1,409,059) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 622.97 Td (1,544,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 622.97 Td (1,501,278) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 607.97 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 607.99 Td (41,982) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.60 607.97 Td (83,519) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 607.97 Td (107,087) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 592.97 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 592.99 Td (381,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 592.97 Td (361,188) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 592.97 Td (347,598) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 577.97 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.85 577.99 Td (2,237) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.85 577.97 Td (5,694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 577.97 Td (8,374) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 562.97 Td (Total Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 562.99 Td (2,660,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 562.97 Td (2,819,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 562.97 Td (2,741,757) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 548.59 Td (OPERATING EXPENSES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 533.97 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 533.99 Td (1,172,645) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 533.97 Td (1,208,214) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 533.97 Td (1,208,226) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 518.97 Td (Transition-related compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 518.99 Td (32,172) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.60 518.97 Td (24,556) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 518.97 Td (2,161) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 503.97 Td (Total Compensation and Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 503.99 Td (1,204,817) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 503.97 Td (1,232,770) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 503.97 Td (1,210,387) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 488.97 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 488.99 Td (545,710) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 488.97 Td (594,788) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 488.97 Td (619,070) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 473.97 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 473.99 Td (197,857) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 473.97 Td (182,438) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 473.97 Td (157,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 458.97 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 458.99 Td (122,610) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 458.97 Td (109,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 458.97 Td (115,234) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 443.97 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.85 443.99 Td (4,979) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.85 443.97 Td (2,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 443.97 Td (12,314) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 428.97 Td (Impairment charges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 428.99 Td (371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 428.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 428.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 413.97 Td (Other, net, including $\(33,375\) and $5,000 of contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 403.47 Td (consideration fair value \(reduction\) increase in fiscal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 392.97 Td (2016 and 2014, respectively) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.35 392.99 Td (163,040) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 392.97 Td (198,558) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 392.97 Td (195,987) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 377.97 Td (Total Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 377.99 Td (2,610,013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 377.97 Td (2,320,887) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 377.97 Td (2,310,864) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 362.99 Td (OPERATING INCOME) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 362.99 Td (50,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 362.97 Td (498,219) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 362.97 Td (430,893) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 348.59 Td (OTHER NON-OPERATING INCOME \(EXPENSE\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 333.97 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.85 333.99 Td (5,634) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.85 333.97 Td (7,440) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 333.97 Td (6,367) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 318.97 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 318.99 Td (\(48,463) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 318.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.10 318.97 Td (\(58,274) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 318.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 318.97 Td (\(52,911) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 318.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 304.42 Td (Other income \(expense\), net, including $107,074 debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 293.92 Td (extinguishment loss in fiscal 2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 293.99 Td (\(25,977) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 293.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.10 293.97 Td (\(85,280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 293.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 293.97 Td (32,818) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 279.42 Td (Other non-operating income \(expense\) of consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 268.92 Td (investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.35 268.99 Td (\(7,243) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 268.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.85 268.97 Td (5,888) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 268.97 Td (2,474) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 253.97 Td (Total Other Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 253.99 Td (\(76,049) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 253.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 253.97 Td (\(130,226) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 253.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 253.97 Td (\(11,252) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 253.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 239.59 Td (INCOME \(LOSS\) BEFORE INCOME TAX PROVISION) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 71.00 229.09 Td (\(BENEFIT\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 229.99 Td (\(25,218) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 229.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 229.97 Td (367,993) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 229.97 Td (419,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 214.97 Td (Income tax provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.85 214.99 Td (7,692) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 214.97 Td (125,284) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 214.97 Td (137,805) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 199.99 Td (NET INCOME \(LOSS\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 199.99 Td (\(32,910) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 199.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 199.97 Td (242,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 199.97 Td (281,836) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 185.42 Td (Less: Net income \(loss\) attributable to noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 174.92 Td (interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.35 174.99 Td (\(7,878) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 174.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.85 174.97 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 174.97 Td (\(2,948) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 174.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 160.59 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO LEGG) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 71.00 150.09 Td (MASON, INC.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.00 150.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 150.99 Td (\(25,032) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 150.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 150.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 150.97 Td (237,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 150.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 150.97 Td (284,784) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 130.59 Td (NET INCOME \(LOSS\) PER SHARE ATTRIBUTABLE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 71.00 120.09 Td (TO LEGG MASON, INC. 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505.5 103.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 103.20000000000005 m 562.5 103.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 91.20000000000005 m 391.5 91.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 91.20000000000005 m 448.5 91.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 91.20000000000005 m 505.5 91.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 91.20000000000005 m 562.5 91.20000000000005 l s BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 697.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 438.55 697.81 Td (Years Ended March 31,) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 686.81 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 413.00 686.94 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 686.81 Td (2015) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.00 686.81 Td (2014) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 53.00 675.94 Td (STOCKHOLDERS' EQUITY ATTRIBUTABLE TO LEGG MASON, INC.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 664.94 Td (COMMON STOCK) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.00 664.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 653.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 398.00 653.94 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 421.75 653.94 Td (11,147) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.00 653.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 653.81 Td (11,717) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.00 653.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 653.81 Td (12,534) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 641.81 Td (Stock options exercised) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 641.94 Td (33) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 641.81 Td (71) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 641.81 Td (78) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 629.81 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 440.90 629.94 Td (2) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.90 629.81 Td (5) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 554.90 629.81 Td (5) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 617.81 Td (Stock-based compensation) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 617.94 Td (14) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 617.81 Td (94) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.40 617.81 Td (123) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 605.81 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 433.80 605.99 Td (\(41) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 605.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 490.80 605.86 Td (\(47) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 605.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 547.80 605.86 Td (\(55) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 605.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 593.81 Td (Shares repurchased and 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(2,844,441) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 559.81 Td (3,148,396) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 559.81 Td (3,449,190) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 547.81 Td (Stock options exercised) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 426.00 547.94 Td (9,482) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 547.81 Td (21,994) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 547.81 Td (23,741) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 535.81 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 432.40 535.94 Td (505) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 483.00 535.81 Td (2,218) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.00 535.81 Td (1,779) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 523.81 Td (Stock-based compensation) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 421.75 523.94 Td (65,373) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 523.81 Td (54,935) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 523.81 Td (53,939) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 511.81 Td (Additional tax benefit on Equity Unit exchange in fiscal 2010) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 426.00 511.94 Td (9,173) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 511.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 511.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 499.81 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 499.94 Td (\(21,596) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 499.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 499.81 Td (\(22,067) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 499.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.90 499.81 Td (\(19,409) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 499.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 487.81 Td (Shares repurchased and retired) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 487.94 Td (\(209,178) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 487.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 471.65 487.81 Td (\(355,829) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 487.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.65 487.81 Td (\(359,028) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 487.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 475.81 Td (Redeemable noncontrolling interest reclassification for affiliate management equity plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 475.94 Td (\(5,087) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 475.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.15 475.81 Td (\(5,206) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 475.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 537.15 475.81 Td (\(1,816) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 475.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 463.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.10 463.94 Td (2,693,113) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 463.81 Td (2,844,441) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 463.81 Td (3,148,396) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 452.94 Td (EMPLOYEE STOCK TRUST) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.00 452.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.00 452.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 441.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 441.94 Td (\(29,570) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 441.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 441.81 Td (\(29,922) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 441.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.90 441.81 Td (\(32,623) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 441.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 429.81 Td (Shares issued to plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 429.55 429.99 Td (\(507) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 429.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.15 429.81 Td (\(2,223) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 429.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 537.15 429.81 Td (\(1,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 429.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 417.81 Td (Distributions and forfeitures) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 426.00 417.94 Td (3,814) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 483.00 417.81 Td (2,575) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.00 417.81 Td (4,485) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 405.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 405.94 Td (\(26,263) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 405.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 405.81 Td (\(29,570) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 405.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.90 405.81 Td (\(29,922) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 405.81 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 394.94 Td (DEFERRED COMPENSATION EMPLOYEE STOCK TRUST) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.00 394.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.00 394.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 383.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 421.75 383.94 Td (29,570) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 383.81 Td (29,922) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 383.81 Td (32,623) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 371.81 Td (Shares issued to plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 432.40 371.94 Td (507) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 483.00 371.81 Td (2,223) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.00 371.81 Td (1,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 359.81 Td (Distributions and forfeitures) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 359.94 Td (\(3,814) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 359.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.15 359.81 Td (\(2,575) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 359.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 537.15 359.81 Td (\(4,485) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 359.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 347.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 421.75 347.94 Td (26,263) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 347.81 Td (29,570) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 347.81 Td (29,922) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 336.94 Td (RETAINED EARNINGS) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.00 336.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.00 336.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 325.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.10 325.94 Td (1,690,055) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 325.81 Td (1,526,662) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 325.81 Td (1,304,259) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 313.81 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 313.94 Td (\(25,032) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 313.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 474.50 313.81 Td (237,080) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.50 313.81 Td (284,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 301.81 Td (Dividends declared) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 301.94 Td (\(87,818) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 301.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 301.81 Td (\(73,687) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 301.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.90 301.81 Td (\(62,381) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 301.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 289.81 Td (Reclassification for net increase in estimated redemption value of affiliate management) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.50 281.31 Td (equity plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 429.55 282.59 Td (\(963) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 282.54 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 282.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 282.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 269.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.10 269.94 Td (1,576,242) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 269.81 Td (1,690,055) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 269.81 Td (1,526,662) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 258.94 Td (APPROPRIATED RETAINED EARNINGS FOR CONSOLIDATED INVESTMENT) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 62.00 250.44 Td (VEHICLE) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 237.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 237.94 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 237.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.00 237.81 Td (4,829) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 225.81 Td (Net income reclassified to appropriated retained earnings) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 225.94 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 225.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 537.15 225.81 Td (\(4,829) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 225.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 213.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 213.94 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 213.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 213.81 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 57.50 202.94 Td (ACCUMULATED OTHER COMPREHENSIVE INCOME \(LOSS\), NET) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.00 202.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.00 202.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 191.81 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 191.94 Td (\(60,742) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 191.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.75 191.81 Td (37,949) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 191.81 Td (47,539) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 179.56 Td (Net unrealized losses on investment securities) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 179.54 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 179.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 543.55 179.61 Td (\(166) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 179.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 166.81 Td (Net actuarial gains \(losses\) on defined benefit pension plan) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 426.00 166.94 Td (2,774) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.15 166.81 Td (\(9,595) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 166.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 166.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 154.81 Td (Reclassification to assets held for sale) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 436.65 154.94 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 486.55 154.86 Td (\(114) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 154.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 154.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 142.81 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 142.94 Td (\(8,525) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 142.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 142.81 Td (\(88,982) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 142.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 537.15 142.81 Td (\(9,424) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.15 142.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 130.81 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 130.94 Td (\(66,493) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.15 130.94 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 130.81 Td (\(60,742) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 130.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 535.75 130.81 Td (37,949) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 53.00 118.94 Td (TOTAL STOCKHOLDERS� EQUITY ATTRIBUTABLE TO LEGG MASON, INC.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.10 118.94 Td (4,213,563) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 118.81 Td (4,484,901) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.00 118.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 118.81 Td (4,724,724) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 59.00 106.81 Td (Nonredeemable noncontrolling interest) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 421.75 106.94 Td (22,202) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.65 106.81 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.65 106.81 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 53.00 94.94 Td (TOTAL STOCKHOLDERS� EQUITY) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 398.00 94.94 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.10 94.94 Td (4,235,765) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.00 94.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.10 94.81 Td (4,484,901) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.00 94.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 94.81 Td (4,724,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (84) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 182.75 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 245.57 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 281.85 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 288.65 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 356.81 729.30 Td ( CASH FLOWS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.30 716.70 Td (\(Dollars in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 666.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 666.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 666.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 666.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 666.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 666.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 666.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 640.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 640.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 640.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 640.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 640.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 640.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 640.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.20 347.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 614.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 614.20 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 614.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 614.20 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 614.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 614.20 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 587.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 587.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 587.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 587.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 587.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 587.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 587.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 561.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 561.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 561.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 561.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 561.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 561.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 561.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 535.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 535.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 535.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 535.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 535.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 535.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 535.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 509.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 509.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 509.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 509.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 509.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 509.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 509.20 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.20 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 483.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 483.20 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0 J 0 j 3 M 510.5 314.2 m 561.5 314.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 696.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 696.77 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 683.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 683.59 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 683.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.00 683.42 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 670.59 Td (CASH FLOWS FROM OPERATING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 670.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 656.42 Td (Net Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.00 656.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 656.98 Td (\(32,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 656.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 656.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.10 656.77 Td (242,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 656.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 656.77 Td (281,836) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 643.42 Td (5.5% Senior Notes Due 2019:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 630.42 Td (Loss on extinguishments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 630.93 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.10 630.77 Td (107,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 630.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 617.42 Td (Allocation of redemption payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 617.93 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 617.82 Td (\(98,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 617.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 617.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 604.42 Td (Adjustments to reconcile Net Income to net cash provided by operations:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 590.42 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 590.93 Td (371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 590.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 590.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 577.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 577.93 Td (60,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 577.77 Td (55,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 577.77 Td (62,845) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 564.42 Td (Accretion and amortization of securities discounts and premiums, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 564.93 Td (3,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 564.77 Td (4,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 564.77 Td (3,037) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 551.42 Td (Stock-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 551.93 Td (92,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 551.77 Td (66,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 551.77 Td (66,488) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 538.42 Td (Net losses \(gains\) on investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 538.93 Td (26,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 538.82 Td (\(13,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 538.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 538.82 Td (\(26,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 538.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 525.42 Td (Net losses \(gains\) of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 525.93 Td (2,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 525.82 Td (\(1,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 525.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 525.82 Td (\(643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 525.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 512.42 Td (Deferred income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 512.98 Td (\(7,727) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 512.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.10 512.77 Td (100,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 512.77 Td (118,430) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 499.42 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 499.98 Td (\(33,375) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 499.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 499.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 499.77 Td (5,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 486.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 486.93 Td (2,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 486.82 Td (\(12,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 486.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 486.77 Td (3,276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 473.42 Td (Decrease \(increase\) in assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 460.42 Td (Investment advisory and related fees receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 460.93 Td (34,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 460.82 Td (\(28,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 460.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 460.82 Td (\(2,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 460.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 447.42 Td (Net sales \(purchases\) of trading and other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 447.98 Td (\(82,423) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 447.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 447.77 Td (47,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 447.82 Td (\(44,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 447.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 434.42 Td (Other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 434.98 Td (\(9,545) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 434.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 434.77 Td (19,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 434.77 Td (14,105) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 421.42 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 421.93 Td (4,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 421.82 Td (\(9,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 421.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 421.82 Td (\(24,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 421.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 408.42 Td (Other assets of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 408.98 Td (\(1,631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 408.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.10 408.77 Td (114,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 408.82 Td (\(62,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 408.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 395.42 Td (Increase \(decrease\) in liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 382.42 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 382.93 Td (30,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 382.82 Td (\(17,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 382.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 382.77 Td (76,968) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 369.42 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 369.93 Td (14,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 369.77 Td (10,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 369.82 Td (\(7,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 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Tj ET Q q 0 0 0 rg BT 304.06 627.10 Td (, ) Tj ET Q q 0 0 0 rg BT 308.98 627.10 Td ("Legg ) Tj ET Q q 0 0 0 rg BT 337.14 627.10 Td (Mason" ) Tj ET Q q 0 0 0 rg BT 372.30 627.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.34 627.10 Td ("the ) Tj ET Q q 0 0 0 rg BT 402.75 627.10 Td (Company"\) ) Tj ET Q q 0 0 0 rg BT 453.66 627.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.78 627.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 516.56 627.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 553.84 627.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 614.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 93.46 614.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 116.49 614.50 Td (management ) Tj ET Q q 0 0 0 rg BT 172.76 614.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.55 614.50 Td (related ) Tj ET Q q 0 0 0 rg BT 221.74 614.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.09 614.50 Td (services ) Tj ET Q q 0 0 0 rg BT 297.54 614.50 Td (to ) Tj ET Q q 0 0 0 rg BT 308.33 614.50 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 360.25 614.50 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 412.17 614.50 Td (corporations ) Tj ET Q q 0 0 0 rg BT 467.29 614.50 Td (and ) Tj ET Q q 0 0 0 rg BT 485.07 614.50 Td (municipalities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 589.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.30 589.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.35 589.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.06 589.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.37 589.30 Td (include ) Tj ET Q q 0 0 0 rg BT 246.25 589.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.06 589.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.77 589.30 Td (of ) Tj ET Q q 0 0 0 rg BT 313.50 589.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.31 589.30 Td (Parent ) Tj ET Q q 0 0 0 rg BT 359.11 589.30 Td (and ) Tj ET Q q 0 0 0 rg BT 377.25 589.30 Td (its ) Tj ET Q q 0 0 0 rg BT 390.15 589.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 442.71 589.30 Td (in ) Tj ET Q q 0 0 0 rg BT 453.86 589.30 Td (which ) Tj ET Q q 0 0 0 rg BT 482.50 589.30 Td (it ) Tj ET Q q 0 0 0 rg BT 491.31 589.30 Td (has ) Tj ET Q q 0 0 0 rg BT 508.29 589.30 Td (a ) Tj ET Q q 0 0 0 rg BT 515.93 589.30 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 576.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.39 576.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.58 576.70 Td ( ) Tj ET Q q 0 0 0 rg BT 128.24 576.70 Td (Generally) Tj ET Q q 0 0 0 rg BT 168.95 576.70 Td (, ) Tj ET Q q 0 0 0 rg BT 174.24 576.70 Td (an ) Tj ET Q q 0 0 0 rg BT 186.80 576.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 213.38 576.70 Td (is ) Tj ET Q q 0 0 0 rg BT 223.04 576.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 271.18 576.70 Td (to ) Tj ET Q q 0 0 0 rg BT 282.00 576.70 Td (have ) Tj ET Q q 0 0 0 rg BT 304.48 576.70 Td (a ) Tj ET Q q 0 0 0 rg BT 311.80 576.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 360.54 576.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.93 576.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 433.49 576.70 Td (when ) Tj ET Q q 0 0 0 rg BT 458.89 576.70 Td (it ) Tj ET Q q 0 0 0 rg BT 467.39 576.70 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.21 576.70 Td (a ) Tj ET Q q 0 0 0 rg BT 499.53 576.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 537.77 576.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 576.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 79.78 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.62 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.73 564.10 Td (an ) Tj ET Q q 0 0 0 rg BT 137.59 564.10 Td (entity) Tj ET Q q 0 0 0 rg BT 160.82 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.38 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.32 564.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 193.84 564.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 225.37 564.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.31 564.10 Td (also ) Tj ET Q q 0 0 0 rg BT 255.17 564.10 Td (required ) Tj ET Q q 0 0 0 rg BT 293.09 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.20 564.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 354.96 564.10 Td (any ) Tj ET Q q 0 0 0 rg BT 373.06 564.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 409.82 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.67 564.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.52 564.10 Td (\("VIE"\) ) Tj ET Q q 0 0 0 rg BT 506.52 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.63 564.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.23 564.10 Td (it ) Tj ET Q q 0 0 0 rg BT 555.01 564.10 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 551.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 98.69 551.50 Td (to ) Tj ET Q q 0 0 0 rg BT 110.07 551.50 Td (be ) Tj ET Q q 0 0 0 rg BT 123.18 551.50 Td (the ) Tj ET Q q 0 0 0 rg BT 139.22 551.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 175.67 551.50 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 222.21 551.50 Td (. ) Tj ET Q q 0 0 0 rg BT 228.04 551.50 Td ( ) Tj ET Q q 0 0 0 rg BT 231.25 551.50 Td (See ) Tj ET Q q 0 0 0 rg BT 249.62 551.50 Td ("Consolidation" ) Tj ET Q q 0 0 0 rg BT 320.32 551.50 Td (below ) Tj ET Q q 0 0 0 rg BT 349.19 551.50 Td (and ) Tj ET Q q 0 0 0 rg BT 367.56 551.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 391.17 551.50 Td (17 ) Tj ET Q q 0 0 0 rg BT 404.88 551.50 Td (for ) Tj ET Q q 0 0 0 rg BT 420.33 551.50 Td (a ) Tj ET Q q 0 0 0 rg BT 428.20 551.50 Td (further ) Tj ET Q q 0 0 0 rg BT 459.98 551.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 506.94 551.50 Td (of ) Tj ET Q q 0 0 0 rg BT 518.66 551.50 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 546.08 551.50 Td ( ) Tj ET Q q 0 0 0 rg BT 548.58 551.50 Td (All ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 538.90 Td (material ) Tj ET Q q 0 0 0 rg BT 87.02 538.90 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 147.38 538.90 Td (balances ) Tj ET Q q 0 0 0 rg BT 186.15 538.90 Td (and ) Tj ET Q q 0 0 0 rg BT 203.94 538.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 256.72 538.90 Td (have ) Tj ET Q q 0 0 0 rg BT 279.16 538.90 Td (been ) Tj ET Q q 0 0 0 rg BT 301.61 538.90 Td (eliminated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 513.70 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.33 513.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 119.34 513.70 Td (in ) Tj ET Q q 0 0 0 rg BT 128.93 513.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 150.77 513.70 Td (year ) Tj ET Q q 0 0 0 rg BT 170.26 513.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.42 513.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 254.17 513.70 Td (have ) Tj ET Q q 0 0 0 rg BT 275.41 513.70 Td (been ) Tj ET Q q 0 0 0 rg BT 296.66 513.70 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 345.90 513.70 Td (to ) Tj ET Q q 0 0 0 rg BT 355.49 513.70 Td (conform ) Tj ET Q q 0 0 0 rg BT 392.49 513.70 Td (to ) Tj ET Q q 0 0 0 rg BT 402.08 513.70 Td (the ) Tj ET Q q 0 0 0 rg BT 416.33 513.70 Td (current ) Tj ET Q q 0 0 0 rg BT 447.49 513.70 Td (year ) Tj ET Q q 0 0 0 rg BT 466.98 513.70 Td (presentation, ) Tj ET Q q 0 0 0 rg BT 522.35 513.70 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 501.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 123.48 501.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.27 501.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.89 501.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 208.93 501.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 245.37 501.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 275.41 501.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.78 501.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 324.38 501.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 345.08 501.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 383.28 501.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 409.53 501.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.90 501.10 Td (more ) Tj ET Q q 0 0 0 rg BT 445.10 501.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 467.56 501.10 Td (described ) Tj ET Q q 0 0 0 rg BT 510.41 501.10 Td (below) Tj ET Q q 0 0 0 rg BT 535.39 501.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 475.90 Td (All ) Tj ET Q q 0 0 0 rg BT 66.04 475.90 Td (references ) Tj ET Q q 0 0 0 rg BT 111.80 475.90 Td (to ) Tj ET Q q 0 0 0 rg BT 122.59 475.90 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.95 475.90 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.95 475.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.20 475.90 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.20 475.90 Td ( ) Tj ET Q q 0 0 0 rg BT 197.83 475.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.20 475.90 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.20 475.90 Td (, ) Tj ET Q q 0 0 0 rg BT 235.45 475.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 257.89 475.90 Td (to ) Tj ET Q q 0 0 0 rg BT 268.68 475.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 292.88 475.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 330.07 475.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 355.43 475.90 Td (year ) Tj ET Q q 0 0 0 rg BT 376.12 475.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 403.82 475.90 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 446.97 475.90 Td (of ) Tj ET Q q 0 0 0 rg BT 458.35 475.90 Td (that ) Tj ET Q q 0 0 0 rg BT 476.72 475.90 Td (year) Tj ET Q q 0 0 0 rg BT 494.20 475.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 450.70 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.96 450.70 Td (of ) Tj ET Q q 0 0 0 rg BT 80.33 450.70 Td (Estimates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.00 438.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.75 438.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.15 438.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 207.15 438.10 Td (are ) Tj ET Q q 0 0 0 rg BT 221.65 438.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 260.05 438.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.89 438.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 318.77 438.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.12 438.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 386.86 438.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 429.94 438.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 470.68 438.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 509.08 438.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.92 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.42 438.10 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 425.50 Td (States ) Tj ET Q q 0 0 0 rg BT 78.76 425.50 Td (of ) Tj ET Q q 0 0 0 rg BT 90.37 425.50 Td (America ) Tj ET Q q 0 0 0 rg BT 130.19 425.50 Td (and ) Tj ET Q q 0 0 0 rg BT 149.03 425.50 Td (the ) Tj ET Q q 0 0 0 rg BT 165.53 425.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 212.36 425.50 Td (rules ) Tj ET Q q 0 0 0 rg BT 236.44 425.50 Td (and ) Tj ET Q q 0 0 0 rg BT 255.28 425.50 Td (regulations ) Tj ET Q q 0 0 0 rg BT 305.61 425.50 Td (of ) Tj ET Q q 0 0 0 rg BT 318.04 425.50 Td (the ) Tj ET Q q 0 0 0 rg BT 334.54 425.50 Td (Securities ) Tj ET Q q 0 0 0 rg BT 379.62 425.50 Td (and ) Tj ET Q q 0 0 0 rg BT 398.46 425.50 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 443.53 425.50 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 502.93 425.50 Td (which ) Tj ET Q q 0 0 0 rg BT 532.27 425.50 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 412.90 Td (management ) Tj ET Q q 0 0 0 rg BT 106.53 412.90 Td (to ) Tj ET Q q 0 0 0 rg BT 117.59 412.90 Td (make ) Tj ET Q q 0 0 0 rg BT 143.22 412.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 198.03 412.90 Td (and ) Tj ET Q q 0 0 0 rg BT 216.08 412.90 Td (estimates ) Tj ET Q q 0 0 0 rg BT 258.04 412.90 Td (that ) Tj ET Q q 0 0 0 rg BT 276.68 412.90 Td (af) Tj ET Q q 0 0 0 rg BT 284.65 412.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 303.27 412.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.99 412.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.46 412.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 395.33 412.90 Td (in ) Tj ET Q q 0 0 0 rg BT 406.39 412.90 Td (the ) Tj ET Q q 0 0 0 rg BT 422.10 412.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 478.06 412.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.68 412.90 Td (statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.45 400.30 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 130.96 400.30 Td (notes, ) Tj ET Q q 0 0 0 rg BT 158.03 400.30 Td (including ) Tj ET Q q 0 0 0 rg BT 199.98 400.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 235.50 400.30 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 288.23 400.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 329.58 400.30 Td (of ) Tj ET Q q 0 0 0 rg BT 340.62 400.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.63 400.30 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 433.54 400.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 477.82 400.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.60 400.30 Td (and ) Tj ET Q q 0 0 0 rg BT 522.05 400.30 Td (goodwill, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 387.70 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 102.11 387.70 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 165.60 387.70 Td (income ) Tj ET Q q 0 0 0 rg BT 199.04 387.70 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 225.78 387.70 Td (and ) Tj ET Q q 0 0 0 rg BT 243.48 387.70 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 305.23 387.70 Td ( ) Tj ET Q q 0 0 0 rg BT 307.77 387.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 365.12 387.70 Td (believes ) Tj ET Q q 0 0 0 rg BT 402.07 387.70 Td (that ) Tj ET Q q 0 0 0 rg BT 420.35 387.70 Td (the ) Tj ET Q q 0 0 0 rg BT 435.72 387.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 477.34 387.70 Td (used ) Tj ET Q q 0 0 0 rg BT 499.12 387.70 Td (are ) Tj ET Q q 0 0 0 rg BT 514.48 387.70 Td (reasonable, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (although ) Tj ET Q q 0 0 0 rg BT 88.65 375.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 115.61 375.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.10 375.10 Td (could ) Tj ET Q q 0 0 0 rg BT 178.33 375.10 Td (dif) Tj ET Q q 0 0 0 rg BT 189.80 375.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 203.36 375.10 Td (from ) Tj ET Q q 0 0 0 rg BT 225.67 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.40 375.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 281.37 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.43 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.16 375.10 Td (dif) Tj ET Q q 0 0 0 rg BT 324.64 375.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 361.51 375.10 Td (could ) Tj ET Q q 0 0 0 rg BT 386.74 375.10 Td (have ) Tj ET Q q 0 0 0 rg BT 408.46 375.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.02 375.10 Td (material ) Tj ET Q q 0 0 0 rg BT 451.32 375.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 481.80 375.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.20 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.93 375.10 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 362.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.36 362.50 Td (statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 337.30 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 324.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.42 324.70 Td (the ) Tj ET Q q 0 0 0 rg BT 74.91 324.70 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.32 324.70 Td (course ) Tj ET Q q 0 0 0 rg BT 135.40 324.70 Td (of ) Tj ET Q q 0 0 0 rg BT 145.81 324.70 Td (its ) Tj ET Q q 0 0 0 rg BT 157.40 324.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 197.28 324.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 220.53 324.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 250.78 324.70 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 289.21 324.70 Td (and ) Tj ET Q q 0 0 0 rg BT 306.03 324.70 Td (manages ) Tj ET Q q 0 0 0 rg BT 344.44 324.70 Td (various ) Tj ET Q q 0 0 0 rg BT 377.02 324.70 Td (types ) Tj ET Q q 0 0 0 rg BT 400.85 324.70 Td (of ) Tj ET Q q 0 0 0 rg BT 411.27 324.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.02 324.70 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 497.71 324.70 Td (For ) Tj ET Q q 0 0 0 rg BT 513.97 324.70 Td (its ) Tj ET Q q 0 0 0 rg BT 525.56 324.70 Td (services, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.05 312.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.10 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 114.58 312.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 148.54 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.18 312.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 191.96 312.10 Td (management ) Tj ET Q q 0 0 0 rg BT 248.08 312.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 267.46 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.09 312.10 Td (may ) Tj ET Q q 0 0 0 rg BT 305.64 312.10 Td (be ) Tj ET Q q 0 0 0 rg BT 318.03 312.10 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 354.61 312.10 Td (under ) Tj ET Q q 0 0 0 rg BT 380.99 312.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 412.03 312.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 476.60 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.24 312.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 520.02 312.10 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 299.50 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 106.89 299.50 Td (management ) Tj ET Q q 0 0 0 rg BT 163.18 299.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 182.74 299.50 Td (or ) Tj ET Q q 0 0 0 rg BT 194.13 299.50 Td (other ) Tj ET Q q 0 0 0 rg BT 218.36 299.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 259.49 299.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 281.67 299.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 305.89 299.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 343.10 299.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 383.66 299.50 Td (to ) Tj ET Q q 0 0 0 rg BT 394.48 299.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.88 299.50 Td (in ) Tj ET Q q 0 0 0 rg BT 423.69 299.50 Td (these ) Tj ET Q q 0 0 0 rg BT 447.92 299.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 480.89 299.50 Td (is ) Tj ET Q q 0 0 0 rg BT 490.55 299.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 532.26 299.50 Td (limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 286.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.36 286.90 Td (any ) Tj ET Q q 0 0 0 rg BT 77.72 286.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 106.16 286.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.43 286.90 Td (it ) Tj ET Q q 0 0 0 rg BT 162.46 286.90 Td (has ) Tj ET Q q 0 0 0 rg BT 178.65 286.90 Td (made ) Tj ET Q q 0 0 0 rg BT 203.58 286.90 Td (or ) Tj ET Q q 0 0 0 rg BT 214.52 286.90 Td (is ) Tj ET Q q 0 0 0 rg BT 223.72 286.90 Td (required ) Tj ET Q q 0 0 0 rg BT 260.90 286.90 Td (to ) Tj ET Q q 0 0 0 rg BT 271.26 286.90 Td (make, ) Tj ET Q q 0 0 0 rg BT 298.82 286.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.17 286.90 Td (any ) Tj ET Q q 0 0 0 rg BT 333.53 286.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 363.70 286.90 Td (but ) Tj ET Q q 0 0 0 rg BT 379.31 286.90 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 429.90 286.90 Td (management ) Tj ET Q q 0 0 0 rg BT 485.74 286.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 507.46 286.90 Td ( ) Tj ET Q q 0 0 0 rg BT 509.66 286.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.43 286.90 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 274.30 Td (did ) Tj ET Q q 0 0 0 rg BT 65.90 274.30 Td (not ) Tj ET Q q 0 0 0 rg BT 81.81 274.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 98.88 274.30 Td (or ) Tj ET Q q 0 0 0 rg BT 110.11 274.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 144.66 274.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.65 274.30 Td (to ) Tj ET Q q 0 0 0 rg BT 182.30 274.30 Td (any ) Tj ET Q q 0 0 0 rg BT 199.95 274.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.18 274.30 Td (these ) Tj ET Q q 0 0 0 rg BT 235.24 274.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 283.81 274.30 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 323.32 274.30 Td ( ) Tj ET Q q 0 0 0 rg BT 325.81 274.30 Td (In ) Tj ET Q q 0 0 0 rg BT 337.04 274.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 386.74 274.30 Td (with ) Tj ET Q q 0 0 0 rg BT 407.90 274.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.11 274.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 495.67 274.30 Td (standards, ) Tj ET Q q 0 0 0 rg BT 540.44 274.30 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 261.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 82.23 261.70 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 137.78 261.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 169.99 261.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 216.21 261.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.93 261.70 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 306.60 261.70 Td (some ) Tj ET Q q 0 0 0 rg BT 332.41 261.70 Td (of ) Tj ET Q q 0 0 0 rg BT 344.80 261.70 Td (which ) Tj ET Q q 0 0 0 rg BT 374.11 261.70 Td (are ) Tj ET Q q 0 0 0 rg BT 390.57 261.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 439.12 261.70 Td (and ) Tj ET Q q 0 0 0 rg BT 457.92 261.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 496.55 261.70 Td (as ) Tj ET Q q 0 0 0 rg BT 508.94 261.70 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.15 249.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 136.63 249.10 Td (\(�CIVs�\). ) Tj ET Q q 0 0 0 rg BT 180.81 249.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.66 249.10 Td (The ) Tj ET Q q 0 0 0 rg BT 203.06 249.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 262.71 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.53 249.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 320.19 249.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 369.34 249.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 409.44 249.10 Td (including ) Tj ET Q q 0 0 0 rg BT 452.18 249.10 Td (those ) Tj ET Q q 0 0 0 rg BT 477.42 249.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 525.39 249.10 Td (as ) Tj ET Q q 0 0 0 rg BT 537.21 249.10 Td (CIVs, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 236.50 Td (has ) Tj ET Q q 0 0 0 rg BT 66.18 236.50 Td (no ) Tj ET Q q 0 0 0 rg BT 78.86 236.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 109.62 236.50 Td (on ) Tj ET Q q 0 0 0 rg BT 122.30 236.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 139.64 236.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 173.31 236.50 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 201.84 236.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 254.76 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 265.11 236.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 288.86 236.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 322.25 236.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 340.47 236.50 Td (and ) Tj ET Q q 0 0 0 rg BT 357.81 236.50 Td (does ) Tj ET Q q 0 0 0 rg BT 379.24 236.50 Td (not ) Tj ET Q q 0 0 0 rg BT 394.84 236.50 Td (have ) Tj ET Q q 0 0 0 rg BT 416.84 236.50 Td (a ) Tj ET Q q 0 0 0 rg BT 423.68 236.50 Td (material ) Tj ET Q q 0 0 0 rg BT 460.26 236.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 491.02 236.50 Td (on ) Tj ET Q q 0 0 0 rg BT 503.70 236.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.46 236.50 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 223.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 106.18 223.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 148.95 223.90 Td (results. ) Tj ET Q q 0 0 0 rg BT 181.87 223.90 Td (The ) Tj ET Q q 0 0 0 rg BT 201.31 223.90 Td (change ) Tj ET Q q 0 0 0 rg BT 234.15 223.90 Td (in ) Tj ET Q q 0 0 0 rg BT 245.43 223.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.37 223.90 Td (value ) Tj ET Q q 0 0 0 rg BT 287.22 223.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.07 223.90 Td (all ) Tj ET Q q 0 0 0 rg BT 312.68 223.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 368.86 223.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 414.55 223.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 463.74 223.90 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 503.88 223.90 Td (is ) Tj ET Q q 0 0 0 rg BT 514.00 223.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 553.83 223.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 211.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.53 211.30 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 142.72 211.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 176.83 211.30 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 222.02 211.30 Td (and ) Tj ET Q q 0 0 0 rg BT 239.81 211.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 279.15 211.30 Td (in ) Tj ET Q q 0 0 0 rg BT 289.95 211.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 307.73 211.30 Td (income ) Tj ET Q q 0 0 0 rg BT 341.26 211.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 367.22 211.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 417.66 211.30 Td (to ) Tj ET Q q 0 0 0 rg BT 428.46 211.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 492.91 211.30 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.96 186.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 133.10 186.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 170.56 186.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 195.19 186.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 226.84 186.10 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 266.65 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.87 186.10 Td (is ) Tj ET Q q 0 0 0 rg BT 294.93 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 186.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 350.02 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.83 186.10 Td (are ) Tj ET Q q 0 0 0 rg BT 377.70 186.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 426.24 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.47 186.10 Td (be ) Tj ET Q q 0 0 0 rg BT 450.22 186.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 474.85 186.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 490.16 186.10 Td (further ) Tj ET Q q 0 0 0 rg BT 521.78 186.10 Td (described ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 173.50 Td (below\) ) Tj ET Q q 0 0 0 rg BT 81.45 173.50 Td (while ) Tj ET Q q 0 0 0 rg BT 107.08 173.50 Td (others ) Tj ET Q q 0 0 0 rg BT 135.03 173.50 Td (are ) Tj ET Q q 0 0 0 rg BT 150.14 173.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 197.92 173.50 Td (to ) Tj ET Q q 0 0 0 rg BT 208.38 173.50 Td (be ) Tj ET Q q 0 0 0 rg BT 220.59 173.50 Td (voting ) Tj ET Q q 0 0 0 rg BT 249.72 173.50 Td (rights ) Tj ET Q q 0 0 0 rg BT 275.93 173.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 308.55 173.50 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 352.25 173.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 384.28 173.50 Td (to ) Tj ET Q q 0 0 0 rg BT 394.75 173.50 Td (traditional ) Tj ET Q q 0 0 0 rg BT 440.20 173.50 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 499.07 173.50 Td (concepts ) Tj ET Q q 0 0 0 rg BT 538.10 173.50 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 160.90 Td (on ) Tj ET Q q 0 0 0 rg BT 64.41 160.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 112.06 160.90 Td (rights. ) Tj ET Q q 0 0 0 rg BT 142.51 160.90 Td ( ) Tj ET Q q 0 0 0 rg BT 146.42 160.90 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 194.66 160.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.65 160.90 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 282.96 160.90 Td (that ) Tj ET Q q 0 0 0 rg BT 302.61 160.90 Td (are ) Tj ET Q q 0 0 0 rg BT 319.34 160.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 368.45 160.90 Td (VREs ) Tj ET Q q 0 0 0 rg BT 397.44 160.90 Td (are ) Tj ET Q q 0 0 0 rg BT 414.17 160.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 471.15 160.90 Td (if ) Tj ET Q q 0 0 0 rg BT 481.47 160.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 506.95 160.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 539.44 160.90 Td (has ) Tj ET Q q 0 0 0 rg BT 557.35 160.90 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 148.30 Td (controlling ) Tj ET Q q 0 0 0 rg BT 98.05 148.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.75 148.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.63 148.30 Td (in ) Tj ET Q q 0 0 0 rg BT 179.77 148.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 148.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 242.62 148.30 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 277.53 148.30 Td (absent ) Tj ET Q q 0 0 0 rg BT 306.32 148.30 Td (substantive ) Tj ET Q q 0 0 0 rg BT 355.54 148.30 Td (investor ) Tj ET Q q 0 0 0 rg BT 391.34 148.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 417.23 148.30 Td (to ) Tj ET Q q 0 0 0 rg BT 427.37 148.30 Td (replace ) Tj ET Q q 0 0 0 rg BT 459.65 148.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.45 148.30 Td (manager ) Tj ET Q q 0 0 0 rg BT 512.56 148.30 Td (of ) Tj ET Q q 0 0 0 rg BT 523.28 148.30 Td (the ) Tj ET Q q 0 0 0 rg BT 538.08 148.30 Td (entity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 135.70 Td (\(kick-out ) Tj ET Q q 0 0 0 rg BT 91.01 135.70 Td (rights\). ) Tj ET Q q 0 0 0 rg BT 123.57 135.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 147.66 135.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 178.77 135.70 Td (may ) Tj ET Q q 0 0 0 rg BT 199.36 135.70 Td (also ) Tj ET Q q 0 0 0 rg BT 218.80 135.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 240.57 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 255.91 135.70 Td (initial ) Tj ET Q q 0 0 0 rg BT 282.93 135.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 304.11 135.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.71 135.70 Td (in ) Tj ET Q q 0 0 0 rg BT 363.40 135.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 394.30 135.70 Td (VRE ) Tj ET Q q 0 0 0 rg BT 417.82 135.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 466.41 135.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 503.34 135.70 Td (to ) Tj ET Q q 0 0 0 rg BT 514.03 135.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 552.10 135.70 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.14 123.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 153.26 123.10 Td (track ) Tj ET Q q 0 0 0 rg BT 176.31 123.10 Td (record ) Tj ET Q q 0 0 0 rg BT 205.19 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.43 123.10 Td (order ) Tj ET Q q 0 0 0 rg BT 239.65 123.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.88 123.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 278.18 123.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 325.15 123.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 365.13 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.36 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.26 123.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 427.02 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.09 123.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 452.73 123.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 489.36 123.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 515.92 123.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 110.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.24 110.50 Td (a ) Tj ET Q q 0 0 0 rg BT 66.97 110.50 Td (new ) Tj ET Q q 0 0 0 rg BT 86.53 110.50 Td (product ) Tj ET Q q 0 0 0 rg BT 120.67 110.50 Td (typically ) Tj ET Q q 0 0 0 rg BT 159.48 110.50 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.12 110.50 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.61 110.50 Td ( ) Tj ET Q q 0 0 0 rg BT 230.68 110.50 Td (of ) Tj ET Q q 0 0 0 rg BT 241.50 110.50 Td (the ) Tj ET Q q 0 0 0 rg BT 256.39 110.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 302.21 110.50 Td (in ) Tj ET Q q 0 0 0 rg BT 312.44 110.50 Td (that ) Tj ET Q q 0 0 0 rg BT 330.26 110.50 Td (product. ) Tj ET Q q 0 0 0 rg BT 367.03 110.50 Td ( ) Tj ET Q q 0 0 0 rg BT 368.64 110.50 Td (As ) Tj ET Q q 0 0 0 rg BT 382.38 110.50 Td (further ) Tj ET Q q 0 0 0 rg BT 413.01 110.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 455.33 110.50 Td (below) Tj ET Q q 0 0 0 rg BT 480.31 110.50 Td (, ) Tj ET Q q 0 0 0 rg BT 485.00 110.50 Td (these ) Tj ET Q q 0 0 0 rg BT 508.65 110.50 Td (�seed ) Tj ET Q q 0 0 0 rg BT 534.03 110.50 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 97.90 Td (investments� ) Tj ET Q q 0 0 0 rg BT 107.37 97.90 Td (are ) Tj ET Q q 0 0 0 rg BT 122.73 97.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.34 97.90 Td (as ) Tj ET Q q 0 0 0 rg BT 189.63 97.90 Td (long ) Tj ET Q q 0 0 0 rg BT 210.84 97.90 Td (as ) Tj ET Q q 0 0 0 rg BT 222.12 97.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.24 97.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 277.37 97.90 Td (maintains ) Tj ET Q q 0 0 0 rg BT 320.73 97.90 Td (a ) Tj ET Q q 0 0 0 rg BT 327.94 97.90 Td (controlling ) Tj ET Q q 0 0 0 rg BT 376.56 97.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.83 97.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 449.28 97.90 Td (in ) Tj ET Q q 0 0 0 rg BT 459.98 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 475.35 97.90 Td (product, ) Tj ET Q q 0 0 0 rg BT 512.60 97.90 Td (but ) Tj ET Q q 0 0 0 rg BT 528.55 97.90 Td (they ) Tj ET Q q 0 0 0 rg BT 549.17 97.90 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 85.30 Td (not ) Tj ET Q q 0 0 0 rg BT 66.18 85.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 113.84 85.30 Td (as ) Tj ET Q q 0 0 0 rg BT 125.34 85.30 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 150.27 85.30 Td (by ) Tj ET Q q 0 0 0 rg BT 163.53 85.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 187.86 85.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 219.20 85.30 Td (unless ) Tj ET Q q 0 0 0 rg BT 248.21 85.30 Td (the ) Tj ET Q q 0 0 0 rg BT 263.80 85.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 312.64 85.30 Td (is ) Tj ET Q q 0 0 0 rg BT 322.40 85.30 Td (longer) Tj ET Q q 0 0 0 rg BT 349.01 85.30 Td (-term. ) Tj ET Q q 0 0 0 rg BT 377.13 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 379.89 85.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 404.23 85.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 435.57 85.30 Td (held ) Tj ET Q q 0 0 0 rg BT 456.40 85.30 Td (a ) Tj ET Q q 0 0 0 rg BT 463.82 85.30 Td (longer) Tj ET Q q 0 0 0 rg BT 490.44 85.30 Td (-term ) Tj ET Q q 0 0 0 rg BT 515.93 85.30 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 72.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.69 72.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 121.55 72.70 Td (in ) Tj ET Q q 0 0 0 rg BT 131.67 72.70 Td (one ) Tj ET Q q 0 0 0 rg BT 148.79 72.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 193.33 72.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 241.36 72.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 262.42 72.70 Td (VRE, ) Tj ET Q q 0 0 0 rg BT 288.00 72.70 Td (which ) Tj ET Q q 0 0 0 rg BT 315.62 72.70 Td (has ) Tj ET Q q 0 0 0 rg BT 331.57 72.70 Td (third-party ) Tj ET Q q 0 0 0 rg BT 378.43 72.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 418.30 72.70 Td (and ) Tj ET Q q 0 0 0 rg BT 435.42 72.70 Td (was ) Tj ET Q q 0 0 0 rg BT 453.71 72.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.73 72.70 Td (and ) Tj ET Q q 0 0 0 rg BT 525.85 72.70 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.33 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.57 60.10 Td (CIV) Tj ET Q q 0 0 0 rg BT 86.46 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.04 60.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 112.03 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.77 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.18 60.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 170.49 60.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 198.14 60.10 Td (March ) Tj ET Q q 0 0 0 rg BT 228.13 60.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 243.83 60.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 270.03 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.61 60.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 296.19 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.94 60.10 Td (March ) Tj ET Q q 0 0 0 rg BT 336.92 60.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 352.63 60.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 378.83 60.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 402.99 60.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 434.15 60.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 477.53 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.77 60.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 531.68 60.10 Td (portion ) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (87) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.75 741.75 Td (its ) Tj ET Q q 0 0 0 rg BT 74.68 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 123.77 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 134.95 741.75 Td (this ) Tj ET Q q 0 0 0 rg BT 153.13 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 175.38 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.55 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 205.31 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 212.97 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 239.31 741.75 Td (no ) Tj ET Q q 0 0 0 rg BT 252.82 741.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 282.65 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 300.82 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 308.49 741.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 357.58 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.31 741.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 431.23 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 442.41 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.24 741.75 Td (fund; ) Tj ET Q q 0 0 0 rg BT 483.41 741.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 526.94 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.77 741.75 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (was ) Tj ET Q q 0 0 0 rg BT 68.96 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 85.00 729.15 Td (included ) Tj ET Q q 0 0 0 rg BT 123.78 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 135.15 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 142.44 729.15 Td (CIV) Tj ET Q q 0 0 0 rg BT 160.33 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 162.95 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 174.33 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 185.70 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 197.07 729.15 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 246.36 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 257.15 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 287.18 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 302.93 729.15 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (A) Tj ET Q q 0 0 0 rg BT 57.00 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 59.75 703.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 80.20 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 90.16 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 103.03 703.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.90 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 158.52 703.95 Td (does ) Tj ET Q q 0 0 0 rg BT 180.73 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 197.10 703.95 Td (have ) Tj ET Q q 0 0 0 rg BT 219.88 703.95 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.15 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.36 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 300.48 703.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.34 703.95 Td (its ) Tj ET Q q 0 0 0 rg BT 347.22 703.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.08 703.95 Td (without ) Tj ET Q q 0 0 0 rg BT 423.13 703.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.08 703.95 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.27 703.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (support; ) Tj ET Q q 0 0 0 rg BT 85.90 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 96.14 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.45 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.18 691.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 180.21 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 190.44 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 196.58 691.35 Td (group, ) Tj ET Q q 0 0 0 rg BT 225.19 691.35 Td (do ) Tj ET Q q 0 0 0 rg BT 237.18 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 252.08 691.35 Td (have ) Tj ET Q q 0 0 0 rg BT 273.39 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 691.35 Td (normal ) Tj ET Q q 0 0 0 rg BT 318.93 691.35 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 380.46 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 390.69 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.42 691.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 457.82 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 471.55 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 477.70 691.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 515.93 691.35 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.36 678.75 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 148.98 653.55 Td (VIEs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.45 640.95 Td (most ) Tj ET Q q 0 0 0 rg BT 88.73 640.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 133.17 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 181.11 640.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.09 640.95 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 225.53 640.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.04 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 270.07 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 281.85 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 329.79 640.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 379.18 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 420.70 640.95 Td (money ) Tj ET Q q 0 0 0 rg BT 451.14 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 482.16 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 509.98 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 640.95 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (determines ) Tj ET Q q 0 0 0 rg BT 98.02 628.35 Td (it ) Tj ET Q q 0 0 0 rg BT 105.81 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 114.77 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.55 628.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 164.75 628.35 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 213.92 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 224.62 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.26 628.35 Td (VIE ) Tj ET Q q 0 0 0 rg BT 258.71 628.35 Td (if ) Tj ET Q q 0 0 0 rg BT 267.08 628.35 Td (it ) Tj ET Q q 0 0 0 rg BT 274.87 628.35 Td (absorbs ) Tj ET Q q 0 0 0 rg BT 308.91 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 315.52 628.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 353.05 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.75 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 378.40 628.35 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 403.82 628.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 443.09 628.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 472.75 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 483.45 628.35 Td (receives ) Tj ET Q q 0 0 0 rg BT 519.80 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 526.42 628.35 Td (majority ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.25 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.40 615.75 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 102.38 615.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 142.19 615.75 Td (residual ) Tj ET Q q 0 0 0 rg BT 177.94 615.75 Td (returns, ) Tj ET Q q 0 0 0 rg BT 212.22 615.75 Td (if ) Tj ET Q q 0 0 0 rg BT 221.14 615.75 Td (any) Tj ET Q q 0 0 0 rg BT 235.62 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 240.75 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 264.83 615.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 301.90 615.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 362.72 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.97 615.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 413.78 615.75 Td (residual ) Tj ET Q q 0 0 0 rg BT 449.53 615.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 481.19 615.75 Td (excludes ) Tj ET Q q 0 0 0 rg BT 520.43 615.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 545.10 615.75 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.68 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 81.44 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 88.71 603.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 126.30 603.15 Td (maker ) Tj ET Q q 0 0 0 rg BT 155.13 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 164.15 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 195.31 603.15 Td (criteria ) Tj ET Q q 0 0 0 rg BT 227.64 603.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 262.31 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 273.07 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 288.50 603.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 308.00 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 323.42 603.15 Td (met. ) Tj ET Q q 0 0 0 rg BT 344.39 603.15 Td (In ) Tj ET Q q 0 0 0 rg BT 355.74 603.15 Td (determining ) Tj ET Q q 0 0 0 rg BT 409.08 603.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 445.49 603.15 Td (it ) Tj ET Q q 0 0 0 rg BT 453.93 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 463.53 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 478.96 603.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 514.80 603.15 Td (beneficiary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.10 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 73.37 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.80 590.55 Td (company ) Tj ET Q q 0 0 0 rg BT 162.48 590.55 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 184.95 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.88 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 239.82 590.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 281.84 590.55 Td (both ) Tj ET Q q 0 0 0 rg BT 302.86 590.55 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 349.54 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.05 590.55 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 418.98 590.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 449.90 590.55 Td (such ) Tj ET Q q 0 0 0 rg BT 471.50 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 482.61 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 497.79 590.55 Td (voting ) Tj ET Q q 0 0 0 rg BT 526.98 590.55 Td (rights ) Tj ET Q q 0 0 0 rg BT 553.26 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.99 577.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 95.39 577.95 Td (holders; ) Tj ET Q q 0 0 0 rg BT 132.38 577.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 176.36 577.95 Td (participation ) Tj ET Q q 0 0 0 rg BT 232.58 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 244.49 577.95 Td (all ) Tj ET Q q 0 0 0 rg BT 258.15 577.95 Td (parties, ) Tj ET Q q 0 0 0 rg BT 291.92 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 334.74 577.95 Td (how ) Tj ET Q q 0 0 0 rg BT 355.98 577.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 376.05 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 392.03 577.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 423.16 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 441.48 577.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 462.72 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 474.05 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 498.78 577.95 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 533.44 577.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (party ) Tj ET Q q 0 0 0 rg BT 74.20 565.35 Td (\(including ) Tj ET Q q 0 0 0 rg BT 119.98 565.35 Td (employees\) ) Tj ET Q q 0 0 0 rg BT 171.01 565.35 Td (ownership; ) Tj ET Q q 0 0 0 rg BT 220.30 565.35 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 267.81 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 285.60 565.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 320.31 565.35 Td (relationships.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.80 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.60 540.15 Td (concluded ) Tj ET Q q 0 0 0 rg BT 149.97 540.15 Td (it ) Tj ET Q q 0 0 0 rg BT 158.03 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 176.58 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 191.63 540.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 227.09 540.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 276.53 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 287.50 540.15 Td (one ) Tj ET Q q 0 0 0 rg BT 304.88 540.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 349.68 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 397.98 540.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 419.29 540.15 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 441.63 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 469.51 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 488.06 540.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 543.35 540.15 Td (\(and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 97.39 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 108.63 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 115.77 527.55 Td (CIV\) ) Tj ET Q q 0 0 0 rg BT 139.84 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 151.08 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.31 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 192.20 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 207.82 527.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.82 527.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.93 527.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.93 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 260.04 527.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.69 527.55 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.69 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 303.80 527.55 Td (despite ) Tj ET Q q 0 0 0 rg BT 336.03 527.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 382.85 527.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 430.24 527.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 482.89 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 493.54 527.55 Td (this ) Tj ET Q q 0 0 0 rg BT 511.20 527.55 Td (product. ) Tj ET Q q 0 0 0 rg BT 548.39 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 550.33 527.55 Td (As ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.94 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 90.54 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 105.85 514.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.85 514.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.67 514.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.67 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 157.49 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.84 514.95 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.84 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 200.66 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 224.43 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 255.21 514.95 Td (also ) Tj ET Q q 0 0 0 rg BT 274.31 514.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 319.66 514.95 Td (it ) Tj ET Q q 0 0 0 rg BT 327.68 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 346.21 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 361.23 514.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 396.66 514.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 446.07 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.01 514.95 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.51 514.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.33 514.95 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.83 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 487.65 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 514.95 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 517.69 514.95 Td (employee-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (owned ) Tj ET Q q 0 0 0 rg BT 80.62 502.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 106.58 502.35 Td (it ) Tj ET Q q 0 0 0 rg BT 115.04 502.35 Td (sponsors, ) Tj ET Q q 0 0 0 rg BT 157.04 502.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 207.09 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 212.34 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 240.63 502.35 Td (were ) Tj ET Q q 0 0 0 rg BT 263.65 502.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 319.35 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 337.13 502.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 384.66 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 396.03 502.35 Td (CIVs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (Other) Tj ET Q q 0 0 0 rg BT 76.64 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 79.07 477.15 Td (VIEs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.48 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 91.96 464.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 137.43 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 186.41 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 212.64 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 231.28 464.55 Td (do ) Tj ET Q q 0 0 0 rg BT 244.68 464.55 Td (not ) Tj ET Q q 0 0 0 rg BT 260.99 464.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 284.29 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 300.02 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 348.99 464.55 Td (company ) Tj ET Q q 0 0 0 rg BT 390.38 464.55 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 425.63 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 450.10 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 481.58 464.55 Td (determines ) Tj ET Q q 0 0 0 rg BT 530.55 464.55 Td (it ) Tj ET Q q 0 0 0 rg BT 539.28 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 549.18 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 86.20 451.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 136.38 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 148.09 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 155.50 451.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 175.96 451.95 Td (if ) Tj ET Q q 0 0 0 rg BT 185.33 451.95 Td (it ) Tj ET Q q 0 0 0 rg BT 194.13 451.95 Td (has ) Tj ET Q q 0 0 0 rg BT 211.09 451.95 Td (both ) Tj ET Q q 0 0 0 rg BT 232.72 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 248.51 451.95 Td (power ) Tj ET Q q 0 0 0 rg BT 277.71 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 288.84 451.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 315.70 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 331.49 451.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 372.36 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 384.07 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 399.65 451.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 420.10 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 438.81 451.95 Td (most ) Tj ET Q q 0 0 0 rg BT 462.19 451.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 517.65 451.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.18 451.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (entity's ) Tj ET Q q 0 0 0 rg BT 82.34 439.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 125.61 439.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 181.12 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.73 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 214.01 439.35 Td (obligation ) Tj ET Q q 0 0 0 rg BT 259.05 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 269.67 439.35 Td (absorb ) Tj ET Q q 0 0 0 rg BT 300.11 439.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 330.28 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 341.48 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 356.76 439.35 Td (right ) Tj ET Q q 0 0 0 rg BT 379.04 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 389.67 439.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 422.43 439.35 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 460.74 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 478.94 439.35 Td (potentially ) Tj ET Q q 0 0 0 rg BT 526.30 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 552.08 439.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.95 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 107.74 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 123.01 426.75 Td (VIE.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.91 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.89 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 104.53 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.90 401.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.90 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 143.13 401.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.53 401.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.53 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 186.40 401.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 210.21 401.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 241.03 401.55 Td (had ) Tj ET Q q 0 0 0 rg BT 258.43 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 265.33 401.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 301.38 401.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 334.52 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 344.93 401.55 Td (four ) Tj ET Q q 0 0 0 rg BT 364.66 401.55 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 423.44 401.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 443.76 401.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 492.66 401.55 Td (\("CLOs"\). ) Tj ET Q q 0 0 0 rg BT 538.18 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 540.42 401.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.96 388.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 128.48 388.95 Td (it ) Tj ET Q q 0 0 0 rg BT 137.69 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 157.40 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 174.19 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 190.39 388.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 227.01 388.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 277.60 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 289.72 388.95 Td (these ) Tj ET Q q 0 0 0 rg BT 314.67 388.95 Td (CLOs, ) Tj ET Q q 0 0 0 rg BT 345.76 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 374.80 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 398.57 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 415.37 388.95 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 474.44 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 486.56 388.95 Td (it ) Tj ET Q q 0 0 0 rg BT 495.77 388.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 521.90 388.95 Td (no ) Tj ET Q q 0 0 0 rg BT 535.77 388.95 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.87 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 94.99 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 119.52 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 168.56 376.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 205.92 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 224.04 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.83 376.35 Td (level ) Tj ET Q q 0 0 0 rg BT 263.19 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 274.90 376.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 294.76 376.35 Td (they ) Tj ET Q q 0 0 0 rg BT 315.80 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 331.57 376.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 371.84 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 382.97 376.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 401.09 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 412.21 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 436.75 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 468.29 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 478.25 376.35 Td (insignificant. ) Tj ET Q q 0 0 0 rg BT 536.33 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.63 376.35 Td (As ) Tj ET Q q 0 0 0 rg BT 553.26 376.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 80.33 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 96.39 363.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 122.94 363.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 147.44 363.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 178.96 363.75 Td (had ) Tj ET Q q 0 0 0 rg BT 197.05 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 204.63 363.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 241.38 363.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 275.21 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.31 363.75 Td (two ) Tj ET Q q 0 0 0 rg BT 304.99 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.66 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 341.17 363.75 Td (CLOs, ) Tj ET Q q 0 0 0 rg BT 371.81 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 400.40 363.75 Td (also ) Tj ET Q q 0 0 0 rg BT 420.24 363.75 Td (were ) Tj ET Q q 0 0 0 rg BT 443.57 363.75 Td (not ) Tj ET Q q 0 0 0 rg BT 459.92 363.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 515.92 363.75 Td (during ) Tj ET Q q 0 0 0 rg BT 546.26 363.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.74 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 74.55 325.95 Td (March ) Tj ET Q q 0 0 0 rg BT 104.02 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.21 325.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.91 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.55 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 199.20 325.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 244.42 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 262.23 325.95 Td (it ) Tj ET Q q 0 0 0 rg BT 270.13 325.95 Td (was ) Tj ET Q q 0 0 0 rg BT 288.53 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 303.43 325.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 338.73 325.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 388.02 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.83 325.95 Td (another ) Tj ET Q q 0 0 0 rg BT 432.39 325.95 Td (CLO ) Tj ET Q q 0 0 0 rg BT 455.45 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 465.69 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 493.42 325.95 Td (it ) Tj ET Q q 0 0 0 rg BT 501.32 325.95 Td (held ) Tj ET Q q 0 0 0 rg BT 521.47 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 528.19 325.95 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (interest. ) Tj ET Q q 0 0 0 rg BT 86.14 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 88.18 313.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 130.45 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 138.90 313.35 Td (held ) Tj ET Q q 0 0 0 rg BT 159.59 313.35 Td (no ) Tj ET Q q 0 0 0 rg BT 172.70 313.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.55 313.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.07 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 245.85 313.35 Td (this ) Tj ET Q q 0 0 0 rg BT 263.63 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 312.31 313.35 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 347.87 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 356.31 313.35 Td (had ) Tj ET Q q 0 0 0 rg BT 374.08 313.35 Td (both ) Tj ET Q q 0 0 0 rg BT 395.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.80 313.35 Td (power ) Tj ET Q q 0 0 0 rg BT 439.65 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 450.42 313.35 Td (control ) Tj ET Q q 0 0 0 rg BT 482.78 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 498.21 313.35 Td (CLO ) Tj ET Q q 0 0 0 rg BT 521.82 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 539.59 313.35 Td (had ) Tj ET Q q 0 0 0 rg BT 557.37 313.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 97.76 300.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 135.00 300.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.34 300.75 Td (because ) Tj ET Q q 0 0 0 rg BT 206.00 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.18 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.44 300.75 Td (level ) Tj ET Q q 0 0 0 rg BT 258.28 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.46 300.75 Td (its ) Tj ET Q q 0 0 0 rg BT 283.82 300.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 324.56 300.75 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 382.23 300.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 405.19 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 407.87 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 422.97 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.15 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 465.99 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.54 300.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 509.60 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.86 300.75 Td (balances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (related ) Tj ET Q q 0 0 0 rg BT 81.33 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 92.27 288.15 Td (this ) Tj ET Q q 0 0 0 rg BT 110.22 288.15 Td (CLO ) Tj ET Q q 0 0 0 rg BT 133.99 288.15 Td (were ) Tj ET Q q 0 0 0 rg BT 157.16 288.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 213.00 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 230.93 288.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 268.69 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 280.20 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 287.63 288.15 Td (CIV) Tj ET Q q 0 0 0 rg BT 305.53 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 308.30 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 319.24 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.84 288.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 384.42 288.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 440.26 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.76 288.15 Td (statements. ) Tj ET Q q 0 0 0 rg BT 529.48 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 532.25 288.15 Td (During ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.64 275.55 Td (three ) Tj ET Q q 0 0 0 rg BT 89.45 275.55 Td (months ) Tj ET Q q 0 0 0 rg BT 123.18 275.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.07 275.55 Td (June ) Tj ET Q q 0 0 0 rg BT 173.13 275.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 189.07 275.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 215.51 275.55 Td (this ) Tj ET Q q 0 0 0 rg BT 233.50 275.55 Td (CLO ) Tj ET Q q 0 0 0 rg BT 257.32 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 276.46 275.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 332.36 275.55 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 377.17 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 395.15 275.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 435.85 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 455.00 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 471.23 275.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.12 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 540.43 275.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.21 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 92.58 262.95 Td (of, ) Tj ET Q q 0 0 0 rg BT 106.58 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 117.95 262.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 167.24 262.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 180.65 262.95 Td (June ) Tj ET Q q 0 0 0 rg BT 202.52 262.95 Td (30, ) Tj ET Q q 0 0 0 rg BT 218.27 262.95 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.85 237.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.69 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 159.05 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 169.49 237.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 193.94 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 204.97 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.99 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 245.67 237.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.07 237.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.07 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 284.35 237.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.79 237.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.79 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 325.07 237.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.68 237.75 Td ($13,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.80 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 380.08 237.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.52 237.75 Td ($15,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.64 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 436.55 237.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 486.59 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 491.50 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 519.43 237.75 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 225.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 105.55 225.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.82 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.09 225.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 153.58 225.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 196.51 225.15 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 246.43 225.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 284.12 225.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 305.17 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 332.36 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 354.28 225.15 Td (not ) Tj ET Q q 0 0 0 rg BT 369.22 225.15 Td (material. ) Tj ET Q q 0 0 0 rg BT 407.66 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 425.51 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 451.53 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.80 225.15 Td (these ) Tj ET Q q 0 0 0 rg BT 484.90 225.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 508.59 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 522.94 225.15 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 96.09 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 107.18 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.61 212.55 Td (securities. ) Tj ET Q q 0 0 0 rg BT 200.23 212.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 241.08 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 258.59 212.55 Td (creditors ) Tj ET Q q 0 0 0 rg BT 297.67 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 308.76 212.55 Td (these ) Tj ET Q q 0 0 0 rg BT 332.69 212.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 357.21 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 379.38 212.55 Td (no ) Tj ET Q q 0 0 0 rg BT 392.22 212.55 Td (recourse ) Tj ET Q q 0 0 0 rg BT 430.13 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 440.65 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 455.82 212.55 Td (general ) Tj ET Q q 0 0 0 rg BT 489.07 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 515.32 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.26 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 199.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.41 199.95 Td (beyond ) Tj ET Q q 0 0 0 rg BT 138.94 199.95 Td (its ) Tj ET Q q 0 0 0 rg BT 151.49 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.19 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 210.99 199.95 Td (these ) Tj ET Q q 0 0 0 rg BT 235.19 199.95 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 174.75 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.91 174.75 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.16 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 102.78 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.57 174.75 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.07 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 133.69 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 148.56 174.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 193.18 174.75 Td (information ) Tj ET Q q 0 0 0 rg BT 245.38 174.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 288.04 174.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 312.25 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.85 174.75 Td (VREs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 75.38 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 94.94 149.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 120.32 149.55 Td (Equivalents) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.63 136.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 124.07 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 139.51 136.95 Td (highly ) Tj ET Q q 0 0 0 rg BT 168.97 136.95 Td (liquid ) Tj ET Q q 0 0 0 rg BT 196.10 136.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 248.89 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 270.18 136.95 Td (original ) Tj ET Q q 0 0 0 rg BT 305.47 136.95 Td (maturities ) Tj ET Q q 0 0 0 rg BT 350.08 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 361.46 136.95 Td (90�days ) Tj ET Q q 0 0 0 rg BT 396.45 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 407.83 136.95 Td (less.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 98.69 111.75 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 95.78 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 117.65 99.15 Td (represents ) Tj ET Q q 0 0 0 rg BT 163.42 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.29 99.15 Td (collateral ) Tj ET Q q 0 0 0 rg BT 227.56 99.15 Td (required ) Tj ET Q q 0 0 0 rg BT 265.75 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 281.20 99.15 Td (market ) Tj ET Q q 0 0 0 rg BT 313.56 99.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 341.85 99.15 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 404.24 99.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 448.85 99.15 Td (escrow ) Tj ET Q q 0 0 0 rg BT 481.80 99.15 Td (deposits, ) Tj ET Q q 0 0 0 rg BT 522.05 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 540.42 99.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.28 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 89.65 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 99.28 86.55 Td (not ) Tj ET Q q 0 0 0 rg BT 115.32 86.55 Td (available ) Tj ET Q q 0 0 0 rg BT 155.84 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 166.64 86.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 190.84 86.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 222.05 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 236.91 86.55 Td (general ) Tj ET Q q 0 0 0 rg BT 270.43 86.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 312.70 86.55 Td (use.) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (88) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Financial Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 107.03 729.30 Td (all ) Tj ET Q q 0 0 0 rg BT 119.72 729.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.65 729.30 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.85 729.30 Td (are ) Tj ET Q q 0 0 0 rg BT 224.86 729.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.78 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 274.15 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 289.17 729.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.10 729.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.62 729.30 Td (at ) Tj ET Q q 0 0 0 rg BT 384.39 729.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.16 729.30 Td (value ) Tj ET Q q 0 0 0 rg BT 426.10 729.30 Td (or ) Tj ET Q q 0 0 0 rg BT 437.04 729.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 474.82 729.30 Td (that ) Tj ET Q q 0 0 0 rg BT 492.76 729.30 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.44 729.30 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (value, ) Tj ET Q q 0 0 0 rg BT 77.99 716.70 Td (except ) Tj ET Q q 0 0 0 rg BT 108.01 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.21 716.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 169.40 716.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 213.43 716.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 234.13 716.70 Td (not ) Tj ET Q q 0 0 0 rg BT 250.18 716.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 297.71 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 312.57 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 319.86 716.70 Td (hedging ) Tj ET Q q 0 0 0 rg BT 356.31 716.70 Td (transaction.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.00 716.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (As ) Tj ET Q q 0 0 0 rg BT 64.07 691.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 106.72 691.50 Td (above ) Tj ET Q q 0 0 0 rg BT 134.19 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 144.75 691.50 Td ("Consolidation," ) Tj ET Q q 0 0 0 rg BT 217.27 691.50 Td (seed ) Tj ET Q q 0 0 0 rg BT 238.33 691.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 268.71 691.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 321.28 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 331.84 691.50 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 380.89 691.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 402.53 691.50 Td (products ) Tj ET Q q 0 0 0 rg BT 441.09 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 456.31 691.50 Td (initially ) Tj ET Q q 0 0 0 rg BT 491.38 691.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 546.85 691.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 66.45 678.90 Td (individual ) Tj ET Q q 0 0 0 rg BT 112.66 678.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.94 678.90 Td (within ) Tj ET Q q 0 0 0 rg BT 186.40 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 202.85 678.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 243.22 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 259.66 678.90 Td (accounted ) Tj ET Q q 0 0 0 rg BT 305.85 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 321.72 678.90 Td (as ) Tj ET Q q 0 0 0 rg BT 334.09 678.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 367.46 678.90 Td (investments. ) Tj ET Q q 0 0 0 rg BT 423.87 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 427.50 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 452.70 678.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 484.90 678.90 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 540.44 678.90 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (products ) Tj ET Q q 0 0 0 rg BT 89.20 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 100.99 666.30 Td (long ) Tj ET Q q 0 0 0 rg BT 122.70 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 134.49 666.30 Td (it ) Tj ET Q q 0 0 0 rg BT 143.37 666.30 Td (holds ) Tj ET Q q 0 0 0 rg BT 169.17 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 176.87 666.30 Td (controlling ) Tj ET Q q 0 0 0 rg BT 225.99 666.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.77 666.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 299.72 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 310.93 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 326.80 666.30 Td (product. ) Tj ET Q q 0 0 0 rg BT 364.54 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 367.58 666.30 Td (Upon ) Tj ET Q q 0 0 0 rg BT 393.96 666.30 Td (deconsolidation, ) Tj ET Q q 0 0 0 rg BT 466.12 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 494.82 666.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 534.60 666.30 Td (occurs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (after ) Tj ET Q q 0 0 0 rg BT 72.49 653.70 Td (several ) Tj ET Q q 0 0 0 rg BT 105.49 653.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 133.53 653.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 158.36 653.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 190.21 653.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 230.20 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 245.71 653.70 Td (its ) Tj ET Q q 0 0 0 rg BT 258.89 653.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 312.31 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 323.74 653.70 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 373.65 653.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 396.16 653.70 Td (products ) Tj ET Q q 0 0 0 rg BT 435.58 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 447.58 653.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 477.09 653.70 Td (method ) Tj ET Q q 0 0 0 rg BT 511.85 653.70 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (\(further ) Tj ET Q q 0 0 0 rg BT 84.35 641.10 Td (described ) Tj ET Q q 0 0 0 rg BT 126.87 641.10 Td (below\) ) Tj ET Q q 0 0 0 rg BT 158.31 641.10 Td (if ) Tj ET Q q 0 0 0 rg BT 167.01 641.10 Td (its ) Tj ET Q q 0 0 0 rg BT 179.22 641.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 225.25 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.53 641.10 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.80 641.10 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.05 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.33 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.78 641.10 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.03 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.94 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.97 641.10 Td (it ) Tj ET Q q 0 0 0 rg BT 354.09 641.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 397.20 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 413.48 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.59 641.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 457.71 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.16 641.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 522.94 641.10 Td (influence ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.74 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 122.49 628.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 164.73 628.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 199.98 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 211.32 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 226.74 628.50 Td (investee. ) Tj ET Q q 0 0 0 rg BT 266.36 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 268.95 628.50 Td (For ) Tj ET Q q 0 0 0 rg BT 286.13 628.50 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 340.04 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 357.79 628.50 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 386.92 628.50 Td (where ) Tj ET Q q 0 0 0 rg BT 415.16 628.50 Td (third-party ) Tj ET Q q 0 0 0 rg BT 462.66 628.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 503.16 628.50 Td (may ) Tj ET Q q 0 0 0 rg BT 523.83 628.50 Td (have ) Tj ET Q q 0 0 0 rg BT 546.24 628.50 Td (less ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.96 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 91.26 615.90 Td (influence ) Tj ET Q q 0 0 0 rg BT 133.45 615.90 Td (operations, ) Tj ET Q q 0 0 0 rg BT 182.94 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 198.90 615.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 228.27 615.90 Td (method ) Tj ET Q q 0 0 0 rg BT 262.90 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 274.77 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 323.97 615.90 Td (is ) Tj ET Q q 0 0 0 rg BT 334.10 615.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 382.71 615.90 Td (if ) Tj ET Q q 0 0 0 rg BT 392.26 615.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 416.96 615.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 454.65 615.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 501.52 615.90 Td (is ) Tj ET Q q 0 0 0 rg BT 511.66 615.90 Td (greater ) Tj ET Q q 0 0 0 rg BT 543.93 615.90 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.00 603.30 Td (. ) Tj ET Q q 0 0 0 rg BT 68.54 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 603.30 Td (Changes ) Tj ET Q q 0 0 0 rg BT 108.54 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 118.63 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 603.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 149.86 603.30 Td (value ) Tj ET Q q 0 0 0 rg BT 174.52 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 185.19 603.30 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 233.75 603.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 254.92 603.30 Td (products ) Tj ET Q q 0 0 0 rg BT 293.00 603.30 Td (classified ) Tj ET Q q 0 0 0 rg BT 334.57 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 345.24 603.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 376.90 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 387.56 603.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 415.73 603.30 Td (method ) Tj ET Q q 0 0 0 rg BT 449.14 603.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.22 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 515.96 603.30 Td (recognized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 590.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.33 590.70 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 153.52 590.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 187.63 590.70 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 232.82 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 245.94 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 261.39 590.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 319.43 590.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 368.14 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 379.51 590.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 413.62 590.70 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.81 568.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.63 568.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 145.92 568.10 Td (redeems ) Tj ET Q q 0 0 0 rg BT 183.14 568.10 Td (its ) Tj ET Q q 0 0 0 rg BT 195.29 568.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 243.61 568.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.01 568.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 302.89 568.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 324.37 568.10 Td (products ) Tj ET Q q 0 0 0 rg BT 362.76 568.10 Td (when ) Tj ET Q q 0 0 0 rg BT 387.74 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.80 568.10 Td (related ) Tj ET Q q 0 0 0 rg BT 433.60 568.10 Td (product ) Tj ET Q q 0 0 0 rg BT 467.91 568.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 515.64 568.10 Td (a ) Tj ET Q q 0 0 0 rg BT 522.53 568.10 Td (suf) Tj ET Q q 0 0 0 rg BT 535.17 568.10 Td (ficient ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 555.50 Td (track ) Tj ET Q q 0 0 0 rg BT 73.43 555.50 Td (record, ) Tj ET Q q 0 0 0 rg BT 105.31 555.50 Td (when ) Tj ET Q q 0 0 0 rg BT 130.49 555.50 Td (third-party ) Tj ET Q q 0 0 0 rg BT 177.83 555.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 230.44 555.50 Td (in ) Tj ET Q q 0 0 0 rg BT 241.05 555.50 Td (the ) Tj ET Q q 0 0 0 rg BT 256.31 555.50 Td (related ) Tj ET Q q 0 0 0 rg BT 287.32 555.50 Td (product ) Tj ET Q q 0 0 0 rg BT 321.83 555.50 Td (are ) Tj ET Q q 0 0 0 rg BT 337.09 555.50 Td (suf) Tj ET Q q 0 0 0 rg BT 349.73 555.50 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.00 555.50 Td (to ) Tj ET Q q 0 0 0 rg BT 389.60 555.50 Td (sustain ) Tj ET Q q 0 0 0 rg BT 421.21 555.50 Td (the ) Tj ET Q q 0 0 0 rg BT 436.48 555.50 Td (strategy) Tj ET Q q 0 0 0 rg BT 469.04 555.50 Td (, ) Tj ET Q q 0 0 0 rg BT 474.10 555.50 Td (or ) Tj ET Q q 0 0 0 rg BT 485.29 555.50 Td (when ) Tj ET Q q 0 0 0 rg BT 510.48 555.50 Td (a ) Tj ET Q q 0 0 0 rg BT 517.58 555.50 Td (decision ) Tj ET Q q 0 0 0 rg BT 555.01 555.50 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 542.90 Td (made ) Tj ET Q q 0 0 0 rg BT 75.47 542.90 Td (to ) Tj ET Q q 0 0 0 rg BT 86.37 542.90 Td (no ) Tj ET Q q 0 0 0 rg BT 99.60 542.90 Td (longer ) Tj ET Q q 0 0 0 rg BT 129.15 542.90 Td (pursue ) Tj ET Q q 0 0 0 rg BT 159.87 542.90 Td (the ) Tj ET Q q 0 0 0 rg BT 175.43 542.90 Td (strategy) Tj ET Q q 0 0 0 rg BT 207.99 542.90 Td (. ) Tj ET Q q 0 0 0 rg BT 213.35 542.90 Td ( ) Tj ET Q q 0 0 0 rg BT 215.88 542.90 Td (The ) Tj ET Q q 0 0 0 rg BT 234.93 542.90 Td (length ) Tj ET Q q 0 0 0 rg BT 263.91 542.90 Td (of ) Tj ET Q q 0 0 0 rg BT 275.39 542.90 Td (time ) Tj ET Q q 0 0 0 rg BT 296.78 542.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 321.08 542.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.40 542.90 Td (holds ) Tj ET Q q 0 0 0 rg BT 377.88 542.90 Td (a ) Tj ET Q q 0 0 0 rg BT 385.27 542.90 Td (majority ) Tj ET Q q 0 0 0 rg BT 423.58 542.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.21 542.90 Td (in ) Tj ET Q q 0 0 0 rg BT 468.11 542.90 Td (a ) Tj ET Q q 0 0 0 rg BT 475.50 542.90 Td (product ) Tj ET Q q 0 0 0 rg BT 510.31 542.90 Td (varies ) Tj ET Q q 0 0 0 rg BT 538.11 542.90 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 530.30 Td (on ) Tj ET Q q 0 0 0 rg BT 63.13 530.30 Td (a ) Tj ET Q q 0 0 0 rg BT 70.41 530.30 Td (number ) Tj ET Q q 0 0 0 rg BT 105.11 530.30 Td (of ) Tj ET Q q 0 0 0 rg BT 116.48 530.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 150.30 530.30 Td (such ) Tj ET Q q 0 0 0 rg BT 172.17 530.30 Td (as ) Tj ET Q q 0 0 0 rg BT 183.54 530.30 Td (market ) Tj ET Q q 0 0 0 rg BT 215.32 530.30 Td (demand, ) Tj ET Q q 0 0 0 rg BT 253.81 530.30 Td (market ) Tj ET Q q 0 0 0 rg BT 285.59 530.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 331.96 530.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.75 530.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 398.45 530.30 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 507.70 Td (See ) Tj ET Q q 0 0 0 rg BT 68.07 507.70 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.47 507.70 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.72 507.70 Td ( ) Tj ET Q q 0 0 0 rg BT 103.63 507.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.69 507.70 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.19 507.70 Td ( ) Tj ET Q q 0 0 0 rg BT 135.10 507.70 Td (for ) Tj ET Q q 0 0 0 rg BT 150.25 507.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 195.14 507.70 Td (information ) Tj ET Q q 0 0 0 rg BT 247.62 507.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 290.76 507.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 315.24 507.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 352.71 507.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 374.27 507.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 405.16 507.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 458.23 507.70 Td (and ) Tj ET Q q 0 0 0 rg BT 476.30 507.70 Td (the ) Tj ET Q q 0 0 0 rg BT 492.03 507.70 Td (determination ) Tj ET Q q 0 0 0 rg BT 553.25 507.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 86.44 495.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 139.23 495.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.02 495.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 199.30 495.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 221.17 495.10 Td (products ) Tj ET Q q 0 0 0 rg BT 259.95 495.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 300.87 495.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 327.70 495.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 377.74 495.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 472.50 Td (For ) Tj ET Q q 0 0 0 rg BT 67.05 472.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 95.76 472.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.39 472.50 Td (in ) Tj ET Q q 0 0 0 rg BT 159.02 472.50 Td (which ) Tj ET Q q 0 0 0 rg BT 187.15 472.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 211.19 472.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 242.24 472.50 Td (does ) Tj ET Q q 0 0 0 rg BT 263.95 472.50 Td (not ) Tj ET Q q 0 0 0 rg BT 279.83 472.50 Td (control ) Tj ET Q q 0 0 0 rg BT 312.04 472.50 Td (the ) Tj ET Q q 0 0 0 rg BT 327.33 472.50 Td (investee ) Tj ET Q q 0 0 0 rg BT 364.20 472.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.82 472.50 Td (is ) Tj ET Q q 0 0 0 rg BT 391.29 472.50 Td (not ) Tj ET Q q 0 0 0 rg BT 407.18 472.50 Td (the ) Tj ET Q q 0 0 0 rg BT 422.47 472.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 458.17 472.50 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 507.86 472.50 Td (of ) Tj ET Q q 0 0 0 rg BT 519.07 472.50 Td (a ) Tj ET Q q 0 0 0 rg BT 526.02 472.50 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 548.60 472.50 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 459.90 Td (can ) Tj ET Q q 0 0 0 rg BT 67.98 459.90 Td (exert ) Tj ET Q q 0 0 0 rg BT 92.38 459.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 140.12 459.90 Td (influence ) Tj ET Q q 0 0 0 rg BT 182.60 459.90 Td (over ) Tj ET Q q 0 0 0 rg BT 204.67 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.91 459.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.05 459.90 Td (and ) Tj ET Q q 0 0 0 rg BT 279.63 459.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 322.69 459.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 358.77 459.90 Td (of ) Tj ET Q q 0 0 0 rg BT 370.92 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 387.17 459.90 Td (investee, ) Tj ET Q q 0 0 0 rg BT 427.61 459.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 452.60 459.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 484.59 459.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 519.51 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.75 459.90 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 447.30 Td (method ) Tj ET Q q 0 0 0 rg BT 83.99 447.30 Td (of ) Tj ET Q q 0 0 0 rg BT 95.22 447.30 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 146.40 447.30 Td ( ) Tj ET Q q 0 0 0 rg BT 148.72 447.30 Td (The ) Tj ET Q q 0 0 0 rg BT 167.53 447.30 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 213.75 447.30 Td (of ) Tj ET Q q 0 0 0 rg BT 224.99 447.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 261.30 447.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 285.37 447.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 316.44 447.30 Td (can ) Tj ET Q q 0 0 0 rg BT 333.50 447.30 Td (exert ) Tj ET Q q 0 0 0 rg BT 356.98 447.30 Td (control ) Tj ET Q q 0 0 0 rg BT 389.21 447.30 Td (or ) Tj ET Q q 0 0 0 rg BT 400.45 447.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 447.26 447.30 Td (influence ) Tj ET Q q 0 0 0 rg BT 488.81 447.30 Td (over ) Tj ET Q q 0 0 0 rg BT 509.96 447.30 Td (the ) Tj ET Q q 0 0 0 rg BT 525.28 447.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 434.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 434.70 Td (operational ) Tj ET Q q 0 0 0 rg BT 116.69 434.70 Td (policies ) Tj ET Q q 0 0 0 rg BT 151.50 434.70 Td (of ) Tj ET Q q 0 0 0 rg BT 162.40 434.70 Td (an ) Tj ET Q q 0 0 0 rg BT 174.46 434.70 Td (investee ) Tj ET Q q 0 0 0 rg BT 211.02 434.70 Td (requires ) Tj ET Q q 0 0 0 rg BT 246.99 434.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 293.46 434.70 Td (judgment ) Tj ET Q q 0 0 0 rg BT 335.28 434.70 Td (based ) Tj ET Q q 0 0 0 rg BT 361.33 434.70 Td (on ) Tj ET Q q 0 0 0 rg BT 373.99 434.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.96 434.70 Td (facts ) Tj ET Q q 0 0 0 rg BT 410.94 434.70 Td (and ) Tj ET Q q 0 0 0 rg BT 428.25 434.70 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 489.87 434.70 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 542.77 434.70 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 95.46 422.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 147.04 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.91 422.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 183.70 422.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 232.06 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.10 422.10 Td (these ) Tj ET Q q 0 0 0 rg BT 267.56 422.10 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 318.25 422.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.21 422.10 Td (include ) Tj ET Q q 0 0 0 rg BT 372.99 422.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 409.69 422.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.41 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.03 422.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.48 422.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 504.90 422.10 Td (any ) Tj ET Q q 0 0 0 rg BT 522.94 422.10 Td (influence ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 409.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.48 409.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.96 409.50 Td (may ) Tj ET Q q 0 0 0 rg BT 126.94 409.50 Td (have ) Tj ET Q q 0 0 0 rg BT 149.66 409.50 Td (on ) Tj ET Q q 0 0 0 rg BT 163.06 409.50 Td (the ) Tj ET Q q 0 0 0 rg BT 178.79 409.50 Td (governing ) Tj ET Q q 0 0 0 rg BT 224.26 409.50 Td (board ) Tj ET Q q 0 0 0 rg BT 251.07 409.50 Td (of ) Tj ET Q q 0 0 0 rg BT 262.72 409.50 Td (the ) Tj ET Q q 0 0 0 rg BT 278.45 409.50 Td (investee, ) Tj ET Q q 0 0 0 rg BT 318.38 409.50 Td (the ) Tj ET Q q 0 0 0 rg BT 334.10 409.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 357.41 409.50 Td (rights ) Tj ET Q q 0 0 0 rg BT 384.23 409.50 Td (of ) Tj ET Q q 0 0 0 rg BT 395.88 409.50 Td (other ) Tj ET Q q 0 0 0 rg BT 420.35 409.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 461.17 409.50 Td (in ) Tj ET Q q 0 0 0 rg BT 472.23 409.50 Td (the ) Tj ET Q q 0 0 0 rg BT 487.96 409.50 Td (entity ) Tj ET Q q 0 0 0 rg BT 514.78 409.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 553.84 409.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 396.90 Td (the ) Tj ET Q q 0 0 0 rg BT 65.52 396.90 Td (fund's ) Tj ET Q q 0 0 0 rg BT 93.44 396.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 135.78 396.90 Td (documents ) Tj ET Q q 0 0 0 rg BT 183.97 396.90 Td (and ) Tj ET Q q 0 0 0 rg BT 201.82 396.90 Td (the ) Tj ET Q q 0 0 0 rg BT 217.34 396.90 Td (relationship ) Tj ET Q q 0 0 0 rg BT 269.61 396.90 Td (between ) Tj ET Q q 0 0 0 rg BT 307.29 396.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 331.55 396.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 362.83 396.90 Td (and ) Tj ET Q q 0 0 0 rg BT 380.68 396.90 Td (other ) Tj ET Q q 0 0 0 rg BT 404.95 396.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 445.56 396.90 Td (in ) Tj ET Q q 0 0 0 rg BT 456.42 396.90 Td (the ) Tj ET Q q 0 0 0 rg BT 471.94 396.90 Td (entity) Tj ET Q q 0 0 0 rg BT 495.17 396.90 Td (. ) Tj ET Q q 0 0 0 rg BT 500.49 396.90 Td ( ) Tj ET Q q 0 0 0 rg BT 503.18 396.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.45 396.90 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 384.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.70 384.30 Td (method ) Tj ET Q q 0 0 0 rg BT 112.65 384.30 Td (investees ) Tj ET Q q 0 0 0 rg BT 153.59 384.30 Td (that ) Tj ET Q q 0 0 0 rg BT 171.79 384.30 Td (are ) Tj ET Q q 0 0 0 rg BT 187.07 384.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.60 384.30 Td (companies ) Tj ET Q q 0 0 0 rg BT 282.96 384.30 Td (record ) Tj ET Q q 0 0 0 rg BT 312.23 384.30 Td (their ) Tj ET Q q 0 0 0 rg BT 333.92 384.30 Td (underlying ) Tj ET Q q 0 0 0 rg BT 381.87 384.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.49 384.30 Td (at ) Tj ET Q q 0 0 0 rg BT 444.52 384.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.55 384.30 Td (value. ) Tj ET Q q 0 0 0 rg BT 489.37 384.30 Td ( ) Tj ET Q q 0 0 0 rg BT 491.64 384.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 538.11 384.30 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 371.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.34 371.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 92.09 371.70 Td (method ) Tj ET Q q 0 0 0 rg BT 125.09 371.70 Td (of ) Tj ET Q q 0 0 0 rg BT 135.35 371.70 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 185.54 371.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.63 371.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 244.70 371.70 Td (share ) Tj ET Q q 0 0 0 rg BT 268.36 371.70 Td (of ) Tj ET Q q 0 0 0 rg BT 278.61 371.70 Td (the ) Tj ET Q q 0 0 0 rg BT 292.95 371.70 Td (investee's ) Tj ET Q q 0 0 0 rg BT 334.84 371.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 381.84 371.70 Td (net ) Tj ET Q q 0 0 0 rg BT 396.17 371.70 Td (income ) Tj ET Q q 0 0 0 rg BT 428.58 371.70 Td (or ) Tj ET Q q 0 0 0 rg BT 438.84 371.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 456.69 371.70 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 519.43 371.70 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.95 359.10 Td (value ) Tj ET Q q 0 0 0 rg BT 94.06 359.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 147.60 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.14 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.34 359.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 228.88 359.10 Td (held ) Tj ET Q q 0 0 0 rg BT 250.34 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 264.21 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.42 359.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 310.04 359.10 Td (method ) Tj ET Q q 0 0 0 rg BT 344.91 359.10 Td (investee. ) Tj ET Q q 0 0 0 rg BT 385.31 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.68 359.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 413.63 359.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 451.57 359.10 Td (share ) Tj ET Q q 0 0 0 rg BT 477.10 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.22 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.43 359.10 Td (investee's ) Tj ET Q q 0 0 0 rg BT 549.18 359.10 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 346.50 Td (income ) Tj ET Q q 0 0 0 rg BT 83.29 346.50 Td (or ) Tj ET Q q 0 0 0 rg BT 94.43 346.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 113.15 346.50 Td (is ) Tj ET Q q 0 0 0 rg BT 122.54 346.50 Td (based ) Tj ET Q q 0 0 0 rg BT 148.84 346.50 Td (on ) Tj ET Q q 0 0 0 rg BT 161.73 346.50 Td (the ) Tj ET Q q 0 0 0 rg BT 176.94 346.50 Td (most ) Tj ET Q q 0 0 0 rg BT 199.75 346.50 Td (current ) Tj ET Q q 0 0 0 rg BT 231.87 346.50 Td (information ) Tj ET Q q 0 0 0 rg BT 283.83 346.50 Td (available ) Tj ET Q q 0 0 0 rg BT 324.11 346.50 Td (and ) Tj ET Q q 0 0 0 rg BT 341.66 346.50 Td (is ) Tj ET Q q 0 0 0 rg BT 351.05 346.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 390.16 346.50 Td (as ) Tj ET Q q 0 0 0 rg BT 401.29 346.50 Td (a ) Tj ET Q q 0 0 0 rg BT 408.34 346.50 Td (net ) Tj ET Q q 0 0 0 rg BT 423.55 346.50 Td (gain ) Tj ET Q q 0 0 0 rg BT 444.02 346.50 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 469.74 346.50 Td (on ) Tj ET Q q 0 0 0 rg BT 482.63 346.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 535.18 346.50 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 333.90 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 116.53 333.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 150.99 333.90 Td (\(Expense\). ) Tj ET Q q 0 0 0 rg BT 199.14 333.90 Td ( ) Tj ET Q q 0 0 0 rg BT 201.46 333.90 Td (A) Tj ET Q q 0 0 0 rg BT 208.46 333.90 Td ( ) Tj ET Q q 0 0 0 rg BT 211.43 333.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 258.72 333.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 292.02 333.90 Td (of ) Tj ET Q q 0 0 0 rg BT 303.73 333.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 342.27 333.90 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 377.32 333.90 Td (attributable ) Tj ET Q q 0 0 0 rg BT 428.10 333.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.23 333.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.78 333.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 501.31 333.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 530.52 333.90 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 321.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 106.60 321.30 Td (has ) Tj ET Q q 0 0 0 rg BT 127.02 321.30 Td (of) Tj ET Q q 0 0 0 rg BT 135.58 321.30 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 173.51 321.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.26 321.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 278.51 321.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 335.11 321.30 Td (under ) Tj ET Q q 0 0 0 rg BT 365.45 321.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 405.11 321.30 Td (sharing ) Tj ET Q q 0 0 0 rg BT 442.45 321.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 505.44 321.30 Td (and ) Tj ET Q q 0 0 0 rg BT 527.03 321.30 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 308.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.44 308.70 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 171.73 308.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 214.36 308.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 266.05 308.70 Td (in ) Tj ET Q q 0 0 0 rg BT 276.33 308.70 Td (the ) Tj ET Q q 0 0 0 rg BT 291.28 308.70 Td (market ) Tj ET Q q 0 0 0 rg BT 322.54 308.70 Td (value ) Tj ET Q q 0 0 0 rg BT 347.40 308.70 Td (of ) Tj ET Q q 0 0 0 rg BT 358.26 308.70 Td (these ) Tj ET Q q 0 0 0 rg BT 381.95 308.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.23 308.70 Td (will ) Tj ET Q q 0 0 0 rg BT 452.68 308.70 Td (not ) Tj ET Q q 0 0 0 rg BT 468.21 308.70 Td (have ) Tj ET Q q 0 0 0 rg BT 490.15 308.70 Td (a ) Tj ET Q q 0 0 0 rg BT 496.92 308.70 Td (material ) Tj ET Q q 0 0 0 rg BT 533.43 308.70 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.13 296.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 80.91 296.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 115.02 296.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 143.90 296.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 197.26 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.05 296.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 232.25 296.10 Td (Mason,�Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 270.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.19 270.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.38 270.90 Td (also ) Tj ET Q q 0 0 0 rg BT 121.91 270.90 Td (holds ) Tj ET Q q 0 0 0 rg BT 146.27 270.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 165.96 270.90 Td (and ) Tj ET Q q 0 0 0 rg BT 182.73 270.90 Td (marketable ) Tj ET Q q 0 0 0 rg BT 230.99 270.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 258.84 270.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.62 270.90 Td (which ) Tj ET Q q 0 0 0 rg BT 337.89 270.90 Td (are ) Tj ET Q q 0 0 0 rg BT 352.32 270.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 393.59 270.90 Td (as ) Tj ET Q q 0 0 0 rg BT 403.94 270.90 Td (trading. ) Tj ET Q q 0 0 0 rg BT 437.92 270.90 Td ( ) Tj ET Q q 0 0 0 rg BT 439.53 270.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 472.05 270.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 519.74 270.90 Td (securities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (including ) Tj ET Q q 0 0 0 rg BT 92.93 258.30 Td (those ) Tj ET Q q 0 0 0 rg BT 118.36 258.30 Td (held ) Tj ET Q q 0 0 0 rg BT 139.70 258.30 Td (by ) Tj ET Q q 0 0 0 rg BT 153.47 258.30 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 181.53 258.30 Td (are ) Tj ET Q q 0 0 0 rg BT 197.61 258.30 Td (also ) Tj ET Q q 0 0 0 rg BT 217.80 258.30 Td (classified ) Tj ET Q q 0 0 0 rg BT 260.72 258.30 Td (as ) Tj ET Q q 0 0 0 rg BT 272.73 258.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 305.74 258.30 Td (securities. ) Tj ET Q q 0 0 0 rg BT 351.28 258.30 Td ( ) Tj ET Q q 0 0 0 rg BT 354.31 258.30 Td (These ) Tj ET Q q 0 0 0 rg BT 382.65 258.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 436.08 258.30 Td (are ) Tj ET Q q 0 0 0 rg BT 452.16 258.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.16 258.30 Td (at ) Tj ET Q q 0 0 0 rg BT 503.00 258.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 520.84 258.30 Td (value ) Tj ET Q q 0 0 0 rg BT 546.84 258.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 245.70 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 95.46 245.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 119.36 245.70 Td (and ) Tj ET Q q 0 0 0 rg BT 136.25 245.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 163.07 245.70 Td (are ) Tj ET Q q 0 0 0 rg BT 177.63 245.70 Td (included ) Tj ET Q q 0 0 0 rg BT 215.52 245.70 Td (in ) Tj ET Q q 0 0 0 rg BT 225.42 245.70 Td (current ) Tj ET Q q 0 0 0 rg BT 256.89 245.70 Td (period ) Tj ET Q q 0 0 0 rg BT 285.44 245.70 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 325.38 245.70 Td ( ) Tj ET Q q 0 0 0 rg BT 327.11 245.70 Td (Realized ) Tj ET Q q 0 0 0 rg BT 365.58 245.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 389.47 245.70 Td (and ) Tj ET Q q 0 0 0 rg BT 406.37 245.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 433.19 245.70 Td (for ) Tj ET Q q 0 0 0 rg BT 447.17 245.70 Td (all ) Tj ET Q q 0 0 0 rg BT 459.40 245.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 511.30 245.70 Td (are ) Tj ET Q q 0 0 0 rg BT 525.85 245.70 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 233.10 Td (current ) Tj ET Q q 0 0 0 rg BT 93.15 233.10 Td (period ) Tj ET Q q 0 0 0 rg BT 122.60 233.10 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 207.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 81.39 207.90 Td (and ) Tj ET Q q 0 0 0 rg BT 99.95 207.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 124.92 207.90 Td (income ) Tj ET Q q 0 0 0 rg BT 159.22 207.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 202.27 207.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 245.32 207.90 Td (as ) Tj ET Q q 0 0 0 rg BT 257.46 207.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 290.60 207.90 Td (are ) Tj ET Q q 0 0 0 rg BT 306.81 207.90 Td (valued ) Tj ET Q q 0 0 0 rg BT 338.20 207.90 Td (using ) Tj ET Q q 0 0 0 rg BT 364.35 207.90 Td (closing ) Tj ET Q q 0 0 0 rg BT 398.08 207.90 Td (market ) Tj ET Q q 0 0 0 rg BT 430.62 207.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 459.09 207.90 Td (for ) Tj ET Q q 0 0 0 rg BT 474.73 207.90 Td (listed ) Tj ET Q q 0 0 0 rg BT 500.88 207.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 553.27 207.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 195.30 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.77 195.30 Td (price ) Tj ET Q q 0 0 0 rg BT 103.12 195.30 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 151.86 195.30 Td (when ) Tj ET Q q 0 0 0 rg BT 176.97 195.30 Td (available. ) Tj ET Q q 0 0 0 rg BT 219.86 195.30 Td ( ) Tj ET Q q 0 0 0 rg BT 222.22 195.30 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 248.51 195.30 Td (income ) Tj ET Q q 0 0 0 rg BT 281.78 195.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 323.80 195.30 Td (may ) Tj ET Q q 0 0 0 rg BT 344.25 195.30 Td (also ) Tj ET Q q 0 0 0 rg BT 363.53 195.30 Td (be ) Tj ET Q q 0 0 0 rg BT 375.80 195.30 Td (valued ) Tj ET Q q 0 0 0 rg BT 406.16 195.30 Td (using ) Tj ET Q q 0 0 0 rg BT 431.28 195.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 472.72 195.30 Td (models ) Tj ET Q q 0 0 0 rg BT 505.42 195.30 Td (and ) Tj ET Q q 0 0 0 rg BT 522.94 195.30 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 182.70 Td (based ) Tj ET Q q 0 0 0 rg BT 76.53 182.70 Td (on ) Tj ET Q q 0 0 0 rg BT 89.66 182.70 Td (spreads ) Tj ET Q q 0 0 0 rg BT 123.77 182.70 Td (to ) Tj ET Q q 0 0 0 rg BT 134.57 182.70 Td (actively ) Tj ET Q q 0 0 0 rg BT 170.43 182.70 Td (traded ) Tj ET Q q 0 0 0 rg BT 199.29 182.70 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 248.56 182.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 269.26 182.70 Td (instruments ) Tj ET Q q 0 0 0 rg BT 320.88 182.70 Td (with ) Tj ET Q q 0 0 0 rg BT 342.18 182.70 Td (readily ) Tj ET Q q 0 0 0 rg BT 373.96 182.70 Td (available ) Tj ET Q q 0 0 0 rg BT 414.48 182.70 Td (market ) Tj ET Q q 0 0 0 rg BT 446.25 182.70 Td (prices.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 157.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.87 157.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.74 157.50 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 146.10 157.50 Td (its ) Tj ET Q q 0 0 0 rg BT 158.32 157.50 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 209.60 157.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 257.97 157.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.91 157.50 Td (for ) Tj ET Q q 0 0 0 rg BT 314.45 157.50 Td ("other) Tj ET Q q 0 0 0 rg BT 340.10 157.50 Td (-than-temporary" ) Tj ET Q q 0 0 0 rg BT 414.90 157.50 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 468.22 157.50 Td ( ) Tj ET Q q 0 0 0 rg BT 470.52 157.50 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 521.79 157.50 Td (may ) Tj ET Q q 0 0 0 rg BT 542.17 157.50 Td (exist ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 144.90 Td (when ) Tj ET Q q 0 0 0 rg BT 75.09 144.90 Td (the ) Tj ET Q q 0 0 0 rg BT 90.27 144.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 107.18 144.90 Td (value ) Tj ET Q q 0 0 0 rg BT 132.27 144.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.36 144.90 Td (an ) Tj ET Q q 0 0 0 rg BT 155.62 144.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.04 144.90 Td (security ) Tj ET Q q 0 0 0 rg BT 239.63 144.90 Td (has ) Tj ET Q q 0 0 0 rg BT 255.97 144.90 Td (been ) Tj ET Q q 0 0 0 rg BT 278.14 144.90 Td (below ) Tj ET Q q 0 0 0 rg BT 306.15 144.90 Td (the ) Tj ET Q q 0 0 0 rg BT 321.32 144.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 358.66 144.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 377.92 144.90 Td (for ) Tj ET Q q 0 0 0 rg BT 392.51 144.90 Td (an ) Tj ET Q q 0 0 0 rg BT 404.77 144.90 Td (extended ) Tj ET Q q 0 0 0 rg BT 445.02 144.90 Td (period ) Tj ET Q q 0 0 0 rg BT 474.19 144.90 Td (of ) Tj ET Q q 0 0 0 rg BT 485.28 144.90 Td (time. ) Tj ET Q q 0 0 0 rg BT 508.92 144.90 Td ( ) Tj ET Q q 0 0 0 rg BT 511.26 144.90 Td (If ) Tj ET Q q 0 0 0 rg BT 520.60 144.90 Td (an ) Tj ET Q q 0 0 0 rg BT 532.86 144.90 Td ("other) Tj ET Q q 0 0 0 rg BT 558.51 144.90 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 132.30 Td (than-temporary" ) Tj ET Q q 0 0 0 rg BT 121.73 132.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 172.85 132.30 Td (is ) Tj ET Q q 0 0 0 rg BT 182.56 132.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 232.51 132.30 Td (to ) Tj ET Q q 0 0 0 rg BT 243.39 132.30 Td (exist, ) Tj ET Q q 0 0 0 rg BT 268.56 132.30 Td (the ) Tj ET Q q 0 0 0 rg BT 284.11 132.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 318.32 132.30 Td (of ) Tj ET Q q 0 0 0 rg BT 329.78 132.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 380.90 132.30 Td (that ) Tj ET Q q 0 0 0 rg BT 399.36 132.30 Td (relates ) Tj ET Q q 0 0 0 rg BT 429.47 132.30 Td (to ) Tj ET Q q 0 0 0 rg BT 440.36 132.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 466.97 132.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 494.78 132.30 Td (is ) Tj ET Q q 0 0 0 rg BT 504.50 132.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 553.27 132.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 119.70 Td (a ) Tj ET Q q 0 0 0 rg BT 58.26 119.70 Td (char) Tj ET Q q 0 0 0 rg BT 76.13 119.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 89.64 119.70 Td (to ) Tj ET Q q 0 0 0 rg BT 101.40 119.70 Td (income. ) Tj ET Q q 0 0 0 rg BT 138.53 119.70 Td ( ) Tj ET Q q 0 0 0 rg BT 141.33 119.70 Td (As ) Tj ET Q q 0 0 0 rg BT 156.60 119.70 Td (of ) Tj ET Q q 0 0 0 rg BT 168.94 119.70 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.69 119.70 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.69 119.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.91 119.70 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.91 119.70 Td ( ) Tj ET Q q 0 0 0 rg BT 267.50 119.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.26 119.70 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.26 119.70 Td (, ) Tj ET Q q 0 0 0 rg BT 313.48 119.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.90 119.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 364.99 119.70 Td (of ) Tj ET Q q 0 0 0 rg BT 377.33 119.70 Td (temporary ) Tj ET Q q 0 0 0 rg BT 424.08 119.70 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 471.40 119.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 500.08 119.70 Td (for ) Tj ET Q q 0 0 0 rg BT 515.92 119.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.28 107.10 Td (not ) Tj ET Q q 0 0 0 rg BT 108.32 107.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 157.00 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.80 107.10 Td (income ) Tj ET Q q 0 0 0 rg BT 201.33 107.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.28 107.10 Td (not ) Tj ET Q q 0 0 0 rg BT 236.32 107.10 Td (material.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 81.90 Td (For ) Tj ET Q q 0 0 0 rg BT 67.28 81.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.13 81.90 Td (in ) Tj ET Q q 0 0 0 rg BT 130.99 81.90 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 164.02 81.90 Td (or ) Tj ET Q q 0 0 0 rg BT 175.46 81.90 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 237.05 81.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.39 81.90 Td (for ) Tj ET Q q 0 0 0 rg BT 294.33 81.90 Td (which ) Tj ET Q q 0 0 0 rg BT 322.68 81.90 Td (market ) Tj ET Q q 0 0 0 rg BT 354.53 81.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 382.29 81.90 Td (or ) Tj ET Q q 0 0 0 rg BT 393.73 81.90 Td (quotations ) Tj ET Q q 0 0 0 rg BT 440.17 81.90 Td (may ) Tj ET Q q 0 0 0 rg BT 460.94 81.90 Td (not ) Tj ET Q q 0 0 0 rg BT 477.05 81.90 Td (be ) Tj ET Q q 0 0 0 rg BT 489.65 81.90 Td (readily ) Tj ET Q q 0 0 0 rg BT 521.50 81.90 Td (available, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 69.30 Td (management ) Tj ET Q q 0 0 0 rg BT 107.26 69.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.96 69.30 Td (the ) Tj ET Q q 0 0 0 rg BT 166.40 69.30 Td (value ) Tj ET Q q 0 0 0 rg BT 192.76 69.30 Td (of ) Tj ET Q q 0 0 0 rg BT 205.12 69.30 Td (the ) Tj ET Q q 0 0 0 rg BT 221.57 69.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 264.84 69.30 Td (using ) Tj ET Q q 0 0 0 rg BT 291.21 69.30 Td (a ) Tj ET Q q 0 0 0 rg BT 299.49 69.30 Td (variety ) Tj ET Q q 0 0 0 rg BT 332.26 69.30 Td (of ) Tj ET Q q 0 0 0 rg BT 344.63 69.30 Td (methods ) Tj ET Q q 0 0 0 rg BT 383.83 69.30 Td (and ) Tj ET Q q 0 0 0 rg BT 402.61 69.30 Td (resources, ) Tj ET Q q 0 0 0 rg BT 448.50 69.30 Td (including ) Tj ET Q q 0 0 0 rg BT 491.78 69.30 Td (the ) Tj ET Q q 0 0 0 rg BT 508.23 69.30 Td (most ) Tj ET Q q 0 0 0 rg BT 532.27 69.30 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 56.70 Td (available ) Tj ET Q q 0 0 0 rg BT 90.52 56.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.88 56.70 Td (information ) Tj ET Q q 0 0 0 rg BT 182.07 56.70 Td (for ) Tj ET Q q 0 0 0 rg BT 196.94 56.70 Td (the ) Tj ET Q q 0 0 0 rg BT 212.40 56.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.10 56.70 Td (and ) Tj ET Q q 0 0 0 rg BT 278.88 56.70 Td (the ) Tj ET Q q 0 0 0 rg BT 294.34 56.70 Td (industry) Tj ET Q q 0 0 0 rg BT 328.07 56.70 Td (.) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (89) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 62.19 729.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 100.05 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 111.67 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.94 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.12 729.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 220.57 729.15 Td (described ) Tj ET Q q 0 0 0 rg BT 264.25 729.15 Td (above ) Tj ET Q q 0 0 0 rg BT 292.76 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 311.37 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.65 729.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 373.07 729.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 425.52 729.15 Td (described ) Tj ET Q q 0 0 0 rg BT 469.20 729.15 Td (below) Tj ET Q q 0 0 0 rg BT 494.18 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 500.25 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 525.27 729.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 100.87 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 118.49 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 133.18 716.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 164.20 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 173.65 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 190.09 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 214.70 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 225.32 716.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 262.78 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 280.39 716.55 Td (approximate ) Tj ET Q q 0 0 0 rg BT 334.75 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 351.19 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 375.80 716.55 Td (include ) Tj ET Q q 0 0 0 rg BT 408.58 716.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 431.45 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.49 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.02 716.55 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 518.71 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 535.74 716.55 Td (Short-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (term ) Tj ET Q q 0 0 0 rg BT 71.92 703.95 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 125.06 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 127.55 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 146.56 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.81 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 189.23 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 200.66 703.95 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 248.25 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 269.01 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 279.27 703.95 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.11 703.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.11 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 348.79 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.63 703.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.63 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 392.94 703.95 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.68 703.95 Td ($1,773,852) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.93 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 491.61 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 509.46 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.14 703.95 Td ($1,166,697) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 703.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 104.63 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 106.59 691.35 Td (Except ) Tj ET Q q 0 0 0 rg BT 137.71 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 151.91 691.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 195.28 691.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 215.32 691.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 262.18 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 276.39 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 283.01 691.35 Td (hedging ) Tj ET Q q 0 0 0 rg BT 318.80 691.35 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 369.45 691.35 Td (these ) Tj ET Q q 0 0 0 rg BT 392.99 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 409.52 691.35 Td (values ) Tj ET Q q 0 0 0 rg BT 438.30 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 460.67 691.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 502.87 691.35 Td (using ) Tj ET Q q 0 0 0 rg BT 527.58 691.35 Td (publicly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 81.10 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 112.78 678.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 140.37 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.05 678.75 Td (were ) Tj ET Q q 0 0 0 rg BT 180.98 678.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 223.15 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 234.42 678.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 260.85 678.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 268.62 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 279.31 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.66 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.75 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 337.02 678.75 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 375.98 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 381.12 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 392.39 678.75 Td (described ) Tj ET Q q 0 0 0 rg BT 435.15 678.75 Td (below) Tj ET Q q 0 0 0 rg BT 460.13 678.75 Td (. ) Tj ET Q q 0 0 0 rg BT 465.27 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 467.24 678.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 519.64 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 524.79 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 540.14 678.75 Td (2.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.88 666.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 106.84 666.15 Td (due ) Tj ET Q q 0 0 0 rg BT 124.47 666.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 147.93 666.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 195.30 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 210.01 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 217.13 666.15 Td (hedging ) Tj ET Q q 0 0 0 rg BT 253.43 666.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 301.96 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 317.24 666.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 347.70 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 358.91 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 374.20 666.15 Td (sum ) Tj ET Q q 0 0 0 rg BT 394.17 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 405.38 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.67 666.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 465.12 666.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 484.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 495.71 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 511.00 666.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 531.55 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.31 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 92.79 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 104.28 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 119.85 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 151.15 653.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 184.80 653.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 203.27 653.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 239.83 653.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 287.47 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 302.45 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 309.85 653.55 Td (hedging ) Tj ET Q q 0 0 0 rg BT 346.42 653.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 395.23 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 423.63 653.55 Td (approximates ) Tj ET Q q 0 0 0 rg BT 482.94 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 498.51 653.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 519.33 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.64 653.55 Td (value, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 86.74 640.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 129.02 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 140.39 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 147.68 640.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 174.21 640.95 Td (2 ) Tj ET Q q 0 0 0 rg BT 182.08 640.95 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 243.31 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 254.68 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 297.55 640.95 Td (below) Tj ET Q q 0 0 0 rg BT 322.53 640.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 99.27 615.75 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.65 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.54 603.15 Td (values ) Tj ET Q q 0 0 0 rg BT 117.68 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 129.75 603.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 175.05 603.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.37 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 243.51 603.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.56 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 295.63 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 323.44 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 335.51 603.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 377.91 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 391.73 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.88 603.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 466.62 603.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 503.75 603.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 537.11 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 540.43 603.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.96 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 99.34 590.55 Td (used ) Tj ET Q q 0 0 0 rg BT 121.96 590.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 155.66 590.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 198.68 590.55 Td (forwards ) Tj ET Q q 0 0 0 rg BT 239.38 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 257.91 590.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 292.20 590.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 311.31 590.55 Td (swaps ) Tj ET Q q 0 0 0 rg BT 340.35 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 351.90 590.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 380.35 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 396.55 590.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.68 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 427.81 590.55 Td (movement ) Tj ET Q q 0 0 0 rg BT 475.51 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 487.05 590.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 530.07 590.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 553.27 590.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.94 577.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 106.80 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 120.33 577.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.10 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 187.63 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 205.83 577.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 247.94 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 261.48 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 269.18 577.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 301.96 577.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 328.62 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 330.99 577.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 356.48 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 381.09 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 412.71 577.95 Td (has ) Tj ET Q q 0 0 0 rg BT 429.74 577.95 Td (used ) Tj ET Q q 0 0 0 rg BT 452.03 577.95 Td (futures ) Tj ET Q q 0 0 0 rg BT 484.22 577.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 525.15 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 538.69 577.95 Td (index ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.96 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 86.75 565.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 114.45 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.90 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 161.68 565.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 180.05 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.42 565.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.61 565.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 243.90 565.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.51 565.35 Td (investments. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (W) Tj ET Q q 0 0 0 rg BT 59.49 540.15 Td (ith ) Tj ET Q q 0 0 0 rg BT 73.48 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 89.22 540.15 Td (exception ) Tj ET Q q 0 0 0 rg BT 132.95 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 144.61 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 157.43 540.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 191.24 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 209.89 540.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 234.38 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 252.45 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 260.02 540.15 Td (reverse ) Tj ET Q q 0 0 0 rg BT 293.24 540.15 Td (treasury ) Tj ET Q q 0 0 0 rg BT 329.97 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 348.61 540.15 Td (lock ) Tj ET Q q 0 0 0 rg BT 369.60 540.15 Td (contract, ) Tj ET Q q 0 0 0 rg BT 408.95 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 420.60 540.15 Td (further ) Tj ET Q q 0 0 0 rg BT 452.08 540.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 495.24 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 506.32 540.15 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.64 540.15 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.89 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 540.42 540.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.64 527.55 Td (has ) Tj ET Q q 0 0 0 rg BT 98.70 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 115.18 527.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 163.15 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 181.37 527.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.16 527.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 273.22 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 288.52 527.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 316.66 527.55 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 368.41 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 380.22 527.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 414.76 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 425.99 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 441.88 527.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 491.01 527.55 Td (literature, ) Tj ET Q q 0 0 0 rg BT 534.59 527.55 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.74 514.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 99.56 514.95 Td (presented. ) Tj ET Q q 0 0 0 rg BT 145.33 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 148.03 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 167.26 514.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 192.34 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 204.00 514.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 232.00 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 245.41 514.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 290.30 514.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 342.21 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 358.54 514.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 406.35 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 421.50 514.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 449.49 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 498.46 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 514.19 514.95 Td (included ) Tj ET Q q 0 0 0 rg BT 553.26 514.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.03 502.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 119.81 502.35 Td (income ) Tj ET Q q 0 0 0 rg BT 153.84 502.35 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 197.77 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 209.64 502.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 236.67 502.35 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 303.36 502.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 337.97 502.35 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 383.66 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 394.95 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.90 502.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 469.44 502.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 518.64 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 530.51 502.35 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 81.79 489.75 Td (depending ) Tj ET Q q 0 0 0 rg BT 127.87 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 140.70 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.87 489.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 188.43 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 193.39 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.72 489.75 Td (Gains ) Tj ET Q q 0 0 0 rg BT 222.56 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 240.05 489.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 267.48 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 280.31 489.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 324.63 489.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 375.97 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 387.05 489.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 411.56 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 426.71 489.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 465.77 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 476.86 489.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 503.10 489.75 Td (non-operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (income ) Tj ET Q q 0 0 0 rg BT 83.13 477.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 108.69 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 119.67 477.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 174.97 477.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 223.27 477.15 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 262.53 477.15 Td (net, ) Tj ET Q q 0 0 0 rg BT 280.21 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 290.60 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 305.66 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 363.30 477.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 411.61 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 422.58 477.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 456.29 477.15 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 487.98 477.15 Td (if ) Tj ET Q q 0 0 0 rg BT 496.62 477.15 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 544.62 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 477.15 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.04 464.55 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.54 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.16 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 101.03 464.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 145.65 464.55 Td (information ) Tj ET Q q 0 0 0 rg BT 197.84 464.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 240.70 464.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 289.39 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.18 464.55 Td (hedging.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (Fair) Tj ET Q q 0 0 0 rg BT 69.05 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 71.49 439.35 Td (V) Tj ET Q q 0 0 0 rg BT 78.11 439.35 Td (alue ) Tj ET Q q 0 0 0 rg BT 99.40 439.35 Td (Measur) Tj ET Q q 0 0 0 rg BT 133.62 439.35 Td (ements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 101.52 426.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 141.96 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 156.74 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.84 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 199.12 426.75 Td (measurements ) Tj ET Q q 0 0 0 rg BT 261.72 426.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 294.57 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.68 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 336.95 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 354.65 426.75 Td (establishes ) Tj ET Q q 0 0 0 rg BT 402.68 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 409.88 426.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 458.47 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 473.25 426.75 Td (measuring ) Tj ET Q q 0 0 0 rg BT 519.52 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.63 426.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 564.62 426.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.48 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 94.78 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 104.34 414.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 138.39 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 149.70 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 165.09 414.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 207.29 414.15 Td (price ) Tj ET Q q 0 0 0 rg BT 230.84 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 249.15 414.15 Td (would ) Tj ET Q q 0 0 0 rg BT 277.96 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 290.43 414.15 Td (received ) Tj ET Q q 0 0 0 rg BT 328.55 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 343.36 414.15 Td (an ) Tj ET Q q 0 0 0 rg BT 355.83 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.80 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 390.11 414.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 410.75 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 421.48 414.15 Td (transfer ) Tj ET Q q 0 0 0 rg BT 456.11 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 463.33 414.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 498.56 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 509.29 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.68 414.15 Td (principal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 63.38 401.55 Td (most ) Tj ET Q q 0 0 0 rg BT 88.43 401.55 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 150.21 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 183.99 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 200.86 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.32 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 243.37 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 256.74 401.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 294.04 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 306.84 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 321.38 401.55 Td (orderly ) Tj ET Q q 0 0 0 rg BT 356.33 401.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 407.03 401.55 Td (between ) Tj ET Q q 0 0 0 rg BT 446.64 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 480.43 401.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 534.04 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 401.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 108.41 388.95 Td (date. ) Tj ET Q q 0 0 0 rg BT 130.96 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 133.40 388.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 162.08 388.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.58 388.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 253.54 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 260.64 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.65 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 302.82 388.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 361.24 388.95 Td (should ) Tj ET Q q 0 0 0 rg BT 391.68 388.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 420.92 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 433.86 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 445.04 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 460.30 388.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 514.66 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 532.85 388.95 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (participants ) Tj ET Q q 0 0 0 rg BT 101.11 376.35 Td (would ) Tj ET Q q 0 0 0 rg BT 129.49 376.35 Td (use ) Tj ET Q q 0 0 0 rg BT 145.61 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 155.90 376.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 187.77 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.72 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 225.26 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 236.13 376.35 Td (liability) Tj ET Q q 0 0 0 rg BT 268.11 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 272.86 376.35 Td (including ) Tj ET Q q 0 0 0 rg BT 314.65 376.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 368.70 376.35 Td (about ) Tj ET Q q 0 0 0 rg BT 394.15 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 409.10 376.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 426.98 376.35 Td (inherent ) Tj ET Q q 0 0 0 rg BT 463.51 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 473.80 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 480.59 376.35 Td (particular ) Tj ET Q q 0 0 0 rg BT 522.94 376.35 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (technique, ) Tj ET Q q 0 0 0 rg BT 96.07 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.52 363.75 Td (ef) Tj ET Q q 0 0 0 rg BT 119.49 363.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 137.85 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.22 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 156.51 363.75 Td (restriction ) Tj ET Q q 0 0 0 rg BT 201.70 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 214.83 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.28 363.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 249.23 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 260.60 363.75 Td (use ) Tj ET Q q 0 0 0 rg BT 277.22 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.59 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 301.13 363.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 326.79 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 344.58 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.03 363.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 378.41 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 389.78 363.75 Td (non-performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.60 338.55 Td (objective ) Tj ET Q q 0 0 0 rg BT 109.36 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 120.38 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.23 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 162.25 338.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.59 338.55 Td (measurements ) Tj ET Q q 0 0 0 rg BT 272.93 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 282.21 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 292.66 338.55 Td (reflect, ) Tj ET Q q 0 0 0 rg BT 324.37 338.55 Td (at ) Tj ET Q q 0 0 0 rg BT 334.22 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 349.33 338.55 Td (date ) Tj ET Q q 0 0 0 rg BT 369.09 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 380.11 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 395.22 338.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.23 338.55 Td (statements, ) Tj ET Q q 0 0 0 rg BT 483.45 338.55 Td (how ) Tj ET Q q 0 0 0 rg BT 503.81 338.55 Td (much ) Tj ET Q q 0 0 0 rg BT 529.42 338.55 Td (an ) Tj ET Q q 0 0 0 rg BT 541.60 338.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (would ) Tj ET Q q 0 0 0 rg BT 78.14 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 89.93 325.95 Td (sold ) Tj ET Q q 0 0 0 rg BT 109.33 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 123.46 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 133.51 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 145.31 325.95 Td (orderly ) Tj ET Q q 0 0 0 rg BT 177.51 325.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 225.47 325.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 239.60 325.95 Td (opposed ) Tj ET Q q 0 0 0 rg BT 276.48 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 286.54 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 293.08 325.95 Td (distressed ) Tj ET Q q 0 0 0 rg BT 336.38 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 347.02 325.95 Td (forced ) Tj ET Q q 0 0 0 rg BT 375.72 325.95 Td (transaction\) ) Tj ET Q q 0 0 0 rg BT 427.17 325.95 Td (under ) Tj ET Q q 0 0 0 rg BT 452.96 325.95 Td (current ) Tj ET Q q 0 0 0 rg BT 484.58 325.95 Td (market ) Tj ET Q q 0 0 0 rg BT 515.62 325.95 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 564.62 325.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (Specifically) Tj ET Q q 0 0 0 rg BT 99.47 313.35 Td (, ) Tj ET Q q 0 0 0 rg BT 104.39 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 112.51 313.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 148.62 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.75 313.35 Td (use ) Tj ET Q q 0 0 0 rg BT 180.04 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.08 313.35 Td (judgment ) Tj ET Q q 0 0 0 rg BT 233.03 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 243.49 313.35 Td (ascertain ) Tj ET Q q 0 0 0 rg BT 283.10 313.35 Td (if ) Tj ET Q q 0 0 0 rg BT 291.80 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 298.76 313.35 Td (formerly ) Tj ET Q q 0 0 0 rg BT 337.78 313.35 Td (active ) Tj ET Q q 0 0 0 rg BT 365.14 313.35 Td (market ) Tj ET Q q 0 0 0 rg BT 396.59 313.35 Td (has ) Tj ET Q q 0 0 0 rg BT 412.88 313.35 Td (become ) Tj ET Q q 0 0 0 rg BT 447.82 313.35 Td (inactive ) Tj ET Q q 0 0 0 rg BT 483.35 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 500.80 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 511.26 313.35 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.52 300.75 Td (values ) Tj ET Q q 0 0 0 rg BT 95.30 300.75 Td (when ) Tj ET Q q 0 0 0 rg BT 119.99 300.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 155.18 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 176.95 300.75 Td (become ) Tj ET Q q 0 0 0 rg BT 211.55 300.75 Td (inactive. ) Tj ET Q q 0 0 0 rg BT 249.36 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 251.17 300.75 Td (This ) Tj ET Q q 0 0 0 rg BT 271.78 300.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 319.80 300.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 359.65 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 378.51 300.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 407.86 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 417.98 300.75 Td (other) Tj ET Q q 0 0 0 rg BT 439.35 300.75 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 509.52 300.75 Td (impairments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.83 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 77.50 288.15 Td (intended ) Tj ET Q q 0 0 0 rg BT 116.32 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 127.16 288.15 Td (bring ) Tj ET Q q 0 0 0 rg BT 151.99 288.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 183.80 288.15 Td (consistency ) Tj ET Q q 0 0 0 rg BT 235.46 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 246.29 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 261.79 288.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 291.88 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 303.29 288.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 354.36 288.15 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 407.47 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 410.14 288.15 Td (It ) Tj ET Q q 0 0 0 rg BT 419.22 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 428.90 288.15 Td (also ) Tj ET Q q 0 0 0 rg BT 448.48 288.15 Td (intended ) Tj ET Q q 0 0 0 rg BT 487.30 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 498.14 288.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 532.88 288.15 Td (greater ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (clarity ) Tj ET Q q 0 0 0 rg BT 79.57 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 90.48 275.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 131.14 275.55 Td (about ) Tj ET Q q 0 0 0 rg BT 157.22 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 172.79 275.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.44 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 217.35 275.55 Td (noncredit ) Tj ET Q q 0 0 0 rg BT 259.75 275.55 Td (components ) Tj ET Q q 0 0 0 rg BT 313.24 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 324.73 275.55 Td (impaired ) Tj ET Q q 0 0 0 rg BT 364.80 275.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 385.62 275.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 428.02 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 446.51 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 462.08 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 478.24 275.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 518.30 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 529.21 275.55 Td (be ) Tj ET Q q 0 0 0 rg BT 541.87 275.55 Td (sold. ) Tj ET Q q 0 0 0 rg BT 564.63 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.93 262.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 109.44 262.95 Td (also ) Tj ET Q q 0 0 0 rg BT 128.96 262.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 165.38 262.95 Td (timely ) Tj ET Q q 0 0 0 rg BT 194.82 262.95 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 244.09 262.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 286.93 262.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 326.85 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 348.11 262.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 376.68 262.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.19 262.95 Td (losses, ) Tj ET Q q 0 0 0 rg BT 433.51 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 451.27 262.95 Td (an ) Tj ET Q q 0 0 0 rg BT 463.79 262.95 Td (aging ) Tj ET Q q 0 0 0 rg BT 489.73 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 501.08 262.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 543.34 262.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 96.35 250.35 Td (losses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.46 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 92.74 225.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 140.35 225.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 179.79 225.15 Td (also ) Tj ET Q q 0 0 0 rg BT 198.25 225.15 Td (establishes ) Tj ET Q q 0 0 0 rg BT 245.29 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 251.49 225.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.68 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 309.97 225.15 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 354.08 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 368.45 225.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 395.67 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 409.46 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 450.07 225.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 496.52 225.15 Td (used ) Tj ET Q q 0 0 0 rg BT 517.31 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 527.02 225.15 Td (measure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 68.19 212.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 97.17 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 100.52 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 120.46 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 138.65 212.55 Td (value ) Tj ET Q q 0 0 0 rg BT 165.00 212.55 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 208.26 212.55 Td (gives ) Tj ET Q q 0 0 0 rg BT 234.04 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 250.49 212.55 Td (highest ) Tj ET Q q 0 0 0 rg BT 284.43 212.55 Td (priority ) Tj ET Q q 0 0 0 rg BT 319.54 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 331.33 212.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 363.52 212.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 392.21 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 403.99 212.55 Td (active ) Tj ET Q q 0 0 0 rg BT 432.68 212.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 469.53 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 485.39 212.55 Td (identical ) Tj ET Q q 0 0 0 rg BT 525.16 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.27 212.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.71 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 109.49 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 124.94 199.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 154.98 199.95 Td (priority ) Tj ET Q q 0 0 0 rg BT 189.10 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 199.90 199.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 258.50 199.95 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.34 174.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 113.67 174.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.17 174.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 206.94 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 223.52 174.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 267.52 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 286.45 174.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 325.20 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 336.54 174.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.88 174.75 Td (value ) Tj ET Q q 0 0 0 rg BT 381.39 174.75 Td (\(except ) Tj ET Q q 0 0 0 rg BT 416.05 174.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 437.90 174.75 Td (not ) Tj ET Q q 0 0 0 rg BT 455.08 174.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 503.75 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 519.76 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 528.19 174.75 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (transaction\) ) Tj ET Q q 0 0 0 rg BT 102.19 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 119.97 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 135.42 162.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 177.70 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 195.48 162.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 237.19 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 247.98 162.15 Td (one ) Tj ET Q q 0 0 0 rg BT 265.76 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 277.14 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 292.59 162.15 Td (following ) Tj ET Q q 0 0 0 rg BT 336.05 162.15 Td (categories:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 136.95 Td (Level�1�� ) Tj ET Q q 0 0 0 rg BT 133.93 136.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.02 136.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.04 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 243.31 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 271.99 136.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 300.09 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 315.93 136.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 347.53 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 358.72 136.95 Td (active ) Tj ET Q q 0 0 0 rg BT 386.81 136.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 425.69 136.95 Td (which, ) Tj ET Q q 0 0 0 rg BT 457.00 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 472.27 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 496.87 136.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 531.10 136.95 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 124.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 139.34 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 150.69 124.35 Td (publicly ) Tj ET Q q 0 0 0 rg BT 188.28 124.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 217.69 124.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 250.04 124.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 276.55 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 298.40 124.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 330.15 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 362.48 124.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 390.73 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 409.07 124.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 444.91 124.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 470.84 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 482.19 124.35 Td (active ) Tj ET Q q 0 0 0 rg BT 510.43 124.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 546.85 124.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.19 111.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 161.79 111.75 Td (instruments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 86.55 Td (Level�2�� ) Tj ET Q q 0 0 0 rg BT 133.98 86.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.14 86.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.22 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 243.54 86.55 Td (which: ) Tj ET Q q 0 0 0 rg BT 275.20 86.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 303.35 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 319.25 86.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 350.91 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 366.23 86.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 398.47 86.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 426.05 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.29 86.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 486.45 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 497.70 86.55 Td (active ) Tj ET Q q 0 0 0 rg BT 525.85 86.55 Td (markets; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 73.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 113.56 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 128.87 73.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 159.93 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 174.66 73.95 Td (identical ) Tj ET Q q 0 0 0 rg BT 213.30 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 224.54 73.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 256.19 73.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.17 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 293.83 73.95 Td (inactive ) Tj ET Q q 0 0 0 rg BT 329.55 73.95 Td (markets; ) Tj ET Q q 0 0 0 rg BT 368.20 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 379.43 73.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 406.99 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 422.29 73.95 Td (based ) Tj ET Q q 0 0 0 rg BT 448.69 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 461.68 73.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 509.65 73.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 540.43 73.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 61.35 Td (than ) Tj ET Q q 0 0 0 rg BT 106.54 61.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 137.58 61.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 167.73 61.35 Td (such ) Tj ET Q q 0 0 0 rg BT 189.44 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 200.64 61.35 Td (models ) Tj ET Q q 0 0 0 rg BT 233.44 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 244.64 61.35 Td (other ) Tj ET Q q 0 0 0 rg BT 268.68 61.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 310.21 61.35 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 377.12 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 379.58 61.35 Td (For ) Tj ET Q q 0 0 0 rg BT 396.63 61.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 420.66 61.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 454.33 61.35 Td (this ) Tj ET Q q 0 0 0 rg BT 471.96 61.35 Td (category ) Tj ET Q q 0 0 0 rg BT 510.57 61.35 Td (may ) Tj ET Q q 0 0 0 rg BT 531.10 61.35 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 48.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 110.20 48.75 Td (income ) Tj ET Q q 0 0 0 rg BT 143.73 48.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 188.63 48.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 219.82 48.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 269.09 48.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.97 48.75 Td (products ) Tj ET Q q 0 0 0 rg BT 329.75 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.54 48.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 378.73 48.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 422.76 48.75 Td (debt.) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 729.15 Td (Level�3�� ) Tj ET Q q 0 0 0 rg BT 134.26 729.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.70 729.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 229.06 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 244.67 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 273.69 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 303.88 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 320.06 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 347.33 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 361.19 729.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 420.53 729.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 452.19 729.15 Td (including ) Tj ET Q q 0 0 0 rg BT 495.22 729.15 Td (those ) Tj ET Q q 0 0 0 rg BT 520.74 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 536.35 729.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 716.55 Td (there ) Tj ET Q q 0 0 0 rg BT 109.18 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 118.37 716.55 Td (little ) Tj ET Q q 0 0 0 rg BT 139.81 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 150.75 716.55 Td (no ) Tj ET Q q 0 0 0 rg BT 163.44 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 194.79 716.55 Td (activity) Tj ET Q q 0 0 0 rg BT 225.60 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 230.41 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 232.45 716.55 Td (This ) Tj ET Q q 0 0 0 rg BT 253.31 716.55 Td (category ) Tj ET Q q 0 0 0 rg BT 291.65 716.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 328.83 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 381.19 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 391.55 716.55 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 447.69 716.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 479.63 716.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.48 716.55 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 105.29 703.95 Td (private ) Tj ET Q q 0 0 0 rg BT 138.58 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 168.95 703.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 199.04 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 202.87 703.95 Td (This ) Tj ET Q q 0 0 0 rg BT 225.67 703.95 Td (category ) Tj ET Q q 0 0 0 rg BT 265.95 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 288.16 703.95 Td (also ) Tj ET Q q 0 0 0 rg BT 309.20 703.95 Td (include ) Tj ET Q q 0 0 0 rg BT 344.24 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.93 703.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 427.71 703.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 451.09 703.95 Td (products ) Tj ET Q q 0 0 0 rg BT 491.38 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 514.18 703.95 Td (redemption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 691.35 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 135.28 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 153.07 691.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 200.02 691.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 259.21 691.35 Td (liabilities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.37 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.49 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 123.28 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 136.23 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.69 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 171.48 666.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 207.19 666.15 Td (may ) Tj ET Q q 0 0 0 rg BT 228.31 666.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.85 666.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.56 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 315.02 666.15 Td (more ) Tj ET Q q 0 0 0 rg BT 339.64 666.15 Td (than ) Tj ET Q q 0 0 0 rg BT 360.76 666.15 Td (one ) Tj ET Q q 0 0 0 rg BT 378.96 666.15 Td (level ) Tj ET Q q 0 0 0 rg BT 402.41 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 414.20 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 430.08 666.15 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.04 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 474.71 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 477.53 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 496.90 666.15 Td (level ) Tj ET Q q 0 0 0 rg BT 520.35 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 531.56 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 547.43 666.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 75.40 653.55 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 117.71 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 128.55 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 156.87 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 164.20 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.44 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 206.84 653.55 Td (measurement ) Tj ET Q q 0 0 0 rg BT 265.49 653.55 Td (falls ) Tj ET Q q 0 0 0 rg BT 286.23 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 297.06 653.55 Td (its ) Tj ET Q q 0 0 0 rg BT 309.65 653.55 Td (entirety ) Tj ET Q q 0 0 0 rg BT 344.39 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 354.06 653.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 403.96 653.55 Td (based ) Tj ET Q q 0 0 0 rg BT 430.53 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 443.70 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.19 653.55 Td (lowest ) Tj ET Q q 0 0 0 rg BT 489.27 653.55 Td (level ) Tj ET Q q 0 0 0 rg BT 512.34 653.55 Td (input ) Tj ET Q q 0 0 0 rg BT 536.59 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 555.01 653.55 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.95 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 107.74 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.19 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.39 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 165.75 640.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 224.36 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 235.15 640.95 Td (its ) Tj ET Q q 0 0 0 rg BT 247.70 640.95 Td (entirety) Tj ET Q q 0 0 0 rg BT 279.09 640.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.74 615.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 133.23 615.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 155.31 615.75 Td (products ) Tj ET Q q 0 0 0 rg BT 194.31 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.31 615.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 265.31 615.75 Td (held ) Tj ET Q q 0 0 0 rg BT 286.23 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 299.57 615.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 324.57 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 340.23 615.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 371.06 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 381.47 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 397.14 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 420.39 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 445.96 615.75 Td (\("NA) Tj ET Q q 0 0 0 rg BT 467.56 615.75 Td (V"\) ) Tj ET Q q 0 0 0 rg BT 485.76 615.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 535.83 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 615.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 95.90 603.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 117.90 603.15 Td (administrator) Tj ET Q q 0 0 0 rg BT 173.31 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 178.69 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 181.24 603.15 Td (These ) Tj ET Q q 0 0 0 rg BT 209.07 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 235.16 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 250.73 603.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 290.23 603.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 327.97 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 338.90 603.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 381.29 603.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 410.28 603.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 463.20 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 484.62 603.15 Td (observable ) Tj ET Q q 0 0 0 rg BT 532.86 603.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (prices. ) Tj ET Q q 0 0 0 rg BT 80.04 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.21 590.55 Td (Their ) Tj ET Q q 0 0 0 rg BT 107.30 590.55 Td (valuations ) Tj ET Q q 0 0 0 rg BT 152.80 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 173.22 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 185.47 590.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 227.47 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 238.56 590.55 Td (Level�1, ) Tj ET Q q 0 0 0 rg BT 275.31 590.55 Td (Level�2 ) Tj ET Q q 0 0 0 rg BT 309.43 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 320.52 590.55 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 354.64 590.55 Td (based ) Tj ET Q q 0 0 0 rg BT 380.89 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 393.73 590.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 429.90 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 445.07 590.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 466.66 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 476.00 590.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 517.99 590.55 Td (traded, ) Tj ET Q q 0 0 0 rg BT 549.19 590.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (frequency ) Tj ET Q q 0 0 0 rg BT 95.24 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 107.25 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.34 577.95 Td (related ) Tj ET Q q 0 0 0 rg BT 155.16 577.95 Td (NA) Tj ET Q q 0 0 0 rg BT 168.97 577.95 Td (V) Tj ET Q q 0 0 0 rg BT 176.37 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 179.63 577.95 Td (determinations ) Tj ET Q q 0 0 0 rg BT 245.29 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 263.72 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 279.81 577.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 311.64 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.65 577.95 Td (redemption ) Tj ET Q q 0 0 0 rg BT 374.73 577.95 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 427.28 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 430.54 577.95 Td (For ) Tj ET Q q 0 0 0 rg BT 448.39 577.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.82 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 513.25 577.95 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 546.85 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 112.39 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.54 565.35 Td (\(private ) Tj ET Q q 0 0 0 rg BT 191.69 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 221.44 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 240.09 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 289.67 565.35 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 347.99 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 363.73 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 392.89 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 425.54 565.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 454.11 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 466.35 565.35 Td (quotations ) Tj ET Q q 0 0 0 rg BT 513.60 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 535.18 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 552.09 565.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (readily ) Tj ET Q q 0 0 0 rg BT 81.42 552.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 124.20 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 180.11 552.75 Td (must ) Tj ET Q q 0 0 0 rg BT 202.79 552.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 240.05 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.14 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 280.14 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.15 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.24 552.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.16 552.75 Td (using ) Tj ET Q q 0 0 0 rg BT 373.18 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.10 552.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 411.52 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.53 552.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 460.37 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 477.80 552.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 522.33 552.75 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.01 540.15 Td (most ) Tj ET Q q 0 0 0 rg BT 87.61 540.15 Td (current ) Tj ET Q q 0 0 0 rg BT 119.52 540.15 Td (available ) Tj ET Q q 0 0 0 rg BT 159.59 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.50 540.15 Td (information ) Tj ET Q q 0 0 0 rg BT 250.26 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 264.68 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 279.69 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.94 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 345.28 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 360.29 540.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 396.89 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 407.23 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 435.07 540.15 Td (it ) Tj ET Q q 0 0 0 rg BT 443.09 540.15 Td (applies ) Tj ET Q q 0 0 0 rg BT 475.01 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 485.36 540.15 Td (order ) Tj ET Q q 0 0 0 rg BT 509.69 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 520.04 540.15 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.43 527.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 95.65 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.30 527.55 Td (These ) Tj ET Q q 0 0 0 rg BT 126.23 527.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 168.17 527.55 Td (processes ) Tj ET Q q 0 0 0 rg BT 211.26 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 226.36 527.55 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 259.56 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 277.58 527.55 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 339.33 527.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 381.84 527.55 Td (inherently ) Tj ET Q q 0 0 0 rg BT 427.27 527.55 Td (require ) Tj ET Q q 0 0 0 rg BT 459.86 527.55 Td (management's ) Tj ET Q q 0 0 0 rg BT 522.35 527.55 Td (judgment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 83.23 514.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 123.74 514.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 166.02 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 177.39 514.95 Td (Level�3.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 84.10 489.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.60 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 140.02 489.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 170.61 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 180.79 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.22 489.75 Td (last ) Tj ET Q q 0 0 0 rg BT 213.40 489.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 259.16 489.75 Td (price ) Tj ET Q q 0 0 0 rg BT 282.74 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 292.92 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.35 489.75 Td (end ) Tj ET Q q 0 0 0 rg BT 326.11 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 489.75 Td (each ) Tj ET Q q 0 0 0 rg BT 359.29 489.75 Td (day ) Tj ET Q q 0 0 0 rg BT 377.05 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 390.15 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.58 489.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 447.82 489.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 471.42 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 499.69 489.75 Td (they ) Tj ET Q q 0 0 0 rg BT 520.37 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 535.78 489.75 Td (traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 83.23 477.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.51 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 136.88 477.15 Td (Level�1.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.65 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 72.28 451.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 111.40 451.95 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 157.82 451.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 182.37 451.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 213.93 451.95 Td (relies ) Tj ET Q q 0 0 0 rg BT 239.64 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 253.12 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 268.92 451.95 Td (NA) Tj ET Q q 0 0 0 rg BT 282.74 451.95 Td (V) Tj ET Q q 0 0 0 rg BT 290.13 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 293.11 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 304.83 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 336.37 451.95 Td (investments, ) Tj ET Q q 0 0 0 rg BT 392.13 451.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 434.76 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 446.49 451.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 473.36 451.95 Td (2 ) Tj ET Q q 0 0 0 rg BT 481.59 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 493.31 451.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 520.19 451.95 Td (3, ) Tj ET Q q 0 0 0 rg BT 531.04 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 542.77 451.95 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.20 439.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 95.19 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 97.63 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 116.59 439.35 Td (NA) Tj ET Q q 0 0 0 rg BT 130.40 439.35 Td (Vs ) Tj ET Q q 0 0 0 rg BT 144.70 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 163.07 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 185.52 439.35 Td (been ) Tj ET Q q 0 0 0 rg BT 207.97 439.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 247.92 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 261.05 439.35 Td (investees ) Tj ET Q q 0 0 0 rg BT 302.17 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 317.62 439.35 Td (derived ) Tj ET Q q 0 0 0 rg BT 351.73 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 374.77 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 390.23 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 407.43 439.35 Td (values ) Tj ET Q q 0 0 0 rg BT 436.88 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 448.26 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 463.72 439.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 511.84 439.35 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 72.74 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 88.20 426.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 129.31 426.75 Td (date.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.71 401.55 Td (transfers ) Tj ET Q q 0 0 0 rg BT 109.48 401.55 Td (between ) Tj ET Q q 0 0 0 rg BT 147.09 401.55 Td (categories ) Tj ET Q q 0 0 0 rg BT 192.28 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 207.72 401.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.58 401.55 Td (at ) Tj ET Q q 0 0 0 rg BT 260.78 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 276.23 401.55 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.85 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.23 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 347.68 401.55 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 376.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.82 376.35 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.07 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.70 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 376.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.18 376.35 Td (information ) Tj ET Q q 0 0 0 rg BT 210.38 376.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 253.24 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 270.43 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 295.80 376.35 Td (measurements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Appr) Tj ET Q q 0 0 0 rg BT 73.73 351.15 Td (opriated ) Tj ET Q q 0 0 0 rg BT 114.27 351.15 Td (Retained ) Tj ET Q q 0 0 0 rg BT 157.15 351.15 Td (Earnings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.95 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 83.06 338.55 Td (June ) Tj ET Q q 0 0 0 rg BT 104.26 338.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 119.33 338.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.91 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.43 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.96 338.55 Td (elected ) Tj ET Q q 0 0 0 rg BT 230.64 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 245.41 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.93 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 286.62 338.55 Td (option ) Tj ET Q q 0 0 0 rg BT 315.40 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 329.59 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.11 338.55 Td (eligible ) Tj ET Q q 0 0 0 rg BT 393.55 338.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 419.99 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 437.10 338.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 480.75 338.55 Td (including ) Tj ET Q q 0 0 0 rg BT 522.37 338.55 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 75.02 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 93.04 325.95 Td (debt, ) Tj ET Q q 0 0 0 rg BT 116.61 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 128.21 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.90 325.95 Td (then ) Tj ET Q q 0 0 0 rg BT 164.84 325.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 220.77 325.95 Td (CLO. ) Tj ET Q q 0 0 0 rg BT 247.25 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 250.11 325.95 Td (Upon ) Tj ET Q q 0 0 0 rg BT 276.30 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 291.99 325.95 Td (election ) Tj ET Q q 0 0 0 rg BT 328.09 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 339.69 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.38 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.81 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 398.41 325.95 Td (option ) Tj ET Q q 0 0 0 rg BT 428.10 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 443.20 325.95 Td (eligible ) Tj ET Q q 0 0 0 rg BT 477.56 325.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.91 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 522.93 325.95 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 62.80 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.69 313.35 Td (CLO, ) Tj ET Q q 0 0 0 rg BT 107.37 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.01 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 165.65 313.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 206.43 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 215.15 313.35 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 265.86 313.35 Td (ef) Tj ET Q q 0 0 0 rg BT 273.83 313.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 293.62 313.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 343.76 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 355.09 313.35 Td (Appropriated ) Tj ET Q q 0 0 0 rg BT 415.13 313.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 453.00 313.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 492.63 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 508.93 313.35 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.71 300.75 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 131.65 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 144.78 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.23 300.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 218.27 300.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 254.71 300.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 284.76 300.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 310.12 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 320.92 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.37 300.75 Td (dif) Tj ET Q q 0 0 0 rg BT 347.85 300.75 Td (ference ) Tj ET Q q 0 0 0 rg BT 381.36 300.75 Td (between ) Tj ET Q q 0 0 0 rg BT 418.97 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.43 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.63 300.75 Td (values ) Tj ET Q q 0 0 0 rg BT 481.08 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 492.45 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 507.91 300.75 Td (CLO's ) Tj ET Q q 0 0 0 rg BT 537.51 300.75 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.73 288.15 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 110.01 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 111.46 288.15 Td (This ) Tj ET Q q 0 0 0 rg BT 131.70 288.15 Td (dif) Tj ET Q q 0 0 0 rg BT 143.18 288.15 Td (ference ) Tj ET Q q 0 0 0 rg BT 175.63 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 193.53 288.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 231.83 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 242.15 288.15 Td ("Appropriated ) Tj ET Q q 0 0 0 rg BT 303.98 288.15 Td (retained ) Tj ET Q q 0 0 0 rg BT 339.37 288.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 376.51 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 390.32 288.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 444.96 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.61 288.15 Td (vehicle" ) Tj ET Q q 0 0 0 rg BT 528.79 288.15 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.26 275.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 105.60 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 116.19 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 131.45 275.55 Td (CLO, ) Tj ET Q q 0 0 0 rg BT 157.50 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 173.35 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 197.35 275.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 228.36 275.55 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 286.48 275.55 Td (would ) Tj ET Q q 0 0 0 rg BT 315.16 275.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 360.16 275.55 Td (realize ) Tj ET Q q 0 0 0 rg BT 390.56 275.55 Td (any ) Tj ET Q q 0 0 0 rg BT 408.15 275.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 443.82 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 454.99 275.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 482.51 275.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.09 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 275.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (CLO. ) Tj ET Q q 0 0 0 rg BT 77.49 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 81.35 262.95 Td (Changes ) Tj ET Q q 0 0 0 rg BT 121.38 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 133.41 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 150.10 262.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.53 262.95 Td (values ) Tj ET Q q 0 0 0 rg BT 199.22 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 211.83 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 228.52 262.95 Td (CLO ) Tj ET Q q 0 0 0 rg BT 253.39 262.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 281.75 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 300.77 262.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 343.72 262.95 Td (were ) Tj ET Q q 0 0 0 rg BT 367.98 262.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 408.57 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.18 262.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 440.20 262.95 Td (income ) Tj ET Q q 0 0 0 rg BT 474.97 262.95 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 502.17 262.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 553.85 262.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.26 250.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 149.69 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 159.30 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 173.56 250.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 230.41 250.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 277.93 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 288.11 250.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 321.04 250.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 349.30 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 365.58 250.35 Td (Appropriated ) Tj ET Q q 0 0 0 rg BT 423.00 250.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 458.25 250.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 495.26 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 508.94 250.35 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.19 237.75 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 130.63 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 140.91 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.85 237.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 213.38 237.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 249.31 237.75 Td (Sheet. ) Tj ET Q q 0 0 0 rg BT 277.38 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.35 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 297.79 237.75 Td (CLO ) Tj ET Q q 0 0 0 rg BT 320.91 237.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 376.10 237.75 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 420.21 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.49 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 455.93 237.75 Td (deconsolidated ) Tj ET Q q 0 0 0 rg BT 521.03 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 531.89 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 542.76 237.75 Td (June ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 66.03 225.15 Td (2014. ) Tj ET Q q 0 0 0 rg BT 92.56 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 94.82 225.15 Td (At ) Tj ET Q q 0 0 0 rg BT 108.23 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 138.54 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 154.56 225.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 181.09 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 196.83 225.15 Td (CLO ) Tj ET Q q 0 0 0 rg BT 220.73 225.15 Td (was ) Tj ET Q q 0 0 0 rg BT 239.97 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 251.04 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 266.77 225.15 Td (final ) Tj ET Q q 0 0 0 rg BT 288.92 225.15 Td (stage ) Tj ET Q q 0 0 0 rg BT 313.40 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 325.05 225.15 Td (liquidation, ) Tj ET Q q 0 0 0 rg BT 376.07 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 394.14 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.87 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.35 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 452.99 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 464.64 225.15 Td (its ) Tj ET Q q 0 0 0 rg BT 477.47 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.87 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 522.93 225.15 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (were ) Tj ET Q q 0 0 0 rg BT 73.03 212.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 128.73 212.55 Td (equal, ) Tj ET Q q 0 0 0 rg BT 156.72 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 174.51 212.55 Td (there ) Tj ET Q q 0 0 0 rg BT 198.12 212.55 Td (were ) Tj ET Q q 0 0 0 rg BT 221.14 212.55 Td (no ) Tj ET Q q 0 0 0 rg BT 233.69 212.55 Td (Appropriated ) Tj ET Q q 0 0 0 rg BT 292.30 212.55 Td (retained ) Tj ET Q q 0 0 0 rg BT 328.73 212.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 369.56 212.55 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 77.13 187.35 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 78.12 174.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.82 174.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 150.10 174.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 183.47 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.42 174.75 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 247.57 174.75 Td (software ) Tj ET Q q 0 0 0 rg BT 287.92 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 307.28 174.75 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 351.14 174.75 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 418.04 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 422.24 174.75 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 472.52 174.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 509.98 174.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 553.25 174.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (communications ) Tj ET Q q 0 0 0 rg BT 121.09 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 137.94 162.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 186.28 162.15 Td (hardware ) Tj ET Q q 0 0 0 rg BT 227.03 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 243.88 162.15 Td (furniture ) Tj ET Q q 0 0 0 rg BT 282.30 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 299.15 162.15 Td (fixtures. ) Tj ET Q q 0 0 0 rg BT 335.53 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 337.22 162.15 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 386.72 162.15 Td (software ) Tj ET Q q 0 0 0 rg BT 424.56 162.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 461.24 162.15 Td (both ) Tj ET Q q 0 0 0 rg BT 481.60 162.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 525.85 162.15 Td (software ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 149.55 Td (internally ) Tj ET Q q 0 0 0 rg BT 110.41 149.55 Td (developed ) Tj ET Q q 0 0 0 rg BT 156.06 149.55 Td (software. ) Tj ET Q q 0 0 0 rg BT 197.34 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 199.66 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 218.49 149.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 237.91 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 249.16 149.55 Td (software ) Tj ET Q q 0 0 0 rg BT 287.81 149.55 Td (used ) Tj ET Q q 0 0 0 rg BT 309.56 149.55 Td (under ) Tj ET Q q 0 0 0 rg BT 335.97 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 343.14 149.55 Td (service ) Tj ET Q q 0 0 0 rg BT 375.37 149.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.69 149.55 Td (where ) Tj ET Q q 0 0 0 rg BT 439.84 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.92 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 495.01 149.55 Td (does ) Tj ET Q q 0 0 0 rg BT 516.76 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 532.68 149.55 Td (own ) Tj ET Q q 0 0 0 rg BT 553.27 149.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (control ) Tj ET Q q 0 0 0 rg BT 81.10 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 95.29 136.95 Td (software ) Tj ET Q q 0 0 0 rg BT 132.81 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 141.17 136.95 Td (expensed ) Tj ET Q q 0 0 0 rg BT 181.61 136.95 Td (over ) Tj ET Q q 0 0 0 rg BT 201.63 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 215.82 136.95 Td (term ) Tj ET Q q 0 0 0 rg BT 236.42 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 246.53 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 260.72 136.95 Td (contract. ) Tj ET Q q 0 0 0 rg BT 298.52 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 299.88 136.95 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 325.16 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 351.02 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 365.20 136.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 401.55 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 410.49 136.95 Td (cost, ) Tj ET Q q 0 0 0 rg BT 431.39 136.95 Td (net ) Tj ET Q q 0 0 0 rg BT 445.58 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 455.69 136.95 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 510.11 136.95 Td (depreciation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.62 124.35 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 123.77 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 125.23 124.35 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 180.91 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 197.53 124.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 252.05 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 266.33 124.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 315.02 124.35 Td (by ) Tj ET Q q 0 0 0 rg BT 326.98 124.35 Td (use ) Tj ET Q q 0 0 0 rg BT 342.43 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 352.64 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 366.93 124.35 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 419.12 124.35 Td (method. ) Tj ET Q q 0 0 0 rg BT 454.70 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 456.16 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 457.62 124.35 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 505.15 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 513.62 124.35 Td (depreciated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (over ) Tj ET Q q 0 0 0 rg BT 71.72 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.61 111.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 130.91 111.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 159.63 111.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 182.53 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 194.34 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.23 111.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 240.41 111.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 282.54 111.75 Td (ranging ) Tj ET Q q 0 0 0 rg BT 317.67 111.75 Td (from ) Tj ET Q q 0 0 0 rg BT 341.15 111.75 Td (three ) Tj ET Q q 0 0 0 rg BT 365.19 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.42 111.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 400.48 111.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 428.32 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 431.38 111.75 Td (Software ) Tj ET Q q 0 0 0 rg BT 472.35 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 482.42 111.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 527.46 111.75 Td (over ) Tj ET Q q 0 0 0 rg BT 549.18 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.95 99.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 121.32 99.15 Td (lives ) Tj ET Q q 0 0 0 rg BT 143.87 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 155.33 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 170.87 99.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 200.70 99.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 242.48 99.15 Td (three ) Tj ET Q q 0 0 0 rg BT 266.18 99.15 Td (years. ) Tj ET Q q 0 0 0 rg BT 293.67 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 296.38 99.15 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 342.24 99.15 Td (improvements ) Tj ET Q q 0 0 0 rg BT 405.03 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 420.56 99.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 465.25 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 476.71 99.15 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 527.81 99.15 Td (over ) Tj ET Q q 0 0 0 rg BT 549.18 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 77.35 86.55 Td (term ) Tj ET Q q 0 0 0 rg BT 99.44 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 111.03 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 126.71 86.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 150.54 86.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 179.64 86.55 Td (options ) Tj ET Q q 0 0 0 rg BT 213.41 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 224.43 86.55 Td (extend ) Tj ET Q q 0 0 0 rg BT 255.26 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 270.93 86.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 297.69 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 308.71 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 321.46 86.55 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 366.58 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 369.43 86.55 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 426.50 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.51 86.55 Td (repair ) Tj ET Q q 0 0 0 rg BT 471.84 86.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 495.69 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 511.36 86.55 Td (expensed ) Tj ET Q q 0 0 0 rg BT 553.27 86.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 90.05 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 73.95 Td (Internally ) Tj ET Q q 0 0 0 rg BT 135.76 73.95 Td (developed ) Tj ET Q q 0 0 0 rg BT 181.36 73.95 Td (software ) Tj ET Q q 0 0 0 rg BT 219.95 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 229.40 73.95 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 270.33 73.95 Td (periodically ) Tj ET Q q 0 0 0 rg BT 322.92 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 333.54 73.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 377.96 73.95 Td (if ) Tj ET Q q 0 0 0 rg BT 386.82 73.95 Td (there ) Tj ET Q q 0 0 0 rg BT 410.25 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 419.70 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 426.81 73.95 Td (change ) Tj ET Q q 0 0 0 rg BT 458.99 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.60 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 484.87 73.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 512.98 73.95 Td (life, ) Tj ET Q q 0 0 0 rg BT 532.04 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 543.24 73.95 Td (if ) Tj ET Q q 0 0 0 rg BT 552.10 73.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.92 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 111.59 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 136.84 61.35 Td (may ) Tj ET Q q 0 0 0 rg BT 157.43 61.35 Td (exist. ) Tj ET Q q 0 0 0 rg BT 182.40 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 184.91 61.35 Td (If ) Tj ET Q q 0 0 0 rg BT 194.41 61.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 245.32 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 254.84 61.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 290.00 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 300.67 61.35 Td (exist, ) Tj ET Q q 0 0 0 rg BT 325.64 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 340.98 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 363.90 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 373.41 61.35 Td (written ) Tj ET Q q 0 0 0 rg BT 405.67 61.35 Td (down ) Tj ET Q q 0 0 0 rg BT 431.51 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 442.19 61.35 Td (its ) Tj ET Q q 0 0 0 rg BT 454.62 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 471.70 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 496.95 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 508.20 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 517.72 61.35 Td (written ) Tj ET Q q 0 0 0 rg BT 549.97 61.35 Td (of) Tj ET Q q 0 0 0 rg BT 558.53 61.35 Td (f ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (if ) Tj ET Q q 0 0 0 rg BT 59.04 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.49 48.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 97.53 48.75 Td (is ) Tj ET Q q 0 0 0 rg BT 107.16 48.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.01 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 167.81 48.75 Td (no ) Tj ET Q q 0 0 0 rg BT 180.93 48.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 210.38 48.75 Td (have ) Tj ET Q q 0 0 0 rg BT 232.83 48.75 Td (any ) Tj ET Q q 0 0 0 rg BT 250.61 48.75 Td (value.) Tj ET Q endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (91) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 98.14 729.30 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.77 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 148.32 729.30 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 76.56 716.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 116.11 716.70 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 168.92 716.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 215.90 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.39 716.70 Td (consist ) Tj ET Q q 0 0 0 rg BT 279.54 716.70 Td (principally ) Tj ET Q q 0 0 0 rg BT 330.02 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 343.75 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 369.16 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 427.79 716.70 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 473.30 716.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 516.19 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 529.35 716.70 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 100.73 704.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 133.97 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.38 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 174.21 704.10 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 242.44 704.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 272.47 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.72 704.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 316.78 704.10 Td (names ) Tj ET Q q 0 0 0 rg BT 347.69 704.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 388.51 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 413.00 704.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 469.87 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.96 704.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 520.61 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 549.18 704.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 93.73 691.50 Td (over ) Tj ET Q q 0 0 0 rg BT 114.14 691.50 Td (their ) Tj ET Q q 0 0 0 rg BT 135.13 691.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 177.11 691.50 Td (useful ) Tj ET Q q 0 0 0 rg BT 204.52 691.50 Td (lives, ) Tj ET Q q 0 0 0 rg BT 228.73 691.50 Td (using ) Tj ET Q q 0 0 0 rg BT 253.23 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.81 691.50 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 320.29 691.50 Td (method, ) Tj ET Q q 0 0 0 rg BT 356.16 691.50 Td (unless ) Tj ET Q q 0 0 0 rg BT 384.16 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 398.74 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 420.90 691.50 Td (is ) Tj ET Q q 0 0 0 rg BT 429.65 691.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 478.63 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 488.55 691.50 Td (have ) Tj ET Q q 0 0 0 rg BT 510.12 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 521.78 691.50 Td (indefinite ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (useful ) Tj ET Q q 0 0 0 rg BT 78.27 678.90 Td (life. ) Tj ET Q q 0 0 0 rg BT 97.49 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 99.52 678.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 125.46 678.90 Td (management ) Tj ET Q q 0 0 0 rg BT 181.72 678.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 222.22 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 237.65 678.90 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 289.81 678.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 334.41 678.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 361.52 678.90 Td (that ) Tj ET Q q 0 0 0 rg BT 379.87 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 395.29 678.90 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 443.38 678.90 Td (at ) Tj ET Q q 0 0 0 rg BT 453.56 678.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 502.24 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 520.01 678.90 Td (amortized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (over ) Tj ET Q q 0 0 0 rg BT 70.66 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 85.50 666.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 124.81 666.30 Td (life ) Tj ET Q q 0 0 0 rg BT 140.81 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 151.56 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 166.40 666.30 Td (contract. ) Tj ET Q q 0 0 0 rg BT 204.84 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 206.70 666.30 Td (The ) Tj ET Q q 0 0 0 rg BT 225.03 666.30 Td (value ) Tj ET Q q 0 0 0 rg BT 249.78 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 260.53 666.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 300.44 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 310.61 666.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 345.27 666.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 371.77 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 381.94 666.30 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 430.59 666.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 461.76 666.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 487.10 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 497.85 666.30 Td (funds-of-hedge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.12 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 94.07 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 109.68 653.70 Td (value ) Tj ET Q q 0 0 0 rg BT 135.21 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 146.75 653.70 Td (trade ) Tj ET Q q 0 0 0 rg BT 170.52 653.70 Td (names ) Tj ET Q q 0 0 0 rg BT 200.13 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 215.74 653.70 Td (classified ) Tj ET Q q 0 0 0 rg BT 258.18 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 269.71 653.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 330.23 653.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 375.01 653.70 Td (assets. ) Tj ET Q q 0 0 0 rg BT 404.92 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 407.50 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 426.61 653.70 Td (assignment ) Tj ET Q q 0 0 0 rg BT 476.65 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 488.18 653.70 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 531.21 653.70 Td (lives ) Tj ET Q q 0 0 0 rg BT 553.83 653.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 99.22 641.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 121.05 641.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 161.53 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.11 641.10 Td (based ) Tj ET Q q 0 0 0 rg BT 197.59 641.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 221.17 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.58 641.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 286.99 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.31 641.10 Td (there ) Tj ET Q q 0 0 0 rg BT 328.88 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 338.46 641.10 Td (no ) Tj ET Q q 0 0 0 rg BT 351.53 641.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 401.91 641.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 424.33 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.41 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.81 641.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 489.20 641.10 Td (period ) Tj ET Q q 0 0 0 rg BT 518.60 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.35 641.10 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 99.17 628.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 125.02 628.50 Td (due ) Tj ET Q q 0 0 0 rg BT 142.70 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 153.39 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 168.74 628.50 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 213.84 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 225.11 628.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 269.04 628.50 Td (renewal ) Tj ET Q q 0 0 0 rg BT 304.79 628.50 Td (at ) Tj ET Q q 0 0 0 rg BT 314.89 628.50 Td (little ) Tj ET Q q 0 0 0 rg BT 336.65 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 347.92 628.50 Td (no ) Tj ET Q q 0 0 0 rg BT 360.94 628.50 Td (cost. ) Tj ET Q q 0 0 0 rg BT 383.00 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 385.34 628.50 Td (The ) Tj ET Q q 0 0 0 rg BT 404.19 628.50 Td (assignment ) Tj ET Q q 0 0 0 rg BT 453.96 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 465.22 628.50 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 507.98 628.50 Td (lives ) Tj ET Q q 0 0 0 rg BT 530.34 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 541.02 628.50 Td (trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (names ) Tj ET Q q 0 0 0 rg BT 79.45 615.90 Td (is ) Tj ET Q q 0 0 0 rg BT 89.08 615.90 Td (based ) Tj ET Q q 0 0 0 rg BT 115.61 615.90 Td (on ) Tj ET Q q 0 0 0 rg BT 128.74 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 144.19 615.90 Td (assumption ) Tj ET Q q 0 0 0 rg BT 194.65 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 213.02 615.90 Td (they ) Tj ET Q q 0 0 0 rg BT 233.72 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 249.17 615.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 289.10 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 299.90 615.90 Td (generate ) Tj ET Q q 0 0 0 rg BT 338.08 615.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.36 615.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 385.32 615.90 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 433.04 615.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 91.38 590.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.66 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.20 590.70 Td (residual ) Tj ET Q q 0 0 0 rg BT 185.15 590.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.36 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 228.82 590.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.61 590.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.23 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 305.11 590.70 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.23 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 344.69 590.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.64 590.70 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.18 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 439.05 590.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 482.75 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.96 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 525.84 590.70 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 95.28 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.85 578.10 Td (Indefinite-life ) Tj ET Q q 0 0 0 rg BT 160.72 578.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.29 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.35 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.09 578.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 293.99 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.38 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 327.37 578.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 372.92 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.73 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.04 578.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 472.85 578.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 516.37 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.94 578.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 549.17 578.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 84.44 565.50 Td (significance ) Tj ET Q q 0 0 0 rg BT 138.14 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 149.85 565.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 194.80 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 222.26 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 240.39 565.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 280.68 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.82 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 307.61 565.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 357.38 565.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 413.41 565.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.11 565.50 Td (statements, ) Tj ET Q q 0 0 0 rg BT 503.02 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 516.49 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 524.11 565.50 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.88 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 98.34 552.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 129.81 552.90 Td (considers ) Tj ET Q q 0 0 0 rg BT 172.35 552.90 Td (if ) Tj ET Q q 0 0 0 rg BT 181.65 552.90 Td (triggering ) Tj ET Q q 0 0 0 rg BT 225.94 552.90 Td (events ) Tj ET Q q 0 0 0 rg BT 255.65 552.90 Td (have ) Tj ET Q q 0 0 0 rg BT 278.35 552.90 Td (occurred ) Tj ET Q q 0 0 0 rg BT 317.96 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 336.59 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 357.55 552.90 Td (indicate ) Tj ET Q q 0 0 0 rg BT 393.67 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 412.30 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 428.01 552.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.47 552.90 Td (values ) Tj ET Q q 0 0 0 rg BT 475.18 552.90 Td (have ) Tj ET Q q 0 0 0 rg BT 497.88 552.90 Td (declined ) Tj ET Q q 0 0 0 rg BT 536.33 552.90 Td (below ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (their ) Tj ET Q q 0 0 0 rg BT 72.13 540.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 117.57 540.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 155.44 540.30 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 196.53 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 199.21 540.30 Td (T) Tj ET Q q 0 0 0 rg BT 205.25 540.30 Td (riggering ) Tj ET Q q 0 0 0 rg BT 246.63 540.30 Td (events ) Tj ET Q q 0 0 0 rg BT 276.34 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 297.30 540.30 Td (include ) Tj ET Q q 0 0 0 rg BT 331.09 540.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 378.30 540.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 413.25 540.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.96 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 461.01 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 476.72 540.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.42 540.30 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 61.66 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.40 527.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 100.72 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 112.38 527.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 158.44 527.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 217.04 527.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 236.30 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 247.96 527.70 Td (key ) Tj ET Q q 0 0 0 rg BT 266.03 527.70 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 312.39 527.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 359.62 527.70 Td (business ) Tj ET Q q 0 0 0 rg BT 398.12 527.70 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 453.84 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 465.50 527.70 Td (other ) Tj ET Q q 0 0 0 rg BT 489.99 527.70 Td (events, ) Tj ET Q q 0 0 0 rg BT 522.35 527.70 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 87.05 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.46 515.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 142.51 515.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 202.30 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.20 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.44 515.10 Td (af) Tj ET Q q 0 0 0 rg BT 249.40 515.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 281.21 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 300.19 515.10 Td (will ) Tj ET Q q 0 0 0 rg BT 319.77 515.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 351.57 515.10 Td (future ) Tj ET Q q 0 0 0 rg BT 379.88 515.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 422.77 515.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 456.04 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.28 515.10 Td (If ) Tj ET Q q 0 0 0 rg BT 469.51 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.40 515.10 Td (triggering ) Tj ET Q q 0 0 0 rg BT 522.05 515.10 Td (event ) Tj ET Q q 0 0 0 rg BT 548.02 515.10 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 94.17 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 111.82 502.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.47 502.50 Td (will ) Tj ET Q q 0 0 0 rg BT 178.63 502.50 Td (perform ) Tj ET Q q 0 0 0 rg BT 217.26 502.50 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 271.65 502.50 Td (tests, ) Tj ET Q q 0 0 0 rg BT 297.77 502.50 Td (which ) Tj ET Q q 0 0 0 rg BT 328.25 502.50 Td (include ) Tj ET Q q 0 0 0 rg BT 363.98 502.50 Td (critical ) Tj ET Q q 0 0 0 rg BT 397.94 502.50 Td (reviews ) Tj ET Q q 0 0 0 rg BT 435.42 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 448.99 502.50 Td (all ) Tj ET Q q 0 0 0 rg BT 464.30 502.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 513.45 502.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 546.84 502.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 106.49 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 116.60 489.90 Td (determine ) Tj ET Q q 0 0 0 rg BT 160.52 489.90 Td (if ) Tj ET Q q 0 0 0 rg BT 168.88 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 185.98 489.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 229.91 489.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.35 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 267.04 489.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 306.32 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 321.08 489.90 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 362.97 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 364.91 489.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 388.42 489.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 418.95 489.90 Td (considers ) Tj ET Q q 0 0 0 rg BT 460.55 489.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 491.06 489.90 Td (such ) Tj ET Q q 0 0 0 rg BT 512.25 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 522.94 489.90 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.45 477.30 Td (flows ) Tj ET Q q 0 0 0 rg BT 95.58 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 112.54 477.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.57 477.30 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 191.07 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 201.04 477.30 Td (determine ) Tj ET Q q 0 0 0 rg BT 244.82 477.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 280.43 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 295.06 477.30 Td (value ) Tj ET Q q 0 0 0 rg BT 319.59 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 330.14 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 344.76 477.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 371.06 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 379.86 477.30 Td (impaired ) Tj ET Q q 0 0 0 rg BT 418.97 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 435.93 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 450.56 477.30 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 510.08 477.30 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (are ) Tj ET Q q 0 0 0 rg BT 65.16 464.70 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 117.94 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 120.29 464.70 Td (If ) Tj ET Q q 0 0 0 rg BT 129.63 464.70 Td (an ) Tj ET Q q 0 0 0 rg BT 141.89 464.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 164.64 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 173.99 464.70 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 216.28 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 231.46 464.70 Td (dif) Tj ET Q q 0 0 0 rg BT 242.93 464.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 276.16 464.70 Td (between ) Tj ET Q q 0 0 0 rg BT 313.49 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 328.67 464.70 Td (value ) Tj ET Q q 0 0 0 rg BT 353.75 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 364.84 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 380.02 464.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 402.77 464.70 Td (reflected ) Tj ET Q q 0 0 0 rg BT 441.84 464.70 Td (on ) Tj ET Q q 0 0 0 rg BT 454.69 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 469.86 464.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.28 464.70 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 96.99 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.81 452.10 Td (its ) Tj ET Q q 0 0 0 rg BT 127.40 452.10 Td (current ) Tj ET Q q 0 0 0 rg BT 159.80 452.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 177.03 452.10 Td (value ) Tj ET Q q 0 0 0 rg BT 202.44 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 212.10 452.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 260.83 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.24 452.10 Td (an ) Tj ET Q q 0 0 0 rg BT 284.81 452.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 321.30 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.13 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.62 452.10 Td (period ) Tj ET Q q 0 0 0 rg BT 377.11 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.94 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 416.27 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.76 452.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 482.83 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.50 452.10 Td (determined. ) Tj ET Q q 0 0 0 rg BT 545.02 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.68 452.10 Td (If ) Tj ET Q q 0 0 0 rg BT 557.34 452.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (triggering ) Tj ET Q q 0 0 0 rg BT 94.83 439.50 Td (event ) Tj ET Q q 0 0 0 rg BT 120.99 439.50 Td (has ) Tj ET Q q 0 0 0 rg BT 138.41 439.50 Td (not ) Tj ET Q q 0 0 0 rg BT 155.25 439.50 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 198.02 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 214.27 439.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.53 439.50 Td (performs ) Tj ET Q q 0 0 0 rg BT 299.85 439.50 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 352.84 439.50 Td (tests ) Tj ET Q q 0 0 0 rg BT 374.94 439.50 Td (annually ) Tj ET Q q 0 0 0 rg BT 414.51 439.50 Td (at ) Tj ET Q q 0 0 0 rg BT 425.51 439.50 Td (December ) Tj ET Q q 0 0 0 rg BT 472.08 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 488.62 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 504.29 439.50 Td (indefinite-life ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.51 426.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 119.52 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 136.20 426.90 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 177.68 426.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 205.45 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 219.79 426.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.14 426.90 Td (can ) Tj ET Q q 0 0 0 rg BT 278.23 426.90 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 332.24 426.90 Td (conclude ) Tj ET Q q 0 0 0 rg BT 371.65 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 388.92 426.90 Td (it ) Tj ET Q q 0 0 0 rg BT 396.27 426.90 Td (is ) Tj ET Q q 0 0 0 rg BT 404.79 426.90 Td (more ) Tj ET Q q 0 0 0 rg BT 427.88 426.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 453.31 426.90 Td (than ) Tj ET Q q 0 0 0 rg BT 472.91 426.90 Td (not ) Tj ET Q q 0 0 0 rg BT 487.85 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 505.11 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 519.45 426.90 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.55 414.30 Td (values ) Tj ET Q q 0 0 0 rg BT 97.35 414.30 Td (exceed ) Tj ET Q q 0 0 0 rg BT 129.48 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 145.28 414.30 Td (related ) Tj ET Q q 0 0 0 rg BT 176.83 414.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 214.79 414.30 Td (values. ) Tj ET Q q 0 0 0 rg BT 247.22 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 249.98 414.30 Td (The ) Tj ET Q q 0 0 0 rg BT 269.28 414.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 286.83 414.30 Td (values ) Tj ET Q q 0 0 0 rg BT 316.64 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.36 414.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 373.33 414.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 400.81 414.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 433.53 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 444.68 414.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 500.72 414.30 Td (are ) Tj ET Q q 0 0 0 rg BT 516.52 414.30 Td (considered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 65.55 401.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 117.26 401.70 Td (at ) Tj ET Q q 0 0 0 rg BT 128.15 401.70 Td (each ) Tj ET Q q 0 0 0 rg BT 150.69 401.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 192.49 401.70 Td (period ) Tj ET Q q 0 0 0 rg BT 222.62 401.70 Td (using ) Tj ET Q q 0 0 0 rg BT 248.68 401.70 Td (an ) Tj ET Q q 0 0 0 rg BT 261.90 401.70 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 321.20 401.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 343.17 401.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 365.72 401.70 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 405.49 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 408.79 401.70 Td (For ) Tj ET Q q 0 0 0 rg BT 426.69 401.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 471.99 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 499.79 401.70 Td (with ) Tj ET Q q 0 0 0 rg BT 521.77 401.70 Td (indefinite ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (lives, ) Tj ET Q q 0 0 0 rg BT 74.71 389.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 91.54 389.10 Td (value ) Tj ET Q q 0 0 0 rg BT 116.54 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.80 389.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 175.29 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.96 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.87 389.10 Td (market ) Tj ET Q q 0 0 0 rg BT 236.28 389.10 Td (participant's ) Tj ET Q q 0 0 0 rg BT 289.42 389.10 Td (perspective ) Tj ET Q q 0 0 0 rg BT 339.49 389.10 Td (based ) Tj ET Q q 0 0 0 rg BT 365.65 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.41 389.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 419.73 389.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 467.48 389.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 488.40 389.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 516.61 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 544.53 389.10 Td (take ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (into ) Tj ET Q q 0 0 0 rg BT 68.28 376.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 126.80 376.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 167.82 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 178.52 376.50 Td (future ) Tj ET Q q 0 0 0 rg BT 205.54 376.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 227.01 376.50 Td (profit ) Tj ET Q q 0 0 0 rg BT 252.29 376.50 Td (mar) Tj ET Q q 0 0 0 rg BT 268.43 376.50 Td (gins, ) Tj ET Q q 0 0 0 rg BT 290.50 376.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 322.20 376.50 Td (rates, ) Tj ET Q q 0 0 0 rg BT 346.59 376.50 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 372.74 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 389.85 376.50 Td (discount ) Tj ET Q q 0 0 0 rg BT 427.38 376.50 Td (rates. ) Tj ET Q q 0 0 0 rg BT 451.78 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 453.72 376.50 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 502.91 376.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.10 376.50 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 68.12 363.90 Td (are ) Tj ET Q q 0 0 0 rg BT 83.32 363.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 123.60 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 141.13 363.90 Td (operated ) Tj ET Q q 0 0 0 rg BT 179.66 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 190.78 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 197.82 363.90 Td (single ) Tj ET Q q 0 0 0 rg BT 225.28 363.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 243.99 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 261.53 363.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 284.31 363.90 Td (other ) Tj ET Q q 0 0 0 rg BT 308.27 363.90 Td (criteria ) Tj ET Q q 0 0 0 rg BT 340.37 363.90 Td (may ) Tj ET Q q 0 0 0 rg BT 360.83 363.90 Td (be ) Tj ET Q q 0 0 0 rg BT 373.11 363.90 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 421.55 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 436.17 363.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 486.95 363.90 Td (testing. ) Tj ET Q q 0 0 0 rg BT 519.95 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 522.33 363.90 Td (Goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 58.77 351.30 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 100.76 351.30 Td (at ) Tj ET Q q 0 0 0 rg BT 110.10 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 124.70 351.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 164.95 351.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 183.05 351.30 Td (level, ) Tj ET Q q 0 0 0 rg BT 207.85 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 224.77 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 233.54 351.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 280.79 351.30 Td (for ) Tj ET Q q 0 0 0 rg BT 294.80 351.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 344.97 351.30 Td (when ) Tj ET Q q 0 0 0 rg BT 369.48 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 384.07 351.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 420.82 351.30 Td (value ) Tj ET Q q 0 0 0 rg BT 445.32 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 455.83 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.43 351.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 510.68 351.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 528.78 351.30 Td (exceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 66.10 338.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 101.46 338.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 119.31 338.70 Td (value ) Tj ET Q q 0 0 0 rg BT 145.32 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 157.35 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 173.45 338.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 215.22 338.70 Td (unit. ) Tj ET Q q 0 0 0 rg BT 237.45 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 240.73 338.70 Td (In ) Tj ET Q q 0 0 0 rg BT 252.75 338.70 Td (estimating ) Tj ET Q q 0 0 0 rg BT 299.77 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 315.88 338.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 351.24 338.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 369.08 338.70 Td (value ) Tj ET Q q 0 0 0 rg BT 395.10 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 407.12 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 423.23 338.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 464.99 338.70 Td (unit, ) Tj ET Q q 0 0 0 rg BT 487.23 338.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.08 338.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 543.94 338.70 Td (uses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 92.26 326.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 140.35 326.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 189.02 326.10 Td (based ) Tj ET Q q 0 0 0 rg BT 216.11 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.79 326.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 278.47 326.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 320.72 326.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 342.56 326.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 369.08 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.42 326.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 425.34 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.52 326.10 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 473.41 326.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 505.76 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.11 326.10 Td (techniques ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (employed ) Tj ET Q q 0 0 0 rg BT 94.65 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 106.05 313.50 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 150.11 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 166.17 313.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 206.73 313.50 Td (price ) Tj ET Q q 0 0 0 rg BT 230.95 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 242.94 313.50 Td (an ) Tj ET Q q 0 0 0 rg BT 256.09 313.50 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 308.03 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 311.27 313.50 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 354.17 313.50 Td (is ) Tj ET Q q 0 0 0 rg BT 364.42 313.50 Td (deemed ) Tj ET Q q 0 0 0 rg BT 400.30 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 411.71 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 424.86 313.50 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 477.06 313.50 Td (at ) Tj ET Q q 0 0 0 rg BT 487.88 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 503.95 313.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 545.67 313.50 Td (unit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (level, ) Tj ET Q q 0 0 0 rg BT 75.74 300.90 Td (which ) Tj ET Q q 0 0 0 rg BT 104.11 300.90 Td (is ) Tj ET Q q 0 0 0 rg BT 113.83 300.90 Td (also ) Tj ET Q q 0 0 0 rg BT 133.45 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.99 300.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 191.36 300.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 229.06 300.90 Td (level ) Tj ET Q q 0 0 0 rg BT 252.18 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 270.63 300.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.92 300.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 326.21 300.90 Td (defines ) Tj ET Q q 0 0 0 rg BT 359.25 300.90 Td (as ) Tj ET Q q 0 0 0 rg BT 370.71 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 386.24 300.90 Td (Global ) Tj ET Q q 0 0 0 rg BT 416.94 300.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 442.98 300.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 500.51 300.90 Td (segment. ) Tj ET Q q 0 0 0 rg BT 540.83 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 543.35 300.90 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (results ) Tj ET Q q 0 0 0 rg BT 80.97 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 104.94 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 121.32 288.30 Td (fact ) Tj ET Q q 0 0 0 rg BT 140.62 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 159.92 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.30 288.30 Td (chief ) Tj ET Q q 0 0 0 rg BT 200.84 288.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 244.05 288.30 Td (decision ) Tj ET Q q 0 0 0 rg BT 282.60 288.30 Td (maker) Tj ET Q q 0 0 0 rg BT 308.42 288.30 Td (, ) Tj ET Q q 0 0 0 rg BT 314.60 288.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 339.73 288.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 377.85 288.30 Td (Chief ) Tj ET Q q 0 0 0 rg BT 404.73 288.30 Td (Executive ) Tj ET Q q 0 0 0 rg BT 450.27 288.30 Td (Of) Tj ET Q q 0 0 0 rg BT 461.16 288.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 479.97 288.30 Td (, ) Tj ET Q q 0 0 0 rg BT 486.16 288.30 Td (regularly ) Tj ET Q q 0 0 0 rg BT 527.61 288.30 Td (receives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (discrete ) Tj ET Q q 0 0 0 rg BT 85.41 275.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.91 275.70 Td (information ) Tj ET Q q 0 0 0 rg BT 177.24 275.70 Td (at ) Tj ET Q q 0 0 0 rg BT 187.58 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 203.17 275.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 259.00 275.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 289.74 275.70 Td (Asset ) Tj ET Q q 0 0 0 rg BT 315.83 275.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 373.41 275.70 Td (business ) Tj ET Q q 0 0 0 rg BT 411.76 275.70 Td (level ) Tj ET Q q 0 0 0 rg BT 434.93 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 452.85 275.70 Td (does ) Tj ET Q q 0 0 0 rg BT 474.86 275.70 Td (not ) Tj ET Q q 0 0 0 rg BT 491.04 275.70 Td (regularly ) Tj ET Q q 0 0 0 rg BT 531.70 275.70 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (discrete ) Tj ET Q q 0 0 0 rg BT 85.75 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.58 263.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 180.88 263.10 Td (such ) Tj ET Q q 0 0 0 rg BT 203.22 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.07 263.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 257.82 263.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 290.96 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 301.64 263.10 Td (any ) Tj ET Q q 0 0 0 rg BT 319.90 263.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 346.90 263.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 373.03 263.10 Td (such ) Tj ET Q q 0 0 0 rg BT 395.38 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 407.23 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.15 263.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 446.67 263.10 Td (management ) Tj ET Q q 0 0 0 rg BT 503.41 263.10 Td (af) Tj ET Q q 0 0 0 rg BT 511.38 263.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 538.96 263.10 Td (level. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (Allocations ) Tj ET Q q 0 0 0 rg BT 100.92 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 112.18 250.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 152.03 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 166.79 250.50 Td (management ) Tj ET Q q 0 0 0 rg BT 222.95 250.50 Td (restructures, ) Tj ET Q q 0 0 0 rg BT 277.07 250.50 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 332.37 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 350.04 250.50 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 402.74 250.50 Td (are ) Tj ET Q q 0 0 0 rg BT 418.07 250.50 Td (based ) Tj ET Q q 0 0 0 rg BT 444.49 250.50 Td (on ) Tj ET Q q 0 0 0 rg BT 457.50 250.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 491.50 250.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 508.58 250.50 Td (values ) Tj ET Q q 0 0 0 rg BT 537.92 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 250.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 95.19 237.90 Td (businesses ) Tj ET Q q 0 0 0 rg BT 142.15 237.90 Td (restructured, ) Tj ET Q q 0 0 0 rg BT 197.54 237.90 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 238.93 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 250.31 237.90 Td (divested.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (See ) Tj ET Q q 0 0 0 rg BT 67.35 212.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.96 212.70 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.21 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 111.84 212.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 156.02 212.70 Td (information ) Tj ET Q q 0 0 0 rg BT 207.79 212.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 250.21 212.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 294.40 212.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.09 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 338.44 212.70 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 377.97 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 395.32 212.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.93 212.70 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.43 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 430.62 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 445.06 212.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 489.24 212.70 Td (business ) Tj ET Q q 0 0 0 rg BT 527.02 212.70 Td (segment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.37 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.99 162.30 Td (year ) Tj ET Q q 0 0 0 rg BT 103.84 162.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.70 162.30 Td (March ) Tj ET Q q 0 0 0 rg BT 161.89 162.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.80 162.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.21 162.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 228.58 162.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 259.95 162.30 Td (elected ) Tj ET Q q 0 0 0 rg BT 292.46 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 303.41 162.30 Td (early ) Tj ET Q q 0 0 0 rg BT 327.19 162.30 Td (adopt ) Tj ET Q q 0 0 0 rg BT 353.30 162.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 389.33 162.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 438.18 162.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 478.87 162.30 Td (which ) Tj ET Q q 0 0 0 rg BT 507.31 162.30 Td (requires ) Tj ET Q q 0 0 0 rg BT 543.92 162.30 Td (debt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (issuance ) Tj ET Q q 0 0 0 rg BT 87.91 149.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 111.24 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 121.74 149.70 Td (be ) Tj ET Q q 0 0 0 rg BT 133.99 149.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 176.55 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 187.06 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.22 149.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 236.61 149.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 260.52 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 271.60 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 278.60 149.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 304.83 149.70 Td (deduction ) Tj ET Q q 0 0 0 rg BT 348.57 149.70 Td (from ) Tj ET Q q 0 0 0 rg BT 371.32 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 386.48 149.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 423.80 149.70 Td (value ) Tj ET Q q 0 0 0 rg BT 448.87 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 459.95 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 475.11 149.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 520.60 149.70 Td (long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 71.20 137.10 Td (liability) Tj ET Q q 0 0 0 rg BT 103.19 137.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.94 137.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 154.06 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.86 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.81 137.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 246.25 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.13 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.91 137.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 287.12 137.10 Td (discount. ) Tj ET Q q 0 0 0 rg BT 328.45 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.35 137.10 Td (This ) Tj ET Q q 0 0 0 rg BT 353.14 137.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 389.51 137.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 430.53 137.10 Td (was ) Tj ET Q q 0 0 0 rg BT 449.99 137.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 486.35 137.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.98 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.77 137.10 Td (retrospective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.12 124.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 93.03 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 103.90 124.50 Td (a ) Tj ET Q q 0 0 0 rg BT 110.68 124.50 Td (result, ) Tj ET Q q 0 0 0 rg BT 138.75 124.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.45 124.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 193.15 124.50 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 243.09 124.50 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 297.69 124.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 317.89 124.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 355.58 124.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 378.70 124.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.57 124.50 Td ($8,395) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.45 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 420.57 124.50 Td (from ) Tj ET Q q 0 0 0 rg BT 443.10 124.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 469.13 124.50 Td (non-current ) Tj ET Q q 0 0 0 rg BT 520.23 124.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 546.85 124.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td ($748) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 72.93 111.90 Td (from ) Tj ET Q q 0 0 0 rg BT 95.28 111.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 121.12 111.90 Td (current ) Tj ET Q q 0 0 0 rg BT 152.78 111.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.21 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 189.31 111.90 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 236.15 111.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 256.16 111.90 Td (within ) Tj ET Q q 0 0 0 rg BT 284.93 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 299.69 111.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 357.04 111.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 392.78 111.90 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 418.05 111.90 Td (for ) Tj ET Q q 0 0 0 rg BT 432.22 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 446.98 111.90 Td (year ) Tj ET Q q 0 0 0 rg BT 466.98 111.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.99 111.90 Td (March ) Tj ET Q q 0 0 0 rg BT 523.33 111.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.38 111.90 Td (2015. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 102.80 86.70 Td (Consideration ) Tj ET Q q 0 0 0 rg BT 169.02 86.70 Td (Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.27 74.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.85 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.04 74.10 Td (business ) Tj ET Q q 0 0 0 rg BT 169.14 74.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 224.45 74.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 248.54 74.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 279.65 74.10 Td (may ) Tj ET Q q 0 0 0 rg BT 300.24 74.10 Td (be ) Tj ET Q q 0 0 0 rg BT 312.67 74.10 Td (required ) Tj ET Q q 0 0 0 rg BT 350.17 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.86 74.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 378.54 74.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 423.05 74.10 Td (future ) Tj ET Q q 0 0 0 rg BT 450.64 74.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 509.72 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 536.15 74.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 74.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (achievement ) Tj ET Q q 0 0 0 rg BT 104.72 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.13 61.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.36 61.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 191.93 61.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.33 61.50 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 265.52 61.50 Td ( ) Tj ET Q q 0 0 0 rg BT 267.19 61.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.43 61.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 320.68 61.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 361.42 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 375.91 61.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 392.14 61.50 Td (value ) Tj ET Q q 0 0 0 rg BT 416.55 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 426.96 61.50 Td (these ) Tj ET Q q 0 0 0 rg BT 450.20 61.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 488.61 61.50 Td (future ) Tj ET Q q 0 0 0 rg BT 515.34 61.50 Td (obligations ) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 60.82 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.89 741.75 Td (time ) Tj ET Q q 0 0 0 rg BT 98.79 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 106.69 741.75 Td (business ) Tj ET Q q 0 0 0 rg BT 145.52 741.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 201.25 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 211.49 741.75 Td (consummated ) Tj ET Q q 0 0 0 rg BT 273.06 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 291.46 741.75 Td (records ) Tj ET Q q 0 0 0 rg BT 325.60 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 333.50 741.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 383.40 741.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 443.21 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 479.12 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 490.53 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 741.75 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 729.15 Td (Sheet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.22 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.45 703.95 Td (accretes ) Tj ET Q q 0 0 0 rg BT 141.89 703.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 188.86 703.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 248.07 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 289.80 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 300.61 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 316.08 703.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 356.04 703.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 394.84 703.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 433.06 703.95 Td (over ) Tj ET Q q 0 0 0 rg BT 454.36 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 469.83 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 501.04 703.95 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 538.67 703.95 Td (terms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (until ) Tj ET Q q 0 0 0 rg BT 71.91 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 87.39 691.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 136.71 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 152.18 691.35 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 197.41 691.35 Td (paid, ) Tj ET Q q 0 0 0 rg BT 220.77 691.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 260.17 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 270.99 691.35 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.13 691.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 341.61 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 352.43 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 691.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 425.98 691.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 474.71 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 486.11 691.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 520.25 691.35 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 552.36 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 555.01 691.35 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.73 678.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 105.93 678.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 144.99 678.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 183.46 678.75 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 241.19 678.75 Td (change, ) Tj ET Q q 0 0 0 rg BT 276.44 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 292.17 678.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 339.39 678.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 398.85 678.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 440.83 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 456.55 678.75 Td (\(reduced\) ) Tj ET Q q 0 0 0 rg BT 499.67 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 511.31 678.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 553.85 678.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 66.58 666.15 Td (current ) Tj ET Q q 0 0 0 rg BT 100.07 666.15 Td (period, ) Tj ET Q q 0 0 0 rg BT 133.28 666.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 173.78 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 185.71 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 194.13 666.15 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 222.95 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 235.46 666.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 258.18 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 287.60 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 298.36 666.15 Td (reflected ) Tj ET Q q 0 0 0 rg BT 338.83 666.15 Td (within ) Tj ET Q q 0 0 0 rg BT 369.43 666.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 397.09 666.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.50 666.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 478.08 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 490.00 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 666.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.70 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.07 653.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 144.19 653.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 176.27 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 178.89 653.55 Td (See ) Tj ET Q q 0 0 0 rg BT 196.68 653.55 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.80 653.55 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.05 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 231.67 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.46 653.55 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.71 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 257.33 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 272.20 653.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 316.82 653.55 Td (information ) Tj ET Q q 0 0 0 rg BT 369.02 653.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 411.87 653.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 458.82 653.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 518.02 653.55 Td (liabilities.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (T) Tj ET Q q 0 0 0 rg BT 56.22 628.35 Td (ranslation ) Tj ET Q q 0 0 0 rg BT 104.36 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.73 628.35 Td (For) Tj ET Q q 0 0 0 rg BT 131.86 628.35 Td (eign ) Tj ET Q q 0 0 0 rg BT 153.16 628.35 Td (Curr) Tj ET Q q 0 0 0 rg BT 175.71 628.35 Td (encies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Assets ) Tj ET Q q 0 0 0 rg BT 80.01 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.76 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 139.42 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.76 615.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 183.67 615.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 235.84 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 254.17 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 269.58 615.75 Td (denominated ) Tj ET Q q 0 0 0 rg BT 326.40 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.15 615.75 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 377.66 615.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 404.74 615.75 Td (functional ) Tj ET Q q 0 0 0 rg BT 449.90 615.75 Td (currencies ) Tj ET Q q 0 0 0 rg BT 495.63 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.03 615.75 Td (translated ) Tj ET Q q 0 0 0 rg BT 554.44 615.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 91.77 603.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.71 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 124.59 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 135.46 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 150.41 603.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 207.95 603.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 243.89 603.15 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 269.34 603.15 Td (dates. ) Tj ET Q q 0 0 0 rg BT 295.67 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 297.79 603.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 340.74 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 358.02 603.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 398.05 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 413.00 603.15 Td (translated ) Tj ET Q q 0 0 0 rg BT 455.94 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 465.64 603.15 Td (average ) Tj ET Q q 0 0 0 rg BT 500.41 603.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 542.17 603.15 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (during ) Tj ET Q q 0 0 0 rg BT 79.87 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 95.15 590.55 Td (period. ) Tj ET Q q 0 0 0 rg BT 127.06 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.33 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 148.11 590.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 172.73 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 183.93 590.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 211.47 590.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 250.68 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 273.54 590.55 Td (translating ) Tj ET Q q 0 0 0 rg BT 320.32 590.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 353.10 590.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 392.27 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.46 590.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 478.24 590.55 Td (into ) Tj ET Q q 0 0 0 rg BT 497.03 590.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 518.16 590.55 Td (dollars ) Tj ET Q q 0 0 0 rg BT 549.19 590.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (included ) Tj ET Q q 0 0 0 rg BT 90.71 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 103.44 577.95 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 162.96 577.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.76 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 213.48 577.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 281.60 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 317.06 577.95 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 347.57 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 352.13 577.95 Td (Gains ) Tj ET Q q 0 0 0 rg BT 381.18 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 394.48 577.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 424.13 577.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 465.43 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 490.40 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 525.27 577.95 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 102.78 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 118.22 565.35 Td (included ) Tj ET Q q 0 0 0 rg BT 157.00 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 167.80 565.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 185.58 565.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 219.69 565.35 Td (\(Loss\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 102.21 540.15 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 145.67 540.15 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.61 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.24 527.55 Td (earns ) Tj ET Q q 0 0 0 rg BT 128.43 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 176.55 527.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 214.75 527.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 233.69 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 246.23 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.77 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 282.97 527.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 327.57 527.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 367.51 527.55 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 408.91 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.03 527.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 485.02 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 502.22 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 525.84 527.55 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.13 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 104.60 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 128.40 514.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 165.20 514.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 197.46 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 199.53 514.95 Td (These ) Tj ET Q q 0 0 0 rg BT 226.83 514.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 245.96 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 261.01 514.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 302.31 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 328.45 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 341.18 514.95 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 404.04 514.95 Td (percentages ) Tj ET Q q 0 0 0 rg BT 455.83 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 466.80 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 481.86 514.95 Td (market ) Tj ET Q q 0 0 0 rg BT 513.24 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 538.21 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.92 502.35 Td (under ) Tj ET Q q 0 0 0 rg BT 103.26 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 159.33 502.35 Td (\("AUM"\), ) Tj ET Q q 0 0 0 rg BT 204.44 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 222.03 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 237.27 502.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 285.76 502.35 Td (over ) Tj ET Q q 0 0 0 rg BT 306.84 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 322.09 502.35 Td (period ) Tj ET Q q 0 0 0 rg BT 351.34 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 361.93 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 390.02 502.35 Td (services ) Tj ET Q q 0 0 0 rg BT 426.26 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 441.51 502.35 Td (performed ) Tj ET Q q 0 0 0 rg BT 487.66 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 505.25 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 525.75 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 538.09 502.35 Td (billed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.30 489.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.83 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.71 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 489.75 Td (period ) Tj ET Q q 0 0 0 rg BT 151.63 489.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 181.74 489.75 Td (based ) Tj ET Q q 0 0 0 rg BT 207.79 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 219.95 489.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 246.59 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 256.30 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.26 489.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 315.39 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.27 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.23 489.75 Td (billing ) Tj ET Q q 0 0 0 rg BT 370.79 489.75 Td (period ) Tj ET Q q 0 0 0 rg BT 399.75 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 410.05 489.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 459.39 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 480.20 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 495.16 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 525.86 489.75 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 92.67 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 94.81 477.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 133.69 477.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 178.98 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 199.79 477.15 Td (advance ) Tj ET Q q 0 0 0 rg BT 236.33 477.15 Td (billings ) Tj ET Q q 0 0 0 rg BT 269.98 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 279.13 477.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 316.24 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 333.54 477.15 Td (included ) Tj ET Q q 0 0 0 rg BT 371.84 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 382.15 477.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 408.21 477.15 Td (current ) Tj ET Q q 0 0 0 rg BT 440.08 477.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 481.30 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 491.61 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.58 477.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.36 464.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 116.32 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.03 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 143.57 464.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 192.18 464.55 Td (over ) Tj ET Q q 0 0 0 rg BT 213.38 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 228.75 464.55 Td (period ) Tj ET Q q 0 0 0 rg BT 258.12 464.55 Td (earned. ) Tj ET Q q 0 0 0 rg BT 291.27 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 293.82 464.55 Td (Performance ) Tj ET Q q 0 0 0 rg BT 350.00 464.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 369.45 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 390.08 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 402.53 464.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 433.06 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 446.10 464.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 477.21 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.83 464.55 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 89.41 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 103.17 451.95 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 147.24 451.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 201.80 451.95 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 254.05 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 266.06 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 272.23 451.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 305.23 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 315.49 451.95 Td (absolute ) Tj ET Q q 0 0 0 rg BT 351.99 451.95 Td (basis, ) Tj ET Q q 0 0 0 rg BT 377.13 451.95 Td (depending ) Tj ET Q q 0 0 0 rg BT 422.38 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 434.40 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 448.74 451.95 Td (product, ) Tj ET Q q 0 0 0 rg BT 484.95 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 501.62 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 515.95 451.95 Td (recognized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 59.67 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 74.59 439.35 Td (end ) Tj ET Q q 0 0 0 rg BT 91.85 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 102.69 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 117.61 439.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.76 439.35 Td (measurement ) Tj ET Q q 0 0 0 rg BT 230.83 439.35 Td (period. ) Tj ET Q q 0 0 0 rg BT 262.37 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 264.01 439.35 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 315.81 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 320.53 439.35 Td (neither ) Tj ET Q q 0 0 0 rg BT 351.78 439.35 Td (advanced ) Tj ET Q q 0 0 0 rg BT 393.51 439.35 Td (billings ) Tj ET Q q 0 0 0 rg BT 427.11 439.35 Td (nor ) Tj ET Q q 0 0 0 rg BT 443.20 439.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 498.35 439.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 517.35 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 532.26 439.35 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.24 426.75 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 98.16 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.09 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 118.48 426.75 Td (lar) Tj ET Q q 0 0 0 rg BT 129.37 426.75 Td (gest ) Tj ET Q q 0 0 0 rg BT 148.35 426.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 180.76 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.57 426.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 246.69 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 265.67 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 280.56 426.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 310.61 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 336.59 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 349.16 426.75 Td (12-month ) Tj ET Q q 0 0 0 rg BT 392.06 426.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 447.18 426.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 480.17 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 497.98 426.75 Td (end ) Tj ET Q q 0 0 0 rg BT 515.21 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.45 426.75 Td (dif) Tj ET Q q 0 0 0 rg BT 536.93 426.75 Td (fering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (quarters ) Tj ET Q q 0 0 0 rg BT 86.44 414.15 Td (during ) Tj ET Q q 0 0 0 rg BT 116.48 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.94 414.15 Td (year) Tj ET Q q 0 0 0 rg BT 149.58 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 154.83 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 176.13 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 183.41 414.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 216.37 414.15 Td (also ) Tj ET Q q 0 0 0 rg BT 235.91 414.15 Td (based ) Tj ET Q q 0 0 0 rg BT 262.44 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 275.57 414.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 316.09 414.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 371.76 414.15 Td (periods.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.64 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.28 388.95 Td (has ) Tj ET Q q 0 0 0 rg BT 120.34 388.95 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 179.57 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 193.88 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 208.77 388.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 249.91 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 260.26 388.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 289.45 388.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 344.59 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 357.15 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 367.96 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 395.68 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 404.75 388.95 Td (based ) Tj ET Q q 0 0 0 rg BT 430.72 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 443.28 388.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 490.83 388.95 Td (market ) Tj ET Q q 0 0 0 rg BT 522.04 388.95 Td (data ) Tj ET Q q 0 0 0 rg BT 541.59 388.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 103.94 376.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 136.31 376.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 175.38 376.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.25 376.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 245.94 376.35 Td (agents, ) Tj ET Q q 0 0 0 rg BT 278.02 376.35 Td (custodians ) Tj ET Q q 0 0 0 rg BT 324.97 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 336.34 376.35 Td (brokers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 107.47 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 127.02 351.15 Td (Service ) Tj ET Q q 0 0 0 rg BT 162.30 351.15 Td (Fees ) Tj ET Q q 0 0 0 rg BT 184.75 351.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 225.87 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 245.42 351.15 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 103.70 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 121.81 338.55 Td (service ) Tj ET Q q 0 0 0 rg BT 154.49 338.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 174.34 338.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 215.77 338.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 235.62 338.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 266.55 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 289.91 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 316.19 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 327.31 338.55 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 372.24 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 388.02 338.55 Td (distributor ) Tj ET Q q 0 0 0 rg BT 434.71 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 449.91 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 465.68 338.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 489.63 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 501.33 338.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 546.84 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (selling ) Tj ET Q q 0 0 0 rg BT 80.45 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 102.14 325.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 130.83 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 148.44 325.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 189.38 325.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 238.47 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 264.25 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 281.86 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 297.13 325.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 338.64 325.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 388.32 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 399.51 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 406.62 325.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 454.54 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 465.73 325.95 Td (client ) Tj ET Q q 0 0 0 rg BT 491.51 325.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 521.08 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 523.53 325.95 Td (Reported ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.70 313.35 Td (also ) Tj ET Q q 0 0 0 rg BT 106.73 313.35 Td (include ) Tj ET Q q 0 0 0 rg BT 139.76 313.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 158.78 313.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 188.88 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 211.41 313.35 Td (providing ) Tj ET Q q 0 0 0 rg BT 254.36 313.35 Td (client ) Tj ET Q q 0 0 0 rg BT 279.80 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 290.67 313.35 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 341.76 313.35 Td (servicing, ) Tj ET Q q 0 0 0 rg BT 385.00 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 426.78 313.35 Td (record ) Tj ET Q q 0 0 0 rg BT 455.71 313.35 Td (keeping ) Tj ET Q q 0 0 0 rg BT 491.07 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 501.93 313.35 Td (administrative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 87.27 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 98.89 300.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 148.99 300.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 178.40 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.02 300.75 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 274.53 300.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 314.14 300.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 354.04 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 357.49 300.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 411.70 300.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 432.06 300.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 463.49 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 477.44 300.75 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.08 288.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 125.41 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 141.22 288.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 179.20 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 190.95 288.15 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 229.58 288.15 Td (When ) Tj ET Q q 0 0 0 rg BT 257.65 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 282.23 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 313.81 288.15 Td (enters ) Tj ET Q q 0 0 0 rg BT 341.88 288.15 Td (into ) Tj ET Q q 0 0 0 rg BT 361.21 288.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 420.76 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 442.43 288.15 Td (broker) Tj ET Q q 0 0 0 rg BT 469.62 288.15 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 505.85 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 517.60 288.15 Td (other ) Tj ET Q q 0 0 0 rg BT 542.17 288.15 Td (third ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 80.18 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 90.55 275.55 Td (sell ) Tj ET Q q 0 0 0 rg BT 107.32 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 118.26 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 149.61 275.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 198.45 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 219.89 275.55 Td (shares, ) Tj ET Q q 0 0 0 rg BT 250.95 275.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 301.57 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 318.92 275.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 359.60 275.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 395.62 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 404.82 275.55 Td (accrued ) Tj ET Q q 0 0 0 rg BT 439.65 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 454.09 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 469.11 275.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 506.89 275.55 Td (owed ) Tj ET Q q 0 0 0 rg BT 531.82 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 542.19 275.55 Td (third ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (parties, ) Tj ET Q q 0 0 0 rg BT 83.26 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 125.56 262.95 Td (finders' ) Tj ET Q q 0 0 0 rg BT 159.25 262.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 178.80 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 196.60 262.95 Td (referral ) Tj ET Q q 0 0 0 rg BT 230.13 262.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 249.67 262.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 270.39 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 281.20 262.95 Td (unaf) Tj ET Q q 0 0 0 rg BT 299.67 262.95 Td (filiated ) Tj ET Q q 0 0 0 rg BT 332.05 262.95 Td (broker) Tj ET Q q 0 0 0 rg BT 359.24 262.95 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 395.11 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 406.50 262.95 Td (introducing ) Tj ET Q q 0 0 0 rg BT 457.55 262.95 Td (parties. ) Tj ET Q q 0 0 0 rg BT 490.81 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 493.45 262.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 546.85 262.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (servicing ) Tj ET Q q 0 0 0 rg BT 91.24 250.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 127.80 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 147.47 250.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 185.21 250.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 228.20 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 239.11 250.35 Td (third ) Tj ET Q q 0 0 0 rg BT 261.69 250.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 292.43 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 307.42 250.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 338.73 250.35 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 390.46 250.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 453.28 250.35 Td (services ) Tj ET Q q 0 0 0 rg BT 489.84 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 507.75 250.35 Td (sub-advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.53 237.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 90.23 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.02 237.75 Td (unaf) Tj ET Q q 0 0 0 rg BT 119.49 237.75 Td (filiated ) Tj ET Q q 0 0 0 rg BT 151.86 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 174.89 237.75 Td (managers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (Deferr) Tj ET Q q 0 0 0 rg BT 79.53 212.55 Td (ed ) Tj ET Q q 0 0 0 rg BT 92.66 212.55 Td (Sales ) Tj ET Q q 0 0 0 rg BT 118.04 212.55 Td (Commissions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 108.93 199.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 128.75 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 138.67 199.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.14 199.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 238.95 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 248.86 199.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 296.67 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 317.09 199.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 339.24 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 349.74 199.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 380.04 199.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 410.95 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 421.44 199.95 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 507.75 199.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 538.66 199.95 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 65.03 187.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 112.72 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 123.68 187.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 160.86 187.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 183.49 187.35 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 243.17 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 245.22 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 263.76 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 286.38 187.35 Td (is ) Tj ET Q q 0 0 0 rg BT 295.60 187.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 339.79 187.35 Td (over ) Tj ET Q q 0 0 0 rg BT 360.67 187.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 393.79 187.35 Td (not ) Tj ET Q q 0 0 0 rg BT 409.42 187.35 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 454.19 187.35 Td (six ) Tj ET Q q 0 0 0 rg BT 468.66 187.35 Td (years, ) Tj ET Q q 0 0 0 rg BT 495.65 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 523.53 187.35 Td (represent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 174.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 96.66 174.75 Td (during ) Tj ET Q q 0 0 0 rg BT 125.53 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 152.65 174.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 208.95 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 223.22 174.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 263.75 174.75 Td (recovered ) Tj ET Q q 0 0 0 rg BT 306.59 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 328.46 174.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 378.34 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.96 174.75 Td (service ) Tj ET Q q 0 0 0 rg BT 426.15 174.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 440.42 174.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.20 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 495.82 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 517.69 174.75 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.90 162.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 109.23 162.15 Td (char) Tj ET Q q 0 0 0 rg BT 127.11 162.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 143.03 162.15 Td (\("CDSC"\) ) Tj ET Q q 0 0 0 rg BT 187.96 162.15 Td (received ) Tj ET Q q 0 0 0 rg BT 225.44 162.15 Td (from ) Tj ET Q q 0 0 0 rg BT 247.77 162.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 302.76 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 313.44 162.15 Td (those ) Tj ET Q q 0 0 0 rg BT 337.53 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 362.78 162.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 385.71 162.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 435.45 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.13 162.15 Td (their ) Tj ET Q q 0 0 0 rg BT 467.29 162.15 Td (shares. ) Tj ET Q q 0 0 0 rg BT 498.08 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 500.01 162.15 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 529.37 162.15 Td (receipts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 65.41 149.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.74 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 116.08 149.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 167.10 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.85 149.55 Td (service ) Tj ET Q q 0 0 0 rg BT 217.18 149.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 232.60 149.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 268.42 149.55 Td (when ) Tj ET Q q 0 0 0 rg BT 293.76 149.55 Td (received ) Tj ET Q q 0 0 0 rg BT 331.92 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.67 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 356.93 149.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 399.18 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 410.52 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 425.95 149.55 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 481.03 149.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 515.68 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 527.03 149.55 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 73.04 136.95 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 133.13 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 154.42 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 161.71 136.95 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 224.40 136.95 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.98 111.75 Td (periodically ) Tj ET Q q 0 0 0 rg BT 159.28 111.75 Td (tests ) Tj ET Q q 0 0 0 rg BT 180.11 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.10 111.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 232.24 111.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 254.81 111.75 Td (commission ) Tj ET Q q 0 0 0 rg BT 307.72 111.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.30 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.70 111.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 395.27 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 407.93 111.75 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 452.08 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.06 111.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 503.04 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 513.37 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 538.27 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 80.95 99.15 Td (shares, ) Tj ET Q q 0 0 0 rg BT 112.20 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.41 99.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 163.61 99.15 Td (market ) Tj ET Q q 0 0 0 rg BT 195.15 99.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 241.28 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 258.83 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 282.79 99.15 Td (events ) Tj ET Q q 0 0 0 rg BT 312.00 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 329.55 99.15 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 391.41 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 409.54 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 430.00 99.15 Td (indicate ) Tj ET Q q 0 0 0 rg BT 465.62 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 477.92 99.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 528.71 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 539.26 99.15 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (has ) Tj ET Q q 0 0 0 rg BT 66.82 86.55 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 108.99 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 111.81 86.55 Td (If ) Tj ET Q q 0 0 0 rg BT 121.63 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 146.02 86.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 177.41 86.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 213.47 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 226.20 86.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 277.43 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 288.41 86.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 316.60 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 373.07 86.55 Td (compares ) Tj ET Q q 0 0 0 rg BT 416.12 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 431.77 86.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 469.57 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 495.13 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 506.12 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 521.77 86.55 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 108.68 73.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 130.02 73.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 156.04 73.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 196.04 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 206.89 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 219.49 73.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 262.98 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 276.17 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 291.69 73.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.78 73.95 Td (over ) Tj ET Q q 0 0 0 rg BT 336.13 73.95 Td (its ) Tj ET Q q 0 0 0 rg BT 348.74 73.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 393.99 73.95 Td (life. ) Tj ET Q q 0 0 0 rg BT 413.30 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 415.98 73.95 Td (If ) Tj ET Q q 0 0 0 rg BT 425.66 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 481.99 73.95 Td (determines ) Tj ET Q q 0 0 0 rg BT 530.75 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 549.18 73.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.81 61.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 111.07 61.35 Td (commission ) Tj ET Q q 0 0 0 rg BT 164.67 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 187.92 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 197.77 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 214.03 61.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 236.70 61.35 Td (recoverable, ) Tj ET Q q 0 0 0 rg BT 291.13 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 306.80 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.06 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 349.24 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 361.99 61.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 397.48 61.35 Td (impaired ) Tj ET Q q 0 0 0 rg BT 437.64 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 455.65 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 463.15 61.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 482.33 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 501.51 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 514.27 61.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 553.83 61.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 48.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 98.49 48.75 Td (by ) Tj ET Q q 0 0 0 rg BT 111.07 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 138.82 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.73 48.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 192.54 48.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 226.11 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 236.94 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.86 48.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.35 48.75 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 309.66 48.75 Td (its ) Tj ET Q q 0 0 0 rg BT 321.67 48.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 363.99 48.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 380.64 48.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 408.09 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 410.17 48.75 Td (For ) Tj ET Q q 0 0 0 rg BT 426.84 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 441.75 48.75 Td (years ) Tj ET Q q 0 0 0 rg BT 465.99 48.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.14 48.75 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.38 48.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 48.75 Td (, ) Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (93) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 73.80 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.76 741.75 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.76 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 118.18 741.75 Td (no ) Tj ET Q q 0 0 0 rg BT 131.48 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 182.69 741.75 Td (char) Tj ET Q q 0 0 0 rg BT 200.57 741.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 217.36 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 240.56 741.75 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 282.71 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 285.51 741.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 325.62 741.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 348.83 741.75 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 409.09 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 448.05 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.01 741.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 485.72 741.75 Td (non-current ) Tj ET Q q 0 0 0 rg BT 537.50 741.75 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 134.28 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 170.72 729.15 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 203.39 729.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.41 729.15 Td ($6,713) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.29 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 257.91 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.70 729.15 Td ($10,422) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.82 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 312.45 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 322.65 729.15 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.43 729.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.43 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 392.06 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.84 729.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.84 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 436.09 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 486.14 729.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.68 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 91.72 703.95 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.48 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 122.57 691.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 146.33 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 161.32 691.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 200.83 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 215.25 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 230.26 691.35 Td (ef) Tj ET Q q 0 0 0 rg BT 238.23 691.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 260.23 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 271.16 691.35 Td (temporary ) Tj ET Q q 0 0 0 rg BT 316.49 691.35 Td (dif) Tj ET Q q 0 0 0 rg BT 327.96 691.35 Td (ferences ) Tj ET Q q 0 0 0 rg BT 365.11 691.35 Td (between ) Tj ET Q q 0 0 0 rg BT 402.28 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.29 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.29 691.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.47 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 466.40 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 478.49 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 501.08 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 512.01 691.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 546.86 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (its ) Tj ET Q q 0 0 0 rg BT 63.67 678.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 102.39 678.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.63 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 149.55 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.12 678.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.60 678.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 257.29 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.04 678.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 302.09 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 336.74 678.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 353.31 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 381.55 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 398.12 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.60 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.52 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 451.92 678.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 494.74 678.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 541.05 678.75 Td (if, ) Tj ET Q q 0 0 0 rg BT 553.83 678.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (management's ) Tj ET Q q 0 0 0 rg BT 112.77 666.15 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 150.62 666.15 Td (it ) Tj ET Q q 0 0 0 rg BT 159.60 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 169.75 666.15 Td (more ) Tj ET Q q 0 0 0 rg BT 194.47 666.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 221.53 666.15 Td (than ) Tj ET Q q 0 0 0 rg BT 242.76 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 259.32 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 278.21 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 302.93 666.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 339.32 666.15 Td (will ) Tj ET Q q 0 0 0 rg BT 358.80 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 375.36 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 388.42 666.15 Td (realized. ) Tj ET Q q 0 0 0 rg BT 427.41 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 430.56 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.28 666.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 492.98 666.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 531.10 666.15 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (taxes ) Tj ET Q q 0 0 0 rg BT 75.91 653.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 125.73 653.55 Td (relate ) Tj ET Q q 0 0 0 rg BT 153.37 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 165.87 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 183.03 653.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.01 653.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 247.68 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 267.17 653.55 Td (other ) Tj ET Q q 0 0 0 rg BT 293.08 653.55 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 352.21 653.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 392.40 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 432.32 653.55 Td (combinations, ) Tj ET Q q 0 0 0 rg BT 495.86 653.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.25 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.62 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.74 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 139.52 640.95 Td (accrued ) Tj ET Q q 0 0 0 rg BT 174.79 640.95 Td (compensation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.65 615.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 124.19 615.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.67 615.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 215.60 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 222.66 615.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.89 615.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 269.45 615.75 Td (should ) Tj ET Q q 0 0 0 rg BT 299.86 615.75 Td (only ) Tj ET Q q 0 0 0 rg BT 320.93 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 333.25 615.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 381.71 615.75 Td (if ) Tj ET Q q 0 0 0 rg BT 390.53 615.75 Td (it ) Tj ET Q q 0 0 0 rg BT 398.77 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 408.18 615.75 Td (more ) Tj ET Q q 0 0 0 rg BT 432.16 615.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 458.47 615.75 Td (than ) Tj ET Q q 0 0 0 rg BT 478.96 615.75 Td (not ) Tj ET Q q 0 0 0 rg BT 494.78 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 512.93 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.16 615.75 Td (position ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (will ) Tj ET Q q 0 0 0 rg BT 69.19 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 81.96 603.15 Td (sustained ) Tj ET Q q 0 0 0 rg BT 123.89 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 150.65 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 164.01 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 176.78 603.15 Td (technical ) Tj ET Q q 0 0 0 rg BT 217.53 603.15 Td (merits. ) Tj ET Q q 0 0 0 rg BT 249.26 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 251.48 603.15 Td (A) Tj ET Q q 0 0 0 rg BT 258.48 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 261.34 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.02 603.15 Td (position ) Tj ET Q q 0 0 0 rg BT 313.71 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 332.31 603.15 Td (meets ) Tj ET Q q 0 0 0 rg BT 359.66 603.15 Td (this ) Tj ET Q q 0 0 0 rg BT 377.69 603.15 Td (threshold ) Tj ET Q q 0 0 0 rg BT 419.62 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 429.48 603.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 472.57 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 484.17 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 499.85 603.15 Td (lar) Tj ET Q q 0 0 0 rg BT 510.74 603.15 Td (gest ) Tj ET Q q 0 0 0 rg BT 530.50 603.15 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.71 590.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 91.83 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 109.54 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 125.50 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 132.13 590.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 163.23 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 183.28 590.55 Td (50% ) Tj ET Q q 0 0 0 rg BT 204.49 590.55 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 249.03 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 259.75 590.55 Td (being ) Tj ET Q q 0 0 0 rg BT 285.04 590.55 Td (realized ) Tj ET Q q 0 0 0 rg BT 320.23 590.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.19 590.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 388.31 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 400.78 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 415.57 590.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 465.35 590.55 Td (taxing ) Tj ET Q q 0 0 0 rg BT 493.56 590.55 Td (authority ) Tj ET Q q 0 0 0 rg BT 533.43 590.55 Td (having ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (full ) Tj ET Q q 0 0 0 rg BT 67.21 577.95 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 115.90 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 127.27 577.95 Td (all ) Tj ET Q q 0 0 0 rg BT 140.40 577.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 176.83 577.95 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 552.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.18 552.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 168.26 552.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.53 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 207.56 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 218.74 552.75 Td (classify ) Tj ET Q q 0 0 0 rg BT 253.84 552.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 287.77 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 319.35 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 330.54 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 346.39 552.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 380.32 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 392.09 552.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 426.01 552.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 462.85 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 481.04 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 512.62 552.75 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 555.59 552.75 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (any) Tj ET Q q 0 0 0 rg BT 64.48 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 69.73 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 81.10 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 105.30 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.58 540.15 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.66 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 83.56 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 104.70 514.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.84 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 163.31 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.51 514.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 206.21 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 230.85 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 262.51 514.95 Td (elected ) Tj ET Q q 0 0 0 rg BT 295.31 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 306.55 514.95 Td (early ) Tj ET Q q 0 0 0 rg BT 330.60 514.95 Td (adopt ) Tj ET Q q 0 0 0 rg BT 357.00 514.95 Td (new ) Tj ET Q q 0 0 0 rg BT 377.57 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 426.70 514.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 467.68 514.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 502.82 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 514.06 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 529.96 514.95 Td (balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (sheet ) Tj ET Q q 0 0 0 rg BT 74.03 502.35 Td (classification ) Tj ET Q q 0 0 0 rg BT 131.89 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 143.10 502.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.53 502.35 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 207.19 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 209.47 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 228.25 502.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 263.95 502.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 304.30 502.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 340.58 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 358.79 502.35 Td (all ) Tj ET Q q 0 0 0 rg BT 371.74 502.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 409.17 502.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 424.46 502.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 454.04 502.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 498.20 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 515.82 502.35 Td (any ) Tj ET Q q 0 0 0 rg BT 533.44 502.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.70 489.75 Td (allowances ) Tj ET Q q 0 0 0 rg BT 140.97 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 153.51 489.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 195.79 489.75 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 254.98 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 266.35 489.75 Td (noncurrent ) Tj ET Q q 0 0 0 rg BT 314.46 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 325.25 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 332.53 489.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 374.81 489.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 409.50 489.75 Td (sheet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 464.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.82 464.55 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.07 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.70 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 464.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.18 464.55 Td (information ) Tj ET Q q 0 0 0 rg BT 210.38 464.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 253.24 464.55 Td (income ) Tj ET Q q 0 0 0 rg BT 286.77 464.55 Td (taxes.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (Loss ) Tj ET Q q 0 0 0 rg BT 73.05 439.35 Td (Contingencies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.08 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.17 426.75 Td (accrues ) Tj ET Q q 0 0 0 rg BT 139.16 426.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 180.74 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 195.49 426.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 214.34 426.75 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 274.57 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 305.65 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 316.32 426.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 339.23 426.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 374.11 426.75 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 437.57 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.24 426.75 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 511.11 426.75 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 553.27 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 72.61 414.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 94.34 414.15 Td (when ) Tj ET Q q 0 0 0 rg BT 119.28 414.15 Td (it ) Tj ET Q q 0 0 0 rg BT 127.32 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 136.52 414.15 Td (probable ) Tj ET Q q 0 0 0 rg BT 175.46 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 193.40 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 200.27 414.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 235.13 414.15 Td (has ) Tj ET Q q 0 0 0 rg BT 251.33 414.15 Td (been ) Tj ET Q q 0 0 0 rg BT 273.35 414.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 310.53 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 327.90 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 342.92 414.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.62 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 387.57 414.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 406.11 414.15 Td (can ) Tj ET Q q 0 0 0 rg BT 422.88 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 434.99 414.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 482.67 414.15 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 527.74 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 529.94 414.15 Td (Related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 92.48 401.55 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 137.88 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 152.95 401.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 191.92 401.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 236.74 401.55 Td (when ) Tj ET Q q 0 0 0 rg BT 261.73 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 276.81 401.55 Td (underwriter ) Tj ET Q q 0 0 0 rg BT 328.04 401.55 Td (has ) Tj ET Q q 0 0 0 rg BT 344.29 401.55 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 389.69 401.55 Td (coverage ) Tj ET Q q 0 0 0 rg BT 429.83 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 440.83 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 447.74 401.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 482.65 401.55 Td (claim ) Tj ET Q q 0 0 0 rg BT 508.22 401.55 Td (amount. ) Tj ET Q q 0 0 0 rg BT 544.59 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 546.85 401.55 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.04 388.95 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.29 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 80.91 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 95.78 388.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 140.40 388.95 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 108.05 363.75 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 77.39 351.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 117.77 351.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.16 351.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 237.29 351.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 278.10 351.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.08 351.15 Td (options, ) Tj ET Q q 0 0 0 rg BT 345.45 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 361.18 351.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 407.81 351.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.79 351.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 478.92 351.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 505.44 351.15 Td (market-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.94 338.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 137.07 338.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 173.61 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 185.66 338.55 Td (common ) Tj ET Q q 0 0 0 rg BT 226.30 338.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 254.97 338.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 297.93 338.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 323.98 338.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 357.61 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 376.66 338.55 Td (units, ) Tj ET Q q 0 0 0 rg BT 403.59 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 461.12 338.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 491.26 338.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 517.31 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 533.44 338.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 325.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 88.23 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 105.08 325.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 141.75 325.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 201.76 325.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 236.10 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 245.95 325.95 Td (stock. ) Tj ET Q q 0 0 0 rg BT 272.43 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 274.13 325.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 302.06 325.95 Td (its ) Tj ET Q q 0 0 0 rg BT 313.67 325.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 337.52 325.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 397.53 325.95 Td (plans, ) Tj ET Q q 0 0 0 rg BT 424.01 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 447.28 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 477.55 325.95 Td (issues ) Tj ET Q q 0 0 0 rg BT 504.33 325.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 532.27 325.95 Td (awards ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 313.35 Td (directors, ) Tj ET Q q 0 0 0 rg BT 102.78 313.35 Td (of) Tj ET Q q 0 0 0 rg BT 111.34 313.35 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 139.90 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 157.69 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 181.89 313.35 Td (key ) Tj ET Q q 0 0 0 rg BT 199.67 313.35 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.77 288.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 110.00 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 130.69 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.54 288.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 190.71 288.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 238.80 288.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 281.35 288.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.69 288.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 377.53 288.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 414.55 288.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 437.57 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 451.83 288.15 Td (all ) Tj ET Q q 0 0 0 rg BT 464.35 288.15 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 512.45 288.15 Td (share-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 82.69 275.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.29 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 136.99 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 166.18 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 176.71 275.55 Td (their ) Tj ET Q q 0 0 0 rg BT 198.90 275.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 223.42 275.55 Td (date ) Tj ET Q q 0 0 0 rg BT 243.86 275.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.38 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 287.07 275.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 332.00 275.55 Td (over ) Tj ET Q q 0 0 0 rg BT 353.61 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 369.38 275.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 414.89 275.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 448.17 275.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 482.04 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 495.48 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 511.26 275.55 Td (straight-line ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (method. ) Tj ET Q q 0 0 0 rg BT 88.06 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 91.71 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 111.97 262.95 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 158.47 262.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.97 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 203.65 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 216.33 262.95 Td (equity-classified ) Tj ET Q q 0 0 0 rg BT 289.66 262.95 Td (share-based ) Tj ET Q q 0 0 0 rg BT 343.16 262.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 376.83 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 399.43 262.95 Td (immediate ) Tj ET Q q 0 0 0 rg BT 447.69 262.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 481.96 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 492.90 262.95 Td (also ) Tj ET Q q 0 0 0 rg BT 513.75 262.95 Td (included ) Tj ET Q q 0 0 0 rg BT 553.84 262.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.53 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 129.56 250.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.66 250.35 Td (expense. ) Tj ET Q q 0 0 0 rg BT 202.97 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 204.84 250.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 228.28 250.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 258.73 250.35 Td (determines ) Tj ET Q q 0 0 0 rg BT 306.66 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 321.36 250.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.79 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 362.40 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 250.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 397.04 250.35 Td (options ) Tj ET Q q 0 0 0 rg BT 429.83 250.35 Td (using ) Tj ET Q q 0 0 0 rg BT 454.45 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 469.14 250.35 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 531.66 250.35 Td (option-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.86 237.75 Td (model, ) Tj ET Q q 0 0 0 rg BT 112.84 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 133.62 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.56 237.75 Td (exception ) Tj ET Q q 0 0 0 rg BT 191.49 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.35 237.75 Td (market-based ) Tj ET Q q 0 0 0 rg BT 261.03 237.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 316.19 237.75 Td (grants, ) Tj ET Q q 0 0 0 rg BT 346.59 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 374.36 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 389.30 237.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 419.40 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 440.18 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 446.95 237.75 Td (Monte ) Tj ET Q q 0 0 0 rg BT 476.48 237.75 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 501.92 237.75 Td (option-pricing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (model. ) Tj ET Q q 0 0 0 rg BT 81.39 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 83.91 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 108.01 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 139.11 225.15 Td (also ) Tj ET Q q 0 0 0 rg BT 158.55 225.15 Td (determines ) Tj ET Q q 0 0 0 rg BT 207.14 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 222.49 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.58 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 264.84 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 276.11 225.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 324.70 225.15 Td (af) Tj ET Q q 0 0 0 rg BT 332.67 225.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 359.68 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 415.85 225.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 444.61 225.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 465.21 225.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 493.39 225.15 Td (using ) Tj ET Q q 0 0 0 rg BT 518.67 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 534.02 225.15 Td (Black-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (Scholes ) Tj ET Q q 0 0 0 rg BT 86.18 212.55 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 149.78 212.55 Td (model, ) Tj ET Q q 0 0 0 rg BT 182.17 212.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 215.43 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 227.12 212.55 Td (any ) Tj ET Q q 0 0 0 rg BT 245.80 212.55 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 300.65 212.55 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 345.59 212.55 Td (discounts. ) Tj ET Q q 0 0 0 rg BT 391.40 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 394.92 212.55 Td (See ) Tj ET Q q 0 0 0 rg BT 413.60 212.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.54 212.55 Td (1) Tj ET Q q 0 0 0 rg BT 442.40 212.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.65 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.17 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 466.93 212.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.44 212.55 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 92.86 199.95 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 145.05 199.95 Td (compensation.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 93.47 174.75 Td (Per) Tj ET Q q 0 0 0 rg BT 109.02 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.64 174.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 133.04 174.75 Td (e) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.53 162.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 113.31 162.15 Td (per ) Tj ET Q q 0 0 0 rg BT 128.92 162.15 Td (share ) Tj ET Q q 0 0 0 rg BT 153.28 162.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 203.30 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 213.67 162.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 237.45 162.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 270.87 162.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.10 162.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 344.37 162.15 Td (\("EPS"\) ) Tj ET Q q 0 0 0 rg BT 380.24 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 389.44 162.15 Td (calculated ) Tj ET Q q 0 0 0 rg BT 434.20 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 446.91 162.15 Td (dividing ) Tj ET Q q 0 0 0 rg BT 484.12 162.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.48 162.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.17 162.15 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 102.57 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 112.56 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 135.96 149.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 169.00 149.55 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.86 149.55 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 227.18 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 239.50 149.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 276.90 149.55 Td (allocated ) Tj ET Q q 0 0 0 rg BT 316.63 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 326.62 149.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 381.51 149.55 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 426.49 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 438.82 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.48 149.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 529.93 149.55 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.61 136.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 90.71 136.95 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 145.20 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 169.64 136.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 201.09 136.95 Td (has ) Tj ET Q q 0 0 0 rg BT 217.95 136.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 247.06 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 258.09 136.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 305.86 136.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 347.79 136.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 372.81 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 391.42 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 407.10 136.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 442.62 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 453.65 136.95 Td (be ) Tj ET Q q 0 0 0 rg BT 466.42 136.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 522.35 136.95 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 75.07 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 87.91 124.35 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 125.53 124.35 Td (because ) Tj ET Q q 0 0 0 rg BT 163.42 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 180.91 124.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 222.90 124.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 266.63 124.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.53 124.35 Td (entitle ) Tj ET Q q 0 0 0 rg BT 328.44 124.35 Td (their ) Tj ET Q q 0 0 0 rg BT 352.35 124.35 Td (holder ) Tj ET Q q 0 0 0 rg BT 383.83 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 396.67 124.35 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 460.80 124.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 502.21 124.35 Td (rights. ) Tj ET Q q 0 0 0 rg BT 533.42 124.35 Td (In ) Tj ET Q q 0 0 0 rg BT 546.83 124.35 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (circumstance, ) Tj ET Q q 0 0 0 rg BT 110.64 111.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 159.33 111.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 199.85 111.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 236.30 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 243.58 111.75 Td (�two-class ) Tj ET Q q 0 0 0 rg BT 290.53 111.75 Td (method� ) Tj ET Q q 0 0 0 rg BT 329.31 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.18 111.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 364.90 111.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 417.67 111.75 Td (that ) Tj ET Q q 0 0 0 rg BT 436.04 111.75 Td (excludes ) Tj ET Q q 0 0 0 rg BT 475.40 111.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 513.60 111.75 Td (\(potentially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (both ) Tj ET Q q 0 0 0 rg BT 71.29 99.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 118.83 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 136.62 99.15 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 198.15 99.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 238.67 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 249.46 99.15 Td (participating ) Tj ET Q q 0 0 0 rg BT 305.16 99.15 Td (securities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 84.06 73.95 Td (EPS ) Tj ET Q q 0 0 0 rg BT 104.71 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 114.28 73.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 146.00 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 156.73 73.95 Td (basic ) Tj ET Q q 0 0 0 rg BT 180.87 73.95 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 204.15 73.95 Td (but ) Tj ET Q q 0 0 0 rg BT 220.12 73.95 Td (adjusts ) Tj ET Q q 0 0 0 rg BT 251.85 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 266.66 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 282.05 73.95 Td (ef) Tj ET Q q 0 0 0 rg BT 290.02 73.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.31 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.62 73.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 358.92 73.95 Td (common ) Tj ET Q q 0 0 0 rg BT 398.23 73.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 427.03 73.95 Td (unless ) Tj ET Q q 0 0 0 rg BT 455.84 73.95 Td (they ) Tj ET Q q 0 0 0 rg BT 476.48 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 491.86 73.95 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 544.87 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 547.43 73.95 Td (For ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 82.64 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 103.04 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 109.43 61.35 Td (net ) Tj ET Q q 0 0 0 rg BT 123.99 61.35 Td (loss, ) Tj ET Q q 0 0 0 rg BT 144.69 61.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 183.16 61.35 Td (common ) Tj ET Q q 0 0 0 rg BT 221.63 61.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 249.60 61.35 Td (other ) Tj ET Q q 0 0 0 rg BT 272.91 61.35 Td (than ) Tj ET Q q 0 0 0 rg BT 292.72 61.35 Td (potentially ) Tj ET Q q 0 0 0 rg BT 339.36 61.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 378.41 61.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 419.21 61.35 Td (shares, ) Tj ET Q q 0 0 0 rg BT 449.80 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 464.35 61.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 511.56 61.35 Td (antidilutive.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 48.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.82 48.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 103.95 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 118.82 48.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 163.43 48.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 209.81 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.18 48.75 Td (EPS.) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (94) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 115.62 729.30 Td (Costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (As ) Tj ET Q q 0 0 0 rg BT 64.46 716.70 Td (further ) Tj ET Q q 0 0 0 rg BT 95.81 716.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 138.85 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 149.80 716.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 173.00 716.70 Td (2, ) Tj ET Q q 0 0 0 rg BT 183.66 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.03 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 239.40 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 249.19 716.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 305.43 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 324.54 716.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 357.07 716.70 Td (Group, ) Tj ET Q q 0 0 0 rg BT 389.31 716.70 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 409.30 716.70 Td (\("Permal"\) ) Tj ET Q q 0 0 0 rg BT 457.40 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 472.43 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 488.05 716.70 Td (combination ) Tj ET Q q 0 0 0 rg BT 543.33 716.70 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 704.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 85.67 704.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 118.20 704.10 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 143.70 704.10 Td (rust"\). ) Tj ET Q q 0 0 0 rg BT 172.06 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.11 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 192.64 704.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 215.85 704.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 261.21 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 282.09 704.10 Td (this ) Tj ET Q q 0 0 0 rg BT 299.47 704.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 355.33 704.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 396.61 704.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 422.13 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.51 704.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 475.53 704.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 526.15 704.10 Td (benefits, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (including ) Tj ET Q q 0 0 0 rg BT 92.74 691.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 137.20 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 155.43 691.50 Td (retention ) Tj ET Q q 0 0 0 rg BT 195.83 691.50 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 244.10 691.50 Td (which ) Tj ET Q q 0 0 0 rg BT 272.84 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 288.73 691.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 328.53 691.50 Td (as ) Tj ET Q q 0 0 0 rg BT 340.13 691.50 Td (T) Tj ET Q q 0 0 0 rg BT 346.17 691.50 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 418.05 691.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 479.45 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 490.69 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 691.50 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (Statement ) Tj ET Q q 0 0 0 rg BT 95.28 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 107.31 678.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 142.07 678.90 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 174.81 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 193.26 678.90 Td (char) Tj ET Q q 0 0 0 rg BT 211.14 678.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 228.42 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 243.94 678.90 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 303.81 678.90 Td (leased ) Tj ET Q q 0 0 0 rg BT 333.32 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 341.88 678.90 Td (fice ) Tj ET Q q 0 0 0 rg BT 360.90 678.90 Td (space, ) Tj ET Q q 0 0 0 rg BT 390.13 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 419.07 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 435.17 678.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 475.18 678.90 Td (as ) Tj ET Q q 0 0 0 rg BT 487.21 678.90 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 537.72 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 678.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.04 666.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 152.66 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 164.03 666.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 198.14 666.30 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.71 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 85.70 641.10 Td (further ) Tj ET Q q 0 0 0 rg BT 116.51 641.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 159.01 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.42 641.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.08 641.10 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.33 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 202.20 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.61 641.10 Td (May ) Tj ET Q q 0 0 0 rg BT 234.10 641.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 259.97 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 283.79 641.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 314.62 641.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 353.02 641.10 Td (QS ) Tj ET Q q 0 0 0 rg BT 368.68 641.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 409.42 641.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 452.80 641.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 474.88 641.10 Td (\("QS ) Tj ET Q q 0 0 0 rg BT 498.33 641.10 Td (Investors"\) ) Tj ET Q q 0 0 0 rg BT 546.85 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (integrated ) Tj ET Q q 0 0 0 rg BT 94.72 628.50 Td (its ) Tj ET Q q 0 0 0 rg BT 107.39 628.50 Td (two ) Tj ET Q q 0 0 0 rg BT 125.88 628.50 Td (existing ) Tj ET Q q 0 0 0 rg BT 161.87 628.50 Td (af) Tj ET Q q 0 0 0 rg BT 169.84 628.50 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 203.78 628.50 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 263.66 628.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 305.48 628.50 Td (Management, ) Tj ET Q q 0 0 0 rg BT 365.66 628.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 384.43 628.50 Td (\("Batterymarch"\) ) Tj ET Q q 0 0 0 rg BT 459.88 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 477.78 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 502.10 628.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 533.42 628.50 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 75.36 615.90 Td (Allocation, ) Tj ET Q q 0 0 0 rg BT 124.91 615.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 147.34 615.90 Td (\("LMGAA"\) ) Tj ET Q q 0 0 0 rg BT 204.01 615.90 Td (into ) Tj ET Q q 0 0 0 rg BT 222.94 615.90 Td (QS ) Tj ET Q q 0 0 0 rg BT 238.97 615.90 Td (Investors ) Tj ET Q q 0 0 0 rg BT 280.06 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 290.83 615.90 Td (leverage ) Tj ET Q q 0 0 0 rg BT 328.99 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 344.42 615.90 Td (best ) Tj ET Q q 0 0 0 rg BT 363.93 615.90 Td (aspects ) Tj ET Q q 0 0 0 rg BT 396.85 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 408.20 615.90 Td (each ) Tj ET Q q 0 0 0 rg BT 430.03 615.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 472.52 615.90 Td (. ) Tj ET Q q 0 0 0 rg BT 477.74 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 480.16 615.90 Td (The ) Tj ET Q q 0 0 0 rg BT 499.08 615.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 522.68 615.90 Td (related ) Tj ET Q q 0 0 0 rg BT 553.85 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 564.64 615.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (this ) Tj ET Q q 0 0 0 rg BT 67.00 603.30 Td (integration ) Tj ET Q q 0 0 0 rg BT 114.33 603.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 155.23 603.30 Td (related ) Tj ET Q q 0 0 0 rg BT 185.63 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 195.63 603.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 238.28 603.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 288.52 603.30 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 326.21 603.30 Td (including ) Tj ET Q q 0 0 0 rg BT 367.71 603.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 410.93 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 427.92 603.30 Td (retention ) Tj ET Q q 0 0 0 rg BT 467.08 603.30 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 514.11 603.30 Td (which ) Tj ET Q q 0 0 0 rg BT 541.60 603.30 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 89.35 590.70 Td (as ) Tj ET Q q 0 0 0 rg BT 100.53 590.70 Td (T) Tj ET Q q 0 0 0 rg BT 106.58 590.70 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 178.01 590.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.95 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 249.75 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 265.20 590.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 323.24 590.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 371.94 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 383.31 590.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 417.42 590.70 Td (\(Loss\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 92.39 565.50 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 142.66 565.50 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.90 552.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.62 552.90 Td (include ) Tj ET Q q 0 0 0 rg BT 185.27 552.90 Td (af) Tj ET Q q 0 0 0 rg BT 193.23 552.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.46 552.90 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.36 552.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 552.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.35 552.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 378.91 552.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 406.90 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 416.80 552.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 471.60 552.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 515.92 552.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 90.34 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 108.82 540.30 Td (vested ) Tj ET Q q 0 0 0 rg BT 138.96 540.30 Td (af) Tj ET Q q 0 0 0 rg BT 146.93 540.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 174.73 540.30 Td (management ) Tj ET Q q 0 0 0 rg BT 231.69 540.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.26 540.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 282.65 540.30 Td (interests. ) Tj ET Q q 0 0 0 rg BT 323.58 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 326.90 540.30 Td (For ) Tj ET Q q 0 0 0 rg BT 344.80 540.30 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 370.29 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 388.76 540.30 Td (other ) Tj ET Q q 0 0 0 rg BT 413.65 540.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.04 540.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 515.94 540.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.62 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 107.51 527.70 Td (third-party ) Tj ET Q q 0 0 0 rg BT 154.63 527.70 Td (investors, ) Tj ET Q q 0 0 0 rg BT 197.40 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 212.44 527.70 Td (related ) Tj ET Q q 0 0 0 rg BT 243.23 527.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 307.27 527.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 344.49 527.70 Td (are ) Tj ET Q q 0 0 0 rg BT 359.53 527.70 Td (classified ) Tj ET Q q 0 0 0 rg BT 401.40 527.70 Td (as ) Tj ET Q q 0 0 0 rg BT 412.37 527.70 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 462.97 527.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 527.02 527.70 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (if ) Tj ET Q q 0 0 0 rg BT 59.15 515.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 99.80 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.71 515.10 Td (these ) Tj ET Q q 0 0 0 rg BT 135.02 515.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.09 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.91 515.10 Td (request ) Tj ET Q q 0 0 0 rg BT 214.97 515.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 269.03 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 279.35 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 297.24 515.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 321.27 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.40 515.10 Td (Also ) Tj ET Q q 0 0 0 rg BT 345.98 515.10 Td (included ) Tj ET Q q 0 0 0 rg BT 384.87 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.78 515.10 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 446.90 515.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 511.47 515.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 549.20 515.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 78.44 502.50 Td (af) Tj ET Q q 0 0 0 rg BT 86.41 502.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 112.52 502.50 Td (management ) Tj ET Q q 0 0 0 rg BT 167.78 502.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 195.65 502.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 215.34 502.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 251.95 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 265.82 502.50 Td (which ) Tj ET Q q 0 0 0 rg BT 293.10 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 307.54 502.50 Td (holder ) Tj ET Q q 0 0 0 rg BT 335.99 502.50 Td (may) Tj ET Q q 0 0 0 rg BT 353.38 502.50 Td (, ) Tj ET Q q 0 0 0 rg BT 357.63 502.50 Td (at ) Tj ET Q q 0 0 0 rg BT 366.82 502.50 Td (some ) Tj ET Q q 0 0 0 rg BT 390.61 502.50 Td (point, ) Tj ET Q q 0 0 0 rg BT 416.44 502.50 Td (request ) Tj ET Q q 0 0 0 rg BT 448.38 502.50 Td (settlement ) Tj ET Q q 0 0 0 rg BT 493.15 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 503.52 502.50 Td (their ) Tj ET Q q 0 0 0 rg BT 524.38 502.50 Td (interests. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 104.62 489.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 169.17 489.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 206.89 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 222.44 489.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 260.15 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 271.04 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 286.60 489.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 344.74 489.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 381.28 489.90 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 411.42 489.90 Td (at ) Tj ET Q q 0 0 0 rg BT 421.73 489.90 Td (their ) Tj ET Q q 0 0 0 rg BT 443.70 489.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 486.67 489.90 Td (settlement ) Tj ET Q q 0 0 0 rg BT 532.55 489.90 Td (values. ) Tj ET Q q 0 0 0 rg BT 564.62 489.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (When ) Tj ET Q q 0 0 0 rg BT 77.70 477.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 123.48 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 133.11 477.30 Td (not ) Tj ET Q q 0 0 0 rg BT 149.16 477.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 189.10 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 199.89 477.30 Td (occur ) Tj ET Q q 0 0 0 rg BT 225.84 477.30 Td (until ) Tj ET Q q 0 0 0 rg BT 247.72 477.30 Td (a ) Tj ET Q q 0 0 0 rg BT 255.00 477.30 Td (future ) Tj ET Q q 0 0 0 rg BT 282.70 477.30 Td (date, ) Tj ET Q q 0 0 0 rg BT 305.44 477.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 341.89 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 352.68 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 368.14 477.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 408.08 477.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 453.86 477.30 Td (value ) Tj ET Q q 0 0 0 rg BT 479.23 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 494.67 477.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 543.36 477.30 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 66.47 464.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 113.27 464.70 Td (period ) Tj ET Q q 0 0 0 rg BT 143.74 464.70 Td (as ) Tj ET Q q 0 0 0 rg BT 156.13 464.70 Td (an ) Tj ET Q q 0 0 0 rg BT 169.69 464.70 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 219.41 464.70 Td (from ) Tj ET Q q 0 0 0 rg BT 243.46 464.70 Td (retained ) Tj ET Q q 0 0 0 rg BT 280.92 464.70 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 322.76 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 326.41 464.70 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 396.52 464.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 461.99 464.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.63 464.70 Td (include ) Tj ET Q q 0 0 0 rg BT 535.18 464.70 Td (vested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 452.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 83.91 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 139.00 452.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 166.70 452.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 186.23 452.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 222.68 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.88 452.10 Td (do ) Tj ET Q q 0 0 0 rg BT 251.83 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 266.70 452.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 295.56 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.84 452.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 338.12 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.74 452.10 Td (request ) Tj ET Q q 0 0 0 rg BT 379.51 452.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 424.12 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.32 452.10 Td (their ) Tj ET Q q 0 0 0 rg BT 455.01 452.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 494.08 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.53 452.10 Td (Nonredeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 114.06 439.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 151.29 439.50 Td (are ) Tj ET Q q 0 0 0 rg BT 166.34 439.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 203.56 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 213.96 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 229.02 439.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 286.67 439.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 322.71 439.50 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 352.36 439.50 Td (at ) Tj ET Q q 0 0 0 rg BT 362.17 439.50 Td (their ) Tj ET Q q 0 0 0 rg BT 383.65 439.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 421.46 439.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 449.05 439.50 Td (together ) Tj ET Q q 0 0 0 rg BT 485.69 439.50 Td (with ) Tj ET Q q 0 0 0 rg BT 506.59 439.50 Td (undistributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (net ) Tj ET Q q 0 0 0 rg BT 65.45 426.90 Td (income ) Tj ET Q q 0 0 0 rg BT 98.98 426.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 139.50 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 150.30 426.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 214.75 426.90 Td (interests. ) Tj ET Q q 0 0 0 rg BT 254.99 426.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.12 401.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.25 401.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.88 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.25 401.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 212.96 401.70 Td (value ) Tj ET Q q 0 0 0 rg BT 239.24 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 251.54 401.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 316.91 401.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 355.45 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 367.75 401.70 Td (their ) Tj ET Q q 0 0 0 rg BT 390.54 401.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.66 401.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 437.57 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 441.12 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 444.66 401.70 Td (For ) Tj ET Q q 0 0 0 rg BT 462.80 401.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.42 401.70 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.24 389.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 139.43 389.10 Td (where ) Tj ET Q q 0 0 0 rg BT 168.24 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.23 389.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 221.22 389.10 Td (may ) Tj ET Q q 0 0 0 rg BT 242.46 389.10 Td (request ) Tj ET Q q 0 0 0 rg BT 275.94 389.10 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 326.33 389.10 Td (at ) Tj ET Q q 0 0 0 rg BT 337.07 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 355.40 389.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 379.84 389.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.58 389.10 Td (value ) Tj ET Q q 0 0 0 rg BT 423.48 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 433.64 389.10 Td (based ) Tj ET Q q 0 0 0 rg BT 460.71 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 474.37 389.10 Td (market ) Tj ET Q q 0 0 0 rg BT 506.68 389.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 537.26 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.16 389.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.58 376.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 139.32 376.50 Td (held ) Tj ET Q q 0 0 0 rg BT 159.49 376.50 Td (by ) Tj ET Q q 0 0 0 rg BT 172.08 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 186.99 376.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.16 376.50 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 274.27 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 276.36 376.50 Td (For ) Tj ET Q q 0 0 0 rg BT 293.04 376.50 Td (af) Tj ET Q q 0 0 0 rg BT 301.00 376.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 327.58 376.50 Td (minority ) Tj ET Q q 0 0 0 rg BT 365.83 376.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 402.91 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 420.16 376.50 Td (management ) Tj ET Q q 0 0 0 rg BT 475.90 376.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.23 376.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 524.40 376.50 Td (interests, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.50 363.90 Td (value ) Tj ET Q q 0 0 0 rg BT 91.16 363.90 Td (reflects ) Tj ET Q q 0 0 0 rg BT 123.98 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 138.73 363.90 Td (related ) Tj ET Q q 0 0 0 rg BT 169.22 363.90 Td (total ) Tj ET Q q 0 0 0 rg BT 189.80 363.90 Td (business ) Tj ET Q q 0 0 0 rg BT 227.32 363.90 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 270.64 363.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 297.92 363.90 Td (after ) Tj ET Q q 0 0 0 rg BT 319.08 363.90 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 368.81 363.90 Td (discounts ) Tj ET Q q 0 0 0 rg BT 410.41 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 424.57 363.90 Td (lack ) Tj ET Q q 0 0 0 rg BT 443.98 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 454.66 363.90 Td (marketability ) Tj ET Q q 0 0 0 rg BT 512.56 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 529.65 363.90 Td (control. ) Tj ET Q q 0 0 0 rg BT 564.64 363.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (There ) Tj ET Q q 0 0 0 rg BT 76.25 351.30 Td (may ) Tj ET Q q 0 0 0 rg BT 96.09 351.30 Td (also ) Tj ET Q q 0 0 0 rg BT 114.77 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 126.45 351.30 Td (features ) Tj ET Q q 0 0 0 rg BT 161.44 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 171.95 351.30 Td (these ) Tj ET Q q 0 0 0 rg BT 195.29 351.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.30 351.30 Td (interests, ) Tj ET Q q 0 0 0 rg BT 262.69 351.30 Td (such ) Tj ET Q q 0 0 0 rg BT 283.70 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 294.21 351.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 332.72 351.30 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 394.86 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 412.37 351.30 Td (are ) Tj ET Q q 0 0 0 rg BT 426.95 351.30 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 485.28 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 495.21 351.30 Td (their ) Tj ET Q q 0 0 0 rg BT 516.22 351.30 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 564.63 351.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 338.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.92 338.70 Td (value ) Tj ET Q q 0 0 0 rg BT 108.17 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.43 338.70 Td (option-like ) Tj ET Q q 0 0 0 rg BT 166.01 338.70 Td (management ) Tj ET Q q 0 0 0 rg BT 221.17 338.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.93 338.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 268.52 338.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 305.02 338.70 Td (also ) Tj ET Q q 0 0 0 rg BT 323.45 338.70 Td (relies ) Tj ET Q q 0 0 0 rg BT 347.70 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 359.71 338.70 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 421.87 338.70 Td (option ) Tj ET Q q 0 0 0 rg BT 450.22 338.70 Td (pricing ) Tj ET Q q 0 0 0 rg BT 481.47 338.70 Td (model ) Tj ET Q q 0 0 0 rg BT 509.23 338.70 Td (calculations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 326.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 87.33 326.10 Td (above.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.31 300.90 Td (income ) Tj ET Q q 0 0 0 rg BT 102.36 300.90 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 128.84 300.90 Td (attributable ) Tj ET Q q 0 0 0 rg BT 179.80 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 191.11 300.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 256.08 300.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 294.22 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 305.54 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 321.51 300.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 380.07 300.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 429.29 300.90 Td (Of ) Tj ET Q q 0 0 0 rg BT 443.52 300.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 478.15 300.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 508.12 300.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 546.26 300.90 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (share ) Tj ET Q q 0 0 0 rg BT 74.53 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 85.66 288.30 Td (income ) Tj ET Q q 0 0 0 rg BT 118.95 288.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 144.66 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 155.79 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 171.00 288.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 215.94 288.30 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 261.48 288.30 Td (allocated ) Tj ET Q q 0 0 0 rg BT 301.76 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 312.31 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 327.52 288.30 Td (minority ) Tj ET Q q 0 0 0 rg BT 366.06 288.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.35 288.30 Td (holders. ) Tj ET Q q 0 0 0 rg BT 435.27 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 437.65 288.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 455.19 288.30 Td (income ) Tj ET Q q 0 0 0 rg BT 488.47 288.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 514.19 288.30 Td (attributable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.24 275.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 124.14 275.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 161.20 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 171.44 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.34 275.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 243.82 275.70 Td (Statement ) Tj ET Q q 0 0 0 rg BT 287.89 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 298.71 275.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 332.26 275.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 361.16 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 375.48 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 390.38 275.70 Td (year ) Tj ET Q q 0 0 0 rg BT 410.52 275.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.66 275.70 Td (March ) Tj ET Q q 0 0 0 rg BT 467.13 275.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.33 275.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 508.03 275.70 Td (also ) Tj ET Q q 0 0 0 rg BT 527.01 275.70 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.79 263.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 86.75 263.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 137.19 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.40 263.10 Td (Appropriated ) Tj ET Q q 0 0 0 rg BT 206.01 263.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 242.45 263.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 280.64 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 295.51 263.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 351.21 263.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.91 263.10 Td (vehicle. ) Tj ET Q q 0 0 0 rg BT 435.48 263.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 237.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.82 237.90 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 101.32 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 103.95 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 118.82 237.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 163.43 237.90 Td (information ) Tj ET Q q 0 0 0 rg BT 215.63 237.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 258.49 237.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 322.94 237.90 Td (interests.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (Related Parties) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.72 200.10 Td (its ) Tj ET Q q 0 0 0 rg BT 78.77 200.10 Td (services ) Tj ET Q q 0 0 0 rg BT 114.72 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.02 200.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 169.73 200.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.93 200.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 246.02 200.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 269.73 200.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 300.44 200.10 Td (earns ) Tj ET Q q 0 0 0 rg BT 324.73 200.10 Td (management ) Tj ET Q q 0 0 0 rg BT 380.50 200.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 402.16 200.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 442.78 200.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 464.44 200.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 514.99 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.28 200.10 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 71.41 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 88.46 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 111.92 187.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.03 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 164.08 187.50 Td (incurs ) Tj ET Q q 0 0 0 rg BT 191.63 187.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 241.93 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 258.98 187.50 Td (servicing ) Tj ET Q q 0 0 0 rg BT 299.35 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 316.40 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 339.86 187.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.27 187.50 Td (as ) Tj ET Q q 0 0 0 rg BT 392.91 187.50 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 433.87 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 443.92 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.64 187.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 515.94 187.50 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.75 174.90 Td (Income. ) Tj ET Q q 0 0 0 rg BT 98.87 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 101.88 174.90 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 149.22 174.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.31 174.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 224.65 174.90 Td (are ) Tj ET Q q 0 0 0 rg BT 240.48 174.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 276.13 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 287.31 174.90 Td (be ) Tj ET Q q 0 0 0 rg BT 300.23 174.90 Td (af) Tj ET Q q 0 0 0 rg BT 308.20 174.90 Td (filiated ) Tj ET Q q 0 0 0 rg BT 340.94 174.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 374.28 174.90 Td (under ) Tj ET Q q 0 0 0 rg BT 401.19 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 417.03 174.90 Td (related ) Tj ET Q q 0 0 0 rg BT 448.60 174.90 Td (party ) Tj ET Q q 0 0 0 rg BT 473.19 174.90 Td (definition ) Tj ET Q q 0 0 0 rg BT 517.02 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 528.20 174.90 Td (relevant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 98.69 162.30 Td (guidance.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 82.95 137.10 Td (Accounting Developments) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 123.90 Td (I) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.66 123.90 Td (n ) Tj ET Q q 0 0 0 rg BT 61.87 123.90 Td (March ) Tj ET Q q 0 0 0 rg BT 92.22 123.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.80 123.90 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 123.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 175.96 123.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 227.90 123.90 Td (Standards ) Tj ET Q q 0 0 0 rg BT 272.27 123.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 300.88 123.90 Td (\("F) Tj ET Q q 0 0 0 rg BT 313.72 123.90 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 344.89 123.90 Td (updated ) Tj ET Q q 0 0 0 rg BT 381.08 123.90 Td (the ) Tj ET Q q 0 0 0 rg BT 396.86 123.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 437.71 123.90 Td (on ) Tj ET Q q 0 0 0 rg BT 451.16 123.90 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 503.69 123.90 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.30 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 102.06 111.30 Td ( ) Tj ET Q q 0 0 0 rg BT 105.19 111.30 Td (The ) Tj ET Q q 0 0 0 rg BT 124.88 111.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 161.49 111.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 202.76 111.30 Td (simplifies ) Tj ET Q q 0 0 0 rg BT 247.55 111.30 Td (several ) Tj ET Q q 0 0 0 rg BT 280.65 111.30 Td (aspects ) Tj ET Q q 0 0 0 rg BT 314.34 111.30 Td (of ) Tj ET Q q 0 0 0 rg BT 326.46 111.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 375.89 111.30 Td (for ) Tj ET Q q 0 0 0 rg BT 391.51 111.30 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 444.44 111.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 506.14 111.30 Td (including ) Tj ET Q q 0 0 0 rg BT 549.17 111.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 98.70 Td (income ) Tj ET Q q 0 0 0 rg BT 82.66 98.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.24 98.70 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 159.34 98.70 Td (classification ) Tj ET Q q 0 0 0 rg BT 216.49 98.70 Td (criteria ) Tj ET Q q 0 0 0 rg BT 247.97 98.70 Td (for ) Tj ET Q q 0 0 0 rg BT 261.96 98.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 293.45 98.70 Td (as ) Tj ET Q q 0 0 0 rg BT 303.95 98.70 Td (either ) Tj ET Q q 0 0 0 rg BT 329.60 98.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 357.60 98.70 Td (or ) Tj ET Q q 0 0 0 rg BT 368.10 98.70 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 411.55 98.70 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 98.70 Td (classification ) Tj ET Q q 0 0 0 rg BT 485.61 98.70 Td (of ) Tj ET Q q 0 0 0 rg BT 496.11 98.70 Td (related ) Tj ET Q q 0 0 0 rg BT 526.43 98.70 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.53 86.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 107.21 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.32 86.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 139.34 86.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 167.66 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.85 86.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.54 86.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 228.80 86.10 Td (will ) Tj ET Q q 0 0 0 rg BT 247.49 86.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.76 86.10 Td (ef) Tj ET Q q 0 0 0 rg BT 267.73 86.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 298.66 86.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.18 86.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 334.28 86.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 360.27 86.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.30 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.49 86.10 Td (option ) Tj ET Q q 0 0 0 rg BT 425.68 86.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.29 86.10 Td (early ) Tj ET Q q 0 0 0 rg BT 463.63 86.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 502.74 86.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.27 86.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 538.37 86.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 564.62 86.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 73.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.41 73.50 Td (is ) Tj ET Q q 0 0 0 rg BT 115.04 73.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 161.40 73.50 Td (the ) Tj ET Q q 0 0 0 rg BT 176.85 73.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 208.05 73.50 Td (of ) Tj ET Q q 0 0 0 rg BT 219.42 73.50 Td (its ) Tj ET Q q 0 0 0 rg BT 231.97 73.50 Td (adoption.) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.72 741.75 Td (February ) Tj ET Q q 0 0 0 rg BT 102.59 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.18 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.98 741.75 Td (F) Tj ET Q q 0 0 0 rg BT 150.04 741.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 173.43 741.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 209.64 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.44 741.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 266.31 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 279.78 741.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 328.81 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.02 741.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 374.69 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.44 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 396.74 741.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 432.94 741.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 473.81 741.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 510.60 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 529.31 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 536.94 741.75 Td (lessee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (shall ) Tj ET Q q 0 0 0 rg BT 72.06 729.15 Td (recognize ) Tj ET Q q 0 0 0 rg BT 115.09 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 130.15 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 156.87 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.26 729.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.56 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 233.54 729.15 Td (arise ) Tj ET Q q 0 0 0 rg BT 255.59 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 278.22 729.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 301.44 729.15 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 356.44 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 358.18 729.15 Td (A) Tj ET Q q 0 0 0 rg BT 365.18 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 367.41 729.15 Td (lessee ) Tj ET Q q 0 0 0 rg BT 394.70 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 413.27 729.15 Td (recognize ) Tj ET Q q 0 0 0 rg BT 456.30 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 463.19 729.15 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 514.98 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 537.62 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 548.01 729.15 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.77 716.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 114.21 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 137.56 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.67 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 163.27 716.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 198.88 716.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 253.73 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 269.50 716.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 293.43 716.55 Td (payments. ) Tj ET Q q 0 0 0 rg BT 339.24 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 341.97 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 361.24 716.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 397.42 716.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 438.27 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 458.13 716.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 494.89 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 507.74 716.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 554.42 716.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.23 703.95 Td (inception ) Tj ET Q q 0 0 0 rg BT 106.71 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 117.86 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 124.93 703.95 Td (contract, ) Tj ET Q q 0 0 0 rg BT 163.77 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 174.34 703.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 218.73 703.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 254.95 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 270.19 703.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 306.40 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 315.81 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 326.96 703.95 Td (contains ) Tj ET Q q 0 0 0 rg BT 364.36 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 371.43 703.95 Td (lease. ) Tj ET Q q 0 0 0 rg BT 397.44 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 399.67 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 418.40 703.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 458.71 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 477.45 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 489.76 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 497.73 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 528.70 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 539.27 703.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 76.25 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 78.88 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 103.07 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 134.28 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 143.91 691.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 190.27 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 205.72 691.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 236.92 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 248.29 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 260.84 691.35 Td (adoption. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.26 666.15 Td (May ) Tj ET Q q 0 0 0 rg BT 83.01 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 109.15 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.49 666.15 Td (F) Tj ET Q q 0 0 0 rg BT 129.55 666.15 Td (ASB ) Tj ET Q q 0 0 0 rg BT 152.48 666.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 188.23 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 203.57 666.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 243.98 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 256.99 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 274.07 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 299.32 666.15 Td (measurement.� ) Tj ET Q q 0 0 0 rg BT 362.87 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 381.71 666.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 417.46 666.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 457.87 666.15 Td (removes ) Tj ET Q q 0 0 0 rg BT 495.95 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 511.29 666.15 Td (requirement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 65.52 653.55 Td (all ) Tj ET Q q 0 0 0 rg BT 79.29 653.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 132.72 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 148.24 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 177.17 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.02 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 221.03 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 231.31 653.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 274.81 653.55 Td (using ) Tj ET Q q 0 0 0 rg BT 300.84 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 316.94 653.55 Td (NA) Tj ET Q q 0 0 0 rg BT 330.76 653.55 Td (V) Tj ET Q q 0 0 0 rg BT 338.15 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 341.42 653.55 Td (practical ) Tj ET Q q 0 0 0 rg BT 380.84 653.55 Td (expedient ) Tj ET Q q 0 0 0 rg BT 424.93 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 436.37 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 449.55 653.55 Td (categorized ) Tj ET Q q 0 0 0 rg BT 501.21 653.55 Td (within ) Tj ET Q q 0 0 0 rg BT 531.32 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 547.42 653.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 76.91 640.95 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 120.72 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 140.06 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 172.79 640.95 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 220.13 640.95 Td (disclosures.� ) Tj ET Q q 0 0 0 rg BT 275.92 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 296.41 640.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 332.08 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 345.00 640.95 Td (such ) Tj ET Q q 0 0 0 rg BT 368.42 640.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 422.75 640.95 Td (would ) Tj ET Q q 0 0 0 rg BT 453.17 640.95 Td (instead ) Tj ET Q q 0 0 0 rg BT 487.09 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 501.17 640.95 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 544.42 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 557.34 640.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 100.51 628.35 Td (item ) Tj ET Q q 0 0 0 rg BT 122.44 628.35 Td (between ) Tj ET Q q 0 0 0 rg BT 160.70 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.80 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 194.65 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 220.66 628.35 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 263.58 628.35 Td (table ) Tj ET Q q 0 0 0 rg BT 287.26 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 305.70 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 321.80 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 371.15 628.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 410.01 628.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 448.27 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 462.04 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 478.15 628.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 513.48 628.35 Td (sheet.� ) Tj ET Q q 0 0 0 rg BT 543.34 628.35 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 90.52 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 109.48 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 122.02 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 129.99 615.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 161.18 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 176.04 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 200.24 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 231.45 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.25 615.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 267.61 615.75 Td (2017.� ) Tj ET Q q 0 0 0 rg BT 296.48 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 320.68 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 351.89 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 361.52 615.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 407.88 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.33 615.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.53 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.90 615.75 Td (its ) Tj ET Q q 0 0 0 rg BT 478.45 615.75 Td (adoption.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 62.08 590.55 Td (February ) Tj ET Q q 0 0 0 rg BT 103.32 590.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 130.27 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 146.43 590.55 Td (F) Tj ET Q q 0 0 0 rg BT 151.49 590.55 Td (ASB ) Tj ET Q q 0 0 0 rg BT 175.25 590.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 211.82 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 227.99 590.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 269.22 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 284.79 590.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 344.70 590.55 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 405.23 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 424.89 590.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 461.46 590.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 502.69 590.55 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 549.18 590.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (presumption ) Tj ET Q q 0 0 0 rg BT 104.85 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 122.94 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 129.95 577.95 Td (general ) Tj ET Q q 0 0 0 rg BT 163.20 577.95 Td (partner ) Tj ET Q q 0 0 0 rg BT 195.28 577.95 Td (should ) Tj ET Q q 0 0 0 rg BT 225.63 577.95 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 275.80 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 282.81 577.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 314.91 577.95 Td (partnership, ) Tj ET Q q 0 0 0 rg BT 367.12 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 384.63 577.95 Td (modifies ) Tj ET Q q 0 0 0 rg BT 423.73 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 438.90 577.95 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 484.99 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 496.08 577.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 532.25 577.95 Td (limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 104.35 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 122.55 565.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 154.74 565.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 178.18 565.35 Td (entities ) Tj ET Q q 0 0 0 rg BT 211.54 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 227.17 565.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 251.78 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 263.34 565.35 Td (VREs. ) Tj ET Q q 0 0 0 rg BT 294.08 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.44 565.35 Td (Additionally) Tj ET Q q 0 0 0 rg BT 348.84 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 354.50 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 370.36 565.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 406.63 565.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 447.56 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 455.53 565.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 478.38 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 494.24 565.35 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 542.76 565.35 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 69.46 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 101.73 552.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 122.35 552.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 144.14 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.02 552.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 194.72 552.75 Td (makers ) Tj ET Q q 0 0 0 rg BT 228.76 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 245.29 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 259.50 552.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 290.04 552.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 327.56 552.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 368.89 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.76 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.04 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 452.31 552.75 Td (party ) Tj ET Q q 0 0 0 rg BT 477.60 552.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 534.97 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 557.35 552.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 95.42 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.33 540.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 166.41 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 187.33 540.15 Td (no ) Tj ET Q q 0 0 0 rg BT 200.66 540.15 Td (longer ) Tj ET Q q 0 0 0 rg BT 230.33 540.15 Td (require ) Tj ET Q q 0 0 0 rg BT 262.89 540.15 Td (its ) Tj ET Q q 0 0 0 rg BT 275.65 540.15 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 337.49 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 356.65 540.15 Td (update ) Tj ET Q q 0 0 0 rg BT 387.47 540.15 Td (also ) Tj ET Q q 0 0 0 rg BT 407.22 540.15 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 453.22 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 468.88 540.15 Td (deferral ) Tj ET Q q 0 0 0 rg BT 504.36 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 515.94 540.15 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 90.85 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 109.54 527.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 146.31 527.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 183.65 527.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 230.33 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 245.52 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 294.55 527.55 Td (company ) Tj ET Q q 0 0 0 rg BT 335.77 527.55 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 360.30 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 378.41 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 402.72 527.55 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 429.66 527.55 Td (This ) Tj ET Q q 0 0 0 rg BT 451.28 527.55 Td (update ) Tj ET Q q 0 0 0 rg BT 482.21 527.55 Td (will ) Tj ET Q q 0 0 0 rg BT 501.50 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 514.36 527.55 Td (ef) Tj ET Q q 0 0 0 rg BT 522.32 527.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 553.84 527.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 75.62 514.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 102.13 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 120.18 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 144.64 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 176.11 514.95 Td (intends ) Tj ET Q q 0 0 0 rg BT 209.33 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 220.38 514.95 Td (adopt ) Tj ET Q q 0 0 0 rg BT 246.59 514.95 Td (it ) Tj ET Q q 0 0 0 rg BT 255.31 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 268.70 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.41 514.95 Td (modified ) Tj ET Q q 0 0 0 rg BT 325.21 514.95 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 382.32 514.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 408.83 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 411.71 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 436.17 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 467.64 514.95 Td (expects ) Tj ET Q q 0 0 0 rg BT 502.01 514.95 Td (under ) Tj ET Q q 0 0 0 rg BT 528.81 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 544.52 514.95 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 90.86 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 109.56 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 141.08 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 152.78 502.35 Td (its ) Tj ET Q q 0 0 0 rg BT 165.66 502.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 211.20 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.23 502.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 297.59 502.35 Td (residing ) Tj ET Q q 0 0 0 rg BT 334.38 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.50 502.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 378.78 502.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 410.90 502.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 433.11 502.35 Td (trusts ) Tj ET Q q 0 0 0 rg BT 458.82 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 478.11 502.35 Td (qualify ) Tj ET Q q 0 0 0 rg BT 510.81 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 522.30 502.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 546.84 502.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 68.96 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 81.50 489.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 113.86 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 124.66 489.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 183.86 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 194.06 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 201.35 489.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 227.88 489.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 274.25 489.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 322.34 489.75 Td (than ) Tj ET Q q 0 0 0 rg BT 343.04 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.50 489.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 399.02 489.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 443.05 489.75 Td (threshold ) Tj ET Q q 0 0 0 rg BT 484.76 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.13 489.75 Td (50%. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.50 464.55 Td (May ) Tj ET Q q 0 0 0 rg BT 83.51 464.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 109.89 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 125.47 464.55 Td (F) Tj ET Q q 0 0 0 rg BT 130.53 464.55 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.72 464.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 189.71 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 205.30 464.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 245.95 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 259.21 464.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 295.20 464.55 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 348.20 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 367.28 464.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 403.28 464.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 443.93 464.55 Td (improves ) Tj ET Q q 0 0 0 rg BT 485.77 464.55 Td (comparability ) Tj ET Q q 0 0 0 rg BT 546.84 464.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (removes ) Tj ET Q q 0 0 0 rg BT 88.76 451.95 Td (inconsistencies ) Tj ET Q q 0 0 0 rg BT 155.51 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 166.86 451.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 203.28 451.95 Td (recognition ) Tj ET Q q 0 0 0 rg BT 254.28 451.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 294.77 451.95 Td (across ) Tj ET Q q 0 0 0 rg BT 324.20 451.95 Td (entities, ) Tj ET Q q 0 0 0 rg BT 360.34 451.95 Td (industries, ) Tj ET Q q 0 0 0 rg BT 406.98 451.95 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 464.70 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.05 451.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 514.22 451.95 Td (markets. ) Tj ET Q q 0 0 0 rg BT 553.27 451.95 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.25 439.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.72 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.39 439.35 Td (F) Tj ET Q q 0 0 0 rg BT 127.46 439.35 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.73 439.35 Td (further ) Tj ET Q q 0 0 0 rg BT 182.14 439.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 218.23 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 233.90 439.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 269.97 439.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 310.72 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 324.06 439.35 Td (determining ) Tj ET Q q 0 0 0 rg BT 377.65 439.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 414.31 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 425.32 439.35 Td (report ) Tj ET Q q 0 0 0 rg BT 453.24 439.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 489.32 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 502.66 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 510.17 439.35 Td (gross ) Tj ET Q q 0 0 0 rg BT 535.18 439.35 Td (versus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (net ) Tj ET Q q 0 0 0 rg BT 65.84 426.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 92.49 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.28 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.63 426.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 150.88 426.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 191.80 426.75 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 228.63 426.75 Td (how ) Tj ET Q q 0 0 0 rg BT 249.73 426.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 283.07 426.75 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 321.06 426.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 361.40 426.75 Td (versus ) Tj ET Q q 0 0 0 rg BT 391.25 426.75 Td (agent ) Tj ET Q q 0 0 0 rg BT 417.00 426.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 450.34 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 462.10 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 477.95 426.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 514.19 426.75 Td (recognition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 91.00 414.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 120.36 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 131.63 414.15 Td (May ) Tj ET Q q 0 0 0 rg BT 153.99 414.15 Td (2014. ) Tj ET Q q 0 0 0 rg BT 180.72 414.15 Td ( ) Tj ET Q q 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 566 m 393.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 551 m 393.5 551 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 566 m 477.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 551 m 477.5 551 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 566 m 561.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 551 m 561.5 551 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 536 m 224.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 536 m 308.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 521 m 224.5 521 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 521 m 308.5 521 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 536 m 393.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 521 m 393.5 521 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 536 m 477.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 521 m 477.5 521 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 536 m 561.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 521 m 561.5 521 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 313 m 224.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 313 m 308.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 313 m 393.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 313 m 477.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 313 m 561.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 313 m 477.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 298 m 477.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 298 m 224.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 284 m 224.5 284 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 282 m 224.5 282 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 298 m 308.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 284 m 308.5 284 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 282 m 308.5 282 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 298 m 393.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 284 m 393.5 284 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 282 m 393.5 282 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 298 m 477.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 284 m 477.5 284 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 282 m 477.5 282 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 298 m 561.5 298 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 284 m 561.5 284 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 282 m 561.5 282 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.95 659.77 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.40 649.27 Td (Infrastructure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.05 638.77 Td (Limited ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 281.92 643.53 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.95 659.77 Td (Martin Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.25 649.27 Td (\(Holdings\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.35 638.77 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.70 649.27 Td (QS Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.20 638.77 Td (Holdings, LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 659.77 Td (Fauchier Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.25 649.27 Td (Management,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.35 638.77 Td (Limited) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 623.79 Td (Acquisition Date) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.40 623.77 Td (October 21, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.00 623.77 Td (October 1, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.65 623.77 Td (May 30, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 623.77 Td (March 13, 2013) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 600.79 Td (Purchase price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 585.77 Td ( Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.00 585.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 585.77 Td (213,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.00 585.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 585.77 Td (202,577) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 585.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 585.77 Td (11,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 585.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 585.77 Td (63,433) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 570.77 Td ( Estimated contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 570.77 Td (25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.60 570.77 Td (75,211) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 570.77 Td (13,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 570.77 Td (21,566) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 555.77 Td (Total Consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 555.77 Td (238,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 555.77 Td (277,788) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 555.77 Td (24,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 555.77 Td (84,999) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 540.79 Td (Fair value of noncontrolling interest) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 540.77 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 540.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 540.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 540.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 525.77 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 525.77 Td (301,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 525.77 Td (277,788) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 525.77 Td (24,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 525.77 Td (84,999) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 504.79 Td (Identifiable assets and liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 489.77 Td ( Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 489.77 Td (9,667) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.60 489.77 Td (29,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.75 489.77 Td (441) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 489.77 Td (8,156) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 474.77 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 474.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 474.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.85 474.77 Td (3,281) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 474.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 459.77 Td (Receivables) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 459.77 Td (6,612) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 459.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.85 459.77 Td (2,699) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 459.77 Td (12,174) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 444.27 Td (Indefinite-life intangible fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 433.77 Td (management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 433.77 Td (122,755) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 433.77 Td (135,321) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 433.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 433.77 Td (65,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 418.27 Td (Amortizable intangible asset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 407.77 Td (management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 407.77 Td (67,877) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.60 407.77 Td (15,234) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.85 407.77 Td (7,060) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 407.77 Td (2,865) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 392.77 Td (Indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 392.77 Td (4,766) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.85 392.77 Td (7,130) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 392.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 392.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 377.77 Td (Fixed assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.75 377.77 Td (673) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.75 377.77 Td (784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.75 377.77 Td (599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 377.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 362.77 Td (Other current liabilities, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 362.77 Td (\(10,605) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.50 362.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 362.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 362.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 362.77 Td (\(16,667) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 362.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 347.77 Td ( Liabilities, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 347.77 Td (\(3,948) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.50 347.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.35 347.77 Td (\(4,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.50 347.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 347.77 Td (\(6,620) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.50 347.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 347.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 332.77 Td (Pension liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 332.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.10 332.77 Td (\(32,433) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.50 332.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 332.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 332.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 317.77 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 317.77 Td (\(58,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.50 317.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.10 317.77 Td (\(31,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.50 317.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.00 317.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 317.77 Td (\(15,638) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 317.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 302.77 Td (Total identifiable assets and liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 302.77 Td (139,178) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 302.77 Td (119,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.85 302.77 Td (7,460) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 302.77 Td (56,016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 287.79 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.00 287.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 287.77 Td (162,283) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.00 287.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.35 287.77 Td (158,288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 287.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 287.77 Td (16,910) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 287.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 287.77 Td (28,983) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 273.30 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 273.30 Td (Subject ) Tj ET Q q 0 0 0 rg BT 95.62 273.30 Td (to ) Tj ET Q q 0 0 0 rg BT 104.36 273.30 Td (prospective ) Tj ET Q q 0 0 0 rg BT 145.67 273.30 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 190.52 273.30 Td (including ) Tj ET Q q 0 0 0 rg BT 224.76 273.30 Td (for ) Tj ET Q q 0 0 0 rg BT 236.79 273.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 267.72 273.30 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 304.32 273.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 333.34 273.30 Td (and ) Tj ET Q q 0 0 0 rg BT 347.73 273.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 390.47 273.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 422.81 273.30 Td (for ) Tj ET Q q 0 0 0 rg BT 434.85 273.30 Td (in ) Tj ET Q q 0 0 0 rg BT 443.58 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 456.09 273.30 Td (share ) Tj ET Q q 0 0 0 rg BT 476.15 273.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 508.48 273.30 Td (agreement.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.64 250.50 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 145.12 250.50 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (On ) Tj ET Q q 0 0 0 rg BT 68.34 237.90 Td (October ) Tj ET Q q 0 0 0 rg BT 107.66 237.90 Td (21, ) Tj ET Q q 0 0 0 rg BT 126.29 237.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 155.42 237.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 182.50 237.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 216.59 237.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 258.24 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 268.40 237.90 Td (majority ) Tj ET Q q 0 0 0 rg BT 309.48 237.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 341.23 237.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 377.64 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 391.32 237.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 424.82 237.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 487.46 237.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 526.21 237.90 Td (\("RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (Infrastructure"\). ) Tj ET Q q 0 0 0 rg BT 121.48 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 125.41 225.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 157.35 225.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 218.41 225.30 Td (specializes ) Tj ET Q q 0 0 0 rg BT 267.83 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 279.93 225.30 Td (global ) Tj ET Q q 0 0 0 rg BT 310.10 225.30 Td (listed ) Tj ET Q q 0 0 0 rg BT 336.79 225.30 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 397.28 225.30 Td (security ) Tj ET Q q 0 0 0 rg BT 434.45 225.30 Td (investing, ) Tj ET Q q 0 0 0 rg BT 479.50 225.30 Td (is ) Tj ET Q q 0 0 0 rg BT 490.44 225.30 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 553.84 225.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (Sydney) Tj ET Q q 0 0 0 rg BT 80.82 212.70 Td (, ) Tj ET Q q 0 0 0 rg BT 86.03 212.70 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 130.46 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 148.94 212.70 Td (had ) Tj ET Q q 0 0 0 rg BT 167.42 212.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.39 212.70 Td ($6,800,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.64 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 281.96 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 292.71 212.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 320.53 212.70 Td (at ) Tj ET Q q 0 0 0 rg BT 331.43 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 347.57 212.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 381.22 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 393.29 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 409.44 212.70 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 461.45 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 464.77 212.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 494.32 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 510.47 212.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 537.12 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 212.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (related ) Tj ET Q q 0 0 0 rg BT 81.65 200.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 130.81 200.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 184.34 200.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 209.00 200.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.68 200.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 279.91 200.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.66 200.10 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.91 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.00 200.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 356.83 200.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 390.83 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.09 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.01 200.10 Td (firm, ) Tj ET Q q 0 0 0 rg BT 441.80 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.72 200.10 Td (firm's ) Tj ET Q q 0 0 0 rg BT 484.87 200.10 Td (management ) Tj ET Q q 0 0 0 rg BT 541.60 200.10 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (retained ) Tj ET Q q 0 0 0 rg BT 85.61 187.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 92.07 187.50 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.32 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 113.12 187.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 141.17 187.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.87 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.70 187.50 Td (The ) Tj ET Q q 0 0 0 rg BT 208.70 187.50 Td (T) Tj ET Q q 0 0 0 rg BT 214.74 187.50 Td (reasury ) Tj ET Q q 0 0 0 rg BT 247.44 187.50 Td (Group, ) Tj ET Q q 0 0 0 rg BT 278.70 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 285.16 187.50 Td (continuing ) Tj ET Q q 0 0 0 rg BT 331.87 187.50 Td (minority ) Tj ET Q q 0 0 0 rg BT 369.84 187.50 Td (owner) Tj ET Q q 0 0 0 rg BT 395.66 187.50 Td (, ) Tj ET Q q 0 0 0 rg BT 400.08 187.50 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.69 187.50 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.94 187.50 Td (. ) Tj ET Q q 0 0 0 rg BT 459.37 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 461.04 187.50 Td (The ) Tj ET Q q 0 0 0 rg BT 479.16 187.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 527.04 187.50 Td (required ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (an ) Tj ET Q q 0 0 0 rg BT 63.19 174.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 90.96 174.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.89 174.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 152.32 174.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.34 174.90 Td ($213,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.72 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 206.99 174.90 Td (\(using ) Tj ET Q q 0 0 0 rg BT 236.52 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 252.62 174.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 286.22 174.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 329.14 174.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 348.15 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 360.17 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 372.19 174.90 Td (October ) Tj ET Q q 0 0 0 rg BT 409.28 174.90 Td (21, ) Tj ET Q q 0 0 0 rg BT 425.68 174.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 449.96 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 465.48 174.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.58 174.90 Td (296,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.70 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 518.26 174.90 Td (Australian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 76.58 162.30 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 120.94 162.30 Td (which ) Tj ET Q q 0 0 0 rg BT 148.69 162.30 Td (was ) Tj ET Q q 0 0 0 rg BT 167.11 162.30 Td (funded ) Tj ET Q q 0 0 0 rg BT 198.35 162.30 Td (with ) Tj ET Q q 0 0 0 rg BT 219.11 162.30 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.84 162.30 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.97 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 318.06 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.89 162.30 Td (net ) Tj ET Q q 0 0 0 rg BT 343.80 162.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 393.72 162.30 Td (under ) Tj ET Q q 0 0 0 rg BT 419.71 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 434.63 162.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 483.53 162.30 Td (previous ) Tj ET Q q 0 0 0 rg BT 521.77 162.30 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.69 149.70 Td (facility) Tj ET Q q 0 0 0 rg BT 105.74 149.70 Td (, ) Tj ET Q q 0 0 0 rg BT 111.15 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 122.68 149.70 Td (further ) Tj ET Q q 0 0 0 rg BT 154.03 149.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 197.06 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 208.01 149.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.20 149.70 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.45 149.70 Td (, ) Tj ET Q q 0 0 0 rg BT 241.86 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 253.39 149.70 Td (well ) Tj ET Q q 0 0 0 rg BT 274.25 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 285.78 149.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 321.82 149.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 343.26 149.70 Td (resources. ) Tj ET Q q 0 0 0 rg BT 388.31 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 391.09 149.70 Td (In ) Tj ET Q q 0 0 0 rg BT 402.01 149.70 Td (August ) Tj ET Q q 0 0 0 rg BT 435.13 149.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 461.54 149.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 485.89 149.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 517.26 149.70 Td (executed ) Tj ET Q q 0 0 0 rg BT 557.35 149.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 89.74 137.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 125.99 137.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 162.82 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.00 137.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 233.58 137.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 261.66 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.50 137.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 296.27 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.03 137.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 355.37 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.55 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.39 137.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 425.05 137.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 443.80 137.10 Td (between ) Tj ET Q q 0 0 0 rg BT 481.80 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.64 137.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 519.33 137.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 546.83 137.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 124.50 Td (Australian ) Tj ET Q q 0 0 0 rg BT 112.40 124.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 140.17 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 151.61 124.50 Td (which ) Tj ET Q q 0 0 0 rg BT 180.55 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 196.66 124.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 224.43 124.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 246.37 124.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 285.80 124.50 Td (was ) Tj ET Q q 0 0 0 rg BT 305.41 124.50 Td (denominated. ) Tj ET Q q 0 0 0 rg BT 365.55 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 368.59 124.50 Td (This ) Tj ET Q q 0 0 0 rg BT 390.53 124.50 Td (currency ) Tj ET Q q 0 0 0 rg BT 430.53 124.50 Td (forward ) Tj ET Q q 0 0 0 rg BT 467.05 124.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 504.14 124.50 Td (was ) Tj ET Q q 0 0 0 rg BT 523.74 124.50 Td (closed ) Tj ET Q q 0 0 0 rg BT 553.85 124.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (October ) Tj ET Q q 0 0 0 rg BT 88.61 111.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 117.03 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 121.82 111.90 Td (See ) Tj ET Q q 0 0 0 rg BT 141.77 111.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.97 111.90 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.47 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 182.26 111.90 Td (for ) Tj ET Q q 0 0 0 rg BT 199.30 111.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 246.08 111.90 Td (information ) Tj ET Q q 0 0 0 rg BT 300.44 111.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 345.47 111.90 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 396.32 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 416.28 111.90 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 457.52 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 462.31 111.90 Td (In ) Tj ET Q q 0 0 0 rg BT 475.85 111.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 517.68 111.90 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.56 99.30 Td (may ) Tj ET Q q 0 0 0 rg BT 128.64 99.30 Td (be ) Tj ET Q q 0 0 0 rg BT 140.55 99.30 Td (due ) Tj ET Q q 0 0 0 rg BT 157.71 99.30 Td (March ) Tj ET Q q 0 0 0 rg BT 187.11 99.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.23 99.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 225.23 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 242.38 99.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 268.01 99.30 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 319.57 99.30 Td (up ) Tj ET Q q 0 0 0 rg BT 332.06 99.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.23 99.30 Td ($81,320) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.35 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 378.35 99.30 Td (\(using ) Tj ET Q q 0 0 0 rg BT 406.60 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.42 99.30 Td (foreign ) Tj ET Q q 0 0 0 rg BT 453.74 99.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 495.38 99.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 513.11 99.30 Td (as ) Tj ET Q q 0 0 0 rg BT 523.86 99.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 99.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.01 86.70 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.01 86.70 Td (, ) Tj ET Q q 0 0 0 rg BT 92.52 86.70 Td (for ) Tj ET Q q 0 0 0 rg BT 107.64 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.35 86.70 Td (maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.82 86.70 Td (106,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.94 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 205.19 86.70 Td (Australian ) Tj ET Q q 0 0 0 rg BT 251.81 86.70 Td (dollar ) Tj ET Q q 0 0 0 rg BT 279.19 86.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 313.56 86.70 Td (per ) Tj ET Q q 0 0 0 rg BT 329.85 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 345.56 86.70 Td (related ) Tj ET Q q 0 0 0 rg BT 377.01 86.70 Td (agreements\), ) Tj ET Q q 0 0 0 rg BT 433.83 86.70 Td (dependent ) Tj ET Q q 0 0 0 rg BT 479.86 86.70 Td (on ) Tj ET Q q 0 0 0 rg BT 493.24 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 508.95 86.70 Td (achievement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 74.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.56 74.10 Td (net ) Tj ET Q q 0 0 0 rg BT 108.01 74.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 143.87 74.10 Td (tar) Tj ET Q q 0 0 0 rg BT 154.75 74.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 176.92 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.70 74.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 227.07 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.86 74.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 277.23 74.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 316.00 74.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 368.79 74.10 Td (extending ) Tj ET Q q 0 0 0 rg BT 412.82 74.10 Td (through ) Tj ET Q q 0 0 0 rg BT 448.11 74.10 Td (March ) Tj ET Q q 0 0 0 rg BT 478.14 74.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.89 74.10 Td (2019.) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.03 741.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 133.57 741.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 171.27 741.75 Td (can ) Tj ET Q q 0 0 0 rg BT 188.55 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 201.17 741.75 Td (put ) Tj ET Q q 0 0 0 rg BT 217.30 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 230.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.04 741.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 279.66 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 291.12 741.75 Td (called ) Tj ET Q q 0 0 0 rg BT 318.89 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 332.10 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.38 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 387.67 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 402.63 741.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 448.49 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 458.78 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.06 741.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 504.13 741.75 Td (except ) Tj ET Q q 0 0 0 rg BT 534.24 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.19 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (non-management ) Tj ET Q q 0 0 0 rg BT 126.39 729.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 160.22 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 172.47 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 188.80 729.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 254.13 729.15 Td (interests, ) Tj ET Q q 0 0 0 rg BT 295.25 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 324.41 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 340.73 729.15 Td (callable ) Tj ET Q q 0 0 0 rg BT 376.87 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 387.95 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 396.11 729.15 Td (pre-agreed ) Tj ET Q q 0 0 0 rg BT 444.49 729.15 Td (formula, ) Tj ET Q q 0 0 0 rg BT 483.86 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 496.11 729.15 Td (specified ) Tj ET Q q 0 0 0 rg BT 537.51 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 104.06 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 107.43 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 127.38 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 145.57 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 171.94 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 184.31 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 200.77 716.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 266.22 716.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 304.84 716.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 339.36 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 355.81 716.55 Td (total ) Tj ET Q q 0 0 0 rg BT 378.10 716.55 Td (business ) Tj ET Q q 0 0 0 rg BT 417.32 716.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 462.34 716.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 491.33 716.55 Td (after ) Tj ET Q q 0 0 0 rg BT 514.19 716.55 Td (appropriate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (discounts ) Tj ET Q q 0 0 0 rg BT 92.29 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 107.16 703.95 Td (lack ) Tj ET Q q 0 0 0 rg BT 127.28 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 138.65 703.95 Td (marketability ) Tj ET Q q 0 0 0 rg BT 197.26 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 215.04 703.95 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.43 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.10 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 109.95 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.80 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.73 678.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 173.98 678.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 225.65 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 269.74 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 292.26 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 348.01 678.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 388.01 678.75 Td (had ) Tj ET Q q 0 0 0 rg BT 405.28 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 412.04 678.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 439.81 678.75 Td (life ) Tj ET Q q 0 0 0 rg BT 455.90 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.76 678.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 479.36 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 503.62 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 678.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 564.63 678.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 91.99 666.15 Td (price ) Tj ET Q q 0 0 0 rg BT 117.05 666.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 159.03 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 171.27 666.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 217.35 666.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.93 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 265.17 666.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 306.58 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 317.67 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 335.17 666.15 Td (deductible ) Tj ET Q q 0 0 0 rg BT 382.98 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 398.40 666.15 Td (Australian ) Tj ET Q q 0 0 0 rg BT 446.22 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 463.13 666.15 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 507.17 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 511.25 666.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 555.00 666.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 98.11 653.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 148.55 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 159.35 653.55 Td (syner) Tj ET Q q 0 0 0 rg BT 181.90 653.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 201.44 653.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 241.38 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 252.17 653.55 Td (arise ) Tj ET Q q 0 0 0 rg BT 274.61 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 295.91 653.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 326.54 653.55 Td (Infrastructure.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 628.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 628.35 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 628.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 628.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 628.35 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 628.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 628.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 628.35 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 615.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 615.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 615.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 615.75 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 615.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 615.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 615.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 615.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 615.75 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 615.75 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 603.15 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 603.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 603.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 603.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 603.15 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 603.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 603.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 603.15 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 603.15 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 603.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 603.15 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 590.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 590.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 590.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 590.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 590.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 590.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 590.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 590.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 590.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 590.55 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 590.55 Td (follows: ) Tj ET Q q 0 0 0 rg BT 536.38 590.55 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 553.05 224.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 553.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 553.05 202.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 553.05 8.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 553.05 74.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 508.05 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 508.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 508.05 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 508.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 508.05 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 553.05 m 479.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 553.05 m 561.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 508.05 m 479.5 508.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 508.05 m 561.5 508.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 508.05 m 479.5 508.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 508.05 m 561.5 508.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.90 557.82 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 557.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 542.32 Td (Indefinite-life intangible fund management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 531.82 Td (contracts and indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.15 531.82 Td (0% to 10% \(weighted-average - 7%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 531.82 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.85 512.82 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 512.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 497.82 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.40 497.82 Td (7% / \(8\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 497.82 Td (16.5%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 468.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 468.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.08 468.35 Td (value ) Tj ET Q q 0 0 0 rg BT 109.91 468.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.74 468.35 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 468.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 182.08 468.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 240.73 468.35 Td (was ) Tj ET Q q 0 0 0 rg BT 259.15 468.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 301.48 468.35 Td (using ) Tj ET Q q 0 0 0 rg BT 326.33 468.35 Td (Monte ) Tj ET Q q 0 0 0 rg BT 355.83 468.35 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 381.25 468.35 Td (simulation ) Tj ET Q q 0 0 0 rg BT 427.67 468.35 Td (in ) Tj ET Q q 0 0 0 rg BT 437.93 468.35 Td (a ) Tj ET Q q 0 0 0 rg BT 444.68 468.35 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 495.17 468.35 Td (framework ) Tj ET Q q 0 0 0 rg BT 543.33 468.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (various ) Tj ET Q q 0 0 0 rg BT 82.55 455.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 129.67 455.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 159.61 455.75 Td (as ) Tj ET Q q 0 0 0 rg BT 170.00 455.75 Td (well ) Tj ET Q q 0 0 0 rg BT 189.72 455.75 Td (as, ) Tj ET Q q 0 0 0 rg BT 202.73 455.75 Td (with ) Tj ET Q q 0 0 0 rg BT 223.04 455.75 Td (various ) Tj ET Q q 0 0 0 rg BT 255.59 455.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 313.21 455.75 Td (data ) Tj ET Q q 0 0 0 rg BT 332.34 455.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 359.66 455.75 Td (which ) Tj ET Q q 0 0 0 rg BT 386.96 455.75 Td (are ) Tj ET Q q 0 0 0 rg BT 401.42 455.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 426.96 455.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 433.85 455.75 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 498.18 455.75 Td ( ) Tj ET Q q 0 0 0 rg BT 499.70 455.75 Td (The ) Tj ET Q q 0 0 0 rg BT 517.67 455.75 Td (simulation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 443.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 97.28 443.15 Td (variables, ) Tj ET Q q 0 0 0 rg BT 139.60 443.15 Td (including ) Tj ET Q q 0 0 0 rg BT 180.67 443.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 206.97 443.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 238.51 443.15 Td (and ) Tj ET Q q 0 0 0 rg BT 255.47 443.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 310.32 443.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 324.94 443.15 Td (levels. ) Tj ET Q q 0 0 0 rg BT 353.85 443.15 Td ( ) Tj ET Q q 0 0 0 rg BT 355.65 443.15 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 401.79 443.15 Td (with ) Tj ET Q q 0 0 0 rg BT 422.26 443.15 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 472.45 443.15 Td (framework, ) Tj ET Q q 0 0 0 rg BT 522.94 443.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 430.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.48 430.55 Td (and ) Tj ET Q q 0 0 0 rg BT 93.62 430.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.65 430.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 167.53 430.55 Td (were ) Tj ET Q q 0 0 0 rg BT 189.91 430.55 Td (dampened ) Tj ET Q q 0 0 0 rg BT 235.03 430.55 Td (by ) Tj ET Q q 0 0 0 rg BT 247.51 430.55 Td (a ) Tj ET Q q 0 0 0 rg BT 254.15 430.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 291.11 430.55 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 430.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 319.56 430.55 Td (referred ) Tj ET Q q 0 0 0 rg BT 354.76 430.55 Td (to ) Tj ET Q q 0 0 0 rg BT 364.90 430.55 Td (as ) Tj ET Q q 0 0 0 rg BT 375.63 430.55 Td ('market ) Tj ET Q q 0 0 0 rg BT 408.65 430.55 Td (price ) Tj ET Q q 0 0 0 rg BT 431.61 430.55 Td (of ) Tj ET Q q 0 0 0 rg BT 442.34 430.55 Td (risk' ) Tj ET Q q 0 0 0 rg BT 461.96 430.55 Td (to ) Tj ET Q q 0 0 0 rg BT 472.10 430.55 Td (account ) Tj ET Q q 0 0 0 rg BT 506.73 430.55 Td (for ) Tj ET Q q 0 0 0 rg BT 520.95 430.55 Td (its ) Tj ET Q q 0 0 0 rg BT 532.85 430.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 417.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 71.08 417.95 Td (or ) Tj ET Q q 0 0 0 rg BT 85.16 417.95 Td (systematic ) Tj ET Q q 0 0 0 rg BT 134.82 417.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 155.90 417.95 Td (before ) Tj ET Q q 0 0 0 rg BT 188.05 417.95 Td (calculating ) Tj ET Q q 0 0 0 rg BT 239.44 417.95 Td (the ) Tj ET Q q 0 0 0 rg BT 257.60 417.95 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 297.92 417.95 Td (payments. ) Tj ET Q q 0 0 0 rg BT 346.12 417.95 Td ( ) Tj ET Q q 0 0 0 rg BT 351.07 417.95 Td (These ) Tj ET Q q 0 0 0 rg BT 381.47 417.95 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 421.79 417.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 467.36 417.95 Td (were ) Tj ET Q q 0 0 0 rg BT 493.09 417.95 Td (then ) Tj ET Q q 0 0 0 rg BT 516.51 417.95 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 405.35 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 113.85 405.35 Td (with ) Tj ET Q q 0 0 0 rg BT 135.15 405.35 Td (their ) Tj ET Q q 0 0 0 rg BT 157.01 405.35 Td (timing. ) Tj ET Q q 0 0 0 rg BT 189.68 405.35 Td ( ) Tj ET Q q 0 0 0 rg BT 191.73 405.35 Td (A) Tj ET Q q 0 0 0 rg BT 198.73 405.35 Td ( ) Tj ET Q q 0 0 0 rg BT 201.36 405.35 Td (summary ) Tj ET Q q 0 0 0 rg BT 243.06 405.35 Td (of ) Tj ET Q q 0 0 0 rg BT 254.43 405.35 Td (various ) Tj ET Q q 0 0 0 rg BT 287.97 405.35 Td (assumption ) Tj ET Q q 0 0 0 rg BT 338.43 405.35 Td (values ) Tj ET Q q 0 0 0 rg BT 367.88 405.35 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 382.85 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 382.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 382.85 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 352.85 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 352.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 352.85 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 322.85 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 322.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 322.85 218.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 372.62 Td (AUM growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.15 372.62 Td (0% to 14% \(weighted-average - 7%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 357.62 Td (Performance fee growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.80 357.62 Td (0% to 7% \(weighted-average - 3%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 342.62 Td (Projected AUM and performance fee market price of risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 342.62 Td (6.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 327.62 Td (AUM volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 327.62 Td (20.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 312.62 Td (Earn-out payment discount rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 312.62 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 283.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 99.95 283.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 142.29 283.75 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 193.38 283.75 Td (in ) Tj ET Q q 0 0 0 rg BT 205.41 283.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 247.49 283.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 275.86 283.75 Td (or ) Tj ET Q q 0 0 0 rg BT 288.48 283.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.40 283.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 366.17 283.75 Td (would ) Tj ET Q q 0 0 0 rg BT 396.29 283.75 Td (result ) Tj ET Q q 0 0 0 rg BT 423.48 283.75 Td (in ) Tj ET Q q 0 0 0 rg BT 435.52 283.75 Td (a ) Tj ET Q q 0 0 0 rg BT 444.05 283.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 500.41 283.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.10 283.75 Td (\(lower\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 271.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.95 271.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 156.14 271.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 191.43 271.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.63 271.15 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 245.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 245.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.28 245.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.16 245.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 209.14 245.95 Td (established ) Tj ET Q q 0 0 0 rg BT 258.11 245.95 Td (at ) Tj ET Q q 0 0 0 rg BT 268.00 245.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 300.64 245.95 Td (had ) Tj ET Q q 0 0 0 rg BT 318.12 245.95 Td (an ) Tj ET Q q 0 0 0 rg BT 330.34 245.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 378.73 245.95 Td (date ) Tj ET Q q 0 0 0 rg BT 398.53 245.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 415.42 245.95 Td (value ) Tj ET Q q 0 0 0 rg BT 440.47 245.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.53 245.95 Td ($25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.66 245.95 Td ( ) Tj ET Q q 0 0 0 rg BT 487.97 245.95 Td (\(using ) Tj ET Q q 0 0 0 rg BT 516.53 245.95 Td (the ) Tj ET Q q 0 0 0 rg BT 531.68 245.95 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 233.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 92.48 233.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.05 233.35 Td (as ) Tj ET Q q 0 0 0 rg BT 122.63 233.35 Td (of ) Tj ET Q q 0 0 0 rg BT 134.21 233.35 Td (October ) Tj ET Q q 0 0 0 rg BT 170.86 233.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 186.82 233.35 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 216.77 233.35 Td ( ) Tj ET Q q 0 0 0 rg BT 218.98 233.35 Td (As ) Tj ET Q q 0 0 0 rg BT 233.49 233.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.07 233.35 Td (March ) Tj ET Q q 0 0 0 rg BT 275.31 233.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.26 233.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.26 233.35 Td (, ) Tj ET Q q 0 0 0 rg BT 317.72 233.35 Td (the ) Tj ET Q q 0 0 0 rg BT 333.39 233.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.79 233.35 Td (value ) Tj ET Q q 0 0 0 rg BT 376.36 233.35 Td (of ) Tj ET Q q 0 0 0 rg BT 387.94 233.35 Td (the ) Tj ET Q q 0 0 0 rg BT 403.61 233.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 450.76 233.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 510.17 233.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 545.66 233.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 220.75 Td ($27,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 220.75 Td (, ) Tj ET Q q 0 0 0 rg BT 89.03 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.06 220.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.00 220.75 Td ($7,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.88 220.75 Td ( ) Tj ET Q q 0 0 0 rg BT 159.16 220.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 188.84 220.75 Td (to ) Tj ET Q q 0 0 0 rg BT 199.29 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.40 220.75 Td (first ) Tj ET Q q 0 0 0 rg BT 233.60 220.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 284.86 220.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 323.30 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 340.74 220.75 Td (is ) Tj ET Q q 0 0 0 rg BT 350.02 220.75 Td (included ) Tj ET Q q 0 0 0 rg BT 388.46 220.75 Td (in ) Tj ET Q q 0 0 0 rg BT 398.91 220.75 Td (current ) Tj ET Q q 0 0 0 rg BT 430.92 220.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 479.87 220.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 538.72 220.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 220.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 208.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 109.25 208.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 146.89 208.15 Td (Sheet, ) Tj ET Q q 0 0 0 rg BT 176.68 208.15 Td (with ) Tj ET Q q 0 0 0 rg BT 199.18 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 208.15 Td (remainder ) Tj ET Q q 0 0 0 rg BT 262.23 208.15 Td (included ) Tj ET Q q 0 0 0 rg BT 302.22 208.15 Td (in ) Tj ET Q q 0 0 0 rg BT 314.22 208.15 Td (non-current ) Tj ET Q q 0 0 0 rg BT 367.03 208.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 417.53 208.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 477.93 208.15 Td (in ) Tj ET Q q 0 0 0 rg BT 489.93 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 208.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 195.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.58 195.55 Td (Sheet. ) Tj ET Q q 0 0 0 rg BT 115.30 195.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.87 195.55 Td (The ) Tj ET Q q 0 0 0 rg BT 136.96 195.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 174.12 195.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.63 195.55 Td ($2,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.50 195.55 Td ( ) Tj ET Q q 0 0 0 rg BT 217.27 195.55 Td (from ) Tj ET Q q 0 0 0 rg BT 240.45 195.55 Td (October ) Tj ET Q q 0 0 0 rg BT 277.03 195.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 292.92 195.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 319.31 195.55 Td (was ) Tj ET Q q 0 0 0 rg BT 338.41 195.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 388.99 195.55 Td (to ) Tj ET Q q 0 0 0 rg BT 399.92 195.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 436.51 195.55 Td (in ) Tj ET Q q 0 0 0 rg BT 447.44 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 463.04 195.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 505.45 195.55 Td (rate, ) Tj ET Q q 0 0 0 rg BT 526.57 195.55 Td (which ) Tj ET Q q 0 0 0 rg BT 555.00 195.55 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 182.95 Td (included ) Tj ET Q q 0 0 0 rg BT 89.45 182.95 Td (in ) Tj ET Q q 0 0 0 rg BT 100.18 182.95 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 159.45 182.95 Td (other ) Tj ET Q q 0 0 0 rg BT 184.32 182.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 251.17 182.95 Td (loss, ) Tj ET Q q 0 0 0 rg BT 273.43 182.95 Td (net, ) Tj ET Q q 0 0 0 rg BT 292.17 182.95 Td (as ) Tj ET Q q 0 0 0 rg BT 304.21 182.95 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 340.16 182.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 380.18 182.95 Td (translation ) Tj ET Q q 0 0 0 rg BT 427.80 182.95 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 479.79 182.95 Td (and ) Tj ET Q q 0 0 0 rg BT 498.24 182.95 Td (accretion. ) Tj ET Q q 0 0 0 rg BT 542.63 182.95 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 182.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 170.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 97.60 170.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 157.45 170.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 193.39 170.35 Td (is ) Tj ET Q q 0 0 0 rg BT 203.67 170.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 243.67 170.35 Td (at ) Tj ET Q q 0 0 0 rg BT 254.53 170.35 Td (an ) Tj ET Q q 0 0 0 rg BT 267.72 170.35 Td (entity ) Tj ET Q q 0 0 0 rg BT 294.91 170.35 Td (with ) Tj ET Q q 0 0 0 rg BT 316.85 170.35 Td (an ) Tj ET Q q 0 0 0 rg BT 329.32 170.35 Td (Australian ) Tj ET Q q 0 0 0 rg BT 376.33 170.35 Td (dollar ) Tj ET Q q 0 0 0 rg BT 404.10 170.35 Td (functional ) Tj ET Q q 0 0 0 rg BT 449.95 170.35 Td (currency) Tj ET Q q 0 0 0 rg BT 485.99 170.35 Td (, ) Tj ET Q q 0 0 0 rg BT 491.90 170.35 Td (such ) Tj ET Q q 0 0 0 rg BT 514.42 170.35 Td (that ) Tj ET Q q 0 0 0 rg BT 533.44 170.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 157.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.44 157.75 Td (in ) Tj ET Q q 0 0 0 rg BT 97.24 157.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.69 157.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 154.96 157.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 173.32 157.75 Td (do ) Tj ET Q q 0 0 0 rg BT 186.44 157.75 Td (not ) Tj ET Q q 0 0 0 rg BT 202.48 157.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 233.68 157.75 Td (net ) Tj ET Q q 0 0 0 rg BT 249.14 157.75 Td (income ) Tj ET Q q 0 0 0 rg BT 282.67 157.75 Td (\(loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 132.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 132.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.20 132.55 Td (has ) Tj ET Q q 0 0 0 rg BT 125.72 132.55 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 132.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 182.41 132.55 Td (pro ) Tj ET Q q 0 0 0 rg BT 197.93 132.55 Td (forma ) Tj ET Q q 0 0 0 rg BT 224.52 132.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 267.45 132.55 Td (results ) Tj ET Q q 0 0 0 rg BT 296.39 132.55 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 132.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 351.91 132.55 Td (for ) Tj ET Q q 0 0 0 rg BT 365.68 132.55 Td (this ) Tj ET Q q 0 0 0 rg BT 382.37 132.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 429.97 132.55 Td (because ) Tj ET Q q 0 0 0 rg BT 464.72 132.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 132.55 Td (results ) Tj ET Q q 0 0 0 rg BT 508.01 132.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.28 132.55 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 119.95 Td (as ) Tj ET Q q 0 0 0 rg BT 61.15 119.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.54 119.95 Td (in ) Tj ET Q q 0 0 0 rg BT 109.11 119.95 Td (the ) Tj ET Q q 0 0 0 rg BT 124.35 119.95 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 187.98 119.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.80 119.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 294.28 119.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.44 119.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.33 119.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.56 119.95 Td (would ) Tj ET Q q 0 0 0 rg BT 397.22 119.95 Td (not ) Tj ET Q q 0 0 0 rg BT 413.04 119.95 Td (have ) Tj ET Q q 0 0 0 rg BT 435.27 119.95 Td (been ) Tj ET Q q 0 0 0 rg BT 457.50 119.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 502.47 119.95 Td (dif) Tj ET Q q 0 0 0 rg BT 513.94 119.95 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 543.46 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 119.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 107.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.27 107.35 Td (results ) Tj ET Q q 0 0 0 rg BT 119.23 107.35 Td (of ) Tj ET Q q 0 0 0 rg BT 130.52 107.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 161.07 107.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 220.75 107.35 Td (included ) Tj ET Q q 0 0 0 rg BT 259.45 107.35 Td (in ) Tj ET Q q 0 0 0 rg BT 270.16 107.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.27 107.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 331.38 107.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 386.99 107.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 426.27 107.35 Td (results ) Tj ET Q q 0 0 0 rg BT 456.23 107.35 Td (for ) Tj ET Q q 0 0 0 rg BT 471.01 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 486.38 107.35 Td (year ) Tj ET Q q 0 0 0 rg BT 506.99 107.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.61 107.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 94.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.97 94.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.97 94.75 Td (, ) Tj ET Q q 0 0 0 rg BT 90.43 94.75 Td (include ) Tj ET Q q 0 0 0 rg BT 123.18 94.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 162.34 94.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 172.93 94.75 Td ($18,420) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.05 94.75 Td (, ) Tj ET Q q 0 0 0 rg BT 211.52 94.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.52 94.75 Td (did ) Tj ET Q q 0 0 0 rg BT 243.78 94.75 Td (not ) Tj ET Q q 0 0 0 rg BT 259.04 94.75 Td (have ) Tj ET Q q 0 0 0 rg BT 280.70 94.75 Td (a ) Tj ET Q q 0 0 0 rg BT 287.21 94.75 Td (material ) Tj ET Q q 0 0 0 rg BT 323.45 94.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 353.86 94.75 Td (on ) Tj ET Q q 0 0 0 rg BT 366.20 94.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 383.21 94.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 416.53 94.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 444.80 94.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 497.38 94.75 Td (to ) Tj ET Q q 0 0 0 rg BT 507.39 94.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 530.80 94.75 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 82.15 Td (Inc.) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (98) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Martin ) Tj ET Q q 0 0 0 rg BT 82.97 741.90 Td (Currie ) Tj ET Q q 0 0 0 rg BT 114.19 741.90 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 163.49 741.90 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (On ) Tj ET Q q 0 0 0 rg BT 65.81 729.30 Td (October ) Tj ET Q q 0 0 0 rg BT 102.60 729.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 113.44 729.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 140.04 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.59 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 196.14 729.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 235.26 729.30 Td (all ) Tj ET Q q 0 0 0 rg BT 248.73 729.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 300.70 729.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.92 729.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 367.88 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 379.60 729.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 411.15 729.30 Td (Currie ) Tj ET Q q 0 0 0 rg BT 440.95 729.30 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 489.42 729.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 525.64 729.30 Td (\("Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Currie"\), ) Tj ET Q q 0 0 0 rg BT 90.42 716.70 Td (an ) Tj ET Q q 0 0 0 rg BT 103.52 716.70 Td (international ) Tj ET Q q 0 0 0 rg BT 159.78 716.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 189.22 716.70 Td (specialist ) Tj ET Q q 0 0 0 rg BT 231.48 716.70 Td (based ) Tj ET Q q 0 0 0 rg BT 258.58 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 269.94 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 285.96 716.70 Td (United ) Tj ET Q q 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 603.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.78 603.30 Td (value ) Tj ET Q q 0 0 0 rg BT 110.96 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 122.15 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 137.42 603.30 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 189.42 603.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 233.85 603.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.71 603.30 Td (management ) Tj ET Q q 0 0 0 rg BT 312.79 603.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 353.14 603.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 375.99 603.30 Td (is ) Tj ET Q q 0 0 0 rg BT 385.43 603.30 Td (being ) Tj ET Q q 0 0 0 rg BT 411.20 603.30 Td (amortized ) Tj ET Q q 0 0 0 rg BT 455.63 603.30 Td (over ) Tj ET Q q 0 0 0 rg BT 476.73 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 483.83 603.30 Td (period ) Tj ET Q q 0 0 0 rg BT 513.10 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 524.28 603.30 Td (12 ) Tj ET Q q 0 0 0 rg BT 537.23 603.30 Td (years. ) Tj ET Q q 0 0 0 rg BT 564.63 603.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.00 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 101.34 590.70 Td (principally ) Tj ET Q q 0 0 0 rg BT 149.17 590.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.32 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 209.82 590.70 Td (syner) Tj ET Q q 0 0 0 rg BT 232.38 590.70 Td (gies ) Tj ET Q q 0 0 0 rg BT 251.63 590.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 291.27 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.77 590.70 Td (arise ) Tj ET Q q 0 0 0 rg BT 323.93 590.70 Td (with ) Tj ET Q q 0 0 0 rg BT 344.93 590.70 Td (Martin ) Tj ET Q q 0 0 0 rg BT 375.85 590.70 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 407.63 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 409.80 590.70 Td (These ) Tj ET Q q 0 0 0 rg BT 437.21 590.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 475.69 590.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 520.02 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 546.85 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 89.96 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 105.40 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 121.45 578.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 167.81 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.67 578.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 205.71 578.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.17 578.10 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 552.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 552.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 552.90 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 552.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 552.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 552.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 552.90 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 552.90 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 552.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 552.90 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 552.90 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 540.30 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 540.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 540.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 540.30 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 540.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 540.30 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 540.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 540.30 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 540.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 540.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 540.30 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 540.30 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 540.30 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 527.70 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 527.70 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 527.70 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 527.70 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 527.70 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 527.70 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 527.70 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 527.70 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 527.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 527.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 527.70 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 527.70 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 527.70 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 527.70 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 527.70 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 515.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 515.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 515.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 515.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 515.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 515.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 515.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 515.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 515.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 515.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 515.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 477.60 224.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 477.60 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 477.60 202.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 477.60 8.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 477.60 74.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 432.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 432.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 432.60 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 432.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 432.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 477.6 m 479.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 477.6 m 561.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 432.6 m 479.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.6 m 561.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 432.6 m 479.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.6 m 561.5 432.6 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.90 482.37 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 482.37 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 466.87 Td (Indefinite-life intangible fund management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 456.37 Td (contracts and indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.70 456.37 Td (0% to 25% \(weighted-average - 11%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 456.37 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.85 437.37 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 437.37 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 422.37 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.75 422.37 Td (6% / \(17\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 422.37 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 392.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.00 392.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.25 392.90 Td (value ) Tj ET Q q 0 0 0 rg BT 108.66 392.90 Td (of ) Tj ET Q q 0 0 0 rg BT 119.08 392.90 Td (the ) Tj ET Q q 0 0 0 rg BT 133.59 392.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 179.58 392.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 237.83 392.90 Td (was ) Tj ET Q q 0 0 0 rg BT 255.83 392.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 297.74 392.90 Td (using ) Tj ET Q q 0 0 0 rg BT 322.17 392.90 Td (Monte ) Tj ET Q q 0 0 0 rg BT 351.26 392.90 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 376.26 392.90 Td (simulation ) Tj ET Q q 0 0 0 rg BT 422.27 392.90 Td (with ) Tj ET Q q 0 0 0 rg BT 442.62 392.90 Td (various ) Tj ET Q q 0 0 0 rg BT 475.20 392.90 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 532.86 392.90 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 380.30 Td (data ) Tj ET Q q 0 0 0 rg BT 70.18 380.30 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 101.18 380.30 Td (which ) Tj ET Q q 0 0 0 rg BT 129.53 380.30 Td (are ) Tj ET Q q 0 0 0 rg BT 145.05 380.30 Td (Level ) Tj ET Q q 0 0 0 rg BT 171.64 380.30 Td (3 ) Tj ET Q q 0 0 0 rg BT 179.59 380.30 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 244.97 380.30 Td ( ) Tj ET Q q 0 0 0 rg BT 247.47 380.30 Td (The ) Tj ET Q q 0 0 0 rg BT 266.49 380.30 Td (simulation ) Tj ET Q q 0 0 0 rg BT 313.52 380.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 361.70 380.30 Td (variables, ) Tj ET Q q 0 0 0 rg BT 404.92 380.30 Td (including ) Tj ET Q q 0 0 0 rg BT 446.69 380.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 473.88 380.30 Td (growth, ) Tj ET Q q 0 0 0 rg BT 508.95 380.30 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 367.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 65.11 367.70 Td (levels ) Tj ET Q q 0 0 0 rg BT 91.90 367.70 Td (and ) Tj ET Q q 0 0 0 rg BT 109.35 367.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 145.46 367.70 Td (product ) Tj ET Q q 0 0 0 rg BT 179.83 367.70 Td (performance. ) Tj ET Q q 0 0 0 rg BT 237.80 367.70 Td ( ) Tj ET Q q 0 0 0 rg BT 240.10 367.70 Td (Projected ) Tj ET Q q 0 0 0 rg BT 281.54 367.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 310.96 367.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 366.30 367.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 385.50 367.70 Td (and ) Tj ET Q q 0 0 0 rg BT 402.96 367.70 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 440.23 367.70 Td (payments ) Tj ET Q q 0 0 0 rg BT 482.77 367.70 Td (were ) Tj ET Q q 0 0 0 rg BT 505.47 367.70 Td (discounted ) Tj ET Q q 0 0 0 rg BT 553.25 367.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 103.06 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.11 355.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.11 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.73 355.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 156.44 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.81 355.10 Td (various ) Tj ET Q q 0 0 0 rg BT 201.35 355.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 251.81 355.10 Td (values ) Tj ET Q q 0 0 0 rg BT 281.26 355.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 332.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 332.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 332.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 302.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 302.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 302.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 272.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 272.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 242.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 242.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 242.60 218.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 322.37 Td (AUM growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.55 322.37 Td (0% to 28% \(weighted-average - 14%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 307.37 Td (Performance fee growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.55 307.37 Td (0% to 30% \(weighted-average - 15%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 292.37 Td (Discount rates:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 277.37 Td ( Projected AUM) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 277.37 Td (13.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 262.37 Td ( Projected performance fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 262.37 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 247.37 Td ( Earn-out payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 247.37 Td (1.3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 232.37 Td (AUM volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 232.37 Td (18.8%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 202.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 98.11 202.90 Td (future ) Tj ET Q q 0 0 0 rg BT 125.22 202.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 165.73 202.90 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 214.98 202.90 Td (in ) Tj ET Q q 0 0 0 rg BT 225.18 202.90 Td (projected ) Tj ET Q q 0 0 0 rg BT 265.83 202.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 292.37 202.90 Td (or ) Tj ET Q q 0 0 0 rg BT 303.15 202.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 358.23 202.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 377.17 202.90 Td (would ) Tj ET Q q 0 0 0 rg BT 405.46 202.90 Td (result ) Tj ET Q q 0 0 0 rg BT 430.82 202.90 Td (in ) Tj ET Q q 0 0 0 rg BT 441.02 202.90 Td (a ) Tj ET Q q 0 0 0 rg BT 447.72 202.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 502.24 202.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.10 202.90 Td (\(lower\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 190.30 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.95 190.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 156.14 190.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 191.43 190.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.63 190.30 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 165.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.32 165.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.23 165.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 209.23 165.10 Td (established ) Tj ET Q q 0 0 0 rg BT 258.22 165.10 Td (at ) Tj ET Q q 0 0 0 rg BT 268.14 165.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 300.80 165.10 Td (had ) Tj ET Q q 0 0 0 rg BT 318.30 165.10 Td (an ) Tj ET Q q 0 0 0 rg BT 330.55 165.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 378.96 165.10 Td (date ) Tj ET Q q 0 0 0 rg BT 398.79 165.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 415.69 165.10 Td (value ) Tj ET Q q 0 0 0 rg BT 440.77 165.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.85 165.10 Td ($75,21) Tj ET Q q 0 0 0 rg BT 480.34 165.10 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.59 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.92 165.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 516.51 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.68 165.10 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 152.50 Td (exchange ) Tj ET Q q 0 0 0 rg BT 92.15 152.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 110.39 152.50 Td (as ) Tj ET Q q 0 0 0 rg BT 121.65 152.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 152.50 Td (October ) Tj ET Q q 0 0 0 rg BT 169.23 152.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 179.61 152.50 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 209.24 152.50 Td ( ) Tj ET Q q 0 0 0 rg BT 211.19 152.50 Td (Actual ) Tj ET Q q 0 0 0 rg BT 241.69 152.50 Td (payments ) Tj ET Q q 0 0 0 rg BT 284.44 152.50 Td (to ) Tj ET Q q 0 0 0 rg BT 295.11 152.50 Td (be ) Tj ET Q q 0 0 0 rg BT 307.53 152.50 Td (made ) Tj ET Q q 0 0 0 rg BT 332.78 152.50 Td (may ) Tj ET Q q 0 0 0 rg BT 353.36 152.50 Td (also ) Tj ET Q q 0 0 0 rg BT 372.78 152.50 Td (include ) Tj ET Q q 0 0 0 rg BT 406.20 152.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 444.29 152.50 Td (for ) Tj ET Q q 0 0 0 rg BT 459.04 152.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 490.11 152.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 529.36 152.50 Td (pension ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 139.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.36 139.90 Td (other ) Tj ET Q q 0 0 0 rg BT 91.14 139.90 Td (obligations ) Tj ET Q q 0 0 0 rg BT 140.01 139.90 Td (that ) Tj ET Q q 0 0 0 rg BT 157.96 139.90 Td (are ) Tj ET Q q 0 0 0 rg BT 172.98 139.90 Td (accounted ) Tj ET Q q 0 0 0 rg BT 217.74 139.90 Td (for ) Tj ET Q q 0 0 0 rg BT 232.18 139.90 Td (separately) Tj ET Q q 0 0 0 rg BT 274.06 139.90 Td (. ) Tj ET Q q 0 0 0 rg BT 278.89 139.90 Td ( ) Tj ET Q q 0 0 0 rg BT 280.61 139.90 Td (As ) Tj ET Q q 0 0 0 rg BT 294.48 139.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.43 139.90 Td (March ) Tj ET Q q 0 0 0 rg BT 335.03 139.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 350.36 139.90 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.36 139.90 Td (, ) Tj ET Q q 0 0 0 rg BT 376.19 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 391.22 139.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 407.99 139.90 Td (value ) Tj ET Q q 0 0 0 rg BT 432.93 139.90 Td (of ) Tj ET Q q 0 0 0 rg BT 443.88 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 458.91 139.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.44 139.90 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 127.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 85.48 127.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.63 127.30 Td ($41,222) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.76 127.30 Td (, ) Tj ET Q q 0 0 0 rg BT 144.20 127.30 Td (a ) Tj ET Q q 0 0 0 rg BT 151.68 127.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 190.63 127.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.20 127.30 Td ($28,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.32 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 239.14 127.30 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.37 127.30 Td (March ) Tj ET Q q 0 0 0 rg BT 292.59 127.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.54 127.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.54 127.30 Td (. ) Tj ET Q q 0 0 0 rg BT 334.98 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 337.80 127.30 Td (During ) Tj ET Q q 0 0 0 rg BT 370.36 127.30 Td (the ) Tj ET Q q 0 0 0 rg BT 386.01 127.30 Td (year ) Tj ET Q q 0 0 0 rg BT 406.90 127.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 434.79 127.30 Td (March ) Tj ET Q q 0 0 0 rg BT 465.01 127.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.95 127.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 507.40 127.30 Td (a ) Tj ET Q q 0 0 0 rg BT 514.88 127.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 553.83 127.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 114.70 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.53 114.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 119.19 114.70 Td (and ) Tj ET Q q 0 0 0 rg BT 137.52 114.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 193.73 114.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 213.80 114.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 250.20 114.70 Td (in ) Tj ET Q q 0 0 0 rg BT 261.53 114.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.36 114.70 Td ($28,361) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.48 114.70 Td ( ) Tj ET Q q 0 0 0 rg BT 306.65 114.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 349.46 114.70 Td (in ) Tj ET Q q 0 0 0 rg BT 360.79 114.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.79 114.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 420.19 114.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 467.68 114.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 527.41 114.70 Td (liability) Tj ET Q q 0 0 0 rg BT 559.39 114.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 89.81 102.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.64 102.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.39 102.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 136.38 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.63 102.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 174.62 102.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.36 102.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 254.26 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.51 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.43 102.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 339.93 102.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 385.00 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.83 102.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 431.40 102.10 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 463.94 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.03 102.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 506.28 102.10 Td (related ) Tj ET Q q 0 0 0 rg BT 537.92 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 102.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 89.50 Td (exchange ) Tj ET Q q 0 0 0 rg BT 92.55 89.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.19 89.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.84 89.50 Td ($531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.84 89.50 Td ( ) Tj ET Q q 0 0 0 rg BT 146.74 89.50 Td (for ) Tj ET Q q 0 0 0 rg BT 161.89 89.50 Td (the ) Tj ET Q q 0 0 0 rg BT 177.62 89.50 Td (year ) Tj ET Q q 0 0 0 rg BT 198.59 89.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 226.57 89.50 Td (March ) Tj ET Q q 0 0 0 rg BT 256.88 89.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 272.91 89.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 299.44 89.50 Td (which ) Tj ET Q q 0 0 0 rg BT 328.00 89.50 Td (are ) Tj ET Q q 0 0 0 rg BT 343.72 89.50 Td (included ) Tj ET Q q 0 0 0 rg BT 382.78 89.50 Td (in ) Tj ET Q q 0 0 0 rg BT 393.22 89.50 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 452.10 89.50 Td (other ) Tj ET Q q 0 0 0 rg BT 476.58 89.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 543.04 89.50 Td (loss, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 76.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 68.13 76.90 Td (as ) Tj ET Q q 0 0 0 rg BT 79.56 76.90 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 114.90 76.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 154.30 76.90 Td (translation ) Tj ET Q q 0 0 0 rg BT 201.31 76.90 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 252.69 76.90 Td (net ) Tj ET Q q 0 0 0 rg BT 268.20 76.90 Td (of ) Tj ET Q q 0 0 0 rg BT 279.62 76.90 Td (accretion, ) Tj ET Q q 0 0 0 rg BT 323.40 76.90 Td (also ) Tj ET Q q 0 0 0 rg BT 342.99 76.90 Td (impacted ) Tj ET Q q 0 0 0 rg BT 384.16 76.90 Td (the ) Tj ET Q q 0 0 0 rg BT 399.66 76.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 446.66 76.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 505.91 76.90 Td (liability) Tj ET Q q 0 0 0 rg BT 537.89 76.90 Td (. ) Tj ET Q q 0 0 0 rg BT 543.20 76.90 Td ( ) Tj ET Q q 0 0 0 rg BT 545.68 76.90 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 64.30 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.47 64.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 155.19 64.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 190.00 64.30 Td (is ) Tj ET Q q 0 0 0 rg BT 199.16 64.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 238.03 64.30 Td (at ) Tj ET Q q 0 0 0 rg BT 247.76 64.30 Td (an ) Tj ET Q q 0 0 0 rg BT 259.82 64.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 285.88 64.30 Td (with ) Tj ET Q q 0 0 0 rg BT 306.70 64.30 Td (a ) Tj ET Q q 0 0 0 rg BT 313.51 64.30 Td (British ) Tj ET Q q 0 0 0 rg BT 344.25 64.30 Td (pound ) Tj ET Q q 0 0 0 rg BT 372.65 64.30 Td (functional ) Tj ET Q q 0 0 0 rg BT 417.37 64.30 Td (currency) Tj ET Q q 0 0 0 rg BT 453.41 64.30 Td (, ) Tj ET Q q 0 0 0 rg BT 458.19 64.30 Td (such ) Tj ET Q q 0 0 0 rg BT 479.58 64.30 Td (that ) Tj ET Q q 0 0 0 rg BT 497.48 64.30 Td (related ) Tj ET Q q 0 0 0 rg BT 528.19 64.30 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 51.70 Td (in ) Tj ET Q q 0 0 0 rg BT 61.34 51.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.35 51.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 120.16 51.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 139.07 51.70 Td (do ) Tj ET Q q 0 0 0 rg BT 152.75 51.70 Td (not ) Tj ET Q q 0 0 0 rg BT 169.34 51.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 201.09 51.70 Td (net ) Tj ET Q q 0 0 0 rg BT 217.09 51.70 Td (income ) Tj ET Q q 0 0 0 rg BT 251.17 51.70 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 280.31 51.70 Td ( ) Tj ET Q q 0 0 0 rg BT 283.25 51.70 Td (The ) Tj ET Q q 0 0 0 rg BT 302.75 51.70 Td (total ) Tj ET Q q 0 0 0 rg BT 324.59 51.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 372.09 51.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 431.83 51.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 467.67 51.70 Td (as ) Tj ET Q q 0 0 0 rg BT 479.59 51.70 Td (of ) Tj ET Q q 0 0 0 rg BT 491.51 51.70 Td (March ) Tj ET Q q 0 0 0 rg BT 522.09 51.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.39 51.70 Td (2016, ) Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.83 741.75 Td ($12,846) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.96 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.80 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 156.21 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 167.22 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.89 741.75 Td (second ) Tj ET Q q 0 0 0 rg BT 214.89 741.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 266.71 741.75 Td (payment, ) Tj ET Q q 0 0 0 rg BT 308.33 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 336.83 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 346.68 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 385.68 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 396.69 741.75 Td (current ) Tj ET Q q 0 0 0 rg BT 429.26 741.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 478.77 741.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 538.18 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 109.25 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 146.89 729.15 Td (Sheet, ) Tj ET Q q 0 0 0 rg BT 176.68 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 199.18 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 729.15 Td (remainder ) Tj ET Q q 0 0 0 rg BT 262.23 729.15 Td (included ) Tj ET Q q 0 0 0 rg BT 302.22 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 314.22 729.15 Td (non-current ) Tj ET Q q 0 0 0 rg BT 367.03 729.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 417.53 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 477.93 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 489.93 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 729.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 716.55 Td (Sheet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 691.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.20 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 125.72 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 691.35 Td (presented ) Tj ET Q q 0 0 0 rg BT 182.41 691.35 Td (pro ) Tj ET Q q 0 0 0 rg BT 197.93 691.35 Td (forma ) Tj ET Q q 0 0 0 rg BT 224.52 691.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 267.45 691.35 Td (results ) Tj ET Q q 0 0 0 rg BT 296.39 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 691.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 351.91 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 365.68 691.35 Td (this ) Tj ET Q q 0 0 0 rg BT 382.37 691.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 429.97 691.35 Td (because ) Tj ET Q q 0 0 0 rg BT 464.72 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 691.35 Td (results ) Tj ET Q q 0 0 0 rg BT 508.01 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 518.28 691.35 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.15 678.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.54 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 109.11 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.35 678.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 187.98 678.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.80 678.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 294.28 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 305.44 678.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.33 678.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.56 678.75 Td (would ) Tj ET Q q 0 0 0 rg BT 397.22 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 413.04 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 435.27 678.75 Td (been ) Tj ET Q q 0 0 0 rg BT 457.50 678.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 502.47 678.75 Td (dif) Tj ET Q q 0 0 0 rg BT 513.94 678.75 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 543.46 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 678.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.10 666.15 Td (results ) Tj ET Q q 0 0 0 rg BT 120.89 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.00 666.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 164.95 666.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 195.14 666.15 Td (included ) Tj ET Q q 0 0 0 rg BT 234.67 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 246.21 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 271.15 666.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 309.08 666.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.52 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.62 666.15 Td (results ) Tj ET Q q 0 0 0 rg BT 436.41 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 452.02 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 468.22 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 489.66 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 518.10 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 548.87 666.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 76.40 653.55 Td (include ) Tj ET Q q 0 0 0 rg BT 110.09 653.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 150.18 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.71 653.55 Td ($32,293) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.83 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 198.61 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 216.55 653.55 Td (did ) Tj ET Q q 0 0 0 rg BT 232.75 653.55 Td (not ) Tj ET Q q 0 0 0 rg BT 248.94 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 271.54 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 278.98 653.55 Td (material ) Tj ET Q q 0 0 0 rg BT 316.16 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 347.51 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 360.79 653.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 378.73 653.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 413.00 653.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 441.99 653.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 495.51 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 506.46 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 530.81 653.55 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Inc.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.79 615.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 112.42 615.75 Td (Defined ) Tj ET Q q 0 0 0 rg BT 148.29 615.75 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 180.65 615.75 Td (Pension ) Tj ET Q q 0 0 0 rg BT 217.10 615.75 Td (Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.51 603.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 111.27 603.15 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 150.95 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 158.54 603.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 204.62 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 222.71 603.15 Td (death ) Tj ET Q q 0 0 0 rg BT 248.38 603.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.55 603.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 308.19 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 315.78 603.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 350.20 603.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 382.28 603.15 Td (pension ) Tj ET Q q 0 0 0 rg BT 417.88 603.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 438.88 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 460.48 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 487.91 603.15 Td (held ) Tj ET Q q 0 0 0 rg BT 508.92 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 520.02 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 527.61 603.15 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (trustee-administered ) Tj ET Q q 0 0 0 rg BT 138.25 590.55 Td (fund. ) Tj ET Q q 0 0 0 rg BT 162.66 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 165.19 590.55 Td (Plan ) Tj ET Q q 0 0 0 rg BT 186.39 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.42 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 228.77 590.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 271.54 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 281.65 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 298.75 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 324.02 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 341.72 590.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 387.99 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.27 590.55 Td (60%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.52 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.05 590.55 Td (equities ) Tj ET Q q 0 0 0 rg BT 456.24 590.55 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 486.17 590.55 Td (1\) ) Tj ET Q q 0 0 0 rg BT 497.45 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.15 590.55 Td (40%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.39 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 536.92 590.55 Td (bonds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 79.98 577.95 Td (2\) ) Tj ET Q q 0 0 0 rg BT 91.31 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 102.65 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.98 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 143.96 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.67 577.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.67 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 185.88 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.63 577.95 Td (58%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.87 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 225.46 577.95 Td (equities ) Tj ET Q q 0 0 0 rg BT 260.70 577.95 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 290.68 577.95 Td (1\) ) Tj ET Q q 0 0 0 rg BT 302.02 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.76 577.95 Td (42%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.01 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 341.59 577.95 Td (bonds ) Tj ET Q q 0 0 0 rg BT 369.26 577.95 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 399.24 577.95 Td (2\) ) Tj ET Q q 0 0 0 rg BT 410.57 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.91 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.24 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 463.22 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 478.93 577.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.93 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 505.14 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 507.16 577.95 Td (Assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (used ) Tj ET Q q 0 0 0 rg BT 72.06 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 83.03 565.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 127.82 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 143.46 565.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 183.58 565.35 Td (return ) Tj ET Q q 0 0 0 rg BT 211.46 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 565.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 245.66 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.97 565.35 Td (tar) Tj ET Q q 0 0 0 rg BT 283.85 565.35 Td (gets ) Tj ET Q q 0 0 0 rg BT 303.58 565.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.05 565.35 Td (55%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.29 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 333.10 565.35 Td (/ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.83 565.35 Td (45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.08 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 360.89 565.35 Td (equity/bond ) Tj ET Q q 0 0 0 rg BT 413.86 565.35 Td (allocation ) Tj ET Q q 0 0 0 rg BT 458.07 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 479.55 565.35 Td (reference ) Tj ET Q q 0 0 0 rg BT 521.40 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 532.38 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 548.02 565.35 Td (15-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 71.52 552.75 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 99.48 552.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 123.35 552.75 Td (Gilt ) Tj ET Q q 0 0 0 rg BT 143.14 552.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 167.59 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 183.28 552.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 219.40 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 238.01 552.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 261.88 552.75 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 310.24 552.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 334.69 552.75 Td (yields ) Tj ET Q q 0 0 0 rg BT 363.23 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 378.92 552.75 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 410.09 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 413.54 552.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 435.66 552.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 478.19 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 494.46 552.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 538.15 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 552.10 552.75 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 88.50 540.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 111.86 540.15 Td (using ) Tj ET Q q 0 0 0 rg BT 136.98 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.17 540.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 193.59 540.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 212.29 540.15 Td (method ) Tj ET Q q 0 0 0 rg BT 246.14 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 263.67 540.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 311.52 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 321.46 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 328.48 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 346.58 540.15 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 392.67 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 403.20 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 418.39 540.15 Td (current ) Tj ET Q q 0 0 0 rg BT 450.48 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 468.58 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 481.44 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 488.46 540.15 Td (high ) Tj ET Q q 0 0 0 rg BT 509.49 540.15 Td (quality ) Tj ET Q q 0 0 0 rg BT 541.01 540.15 Td (bond ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.54 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 75.74 527.55 Td (local ) Tj ET Q q 0 0 0 rg BT 98.52 527.55 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 121.30 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 152.83 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 170.36 527.55 Td (currency) Tj ET Q q 0 0 0 rg BT 206.40 527.55 Td (. ) Tj ET Q q 0 0 0 rg BT 211.40 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 213.60 527.55 Td (There ) Tj ET Q q 0 0 0 rg BT 240.45 527.55 Td (were ) Tj ET Q q 0 0 0 rg BT 263.22 527.55 Td (no ) Tj ET Q q 0 0 0 rg BT 276.09 527.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 322.79 527.55 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 386.39 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 397.51 527.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.63 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 426.17 527.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 446.62 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 473.48 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 484.60 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.72 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 525.50 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.99 527.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 561.99 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 60.84 514.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 86.56 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 106.91 514.95 Td (most ) Tj ET Q q 0 0 0 rg BT 129.43 514.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 157.16 514.95 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 195.40 514.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 236.56 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 254.98 514.95 Td (performed ) Tj ET Q q 0 0 0 rg BT 300.80 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 311.64 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 322.48 514.95 Td (May ) Tj ET Q q 0 0 0 rg BT 343.82 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.04 514.95 Td (2013, ) Tj ET Q q 0 0 0 rg BT 384.75 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 412.51 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 430.93 514.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 466.26 514.95 Td (through ) Tj ET Q q 0 0 0 rg BT 501.02 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 515.94 514.95 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 77.99 502.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 127.28 502.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 161.96 502.35 Td (sheet ) Tj ET Q q 0 0 0 rg BT 186.16 502.35 Td (dates. ) Tj ET Q q 0 0 0 rg BT 212.99 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 215.03 502.35 Td (Accrual ) Tj ET Q q 0 0 0 rg BT 250.89 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 262.26 502.35 Td (service ) Tj ET Q q 0 0 0 rg BT 294.61 502.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 321.14 502.35 Td (under ) Tj ET Q q 0 0 0 rg BT 347.67 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.13 502.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 383.83 502.35 Td (ceased ) Tj ET Q q 0 0 0 rg BT 414.44 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 427.56 502.35 Td (October ) Tj ET Q q 0 0 0 rg BT 464.00 502.35 Td (3, ) Tj ET Q q 0 0 0 rg BT 474.50 502.35 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 477.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 106.56 477.15 Td (net ) Tj ET Q q 0 0 0 rg BT 121.14 477.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 152.04 477.15 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 198.99 477.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 244.48 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 254.97 477.15 Td (follows, ) Tj ET Q q 0 0 0 rg BT 290.85 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 299.60 477.15 Td (included ) Tj ET Q q 0 0 0 rg BT 337.50 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 347.42 477.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.99 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 391.14 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 406.01 477.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.01 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.76 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 445.67 477.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 471.04 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.20 477.15 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 80.04 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 91.41 464.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 117.94 464.55 Td (non-current ) Tj ET Q q 0 0 0 rg BT 169.55 464.55 Td (liabilities:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 426.45 322.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 426.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 426.45 91.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 426.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 426.45 91.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 385.45 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 385.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 385.45 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 385.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 385.45 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 426.45 m 371.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 426.45 m 466.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 426.45 m 561.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 385.45 m 371.5 385.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 385.45 m 466.5 385.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 385.45 m 561.5 385.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 370.45 m 371.5 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 370.45 m 466.5 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 370.45 m 561.5 370.45 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 431.24 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 431.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 415.72 Td (Fair value of plan assets \(at 5.2 % and 6.3%, respectively, expected) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 405.22 Td (weighted-average long-term return\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 405.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 405.24 Td (57,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 405.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 405.22 Td (59,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 390.22 Td (Benefit obligation \(at 3.6% and 3.3%, respectively, discount rate\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.10 390.24 Td (\(90,010) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 390.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 390.22 Td (\(98,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 390.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 375.22 Td (Unfunded status \(excess of benefit obligation over plan assets\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 375.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.10 375.24 Td (\(32,757) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 375.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 375.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 375.22 Td (\(38,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 375.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 345.75 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 345.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.55 345.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 159.33 345.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 204.54 345.75 Td (is ) Tj ET Q q 0 0 0 rg BT 214.16 345.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 268.11 345.75 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 287.25 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 287.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 287.25 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 287.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 287.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 257.25 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 257.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 257.25 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 257.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 257.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 227.25 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 227.25 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 227.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.25 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 197.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 197.25 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 197.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 197.25 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 287.25 m 372.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 287.25 m 466.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 287.25 m 561.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 197.25 m 372.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 197.25 m 466.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 197.25 m 561.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 197.25 m 372.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 182.25 m 372.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 197.25 m 466.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 182.25 m 466.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 197.25 m 561.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 182.25 m 561.5 182.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.45 302.52 Td (Y) Tj ET Q q 0 0 0 rg BT 403.98 302.52 Td (ear ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.25 292.02 Td ( March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.25 313.02 Td (Period from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.35 302.52 Td (Acquisition through) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.75 292.02 Td ( March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 277.02 Td (Beginning benefit obligation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 277.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.60 277.02 Td (98,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 277.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 277.02 Td (91,750) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 262.02 Td (Interest costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.85 262.02 Td (3,268) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 262.02 Td (1,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 247.02 Td (Actuarial \(gain\) loss) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.35 247.02 Td (\(6,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.50 247.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 247.02 Td (14,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 232.02 Td (Benefits paid) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.35 232.02 Td (\(1,524) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.50 232.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.25 232.02 Td (\(762) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 232.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 217.02 Td (Plan curtailments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 217.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.25 217.02 Td (\(789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 217.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 202.02 Td (Exchange rate changes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.35 202.02 Td (\(2,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.50 202.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 202.02 Td (\(8,280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 202.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 187.02 Td (Ending benefit obligation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.00 187.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 187.04 Td (90,010) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 187.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 187.02 Td (98,110) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 741.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 132.80 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.93 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 169.55 741.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 223.50 741.75 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 682.65 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 682.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 682.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.65 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 652.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 652.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.65 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 622.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 622.65 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 682.65 m 372.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 682.65 m 467.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 682.65 m 562.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 607.65 m 372.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 607.65 m 467.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 607.65 m 471.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 607.65 m 562.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 607.65 m 372.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 592.65 m 372.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 607.65 m 467.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 592.65 m 467.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 607.65 m 471.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 607.65 m 562.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 592.65 m 562.5 592.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.95 697.92 Td (Y) Tj ET Q q 0 0 0 rg BT 404.48 697.92 Td (ear ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.75 687.42 Td ( March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.25 708.42 Td (Period from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 697.92 Td (Acquisition through) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.75 687.42 Td ( March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 672.42 Td (Beginning plan assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 672.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.60 672.42 Td (59,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 672.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 672.42 Td (59,317) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 657.42 Td (Actual return on plan assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.25 657.42 Td (\(984) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 657.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 657.42 Td (6,028) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 642.42 Td (Employer contributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 642.42 Td (2,262) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 642.42 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 627.42 Td (Benefits paid) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.35 627.42 Td (\(1,524) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 627.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.25 627.42 Td (\(762) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 627.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 612.42 Td (Exchange rate changes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.35 612.42 Td (\(1,905) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 612.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 612.42 Td (\(5,180) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 612.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 597.42 Td (Ending plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.00 597.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.60 597.44 Td (57,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 597.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 597.42 Td (59,404) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 568.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.45 568.55 Td (the ) Tj ET Q q 0 0 0 rg BT 83.14 568.55 Td (years ) Tj ET Q q 0 0 0 rg BT 108.16 568.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.10 568.55 Td (March ) Tj ET Q q 0 0 0 rg BT 166.37 568.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.36 568.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.36 568.55 Td ( ) Tj ET Q q 0 0 0 rg BT 206.22 568.55 Td (and ) Tj ET Q q 0 0 0 rg BT 224.25 568.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 250.74 568.55 Td (a ) Tj ET Q q 0 0 0 rg BT 258.26 568.55 Td (net ) Tj ET Q q 0 0 0 rg BT 273.96 568.55 Td (periodic ) Tj ET Q q 0 0 0 rg BT 311.22 568.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 330.43 568.55 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 358.36 568.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.98 568.55 Td ($92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.73 568.55 Td ( ) Tj ET Q q 0 0 0 rg BT 388.59 568.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.62 568.55 Td ($\(815\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.61 568.55 Td (, ) Tj ET Q q 0 0 0 rg BT 440.10 568.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 490.15 568.55 Td (, ) Tj ET Q q 0 0 0 rg BT 495.64 568.55 Td (was ) Tj ET Q q 0 0 0 rg BT 514.83 568.55 Td (included ) Tj ET Q q 0 0 0 rg BT 553.85 568.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 555.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 113.29 555.95 Td (and ) Tj ET Q q 0 0 0 rg BT 131.07 555.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 166.94 555.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.38 555.95 Td (in ) Tj ET Q q 0 0 0 rg BT 214.17 555.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.63 555.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 287.67 555.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 336.37 555.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.74 555.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 381.85 555.95 Td (\(Loss\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 530.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 530.75 Td (components ) Tj ET Q q 0 0 0 rg BT 123.95 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.14 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.40 530.75 Td (net ) Tj ET Q q 0 0 0 rg BT 168.67 530.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 206.52 530.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 226.30 530.75 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 254.81 530.75 Td (for ) Tj ET Q q 0 0 0 rg BT 270.49 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.76 530.75 Td (year ) Tj ET Q q 0 0 0 rg BT 308.27 530.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 336.78 530.75 Td (March ) Tj ET Q q 0 0 0 rg BT 367.63 530.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 384.19 530.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 411.26 530.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.86 530.75 Td (for ) Tj ET Q q 0 0 0 rg BT 445.54 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 461.81 530.75 Td (period ) Tj ET Q q 0 0 0 rg BT 492.07 530.75 Td (from ) Tj ET Q q 0 0 0 rg BT 515.93 530.75 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 518.15 Td (through ) Tj ET Q q 0 0 0 rg BT 85.29 518.15 Td (March ) Tj ET Q q 0 0 0 rg BT 115.32 518.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 131.07 518.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 157.32 518.15 Td (are ) Tj ET Q q 0 0 0 rg BT 172.76 518.15 Td (as ) Tj ET Q q 0 0 0 rg BT 184.13 518.15 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.05 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 465.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 465.05 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 465.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 465.05 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.05 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 435.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 435.05 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 435.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 435.05 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 480.05 m 350.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 480.05 m 454.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 480.05 m 562.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 480.05 m 562.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 435.05 m 350.5 435.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 435.05 m 454.5 435.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 435.05 m 562.5 435.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 420.05 m 350.5 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 420.05 m 454.5 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 435.05 m 562.5 435.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 420.05 m 562.5 420.05 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.50 484.84 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 484.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 469.82 Td (Interest costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.00 469.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.85 469.84 Td (3,268) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.00 469.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 469.82 Td (1,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 454.82 Td (Expected return on plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 454.84 Td (\(3,176) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 454.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 454.82 Td (\(1,756) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 454.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 439.82 Td (Curtailment gain recognized) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.00 439.84 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.25 439.82 Td (\(789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 439.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 424.82 Td (Net periodic benefit loss \(gain\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.00 424.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.00 424.84 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.00 424.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.25 424.82 Td (\(815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 424.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 395.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.38 395.35 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 105.75 395.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 133.06 395.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.03 395.35 Td ($6,821) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 172.90 395.35 Td ( ) Tj ET Q q 0 0 0 rg BT 175.13 395.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.51 395.35 Td ($9,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.38 395.35 Td ( ) Tj ET Q q 0 0 0 rg BT 223.61 395.35 Td (were ) Tj ET Q q 0 0 0 rg BT 246.23 395.35 Td (included ) Tj ET Q q 0 0 0 rg BT 284.61 395.35 Td (in ) Tj ET Q q 0 0 0 rg BT 294.51 395.35 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 352.71 395.35 Td (other ) Tj ET Q q 0 0 0 rg BT 376.51 395.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 442.29 395.35 Td (loss, ) Tj ET Q q 0 0 0 rg BT 463.48 395.35 Td (net, ) Tj ET Q q 0 0 0 rg BT 481.15 395.35 Td (in ) Tj ET Q q 0 0 0 rg BT 491.54 395.35 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 395.35 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 382.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 382.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 116.48 382.75 Td (at ) Tj ET Q q 0 0 0 rg BT 126.68 382.75 Td (March ) Tj ET Q q 0 0 0 rg BT 156.71 382.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.46 382.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 196.09 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.87 382.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 240.12 382.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 290.17 382.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 357.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 357.55 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 357.55 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 357.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 357.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.70 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 163.15 357.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 183.85 357.55 Td (expects ) Tj ET Q q 0 0 0 rg BT 217.96 357.55 Td (to ) Tj ET Q q 0 0 0 rg BT 228.75 357.55 Td (make ) Tj ET Q q 0 0 0 rg BT 254.12 357.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 285.90 357.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 328.76 357.55 Td (over ) Tj ET Q q 0 0 0 rg BT 350.05 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 365.50 357.55 Td (next ) Tj ET Q q 0 0 0 rg BT 386.20 357.55 Td (10 ) Tj ET Q q 0 0 0 rg BT 399.33 357.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 424.69 357.55 Td (years ) Tj ET Q q 0 0 0 rg BT 449.47 357.55 Td (as ) Tj ET Q q 0 0 0 rg BT 460.84 357.55 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.05 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 347.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 347.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 317.05 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 317.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 317.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 287.05 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 287.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 287.05 60.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 336.82 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 336.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 336.82 Td (1,195) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 321.82 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 321.82 Td (1,281) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 306.82 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 306.82 Td (1,559) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 291.82 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 291.82 Td (1,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 276.82 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 276.82 Td (1,884) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 261.82 Td (2022 - 2026) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 261.82 Td (14,789) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 232.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.93 232.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.86 232.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 175.04 232.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 217.89 232.35 Td (are ) Tj ET Q q 0 0 0 rg BT 233.31 232.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 273.23 232.35 Td (to ) Tj ET Q q 0 0 0 rg BT 284.00 232.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 318.68 232.35 Td (some, ) Tj ET Q q 0 0 0 rg BT 346.08 232.35 Td (if ) Tj ET Q q 0 0 0 rg BT 355.10 232.35 Td (not ) Tj ET Q q 0 0 0 rg BT 371.13 232.35 Td (all, ) Tj ET Q q 0 0 0 rg BT 386.85 232.35 Td (funding ) Tj ET Q q 0 0 0 rg BT 422.12 232.35 Td (of ) Tj ET Q q 0 0 0 rg BT 433.48 232.35 Td (the ) Tj ET Q q 0 0 0 rg BT 448.91 232.35 Td (net ) Tj ET Q q 0 0 0 rg BT 464.35 232.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 485.03 232.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 516.79 232.35 Td (obligation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 219.75 Td (through ) Tj ET Q q 0 0 0 rg BT 86.25 219.75 Td (a ) Tj ET Q q 0 0 0 rg BT 94.50 219.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 137.75 219.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.08 219.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.50 219.75 Td (share ) Tj ET Q q 0 0 0 rg BT 192.24 219.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 233.14 219.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 280.45 219.75 Td (requiring ) Tj ET Q q 0 0 0 rg BT 322.53 219.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.68 219.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 393.85 219.75 Td (to ) Tj ET Q q 0 0 0 rg BT 405.60 219.75 Td (be ) Tj ET Q q 0 0 0 rg BT 419.10 219.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 440.76 219.75 Td (to ) Tj ET Q q 0 0 0 rg BT 452.52 219.75 Td (the ) Tj ET Q q 0 0 0 rg BT 468.93 219.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 493.22 219.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.01 219.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 517.68 219.75 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 207.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.52 207.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 150.72 207.15 Td (to ) Tj ET Q q 0 0 0 rg BT 160.84 207.15 Td (the ) Tj ET Q q 0 0 0 rg BT 175.62 207.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 195.66 207.15 Td (are ) Tj ET Q q 0 0 0 rg BT 210.43 207.15 Td (based ) Tj ET Q q 0 0 0 rg BT 236.29 207.15 Td (on ) Tj ET Q q 0 0 0 rg BT 248.75 207.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 309.02 207.15 Td (of ) Tj ET Q q 0 0 0 rg BT 319.72 207.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.50 207.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 354.53 207.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 385.64 207.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 430.18 207.15 Td (under ) Tj ET Q q 0 0 0 rg BT 456.04 207.15 Td (local ) Tj ET Q q 0 0 0 rg BT 478.40 207.15 Td (technical ) Tj ET Q q 0 0 0 rg BT 518.25 207.15 Td (provisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 194.55 Td (utilized ) Tj ET Q q 0 0 0 rg BT 83.59 194.55 Td (by ) Tj ET Q q 0 0 0 rg BT 96.19 194.55 Td (the ) Tj ET Q q 0 0 0 rg BT 111.11 194.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 131.29 194.55 Td (trustees. ) Tj ET Q q 0 0 0 rg BT 168.09 194.55 Td ( ) Tj ET Q q 0 0 0 rg BT 169.72 194.55 Td (Absent ) Tj ET Q q 0 0 0 rg BT 201.57 194.55 Td (any ) Tj ET Q q 0 0 0 rg BT 218.83 194.55 Td (such ) Tj ET Q q 0 0 0 rg BT 240.17 194.55 Td (funding ) Tj ET Q q 0 0 0 rg BT 274.94 194.55 Td (or ) Tj ET Q q 0 0 0 rg BT 285.78 194.55 Td (any ) Tj ET Q q 0 0 0 rg BT 303.04 194.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 348.29 194.55 Td (requirement ) Tj ET Q q 0 0 0 rg BT 401.11 194.55 Td (for ) Tj ET Q q 0 0 0 rg BT 415.45 194.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 459.54 194.55 Td (payments, ) Tj ET Q q 0 0 0 rg BT 504.51 194.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 535.19 194.55 Td (Currie ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 181.95 Td (expects ) Tj ET Q q 0 0 0 rg BT 84.11 181.95 Td (to ) Tj ET Q q 0 0 0 rg BT 94.90 181.95 Td (contribute ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.10 181.95 Td ($2,156) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.97 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 171.60 181.95 Td (to ) Tj ET Q q 0 0 0 rg BT 182.39 181.95 Td (the ) Tj ET Q q 0 0 0 rg BT 197.84 181.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 218.55 181.95 Td (during ) Tj ET Q q 0 0 0 rg BT 248.59 181.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.04 181.95 Td (year ) Tj ET Q q 0 0 0 rg BT 284.73 181.95 Td (ending ) Tj ET Q q 0 0 0 rg BT 315.94 181.95 Td (March ) Tj ET Q q 0 0 0 rg BT 345.96 181.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 361.71 181.95 Td (2017. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 157.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.92 157.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.83 157.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.99 157.35 Td (provisions ) Tj ET Q q 0 0 0 rg BT 221.33 157.35 Td (of ) Tj ET Q q 0 0 0 rg BT 232.67 157.35 Td (the ) Tj ET Q q 0 0 0 rg BT 248.09 157.35 Td (share ) Tj ET Q q 0 0 0 rg BT 272.83 157.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 312.74 157.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 359.05 157.35 Td (also ) Tj ET Q q 0 0 0 rg BT 378.56 157.35 Td (require ) Tj ET Q q 0 0 0 rg BT 410.88 157.35 Td (a ) Tj ET Q q 0 0 0 rg BT 418.13 157.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 465.62 157.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 513.68 157.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.02 157.35 Td (the ) Tj ET Q q 0 0 0 rg BT 540.44 157.35 Td (earn-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 144.75 Td (out ) Tj ET Q q 0 0 0 rg BT 66.34 144.75 Td (payments, ) Tj ET Q q 0 0 0 rg BT 112.13 144.75 Td (net ) Tj ET Q q 0 0 0 rg BT 127.88 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 139.55 144.75 Td (any ) Tj ET Q q 0 0 0 rg BT 157.63 144.75 Td (pension ) Tj ET Q q 0 0 0 rg BT 193.22 144.75 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 250.09 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 261.18 144.75 Td (be ) Tj ET Q q 0 0 0 rg BT 274.02 144.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 314.83 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 325.92 144.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 348.09 144.75 Td (an ) Tj ET Q q 0 0 0 rg BT 360.93 144.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 402.33 144.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 423.33 144.75 Td (for ) Tj ET Q q 0 0 0 rg BT 438.50 144.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 470.00 144.75 Td (Currie's ) Tj ET Q q 0 0 0 rg BT 505.73 144.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 564.62 144.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 132.15 Td (No ) Tj ET Q q 0 0 0 rg BT 64.93 132.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 107.26 132.15 Td (to ) Tj ET Q q 0 0 0 rg BT 117.52 132.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 164.52 132.15 Td (under ) Tj ET Q q 0 0 0 rg BT 190.52 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.44 132.15 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 260.01 132.15 Td (will ) Tj ET Q q 0 0 0 rg BT 278.43 132.15 Td (be ) Tj ET Q q 0 0 0 rg BT 290.44 132.15 Td (made ) Tj ET Q q 0 0 0 rg BT 315.27 132.15 Td (until ) Tj ET Q q 0 0 0 rg BT 336.62 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 351.54 132.15 Td (end ) Tj ET Q q 0 0 0 rg BT 368.79 132.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.63 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 394.55 132.15 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 431.63 132.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 463.17 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 465.11 132.15 Td (The ) Tj ET Q q 0 0 0 rg BT 483.53 132.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 525.86 132.15 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 119.55 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 91.11 119.55 Td (quarterly\) ) Tj ET Q q 0 0 0 rg BT 135.14 119.55 Td (is ) Tj ET Q q 0 0 0 rg BT 144.76 119.55 Td (being ) Tj ET Q q 0 0 0 rg BT 170.72 119.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 215.32 119.55 Td (over ) Tj ET Q q 0 0 0 rg BT 236.61 119.55 Td (the ) Tj ET Q q 0 0 0 rg BT 252.06 119.55 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 289.67 119.55 Td (term.) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (101) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.48 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 105.34 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 130.70 729.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 161.01 729.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 189.56 729.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 227.43 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.73 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.95 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 294.43 729.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 309.58 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 357.97 729.15 Td (Management, ) Tj ET Q q 0 0 0 rg BT 417.14 729.15 Td (LLP) Tj ET Q q 0 0 0 rg BT 435.41 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 437.14 729.15 Td (\("PK ) Tj ET Q q 0 0 0 rg BT 460.08 729.15 Td (Investments"\), ) Tj ET Q q 0 0 0 rg BT 522.96 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 529.35 729.15 Td (London ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 75.60 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 103.54 716.55 Td (manager) Tj ET Q q 0 0 0 rg BT 139.27 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 143.59 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 157.52 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 169.13 716.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 195.32 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.67 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 253.52 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.97 716.55 Td ($4,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.84 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 294.53 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 311.39 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 322.99 716.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 364.93 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 410.95 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 448.80 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.24 716.55 Td ($2,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.11 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 489.81 716.55 Td (due ) Tj ET Q q 0 0 0 rg BT 506.66 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 518.86 716.55 Td (December ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.63 703.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 93.77 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 97.02 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 116.86 703.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 151.86 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 164.12 703.95 Td (any ) Tj ET Q q 0 0 0 rg BT 182.79 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 220.71 703.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 268.54 703.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 308.21 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 328.05 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 341.47 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 368.89 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 382.90 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 414.97 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.21 703.95 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 492.25 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 495.51 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 515.34 703.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.35 703.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.82 691.35 Td (was ) Tj ET Q q 0 0 0 rg BT 107.81 691.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 139.62 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 160.95 691.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 196.86 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 218.18 691.35 Td (resources. ) Tj ET Q q 0 0 0 rg BT 263.11 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 265.77 691.35 Td (In ) Tj ET Q q 0 0 0 rg BT 277.18 691.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 325.90 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 347.23 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.72 691.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 414.08 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 438.31 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 469.56 691.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 518.27 691.35 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (life ) Tj ET Q q 0 0 0 rg BT 66.62 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 111.23 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 133.10 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 189.38 678.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 229.90 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.69 678.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 287.65 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.02 678.75 Td ($6,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.89 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 330.52 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.30 678.75 Td ($827) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.30 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.55 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 424.60 678.75 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 66.05 653.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 108.35 653.55 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 153.28 653.55 Td (LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 640.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.25 640.95 Td (May ) Tj ET Q q 0 0 0 rg BT 111.47 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.56 640.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 152.15 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.69 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 206.24 640.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 244.36 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 256.82 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 267.53 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 282.33 640.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 333.30 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.51 640.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 398.47 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 409.18 640.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 424.57 640.95 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 467.66 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 474.29 640.95 Td (customized ) Tj ET Q q 0 0 0 rg BT 524.08 640.95 Td (solutions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.83 628.35 Td (global ) Tj ET Q q 0 0 0 rg BT 96.75 628.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 148.99 628.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 184.33 628.35 Td (provider) Tj ET Q q 0 0 0 rg BT 219.32 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 224.61 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 227.09 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 246.09 628.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 273.26 628.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 313.25 628.35 Td (price ) Tj ET Q q 0 0 0 rg BT 336.91 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 355.91 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 363.24 628.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.57 628.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 423.40 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.82 628.35 Td ($1) Tj ET Q q 0 0 0 rg BT 444.93 628.35 Td (1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.56 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 473.85 628.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 505.68 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 528.77 628.35 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 74.00 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.72 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 88.19 615.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 127.95 615.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 174.99 615.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 234.28 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 245.74 615.75 Td (up ) Tj ET Q q 0 0 0 rg BT 258.96 615.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.85 615.75 Td ($10,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.98 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 306.69 615.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.58 615.75 Td ($20,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.70 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 361.42 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 376.38 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.93 615.75 Td (second ) Tj ET Q q 0 0 0 rg BT 423.81 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.69 615.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 470.07 615.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 521.77 615.75 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 71.48 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 84.80 603.15 Td (due ) Tj ET Q q 0 0 0 rg BT 103.37 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 114.94 603.15 Td (July ) Tj ET Q q 0 0 0 rg BT 135.85 603.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 160.26 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 178.83 603.15 Td (July ) Tj ET Q q 0 0 0 rg BT 199.74 603.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 226.77 603.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 276.82 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 282.85 603.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 329.41 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 343.31 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 359.55 603.15 Td (achievement ) Tj ET Q q 0 0 0 rg BT 416.01 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 428.16 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.13 603.15 Td (net ) Tj ET Q q 0 0 0 rg BT 476.37 603.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 513.00 603.15 Td (tar) Tj ET Q q 0 0 0 rg BT 523.89 603.15 Td (gets, ) Tj ET Q q 0 0 0 rg BT 546.83 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 82.20 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 92.83 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 99.95 590.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 139.15 590.55 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 177.76 590.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 226.29 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 236.92 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 252.21 590.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 280.33 590.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 331.77 590.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 370.38 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 385.08 590.55 Td (any ) Tj ET Q q 0 0 0 rg BT 402.70 590.55 Td (second ) Tj ET Q q 0 0 0 rg BT 434.32 590.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 485.76 590.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 524.38 590.55 Td (shortfall. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.24 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.72 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 109.37 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.03 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 134.77 565.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 186.24 565.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 230.14 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 252.46 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 308.02 565.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 347.83 565.35 Td (had ) Tj ET Q q 0 0 0 rg BT 364.90 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 371.47 565.35 Td (useful ) Tj ET Q q 0 0 0 rg BT 399.04 565.35 Td (life ) Tj ET Q q 0 0 0 rg BT 414.95 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 425.60 565.35 Td (10 ) Tj ET Q q 0 0 0 rg BT 438.02 565.35 Td (years ) Tj ET Q q 0 0 0 rg BT 462.08 565.35 Td (at ) Tj ET Q q 0 0 0 rg BT 471.57 565.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 522.18 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 524.10 565.35 Td (Purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (price ) Tj ET Q q 0 0 0 rg BT 73.61 552.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 114.13 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 124.92 552.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 164.88 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 174.51 552.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 214.45 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 225.24 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 237.78 552.75 Td (deductible ) Tj ET Q q 0 0 0 rg BT 284.13 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 299.00 552.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 320.30 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.75 552.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 375.71 552.75 Td (over ) Tj ET Q q 0 0 0 rg BT 396.99 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 404.28 552.75 Td (period ) Tj ET Q q 0 0 0 rg BT 433.73 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 445.10 552.75 Td (15 ) Tj ET Q q 0 0 0 rg BT 458.22 552.75 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.65 527.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 150.73 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 166.40 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.81 527.55 Td (values ) Tj ET Q q 0 0 0 rg BT 213.47 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 225.06 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 240.72 527.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 293.12 527.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 337.95 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.20 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 417.69 527.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 458.42 527.55 Td (based ) Tj ET Q q 0 0 0 rg BT 485.17 527.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 509.01 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 516.51 527.55 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.26 514.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.11 514.95 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 132.17 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 149.93 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 165.36 514.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 212.29 514.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 271.46 514.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 311.37 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 322.14 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 334.66 514.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 355.34 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 373.10 514.95 Td (discounted, ) Tj ET Q q 0 0 0 rg BT 423.82 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 450.33 514.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 473.94 514.95 Td (probability-weighted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.43 502.35 Td (projections, ) Tj ET Q q 0 0 0 rg BT 136.92 502.35 Td (using ) Tj ET Q q 0 0 0 rg BT 161.88 502.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 220.07 502.35 Td (market ) Tj ET Q q 0 0 0 rg BT 251.43 502.35 Td (data ) Tj ET Q q 0 0 0 rg BT 271.12 502.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 301.63 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 329.49 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 344.52 502.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 370.63 502.35 Td (3 ) Tj ET Q q 0 0 0 rg BT 378.08 502.35 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 442.98 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 445.03 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 463.56 502.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.09 502.35 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (used ) Tj ET Q q 0 0 0 rg BT 71.55 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 82.01 489.75 Td (these ) Tj ET Q q 0 0 0 rg BT 105.88 489.75 Td (analyses ) Tj ET Q q 0 0 0 rg BT 143.76 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 153.63 489.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 202.01 489.75 Td (including ) Tj ET Q q 0 0 0 rg BT 243.97 489.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 285.33 489.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 315.62 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 336.57 489.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 364.83 489.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.44 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.90 489.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 459.78 489.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 484.53 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 499.65 489.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 553.26 489.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (follows: ) Tj ET Q q 0 0 0 rg BT 87.04 477.15 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 439.05 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 439.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 439.05 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 439.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 439.05 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 405.05 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 405.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 405.05 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 405.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 405.05 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 439.05 m 479.5 439.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 439.05 m 561.5 439.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 439.05 m 479.5 439.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 405.05 m 479.5 405.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 405.05 m 561.5 405.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.90 443.82 Td (Projected Cash Flow Attrition, Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 443.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 428.82 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.90 428.82 Td (\(10.0\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 428.82 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.15 409.82 Td (Projected Revenue Growth Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.05 409.82 Td (Discount Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 394.82 Td (Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.15 394.82 Td (0% to 10% \(weighted-average - 6%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.00 394.82 Td (1.2% / 2.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 365.35 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.29 365.35 Td (is ) Tj ET Q q 0 0 0 rg BT 101.92 365.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 150.04 365.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 200.48 365.35 Td (to ) Tj ET Q q 0 0 0 rg BT 211.27 365.35 Td (syner) Tj ET Q q 0 0 0 rg BT 233.82 365.35 Td (gies ) Tj ET Q q 0 0 0 rg BT 253.36 365.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.30 365.35 Td (to ) Tj ET Q q 0 0 0 rg BT 304.09 365.35 Td (arise ) Tj ET Q q 0 0 0 rg BT 326.54 365.35 Td (with ) Tj ET Q q 0 0 0 rg BT 347.83 365.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 363.88 365.35 Td (Investors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 340.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.73 340.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.46 340.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.43 340.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 209.50 340.15 Td (established ) Tj ET Q q 0 0 0 rg BT 258.56 340.15 Td (at ) Tj ET Q q 0 0 0 rg BT 268.55 340.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 301.28 340.15 Td (had ) Tj ET Q q 0 0 0 rg BT 318.85 340.15 Td (an ) Tj ET Q q 0 0 0 rg BT 331.16 340.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 379.65 340.15 Td (date ) Tj ET Q q 0 0 0 rg BT 399.54 340.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.52 340.15 Td (value ) Tj ET Q q 0 0 0 rg BT 441.66 340.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.81 340.15 Td ($13,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.94 340.15 Td (. ) Tj ET Q q 0 0 0 rg BT 491.96 340.15 Td ( ) Tj ET Q q 0 0 0 rg BT 493.84 340.15 Td (As ) Tj ET Q q 0 0 0 rg BT 507.91 340.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.06 340.15 Td (March ) Tj ET Q q 0 0 0 rg BT 548.87 340.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 327.55 Td (, ) Tj ET Q q 0 0 0 rg BT 76.48 327.55 Td (the ) Tj ET Q q 0 0 0 rg BT 92.16 327.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 109.59 327.55 Td (value ) Tj ET Q q 0 0 0 rg BT 135.18 327.55 Td (of ) Tj ET Q q 0 0 0 rg BT 146.78 327.55 Td (the ) Tj ET Q q 0 0 0 rg BT 162.46 327.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 209.64 327.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 269.06 327.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 304.58 327.55 Td (has ) Tj ET Q q 0 0 0 rg BT 321.44 327.55 Td (accreted ) Tj ET Q q 0 0 0 rg BT 359.26 327.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.28 327.55 Td ($13,749) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.41 327.55 Td (, ) Tj ET Q q 0 0 0 rg BT 409.88 327.55 Td (an ) Tj ET Q q 0 0 0 rg BT 422.65 327.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.90 327.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.50 327.55 Td ($196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.50 327.55 Td ( ) Tj ET Q q 0 0 0 rg BT 495.35 327.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.62 327.55 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 327.55 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 314.95 Td (. ) Tj ET Q q 0 0 0 rg BT 75.66 314.95 Td ( ) Tj ET Q q 0 0 0 rg BT 77.70 314.95 Td (Of ) Tj ET Q q 0 0 0 rg BT 90.82 314.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.69 314.95 Td ($13,749) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.81 314.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.48 314.95 Td ($6,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.35 314.95 Td ( ) Tj ET Q q 0 0 0 rg BT 175.39 314.95 Td (relates ) Tj ET Q q 0 0 0 rg BT 204.83 314.95 Td (to ) Tj ET Q q 0 0 0 rg BT 215.04 314.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.90 314.95 Td (second ) Tj ET Q q 0 0 0 rg BT 261.10 314.95 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 312.12 314.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 350.31 314.95 Td (and ) Tj ET Q q 0 0 0 rg BT 367.51 314.95 Td (is ) Tj ET Q q 0 0 0 rg BT 376.56 314.95 Td (included ) Tj ET Q q 0 0 0 rg BT 414.75 314.95 Td (in ) Tj ET Q q 0 0 0 rg BT 424.96 314.95 Td (current ) Tj ET Q q 0 0 0 rg BT 456.73 314.95 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 505.44 314.95 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.09 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 74.84 302.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 132.17 302.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 167.91 302.35 Td (Sheet, ) Tj ET Q q 0 0 0 rg BT 195.78 302.35 Td (with ) Tj ET Q q 0 0 0 rg BT 216.37 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 231.12 302.35 Td (remainder ) Tj ET Q q 0 0 0 rg BT 275.60 302.35 Td (included ) Tj ET Q q 0 0 0 rg BT 313.68 302.35 Td (in ) Tj ET Q q 0 0 0 rg BT 323.77 302.35 Td (non-current ) Tj ET Q q 0 0 0 rg BT 374.67 302.35 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 423.26 302.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 481.75 302.35 Td (in ) Tj ET Q q 0 0 0 rg BT 491.84 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 506.58 302.35 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 289.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 112.39 289.75 Td (as ) Tj ET Q q 0 0 0 rg BT 123.76 289.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.14 289.75 Td (March ) Tj ET Q q 0 0 0 rg BT 165.17 289.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.92 289.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.92 289.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 264.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 264.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.20 264.55 Td (has ) Tj ET Q q 0 0 0 rg BT 125.72 264.55 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 264.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 182.41 264.55 Td (pro ) Tj ET Q q 0 0 0 rg BT 197.93 264.55 Td (forma ) Tj ET Q q 0 0 0 rg BT 224.52 264.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 267.45 264.55 Td (results ) Tj ET Q q 0 0 0 rg BT 296.39 264.55 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 264.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 351.91 264.55 Td (for ) Tj ET Q q 0 0 0 rg BT 365.68 264.55 Td (this ) Tj ET Q q 0 0 0 rg BT 382.37 264.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 429.97 264.55 Td (because ) Tj ET Q q 0 0 0 rg BT 464.72 264.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 264.55 Td (results ) Tj ET Q q 0 0 0 rg BT 508.01 264.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.28 264.55 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.95 Td (as ) Tj ET Q q 0 0 0 rg BT 61.15 251.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.54 251.95 Td (in ) Tj ET Q q 0 0 0 rg BT 109.11 251.95 Td (the ) Tj ET Q q 0 0 0 rg BT 124.35 251.95 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 187.98 251.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.80 251.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 294.28 251.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.44 251.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.33 251.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.56 251.95 Td (would ) Tj ET Q q 0 0 0 rg BT 397.22 251.95 Td (not ) Tj ET Q q 0 0 0 rg BT 413.04 251.95 Td (have ) Tj ET Q q 0 0 0 rg BT 435.27 251.95 Td (been ) Tj ET Q q 0 0 0 rg BT 457.50 251.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 502.47 251.95 Td (dif) Tj ET Q q 0 0 0 rg BT 513.94 251.95 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 543.46 251.95 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 251.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 239.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.79 239.35 Td (results ) Tj ET Q q 0 0 0 rg BT 118.27 239.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.08 239.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 144.57 239.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 185.13 239.35 Td (included ) Tj ET Q q 0 0 0 rg BT 223.35 239.35 Td (in ) Tj ET Q q 0 0 0 rg BT 233.58 239.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 257.22 239.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 293.84 239.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 348.98 239.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.77 239.35 Td (results ) Tj ET Q q 0 0 0 rg BT 417.25 239.35 Td (for ) Tj ET Q q 0 0 0 rg BT 431.56 239.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.45 239.35 Td (year ) Tj ET Q q 0 0 0 rg BT 466.58 239.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.71 239.35 Td (March ) Tj ET Q q 0 0 0 rg BT 523.18 239.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.37 239.35 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 226.75 Td (include ) Tj ET Q q 0 0 0 rg BT 83.53 226.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 123.47 226.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.84 226.75 Td ($12,340) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.97 226.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.59 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.38 226.75 Td (did ) Tj ET Q q 0 0 0 rg BT 205.42 226.75 Td (not ) Tj ET Q q 0 0 0 rg BT 221.46 226.75 Td (have ) Tj ET Q q 0 0 0 rg BT 243.91 226.75 Td (a ) Tj ET Q q 0 0 0 rg BT 251.20 226.75 Td (material ) Tj ET Q q 0 0 0 rg BT 288.22 226.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 319.42 226.75 Td (on ) Tj ET Q q 0 0 0 rg BT 332.54 226.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 350.33 226.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 384.44 226.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 413.31 226.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 466.68 226.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.47 226.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 501.67 226.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 535.50 226.75 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 201.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.33 201.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.67 201.55 Td (integrated ) Tj ET Q q 0 0 0 rg BT 153.41 201.55 Td (two ) Tj ET Q q 0 0 0 rg BT 172.91 201.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 209.92 201.55 Td (af) Tj ET Q q 0 0 0 rg BT 217.88 201.55 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 252.84 201.55 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 313.74 201.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.65 201.55 Td (LMGAA, ) Tj ET Q q 0 0 0 rg BT 377.53 201.55 Td (into ) Tj ET Q q 0 0 0 rg BT 397.62 201.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 414.80 201.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 457.05 201.55 Td (to ) Tj ET Q q 0 0 0 rg BT 468.97 201.55 Td (capture ) Tj ET Q q 0 0 0 rg BT 503.62 201.55 Td (syner) Tj ET Q q 0 0 0 rg BT 526.18 201.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 546.85 201.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.95 Td (leverage ) Tj ET Q q 0 0 0 rg BT 87.74 188.95 Td (the ) Tj ET Q q 0 0 0 rg BT 102.76 188.95 Td (best ) Tj ET Q q 0 0 0 rg BT 121.86 188.95 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 171.87 188.95 Td (of ) Tj ET Q q 0 0 0 rg BT 182.80 188.95 Td (each ) Tj ET Q q 0 0 0 rg BT 204.22 188.95 Td (entity) Tj ET Q q 0 0 0 rg BT 227.45 188.95 Td (. ) Tj ET Q q 0 0 0 rg BT 232.27 188.95 Td ( ) Tj ET Q q 0 0 0 rg BT 234.45 188.95 Td (In ) Tj ET Q q 0 0 0 rg BT 245.39 188.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 293.64 188.95 Td (with ) Tj ET Q q 0 0 0 rg BT 314.50 188.95 Td (the ) Tj ET Q q 0 0 0 rg BT 329.52 188.95 Td (integration, ) Tj ET Q q 0 0 0 rg BT 379.82 188.95 Td (total ) Tj ET Q q 0 0 0 rg BT 400.67 188.95 Td (char) Tj ET Q q 0 0 0 rg BT 418.55 188.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 434.73 188.95 Td (for ) Tj ET Q q 0 0 0 rg BT 449.16 188.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 505.00 188.95 Td (and ) Tj ET Q q 0 0 0 rg BT 522.35 188.95 Td (transition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 176.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.87 176.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.49 176.35 Td ($38,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.61 176.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.48 176.35 Td (were ) Tj ET Q q 0 0 0 rg BT 141.75 176.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 189.68 176.35 Td (through ) Tj ET Q q 0 0 0 rg BT 224.21 176.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.91 176.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 288.02 176.35 Td (of ) Tj ET Q q 0 0 0 rg BT 298.64 176.35 Td (the ) Tj ET Q q 0 0 0 rg BT 313.34 176.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 333.29 176.35 Td (in ) Tj ET Q q 0 0 0 rg BT 343.33 176.35 Td (March ) Tj ET Q q 0 0 0 rg BT 372.60 176.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 387.59 176.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 413.09 176.35 Td (which ) Tj ET Q q 0 0 0 rg BT 440.62 176.35 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.48 176.35 Td ($35,846) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.61 176.35 Td (, ) Tj ET Q q 0 0 0 rg BT 516.10 176.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.13 176.35 Td ($2,558) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 163.75 Td (for ) Tj ET Q q 0 0 0 rg BT 66.52 163.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.62 163.75 Td (years ) Tj ET Q q 0 0 0 rg BT 110.05 163.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 139.40 163.75 Td (March ) Tj ET Q q 0 0 0 rg BT 171.08 163.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.48 163.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 213.76 163.75 Td (and ) Tj ET Q q 0 0 0 rg BT 233.19 163.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 261.09 163.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 311.14 163.75 Td (, ) Tj ET Q q 0 0 0 rg BT 318.04 163.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 361.39 163.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 402.39 163.75 Td (in ) Tj ET Q q 0 0 0 rg BT 414.84 163.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 479.78 163.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.21 163.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 536.73 163.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 163.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 151.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.73 151.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 158.12 151.15 Td (of ) Tj ET Q q 0 0 0 rg BT 170.18 151.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 204.98 151.15 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 237.75 151.15 Td ( ) Tj ET Q q 0 0 0 rg BT 240.82 151.15 Td (These ) Tj ET Q q 0 0 0 rg BT 269.21 151.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 293.52 151.15 Td (were ) Tj ET Q q 0 0 0 rg BT 317.23 151.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 359.62 151.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 406.67 151.15 Td (of ) Tj ET Q q 0 0 0 rg BT 418.73 151.15 Td (char) Tj ET Q q 0 0 0 rg BT 436.61 151.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 453.92 151.15 Td (for ) Tj ET Q q 0 0 0 rg BT 469.48 151.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 513.61 151.15 Td (termination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 138.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 88.31 138.55 Td (including ) Tj ET Q q 0 0 0 rg BT 130.42 138.55 Td (severance ) Tj ET Q q 0 0 0 rg BT 174.26 138.55 Td (and ) Tj ET Q q 0 0 0 rg BT 191.87 138.55 Td (retention ) Tj ET Q q 0 0 0 rg BT 231.64 138.55 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 279.28 138.55 Td (as ) Tj ET Q q 0 0 0 rg BT 290.48 138.55 Td (well ) Tj ET Q q 0 0 0 rg BT 311.00 138.55 Td (as ) Tj ET Q q 0 0 0 rg BT 322.20 138.55 Td (real ) Tj ET Q q 0 0 0 rg BT 340.38 138.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 366.73 138.55 Td (related ) Tj ET Q q 0 0 0 rg BT 397.74 138.55 Td (char) Tj ET Q q 0 0 0 rg BT 415.62 138.55 Td (ges. ) Tj ET Q q 0 0 0 rg BT 434.15 138.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 454.68 138.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 499.12 138.55 Td (char) Tj ET Q q 0 0 0 rg BT 517.00 138.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 533.45 138.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 125.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 125.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 125.95 Td (integration ) Tj ET Q q 0 0 0 rg BT 124.36 125.95 Td (are ) Tj ET Q q 0 0 0 rg BT 139.80 125.95 Td (not ) Tj ET Q q 0 0 0 rg BT 155.84 125.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 195.78 125.95 Td (to ) Tj ET Q q 0 0 0 rg BT 206.57 125.95 Td (be ) Tj ET Q q 0 0 0 rg BT 219.11 125.95 Td (material.) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (102) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.50 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 91.09 741.75 Td (below ) Tj ET Q q 0 0 0 rg BT 118.93 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.51 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 162.35 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 203.61 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.53 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 250.53 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 260.87 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.88 741.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 331.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 349.04 741.75 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 422.94 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 457.79 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 480.38 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 525.69 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.00 741.75 Td (2013 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 85.29 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 115.32 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 131.07 729.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 154.69 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 172.48 729.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 221.76 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 239.63 729.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 256.26 729.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 293.86 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 329.15 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 344.61 729.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 394.47 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540.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.75 540.82 Td (286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 525.82 Td ( Year ended March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 525.82 Td (1,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 525.82 Td (1,570) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 525.82 Td (3,229) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 510.82 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 510.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 510.82 Td (1,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 510.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 510.82 Td (1,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 510.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 510.82 Td (3,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 479.82 Td (Cumulative charges incurred through March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 479.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.60 479.82 Td (26,717) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 479.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.60 479.82 Td (11,687) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 479.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 479.82 Td (38,404) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 465.95 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 465.95 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.10 465.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.09 465.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 129.54 465.95 Td (reserve ) Tj ET Q q 0 0 0 rg BT 154.63 465.95 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.30 465.95 Td ($6,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 465.95 Td ( ) Tj ET Q q 0 0 0 rg BT 187.30 465.95 Td (for ) Tj ET Q q 0 0 0 rg BT 198.63 465.95 Td (space ) Tj ET Q q 0 0 0 rg BT 218.39 465.95 Td (permanently ) Tj ET Q q 0 0 0 rg BT 260.38 465.95 Td (abandoned. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 456.35 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 456.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.10 456.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 136.87 456.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 183.30 456.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 211.07 456.35 Td (and ) Tj ET Q q 0 0 0 rg BT 224.62 456.35 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 262.58 456.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 281.02 456.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.57 456.35 Td (depreciation.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 92.88 431.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 132.85 431.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 195.27 431.75 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 419.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.97 419.15 Td (March ) Tj ET Q q 0 0 0 rg BT 96.52 419.15 Td (13, ) Tj ET Q q 0 0 0 rg BT 112.78 419.15 Td (2013, ) Tj ET Q q 0 0 0 rg BT 139.55 419.15 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 175.06 419.15 Td (a ) Tj ET Q q 0 0 0 rg BT 182.86 419.15 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 246.65 419.15 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 292.96 419.15 Td (of ) Tj ET Q q 0 0 0 rg BT 304.85 419.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 329.56 419.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 363.91 419.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 403.20 419.15 Td (all ) Tj ET Q q 0 0 0 rg BT 416.83 419.15 Td (of ) Tj ET Q q 0 0 0 rg BT 428.72 419.15 Td (the ) Tj ET Q q 0 0 0 rg BT 444.69 419.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 496.83 419.15 Td (share ) Tj ET Q q 0 0 0 rg BT 522.12 419.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 553.25 419.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 406.55 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 90.37 406.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 128.41 406.55 Td (Management, ) Tj ET Q q 0 0 0 rg BT 189.49 406.55 Td (Limited ) Tj ET Q q 0 0 0 rg BT 226.37 406.55 Td (\("Fauchier"\), ) Tj ET Q q 0 0 0 rg BT 284.93 406.55 Td (a ) Tj ET Q q 0 0 0 rg BT 293.23 406.55 Td (European ) Tj ET Q q 0 0 0 rg BT 337.09 406.55 Td (based ) Tj ET Q q 0 0 0 rg BT 364.64 406.55 Td (manager ) Tj ET Q q 0 0 0 rg BT 404.42 406.55 Td (of ) Tj ET Q q 0 0 0 rg BT 416.80 406.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 484.58 406.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 514.17 406.55 Td ( ) Tj ET Q q 0 0 0 rg BT 517.54 406.55 Td (The ) Tj ET Q q 0 0 0 rg BT 537.50 406.55 Td (initial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 393.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 89.56 393.95 Td (price ) Tj ET Q q 0 0 0 rg BT 112.79 393.95 Td (was ) Tj ET Q q 0 0 0 rg BT 131.36 393.95 Td (a ) Tj ET Q q 0 0 0 rg BT 138.27 393.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.17 393.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 197.57 393.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.56 393.95 Td ($63,433) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.69 393.95 Td (, ) Tj ET Q q 0 0 0 rg BT 247.55 393.95 Td (which ) Tj ET Q q 0 0 0 rg BT 275.46 393.95 Td (was ) Tj ET Q q 0 0 0 rg BT 294.03 393.95 Td (funded ) Tj ET Q q 0 0 0 rg BT 325.44 393.95 Td (from ) Tj ET Q q 0 0 0 rg BT 348.09 393.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 383.58 393.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 404.49 393.95 Td (resources. ) Tj ET Q q 0 0 0 rg BT 449.00 393.95 Td ( ) Tj ET Q q 0 0 0 rg BT 451.25 393.95 Td (In ) Tj ET Q q 0 0 0 rg BT 462.24 393.95 Td (May ) Tj ET Q q 0 0 0 rg BT 483.73 393.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 509.60 393.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 393.95 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 381.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.98 381.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 118.20 381.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 177.66 381.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.31 381.35 Td ($22,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.43 381.35 Td ( ) Tj ET Q q 0 0 0 rg BT 226.33 381.35 Td (\(using ) Tj ET Q q 0 0 0 rg BT 255.48 381.35 Td (the ) Tj ET Q q 0 0 0 rg BT 271.21 381.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 313.75 381.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 332.38 381.35 Td (as ) Tj ET Q q 0 0 0 rg BT 344.02 381.35 Td (of ) Tj ET Q q 0 0 0 rg BT 355.67 381.35 Td (May ) Tj ET Q q 0 0 0 rg BT 377.81 381.35 Td (5, ) Tj ET Q q 0 0 0 rg BT 388.59 381.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 412.48 381.35 Td (for ) Tj ET Q q 0 0 0 rg BT 427.63 381.35 Td (the ) Tj ET Q q 0 0 0 rg BT 443.35 381.35 Td (maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.83 381.35 Td (�15,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.96 381.35 Td ( ) Tj ET Q q 0 0 0 rg BT 525.85 381.35 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 368.75 Td (amount\) ) Tj ET Q q 0 0 0 rg BT 87.75 368.75 Td (for ) Tj ET Q q 0 0 0 rg BT 102.75 368.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.34 368.75 Td (second ) Tj ET Q q 0 0 0 rg BT 150.26 368.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 202.00 368.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 243.54 368.75 Td ( ) Tj ET Q q 0 0 0 rg BT 245.69 368.75 Td (Additional ) Tj ET Q q 0 0 0 rg BT 293.36 368.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 340.45 368.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 399.77 368.75 Td (of ) Tj ET Q q 0 0 0 rg BT 411.28 368.75 Td (up ) Tj ET Q q 0 0 0 rg BT 424.54 368.75 Td (to ) Tj ET Q q 0 0 0 rg BT 435.47 368.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.88 368.75 Td ($28,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.00 368.75 Td ( ) Tj ET Q q 0 0 0 rg BT 535.76 368.75 Td (\(using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 66.04 356.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 108.88 356.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 127.83 356.15 Td (as ) Tj ET Q q 0 0 0 rg BT 139.78 356.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.73 356.15 Td (March ) Tj ET Q q 0 0 0 rg BT 182.35 356.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 198.68 356.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.68 356.15 Td ( ) Tj ET Q q 0 0 0 rg BT 222.89 356.15 Td (for ) Tj ET Q q 0 0 0 rg BT 238.34 356.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.37 356.15 Td (�20,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.50 356.15 Td ( ) Tj ET Q q 0 0 0 rg BT 291.70 356.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 337.49 356.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 374.51 356.15 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 415.33 356.15 Td (may ) Tj ET Q q 0 0 0 rg BT 436.62 356.15 Td (be ) Tj ET Q q 0 0 0 rg BT 449.74 356.15 Td (due ) Tj ET Q q 0 0 0 rg BT 468.11 356.15 Td (on ) Tj ET Q q 0 0 0 rg BT 481.81 356.15 Td (or ) Tj ET Q q 0 0 0 rg BT 493.77 356.15 Td (about ) Tj ET Q q 0 0 0 rg BT 520.30 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 536.34 356.15 Td (fourth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 343.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 101.60 343.55 Td (of ) Tj ET Q q 0 0 0 rg BT 112.98 343.55 Td (closing, ) Tj ET Q q 0 0 0 rg BT 148.56 343.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 194.33 343.55 Td (on ) Tj ET Q q 0 0 0 rg BT 207.46 343.55 Td (achieving ) Tj ET Q q 0 0 0 rg BT 250.90 343.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 282.09 343.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 309.21 343.55 Td (of ) Tj ET Q q 0 0 0 rg BT 320.58 343.55 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 359.06 343.55 Td (net ) Tj ET Q q 0 0 0 rg BT 374.51 343.55 Td (of ) Tj ET Q q 0 0 0 rg BT 385.88 343.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 436.93 343.55 Td (costs. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 318.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.33 318.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.91 318.35 Td (value ) Tj ET Q q 0 0 0 rg BT 109.65 318.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.40 318.35 Td (the ) Tj ET Q q 0 0 0 rg BT 135.24 318.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 186.80 318.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 230.80 318.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 253.22 318.35 Td (management ) Tj ET Q q 0 0 0 rg BT 308.87 318.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 348.77 318.35 Td (is ) Tj ET Q q 0 0 0 rg BT 357.78 318.35 Td (being ) Tj ET Q q 0 0 0 rg BT 383.12 318.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 427.11 318.35 Td (over ) Tj ET Q q 0 0 0 rg BT 447.77 318.35 Td (a ) Tj ET Q q 0 0 0 rg BT 454.44 318.35 Td (period ) Tj ET Q q 0 0 0 rg BT 483.27 318.35 Td (of ) Tj ET Q q 0 0 0 rg BT 494.02 318.35 Td (six ) Tj ET Q q 0 0 0 rg BT 508.28 318.35 Td (years. ) Tj ET Q q 0 0 0 rg BT 535.06 318.35 Td ( ) Tj ET Q q 0 0 0 rg BT 536.92 318.35 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 305.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 88.77 305.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 133.39 305.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 160.51 305.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.30 305.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 218.26 305.75 Td (are ) Tj ET Q q 0 0 0 rg BT 233.70 305.75 Td (not ) Tj ET Q q 0 0 0 rg BT 249.74 305.75 Td (deductible ) Tj ET Q q 0 0 0 rg BT 296.10 305.75 Td (for ) Tj ET Q q 0 0 0 rg BT 310.97 305.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 334.01 305.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 349.46 305.75 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 280.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.69 280.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 150.80 280.55 Td (the ) Tj ET Q q 0 0 0 rg BT 166.51 280.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.95 280.55 Td (values ) Tj ET Q q 0 0 0 rg BT 213.65 280.55 Td (of ) Tj ET Q q 0 0 0 rg BT 225.27 280.55 Td (the ) Tj ET Q q 0 0 0 rg BT 240.98 280.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 301.58 280.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 346.44 280.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 368.57 280.55 Td (management ) Tj ET Q q 0 0 0 rg BT 425.09 280.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 465.86 280.55 Td (based ) Tj ET Q q 0 0 0 rg BT 492.64 280.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 516.52 280.55 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 267.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 73.47 267.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 97.53 267.95 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 140.54 267.95 Td (and ) Tj ET Q q 0 0 0 rg BT 160.51 267.95 Td (the ) Tj ET Q q 0 0 0 rg BT 178.15 267.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 227.28 267.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 288.66 267.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 330.78 267.95 Td (to ) Tj ET Q q 0 0 0 rg BT 343.76 267.95 Td (be ) Tj ET Q q 0 0 0 rg BT 358.48 267.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 381.37 267.95 Td (based ) Tj ET Q q 0 0 0 rg BT 410.09 267.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 435.90 267.95 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 528.77 267.95 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 255.35 Td (projections, ) Tj ET Q q 0 0 0 rg BT 101.82 255.35 Td (using ) Tj ET Q q 0 0 0 rg BT 127.12 255.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 185.64 255.35 Td (market ) Tj ET Q q 0 0 0 rg BT 217.33 255.35 Td (data ) Tj ET Q q 0 0 0 rg BT 237.36 255.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 268.20 255.35 Td (which ) Tj ET Q q 0 0 0 rg BT 296.40 255.35 Td (are ) Tj ET Q q 0 0 0 rg BT 311.76 255.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 338.20 255.35 Td (3 ) Tj ET Q q 0 0 0 rg BT 345.99 255.35 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 411.22 255.35 Td ( ) Tj ET Q q 0 0 0 rg BT 413.20 255.35 Td (As ) Tj ET Q q 0 0 0 rg BT 427.41 255.35 Td (is ) Tj ET Q q 0 0 0 rg BT 436.96 255.35 Td (typical ) Tj ET Q q 0 0 0 rg BT 468.07 255.35 Td (with ) Tj ET Q q 0 0 0 rg BT 489.28 255.35 Td (the ) Tj ET Q q 0 0 0 rg BT 504.65 255.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 553.27 255.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.80 242.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 89.28 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.17 242.75 Td (a ) Tj ET Q q 0 0 0 rg BT 106.97 242.75 Td (business ) Tj ET Q q 0 0 0 rg BT 144.70 242.75 Td (from ) Tj ET Q q 0 0 0 rg BT 167.26 242.75 Td (a ) Tj ET Q q 0 0 0 rg BT 174.06 242.75 Td (lar) Tj ET Q q 0 0 0 rg BT 184.94 242.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 200.50 242.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.37 242.75 Td (services ) Tj ET Q q 0 0 0 rg BT 275.33 242.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 295.55 242.75 Td (with ) Tj ET Q q 0 0 0 rg BT 316.36 242.75 Td (other ) Tj ET Q q 0 0 0 rg BT 340.08 242.75 Td (related ) Tj ET Q q 0 0 0 rg BT 370.79 242.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 419.29 242.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 443.01 242.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 473.74 242.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 513.19 242.75 Td (some ) Tj ET Q q 0 0 0 rg BT 537.50 242.75 Td (initial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 230.15 Td (contraction ) Tj ET Q q 0 0 0 rg BT 99.57 230.15 Td (in ) Tj ET Q q 0 0 0 rg BT 110.08 230.15 Td (the ) Tj ET Q q 0 0 0 rg BT 125.25 230.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 163.73 230.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 204.29 230.15 Td ( ) Tj ET Q q 0 0 0 rg BT 206.46 230.15 Td (The ) Tj ET Q q 0 0 0 rg BT 225.12 230.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 271.79 230.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 326.05 230.15 Td (used ) Tj ET Q q 0 0 0 rg BT 347.64 230.15 Td (in ) Tj ET Q q 0 0 0 rg BT 358.15 230.15 Td (these ) Tj ET Q q 0 0 0 rg BT 382.06 230.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 419.97 230.15 Td (at ) Tj ET Q q 0 0 0 rg BT 429.89 230.15 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 480.94 230.15 Td (including ) Tj ET Q q 0 0 0 rg BT 522.94 230.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 217.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 80.61 217.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 101.90 217.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 130.48 217.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 170.42 217.55 Td (and ) Tj ET Q q 0 0 0 rg BT 188.21 217.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 226.41 217.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 251.48 217.55 Td (are ) Tj ET Q q 0 0 0 rg BT 266.93 217.55 Td (summarized ) Tj ET Q q 0 0 0 rg BT 320.87 217.55 Td (as ) Tj ET Q q 0 0 0 rg BT 332.24 217.55 Td (follows: ) Tj ET Q q 0 0 0 rg BT 369.29 217.55 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 180.05 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 180.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 180.05 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 180.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 180.05 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 146.05 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 146.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 146.05 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 146.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 146.05 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 180.04999999999995 m 479.5 180.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 180.04999999999995 m 561.5 180.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 146.04999999999995 m 479.5 146.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 146.04999999999995 m 561.5 146.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.40 184.82 Td (Projected Cash Flow Growth Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 184.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 169.82 Td (Indefinite-life intangible fund management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.40 169.82 Td (\(35\)% to 11% \(weighted-average - 6% \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 169.82 Td (16.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.65 150.82 Td (Projected Revenue Growth Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 150.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 135.82 Td (Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.65 135.82 Td (\(16\)% to 3% \(weighted-average - \(5\)%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.05 135.82 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 106.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.02 106.95 Td (of ) Tj ET Q q 0 0 0 rg BT 75.11 106.95 Td (March ) Tj ET Q q 0 0 0 rg BT 104.86 106.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.33 106.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 146.30 106.95 Td (no ) Tj ET Q q 0 0 0 rg BT 159.14 106.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 205.81 106.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 264.73 106.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 299.74 106.95 Td (was ) Tj ET Q q 0 0 0 rg BT 318.41 106.95 Td (included ) Tj ET Q q 0 0 0 rg BT 356.92 106.95 Td (in ) Tj ET Q q 0 0 0 rg BT 367.43 106.95 Td (the ) Tj ET Q q 0 0 0 rg BT 382.60 106.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 440.36 106.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 476.52 106.95 Td (Sheet, ) Tj ET Q q 0 0 0 rg BT 504.82 106.95 Td (and ) Tj ET Q q 0 0 0 rg BT 522.33 106.95 Td (a ) Tj ET Q q 0 0 0 rg BT 529.33 106.95 Td (liability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 94.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.78 94.35 Td ($27,1) Tj ET Q q 0 0 0 rg BT 85.01 94.35 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.51 94.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.54 94.35 Td (was ) Tj ET Q q 0 0 0 rg BT 117.91 94.35 Td (included ) Tj ET Q q 0 0 0 rg BT 157.09 94.35 Td (as ) Tj ET Q q 0 0 0 rg BT 168.87 94.35 Td (of ) Tj ET Q q 0 0 0 rg BT 180.65 94.35 Td (March ) Tj ET Q q 0 0 0 rg BT 211.08 94.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 227.24 94.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 253.90 94.35 Td ( ) Tj ET Q q 0 0 0 rg BT 256.93 94.35 Td (During ) Tj ET Q q 0 0 0 rg BT 289.71 94.35 Td (the ) Tj ET Q q 0 0 0 rg BT 305.57 94.35 Td (three ) Tj ET Q q 0 0 0 rg BT 329.58 94.35 Td (months ) Tj ET Q q 0 0 0 rg BT 363.54 94.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 391.64 94.35 Td (December ) Tj ET Q q 0 0 0 rg BT 437.81 94.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.97 94.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 480.62 94.35 Td (due ) Tj ET Q q 0 0 0 rg BT 498.81 94.35 Td (to ) Tj ET Q q 0 0 0 rg BT 510.01 94.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 536.95 94.35 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.00 81.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 106.15 81.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 161.03 81.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 179.78 81.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 209.59 81.75 Td (over ) Tj ET Q q 0 0 0 rg BT 230.09 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.75 81.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 264.66 81.75 Td (out ) Tj ET Q q 0 0 0 rg BT 279.92 81.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 311.20 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 325.87 81.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 372.03 81.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 430.44 81.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 464.94 81.75 Td (was ) Tj ET Q q 0 0 0 rg BT 483.11 81.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 518.17 81.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.51 81.75 Td ($5,014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 81.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 69.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 89.33 69.15 Td (as ) Tj ET Q q 0 0 0 rg BT 100.69 69.15 Td (a ) Tj ET Q q 0 0 0 rg BT 107.96 69.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 134.48 69.15 Td (to ) Tj ET Q q 0 0 0 rg BT 145.25 69.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 171.77 69.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 214.03 69.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 250.46 69.15 Td (in ) Tj ET Q q 0 0 0 rg BT 261.24 69.15 Td (the ) Tj ET Q q 0 0 0 rg BT 276.68 69.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 334.70 69.15 Td (Statement ) Tj ET Q q 0 0 0 rg BT 379.30 69.15 Td (of ) Tj ET Q q 0 0 0 rg BT 390.66 69.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 424.75 69.15 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 456.82 69.15 Td ( ) Tj ET Q q 0 0 0 rg BT 459.24 69.15 Td (The ) Tj ET Q q 0 0 0 rg BT 478.17 69.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 516.92 69.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.28 69.15 Td ($27,1) Tj ET Q q 0 0 0 rg BT 551.51 69.15 Td (17) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 56.55 Td (from ) Tj ET Q q 0 0 0 rg BT 73.38 56.55 Td (March ) Tj ET Q q 0 0 0 rg BT 103.76 56.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.86 56.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 146.45 56.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 180.32 56.55 Td (this ) Tj ET Q q 0 0 0 rg BT 198.47 56.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 241.09 56.55 Td (and ) Tj ET Q q 0 0 0 rg BT 259.22 56.55 Td (the ) Tj ET Q q 0 0 0 rg BT 275.02 56.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 314.15 56.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 357.37 56.55 Td (above, ) Tj ET Q q 0 0 0 rg BT 388.04 56.55 Td (of) Tj ET Q q 0 0 0 rg BT 396.60 56.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 414.73 56.55 Td (in ) Tj ET Q q 0 0 0 rg BT 425.87 56.55 Td (part ) Tj ET Q q 0 0 0 rg BT 445.17 56.55 Td (by ) Tj ET Q q 0 0 0 rg BT 458.64 56.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 495.43 56.55 Td (in ) Tj ET Q q 0 0 0 rg BT 506.57 56.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.37 56.55 Td (exchange ) Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (103) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (rate, ) Tj ET Q q 0 0 0 rg BT 70.58 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 85.63 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.60 741.75 Td (accretion. ) Tj ET Q q 0 0 0 rg BT 139.92 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 142.15 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 153.12 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 198.48 741.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 224.33 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 248.12 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 278.93 741.75 Td (closed ) Tj ET Q q 0 0 0 rg BT 307.98 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.03 741.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 361.98 741.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 397.43 741.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 437.56 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 455.52 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 478.15 741.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 524.70 741.75 Td (executed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 729.15 Td (economically ) Tj ET Q q 0 0 0 rg BT 119.98 729.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 147.67 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.12 729.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 181.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 192.87 729.15 Td (movements ) Tj ET Q q 0 0 0 rg BT 243.90 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 254.69 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.14 729.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 312.41 729.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 330.77 729.15 Td (between ) Tj ET Q q 0 0 0 rg BT 368.38 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 383.83 729.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 405.12 729.15 Td (dollar ) Tj ET Q q 0 0 0 rg BT 432.24 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 450.02 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 465.47 729.15 Td (British ) Tj ET Q q 0 0 0 rg BT 496.69 729.15 Td (pound ) Tj ET Q q 0 0 0 rg BT 525.56 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 536.35 729.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.68 716.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 108.78 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 155.96 716.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 191.48 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 230.49 716.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 268.93 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 292.19 716.55 Td (denominated. ) Tj ET Q q 0 0 0 rg BT 351.90 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 354.76 716.55 Td (See ) Tj ET Q q 0 0 0 rg BT 372.77 716.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.04 716.55 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.54 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 409.40 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 424.50 716.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 469.34 716.55 Td (information ) Tj ET Q q 0 0 0 rg BT 521.77 716.55 Td (regarding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 98.69 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 116.48 703.95 Td (hedging.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 94.62 678.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 151.79 678.75 Td (LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.24 666.15 Td (January ) Tj ET Q q 0 0 0 rg BT 100.30 666.15 Td (22, ) Tj ET Q q 0 0 0 rg BT 115.84 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.87 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.85 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 196.84 666.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 235.40 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 242.47 666.15 Td (minority ) Tj ET Q q 0 0 0 rg BT 281.04 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.70 666.15 Td (position ) Tj ET Q q 0 0 0 rg BT 345.94 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 356.52 666.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 398.58 666.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 454.36 666.15 Td (LLC ) Tj ET Q q 0 0 0 rg BT 476.60 666.15 Td (\("Precidian"\), ) Tj ET Q q 0 0 0 rg BT 536.85 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 543.92 666.15 Td (firm ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (specializing ) Tj ET Q q 0 0 0 rg BT 103.12 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 114.26 653.55 Td (creating ) Tj ET Q q 0 0 0 rg BT 151.05 653.55 Td (innovative ) Tj ET Q q 0 0 0 rg BT 198.34 653.55 Td (products ) Tj ET Q q 0 0 0 rg BT 237.48 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 255.61 653.55 Td (solutions ) Tj ET Q q 0 0 0 rg BT 296.51 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 314.64 653.55 Td (solving ) Tj ET Q q 0 0 0 rg BT 348.53 653.55 Td (market ) Tj ET Q q 0 0 0 rg BT 380.66 653.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 420.37 653.55 Td (issues, ) Tj ET Q q 0 0 0 rg BT 451.05 653.55 Td (particularly ) Tj ET Q q 0 0 0 rg BT 502.42 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 524.06 653.55 Td (regard ) Tj ET Q q 0 0 0 rg BT 553.84 653.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 640.95 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 109.28 640.95 Td (T) Tj ET Q q 0 0 0 rg BT 115.33 640.95 Td (raded ) Tj ET Q q 0 0 0 rg BT 141.27 640.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 169.57 640.95 Td (marketplace.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 615.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 115.98 615.75 Td (required ) Tj ET Q q 0 0 0 rg BT 152.76 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.22 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.67 615.75 Td (payment, ) Tj ET Q q 0 0 0 rg BT 220.25 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 247.71 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 265.83 615.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 296.79 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 318.99 615.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 354.04 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 374.49 615.75 Td (resources. ) Tj ET Q q 0 0 0 rg BT 418.56 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 420.36 615.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 448.39 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.02 615.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 488.14 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.68 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.31 615.75 Td (transaction, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.88 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.76 603.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.21 603.15 Td (series ) Tj ET Q q 0 0 0 rg BT 169.42 603.15 Td (B ) Tj ET Q q 0 0 0 rg BT 178.72 603.15 Td (preferred ) Tj ET Q q 0 0 0 rg BT 219.49 603.15 Td (units ) Tj ET Q q 0 0 0 rg BT 242.21 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 253.26 603.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 295.21 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 313.26 603.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 341.80 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 365.68 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 396.56 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 407.03 603.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.98 603.15 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.22 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 491.53 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 502.57 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 517.70 603.15 Td (voting ) Tj ET Q q 0 0 0 rg BT 546.84 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 93.04 590.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 130.27 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 141.24 590.55 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 185.75 590.55 Td (along ) Tj ET Q q 0 0 0 rg BT 211.30 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 232.20 590.55 Td (customary ) Tj ET Q q 0 0 0 rg BT 278.16 590.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 318.86 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 347.33 590.55 Td (protections. ) Tj ET Q q 0 0 0 rg BT 398.84 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 400.58 590.55 Td (At ) Tj ET Q q 0 0 0 rg BT 413.31 590.55 Td (its ) Tj ET Q q 0 0 0 rg BT 425.45 590.55 Td (sole ) Tj ET Q q 0 0 0 rg BT 444.60 590.55 Td (option ) Tj ET Q q 0 0 0 rg BT 473.66 590.55 Td (during ) Tj ET Q q 0 0 0 rg BT 503.30 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 518.36 590.55 Td (48 ) Tj ET Q q 0 0 0 rg BT 531.08 590.55 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (following ) Tj ET Q q 0 0 0 rg BT 93.04 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 108.08 577.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 134.78 577.95 Td (investment, ) Tj ET Q q 0 0 0 rg BT 185.69 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 209.48 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.27 577.95 Td (may) Tj ET Q q 0 0 0 rg BT 257.67 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 262.50 577.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 294.45 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 304.83 577.95 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 354.86 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 396.58 577.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 429.12 577.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 477.71 577.95 Td (convert ) Tj ET Q q 0 0 0 rg BT 511.40 577.95 Td (its ) Tj ET Q q 0 0 0 rg BT 523.53 577.95 Td (preferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (units ) Tj ET Q q 0 0 0 rg BT 73.05 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.84 565.35 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.09 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 105.71 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 117.08 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.54 565.35 Td (common ) Tj ET Q q 0 0 0 rg BT 171.91 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 200.78 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 212.15 565.35 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 254.43 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 267.55 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 274.84 565.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 297.29 565.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 329.08 565.35 Td (basis.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.21 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.43 540.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 144.81 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 159.69 540.15 Td (its ) Tj ET Q q 0 0 0 rg BT 172.25 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.96 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 231.77 540.15 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 276.68 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 304.98 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 314.62 540.15 Td (included ) Tj ET Q q 0 0 0 rg BT 353.42 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 540.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 390.77 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.90 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 428.71 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 444.18 540.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 502.23 540.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 538.68 540.15 Td (Sheet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 72.74 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 102.77 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.52 527.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 144.77 527.55 Td (under ) Tj ET Q q 0 0 0 rg BT 171.31 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 186.76 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 215.63 527.55 Td (method ) Tj ET Q q 0 0 0 rg BT 249.75 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 261.12 527.55 Td (accounting.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 68.87 502.35 Td (rustPermal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.77 489.75 Td (May ) Tj ET Q q 0 0 0 rg BT 87.96 489.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 98.77 489.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.33 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.84 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 181.37 489.75 Td (closed ) Tj ET Q q 0 0 0 rg BT 211.13 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 218.73 489.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 267.73 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 278.84 489.75 Td (combine ) Tj ET Q q 0 0 0 rg BT 317.93 489.75 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 353.24 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 377.75 489.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 415.25 489.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 451.44 489.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 479.45 489.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 501.63 489.75 Td (platform, ) Tj ET Q q 0 0 0 rg BT 543.35 489.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 477.15 Td (rust, ) Tj ET Q q 0 0 0 rg BT 88.00 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 99.82 477.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 146.04 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 168.37 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 223.92 477.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 243.91 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 264.50 477.15 Td (lar) Tj ET Q q 0 0 0 rg BT 275.38 477.15 Td (gely ) Tj ET Q q 0 0 0 rg BT 295.37 477.15 Td (complimentary ) Tj ET Q q 0 0 0 rg BT 360.85 477.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 408.84 477.15 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 453.03 477.15 Td (investor ) Tj ET Q q 0 0 0 rg BT 488.77 477.15 Td (base ) Tj ET Q q 0 0 0 rg BT 509.34 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 477.15 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 68.87 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 79.58 464.55 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 114.48 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.02 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 128.30 464.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 176.90 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 198.11 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 213.47 464.55 Td (combination, ) Tj ET Q q 0 0 0 rg BT 271.13 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 295.24 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 326.36 464.55 Td (expects ) Tj ET Q q 0 0 0 rg BT 360.38 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 371.08 464.55 Td (incur ) Tj ET Q q 0 0 0 rg BT 395.19 464.55 Td (total ) Tj ET Q q 0 0 0 rg BT 416.39 464.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 472.58 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 490.28 464.55 Td (transition-related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (char) Tj ET Q q 0 0 0 rg BT 67.88 451.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 83.95 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 94.76 451.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 157.48 451.95 Td ($100,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 196.86 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 201.56 451.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 242.70 451.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 288.51 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 299.33 451.95 Td (char) Tj ET Q q 0 0 0 rg BT 317.21 451.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 333.28 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 347.59 451.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 390.48 451.95 Td (termination ) Tj ET Q q 0 0 0 rg BT 440.96 451.95 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 478.89 451.95 Td (including ) Tj ET Q q 0 0 0 rg BT 520.63 451.95 Td (severance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 68.07 439.35 Td (retention ) Tj ET Q q 0 0 0 rg BT 108.30 439.35 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 156.40 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 174.47 439.35 Td (real ) Tj ET Q q 0 0 0 rg BT 193.11 439.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 219.92 439.35 Td (related ) Tj ET Q q 0 0 0 rg BT 251.39 439.35 Td (char) Tj ET Q q 0 0 0 rg BT 269.27 439.35 Td (ges. ) Tj ET Q q 0 0 0 rg BT 288.80 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 291.71 439.35 Td (Char) Tj ET Q q 0 0 0 rg BT 311.93 439.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 328.83 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 343.98 439.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 400.54 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 418.61 439.35 Td (transition ) Tj ET Q q 0 0 0 rg BT 461.18 439.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 485.08 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 500.24 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 515.97 439.35 Td (year ) Tj ET Q q 0 0 0 rg BT 536.95 439.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 80.69 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 97.11 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.02 426.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.72 426.75 Td ($43,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.84 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 187.76 426.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 230.12 426.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 270.13 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 281.93 426.75 Td (T) Tj ET Q q 0 0 0 rg BT 287.98 426.75 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 360.08 426.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 421.69 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 433.14 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.26 426.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 507.97 426.75 Td (Statement ) Tj ET Q q 0 0 0 rg BT 553.25 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.13 414.15 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 116.22 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 118.86 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.08 414.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 174.30 414.15 Td (expects ) Tj ET Q q 0 0 0 rg BT 208.43 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 226.81 414.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.10 414.15 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.23 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 326.87 414.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.68 414.15 Td ($50,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.80 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 374.44 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 385.83 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 401.30 414.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 446.51 414.15 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 495.21 414.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.85 414.15 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 86.75 401.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 141.86 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 160.82 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 173.36 401.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 210.97 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 221.76 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 237.21 401.55 Td (year ) Tj ET Q q 0 0 0 rg BT 257.90 401.55 Td (ending ) Tj ET Q q 0 0 0 rg BT 289.11 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 319.14 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 334.89 401.55 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.50 376.35 Td (table ) Tj ET Q q 0 0 0 rg BT 91.09 376.35 Td (below ) Tj ET Q q 0 0 0 rg BT 118.93 376.35 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.51 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 162.35 376.35 Td (summary ) Tj ET Q q 0 0 0 rg BT 203.61 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 214.53 376.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 250.53 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 260.87 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 275.88 376.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 331.71 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 349.04 376.35 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 422.94 376.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 457.79 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 480.38 376.35 Td (December ) Tj ET Q q 0 0 0 rg BT 525.69 376.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.00 376.35 Td (2015 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (through ) Tj ET Q q 0 0 0 rg BT 85.29 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 115.32 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 131.07 363.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 154.69 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.48 363.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 221.76 363.75 Td (char) Tj ET Q q 0 0 0 rg BT 239.63 363.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 256.26 363.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 293.86 363.75 Td (through ) Tj ET Q q 0 0 0 rg BT 329.15 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 359.18 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 374.93 363.75 Td (2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.25 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 338.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 338.25 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 338.25 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 338.25 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 338.25 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 338.25 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.25 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 310.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 310.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 310.25 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 310.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 310.25 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 310.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.25 250.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 280.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 280.25 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 280.25 11.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 280.25 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 280.25 16.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 280.25 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.25 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 235.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 235.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 235.25 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 235.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 235.25 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 235.25 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 338.25 m 300.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 338.25 m 381.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 338.25 m 469.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 338.25 m 562.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 295.25 m 300.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 295.25 m 381.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 280.25 m 300.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 280.25 m 381.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 295.25 m 469.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 280.25 m 469.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 295.25 m 562.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 280.25 m 562.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 243.25 m 300.5 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 243.25 m 381.5 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 243.25 m 469.5 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 243.25 m 562.5 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 220.25 m 300.5 220.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 220.25 m 381.5 220.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 220.25 m 469.5 220.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 220.25 m 562.5 220.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.15 343.02 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.50 343.02 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.75 343.02 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 328.47 Td (Balance as of December 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.00 328.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 328.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 328.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 314.47 Td (Accrued charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.60 314.47 Td (31,581) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 314.47 Td (9,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.00 316.20 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 314.47 Td (41,562) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 300.02 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.10 300.02 Td (\(21,938) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.50 300.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.35 300.02 Td (\(2,097) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.50 300.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 300.02 Td (\(24,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 300.02 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 285.04 Td (Balance as of March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 285.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 285.04 Td (9,643) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 285.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.85 285.04 Td (7,884) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 488.00 285.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 285.04 Td (17,527) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 263.02 Td (Non-cash char) Tj ET Q q 0 0 0 rg BT 113.74 263.02 Td (ges) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 127.74 267.78 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 248.04 Td ( Year ended March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 248.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 361.75 248.04 Td (591) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 248.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.85 248.04 Td (1,143) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 488.00 248.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 248.04 Td (1,734) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 225.04 Td (Cumulative charges incurred through March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 225.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 348.60 225.04 Td (32,172) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 225.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 436.60 225.04 Td (11,124) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 488.00 225.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 225.04 Td (43,296) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 210.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 210.55 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 210.55 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 210.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.10 210.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.09 210.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 129.54 210.55 Td (reserve ) Tj ET Q q 0 0 0 rg BT 154.63 210.55 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.30 210.55 Td ($7,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 210.55 Td ( ) Tj ET Q q 0 0 0 rg BT 187.30 210.55 Td (for ) Tj ET Q q 0 0 0 rg BT 198.63 210.55 Td (space ) Tj ET Q q 0 0 0 rg BT 218.39 210.55 Td (permanently ) Tj ET Q q 0 0 0 rg BT 260.38 210.55 Td (abandoned.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 200.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.04 200.35 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 200.35 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 200.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 200.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 141.17 200.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 190.51 200.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 220.01 200.35 Td (and ) Tj ET Q q 0 0 0 rg BT 234.41 200.35 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 274.75 200.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 294.34 200.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 312.99 200.35 Td (depreciation.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 175.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 85.89 175.15 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.55 Td (On ) Tj ET Q q 0 0 0 rg BT 65.91 162.55 Td (April ) Tj ET Q q 0 0 0 rg BT 92.03 162.55 Td (13, ) Tj ET Q q 0 0 0 rg BT 109.10 162.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 136.68 162.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.21 162.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 194.74 162.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 234.84 162.55 Td (a ) Tj ET Q q 0 0 0 rg BT 243.45 162.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 282.98 162.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 313.18 162.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.03 162.55 Td (in ) Tj ET Q q 0 0 0 rg BT 360.15 162.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 395.60 162.55 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 436.58 162.55 Td (a ) Tj ET Q q 0 0 0 rg BT 445.19 162.55 Td (diversified ) Tj ET Q q 0 0 0 rg BT 494.05 162.55 Td (real ) Tj ET Q q 0 0 0 rg BT 513.74 162.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 541.59 162.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.95 Td (management ) Tj ET Q q 0 0 0 rg BT 105.90 149.95 Td (firm ) Tj ET Q q 0 0 0 rg BT 126.23 149.95 Td (based ) Tj ET Q q 0 0 0 rg BT 152.39 149.95 Td (in ) Tj ET Q q 0 0 0 rg BT 162.81 149.95 Td (New ) Tj ET Q q 0 0 0 rg BT 184.55 149.95 Td (Y) Tj ET Q q 0 0 0 rg BT 191.08 149.95 Td (ork. ) Tj ET Q q 0 0 0 rg BT 209.96 149.95 Td ( ) Tj ET Q q 0 0 0 rg BT 212.21 149.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 245.96 149.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 282.62 149.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 322.77 149.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.67 149.95 Td ($41,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.17 149.95 Td ( ) Tj ET Q q 0 0 0 rg BT 440.42 149.95 Td (in ) Tj ET Q q 0 0 0 rg BT 450.34 149.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 477.10 149.95 Td (as ) Tj ET Q q 0 0 0 rg BT 488.10 149.95 Td (of ) Tj ET Q q 0 0 0 rg BT 498.60 149.95 Td (April ) Tj ET Q q 0 0 0 rg BT 523.01 149.95 Td (30, ) Tj ET Q q 0 0 0 rg BT 538.39 149.95 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 124.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.82 124.75 Td (18 ) Tj ET Q q 0 0 0 rg BT 103.95 124.75 Td (for ) Tj ET Q q 0 0 0 rg BT 118.82 124.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 163.43 124.75 Td (information ) Tj ET Q q 0 0 0 rg BT 215.63 124.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 258.49 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.94 124.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 326.73 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 338.10 124.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 355.81 124.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 374.19 124.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.97 124.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 426.09 124.75 Td (Partners.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 99.55 Td (Disposition) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 74.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 74.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.59 74.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 157.05 74.35 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 195.27 74.35 Td (& ) Tj ET Q q 0 0 0 rg BT 206.06 74.35 Td (T) Tj ET Q q 0 0 0 rg BT 212.09 74.35 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.62 61.75 Td (November ) Tj ET Q q 0 0 0 rg BT 112.73 61.75 Td (7, ) Tj ET Q q 0 0 0 rg BT 123.40 61.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 149.81 61.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 174.18 61.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 205.55 61.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 252.08 61.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.70 61.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 314.82 61.75 Td (announced ) Tj ET Q q 0 0 0 rg BT 363.09 61.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 382.20 61.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.74 61.75 Td (all ) Tj ET Q q 0 0 0 rg BT 407.03 61.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.56 61.75 Td (its ) Tj ET Q q 0 0 0 rg BT 431.28 61.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.31 61.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 498.10 61.75 Td (in ) Tj ET Q q 0 0 0 rg BT 509.05 61.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 61.75 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 49.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 100.02 49.15 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 137.80 49.15 Td (& ) Tj ET Q q 0 0 0 rg BT 149.08 49.15 Td (T) Tj ET Q q 0 0 0 rg BT 155.13 49.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 174.24 49.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.44 49.15 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 242.21 49.15 Td (\("LMIC"\) ) Tj ET Q q 0 0 0 rg BT 287.39 49.15 Td (for ) Tj ET Q q 0 0 0 rg BT 303.00 49.15 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 343.67 49.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.78 49.15 Td ($47,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.91 49.15 Td ( ) Tj ET Q q 0 0 0 rg BT 393.27 49.15 Td (to ) Tj ET Q q 0 0 0 rg BT 404.80 49.15 Td (Stifel ) Tj ET Q q 0 0 0 rg BT 430.91 49.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.34 49.15 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 533.43 49.15 Td (Global ) Tj ET Q endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 741.75 Td (ealth ) Tj ET Q q 0 0 0 rg BT 82.26 741.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 139.85 741.75 Td (segment. ) Tj ET Q q 0 0 0 rg BT 180.25 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 182.83 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 201.93 741.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 221.04 741.75 Td (did ) Tj ET Q q 0 0 0 rg BT 237.24 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 253.43 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 276.04 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 283.48 741.75 Td (material ) Tj ET Q q 0 0 0 rg BT 320.66 741.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.01 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 365.29 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 389.64 741.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 426.99 741.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 482.84 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 522.35 741.75 Td (condition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.37 729.15 Td (results ) Tj ET Q q 0 0 0 rg BT 91.41 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 102.78 729.15 Td (operations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 704.55 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 704.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 704.55 Td (INVESTMENTS ) Tj ET Q q 0 0 0 rg BT 138.49 704.55 Td (AND F) Tj ET Q q 0 0 0 rg BT 169.49 704.55 Td (AIR ) Tj ET Q q 0 0 0 rg BT 191.18 704.55 Td (V) Tj ET Q q 0 0 0 rg BT 197.41 704.55 Td (ALUES OF) Tj ET Q q 0 0 0 rg BT 249.24 704.55 Td ( ) Tj ET Q q 0 0 0 rg BT 251.29 704.55 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 292.44 704.55 Td (AND LIABILITIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.60 704.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 679.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.24 679.35 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 119.31 679.35 Td (below ) Tj ET Q q 0 0 0 rg BT 148.38 679.35 Td (include ) Tj ET Q q 0 0 0 rg BT 182.70 679.35 Td (details ) Tj ET Q q 0 0 0 rg BT 213.52 679.35 Td (of ) Tj ET Q q 0 0 0 rg BT 225.68 679.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 250.67 679.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 288.64 679.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.79 679.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.70 679.35 Td (and ) Tj ET Q q 0 0 0 rg BT 375.27 679.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.41 679.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 457.91 679.35 Td (that ) Tj ET Q q 0 0 0 rg BT 477.06 679.35 Td (are ) Tj ET Q q 0 0 0 rg BT 493.29 679.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.94 679.35 Td (at ) Tj ET Q q 0 0 0 rg BT 547.93 679.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 76.33 666.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 119.21 666.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 666.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.70 666.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.67 666.75 Td (and ) Tj ET Q q 0 0 0 rg BT 214.30 666.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.50 666.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 293.05 666.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.26 666.75 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 329.53 666.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.00 666.75 Td (See ) Tj ET Q q 0 0 0 rg BT 347.63 666.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.51 666.75 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.01 666.75 Td (, ) Tj ET Q q 0 0 0 rg BT 383.99 666.75 Td (V) Tj ET Q q 0 0 0 rg BT 390.41 666.75 Td (ariable ) Tj ET Q q 0 0 0 rg BT 420.44 666.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 453.40 666.75 Td (Entities ) Tj ET Q q 0 0 0 rg BT 486.95 666.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.58 666.75 Td (Consolidation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 654.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 109.96 654.15 Td (V) Tj ET Q q 0 0 0 rg BT 116.38 654.15 Td (ehicles, ) Tj ET Q q 0 0 0 rg BT 150.79 654.15 Td (for ) Tj ET Q q 0 0 0 rg BT 165.65 654.15 Td (information ) Tj ET Q q 0 0 0 rg BT 217.85 654.15 Td (related ) Tj ET Q q 0 0 0 rg BT 249.04 654.15 Td (to ) Tj ET Q q 0 0 0 rg BT 259.83 654.15 Td (the ) Tj ET Q q 0 0 0 rg BT 275.29 654.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.41 654.15 Td (and ) Tj ET Q q 0 0 0 rg BT 320.20 654.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 361.90 654.15 Td (of ) Tj ET Q q 0 0 0 rg BT 373.27 654.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 398.07 654.15 Td (that ) Tj ET Q q 0 0 0 rg BT 416.44 654.15 Td (are ) Tj ET Q q 0 0 0 rg BT 431.88 654.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 474.74 654.15 Td (at ) Tj ET Q q 0 0 0 rg BT 484.94 654.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 502.14 654.15 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.92 628.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.59 628.95 Td (values ) Tj ET Q q 0 0 0 rg BT 113.51 628.95 Td (of ) Tj ET Q q 0 0 0 rg BT 124.35 628.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 163.18 628.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.77 628.95 Td (and ) Tj ET Q q 0 0 0 rg BT 207.03 628.95 Td (\(liabilities\) ) Tj ET Q q 0 0 0 rg BT 255.20 628.95 Td (of ) Tj ET Q q 0 0 0 rg BT 266.04 628.95 Td (the ) Tj ET Q q 0 0 0 rg BT 280.96 628.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.89 628.95 Td (were ) Tj ET Q q 0 0 0 rg BT 346.39 628.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 395.71 628.95 Td (using ) Tj ET Q q 0 0 0 rg BT 420.56 628.95 Td (the ) Tj ET Q q 0 0 0 rg BT 435.49 628.95 Td (following ) Tj ET Q q 0 0 0 rg BT 478.41 628.95 Td (categories ) Tj ET Q q 0 0 0 rg BT 523.07 628.95 Td (of ) Tj ET Q q 0 0 0 rg BT 533.91 628.95 Td (inputs:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 544.85 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 510.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 510.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 510.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 510.85 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 480.85 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 480.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 480.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 480.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 480.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 480.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 480.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 480.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 480.85 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 439.85 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 439.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 439.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 439.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 439.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 439.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 439.85 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 439.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 439.85 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 409.85 196.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 409.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 409.85 81.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 409.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 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164.85000000000002 m 500 164.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 164.85000000000002 m 562 164.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 149.85000000000002 m 245 149.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 149.85000000000002 m 330 149.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 164.85000000000002 m 415 164.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 149.85000000000002 m 415 149.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 164.85000000000002 m 500 164.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 149.85000000000002 m 500 149.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 164.85000000000002 m 562 164.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 149.85000000000002 m 562 149.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 104.85000000000002 m 330 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 104.85000000000002 m 415 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 104.85000000000002 m 500 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 104.85000000000002 m 562 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 104.85000000000002 m 245 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 89.85000000000002 m 245 89.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 104.85000000000002 m 330 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 89.85000000000002 m 330 89.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 104.85000000000002 m 415 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 89.85000000000002 m 415 89.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 104.85000000000002 m 500 104.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 89.85000000000002 m 500 89.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 89.85000000000002 m 562 89.85000000000002 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.40 595.64 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 402.70 595.64 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 549.62 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.95 570.64 Td (Quoted prices in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.15 560.14 Td (active markets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 269.30 549.64 Td (\(Level 1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 336.60 581.14 Td (Significant other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.75 570.64 Td (observable) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.95 560.14 Td (inputs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 354.30 549.64 Td (\(Level 2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.75 581.14 Td (Significant) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.95 570.64 Td (unobservable) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.95 560.14 Td (inputs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.30 549.64 Td (\(Level 3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 521.00 549.64 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 534.64 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 515.62 Td (Cash equivalents:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 131.86 520.38 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 500.62 Td (Money market funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 500.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.00 500.64 Td (1,057,916) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 336.50 500.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 500.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 421.50 500.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 500.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 506.50 500.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 500.64 Td (1,057,916) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 485.62 Td (Time deposits and other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 485.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.10 485.64 Td (35,265) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 485.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 485.64 Td (35,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 470.62 Td (Total cash equivalents) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.00 470.64 Td (1,057,916) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.10 470.64 Td (35,265) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 470.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 470.64 Td (1,093,181) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 455.12 Td (T) Tj ET Q q 0 0 0 rg BT 63.54 455.12 Td (rading investments of proprietary fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 444.62 Td (products and other trading investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 232.72 449.38 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 558.50 444.64 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 429.62 Td (Seed capital investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 291.85 429.64 Td (205,608) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 429.64 Td (120,216) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.25 429.64 Td (112) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.85 429.64 Td (325,936) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.00 414.62 Td (Other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.91 419.38 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 297.10 414.64 Td (65,112) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.35 414.64 Td (2,352) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 414.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 414.64 Td (67,464) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 399.12 Td (T) Tj ET Q q 0 0 0 rg BT 63.54 399.12 Td (rading investments relating to long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 388.62 Td (incentive compensation plans) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 190.72 393.38 Td (\(4\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 291.85 388.64 Td (105,979) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.25 388.64 Td (585) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 388.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.85 388.64 Td (106,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 373.62 Td (Equity method investments relating to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 363.12 Td (proprietary fund products and long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 352.62 Td (incentive compensation plans:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 193.64 357.38 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 337.62 Td (Seed capital investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.35 337.64 Td (1,329) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.35 337.64 Td (7,575) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 337.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 337.64 Td (8,904) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 322.12 Td (Investments related to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 311.62 Td (incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 311.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.35 311.64 Td (6,467) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 311.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 311.64 Td (6,467) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 296.62 Td (T) Tj ET Q q 0 0 0 rg BT 63.18 296.62 Td (otal current investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 164.07 301.38 Td (\(6\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 291.85 296.64 Td (378,028) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 296.64 Td (137,195) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.25 296.64 Td (112) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.85 296.64 Td (515,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 281.12 Td (Equity method investments in partnerships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 270.62 Td (and LLCs:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 111.12 275.38 Td (\(5\)\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 255.62 Td (Seed capital investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 255.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 255.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.10 255.64 Td (20,439) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 255.64 Td (20,439) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 240.12 Td (Investments related to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 229.62 Td (incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 229.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 229.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 472.35 229.64 Td (7,501) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 229.64 Td (7,501) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 214.62 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 214.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 214.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 472.35 214.64 Td (9,352) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 214.64 Td (9,352) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 199.62 Td (Investments in partnerships and LLCs) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 217.31 204.38 Td (\(7\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 199.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 199.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 472.35 199.64 Td (8,013) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 199.64 Td (8,013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 184.62 Td (Derivative assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 128.94 189.38 Td (\(7\)\(8\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.35 184.64 Td (1,051) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.35 184.64 Td (7,599) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 184.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 184.64 Td (8,650) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 169.62 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 134.20 174.38 Td (\(7\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 169.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 169.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 169.64 Td (83) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 547.50 169.64 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 154.62 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 154.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.00 154.64 Td (1,436,995) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 336.50 154.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 154.64 Td (180,059) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 421.50 154.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.10 154.64 Td (45,500) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 506.50 154.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 154.64 Td (1,662,554) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 139.64 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 124.62 Td (Contingent consideration liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 205.06 129.38 Td (\(9\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 124.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 124.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 463.60 124.64 Td (\(84,585) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 124.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.60 124.64 Td (\(84,585) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 558.00 124.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 109.62 Td (Derivative liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.52 114.38 Td (\(8\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 109.64 Td (\(18,079) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.00 109.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 109.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.50 109.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.60 109.64 Td (\(18,079) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 558.00 109.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 94.62 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 94.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 94.64 Td (\(18,079) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.00 94.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 336.50 94.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.50 94.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 421.50 94.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 463.60 94.64 Td (\(84,585) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 94.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 506.50 94.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.35 94.64 Td (\(102,664) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 558.00 94.64 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (105) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 686.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 686.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 686.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 686.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 686.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 686.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 686.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 686.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 686.50 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 656.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 656.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 656.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 656.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 656.50 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 626.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 626.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 626.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 626.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 626.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 626.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 626.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 626.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 626.50 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 585.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 585.50 4.00 -15.00 re f 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340.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 340.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 340.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 340.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 340.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 340.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 340.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 340.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 340.50 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 310.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 310.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 310.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 310.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 310.50 81.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 250.50 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 250.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 250.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 250.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 250.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 250.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 250.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 250.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 250.50 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 733.5 m 330 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 733.5 m 334 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 733.5 m 415 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 733.5 m 419 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 733.5 m 500 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 733.5 m 504 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 733.5 m 562 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 245 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 686.5 m 330 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 686.5 m 415 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 686.5 m 500 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 626.5 m 330 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 626.5 m 415 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 626.5 m 500 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 626.5 m 245 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 611.5 m 245 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 626.5 m 330 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 611.5 m 330 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 626.5 m 415 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 611.5 m 415 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 626.5 m 500 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 611.5 m 500 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 626.5 m 562 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 611.5 m 562 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 611.5 m 245 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 452.5 m 245 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 452.5 m 330 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 452.5 m 415 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 452.5 m 500 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 452.5 m 562 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 437.5 m 245 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 437.5 m 330 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 437.5 m 415 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 437.5 m 500 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 452.5 m 562 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 437.5 m 562 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 437.5 m 245 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 310.5 m 245 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 310.5 m 330 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 310.5 m 415 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 310.5 m 500 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 295.5 m 245 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 295.5 m 330 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 310.5 m 415 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 295.5 m 415 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 310.5 m 500 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 295.5 m 500 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 295.5 m 562 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 250.5 m 330 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 250.5 m 415 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 250.5 m 500 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 250.5 m 562 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 250.5 m 245 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 235.5 m 245 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 250.5 m 330 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 235.5 m 330 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 250.5 m 415 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 235.5 m 415 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 250.5 m 500 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 235.5 m 500 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 235.5 m 562 235.5 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.75 738.27 Td (As of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 691.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.25 712.27 Td (Quoted prices in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.50 701.77 Td (active markets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.60 691.27 Td (\(Level 1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.85 712.27 Td (Significant other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.10 701.77 Td (observable inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.60 691.27 Td (\(Level 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.95 722.77 Td (Significant) 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BT 506.50 646.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 646.27 Td (353,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 631.27 Td (Time deposits and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 631.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.10 631.27 Td (47,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 631.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 631.27 Td (47,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 616.27 Td (Total cash equivalents) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.85 616.27 Td (353,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.10 616.27 Td (47,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 616.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 616.27 Td (400,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 600.77 Td (T) Tj ET Q q 0 0 0 rg BT 63.54 600.77 Td (rading investments of proprietary fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 590.27 Td (products and other trading investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 232.72 595.03 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 575.27 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.85 575.27 Td (259,840) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.10 575.27 Td (85,220) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.25 575.27 Td (186) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 575.27 Td (345,246) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.00 560.27 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.35 560.27 Td (9,807) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.35 560.27 Td (2,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 560.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 560.27 Td (12,788) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 544.77 Td (T) Tj ET Q q 0 0 0 rg BT 63.54 544.77 Td (rading investments relating to long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 534.27 Td (incentive compensation plans) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 190.72 539.03 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.10 534.27 Td (80,529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 534.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 534.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 534.27 Td (80,529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 519.27 Td (Equity method investments relating to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 508.77 Td (proprietary fund products and long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 498.27 Td (incentive compensation plans:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 193.64 503.03 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 483.27 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.35 483.27 Td (2,148) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.35 483.27 Td (5,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 483.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 483.27 Td (7,444) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 467.77 Td (Investments related to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 457.27 Td (incentive compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 457.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.35 457.27 Td (8,728) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 457.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 457.27 Td (8,728) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 442.27 Td (T) Tj ET Q q 0 0 0 rg BT 63.18 442.27 Td (otal current investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 164.07 447.03 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.85 442.27 Td (352,324) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.85 442.27 Td (102,225) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.25 442.27 Td (186) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 442.27 Td (454,735) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 426.77 Td (Equity method investments in partnerships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 416.27 Td (and LLCs:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 111.12 421.03 Td (\(5\)\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 401.27 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 401.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 401.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 401.27 Td (23,796) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 401.27 Td (23,796) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 385.77 Td (Investments related to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 375.27 Td (incentive compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 375.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 375.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.35 375.27 Td (5,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 375.27 Td (5,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 360.27 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 360.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 360.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 360.27 Td (18,953) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 360.27 Td (18,953) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 345.27 Td (Investments in partnerships and LLCs) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 217.31 350.03 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 345.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 345.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 345.27 Td (14,511) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 345.27 Td (14,511) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 330.27 Td (Derivative assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 128.94 335.03 Td (\(7\)\(8\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.25 330.27 Td (580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.35 330.27 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 330.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 330.27 Td (6,042) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 315.27 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 134.20 320.03 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 315.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 315.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 315.27 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 315.27 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 300.27 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 300.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.85 300.27 Td (706,169) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 300.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.85 300.27 Td (154,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 300.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 300.27 Td (63,118) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 300.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 300.27 Td (924,009) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 285.29 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 270.27 Td (Contingent consideration liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 205.06 275.03 Td (\(9\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.50 270.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 270.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.35 270.27 Td (\(110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.00 270.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 270.27 Td (\(110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 270.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 255.27 Td (Derivative liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.52 260.03 Td (\(8\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.85 255.27 Td (\(8,665) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 255.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 255.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 255.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 255.27 Td (\(8,665) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 255.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 240.27 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 240.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.85 240.27 Td (\(8,665) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 240.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 240.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.50 240.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 240.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.35 240.27 Td (\(110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.00 240.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 240.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 240.27 Td (\(119,449) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 240.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 226.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 226.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 85.38 226.40 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 123.70 226.40 Td (include ) Tj ET Q q 0 0 0 rg BT 149.13 226.40 Td (highly ) Tj ET Q q 0 0 0 rg BT 171.46 226.40 Td (liquid ) Tj ET Q q 0 0 0 rg BT 192.01 226.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 232.12 226.40 Td (with ) Tj ET Q q 0 0 0 rg BT 248.22 226.40 Td (original ) Tj ET Q q 0 0 0 rg BT 274.99 226.40 Td (maturities ) Tj ET Q q 0 0 0 rg BT 308.86 226.40 Td (of ) Tj ET Q q 0 0 0 rg BT 317.41 226.40 Td (90 ) Tj ET Q q 0 0 0 rg BT 327.30 226.40 Td (days ) Tj ET Q q 0 0 0 rg BT 343.84 226.40 Td (or ) Tj ET Q q 0 0 0 rg BT 352.39 226.40 Td (less. ) Tj ET Q q 0 0 0 rg BT 368.28 226.40 Td ( ) Tj ET Q q 0 0 0 rg BT 370.16 226.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 388.04 226.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 428.15 226.40 Td (in ) Tj ET Q q 0 0 0 rg BT 436.25 226.40 Td (actively ) Tj ET Q q 0 0 0 rg BT 463.46 226.40 Td (traded ) Tj ET Q q 0 0 0 rg BT 485.33 226.40 Td (money ) Tj ET Q q 0 0 0 rg BT 508.99 226.40 Td (market ) Tj ET Q q 0 0 0 rg BT 533.08 226.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 552.74 226.40 Td (are ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 216.80 Td (measured ) Tj ET Q q 0 0 0 rg BT 100.02 216.80 Td (at ) Tj ET Q q 0 0 0 rg BT 107.67 216.80 Td (NA) Tj ET Q q 0 0 0 rg BT 118.19 216.80 Td (V) Tj ET Q q 0 0 0 rg BT 123.82 216.80 Td ( ) Tj ET Q q 0 0 0 rg BT 125.69 216.80 Td (and ) Tj ET Q q 0 0 0 rg BT 139.11 216.80 Td (are ) Tj ET Q q 0 0 0 rg BT 150.75 216.80 Td (classified ) Tj ET Q q 0 0 0 rg BT 182.83 216.80 Td (as ) Tj ET Q q 0 0 0 rg BT 191.36 216.80 Td (Level ) Tj ET Q q 0 0 0 rg BT 211.45 216.80 Td (1.��Cash ) Tj ET Q q 0 0 0 rg BT 239.32 216.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 279.40 216.80 Td (in ) Tj ET Q q 0 0 0 rg BT 287.50 216.80 Td (time ) Tj ET Q q 0 0 0 rg BT 303.59 216.80 Td (deposits ) Tj ET Q q 0 0 0 rg BT 331.68 216.80 Td (and ) Tj ET Q q 0 0 0 rg BT 345.10 216.80 Td (other ) Tj ET Q q 0 0 0 rg BT 363.41 216.80 Td (are ) Tj ET Q q 0 0 0 rg BT 375.04 216.80 Td (measured ) Tj ET Q q 0 0 0 rg BT 407.57 216.80 Td (at ) Tj ET Q q 0 0 0 rg BT 415.21 216.80 Td (amortized ) Tj ET Q q 0 0 0 rg BT 449.06 216.80 Td (cost, ) Tj ET Q q 0 0 0 rg BT 465.82 216.80 Td (which ) Tj ET Q q 0 0 0 rg BT 487.24 216.80 Td (approximates ) Tj ET Q q 0 0 0 rg BT 532.21 216.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 545.18 216.80 Td (value ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 207.20 Td (because ) Tj ET Q q 0 0 0 rg BT 94.82 207.20 Td (of ) Tj ET Q q 0 0 0 rg BT 103.48 207.20 Td (the ) Tj ET Q q 0 0 0 rg BT 115.25 207.20 Td (short ) Tj ET Q q 0 0 0 rg BT 133.25 207.20 Td (time ) Tj ET Q q 0 0 0 rg BT 149.47 207.20 Td (between ) Tj ET Q q 0 0 0 rg BT 178.13 207.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 208.55 207.20 Td (of ) Tj ET Q q 0 0 0 rg BT 217.22 207.20 Td (the ) Tj ET Q q 0 0 0 rg BT 228.99 207.20 Td (instrument ) Tj ET Q q 0 0 0 rg BT 265.21 207.20 Td (and ) Tj ET Q q 0 0 0 rg BT 278.76 207.20 Td (its ) Tj ET Q q 0 0 0 rg BT 288.32 207.20 Td (expected ) Tj ET Q q 0 0 0 rg BT 318.75 207.20 Td (realization, ) Tj ET Q q 0 0 0 rg BT 356.50 207.20 Td (and ) Tj ET Q q 0 0 0 rg BT 370.05 207.20 Td (are ) Tj ET Q q 0 0 0 rg BT 381.82 207.20 Td (classified ) Tj ET Q q 0 0 0 rg BT 414.03 207.20 Td (as ) Tj ET Q q 0 0 0 rg BT 422.70 207.20 Td (Level ) Tj ET Q q 0 0 0 rg BT 442.91 207.20 Td (2.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 197.00 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 197.00 Td (T) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.39 197.00 Td (rading ) Tj ET Q q 0 0 0 rg BT 95.65 197.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 137.81 197.00 Td (of ) Tj ET Q q 0 0 0 rg BT 146.44 197.00 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 185.75 197.00 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.88 197.00 Td (products ) Tj ET Q q 0 0 0 rg BT 233.70 197.00 Td (and ) Tj ET Q q 0 0 0 rg BT 247.53 197.00 Td (other ) Tj ET Q q 0 0 0 rg BT 266.54 197.00 Td (trading ) Tj ET Q q 0 0 0 rg BT 292.17 197.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 334.33 197.00 Td (consist ) Tj ET Q q 0 0 0 rg BT 359.49 197.00 Td (of ) Tj ET Q q 0 0 0 rg BT 368.12 197.00 Td (approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 418.76 197.00 Td (68%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 434.34 197.00 Td ( ) Tj ET Q q 0 0 0 rg BT 435.89 197.00 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 449.72 197.00 Td (32%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.30 197.00 Td ( ) Tj ET Q q 0 0 0 rg BT 466.85 197.00 Td (of ) Tj ET Q q 0 0 0 rg BT 475.48 197.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 498.27 197.00 Td (and ) Tj ET Q q 0 0 0 rg BT 512.09 197.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 528.28 197.00 Td (securities, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 186.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 108.01 186.80 Td (, ) Tj ET Q q 0 0 0 rg BT 112.26 186.80 Td (as ) Tj ET Q q 0 0 0 rg BT 121.47 186.80 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 130.68 186.80 Td (March ) Tj ET Q q 0 0 0 rg BT 154.99 186.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.74 186.80 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 184.74 186.80 Td (, ) Tj ET Q q 0 0 0 rg BT 188.99 186.80 Td (and ) Tj ET Q q 0 0 0 rg BT 203.38 186.80 Td (approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 254.60 186.80 Td (63%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 270.19 186.80 Td ( ) Tj ET Q q 0 0 0 rg BT 272.31 186.80 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 286.71 186.80 Td (37%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 302.29 186.80 Td ( ) Tj ET Q q 0 0 0 rg BT 304.41 186.80 Td (of ) Tj ET Q q 0 0 0 rg BT 313.62 186.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 336.99 186.80 Td (and ) Tj ET Q q 0 0 0 rg BT 351.39 186.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 368.15 186.80 Td (securities, ) Tj ET Q q 0 0 0 rg BT 404.50 186.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 445.01 186.80 Td (, ) Tj ET Q q 0 0 0 rg BT 449.26 186.80 Td (as ) Tj ET Q q 0 0 0 rg BT 458.47 186.80 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.68 186.80 Td (March ) Tj ET Q q 0 0 0 rg BT 490.55 186.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 502.55 186.80 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.55 186.80 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 177.20 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 177.20 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.60 177.20 Td ($54,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 122.60 177.20 Td ( ) Tj ET Q q 0 0 0 rg BT 124.60 177.20 Td (in ) Tj ET Q q 0 0 0 rg BT 132.82 177.20 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 181.93 177.20 Td (interests ) Tj ET Q q 0 0 0 rg BT 210.59 177.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 245.46 177.20 Td (with ) Tj ET Q q 0 0 0 rg BT 261.69 177.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.12 177.20 Td (seed ) Tj ET Q q 0 0 0 rg BT 320.34 177.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.44 177.20 Td (products ) Tj ET Q q 0 0 0 rg BT 386.99 177.20 Td (as ) Tj ET Q q 0 0 0 rg BT 395.66 177.20 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.32 177.20 Td (March ) Tj ET Q q 0 0 0 rg BT 427.20 177.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.20 177.20 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.20 177.20 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 167.60 Td (Primarily ) Tj ET Q q 0 0 0 rg BT 100.10 167.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 124.69 167.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 144.85 167.60 Td (where ) Tj ET Q q 0 0 0 rg BT 166.77 167.60 Td (there ) Tj ET Q q 0 0 0 rg BT 185.13 167.60 Td (is ) Tj ET Q q 0 0 0 rg BT 192.84 167.60 Td (minimal ) Tj ET Q q 0 0 0 rg BT 221.88 167.60 Td (market ) Tj ET Q q 0 0 0 rg BT 246.47 167.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.85 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 269.45 167.60 Td (the ) Tj ET Q q 0 0 0 rg BT 281.60 167.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.09 167.60 Td (as ) Tj ET Q q 0 0 0 rg BT 324.13 167.60 Td (any ) Tj ET Q q 0 0 0 rg BT 338.05 167.60 Td (change ) Tj ET Q q 0 0 0 rg BT 363.08 167.60 Td (in ) Tj ET Q q 0 0 0 rg BT 371.68 167.60 Td (value ) Tj ET Q q 0 0 0 rg BT 391.38 167.60 Td (is ) Tj ET Q q 0 0 0 rg BT 399.10 167.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 431.24 167.60 Td (of) Tj ET Q q 0 0 0 rg BT 437.76 167.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 451.69 167.60 Td (by ) Tj ET Q q 0 0 0 rg BT 462.07 167.60 Td (an ) Tj ET Q q 0 0 0 rg BT 472.00 167.60 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 509.48 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 518.08 167.60 Td (compensation ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 158.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 95.27 158.00 Td (and ) Tj ET Q q 0 0 0 rg BT 108.82 158.00 Td (related ) Tj ET Q q 0 0 0 rg BT 132.58 158.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 161.22 158.00 Td (compensation ) Tj ET Q q 0 0 0 rg BT 207.66 158.00 Td (liability) Tj ET Q q 0 0 0 rg BT 232.02 158.00 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 148.40 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 148.40 Td (Legg ) Tj ET Q q 0 0 0 rg BT 85.57 148.40 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 113.53 148.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.16 148.40 Td (method ) Tj ET Q q 0 0 0 rg BT 160.79 148.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 200.64 148.40 Td (that ) Tj ET Q q 0 0 0 rg BT 214.27 148.40 Td (are ) Tj ET Q q 0 0 0 rg BT 225.67 148.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.40 148.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 298.25 148.40 Td (record ) Tj ET Q q 0 0 0 rg BT 320.31 148.40 Td (underlying ) Tj ET Q q 0 0 0 rg BT 356.60 148.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 396.45 148.40 Td (at ) Tj ET Q q 0 0 0 rg BT 403.85 148.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.59 148.40 Td (value. ) Tj ET Q q 0 0 0 rg BT 437.54 148.40 Td ( ) Tj ET Q q 0 0 0 rg BT 439.06 148.40 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 474.22 148.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.95 148.40 Td (value ) Tj ET Q q 0 0 0 rg BT 505.91 148.40 Td (is ) Tj ET Q q 0 0 0 rg BT 512.88 148.40 Td (measured ) Tj ET Q q 0 0 0 rg BT 545.16 148.40 Td (using ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 138.80 Td (Legg ) Tj ET Q q 0 0 0 rg BT 85.84 138.80 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 114.07 138.80 Td (share ) Tj ET Q q 0 0 0 rg BT 132.85 138.80 Td (of ) Tj ET Q q 0 0 0 rg BT 141.41 138.80 Td (the ) Tj ET Q q 0 0 0 rg BT 153.09 138.80 Td (investee's ) Tj ET Q q 0 0 0 rg BT 185.75 138.80 Td (underlying ) Tj ET Q q 0 0 0 rg BT 222.31 138.80 Td (net ) Tj ET Q q 0 0 0 rg BT 233.99 138.80 Td (income ) Tj ET Q q 0 0 0 rg BT 259.44 138.80 Td (or ) Tj ET Q q 0 0 0 rg BT 268.00 138.80 Td (loss, ) Tj ET Q q 0 0 0 rg BT 284.35 138.80 Td (which ) Tj ET Q q 0 0 0 rg BT 305.80 138.80 Td (is ) Tj ET Q q 0 0 0 rg BT 313.04 138.80 Td (predominately ) Tj ET Q q 0 0 0 rg BT 361.14 138.80 Td (representative ) Tj ET Q q 0 0 0 rg BT 407.91 138.80 Td (of ) Tj ET Q q 0 0 0 rg BT 416.47 138.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 429.47 138.80 Td (value ) Tj ET Q q 0 0 0 rg BT 448.70 138.80 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 488.82 138.80 Td (in ) Tj ET Q q 0 0 0 rg BT 496.94 138.80 Td (the ) Tj ET Q q 0 0 0 rg BT 508.62 138.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 548.73 138.80 Td (held ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 129.20 Td (by ) Tj ET Q q 0 0 0 rg BT 77.50 129.20 Td (the ) Tj ET Q q 0 0 0 rg BT 89.27 129.20 Td (equity ) Tj ET Q q 0 0 0 rg BT 111.27 129.20 Td (method ) Tj ET Q q 0 0 0 rg BT 137.27 129.20 Td (investee.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 119.60 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 119.60 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 98.82 119.60 Td (seed ) Tj ET Q q 0 0 0 rg BT 115.04 119.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 138.36 119.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 178.58 119.60 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.24 119.60 Td ($13,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.24 119.60 Td ( ) Tj ET Q q 0 0 0 rg BT 215.24 119.60 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.79 119.60 Td ($15,553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.79 119.60 Td ( ) Tj ET Q q 0 0 0 rg BT 256.79 119.60 Td (related ) Tj ET Q q 0 0 0 rg BT 280.55 119.60 Td (to ) Tj ET Q q 0 0 0 rg BT 288.78 119.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 307.21 119.60 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 335.55 119.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.77 119.60 Td (in ) Tj ET Q q 0 0 0 rg BT 383.99 119.60 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 402.88 119.60 Td (as ) Tj ET Q q 0 0 0 rg BT 411.54 119.60 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.21 119.60 Td (March ) Tj ET Q q 0 0 0 rg BT 443.09 119.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 455.09 119.60 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.09 119.60 Td ( ) Tj ET Q q 0 0 0 rg BT 473.09 119.60 Td (and ) Tj ET Q q 0 0 0 rg BT 486.64 119.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 506.64 119.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 544.77 119.60 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 110.00 Td (\(7\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 110.00 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 98.84 110.00 Td (are ) Tj ET Q q 0 0 0 rg BT 110.60 110.00 Td (included ) Tj ET Q q 0 0 0 rg BT 140.15 110.00 Td (in ) Tj ET Q q 0 0 0 rg BT 148.37 110.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 168.59 110.00 Td (non-current ) Tj ET Q q 0 0 0 rg BT 207.90 110.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.57 110.00 Td (in ) Tj ET Q q 0 0 0 rg BT 236.79 110.00 Td (the ) Tj ET Q q 0 0 0 rg BT 248.56 110.00 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 292.78 110.00 Td (Balance ) Tj ET Q q 0 0 0 rg BT 320.54 110.00 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 343.43 110.00 Td (for ) Tj ET Q q 0 0 0 rg BT 354.76 110.00 Td (each ) Tj ET Q q 0 0 0 rg BT 371.41 110.00 Td (of ) Tj ET Q q 0 0 0 rg BT 380.07 110.00 Td (the ) Tj ET Q q 0 0 0 rg BT 391.85 110.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 417.40 110.00 Td (presented.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 100.40 Td (\(8\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 100.40 Td (See ) Tj ET Q q 0 0 0 rg BT 81.05 100.40 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.60 100.40 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.60 100.40 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 90.80 Td (\(9\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 90.80 Td (See ) Tj ET Q q 0 0 0 rg BT 81.05 90.80 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.60 90.80 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.60 90.80 Td ( ) Tj ET Q q 0 0 0 rg BT 104.60 90.80 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 90.80 Td (Note ) Tj ET Q q 0 0 0 rg BT 135.70 90.80 Td (8.) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 100.08 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 122.66 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 162.16 741.75 Td (include ) Tj ET Q q 0 0 0 rg BT 196.41 741.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 218.41 741.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.73 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 303.24 741.75 Td (made ) Tj ET Q q 0 0 0 rg BT 329.32 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 343.16 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 368.07 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 400.00 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.50 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 434.09 741.75 Td (new ) Tj ET Q q 0 0 0 rg BT 454.93 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 504.34 741.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 547.34 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 90.62 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.96 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 116.87 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 147.79 729.15 Td (had ) Tj ET Q q 0 0 0 rg BT 165.29 729.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 186.28 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 216.60 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.10 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 279.61 729.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 328.59 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 350.17 729.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 391.29 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 419.29 729.15 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.20 729.15 Td ($368,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.58 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 491.91 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.41 729.15 Td ($392,039) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.79 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 553.75 729.15 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.77 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 92.70 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.35 716.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.35 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 133.88 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 152.56 716.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 179.71 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 229.76 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 235.91 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 265.09 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 281.44 716.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 338.04 716.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 385.31 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 397.58 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 451.27 716.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.96 716.55 Td (63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.46 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 476.98 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 503.84 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.53 716.55 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.03 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 536.55 716.55 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 104.11 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 121.79 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 136.55 703.95 Td (individually ) Tj ET Q q 0 0 0 rg BT 189.23 703.95 Td (greater ) Tj ET Q q 0 0 0 rg BT 220.32 703.95 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.33 703.95 Td ($1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.21 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 273.77 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 294.38 703.95 Td (minimal ) Tj ET Q q 0 0 0 rg BT 331.31 703.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 378.15 703.95 Td (investment, ) Tj ET Q q 0 0 0 rg BT 428.79 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 445.89 703.95 Td (together ) Tj ET Q q 0 0 0 rg BT 482.23 703.95 Td (comprise ) Tj ET Q q 0 0 0 rg BT 522.66 703.95 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 703.95 Td (90%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 691.35 Td (total ) Tj ET Q q 0 0 0 rg BT 97.61 691.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 118.90 691.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.50 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 202.29 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 212.50 691.35 Td (each ) Tj ET Q q 0 0 0 rg BT 234.35 691.35 Td (period ) Tj ET Q q 0 0 0 rg BT 263.80 691.35 Td (end.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.75 Td (See ) Tj ET Q q 0 0 0 rg BT 66.30 668.75 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 92.43 668.75 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.68 668.75 Td ( ) Tj ET Q q 0 0 0 rg BT 99.32 668.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.11 668.75 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.61 668.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.25 668.75 Td (for ) Tj ET Q q 0 0 0 rg BT 142.13 668.75 Td (information ) Tj ET Q q 0 0 0 rg BT 193.34 668.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 235.20 668.75 Td (the ) Tj ET Q q 0 0 0 rg BT 249.67 668.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 309.62 668.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.00 668.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 355.46 668.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 407.26 668.75 Td (in ) Tj ET Q q 0 0 0 rg BT 417.06 668.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 465.34 668.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 486.22 668.75 Td (products ) Tj ET Q q 0 0 0 rg BT 524.02 668.75 Td (represent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 656.15 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 73.71 656.15 Td (and ) Tj ET Q q 0 0 0 rg BT 91.49 656.15 Td (consolidation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 633.55 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.66 633.55 Td (all ) Tj ET Q q 0 0 0 rg BT 119.47 633.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.54 633.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.69 633.55 Td (above ) Tj ET Q q 0 0 0 rg BT 173.08 633.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.14 633.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 263.46 633.55 Td (where ) Tj ET Q q 0 0 0 rg BT 291.43 633.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 332.82 633.55 Td (methods ) Tj ET Q q 0 0 0 rg BT 370.73 633.55 Td (rely ) Tj ET Q q 0 0 0 rg BT 389.37 633.55 Td (on ) Tj ET Q q 0 0 0 rg BT 402.19 633.55 Td (other ) Tj ET Q q 0 0 0 rg BT 426.09 633.55 Td (than ) Tj ET Q q 0 0 0 rg BT 446.49 633.55 Td (observable ) Tj ET Q q 0 0 0 rg BT 494.29 633.55 Td (market ) Tj ET Q q 0 0 0 rg BT 525.77 633.55 Td (inputs ) Tj ET Q q 0 0 0 rg BT 553.76 633.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 620.95 Td (a ) Tj ET Q q 0 0 0 rg BT 58.24 620.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.65 620.95 Td (input ) Tj ET Q q 0 0 0 rg BT 132.31 620.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 162.64 620.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.54 620.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 209.87 620.95 Td (method, ) Tj ET Q q 0 0 0 rg BT 248.07 620.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.98 620.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 285.98 620.95 Td (method, ) Tj ET Q q 0 0 0 rg BT 324.18 620.95 Td (or ) Tj ET Q q 0 0 0 rg BT 337.01 620.95 Td (NA) Tj ET Q q 0 0 0 rg BT 350.82 620.95 Td (V) Tj ET Q q 0 0 0 rg BT 358.21 620.95 Td ( ) Tj ET Q q 0 0 0 rg BT 362.29 620.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 402.52 620.95 Td (expedient ) Tj ET Q q 0 0 0 rg BT 447.41 620.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 491.74 620.95 Td (below) Tj ET Q q 0 0 0 rg BT 516.72 620.95 Td (, ) Tj ET Q q 0 0 0 rg BT 523.43 620.95 Td (such ) Tj ET Q q 0 0 0 rg BT 546.76 620.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 608.35 Td (measurement ) Tj ET Q q 0 0 0 rg BT 108.10 608.35 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 157.96 608.35 Td (has ) Tj ET Q q 0 0 0 rg BT 174.58 608.35 Td (little ) Tj ET Q q 0 0 0 rg BT 196.45 608.35 Td (relevance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.48 585.75 Td (net ) Tj ET Q q 0 0 0 rg BT 81.96 585.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 116.84 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 133.65 585.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 179.03 585.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 198.76 585.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 223.75 585.75 Td (for ) Tj ET Q q 0 0 0 rg BT 237.64 585.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 285.37 585.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.68 585.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 367.99 585.75 Td (as ) Tj ET Q q 0 0 0 rg BT 378.39 585.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 409.78 585.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.77 585.75 Td ($\(27,654\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.89 585.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.16 585.75 Td ($10,545) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.29 585.75 Td (, ) Tj ET Q q 0 0 0 rg BT 511.57 585.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.38 585.75 Td ($22,963) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 573.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 573.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 573.15 Td (years ) Tj ET Q q 0 0 0 rg BT 104.60 573.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.30 573.15 Td (March ) Tj ET Q q 0 0 0 rg BT 162.33 573.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.08 573.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.33 573.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 230.58 573.15 Td (and ) Tj ET Q q 0 0 0 rg BT 248.36 573.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 274.61 573.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 324.66 573.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 550.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.75 550.55 Td (net ) Tj ET Q q 0 0 0 rg BT 82.50 550.55 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 128.15 550.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 152.24 550.55 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 186.24 550.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 220.24 550.55 Td (to ) Tj ET Q q 0 0 0 rg BT 230.33 550.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 261.99 550.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 314.08 550.55 Td (still ) Tj ET Q q 0 0 0 rg BT 331.76 550.55 Td (held ) Tj ET Q q 0 0 0 rg BT 351.76 550.55 Td (as ) Tj ET Q q 0 0 0 rg BT 362.43 550.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.10 550.55 Td (the ) Tj ET Q q 0 0 0 rg BT 387.86 550.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 428.27 550.55 Td (dates ) Tj ET Q q 0 0 0 rg BT 451.77 550.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.09 550.55 Td ($\(35,1) Tj ET Q q 0 0 0 rg BT 500.82 550.55 Td (1) Tj ET Q q 0 0 0 rg BT 505.68 550.55 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.43 550.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.76 550.55 Td ($\(10,858\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 550.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 537.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 537.95 Td ($26,618) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 101.41 537.95 Td ( ) Tj ET Q q 0 0 0 rg BT 104.04 537.95 Td (for ) Tj ET Q q 0 0 0 rg BT 118.90 537.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.36 537.95 Td (years ) Tj ET Q q 0 0 0 rg BT 159.14 537.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 186.83 537.95 Td (March ) Tj ET Q q 0 0 0 rg BT 216.86 537.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 232.61 537.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 258.86 537.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 285.11 537.95 Td (and ) Tj ET Q q 0 0 0 rg BT 302.90 537.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 329.15 537.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 379.19 537.95 Td (.) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 105.52 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.63 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.30 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 183.74 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 201.84 741.75 Td (\(liabilities\) ) Tj ET Q q 0 0 0 rg BT 250.86 741.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 294.03 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 304.55 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 322.06 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 347.74 741.75 Td (using ) Tj ET Q q 0 0 0 rg BT 373.43 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 420.70 741.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 479.62 741.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 508.23 741.75 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 538.57 741.75 Td (3\) ) Tj ET Q q 0 0 0 rg BT 550.26 741.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 727.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 727.75 Td (years ) Tj ET Q q 0 0 0 rg BT 89.73 727.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.43 727.75 Td (March ) Tj ET Q q 0 0 0 rg BT 147.46 727.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.21 727.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.21 727.75 Td ( ) Tj ET Q q 0 0 0 rg BT 186.83 727.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.62 727.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.62 727.75 Td (, ) Tj ET Q q 0 0 0 rg BT 230.87 727.75 Td (are ) Tj ET Q q 0 0 0 rg BT 246.31 727.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 289.17 727.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.96 727.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.41 727.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 342.53 727.75 Td (below:) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 645.25 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 645.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 645.25 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 645.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 645.25 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 645.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 645.25 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 645.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 645.25 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 645.25 4.00 -15.00 re f /GS0 gs 0.8 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(108) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 676.50 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 676.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 676.50 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 676.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 676.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 676.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 676.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 676.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 676.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 604.50 99.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 604.50 67.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 604.50 48.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 604.50 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 604.50 66.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 604.50 46.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 604.50 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 604.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 604.50 65.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 521.50 99.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 521.50 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 521.50 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 521.50 44.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 521.50 66.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 521.50 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 521.50 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 521.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 521.50 65.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 438.50 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 438.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 438.50 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 438.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 438.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 438.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 438.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 438.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 408.50 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 408.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 408.50 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 408.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 408.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 408.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 408.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 408.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 378.50 99.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 378.50 67.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 378.50 48.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 378.50 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 378.50 66.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 378.50 46.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 378.50 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 378.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 378.50 65.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 676.5 m 148 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 676.5 m 219 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 676.5 m 271 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 676.5 m 319 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 676.5 m 389 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 676.5 m 439 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 676.5 m 493 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 676.5 m 562 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 676.5 m 148 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 408.5 m 148 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 408.5 m 219 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 408.5 m 223 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 408.5 m 271 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 408.5 m 275 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 408.5 m 319 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 408.5 m 323 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 408.5 m 389 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 408.5 m 393 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 408.5 m 439 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 408.5 m 443 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 408.5 m 493 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 408.5 m 497 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 393.5 m 148 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 408.5 m 219 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 393.5 m 219 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 408.5 m 223 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 393.5 m 223 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 408.5 m 271 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 393.5 m 271 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 408.5 m 275 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 393.5 m 275 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 408.5 m 319 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 393.5 m 319 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 408.5 m 323 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 393.5 m 323 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 408.5 m 389 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 393.5 m 389 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 408.5 m 393 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 393.5 m 393 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 408.5 m 439 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 393.5 m 439 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 408.5 m 443 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 393.5 m 443 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 408.5 m 493 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 393.5 m 493 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 408.5 m 497 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 393.5 m 497 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 408.5 m 562 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 393.5 m 562 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 393.5 m 219 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 393.5 m 223 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 393.5 m 271 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 393.5 m 275 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 393.5 m 319 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 393.5 m 323 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 393.5 m 389 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 393.5 m 393 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 393.5 m 439 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 393.5 m 443 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 393.5 m 493 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 393.5 m 497 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 393.5 m 562 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 342.5 m 148 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 342.5 m 219 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 342.5 m 271 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 342.5 m 319 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 342.5 m 389 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 342.5 m 439 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 342.5 m 493 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 342.5 m 562 342.5 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 681.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.65 702.27 Td (Value as of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 163.40 691.77 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.50 681.27 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.50 681.27 Td (Purchases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.40 681.27 Td (Sales) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.30 702.27 Td (Redemptions/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.50 691.77 Td (Settlements/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 681.27 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.85 681.27 Td (Transfers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.10 733.77 Td (Realized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.90 723.27 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.60 712.77 Td (unrealized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.95 702.27 Td (gains/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.10 691.77 Td (\(losses\),) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.05 681.27 Td (net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.65 702.27 Td (V) Tj ET Q q 0 0 0 rg BT 512.07 702.27 Td (alue as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.40 691.77 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.50 681.27 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 666.29 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 651.27 Td (Trading investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 640.77 Td (of seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 630.27 Td (investments in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 619.77 Td (proprietary fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 609.27 Td (products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.25 609.27 Td (190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.75 609.27 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 609.27 Td (\(27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.00 609.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 609.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 609.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 609.27 Td (21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 609.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 609.27 Td (186) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 594.27 Td (Investments in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 583.77 Td (partnerships and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 573.27 Td (LLCs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.10 573.27 Td (21,586) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.50 573.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 573.27 Td (\(24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.00 573.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 573.27 Td (\(5,108) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 573.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 573.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 573.27 Td (\(1,943) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 573.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 573.27 Td (14,511) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 557.77 Td (Equity method) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 547.27 Td (investments in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 536.77 Td (partnerships and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 526.27 Td (LLCs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 510.77 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 500.27 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.10 500.27 Td (33,611) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.25 500.27 Td (725) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.60 500.27 Td (\(11,617) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.00 500.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 500.27 Td (1,426) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 500.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.75 500.27 Td (\(349) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 500.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 500.27 Td (23,796) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 485.27 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 474.77 Td (related to long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 464.27 Td (term incentive) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 453.77 Td (compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 443.27 Td (plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.35 443.27 Td (4,284) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.35 443.27 Td (1,311) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.50 443.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 443.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 443.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 443.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 443.27 Td (5,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 428.27 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.10 428.27 Td (25,078) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.50 428.27 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.85 428.27 Td (\(2,484) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.00 428.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 428.27 Td (\(2,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 428.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 428.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 428.27 Td (\(1,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 428.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 428.27 Td (18,953) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 413.27 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.50 413.27 Td (90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.50 413.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.50 413.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 413.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 413.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.00 413.27 Td (\(13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 413.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 413.27 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 398.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.10 398.27 Td (84,839) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.35 398.27 Td (2,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.60 398.27 Td (\(14,152) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.00 398.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.85 398.27 Td (\(6,229) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 398.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 398.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 398.27 Td (\(3,390) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 398.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 398.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 398.27 Td (63,118) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 383.29 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 56.00 368.27 Td (Contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 357.77 Td (consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 347.27 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.50 347.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.60 347.27 Td (\(29,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.00 347.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.50 347.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.60 347.27 Td (\(88,581) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.00 347.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.65 347.27 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.50 347.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 347.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.65 347.27 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.50 347.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 347.27 Td (7,350) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 347.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 347.27 Td (\(110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 347.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 332.80 Td (n/a ) Tj ET Q q 0 0 0 rg BT 62.01 332.80 Td (- ) Tj ET Q q 0 0 0 rg BT 66.97 332.80 Td (not ) Tj ET Q q 0 0 0 rg BT 79.95 332.80 Td (applicable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 308.20 Td (Realized ) Tj ET Q q 0 0 0 rg BT 88.92 308.20 Td (and ) Tj ET Q q 0 0 0 rg BT 106.78 308.20 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 153.19 308.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 178.05 308.20 Td (and ) Tj ET Q q 0 0 0 rg BT 195.90 308.20 Td (losses ) Tj ET Q q 0 0 0 rg BT 223.68 308.20 Td (recorded ) Tj ET Q q 0 0 0 rg BT 263.10 308.20 Td (for ) Tj ET Q q 0 0 0 rg BT 278.03 308.20 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 312.50 308.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.36 308.20 Td (are ) Tj ET Q q 0 0 0 rg BT 380.87 308.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 422.63 308.20 Td (included ) Tj ET Q q 0 0 0 rg BT 461.48 308.20 Td (in ) Tj ET Q q 0 0 0 rg BT 472.34 308.20 Td (Other ) Tj ET Q q 0 0 0 rg BT 498.94 308.20 Td (Non-Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 295.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.97 295.60 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 129.53 295.60 Td (in ) Tj ET Q q 0 0 0 rg BT 140.68 295.60 Td (the ) Tj ET Q q 0 0 0 rg BT 156.50 295.60 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 214.90 295.60 Td (Statements ) Tj ET Q q 0 0 0 rg BT 263.96 295.60 Td (of ) Tj ET Q q 0 0 0 rg BT 275.70 295.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 310.17 295.60 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 342.61 295.60 Td ( ) Tj ET Q q 0 0 0 rg BT 345.39 295.60 Td (The ) Tj ET Q q 0 0 0 rg BT 364.70 295.60 Td (change ) Tj ET Q q 0 0 0 rg BT 397.42 295.60 Td (in ) Tj ET Q q 0 0 0 rg BT 408.57 295.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 455.29 295.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 480.44 295.60 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 515.51 295.60 Td (for ) Tj ET Q q 0 0 0 rg BT 530.74 295.60 Td (Level�3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 283.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.31 283.00 Td (and ) Tj ET Q q 0 0 0 rg BT 120.11 283.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 161.83 283.00 Td (still ) Tj ET Q q 0 0 0 rg BT 180.23 283.00 Td (held ) Tj ET Q q 0 0 0 rg BT 200.95 283.00 Td (at ) Tj ET Q q 0 0 0 rg BT 211.17 283.00 Td (the ) Tj ET Q q 0 0 0 rg BT 226.64 283.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 267.77 283.00 Td (date ) Tj ET Q q 0 0 0 rg BT 287.90 283.00 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.87 283.00 Td ($24,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.99 283.00 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.01 283.00 Td ($2,439) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.89 283.00 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.15 283.00 Td ($\(5,210\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.02 283.00 Td ( ) Tj ET Q q 0 0 0 rg BT 418.66 283.00 Td (and ) Tj ET Q q 0 0 0 rg BT 436.46 283.00 Td (for ) Tj ET Q q 0 0 0 rg BT 451.35 283.00 Td (the ) Tj ET Q q 0 0 0 rg BT 466.82 283.00 Td (years ) Tj ET Q q 0 0 0 rg BT 491.61 283.00 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.33 283.00 Td (March ) Tj ET Q q 0 0 0 rg BT 549.37 283.00 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 270.40 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 270.40 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.75 270.40 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.75 270.40 Td (, ) Tj ET Q q 0 0 0 rg BT 102.00 270.40 Td (and ) Tj ET Q q 0 0 0 rg BT 119.79 270.40 Td (2014, ) Tj ET Q q 0 0 0 rg BT 146.04 270.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 196.08 270.40 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 245.20 Td (There ) Tj ET Q q 0 0 0 rg BT 76.61 245.20 Td (were ) Tj ET Q q 0 0 0 rg BT 99.63 245.20 Td (no ) Tj ET Q q 0 0 0 rg BT 112.76 245.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 159.71 245.20 Td (transfers ) Tj ET Q q 0 0 0 rg BT 198.48 245.20 Td (between ) Tj ET Q q 0 0 0 rg BT 236.09 245.20 Td (Level ) Tj ET Q q 0 0 0 rg BT 262.62 245.20 Td (1 ) Tj ET Q q 0 0 0 rg BT 270.49 245.20 Td (and ) Tj ET Q q 0 0 0 rg BT 288.28 245.20 Td (Level ) Tj ET Q q 0 0 0 rg BT 314.81 245.20 Td (2 ) Tj ET Q q 0 0 0 rg BT 322.68 245.20 Td (during ) Tj ET Q q 0 0 0 rg BT 352.72 245.20 Td (the ) Tj ET Q q 0 0 0 rg BT 368.17 245.20 Td (years ) Tj ET Q q 0 0 0 rg BT 392.95 245.20 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.65 245.20 Td (March ) Tj ET Q q 0 0 0 rg BT 450.68 245.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 466.43 245.20 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.43 245.20 Td ( ) Tj ET Q q 0 0 0 rg BT 490.05 245.20 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.84 245.20 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.84 245.20 Td (.) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (109) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.27 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 70.03 741.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 108.27 741.75 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 153.82 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 177.49 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 208.18 741.75 Td (relies ) Tj ET Q q 0 0 0 rg BT 233.02 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 245.62 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.54 741.75 Td (NA) Tj ET Q q 0 0 0 rg BT 274.36 741.75 Td (V) Tj ET Q q 0 0 0 rg BT 281.75 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 283.85 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.70 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.36 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 377.63 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 388.47 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 409.82 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 426.49 741.75 Td (value.��) Tj ET Q q 0 0 0 rg BT 456.91 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 475.34 741.75 Td (NA) Tj ET Q q 0 0 0 rg BT 489.15 741.75 Td (Vs ) Tj ET Q q 0 0 0 rg BT 502.92 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 520.77 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 542.69 741.75 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 88.90 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 101.48 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 116.39 729.15 Td (investees ) Tj ET Q q 0 0 0 rg BT 156.96 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 178.86 729.15 Td (been ) Tj ET Q q 0 0 0 rg BT 200.76 729.15 Td (derived ) Tj ET Q q 0 0 0 rg BT 234.32 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 256.81 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.72 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.37 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 317.28 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 328.10 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.01 729.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 390.58 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 442.82 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 453.65 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 464.48 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 479.38 729.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 524.02 729.15 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (dates.��) Tj ET Q q 0 0 0 rg BT 78.76 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 98.26 716.55 Td (following ) Tj ET Q q 0 0 0 rg BT 142.27 716.55 Td (table ) Tj ET Q q 0 0 0 rg BT 165.85 716.55 Td (summarizes, ) Tj ET Q q 0 0 0 rg BT 221.81 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 233.73 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.65 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 276.23 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.54 716.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.54 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 316.71 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 335.05 716.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 361.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 377.85 716.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 407.27 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 419.19 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 443.94 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 497.28 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.62 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 533.95 716.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 97.62 703.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 146.91 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 158.28 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 182.48 703.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 213.67 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 241.96 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 262.66 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 293.86 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 309.31 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 346.34 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 371.71 703.95 Td (realized:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 652.45 67.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.00 652.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.00 652.45 124.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 652.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 652.45 68.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 652.45 16.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 652.45 69.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 652.45 16.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 652.45 70.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 652.45 16.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 652.45 59.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 538.45 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.00 538.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.00 538.45 124.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 538.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 538.45 68.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 538.45 16.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 538.45 69.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 538.45 16.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 538.45 70.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 538.45 16.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 538.45 59.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 494.45 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.00 494.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.00 494.45 124.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 494.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 494.45 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 494.45 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 494.45 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 494.45 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 494.45 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 494.45 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 494.45 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 678.45 m 317 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 678.45 m 333 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 678.45 m 402 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 678.45 m 488 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.45 m 504 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 678.45 m 563 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 652.45 m 117 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 652.45 m 245 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 652.45 m 317 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 652.45 m 402 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 652.45 m 488 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 652.45 m 563 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 652.45 m 402 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 494.45 m 402 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 494.45 m 117 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480.45 m 117 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 494.45 m 245 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 480.45 m 245 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 494.45 m 317 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 480.45 m 317 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 494.45 m 402 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 480.45 m 402 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 494.45 m 488 494.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 480.45 m 488 480.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 683.22 Td (Fair Value Determined Using NAV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.40 683.24 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 487.70 683.24 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.05 667.72 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.65 657.22 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.35 657.22 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.55 667.74 Td (Mar) Tj ET Q q 0 0 0 rg BT 279.18 667.74 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.00 657.24 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.40 667.72 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.50 657.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 657.22 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 667.74 Td (Unfunded) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.70 657.24 Td (Commitments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.45 667.74 Td (Remaining) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.90 657.24 Td (Term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 610.72 Td (Funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 600.22 Td (hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 642.22 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 631.72 Td (income, long/short equity,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 621.22 Td (natural resources,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 610.72 Td (systematic, emerging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 600.22 Td (market, European hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 600.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 600.24 Td (19,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 599.70 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.50 600.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 600.22 Td (23,787) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.45 600.24 Td (n/a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.95 600.24 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 543.22 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 585.22 Td (Fixed income - developed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 574.72 Td (market, event driven, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 564.22 Td (income - hedge, relative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 553.72 Td (value arbitrage, European) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 543.22 Td (hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 543.24 Td (11,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 543.22 Td (14,515) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 543.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.10 543.24 Td (20,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.95 543.24 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 527.72 Td (Private equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 517.22 Td (funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 517.22 Td (Long/short equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 517.24 Td (20,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 516.70 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 517.22 Td (23,563) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.35 517.24 Td (8,254) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.65 527.74 Td (Up to 8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 521.00 517.24 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 499.22 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 499.22 Td (Various) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 297.25 499.24 Td (678) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.35 499.22 Td (1,129) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.45 499.24 Td (n/a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 510.35 499.24 Td (V) Tj ET Q q 0 0 0 rg BT 516.97 499.24 Td (arious ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 547.60 504.00 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 484.67 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 484.67 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 484.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 484.84 Td (51,691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 484.70 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.50 484.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 484.67 Td (62,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 484.70 Td (\(4\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 484.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.10 484.84 Td (28,254) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.00 484.84 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 470.75 Td (n/a - not applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 460.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 460.55 Td (Liquidation ) Tj ET Q q 0 0 0 rg BT 109.29 460.55 Td (restrictions: ) Tj ET Q q 0 0 0 rg BT 151.54 460.55 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 153.67 460.55 Td (2%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 165.00 460.55 Td ( ) Tj ET Q q 0 0 0 rg BT 167.13 460.55 Td (daily ) Tj ET Q q 0 0 0 rg BT 186.25 460.55 Td (redemption, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 229.21 460.55 Td (1) Tj ET Q q 0 0 0 rg BT 233.14 460.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 244.47 460.55 Td ( ) Tj ET Q q 0 0 0 rg BT 246.60 460.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 277.06 460.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 317.90 460.55 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 332.29 460.55 Td (87%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 347.88 460.55 Td ( ) Tj ET Q q 0 0 0 rg BT 350.00 460.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 382.81 460.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 423.64 460.55 Td (as ) Tj ET Q q 0 0 0 rg BT 432.85 460.55 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 442.05 460.55 Td (March ) Tj ET Q q 0 0 0 rg BT 466.36 460.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 479.11 460.55 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.11 460.55 Td (. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 450.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 450.35 Td (Liquidations are expected over the remaining term.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 440.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 440.15 Td (Of this balance, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 123.20 440.15 Td (28%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.79 440.15 Td ( has a remaining term of less than one year and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 300.94 440.15 Td (72%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 316.52 440.15 Td ( has a remaining term of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 401.50 440.15 Td (16) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 410.00 440.15 Td ( years.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 429.95 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 429.95 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 107.30 429.95 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 116.88 429.95 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 128.21 429.95 Td (, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 132.84 429.95 Td (36%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 148.42 429.95 Td (, ) Tj ET Q q 0 0 0 rg BT 153.04 429.95 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 167.82 429.95 Td (63%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 183.40 429.95 Td ( ) Tj ET Q q 0 0 0 rg BT 185.90 429.95 Td (of ) Tj ET Q q 0 0 0 rg BT 195.48 429.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 217.33 429.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 226.20 429.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 248.05 429.95 Td (2, ) Tj ET Q q 0 0 0 rg BT 256.93 429.95 Td (and ) Tj ET Q q 0 0 0 rg BT 271.70 429.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 293.55 429.95 Td (3 ) Tj ET Q q 0 0 0 rg BT 300.30 429.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 324.75 429.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 365.27 429.95 Td (, ) Tj ET Q q 0 0 0 rg BT 369.89 429.95 Td (as ) Tj ET Q q 0 0 0 rg BT 379.47 429.95 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 389.05 429.95 Td (March ) Tj ET Q q 0 0 0 rg BT 413.74 429.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.86 429.95 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.86 429.95 Td ( ) Tj ET Q q 0 0 0 rg BT 446.36 429.95 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.13 429.95 Td (38%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 476.71 429.95 Td ( ) Tj ET Q q 0 0 0 rg BT 479.21 429.95 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 493.99 429.95 Td (62%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 509.57 429.95 Td ( ) Tj ET Q q 0 0 0 rg BT 512.07 429.95 Td (of ) Tj ET Q q 0 0 0 rg BT 521.65 429.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 543.50 429.95 Td (2 ) Tj ET Q q 0 0 0 rg BT 550.25 429.95 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 419.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 88.98 419.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 95.35 419.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 119.43 419.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 159.95 419.75 Td (, ) Tj ET Q q 0 0 0 rg BT 164.20 419.75 Td (as ) Tj ET Q q 0 0 0 rg BT 173.40 419.75 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 182.61 419.75 Td (March ) Tj ET Q q 0 0 0 rg BT 206.92 419.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 219.67 419.75 Td (2015) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 236.67 419.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 394.55 Td (There are no current plans to sell any of these investments held as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.91 394.55 Td (March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.69 394.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 369.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 369.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.17 369.35 Td (March ) Tj ET Q q 0 0 0 rg BT 105.20 369.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.95 369.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 144.57 369.35 Td (and ) Tj ET Q q 0 0 0 rg BT 162.36 369.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 188.61 369.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.81 369.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 244.01 369.35 Td (did ) Tj ET Q q 0 0 0 rg BT 260.06 369.35 Td (not ) Tj ET Q q 0 0 0 rg BT 276.10 369.35 Td (hold ) Tj ET Q q 0 0 0 rg BT 297.39 369.35 Td (any ) Tj ET Q q 0 0 0 rg BT 315.18 369.35 Td (available-for) Tj ET Q q 0 0 0 rg BT 368.60 369.35 Td (-sale ) Tj ET Q q 0 0 0 rg BT 391.05 369.35 Td (investments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 346.75 Td (4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 346.75 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 346.75 Td (FIXED ) Tj ET Q q 0 0 0 rg BT 95.22 346.75 Td (ASSETS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 134.33 346.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 321.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 321.55 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 321.55 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 321.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 321.55 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 321.55 Td (components ) Tj ET Q q 0 0 0 rg BT 237.78 321.55 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 321.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 273.35 321.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.47 321.55 Td (as ) Tj ET Q q 0 0 0 rg BT 311.85 321.55 Td (of ) Tj ET Q q 0 0 0 rg BT 323.22 321.55 Td (March ) Tj ET Q q 0 0 0 rg BT 353.25 321.55 Td (31:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.05 310.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 240.05 97.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 296.04999999999995 m 360.5 296.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 296.04999999999995 m 461.5 296.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 296.04999999999995 m 562.5 296.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 296.04999999999995 m 461.5 296.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 296.04999999999995 m 562.5 296.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 254.04999999999995 m 360.5 254.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 254.04999999999995 m 461.5 254.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 254.04999999999995 m 562.5 254.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 254.04999999999995 m 461.5 254.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 226.04999999999995 m 360.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 226.04999999999995 m 461.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 226.04999999999995 m 562.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 212.04999999999995 m 360.5 212.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 226.04999999999995 m 461.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 212.04999999999995 m 461.5 212.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 212.04999999999995 m 562.5 212.04999999999995 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.00 300.84 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 300.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 286.27 Td (Equipment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.00 286.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 286.44 Td (150,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 286.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 286.27 Td (152,893) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 272.27 Td (Software) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 272.44 Td (293,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 272.27 Td (269,745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 258.27 Td (Leasehold improvements) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 258.44 Td (199,354) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 258.27 Td (203,420) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 244.27 Td (Total cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 244.44 Td (643,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 244.27 Td (626,058) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 230.27 Td (Less: accumulated depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.85 230.44 Td (\(480,152) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 230.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 230.27 Td (\(446,452) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 230.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 216.27 Td (Fixed assets, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.00 216.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 216.44 Td (163,305) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 216.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 216.27 Td (179,606) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 106.23 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.40 187.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 178.47 187.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 214.30 187.35 Td (related ) Tj ET Q q 0 0 0 rg BT 244.87 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 255.04 187.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 278.63 187.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.13 187.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.47 187.35 Td ($55,318) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.59 187.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.23 187.35 Td ($52,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.35 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 400.98 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.15 187.35 Td ($50,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.28 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 454.28 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 468.53 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 483.37 187.35 Td (years ) Tj ET Q q 0 0 0 rg BT 507.53 187.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.61 187.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.31 174.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.31 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 91.12 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.31 174.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.31 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 119.12 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.46 174.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 162.27 174.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 212.32 174.75 Td (. ) Tj ET Q q 0 0 0 rg BT 217.13 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 219.16 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 237.67 174.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 273.67 174.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 310.85 174.75 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 360.24 174.75 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 414.32 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 431.67 174.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 486.92 174.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.85 174.75 Td ($4,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.72 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 528.91 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 539.26 174.75 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 74.21 162.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 116.50 162.15 Td (related ) Tj ET Q q 0 0 0 rg BT 148.27 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 159.65 162.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 196.09 162.15 Td (space ) Tj ET Q q 0 0 0 rg BT 222.62 162.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 280.65 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 299.02 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.06 162.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 371.92 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.88 162.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 416.84 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 432.29 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.33 162.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 504.03 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 525.91 162.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 543.62 162.15 Td (rust, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td ($1,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.45 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 94.20 149.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 120.51 149.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 145.09 149.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 187.74 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 219.88 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 231.63 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.03 149.55 Td (integration ) Tj ET Q q 0 0 0 rg BT 297.10 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 309.42 149.55 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 370.14 149.55 Td (into ) Tj ET Q q 0 0 0 rg BT 390.05 149.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 407.05 149.55 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 451.75 149.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.49 149.55 Td ($2,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.36 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 502.94 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 514.68 149.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 541.00 149.55 Td (2014 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.70 136.95 Td (related ) Tj ET Q q 0 0 0 rg BT 122.89 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 133.68 136.95 Td (various ) Tj ET Q q 0 0 0 rg BT 167.22 136.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 209.48 136.95 Td (initiatives.) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (INT) Tj ET Q q 0 0 0 rg BT 78.39 741.90 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 128.87 741.90 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 170.02 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 195.40 741.90 Td (GOODWILL) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.50 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.78 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 111.06 716.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 171.90 716.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 217.01 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 244.62 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 260.56 716.70 Td (not ) Tj ET Q q 0 0 0 rg BT 277.09 716.70 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 324.81 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 343.09 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 359.03 716.70 Td (values ) Tj ET Q q 0 0 0 rg BT 388.97 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 400.84 716.70 Td (other ) Tj ET Q q 0 0 0 rg BT 425.53 716.70 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 476.46 716.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 521.56 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 549.18 716.70 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 94.66 704.10 Td (over ) Tj ET Q q 0 0 0 rg BT 115.99 704.10 Td (their ) Tj ET Q q 0 0 0 rg BT 137.90 704.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 166.24 704.10 Td (lives, ) Tj ET Q q 0 0 0 rg BT 191.37 704.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 220.30 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.80 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.97 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.47 704.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 328.37 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.21 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 361.71 704.10 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 404.62 704.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 432.96 704.10 Td (lives. ) Tj ET Q q 0 0 0 rg BT 458.09 704.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 500.43 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.27 704.10 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (life ) Tj ET Q q 0 0 0 rg BT 65.96 691.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 109.92 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 136.39 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 151.18 691.50 Td (analyzed ) Tj ET Q q 0 0 0 rg BT 190.46 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 200.60 691.50 Td (determine ) Tj ET Q q 0 0 0 rg BT 244.55 691.50 Td (if ) Tj ET Q q 0 0 0 rg BT 252.93 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.73 691.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 284.27 691.50 Td (value ) Tj ET Q q 0 0 0 rg BT 308.98 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 319.70 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 334.50 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.97 691.50 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 396.17 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 691.50 Td (book ) Tj ET Q q 0 0 0 rg BT 433.93 691.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 461.27 691.50 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 505.81 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 532.28 691.50 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 61.08 678.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 117.07 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 132.80 678.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 181.20 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 196.36 678.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 247.69 678.90 Td (at ) Tj ET Q q 0 0 0 rg BT 258.18 678.90 Td (each ) Tj ET Q q 0 0 0 rg BT 280.33 678.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 321.74 678.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 354.11 678.90 Td (If ) Tj ET Q q 0 0 0 rg BT 364.02 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 379.76 678.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.25 678.90 Td (value ) Tj ET Q q 0 0 0 rg BT 422.91 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 432.83 678.90 Td (less ) Tj ET Q q 0 0 0 rg BT 451.50 678.90 Td (than ) Tj ET Q q 0 0 0 rg BT 472.49 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 488.24 678.90 Td (book ) Tj ET Q q 0 0 0 rg BT 512.16 678.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 540.44 678.90 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.21 666.30 Td (will ) Tj ET Q q 0 0 0 rg BT 100.17 666.30 Td (record ) Tj ET Q q 0 0 0 rg BT 129.61 666.30 Td (an ) Tj ET Q q 0 0 0 rg BT 142.14 666.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 193.17 666.30 Td (char) Tj ET Q q 0 0 0 rg BT 211.05 666.30 Td (ge.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 641.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 641.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 641.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 641.10 Td (components ) Tj ET Q q 0 0 0 rg BT 237.78 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 641.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 293.77 641.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.89 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.26 641.10 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 615.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 615.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 615.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 615.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 318.00 -14.00 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0.9333333333333333 1 rg /GS0 gs 469.50 527.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 496.60 318.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 496.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 496.60 93.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 496.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 496.60 93.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 465.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 465.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 465.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 465.60 93.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 615.6 m 368.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 615.6 m 465.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 615.6 m 562.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 572.6 m 368.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 555.6 m 368.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 572.6 m 465.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 555.6 m 465.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 555.6 m 562.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 479.6 m 368.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 465.6 m 368.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 479.6 m 465.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 479.6 m 562.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 465.6 m 562.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 451.6 m 368.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 465.6 m 465.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 451.6 m 465.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 451.6 m 562.5 451.6 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 620.37 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.70 620.39 Td (Mar) Tj ET Q q 0 0 0 rg BT 403.33 620.39 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.10 620.37 Td (March 31, 2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 605.99 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 605.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 605.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 591.37 Td (Cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.00 591.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 591.39 Td (259,513) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.00 591.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 591.37 Td (188,312) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 576.82 Td (Accumulated amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.85 576.99 Td (\(171,169) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.50 576.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 576.82 Td (\(166,583) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 576.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 560.37 Td (Net) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 86.16 565.13 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.60 560.39 Td (88,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 560.37 Td (21,729) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 545.99 Td (Indefinite�life intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 545.99 Td () Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 545.82 Td () Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 531.82 Td (U.S. domestic mutual fund management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 531.99 Td (2,106,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 531.82 Td (2,106,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 517.82 Td (Permal funds-of-hedge funds management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 517.99 Td (334,104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 517.82 Td (698,104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 501.37 Td (Other fund management contracts) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 201.57 506.13 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 501.39 Td (560,499) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 501.37 Td (427,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 484.37 Td (T) Tj ET Q q 0 0 0 rg BT 65.04 484.37 Td (rade names) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 112.56 489.13 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.60 484.39 Td (57,187) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 484.37 Td (59,334) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 469.82 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 469.99 Td (3,058,141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 469.82 Td (3,291,605) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 455.82 Td (Intangible assets, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.00 455.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 455.99 Td (3,146,485) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.00 455.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 455.82 Td (3,313,334) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 441.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 441.90 Td (As ) Tj ET Q q 0 0 0 rg BT 78.75 441.90 Td (of ) Tj ET Q q 0 0 0 rg BT 87.13 441.90 Td (March ) Tj ET Q q 0 0 0 rg BT 110.62 441.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.55 441.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.69 441.90 Td (Amortizable ) Tj ET Q q 0 0 0 rg BT 186.47 441.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 221.77 441.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 239.60 441.90 Td (management ) Tj ET Q q 0 0 0 rg BT 284.32 441.90 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 318.43 441.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 332.25 441.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 352.90 441.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 369.78 441.90 Td (management ) Tj ET Q q 0 0 0 rg BT 414.51 441.90 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 448.62 441.90 Td (and ) Tj ET Q q 0 0 0 rg BT 462.10 441.90 Td (T) Tj ET Q q 0 0 0 rg BT 467.00 441.90 Td (rade ) Tj ET Q q 0 0 0 rg BT 482.93 441.90 Td (names ) Tj ET Q q 0 0 0 rg BT 505.94 441.90 Td (include ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.27 441.90 Td ($69,610) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 559.89 441.90 Td (, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 431.70 Td ($130,419) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 99.88 431.70 Td (, ) Tj ET Q q 0 0 0 rg BT 104.13 431.70 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 118.52 431.70 Td ($5,063) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 141.90 431.70 Td (, ) Tj ET Q q 0 0 0 rg BT 146.15 431.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 186.66 431.70 Td (, ) Tj ET Q q 0 0 0 rg BT 190.91 431.70 Td (related ) Tj ET Q q 0 0 0 rg BT 216.16 431.70 Td (to ) Tj ET Q q 0 0 0 rg BT 224.90 431.70 Td (the ) Tj ET Q q 0 0 0 rg BT 237.41 431.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.83 431.70 Td (of ) Tj ET Q q 0 0 0 rg BT 286.04 431.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 310.83 431.70 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 361.34 431.70 Td ( ) Tj ET Q q 0 0 0 rg BT 363.46 431.70 Td (See ) Tj ET Q q 0 0 0 rg BT 377.86 431.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 396.51 431.70 Td (2 ) Tj ET Q q 0 0 0 rg BT 402.88 431.70 Td (for ) Tj ET Q q 0 0 0 rg BT 414.92 431.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 451.04 431.70 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 406.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.56 406.50 Td (of ) Tj ET Q q 0 0 0 rg BT 94.95 406.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 119.18 406.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 156.39 406.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 201.03 406.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.18 406.50 Td (are ) Tj ET Q q 0 0 0 rg BT 243.64 406.50 Td (denominated ) Tj ET Q q 0 0 0 rg BT 300.53 406.50 Td (in ) Tj ET Q q 0 0 0 rg BT 311.34 406.50 Td (currencies ) Tj ET Q q 0 0 0 rg BT 357.13 406.50 Td (other ) Tj ET Q q 0 0 0 rg BT 381.36 406.50 Td (than ) Tj ET Q q 0 0 0 rg BT 402.08 406.50 Td (the ) Tj ET Q q 0 0 0 rg BT 417.56 406.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 438.88 406.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 466.03 406.50 Td (and ) Tj ET Q q 0 0 0 rg BT 483.84 406.50 Td (balances ) Tj ET Q q 0 0 0 rg BT 522.63 406.50 Td (related ) Tj ET Q q 0 0 0 rg BT 553.84 406.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 393.90 Td (these ) Tj ET Q q 0 0 0 rg BT 74.20 393.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.32 393.90 Td (will ) Tj ET Q q 0 0 0 rg BT 120.28 393.90 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 159.64 393.90 Td (with ) Tj ET Q q 0 0 0 rg BT 180.93 393.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 217.38 393.90 Td (in ) Tj ET Q q 0 0 0 rg BT 228.17 393.90 Td (the ) Tj ET Q q 0 0 0 rg BT 243.62 393.90 Td (related ) Tj ET Q q 0 0 0 rg BT 274.81 393.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 307.76 393.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 347.11 393.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 389.37 393.90 Td (rates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 368.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.46 368.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.92 368.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 152.54 368.70 Td (its ) Tj ET Q q 0 0 0 rg BT 165.34 368.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 196.21 368.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 247.50 368.70 Td (testing ) Tj ET Q q 0 0 0 rg BT 278.38 368.70 Td (process ) Tj ET Q q 0 0 0 rg BT 312.75 368.70 Td (as ) Tj ET Q q 0 0 0 rg BT 324.38 368.70 Td (of ) Tj ET Q q 0 0 0 rg BT 336.01 368.70 Td (December ) Tj ET Q q 0 0 0 rg BT 382.03 368.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 398.03 368.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 424.54 368.70 Td (and ) Tj ET Q q 0 0 0 rg BT 442.58 368.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 492.69 368.70 Td (that ) Tj ET Q q 0 0 0 rg BT 511.32 368.70 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 368.70 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (value ) Tj ET Q q 0 0 0 rg BT 76.18 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.36 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.63 356.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 137.81 356.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 198.97 356.10 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 266.55 356.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 293.32 356.10 Td (management ) Tj ET Q q 0 0 0 rg BT 350.40 356.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 391.74 356.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 437.17 356.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 463.65 356.10 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 504.99 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.18 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.44 356.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 343.50 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.99 343.50 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 176.39 343.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 201.98 343.50 Td (management ) Tj ET Q q 0 0 0 rg BT 257.89 343.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 298.05 343.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 342.30 343.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 364.97 343.50 Td (from ) Tj ET Q q 0 0 0 rg BT 387.64 343.50 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 423.96 343.50 Td (, ) Tj ET Q q 0 0 0 rg BT 428.84 343.50 Td (and ) Tj ET Q q 0 0 0 rg BT 446.26 343.50 Td (the ) Tj ET Q q 0 0 0 rg BT 461.35 343.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 493.35 343.50 Td (trade ) Tj ET Q q 0 0 0 rg BT 516.60 343.50 Td (name ) Tj ET Q q 0 0 0 rg BT 541.59 343.50 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 330.90 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.77 330.90 Td (their ) Tj ET Q q 0 0 0 rg BT 113.73 330.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 159.01 330.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.30 330.90 Td (values, ) Tj ET Q q 0 0 0 rg BT 208.47 330.90 Td (and ) Tj ET Q q 0 0 0 rg BT 226.35 330.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.90 330.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.11 330.90 Td (were ) Tj ET Q q 0 0 0 rg BT 292.23 330.90 Td (impaired ) Tj ET Q q 0 0 0 rg BT 332.27 330.90 Td (by ) Tj ET Q q 0 0 0 rg BT 345.49 330.90 Td (an ) Tj ET Q q 0 0 0 rg BT 358.12 330.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 401.65 330.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 435.86 330.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.33 330.90 Td ($371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 330.90 Td (. ) Tj ET Q q 0 0 0 rg BT 492.04 330.90 Td ( ) Tj ET Q q 0 0 0 rg BT 494.57 330.90 Td (The ) Tj ET Q q 0 0 0 rg BT 513.61 330.90 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 318.30 Td (char) Tj ET Q q 0 0 0 rg BT 67.88 318.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 84.95 318.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 121.26 318.30 Td (from ) Tj ET Q q 0 0 0 rg BT 144.74 318.30 Td (a ) Tj ET Q q 0 0 0 rg BT 152.48 318.30 Td (number ) Tj ET Q q 0 0 0 rg BT 187.62 318.30 Td (of ) Tj ET Q q 0 0 0 rg BT 199.44 318.30 Td (current ) Tj ET Q q 0 0 0 rg BT 232.25 318.30 Td (trends ) Tj ET Q q 0 0 0 rg BT 260.98 318.30 Td (and ) Tj ET Q q 0 0 0 rg BT 279.21 318.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 313.48 318.30 Td (including ) Tj ET Q q 0 0 0 rg BT 356.21 318.30 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 369.20 318.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 403.18 318.30 Td (of ) Tj ET Q q 0 0 0 rg BT 415.00 318.30 Td (moderate ) Tj ET Q q 0 0 0 rg BT 457.13 318.30 Td (inflows ) Tj ET Q q 0 0 0 rg BT 491.71 318.30 Td (or ) Tj ET Q q 0 0 0 rg BT 503.53 318.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 543.35 318.30 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 305.70 Td (recent ) Tj ET Q q 0 0 0 rg BT 79.06 305.70 Td (years ) Tj ET Q q 0 0 0 rg BT 104.63 305.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.21 305.70 Td (related ) Tj ET Q q 0 0 0 rg BT 155.19 305.70 Td (reductions ) Tj ET Q q 0 0 0 rg BT 202.35 305.70 Td (in ) Tj ET Q q 0 0 0 rg BT 213.18 305.70 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 244.02 305.70 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 260.26 305.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 296.91 305.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 330.07 305.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 385.41 305.70 Td (for ) Tj ET Q q 0 0 0 rg BT 401.07 305.70 Td (the ) Tj ET Q q 0 0 0 rg BT 417.32 305.70 Td (next ) Tj ET Q q 0 0 0 rg BT 438.81 305.70 Td (five ) Tj ET Q q 0 0 0 rg BT 458.55 305.70 Td (years; ) Tj ET Q q 0 0 0 rg BT 487.04 305.70 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 506.20 305.70 Td (a ) Tj ET Q q 0 0 0 rg BT 514.28 305.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 553.83 305.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.77 293.10 Td (mar) Tj ET Q q 0 0 0 rg BT 106.90 293.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 126.11 293.10 Td (for ) Tj ET Q q 0 0 0 rg BT 140.06 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.59 293.10 Td (next ) Tj ET Q q 0 0 0 rg BT 174.37 293.10 Td (two ) Tj ET Q q 0 0 0 rg BT 191.82 293.10 Td (years; ) Tj ET Q q 0 0 0 rg BT 218.60 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.46 293.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 252.33 293.10 Td (an ) Tj ET Q q 0 0 0 rg BT 263.94 293.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 300.04 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.91 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.44 293.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 341.88 293.10 Td (used ) Tj ET Q q 0 0 0 rg BT 362.83 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.70 293.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 409.99 293.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 450.76 293.10 Td (future ) Tj ET Q q 0 0 0 rg BT 477.53 293.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 497.89 293.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 522.93 293.10 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 280.50 Td (due ) Tj ET Q q 0 0 0 rg BT 66.71 280.50 Td (to ) Tj ET Q q 0 0 0 rg BT 76.42 280.50 Td (company ) Tj ET Q q 0 0 0 rg BT 116.46 280.50 Td (specific ) Tj ET Q q 0 0 0 rg BT 150.65 280.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 180.77 280.50 Td (including ) Tj ET Q q 0 0 0 rg BT 221.98 280.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 264.93 280.50 Td (market ) Tj ET Q q 0 0 0 rg BT 295.63 280.50 Td (influences. ) Tj ET Q q 0 0 0 rg BT 342.95 280.50 Td ( ) Tj ET Q q 0 0 0 rg BT 344.39 280.50 Td (These ) Tj ET Q q 0 0 0 rg BT 371.01 280.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 406.37 280.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 441.16 280.50 Td (in ) Tj ET Q q 0 0 0 rg BT 450.87 280.50 Td (a ) Tj ET Q q 0 0 0 rg BT 457.08 280.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 498.28 280.50 Td (of ) Tj ET Q q 0 0 0 rg BT 508.57 280.50 Td (the ) Tj ET Q q 0 0 0 rg BT 522.95 280.50 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 267.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.09 267.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 96.86 267.90 Td (and ) Tj ET Q q 0 0 0 rg BT 114.46 267.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 138.47 267.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 175.47 267.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 207.06 267.90 Td (assessment ) Tj ET Q q 0 0 0 rg BT 256.16 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 267.34 267.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 284.35 267.90 Td (value ) Tj ET Q q 0 0 0 rg BT 309.53 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 320.71 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 335.97 267.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 362.91 267.90 Td (such ) Tj ET Q q 0 0 0 rg BT 384.59 267.90 Td (that ) Tj ET Q q 0 0 0 rg BT 402.77 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 418.04 267.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 435.05 267.90 Td (values ) Tj ET Q q 0 0 0 rg BT 464.31 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 475.49 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 490.76 267.90 Td (Permal ) Tj ET Q q 0 0 0 rg BT 522.94 267.90 Td (funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 255.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 77.35 255.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.97 255.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 143.15 255.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 165.85 255.30 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 255.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 215.32 255.30 Td (trade ) Tj ET Q q 0 0 0 rg BT 238.58 255.30 Td (name ) Tj ET Q q 0 0 0 rg BT 263.60 255.30 Td (declined ) Tj ET Q q 0 0 0 rg BT 301.45 255.30 Td (below ) Tj ET Q q 0 0 0 rg BT 329.40 255.30 Td (their ) Tj ET Q q 0 0 0 rg BT 350.92 255.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 388.19 255.30 Td (values, ) Tj ET Q q 0 0 0 rg BT 419.92 255.30 Td (and ) Tj ET Q q 0 0 0 rg BT 437.36 255.30 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 489.21 255.30 Td (were ) Tj ET Q q 0 0 0 rg BT 511.89 255.30 Td (impaired ) Tj ET Q q 0 0 0 rg BT 551.50 255.30 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 242.70 Td ($364,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 242.70 Td ( ) Tj ET Q q 0 0 0 rg BT 92.00 242.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.79 242.70 Td ($7,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.66 242.70 Td (, ) Tj ET Q q 0 0 0 rg BT 143.91 242.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 193.96 242.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 217.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.07 217.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 149.57 217.50 Td (the ) Tj ET Q q 0 0 0 rg BT 164.66 217.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.48 217.50 Td (values ) Tj ET Q q 0 0 0 rg BT 210.57 217.50 Td (of ) Tj ET Q q 0 0 0 rg BT 221.57 217.50 Td (these ) Tj ET Q q 0 0 0 rg BT 245.41 217.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.16 217.50 Td (based ) Tj ET Q q 0 0 0 rg BT 298.33 217.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 321.59 217.50 Td (discounted ) Tj ET Q q 0 0 0 rg BT 369.34 217.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 390.25 217.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 411.76 217.50 Td (analyses ) Tj ET Q q 0 0 0 rg BT 449.59 217.50 Td (using ) Tj ET Q q 0 0 0 rg BT 474.60 217.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 532.84 217.50 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 204.90 Td (data ) Tj ET Q q 0 0 0 rg BT 68.92 204.90 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 98.65 204.90 Td (which ) Tj ET Q q 0 0 0 rg BT 125.74 204.90 Td (are ) Tj ET Q q 0 0 0 rg BT 139.99 204.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 165.32 204.90 Td (3 ) Tj ET Q q 0 0 0 rg BT 172.00 204.90 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 236.12 204.90 Td ( ) Tj ET Q q 0 0 0 rg BT 237.45 204.90 Td (The ) Tj ET Q q 0 0 0 rg BT 255.20 204.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 300.96 204.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 354.31 204.90 Td (used ) Tj ET Q q 0 0 0 rg BT 374.99 204.90 Td (in ) Tj ET Q q 0 0 0 rg BT 384.59 204.90 Td (these ) Tj ET Q q 0 0 0 rg BT 407.59 204.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.68 204.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 448.36 204.90 Td (analyses ) Tj ET Q q 0 0 0 rg BT 485.36 204.90 Td (included ) Tj ET Q q 0 0 0 rg BT 522.95 204.90 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 192.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.36 192.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 117.23 192.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 139.18 192.30 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 192.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 194.18 192.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 218.76 192.30 Td ( ) Tj ET Q q 0 0 0 rg BT 220.74 192.30 Td (T) Tj ET Q q 0 0 0 rg BT 226.42 192.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 244.29 192.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 283.73 192.30 Td (related ) Tj ET Q q 0 0 0 rg BT 314.43 192.30 Td (to ) Tj ET Q q 0 0 0 rg BT 324.72 192.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.68 192.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 371.55 192.30 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 437.82 192.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 463.29 192.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 503.32 192.30 Td (were ) Tj ET Q q 0 0 0 rg BT 525.85 192.30 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 179.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.65 179.70 Td (have ) Tj ET Q q 0 0 0 rg BT 82.96 179.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 113.44 179.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 145.67 179.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 167.98 179.70 Td (ranging ) Tj ET Q q 0 0 0 rg BT 202.54 179.70 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.44 179.70 Td (\(6\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.43 179.70 Td ( ) Tj ET Q q 0 0 0 rg BT 248.92 179.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.57 179.70 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.57 179.70 Td ( ) Tj ET Q q 0 0 0 rg BT 276.05 179.70 Td (\(average ) Tj ET Q q 0 0 0 rg BT 314.68 179.70 Td (- ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.66 179.70 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.66 179.70 Td (\), ) Tj ET Q q 0 0 0 rg BT 343.26 179.70 Td (and ) Tj ET Q q 0 0 0 rg BT 360.91 179.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.23 179.70 Td (projected ) Tj ET Q q 0 0 0 rg BT 417.78 179.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 438.92 179.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 464.74 179.70 Td (from ) Tj ET Q q 0 0 0 rg BT 487.64 179.70 Td (the ) Tj ET Q q 0 0 0 rg BT 502.95 179.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 535.18 179.70 Td (funds-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (of-hedge ) Tj ET Q q 0 0 0 rg BT 89.94 167.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 115.90 167.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 156.42 167.10 Td (were ) Tj ET Q q 0 0 0 rg BT 179.45 167.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 227.57 167.10 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.77 167.10 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.89 167.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 141.90 Td (Projected ) Tj ET Q q 0 0 0 rg BT 91.78 141.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 127.14 141.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 159.02 141.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 180.98 141.90 Td (for ) Tj ET Q q 0 0 0 rg BT 195.35 141.90 Td (these ) Tj ET Q q 0 0 0 rg BT 219.06 141.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.69 141.90 Td (are ) Tj ET Q q 0 0 0 rg BT 260.64 141.90 Td (most ) Tj ET Q q 0 0 0 rg BT 283.19 141.90 Td (dependent ) Tj ET Q q 0 0 0 rg BT 328.47 141.90 Td (on ) Tj ET Q q 0 0 0 rg BT 341.10 141.90 Td (client ) Tj ET Q q 0 0 0 rg BT 366.09 141.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 392.72 141.90 Td (flows, ) Tj ET Q q 0 0 0 rg BT 420.81 141.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 456.76 141.90 Td (in ) Tj ET Q q 0 0 0 rg BT 467.06 141.90 Td (market ) Tj ET Q q 0 0 0 rg BT 498.34 141.90 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 546.85 141.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 129.30 Td (product ) Tj ET Q q 0 0 0 rg BT 85.13 129.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.26 129.30 Td (performance. ) Tj ET Q q 0 0 0 rg BT 192.99 129.30 Td ( ) Tj ET Q q 0 0 0 rg BT 196.04 129.30 Td (Discount ) Tj ET Q q 0 0 0 rg BT 237.01 129.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 259.88 129.30 Td (are ) Tj ET Q q 0 0 0 rg BT 275.75 129.30 Td (also ) Tj ET Q q 0 0 0 rg BT 295.72 129.30 Td (influenced ) Tj ET Q q 0 0 0 rg BT 343.09 129.30 Td (by ) Tj ET Q q 0 0 0 rg BT 356.64 129.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.51 129.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.73 129.30 Td (market ) Tj ET Q q 0 0 0 rg BT 436.94 129.30 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 486.37 129.30 Td (as ) Tj ET Q q 0 0 0 rg BT 498.17 129.30 Td (well ) Tj ET Q q 0 0 0 rg BT 519.30 129.30 Td (as ) Tj ET Q q 0 0 0 rg BT 531.10 129.30 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 116.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.48 116.70 Td (and ) Tj ET Q q 0 0 0 rg BT 90.30 116.70 Td (other ) Tj ET Q q 0 0 0 rg BT 114.53 116.70 Td (factors. ) Tj ET Q q 0 0 0 rg BT 148.38 116.70 Td ( ) Tj ET Q q 0 0 0 rg BT 151.04 116.70 Td (Decreases ) Tj ET Q q 0 0 0 rg BT 196.25 116.70 Td (in ) Tj ET Q q 0 0 0 rg BT 207.07 116.70 Td (the ) Tj ET Q q 0 0 0 rg BT 222.56 116.70 Td (projected ) Tj ET Q q 0 0 0 rg BT 264.28 116.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 300.17 116.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 332.57 116.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 355.05 116.70 Td (and/or ) Tj ET Q q 0 0 0 rg BT 384.53 116.70 Td (increases ) Tj ET Q q 0 0 0 rg BT 425.67 116.70 Td (in ) Tj ET Q q 0 0 0 rg BT 436.49 116.70 Td (the ) Tj ET Q q 0 0 0 rg BT 451.98 116.70 Td (discount ) Tj ET Q q 0 0 0 rg BT 490.22 116.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 512.70 116.70 Td (could ) Tj ET Q q 0 0 0 rg BT 538.68 116.70 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 104.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 87.33 104.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 104.52 104.10 Td (value ) Tj ET Q q 0 0 0 rg BT 129.89 104.10 Td (measurements ) Tj ET Q q 0 0 0 rg BT 192.57 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.36 104.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 249.73 104.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.34 104.10 Td (impairments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 78.90 Td (There ) Tj ET Q q 0 0 0 rg BT 77.35 78.90 Td (were ) Tj ET Q q 0 0 0 rg BT 100.63 78.90 Td (no ) Tj ET Q q 0 0 0 rg BT 114.00 78.90 Td (other ) Tj ET Q q 0 0 0 rg BT 138.44 78.90 Td (impairments ) Tj ET Q q 0 0 0 rg BT 193.80 78.90 Td (to ) Tj ET Q q 0 0 0 rg BT 204.84 78.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 265.44 78.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 310.30 78.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 340.30 78.90 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 392.73 78.90 Td (management ) Tj ET Q q 0 0 0 rg BT 449.24 78.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 490.01 78.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 534.88 78.90 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 66.30 Td (or ) Tj ET Q q 0 0 0 rg BT 62.00 66.30 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 102.58 66.30 Td (as ) Tj ET Q q 0 0 0 rg BT 114.58 66.30 Td (of ) Tj ET Q q 0 0 0 rg BT 126.58 66.30 Td (December ) Tj ET Q q 0 0 0 rg BT 172.97 66.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 189.34 66.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 216.22 66.30 Td ( ) Tj ET Q q 0 0 0 rg BT 219.47 66.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 244.29 66.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 276.13 66.30 Td (also ) Tj ET Q q 0 0 0 rg BT 296.29 66.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 346.77 66.30 Td (that ) Tj ET Q q 0 0 0 rg BT 365.77 66.30 Td (no ) Tj ET Q q 0 0 0 rg BT 379.52 66.30 Td (triggering ) Tj ET Q q 0 0 0 rg BT 424.18 66.30 Td (events ) Tj ET Q q 0 0 0 rg BT 454.25 66.30 Td (occurred ) Tj ET Q q 0 0 0 rg BT 494.23 66.30 Td (as ) Tj ET Q q 0 0 0 rg BT 506.23 66.30 Td (of ) Tj ET Q q 0 0 0 rg BT 518.22 66.30 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 66.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 53.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 76.25 53.70 Td (that ) Tj ET Q q 0 0 0 rg BT 94.62 53.70 Td (would ) Tj ET Q q 0 0 0 rg BT 123.50 53.70 Td (require ) Tj ET Q q 0 0 0 rg BT 155.85 53.70 Td (further ) Tj ET Q q 0 0 0 rg BT 187.05 53.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 238.08 53.70 Td (testing.) Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.36 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 308.22 31.25 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 117.15 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 134.12 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 161.59 729.15 Td (assessed ) Tj ET Q q 0 0 0 rg BT 201.01 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 219.42 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 246.00 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 258.59 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 275.26 729.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 336.83 729.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 378.58 729.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 411.59 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 438.77 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 480.51 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 504.76 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 537.17 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 92.30 716.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 118.26 716.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 175.70 716.55 Td (\("CAM"\) ) Tj ET Q q 0 0 0 rg BT 217.81 716.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 266.51 716.55 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 302.37 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 317.82 716.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 355.43 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 380.79 716.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.92 716.55 Td (48%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.16 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.86 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.80 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 107.39 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.71 691.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.71 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 150.52 691.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 203.27 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 248.45 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.06 691.35 Td (management ) Tj ET Q q 0 0 0 rg BT 328.89 691.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 369.98 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 385.99 691.35 Td (being ) Tj ET Q q 0 0 0 rg BT 412.51 691.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 457.68 691.35 Td (over ) Tj ET Q q 0 0 0 rg BT 479.53 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 487.38 691.35 Td (weighted-average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 95.20 678.75 Td (life ) Tj ET Q q 0 0 0 rg BT 111.81 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.18 678.75 Td (10.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.56 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 144.18 678.75 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 94.62 653.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 150.31 653.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 186.75 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 201.62 653.55 Td (each ) Tj ET Q q 0 0 0 rg BT 223.48 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 234.85 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 250.30 653.55 Td (next ) Tj ET Q q 0 0 0 rg BT 271.00 653.55 Td (five ) Tj ET Q q 0 0 0 rg BT 289.95 653.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 315.32 653.55 Td (years ) Tj ET Q q 0 0 0 rg BT 340.10 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 349.73 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 361.10 653.55 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.05 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 643.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 643.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.05 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 615.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 615.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.05 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 587.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 587.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.05 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 559.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 559.05 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 559.05 m 498.5 559.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 559.05 m 562.5 559.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 545.05 m 498.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 559.05 m 562.5 559.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 545.05 m 562.5 545.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 633.27 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 633.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 633.27 Td (8,569) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 619.27 Td (8,569) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 605.27 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 605.27 Td (8,569) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 591.27 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 591.27 Td (8,085) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 577.27 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 577.27 Td (8,085) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 563.27 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 563.27 Td (46,467) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 549.27 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 549.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 549.27 Td (88,344) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 520.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 520.35 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 520.35 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 520.35 Td (the ) Tj ET Q q 0 0 0 rg BT 127.55 520.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 165.16 520.35 Td (value ) Tj ET Q q 0 0 0 rg BT 190.52 520.35 Td (of ) Tj ET Q q 0 0 0 rg BT 201.89 520.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 241.85 520.35 Td (is ) Tj ET Q q 0 0 0 rg BT 251.48 520.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 305.43 520.35 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.85 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 484.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 484.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 484.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 484.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 484.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 484.85 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.85 278.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 454.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 454.85 76.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 454.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 454.85 76.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 454.85 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 454.85 70.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.85 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 413.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 413.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 413.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 413.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 413.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 413.85 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.85 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 383.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 383.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 383.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 383.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 383.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 383.85 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.85 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 353.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 353.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 353.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 353.85 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 353.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 353.85 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 484.85 m 328.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 484.85 m 408.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 484.85 m 488.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 484.85 m 562.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 484.85 m 328.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 484.85 m 408.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 484.85 m 488.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 484.85 m 562.5 484.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 413.85 m 328.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 413.85 m 408.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 413.85 m 488.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 413.85 m 562.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 413.85 m 328.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 413.85 m 408.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 413.85 m 488.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 413.85 m 562.5 413.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 353.85 m 328.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 338.85 m 328.5 338.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 353.85 m 408.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 338.85 m 408.5 338.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 353.85 m 488.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 338.85 m 488.5 338.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 353.85 m 562.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 338.85 m 562.5 338.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 489.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.05 500.07 Td (Gross Book) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.00 489.57 Td (Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 500.07 Td (Accumulated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.50 489.57 Td (Impairment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.70 500.07 Td (Net Book) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.00 489.57 Td (Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 474.62 Td (Balance as of March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.00 474.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 474.62 Td (2,402,423) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 474.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 474.62 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 474.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 474.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 474.62 Td (1,240,523) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 459.62 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 459.62 Td (\(21,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 459.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 459.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 459.62 Td (\(21,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 459.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 444.12 Td (Business acquisitions, net of $\(9,271\) relating to the sale of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 433.62 Td (LMIC \(See Note 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.35 433.62 Td (165,927) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 433.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 433.62 Td (165,927) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 418.62 Td (Changes in foreign exchange rates and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 418.62 Td (\(45,198) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 418.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 418.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 418.62 Td (\(45,198) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 418.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 403.62 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 403.62 Td (2,501,410) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 403.62 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 403.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 403.62 Td (1,339,510) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 388.62 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 388.62 Td (\(20,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 388.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 388.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 388.62 Td (\(20,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 388.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 373.62 Td (Business acquisitions \(See Note 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.35 373.62 Td (163,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 373.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 373.62 Td (163,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 358.62 Td (Changes in foreign exchange rates and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.35 358.62 Td (\(2,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 358.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 358.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 358.62 Td (\(2,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 358.62 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 343.64 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 134.17 343.64 Td (ch 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.00 343.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 343.64 Td (2,641,416) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 343.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.00 343.64 Td (\(1,161,900) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 343.64 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 343.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.50 343.64 Td (1,479,516) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.14 314.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.28 314.75 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 149.73 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.12 314.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 178.51 314.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 209.23 314.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.53 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.92 314.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 288.55 314.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.86 314.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 327.82 314.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 342.21 314.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 372.93 314.75 Td (related ) Tj ET Q q 0 0 0 rg BT 403.05 314.75 Td (to ) Tj ET Q q 0 0 0 rg BT 412.78 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.17 314.75 Td (CAM ) Tj ET Q q 0 0 0 rg BT 452.65 314.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 502.92 314.75 Td ( ) Tj ET Q q 0 0 0 rg BT 504.48 314.75 Td (In ) Tj ET Q q 0 0 0 rg BT 514.79 314.75 Td (accordance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.89 302.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 119.19 302.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.31 302.15 Td (for ) Tj ET Q q 0 0 0 rg BT 173.78 302.15 Td (income ) Tj ET Q q 0 0 0 rg BT 206.92 302.15 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 233.34 302.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.40 302.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 263.45 302.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 294.83 302.15 Td (is ) Tj ET Q q 0 0 0 rg BT 304.06 302.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 343.01 302.15 Td (as ) Tj ET Q q 0 0 0 rg BT 353.99 302.15 Td (a ) Tj ET Q q 0 0 0 rg BT 360.88 302.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 402.75 302.15 Td (of ) Tj ET Q q 0 0 0 rg BT 413.73 302.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 453.29 302.15 Td (and ) Tj ET Q q 0 0 0 rg BT 470.68 302.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 507.88 302.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.93 302.15 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 289.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.83 289.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 108.60 289.55 Td (is ) Tj ET Q q 0 0 0 rg BT 118.23 289.55 Td (realized.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 266.75 Td (6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 266.75 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 266.75 Td (SHOR) Tj ET Q q 0 0 0 rg BT 89.89 266.75 Td (T) Tj ET Q q 0 0 0 rg BT 95.93 266.75 Td (-TERM ) Tj ET Q q 0 0 0 rg BT 133.55 266.75 Td (BORROWINGS ) Tj ET Q q 0 0 0 rg BT 210.28 266.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 235.65 266.75 Td (LONG-TERM ) Tj ET Q q 0 0 0 rg BT 304.19 266.75 Td (DEBT) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 332.60 266.75 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 241.55 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 102.77 241.55 Td (borr) Tj ET Q q 0 0 0 rg BT 122.99 241.55 Td (owings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 228.95 Td (In ) Tj ET Q q 0 0 0 rg BT 62.25 228.95 Td (June ) Tj ET Q q 0 0 0 rg BT 84.99 228.95 Td (2012, ) Tj ET Q q 0 0 0 rg BT 112.12 228.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 137.19 228.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 169.27 228.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 203.67 228.95 Td (into ) Tj ET Q q 0 0 0 rg BT 223.50 228.95 Td (an ) Tj ET Q q 0 0 0 rg BT 236.91 228.95 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 282.97 228.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 310.38 228.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 357.60 228.95 Td (which ) Tj ET Q q 0 0 0 rg BT 386.76 228.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 427.58 228.95 Td (for ) Tj ET Q q 0 0 0 rg BT 443.33 228.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.49 228.95 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.86 228.95 Td ( ) Tj ET Q q 0 0 0 rg BT 494.36 228.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 538.10 228.95 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 216.35 Td (facility) Tj ET Q q 0 0 0 rg BT 79.06 216.35 Td (. ) Tj ET Q q 0 0 0 rg BT 83.24 216.35 Td ( ) Tj ET Q q 0 0 0 rg BT 84.79 216.35 Td (In ) Tj ET Q q 0 0 0 rg BT 95.09 216.35 Td (January ) Tj ET Q q 0 0 0 rg BT 129.30 216.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 154.48 216.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 177.61 216.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 207.75 216.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 240.20 216.35 Td (into ) Tj ET Q q 0 0 0 rg BT 258.09 216.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.30 216.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.68 216.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.23 216.35 Td (incremental ) Tj ET Q q 0 0 0 rg BT 356.35 216.35 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 401.65 216.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 427.10 216.35 Td (facility) Tj ET Q q 0 0 0 rg BT 456.16 216.35 Td (, ) Tj ET Q q 0 0 0 rg BT 460.34 216.35 Td (which ) Tj ET Q q 0 0 0 rg BT 487.55 216.35 Td (was ) Tj ET Q q 0 0 0 rg BT 505.44 216.35 Td (contemplated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 203.75 Td (in, ) Tj ET Q q 0 0 0 rg BT 62.91 203.75 Td (and ) Tj ET Q q 0 0 0 rg BT 80.18 203.75 Td (was ) Tj ET Q q 0 0 0 rg BT 98.62 203.75 Td (in ) Tj ET Q q 0 0 0 rg BT 108.91 203.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 145.43 203.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.71 203.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.66 203.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.03 203.75 Td ( ) Tj ET Q q 0 0 0 rg BT 212.14 203.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 254.50 203.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 280.52 203.75 Td (facility) Tj ET Q q 0 0 0 rg BT 309.57 203.75 Td (. ) Tj ET Q q 0 0 0 rg BT 314.31 203.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.43 203.75 Td (Both ) Tj ET Q q 0 0 0 rg BT 338.96 203.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 381.32 203.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.33 203.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 445.60 203.75 Td (were ) Tj ET Q q 0 0 0 rg BT 468.11 203.75 Td (to ) Tj ET Q q 0 0 0 rg BT 478.40 203.75 Td (expire ) Tj ET Q q 0 0 0 rg BT 506.74 203.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.03 203.75 Td (June ) Tj ET Q q 0 0 0 rg BT 538.39 203.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 564.64 203.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 191.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.27 191.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 112.46 191.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 139.30 191.15 Td (facilities ) Tj ET Q q 0 0 0 rg BT 178.40 191.15 Td (had ) Tj ET Q q 0 0 0 rg BT 196.50 191.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 230.36 191.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 253.12 191.15 Td (of ) Tj ET Q q 0 0 0 rg BT 264.81 191.15 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 299.26 191.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 319.71 191.15 Td (150 ) Tj ET Q q 0 0 0 rg BT 338.40 191.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 362.35 191.15 Td (points ) Tj ET Q q 0 0 0 rg BT 390.96 191.15 Td (and ) Tj ET Q q 0 0 0 rg BT 409.07 191.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 440.00 191.15 Td (commitment ) Tj ET Q q 0 0 0 rg BT 496.02 191.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 515.87 191.15 Td (of ) Tj ET Q q 0 0 0 rg BT 527.56 191.15 Td (20 ) Tj ET Q q 0 0 0 rg BT 541.00 191.15 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 178.55 Td (points ) Tj ET Q q 0 0 0 rg BT 78.69 178.55 Td (and ) Tj ET Q q 0 0 0 rg BT 96.86 178.55 Td (were ) Tj ET Q q 0 0 0 rg BT 120.28 178.55 Td (available ) Tj ET Q q 0 0 0 rg BT 161.19 178.55 Td (for ) Tj ET Q q 0 0 0 rg BT 176.44 178.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 207.44 178.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 234.37 178.55 Td (and ) Tj ET Q q 0 0 0 rg BT 252.54 178.55 Td (for ) Tj ET Q q 0 0 0 rg BT 267.80 178.55 Td (general ) Tj ET Q q 0 0 0 rg BT 301.71 178.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 344.37 178.55 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 387.34 178.55 Td ( ) Tj ET Q q 0 0 0 rg BT 390.35 178.55 Td (In ) Tj ET Q q 0 0 0 rg BT 402.11 178.55 Td (October ) Tj ET Q q 0 0 0 rg BT 438.95 178.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 465.58 178.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 490.17 178.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 521.77 178.55 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 165.95 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 165.95 Td ( ) Tj ET Q q 0 0 0 rg BT 88.12 165.95 Td (under ) Tj ET Q q 0 0 0 rg BT 116.01 165.95 Td (these ) Tj ET Q q 0 0 0 rg BT 141.58 165.95 Td (facilities ) Tj ET Q q 0 0 0 rg BT 181.72 165.95 Td (to ) Tj ET Q q 0 0 0 rg BT 193.88 165.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 232.86 165.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 267.74 165.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.56 165.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 334.63 165.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.37 165.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 379.36 165.95 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 443.11 165.95 Td ( ) Tj ET Q q 0 0 0 rg BT 446.81 165.95 Td (There ) Tj ET Q q 0 0 0 rg BT 475.29 165.95 Td (were ) Tj ET Q q 0 0 0 rg BT 499.68 165.95 Td (no ) Tj ET Q q 0 0 0 rg BT 514.17 165.95 Td (borrowings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 153.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 101.62 153.35 Td (under ) Tj ET Q q 0 0 0 rg BT 128.16 153.35 Td (these ) Tj ET Q q 0 0 0 rg BT 152.36 153.35 Td (facilities ) Tj ET Q q 0 0 0 rg BT 191.13 153.35 Td (as ) Tj ET Q q 0 0 0 rg BT 202.51 153.35 Td (of ) Tj ET Q q 0 0 0 rg BT 213.88 153.35 Td (March ) Tj ET Q q 0 0 0 rg BT 243.91 153.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 259.66 153.35 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 126.35 Td (On ) Tj ET Q q 0 0 0 rg BT 65.01 126.35 Td (December ) Tj ET Q q 0 0 0 rg BT 110.33 126.35 Td (29, ) Tj ET Q q 0 0 0 rg BT 125.64 126.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 151.44 126.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.19 126.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 205.96 126.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 239.03 126.35 Td (into ) Tj ET Q q 0 0 0 rg BT 257.55 126.35 Td (a ) Tj ET Q q 0 0 0 rg BT 264.39 126.35 Td (new ) Tj ET Q q 0 0 0 rg BT 284.06 126.35 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 328.80 126.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 354.88 126.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 400.79 126.35 Td (which ) Tj ET Q q 0 0 0 rg BT 428.63 126.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 466.97 126.35 Td (for ) Tj ET Q q 0 0 0 rg BT 481.39 126.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.23 126.35 Td ($1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.48 126.35 Td ( ) Tj ET Q q 0 0 0 rg BT 537.56 126.35 Td (multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.75 Td (currency) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.98 113.75 Td ( ) Tj ET Q q 0 0 0 rg BT 88.78 113.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 132.83 113.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 160.53 113.75 Td (facility) Tj ET Q q 0 0 0 rg BT 189.59 113.75 Td (. ) Tj ET Q q 0 0 0 rg BT 196.02 113.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.82 113.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 225.20 113.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 257.59 113.75 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.63 113.75 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.76 113.75 Td ( ) Tj ET Q q 0 0 0 rg BT 339.56 113.75 Td (under ) Tj ET Q q 0 0 0 rg BT 367.27 113.75 Td (this ) Tj ET Q q 0 0 0 rg BT 386.25 113.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 430.29 113.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 458.00 113.75 Td (facility) Tj ET Q q 0 0 0 rg BT 487.06 113.75 Td (, ) Tj ET Q q 0 0 0 rg BT 493.49 113.75 Td (which ) Tj ET Q q 0 0 0 rg BT 522.95 113.75 Td (remained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 101.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 101.25 101.15 Td (as ) Tj ET Q q 0 0 0 rg BT 112.25 101.15 Td (of ) Tj ET Q q 0 0 0 rg BT 123.25 101.15 Td (March ) Tj ET Q q 0 0 0 rg BT 152.91 101.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.29 101.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 194.17 101.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.58 101.15 Td (used ) Tj ET Q q 0 0 0 rg BT 233.08 101.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.16 101.15 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 287.73 101.15 Td (to ) Tj ET Q q 0 0 0 rg BT 298.15 101.15 Td (repay ) Tj ET Q q 0 0 0 rg BT 323.72 101.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.81 101.15 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.93 101.15 Td ( ) Tj ET Q q 0 0 0 rg BT 375.18 101.15 Td (of ) Tj ET Q q 0 0 0 rg BT 386.18 101.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 437.44 101.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 487.52 101.15 Td (under ) Tj ET Q q 0 0 0 rg BT 513.68 101.15 Td (its ) Tj ET Q q 0 0 0 rg BT 525.86 101.15 Td (previous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 88.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 94.11 88.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 121.87 88.55 Td (facility) Tj ET Q q 0 0 0 rg BT 150.93 88.55 Td (, ) Tj ET Q q 0 0 0 rg BT 157.42 88.55 Td (as ) Tj ET Q q 0 0 0 rg BT 170.03 88.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 214.14 88.55 Td (above. ) Tj ET Q q 0 0 0 rg BT 245.70 88.55 Td ( ) Tj ET Q q 0 0 0 rg BT 249.28 88.55 Td (The ) Tj ET Q q 0 0 0 rg BT 269.47 88.55 Td (previous ) Tj ET Q q 0 0 0 rg BT 309.49 88.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 353.60 88.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 381.37 88.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 414.97 88.55 Td (was ) Tj ET Q q 0 0 0 rg BT 435.16 88.55 Td (terminated ) Tj ET Q q 0 0 0 rg BT 483.92 88.55 Td (ef) Tj ET Q q 0 0 0 rg BT 491.89 88.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 524.32 88.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 549.18 88.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 75.95 Td (repayment.) Tj ET Q endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.24 741.75 Td (new ) Tj ET Q q 0 0 0 rg BT 89.65 741.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 132.81 741.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 159.63 741.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 192.28 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 213.28 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 226.10 741.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 268.66 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 282.08 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 294.90 741.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 338.63 741.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 373.04 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.70 741.75 Td (up ) Tj ET Q q 0 0 0 rg BT 398.12 741.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.20 741.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.58 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 454.12 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 486.77 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 497.86 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.60 741.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 553.25 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.64 729.15 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 101.39 729.15 Td (expires ) Tj ET Q q 0 0 0 rg BT 134.52 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 145.50 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 191.44 729.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 217.88 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 235.85 729.15 Td (can ) Tj ET Q q 0 0 0 rg BT 253.23 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 265.94 729.15 Td (repaid ) Tj ET Q q 0 0 0 rg BT 294.99 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 305.37 729.15 Td (any ) Tj ET Q q 0 0 0 rg BT 323.34 729.15 Td (time. ) Tj ET Q q 0 0 0 rg BT 347.44 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 350.04 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 369.18 729.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 412.23 729.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 438.94 729.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 471.48 729.15 Td (has ) Tj ET Q q 0 0 0 rg BT 488.29 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 501.01 729.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 534.72 729.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 553.27 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.31 716.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 102.79 716.55 Td (Eurocurrency ) Tj ET Q q 0 0 0 rg BT 162.41 716.55 Td (Rate ) Tj ET Q q 0 0 0 rg BT 184.13 716.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 204.12 716.55 Td (125 ) Tj ET Q q 0 0 0 rg BT 222.35 716.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 245.83 716.55 Td (points ) Tj ET Q q 0 0 0 rg BT 273.99 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 291.63 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 304.02 716.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 334.49 716.55 Td (commitment ) Tj ET Q q 0 0 0 rg BT 390.05 716.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 405.35 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 416.58 716.55 Td (17.5 ) Tj ET Q q 0 0 0 rg BT 437.43 716.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 460.91 716.55 Td (points. ) Tj ET Q q 0 0 0 rg BT 491.69 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 493.63 716.55 Td (As ) Tj ET Q q 0 0 0 rg BT 507.78 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 519.01 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 548.89 716.55 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 77.30 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 93.79 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 101.76 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 134.00 703.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 168.57 703.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 187.98 703.95 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.98 703.95 Td (1.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.81 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 235.11 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 238.78 703.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 273.94 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 284.61 703.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 320.93 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 332.18 703.95 Td (least ) Tj ET Q q 0 0 0 rg BT 355.09 703.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 396.66 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 410.83 703.95 Td (any ) Tj ET Q q 0 0 0 rg BT 429.67 703.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 468.92 703.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 521.59 703.95 Td (under ) Tj ET Q q 0 0 0 rg BT 549.17 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.31 691.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.28 691.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 150.09 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 167.32 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 182.22 691.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 215.20 691.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 233.00 691.35 Td (may ) Tj ET Q q 0 0 0 rg BT 253.15 691.35 Td (change ) Tj ET Q q 0 0 0 rg BT 284.95 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 295.19 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.09 691.35 Td (future ) Tj ET Q q 0 0 0 rg BT 337.23 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 363.21 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 375.78 691.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 411.66 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 421.90 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 445.55 691.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 482.18 691.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 508.15 691.35 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 541.42 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 543.34 691.35 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.87 678.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.40 678.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 151.76 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.39 678.75 Td (available ) Tj ET Q q 0 0 0 rg BT 201.91 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 212.70 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 234.57 678.75 Td (working ) Tj ET Q q 0 0 0 rg BT 272.19 678.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 302.80 678.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 329.33 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.12 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 361.99 678.75 Td (general ) Tj ET Q q 0 0 0 rg BT 395.51 678.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 437.78 678.75 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.69 653.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 111.29 653.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 137.55 653.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 169.65 653.55 Td (has ) Tj ET Q q 0 0 0 rg BT 186.01 653.55 Td (standard ) Tj ET Q q 0 0 0 rg BT 223.94 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.03 653.55 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 310.00 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 312.20 653.55 Td (These ) Tj ET Q q 0 0 0 rg BT 339.63 653.55 Td (covenants ) Tj ET Q q 0 0 0 rg BT 383.97 653.55 Td (were ) Tj ET Q q 0 0 0 rg BT 406.74 653.55 Td (modified ) Tj ET Q q 0 0 0 rg BT 447.01 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 457.54 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 487.30 653.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 510.66 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 528.18 653.55 Td (include: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (maximum ) Tj ET Q q 0 0 0 rg BT 95.20 640.95 Td (net ) Tj ET Q q 0 0 0 rg BT 110.65 640.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 131.35 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 142.14 640.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 180.06 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 182.68 640.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 204.55 640.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 219.41 640.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 253.52 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 264.31 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 279.76 640.95 Td (documents\) ) Tj ET Q q 0 0 0 rg BT 331.37 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 342.74 640.95 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 358.49 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 369.28 640.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 377.15 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 392.02 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 407.47 640.95 Td (period ) Tj ET Q q 0 0 0 rg BT 436.92 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 459.95 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 489.98 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 505.72 640.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 529.35 640.95 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (September ) Tj ET Q q 0 0 0 rg BT 97.22 628.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 112.67 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 138.61 628.35 Td (3.25 ) Tj ET Q q 0 0 0 rg BT 159.30 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 169.79 628.35 Td (1 ) Tj ET Q q 0 0 0 rg BT 177.36 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 191.92 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 207.07 628.35 Td (period ) Tj ET Q q 0 0 0 rg BT 236.21 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 258.94 628.35 Td (October ) Tj ET Q q 0 0 0 rg BT 295.08 628.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 305.27 628.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 328.59 628.35 Td (through ) Tj ET Q q 0 0 0 rg BT 363.57 628.35 Td (December ) Tj ET Q q 0 0 0 rg BT 409.03 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 424.48 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 450.42 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 467.90 628.35 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 483.34 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 493.83 628.35 Td (1 ) Tj ET Q q 0 0 0 rg BT 501.40 628.35 Td (thereafter; ) Tj ET Q q 0 0 0 rg BT 546.85 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 564.64 628.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 93.11 615.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 131.02 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 133.29 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.73 615.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 176.91 615.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 198.42 615.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 212.93 615.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 246.69 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 257.13 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.22 615.75 Td (documents\) ) Tj ET Q q 0 0 0 rg BT 323.48 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.50 615.75 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 349.89 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 360.33 615.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 370.48 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 372.25 615.75 Td (As ) Tj ET Q q 0 0 0 rg BT 386.19 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 397.20 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 426.88 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 442.27 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 468.17 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 492.01 615.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 528.84 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 543.94 615.75 Td (debt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.05 603.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 97.96 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 99.84 603.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 120.97 603.15 Td (was ) Tj ET Q q 0 0 0 rg BT 139.18 603.15 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 154.18 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 164.23 603.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 171.36 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 188.40 603.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 226.31 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 228.20 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 238.24 603.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.03 603.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 306.73 603.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 327.85 603.15 Td (was ) Tj ET Q q 0 0 0 rg BT 346.06 603.15 Td (13.0 ) Tj ET Q q 0 0 0 rg BT 366.32 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 376.37 603.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.12 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 403.16 603.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 445.56 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 469.01 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 499.48 603.15 Td (has ) Tj ET Q q 0 0 0 rg BT 515.35 603.15 Td (maintained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 101.02 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 122.31 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 137.77 590.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 183.54 590.55 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 565.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 145.07 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 162.86 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 189.11 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 213.31 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 244.51 565.35 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.30 565.35 Td ($960,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.67 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 304.30 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.09 565.35 Td ($750,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.46 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 364.09 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 375.46 565.35 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 414.82 565.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 457.69 565.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 484.22 565.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.58 565.35 Td (capacity) Tj ET Q q 0 0 0 rg BT 550.88 565.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.17 540.15 Td (April ) Tj ET Q q 0 0 0 rg BT 90.34 540.15 Td (29, ) Tj ET Q q 0 0 0 rg BT 106.47 540.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 133.09 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.67 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 189.25 540.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 223.15 540.15 Td (into ) Tj ET Q q 0 0 0 rg BT 242.49 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 250.15 540.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 286.39 540.15 Td (starting, ) Tj ET Q q 0 0 0 rg BT 323.51 540.15 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 372.00 540.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.91 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 424.65 540.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 449.23 540.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 495.95 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 517.62 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 525.29 540.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (intermediary) Tj ET Q q 0 0 0 rg BT 102.96 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 108.49 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 137.06 527.55 Td (was ) Tj ET Q q 0 0 0 rg BT 156.29 527.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 204.10 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 215.75 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 223.31 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 244.87 527.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 267.02 527.55 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 297.62 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 300.32 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 319.54 527.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.35 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 371.99 527.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 396.48 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 406.38 527.55 Td (being ) Tj ET Q q 0 0 0 rg BT 432.61 527.55 Td (used ) Tj ET Q q 0 0 0 rg BT 454.76 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 465.84 527.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 493.81 527.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 527.62 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 546.26 527.55 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.34 514.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 113.18 514.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 162.85 514.95 Td (under ) Tj ET Q q 0 0 0 rg BT 188.60 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 203.27 514.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 245.36 514.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 271.10 514.95 Td (facility) Tj ET Q q 0 0 0 rg BT 300.16 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 304.63 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 306.33 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 324.50 514.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 347.92 514.95 Td (has ) Tj ET Q q 0 0 0 rg BT 363.76 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 370.26 514.95 Td (4.67-year ) Tj ET Q q 0 0 0 rg BT 412.05 514.95 Td (term, ) Tj ET Q q 0 0 0 rg BT 435.75 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 456.26 514.95 Td (five ) Tj ET Q q 0 0 0 rg BT 474.43 514.95 Td (reductions ) Tj ET Q q 0 0 0 rg BT 520.01 514.95 Td (beginning ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 63.01 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 92.93 502.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.57 502.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 134.71 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 152.38 502.35 Td (expires ) Tj ET Q q 0 0 0 rg BT 185.22 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 198.23 502.35 Td (December ) Tj ET Q q 0 0 0 rg BT 243.89 502.35 Td (29, ) Tj ET Q q 0 0 0 rg BT 259.52 502.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 285.66 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 288.18 502.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 316.93 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 332.27 502.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 358.11 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 369.38 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.72 502.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 418.14 502.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 436.39 502.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 460.48 502.35 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 509.34 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.43 502.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 69.39 489.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 87.61 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 95.33 489.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 119.96 489.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 153.92 489.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.72 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.52 489.75 Td (2.3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.39 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 209.45 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 223.01 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.72 489.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 268.19 489.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.75 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.55 489.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.93 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 358.93 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 373.66 489.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 421.04 489.75 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 466.98 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.86 489.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 516.82 489.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 535.62 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 489.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.32 477.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.30 477.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 150.12 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 170.27 477.15 Td (change ) Tj ET Q q 0 0 0 rg BT 202.08 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 212.33 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 227.23 477.15 Td (future ) Tj ET Q q 0 0 0 rg BT 254.38 477.15 Td (based ) Tj ET Q q 0 0 0 rg BT 280.37 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 292.94 477.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 328.84 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 339.08 477.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 362.74 477.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 399.38 477.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.36 477.15 Td (ratings, ) Tj ET Q q 0 0 0 rg BT 458.64 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 475.88 477.15 Td (such ) Tj ET Q q 0 0 0 rg BT 497.20 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 503.94 477.15 Td (change ) Tj ET Q q 0 0 0 rg BT 535.75 477.15 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (result ) Tj ET Q q 0 0 0 rg BT 75.38 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 85.60 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 92.31 464.55 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 154.43 464.55 Td (change ) Tj ET Q q 0 0 0 rg BT 186.21 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 196.43 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 211.31 464.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 234.93 464.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.89 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 285.68 464.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 305.81 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 331.76 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 346.64 464.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 379.60 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 397.39 464.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 421.02 464.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 469.42 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 471.32 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 489.70 464.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 522.65 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 540.44 464.55 Td (swap ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (has ) Tj ET Q q 0 0 0 rg BT 65.95 451.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 97.06 451.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 122.33 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 132.45 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 147.23 451.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 194.67 451.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 214.69 451.95 Td (being ) Tj ET Q q 0 0 0 rg BT 239.97 451.95 Td (hedged. ) Tj ET Q q 0 0 0 rg BT 274.86 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 276.81 451.95 Td (Changes ) Tj ET Q q 0 0 0 rg BT 314.92 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 325.04 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 339.81 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 370.91 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 395.60 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 406.30 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 421.07 451.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 453.93 451.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.61 451.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 495.14 451.95 Td (will ) Tj ET Q q 0 0 0 rg BT 513.42 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 525.28 451.95 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 439.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.33 439.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 153.51 439.35 Td (income ) Tj ET Q q 0 0 0 rg BT 187.04 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 200.17 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 215.62 439.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 273.66 439.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 310.10 439.35 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.32 414.15 Td (May ) Tj ET Q q 0 0 0 rg BT 83.14 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.34 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.49 414.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.65 414.15 Td (used ) Tj ET Q q 0 0 0 rg BT 186.47 414.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 231.03 414.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 281.44 414.15 Td (under ) Tj ET Q q 0 0 0 rg BT 307.92 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 323.32 414.15 Td (new ) Tj ET Q q 0 0 0 rg BT 343.39 414.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 386.20 414.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 412.68 414.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 444.99 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 455.73 414.15 Td (finance ) Tj ET Q q 0 0 0 rg BT 489.20 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 504.60 414.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 553.25 414.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 401.55 Td (rust, ) Tj ET Q q 0 0 0 rg BT 88.22 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 99.11 401.55 Td (further ) Tj ET Q q 0 0 0 rg BT 129.82 401.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 172.20 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 182.51 401.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 205.06 401.55 Td (18, ) Tj ET Q q 0 0 0 rg BT 220.33 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 237.63 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 247.93 401.55 Td (replenish ) Tj ET Q q 0 0 0 rg BT 288.56 401.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 309.36 401.55 Td (used ) Tj ET Q q 0 0 0 rg BT 330.74 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 341.05 401.55 Td (complete ) Tj ET Q q 0 0 0 rg BT 381.67 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 396.64 401.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 448.94 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 459.83 401.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 493.46 401.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 530.01 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 539.85 401.55 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.96 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 90.09 388.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 120.06 388.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 179.16 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 189.29 388.95 Td (October ) Tj ET Q q 0 0 0 rg BT 225.07 388.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 250.66 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 252.48 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 270.77 388.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 304.23 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 314.94 388.95 Td (total ) Tj ET Q q 0 0 0 rg BT 335.57 388.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 385.36 388.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 436.32 388.95 Td (under ) Tj ET Q q 0 0 0 rg BT 462.19 388.95 Td (this ) Tj ET Q q 0 0 0 rg BT 479.33 388.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 511.03 388.95 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.00 388.95 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 388.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 72.74 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 88.20 376.35 Td (date ) Tj ET Q q 0 0 0 rg BT 108.31 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 119.68 376.35 Td (filing.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 101.03 351.15 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 97.53 338.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 118.23 338.55 Td (consists ) Tj ET Q q 0 0 0 rg BT 154.11 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.48 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.94 338.55 Td (following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.05 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 266.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 266.05 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 266.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 266.05 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 266.05 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 266.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 266.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 266.05 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 266.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 266.05 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 266.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 266.05 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 236.05 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 236.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 236.05 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 236.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 236.05 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 236.05 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 236.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 236.05 4.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 206.05 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 206.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 206.05 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 206.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 206.05 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 302.04999999999995 m 272.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 302.04999999999995 m 276.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 302.04999999999995 m 333.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 302.04999999999995 m 338.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 302.04999999999995 m 401.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 302.04999999999995 m 405.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 302.04999999999995 m 448.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 302.04999999999995 m 452.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 302.04999999999995 m 506.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 302.04999999999995 m 562.5 302.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 266.04999999999995 m 216.5 266.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 266.04999999999995 m 272.5 266.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 266.04999999999995 m 333.5 266.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 266.04999999999995 m 401.5 266.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 266.04999999999995 m 448.5 266.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 266.04999999999995 m 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 191.04999999999995 m 506.5 191.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 176.04999999999995 m 506.5 176.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 191.04999999999995 m 562.5 191.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 176.04999999999995 m 562.5 176.04999999999995 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.72 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.90 306.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 348.60 306.73 Td (ch 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.45 316.72 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.00 306.72 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.72 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.25 280.73 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.95 270.73 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.20 290.73 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.85 280.73 Td (Hedge) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.20 270.73 Td (Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.45 290.73 Td (Unamortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.60 280.73 Td (Discount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.25 270.73 Td (\(Premium\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.20 290.73 Td (Debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 280.73 Td (Issuance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 270.73 Td (Costs) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 434.33 275.26 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.55 280.73 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 270.73 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.20 280.72 Td (Carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 270.72 Td (V) Tj ET Q q 0 0 0 rg BT 526.91 270.72 Td (alue) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 543.57 275.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 255.72 Td (2.7% Senior Notes due July 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 255.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.10 255.73 Td (256,055) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 255.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.80 255.78 Td (\(7,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 255.73 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 255.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 255.73 Td (359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 255.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.10 255.73 Td (1,185) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 255.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 255.73 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 255.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 255.72 Td (253,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.72 Td (3.95% Senior Notes due July 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.10 240.73 Td (248,028) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 240.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 240.73 Td (377) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.10 240.73 Td (1,595) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 240.73 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 240.72 Td (247,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 225.72 Td (4.75% Senior Notes due March 2026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.10 225.73 Td (447,030) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 225.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 225.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.10 225.73 Td (2,970) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 225.73 Td (450,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 225.72 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.72 Td (5.625% Senior Notes due January 2044) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.10 210.73 Td (547,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 210.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 210.78 Td (\(3,396) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 210.73 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.10 210.73 Td (5,615) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 210.73 Td (550,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 210.72 Td (547,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 195.72 Td (6.375% Junior Notes due March 2056) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.10 195.73 Td (242,091) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 195.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 195.73 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.10 195.73 Td (7,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 195.73 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 195.72 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 180.72 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 180.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.60 180.73 Td (1,740,985) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 180.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.80 180.78 Td (\(7,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 180.73 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 180.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 180.78 Td (\(2,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 180.73 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 180.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.10 180.73 Td (19,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 180.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.60 180.73 Td (1,750,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 180.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 180.72 Td (1,048,946) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 166.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 166.35 Td (As ) Tj ET Q q 0 0 0 rg BT 80.02 166.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 118.48 166.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 153.63 166.35 Td (in ) Tj ET Q q 0 0 0 rg BT 162.82 166.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 181.92 166.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 190.86 166.35 Td (for ) Tj ET Q q 0 0 0 rg BT 203.35 166.35 Td (the ) Tj ET Q q 0 0 0 rg BT 216.31 166.35 Td (year ) Tj ET Q q 0 0 0 rg BT 233.51 166.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 256.38 166.35 Td (March ) Tj ET Q q 0 0 0 rg BT 281.13 166.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.33 166.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 316.03 166.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 336.07 166.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 361.78 166.35 Td (elected ) Tj ET Q q 0 0 0 rg BT 388.42 166.35 Td (to ) Tj ET Q q 0 0 0 rg BT 397.60 166.35 Td (early ) Tj ET Q q 0 0 0 rg BT 417.17 166.35 Td (adopt ) Tj ET Q q 0 0 0 rg BT 438.62 166.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 468.10 166.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.97 166.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 541.22 166.35 Td (which ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 156.15 Td (requires ) Tj ET Q q 0 0 0 rg BT 97.48 156.15 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 142.07 156.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 158.81 156.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 189.71 156.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 208.82 156.15 Td (to ) Tj ET Q q 0 0 0 rg BT 217.53 156.15 Td (be ) Tj ET Q q 0 0 0 rg BT 227.66 156.15 Td (presented ) Tj ET Q q 0 0 0 rg BT 262.33 156.15 Td (in ) Tj ET Q q 0 0 0 rg BT 271.05 156.15 Td (the ) Tj ET Q q 0 0 0 rg BT 283.54 156.15 Td (balance ) Tj ET Q q 0 0 0 rg BT 311.60 156.15 Td (sheet ) Tj ET Q q 0 0 0 rg BT 331.17 156.15 Td (as ) Tj ET Q q 0 0 0 rg BT 340.35 156.15 Td (a ) Tj ET Q q 0 0 0 rg BT 346.23 156.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 367.69 156.15 Td (deduction ) Tj ET Q q 0 0 0 rg BT 403.31 156.15 Td (from ) Tj ET Q q 0 0 0 rg BT 421.94 156.15 Td (the ) Tj ET Q q 0 0 0 rg BT 434.43 156.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 464.85 156.15 Td (value ) Tj ET Q q 0 0 0 rg BT 485.36 156.15 Td (of ) Tj ET Q q 0 0 0 rg BT 494.55 156.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.04 156.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.07 156.15 Td (long-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 145.95 Td (term ) Tj ET Q q 0 0 0 rg BT 86.02 145.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 103.09 145.95 Td (liability) Tj ET Q q 0 0 0 rg BT 128.98 145.95 Td (. ) Tj ET Q q 0 0 0 rg BT 133.55 145.95 Td ( ) Tj ET Q q 0 0 0 rg BT 135.81 145.95 Td (This ) Tj ET Q q 0 0 0 rg BT 153.36 145.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 182.71 145.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 215.83 145.95 Td (was ) Tj ET Q q 0 0 0 rg BT 231.49 145.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 260.84 145.95 Td (on ) Tj ET Q q 0 0 0 rg BT 271.78 145.95 Td (a ) Tj ET Q q 0 0 0 rg BT 277.99 145.95 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 324.32 145.95 Td (basis; ) Tj ET Q q 0 0 0 rg BT 346.13 145.95 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 381.36 145.95 Td (the ) Tj ET Q q 0 0 0 rg BT 394.19 145.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 424.95 145.95 Td (value ) Tj ET Q q 0 0 0 rg BT 445.79 145.95 Td (of ) Tj ET Q q 0 0 0 rg BT 455.31 145.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 472.39 145.95 Td (as ) Tj ET Q q 0 0 0 rg BT 481.91 145.95 Td (of ) Tj ET Q q 0 0 0 rg BT 491.43 145.95 Td (March ) Tj ET Q q 0 0 0 rg BT 516.05 145.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 529.12 145.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 550.68 145.95 Td (has ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 135.75 Td (been ) Tj ET Q q 0 0 0 rg BT 86.17 135.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 115.20 135.75 Td (by ) Tj ET Q q 0 0 0 rg BT 125.82 135.75 Td (the ) Tj ET Q q 0 0 0 rg BT 138.33 135.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.95 135.75 Td (of ) Tj ET Q q 0 0 0 rg BT 175.16 135.75 Td (related ) Tj ET Q q 0 0 0 rg BT 200.41 135.75 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 245.02 135.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 261.77 135.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 292.70 135.75 Td (costs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 112.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.01 112.95 Td (March ) Tj ET Q q 0 0 0 rg BT 90.67 112.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.56 112.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 140.40 112.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 171.24 112.95 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.75 112.95 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.13 112.95 Td ( ) Tj ET Q q 0 0 0 rg BT 241.39 112.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.40 112.95 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.52 112.95 Td ( ) Tj ET Q q 0 0 0 rg BT 281.78 112.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 311.46 112.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 338.21 112.95 Td (due ) Tj ET Q q 0 0 0 rg BT 355.64 112.95 Td (2026 ) Tj ET Q q 0 0 0 rg BT 378.90 112.95 Td (\(the ) Tj ET Q q 0 0 0 rg BT 397.48 112.95 Td ("2026 ) Tj ET Q q 0 0 0 rg BT 425.03 112.95 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 459.57 112.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.99 112.95 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.37 112.95 Td ( ) Tj ET Q q 0 0 0 rg BT 518.63 112.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.64 112.95 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 100.35 Td (Junior ) Tj ET Q q 0 0 0 rg BT 79.05 100.35 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 137.83 100.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 165.13 100.35 Td (due ) Tj ET Q q 0 0 0 rg BT 183.08 100.35 Td (2056 ) Tj ET Q q 0 0 0 rg BT 206.88 100.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 226.00 100.35 Td ("2056 ) Tj ET Q q 0 0 0 rg BT 254.08 100.35 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 291.78 100.35 Td ( ) Tj ET Q q 0 0 0 rg BT 294.58 100.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 318.95 100.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 350.33 100.35 Td (used ) Tj ET Q q 0 0 0 rg BT 372.37 100.35 Td (the ) Tj ET Q q 0 0 0 rg BT 387.99 100.35 Td (net ) Tj ET Q q 0 0 0 rg BT 403.61 100.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 443.73 100.35 Td (of ) Tj ET Q q 0 0 0 rg BT 455.27 100.35 Td (these ) Tj ET Q q 0 0 0 rg BT 479.64 100.35 Td (of) Tj ET Q q 0 0 0 rg BT 488.19 100.35 Td (ferings ) Tj ET Q q 0 0 0 rg BT 520.15 100.35 Td (to ) Tj ET Q q 0 0 0 rg BT 531.11 100.35 Td (finance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 87.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 87.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 118.24 87.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.61 87.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 147.32 87.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 165.70 87.75 Td (in ) Tj ET Q q 0 0 0 rg BT 176.49 87.75 Td (May ) Tj ET Q q 0 0 0 rg BT 198.36 87.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 221.99 87.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.77 87.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 273.89 87.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 310.93 87.75 Td (in ) Tj ET Q q 0 0 0 rg BT 321.14 87.75 Td (April ) Tj ET Q q 0 0 0 rg BT 345.93 87.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 372.18 87.75 Td (as ) Tj ET Q q 0 0 0 rg BT 383.55 87.75 Td (further ) Tj ET Q q 0 0 0 rg BT 414.75 87.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 457.62 87.75 Td (in ) Tj ET Q q 0 0 0 rg BT 468.41 87.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 491.45 87.75 Td (18.) Tj ET Q endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.18 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 82.85 741.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 108.90 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.91 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.92 741.75 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 217.07 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.33 741.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 281.57 741.75 Td (then ) Tj ET Q q 0 0 0 rg BT 302.07 741.75 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.50 741.75 Td (2.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.37 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.80 741.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 427.46 741.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 452.06 741.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 470.81 741.75 Td ("Convertible ) Tj ET Q q 0 0 0 rg BT 527.10 741.75 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 564.63 741.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.29 729.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 93.59 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 104.30 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 119.09 729.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 166.53 729.15 Td (included ) Tj ET Q q 0 0 0 rg BT 204.65 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 211.28 729.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 251.15 729.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 292.76 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 303.47 729.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 341.59 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 351.73 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 366.52 729.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 399.40 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 410.11 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.90 729.15 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 476.44 729.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 502.91 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 520.62 729.15 Td (replicated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 716.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 108.31 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.76 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 170.71 716.55 Td (conversion ) Tj ET Q q 0 0 0 rg BT 219.41 716.55 Td (feature ) Tj ET Q q 0 0 0 rg BT 251.18 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 262.55 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 278.00 716.55 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 330.20 716.55 Td (Notes. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.60 691.35 Td (warrants ) Tj ET Q q 0 0 0 rg BT 109.02 691.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 138.54 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 149.98 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 691.35 Td (holders ) Tj ET Q q 0 0 0 rg BT 200.26 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 212.28 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 228.38 691.35 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 281.22 691.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 308.99 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 320.43 691.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 369.77 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 391.71 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 407.80 691.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 456.55 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 468.56 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 484.66 691.35 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 537.51 691.35 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 84.60 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 99.37 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.73 678.75 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 157.19 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 167.89 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.24 678.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 226.57 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.26 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 276.53 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 287.22 678.75 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 338.45 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.72 678.75 Td (14,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.60 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 381.13 678.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 409.89 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.17 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 437.69 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 476.96 678.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 504.28 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 517.30 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 524.49 678.75 Td (net ) Tj ET Q q 0 0 0 rg BT 539.84 678.75 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (settled ) Tj ET Q q 0 0 0 rg BT 80.16 666.15 Td (basis, ) Tj ET Q q 0 0 0 rg BT 106.54 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 116.88 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 129.54 666.15 Td (exercise ) Tj ET Q q 0 0 0 rg BT 166.69 666.15 Td (price ) Tj ET Q q 0 0 0 rg BT 190.43 666.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.93 666.15 Td ($88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.68 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 220.44 666.15 Td (per ) Tj ET Q q 0 0 0 rg BT 236.60 666.15 Td (share. ) Tj ET Q q 0 0 0 rg BT 264.13 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 266.69 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 285.77 666.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 324.67 666.15 Td (expire ) Tj ET Q q 0 0 0 rg BT 353.66 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 364.58 666.15 Td (July ) Tj ET Q q 0 0 0 rg BT 384.84 666.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 408.60 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 426.51 666.15 Td (can ) Tj ET Q q 0 0 0 rg BT 443.84 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 456.50 666.15 Td (settled, ) Tj ET Q q 0 0 0 rg BT 489.29 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 499.62 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 515.21 666.15 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (election, ) Tj ET Q q 0 0 0 rg BT 88.48 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 99.28 653.55 Td (either ) Tj ET Q q 0 0 0 rg BT 125.80 653.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.67 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 166.04 653.55 Td (common ) Tj ET Q q 0 0 0 rg BT 205.41 653.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 230.20 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 241.57 653.55 Td (cash. ) Tj ET Q q 0 0 0 rg BT 265.48 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 267.53 653.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 319.33 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 324.58 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 340.03 653.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 378.81 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 394.25 653.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 439.44 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 454.31 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 465.68 653.55 Td (equity) Tj ET Q q 0 0 0 rg BT 491.24 653.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.45 628.35 Td (January ) Tj ET Q q 0 0 0 rg BT 94.80 628.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 120.13 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.40 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 173.69 628.35 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.64 628.35 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.01 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 242.71 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.16 628.35 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.53 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 287.23 628.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 316.35 628.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 342.55 628.35 Td (due ) Tj ET Q q 0 0 0 rg BT 359.41 628.35 Td (January ) Tj ET Q q 0 0 0 rg BT 393.76 628.35 Td (2044, ) Tj ET Q q 0 0 0 rg BT 419.09 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 433.62 628.35 Td (net ) Tj ET Q q 0 0 0 rg BT 448.15 628.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 487.16 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 497.61 628.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 527.60 628.35 Td (together ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 71.64 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.27 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 106.74 615.75 Td (hand, ) Tj ET Q q 0 0 0 rg BT 132.75 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 156.12 615.75 Td (used ) Tj ET Q q 0 0 0 rg BT 178.34 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 189.48 615.75 Td (repay ) Tj ET Q q 0 0 0 rg BT 215.76 615.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.56 615.75 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.94 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.91 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 285.63 615.75 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 336.43 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 363.31 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.11 615.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 428.89 615.75 Td (then ) Tj ET Q q 0 0 0 rg BT 449.94 615.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 501.91 615.75 Td (five-year ) Tj ET Q q 0 0 0 rg BT 542.77 615.75 Td (term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (loan. ) Tj ET Q q 0 0 0 rg BT 73.68 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 76.45 603.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.75 603.15 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.12 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 131.10 603.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 161.50 603.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 188.98 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 212.36 603.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 232.84 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 243.40 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 251.04 603.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 289.60 603.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.33 603.15 Td ($6,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.20 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 335.81 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 364.45 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 374.43 603.15 Td (being ) Tj ET Q q 0 0 0 rg BT 400.74 603.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 445.70 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 456.85 603.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 490.74 603.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.54 603.15 Td (over ) Tj ET Q q 0 0 0 rg BT 549.17 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (30-year ) Tj ET Q q 0 0 0 rg BT 84.69 590.55 Td (term.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 61.21 565.35 Td (June ) Tj ET Q q 0 0 0 rg BT 82.91 565.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 109.00 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.03 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.07 565.35 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.78 565.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.16 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 234.62 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.83 565.35 Td (2.7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.70 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 270.16 565.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 300.03 565.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 326.99 565.35 Td (due ) Tj ET Q q 0 0 0 rg BT 344.61 565.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 368.07 565.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 386.85 565.35 Td ("2019 ) Tj ET Q q 0 0 0 rg BT 414.60 565.35 Td (Notes"\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.96 565.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.34 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 493.80 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 565.35 Td (3.95%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.12 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 534.58 565.35 Td (Senior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 77.21 552.75 Td (due ) Tj ET Q q 0 0 0 rg BT 95.08 552.75 Td (2024 ) Tj ET Q q 0 0 0 rg BT 118.79 552.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 137.83 552.75 Td ("2024 ) Tj ET Q q 0 0 0 rg BT 165.82 552.75 Td (Notes"\), ) Tj ET Q q 0 0 0 rg BT 203.44 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.31 552.75 Td (an ) Tj ET Q q 0 0 0 rg BT 233.93 552.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.64 552.75 Td ($150,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.01 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 320.72 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.18 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.72 552.75 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.68 552.75 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.05 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 418.76 552.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 448.89 552.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 476.09 552.75 Td (due ) Tj ET Q q 0 0 0 rg BT 493.97 552.75 Td (2044 ) Tj ET Q q 0 0 0 rg BT 517.68 552.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 536.71 552.75 Td ("2044 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Notes" ) Tj ET Q q 0 0 0 rg BT 81.43 540.15 Td (and, ) Tj ET Q q 0 0 0 rg BT 101.86 540.15 Td (together ) Tj ET Q q 0 0 0 rg BT 138.91 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 160.23 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 175.70 540.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 199.35 540.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 226.49 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 244.30 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 259.78 540.15 Td (2024 ) Tj ET Q q 0 0 0 rg BT 283.42 540.15 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 313.19 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.67 540.15 Td ("Notes"\). ) Tj ET Q q 0 0 0 rg BT 370.51 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 373.15 540.15 Td (In ) Tj ET Q q 0 0 0 rg BT 384.55 540.15 Td (July ) Tj ET Q q 0 0 0 rg BT 404.70 540.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 430.97 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 446.45 540.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.92 540.15 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.82 540.15 Td ($658,769) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.19 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 553.84 540.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 90.12 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 113.33 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 128.97 527.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 148.10 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 159.65 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 175.28 527.55 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 205.21 527.55 Td (net ) Tj ET Q q 0 0 0 rg BT 220.84 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.39 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 263.76 527.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 286.10 527.55 Td (together ) Tj ET Q q 0 0 0 rg BT 323.30 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 344.78 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 366.24 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 379.54 527.55 Td (hand, ) Tj ET Q q 0 0 0 rg BT 405.38 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 416.35 527.55 Td (call ) Tj ET Q q 0 0 0 rg BT 434.32 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 527.55 Td (then ) Tj ET Q q 0 0 0 rg BT 470.83 527.55 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.64 527.55 Td ($650,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 514.95 Td (5.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.24 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.87 514.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 115.91 514.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.03 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 160.82 514.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 178.60 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 185.89 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 217.08 514.95 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 271.60 514.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 312.13 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.50 514.95 Td ($98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.63 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 362.88 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 374.25 514.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 417.12 514.95 Td (below) Tj ET Q q 0 0 0 rg BT 442.10 514.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (On ) Tj ET Q q 0 0 0 rg BT 64.73 489.75 Td (June ) Tj ET Q q 0 0 0 rg BT 85.87 489.75 Td (23, ) Tj ET Q q 0 0 0 rg BT 100.89 489.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 126.41 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.88 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 180.36 489.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 213.15 489.75 Td (into ) Tj ET Q q 0 0 0 rg BT 231.38 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 237.94 489.75 Td (reverse ) Tj ET Q q 0 0 0 rg BT 270.15 489.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 305.86 489.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 323.49 489.75 Td (lock ) Tj ET Q q 0 0 0 rg BT 343.46 489.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 379.17 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 399.74 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.29 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.92 489.75 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 500.46 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 521.02 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.58 489.75 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.62 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.48 477.15 Td ($650,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.86 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 138.61 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 166.39 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 184.84 477.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 231.86 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 242.73 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 249.51 477.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.29 477.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 291.66 477.15 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 321.48 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 323.45 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 341.89 477.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 377.83 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 396.28 477.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 424.65 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 434.94 477.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 483.13 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 503.92 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 518.86 477.15 Td (retirement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.45 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 464.55 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 98.55 464.55 Td (Senior ) Tj ET Q q 0 0 0 rg BT 127.66 464.55 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 156.49 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 158.06 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 176.09 464.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.62 464.55 Td (entered ) Tj ET Q q 0 0 0 rg BT 251.22 464.55 Td (into ) Tj ET Q q 0 0 0 rg BT 269.25 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 283.78 464.55 Td (reverse ) Tj ET Q q 0 0 0 rg BT 315.80 464.55 Td (treasury ) Tj ET Q q 0 0 0 rg BT 351.31 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.75 464.55 Td (lock ) Tj ET Q q 0 0 0 rg BT 388.53 464.55 Td (agreement ) Tj ET Q q 0 0 0 rg BT 433.95 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 443.82 464.55 Td (order ) Tj ET Q q 0 0 0 rg BT 467.68 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 477.55 464.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 504.32 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 518.85 464.55 Td (variability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.91 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.48 451.95 Td (retirement ) Tj ET Q q 0 0 0 rg BT 122.36 451.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 161.26 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 174.50 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 190.07 451.95 Td (entire ) Tj ET Q q 0 0 0 rg BT 216.71 451.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 256.77 451.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.01 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 451.95 Td (debt. ) Tj ET Q q 0 0 0 rg BT 325.94 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 328.48 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 347.54 451.95 Td (reverse ) Tj ET Q q 0 0 0 rg BT 380.60 451.95 Td (treasury ) Tj ET Q q 0 0 0 rg BT 417.15 451.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 435.63 451.95 Td (lock ) Tj ET Q q 0 0 0 rg BT 456.45 451.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 493.00 451.95 Td (ef) Tj ET Q q 0 0 0 rg BT 500.97 451.95 Td (fectively ) Tj ET Q q 0 0 0 rg BT 540.44 451.95 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.73 439.35 Td (present ) Tj ET Q q 0 0 0 rg BT 96.96 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 121.60 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 132.25 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.98 439.35 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 192.02 439.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 212.00 439.35 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 265.80 439.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 303.86 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 331.43 439.35 Td (was ) Tj ET Q q 0 0 0 rg BT 349.66 439.35 Td (priced ) Tj ET Q q 0 0 0 rg BT 377.80 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 390.20 439.35 Td (July ) Tj ET Q q 0 0 0 rg BT 409.61 439.35 Td (18, ) Tj ET Q q 0 0 0 rg BT 424.64 439.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 450.17 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 460.24 439.35 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 501.21 439.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.86 439.35 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 107.74 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 118.53 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.98 426.75 Td (five-year ) Tj ET Q q 0 0 0 rg BT 174.50 426.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 195.79 426.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 232.24 426.75 Td (yield. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.21 401.55 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 91.96 401.55 Td (Senior ) Tj ET Q q 0 0 0 rg BT 121.25 401.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 147.63 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 169.91 401.55 Td (retired ) Tj ET Q q 0 0 0 rg BT 199.19 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 211.57 401.55 Td (July ) Tj ET Q q 0 0 0 rg BT 230.96 401.55 Td (23, ) Tj ET Q q 0 0 0 rg BT 245.96 401.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 271.47 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 288.51 401.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 323.63 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 333.67 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 340.22 401.55 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 374.45 401.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 435.23 401.55 Td (char) Tj ET Q q 0 0 0 rg BT 453.11 401.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 464.90 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.53 401.55 Td ($107,074) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.90 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 519.41 401.55 Td (consisting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.07 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 68.04 388.95 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 122.26 388.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 162.49 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.55 388.95 Td ($98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.68 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 210.00 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 220.48 388.95 Td (call ) Tj ET Q q 0 0 0 rg BT 237.96 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.11 388.95 Td (5.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.98 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 277.30 388.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 307.03 388.95 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 336.47 388.95 Td (net ) Tj ET Q q 0 0 0 rg BT 351.62 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.68 388.95 Td ($638) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.68 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 386.00 388.95 Td (from ) Tj ET Q q 0 0 0 rg BT 408.73 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.88 388.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 469.35 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 480.42 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 495.57 388.95 Td (reverse ) Tj ET Q q 0 0 0 rg BT 528.20 388.95 Td (treasury ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (lock ) Tj ET Q q 0 0 0 rg BT 70.70 376.35 Td (before ) Tj ET Q q 0 0 0 rg BT 100.14 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 131.33 376.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 194.03 376.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 216.18 376.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.97 376.35 Td ($8,656) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.84 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 265.47 376.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 311.24 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 332.53 376.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 368.41 376.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 406.01 376.35 Td (char) Tj ET Q q 0 0 0 rg BT 423.88 376.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 440.51 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 458.29 376.35 Td (original ) Tj ET Q q 0 0 0 rg BT 493.58 376.35 Td (issue ) Tj ET Q q 0 0 0 rg BT 517.20 376.35 Td (discount.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 351.75 Td (2.7%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 73.63 351.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.25 351.75 Td (Senior) Tj ET Q q 0 0 0 rg BT 105.23 351.75 Td ( ) Tj ET Q q 0 0 0 rg BT 107.85 351.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 135.56 351.75 Td (due ) Tj ET Q q 0 0 0 rg BT 154.52 351.75 Td (July ) Tj ET Q q 0 0 0 rg BT 176.40 351.75 Td (2019 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.95 339.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.32 339.15 Td ( ) Tj ET Q q 0 0 0 rg BT 110.95 339.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 134.57 339.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 161.69 339.15 Td (were ) Tj ET Q q 0 0 0 rg BT 184.72 339.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 204.84 339.15 Td (at ) Tj ET Q q 0 0 0 rg BT 215.04 339.15 Td (a ) Tj ET Q q 0 0 0 rg BT 222.33 339.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.53 339.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.90 339.15 Td ($553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.90 339.15 Td (, ) Tj ET Q q 0 0 0 rg BT 298.15 339.15 Td (which ) Tj ET Q q 0 0 0 rg BT 326.44 339.15 Td (is ) Tj ET Q q 0 0 0 rg BT 336.07 339.15 Td (being ) Tj ET Q q 0 0 0 rg BT 362.02 339.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 406.62 339.15 Td (to ) Tj ET Q q 0 0 0 rg BT 417.41 339.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 450.94 339.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 487.38 339.15 Td (over ) Tj ET Q q 0 0 0 rg BT 508.67 339.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.12 339.15 Td (five-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.55 Td (term. ) Tj ET Q q 0 0 0 rg BT 74.28 326.55 Td (The ) Tj ET Q q 0 0 0 rg BT 93.20 326.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 116.79 326.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.89 326.55 Td (can ) Tj ET Q q 0 0 0 rg BT 161.06 326.55 Td (be ) Tj ET Q q 0 0 0 rg BT 173.56 326.55 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 216.97 326.55 Td (at ) Tj ET Q q 0 0 0 rg BT 227.14 326.55 Td (any ) Tj ET Q q 0 0 0 rg BT 244.90 326.55 Td (time ) Tj ET Q q 0 0 0 rg BT 266.16 326.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 289.17 326.55 Td (to ) Tj ET Q q 0 0 0 rg BT 299.93 326.55 Td (the ) Tj ET Q q 0 0 0 rg BT 315.36 326.55 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 359.94 326.55 Td (maturity ) Tj ET Q q 0 0 0 rg BT 398.11 326.55 Td (in ) Tj ET Q q 0 0 0 rg BT 408.88 326.55 Td (part ) Tj ET Q q 0 0 0 rg BT 427.80 326.55 Td (or ) Tj ET Q q 0 0 0 rg BT 439.14 326.55 Td (in ) Tj ET Q q 0 0 0 rg BT 449.90 326.55 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 495.93 326.55 Td (at ) Tj ET Q q 0 0 0 rg BT 506.11 326.55 Td (the ) Tj ET Q q 0 0 0 rg BT 521.53 326.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 553.27 326.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 313.95 Td (related ) Tj ET Q q 0 0 0 rg BT 96.06 313.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 135.71 313.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.54 313.95 Td (at ) Tj ET Q q 0 0 0 rg BT 179.45 313.95 Td (that ) Tj ET Q q 0 0 0 rg BT 197.53 313.95 Td (time ) Tj ET Q q 0 0 0 rg BT 218.53 313.95 Td (or ) Tj ET Q q 0 0 0 rg BT 229.60 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.77 313.95 Td (sum ) Tj ET Q q 0 0 0 rg BT 264.60 313.95 Td (of ) Tj ET Q q 0 0 0 rg BT 275.68 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 290.84 313.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.75 313.95 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 380.07 313.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 422.64 313.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 470.47 313.95 Td (at ) Tj ET Q q 0 0 0 rg BT 480.38 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 495.54 313.95 Td (treasury ) Tj ET Q q 0 0 0 rg BT 531.69 313.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 549.76 313.95 Td (\(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.35 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 87.61 301.35 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.74 301.35 Td (0.20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.86 301.35 Td (, ) Tj ET Q q 0 0 0 rg BT 140.11 301.35 Td (together ) Tj ET Q q 0 0 0 rg BT 177.14 301.35 Td (with ) Tj ET Q q 0 0 0 rg BT 198.43 301.35 Td (any ) Tj ET Q q 0 0 0 rg BT 216.21 301.35 Td (related ) Tj ET Q q 0 0 0 rg BT 247.40 301.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 282.67 301.35 Td (and ) Tj ET Q q 0 0 0 rg BT 300.45 301.35 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 331.66 301.35 Td (interest. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.15 Td (On ) Tj ET Q q 0 0 0 rg BT 66.12 276.15 Td (June ) Tj ET Q q 0 0 0 rg BT 88.65 276.15 Td (23, ) Tj ET Q q 0 0 0 rg BT 105.06 276.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 131.96 276.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.82 276.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 188.69 276.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 222.87 276.15 Td (into ) Tj ET Q q 0 0 0 rg BT 242.49 276.15 Td (an ) Tj ET Q q 0 0 0 rg BT 255.68 276.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.87 276.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 308.89 276.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 333.76 276.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 370.85 276.15 Td (with ) Tj ET Q q 0 0 0 rg BT 392.81 276.15 Td (a ) Tj ET Q q 0 0 0 rg BT 400.75 276.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.76 276.15 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 497.69 276.15 Td (with ) Tj ET Q q 0 0 0 rg BT 519.64 276.15 Td (a ) Tj ET Q q 0 0 0 rg BT 527.59 276.15 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 84.92 263.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.08 263.55 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.46 263.55 Td (, ) Tj ET Q q 0 0 0 rg BT 142.50 263.55 Td (which ) Tj ET Q q 0 0 0 rg BT 171.58 263.55 Td (was ) Tj ET Q q 0 0 0 rg BT 191.33 263.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 239.66 263.55 Td (as ) Tj ET Q q 0 0 0 rg BT 251.82 263.55 Td (a ) Tj ET Q q 0 0 0 rg BT 259.90 263.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.90 263.55 Td (value ) Tj ET Q q 0 0 0 rg BT 304.05 263.55 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 335.17 263.55 Td ( ) Tj ET Q q 0 0 0 rg BT 338.34 263.55 Td (The ) Tj ET Q q 0 0 0 rg BT 358.09 263.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 392.41 263.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 411.57 263.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 436.57 263.55 Td (was ) Tj ET Q q 0 0 0 rg BT 456.32 263.55 Td (being ) Tj ET Q q 0 0 0 rg BT 483.07 263.55 Td (used ) Tj ET Q q 0 0 0 rg BT 505.73 263.55 Td (to ) Tj ET Q q 0 0 0 rg BT 517.32 263.55 Td (ef) Tj ET Q q 0 0 0 rg BT 525.29 263.55 Td (fectively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.95 Td (convert ) Tj ET Q q 0 0 0 rg BT 83.47 250.95 Td (the ) Tj ET Q q 0 0 0 rg BT 98.28 250.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 121.27 250.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 147.75 250.95 Td (from ) Tj ET Q q 0 0 0 rg BT 170.15 250.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 193.71 250.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.43 250.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 231.49 250.95 Td (to ) Tj ET Q q 0 0 0 rg BT 241.65 250.95 Td (floating ) Tj ET Q q 0 0 0 rg BT 276.29 250.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 294.01 250.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 314.07 250.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.22 250.95 Td (has ) Tj ET Q q 0 0 0 rg BT 347.20 250.95 Td (identical ) Tj ET Q q 0 0 0 rg BT 385.34 250.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 410.65 250.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.39 250.95 Td (the ) Tj ET Q q 0 0 0 rg BT 436.20 250.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 483.68 250.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 503.74 250.95 Td (being ) Tj ET Q q 0 0 0 rg BT 529.05 250.95 Td (hedged, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.35 Td (so ) Tj ET Q q 0 0 0 rg BT 61.57 238.35 Td (no ) Tj ET Q q 0 0 0 rg BT 74.30 238.35 Td (inef) Tj ET Q q 0 0 0 rg BT 90.44 238.35 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 139.32 238.35 Td (is ) Tj ET Q q 0 0 0 rg BT 148.55 238.35 Td (expected. ) Tj ET Q q 0 0 0 rg BT 190.72 238.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.79 238.35 Td (The ) Tj ET Q q 0 0 0 rg BT 211.35 238.35 Td (related ) Tj ET Q q 0 0 0 rg BT 242.15 238.35 Td (hedging ) Tj ET Q q 0 0 0 rg BT 278.21 238.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 302.61 238.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.00 238.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 347.32 238.35 Td (of) Tj ET Q q 0 0 0 rg BT 355.88 238.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 373.27 238.35 Td (one ) Tj ET Q q 0 0 0 rg BT 390.67 238.35 Td (another ) Tj ET Q q 0 0 0 rg BT 424.38 238.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 463.36 238.35 Td (in ) Tj ET Q q 0 0 0 rg BT 473.76 238.35 Td (no ) Tj ET Q q 0 0 0 rg BT 486.50 238.35 Td (net ) Tj ET Q q 0 0 0 rg BT 501.56 238.35 Td (income ) Tj ET Q q 0 0 0 rg BT 534.70 238.35 Td (or ) Tj ET Q q 0 0 0 rg BT 545.68 238.35 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (impact. ) Tj ET Q q 0 0 0 rg BT 83.46 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 102.21 225.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 126.23 225.75 Td (has ) Tj ET Q q 0 0 0 rg BT 142.66 225.75 Td (a ) Tj ET Q q 0 0 0 rg BT 149.75 225.75 Td (five-year ) Tj ET Q q 0 0 0 rg BT 190.07 225.75 Td (term, ) Tj ET Q q 0 0 0 rg BT 214.37 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.96 225.75 Td (matures ) Tj ET Q q 0 0 0 rg BT 267.64 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 280.57 225.75 Td (July ) Tj ET Q q 0 0 0 rg BT 300.50 225.75 Td (15, ) Tj ET Q q 0 0 0 rg BT 316.06 225.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 342.12 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 344.38 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 363.13 225.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 380.14 225.75 Td (value ) Tj ET Q q 0 0 0 rg BT 405.31 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 416.49 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.75 225.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 468.00 225.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.01 225.75 Td (March ) Tj ET Q q 0 0 0 rg BT 507.84 225.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 523.40 225.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.40 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.83 225.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 213.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.35 213.15 Td (was ) Tj ET Q q 0 0 0 rg BT 93.40 213.15 Td (a ) Tj ET Q q 0 0 0 rg BT 99.78 213.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 143.48 213.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 165.61 213.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.08 213.15 Td ($7,599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.96 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 206.68 213.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.56 213.15 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.44 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 256.78 213.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 306.83 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 311.17 213.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 352.55 213.15 Td (as ) Tj ET Q q 0 0 0 rg BT 363.02 213.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 388.65 213.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.87 213.15 Td (in ) Tj ET Q q 0 0 0 rg BT 424.75 213.15 Td (the ) Tj ET Q q 0 0 0 rg BT 439.30 213.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 496.44 213.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 531.97 213.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 564.64 213.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.01 200.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 106.09 200.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.52 200.55 Td ($2,137) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.39 200.55 Td ( ) Tj ET Q q 0 0 0 rg BT 149.08 200.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.93 200.55 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.80 200.55 Td ( ) Tj ET Q q 0 0 0 rg BT 198.49 200.55 Td (for ) Tj ET Q q 0 0 0 rg BT 213.41 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 228.93 200.55 Td (years ) Tj ET Q q 0 0 0 rg BT 253.77 200.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.52 200.55 Td (March ) Tj ET Q q 0 0 0 rg BT 311.61 200.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.42 200.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.42 200.55 Td ( ) Tj ET Q q 0 0 0 rg BT 351.11 200.55 Td (and ) Tj ET Q q 0 0 0 rg BT 368.95 200.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 395.26 200.55 Td ( ) Tj ET Q q 0 0 0 rg BT 397.95 200.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 447.99 200.55 Td (, ) Tj ET Q q 0 0 0 rg BT 453.30 200.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 486.89 200.55 Td (a ) Tj ET Q q 0 0 0 rg BT 494.23 200.55 Td (gain ) Tj ET Q q 0 0 0 rg BT 514.99 200.55 Td (on ) Tj ET Q q 0 0 0 rg BT 528.18 200.55 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 84.67 187.95 Td (related ) Tj ET Q q 0 0 0 rg BT 116.41 187.95 Td (to ) Tj ET Q q 0 0 0 rg BT 127.75 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.76 187.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.51 187.95 Td (value ) Tj ET Q q 0 0 0 rg BT 187.42 187.95 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 236.68 187.95 Td (on ) Tj ET Q q 0 0 0 rg BT 250.36 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.36 187.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 311.52 187.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 337.73 187.95 Td (which ) Tj ET Q q 0 0 0 rg BT 366.57 187.95 Td (is ) Tj ET Q q 0 0 0 rg BT 376.75 187.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 416.66 187.95 Td (as ) Tj ET Q q 0 0 0 rg BT 428.58 187.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 455.66 187.95 Td (income ) Tj ET Q q 0 0 0 rg BT 489.75 187.95 Td (\(gain ) Tj ET Q q 0 0 0 rg BT 514.50 187.95 Td (on ) Tj ET Q q 0 0 0 rg BT 528.18 187.95 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 175.35 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 88.39 175.35 Td (in ) Tj ET Q q 0 0 0 rg BT 99.95 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 116.18 175.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 174.99 175.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 224.46 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 236.61 175.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 271.49 175.35 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 304.35 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 307.50 175.35 Td (The ) Tj ET Q q 0 0 0 rg BT 327.22 175.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 365.60 175.35 Td (value ) Tj ET Q q 0 0 0 rg BT 391.74 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.11 175.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 441.58 175.35 Td (in ) Tj ET Q q 0 0 0 rg BT 453.15 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 469.38 175.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.19 175.35 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 79.99 162.75 Td (was ) Tj ET Q q 0 0 0 rg BT 98.90 162.75 Td (likewise ) Tj ET Q q 0 0 0 rg BT 136.48 162.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 178.70 162.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.78 162.75 Td ($7,599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 220.65 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 223.23 162.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.97 162.75 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.85 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 272.42 162.75 Td (as ) Tj ET Q q 0 0 0 rg BT 283.75 162.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.08 162.75 Td (March ) Tj ET Q q 0 0 0 rg BT 325.06 162.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 340.76 162.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.76 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 364.34 162.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.08 162.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 408.29 162.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 458.33 162.75 Td (. ) Tj ET Q q 0 0 0 rg BT 463.54 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 465.93 162.75 Td (The ) Tj ET Q q 0 0 0 rg BT 484.83 162.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 521.81 162.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.13 162.75 Td ($2,137) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 150.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.47 150.15 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.35 150.15 Td ( ) Tj ET Q q 0 0 0 rg BT 98.66 150.15 Td (for ) Tj ET Q q 0 0 0 rg BT 113.21 150.15 Td (the ) Tj ET Q q 0 0 0 rg BT 128.35 150.15 Td (years ) Tj ET Q q 0 0 0 rg BT 152.82 150.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.20 150.15 Td (March ) Tj ET Q q 0 0 0 rg BT 209.91 150.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 225.35 150.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.35 150.15 Td ( ) Tj ET Q q 0 0 0 rg BT 248.66 150.15 Td (and ) Tj ET Q q 0 0 0 rg BT 266.13 150.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 292.07 150.15 Td ( ) Tj ET Q q 0 0 0 rg BT 294.38 150.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 344.43 150.15 Td (, ) Tj ET Q q 0 0 0 rg BT 349.36 150.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 382.57 150.15 Td (a ) Tj ET Q q 0 0 0 rg BT 389.54 150.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 408.19 150.15 Td (on ) Tj ET Q q 0 0 0 rg BT 421.00 150.15 Td (hedging ) Tj ET Q q 0 0 0 rg BT 457.14 150.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 490.95 150.15 Td (related ) Tj ET Q q 0 0 0 rg BT 521.82 150.15 Td (to ) Tj ET Q q 0 0 0 rg BT 532.30 150.15 Td (the ) Tj ET Q q 0 0 0 rg BT 547.44 150.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.55 Td (value ) Tj ET Q q 0 0 0 rg BT 75.05 137.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 123.44 137.55 Td (on ) Tj ET Q q 0 0 0 rg BT 136.26 137.55 Td (the ) Tj ET Q q 0 0 0 rg BT 151.40 137.55 Td (debt, ) Tj ET Q q 0 0 0 rg BT 174.42 137.55 Td (which ) Tj ET Q q 0 0 0 rg BT 202.39 137.55 Td (is ) Tj ET Q q 0 0 0 rg BT 211.71 137.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 250.75 137.55 Td (as ) Tj ET Q q 0 0 0 rg BT 261.81 137.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 288.03 137.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 324.16 137.55 Td (\(loss ) Tj ET Q q 0 0 0 rg BT 346.31 137.55 Td (on ) Tj ET Q q 0 0 0 rg BT 359.12 137.55 Td (hedging ) Tj ET Q q 0 0 0 rg BT 395.26 137.55 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 432.57 137.55 Td (in ) Tj ET Q q 0 0 0 rg BT 443.05 137.55 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 137.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 515.92 137.55 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.47 124.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 95.67 124.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 127.85 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 130.38 124.95 Td (The ) Tj ET Q q 0 0 0 rg BT 149.42 124.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 173.72 124.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 212.60 124.95 Td (dates ) Tj ET Q q 0 0 0 rg BT 236.90 124.95 Td (coincide ) Tj ET Q q 0 0 0 rg BT 275.18 124.95 Td (with ) Tj ET Q q 0 0 0 rg BT 296.57 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 312.12 124.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 332.92 124.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 371.80 124.95 Td (dates ) Tj ET Q q 0 0 0 rg BT 396.10 124.95 Td (on ) Tj ET Q q 0 0 0 rg BT 409.32 124.95 Td (July ) Tj ET Q q 0 0 0 rg BT 429.54 124.95 Td (15 ) Tj ET Q q 0 0 0 rg BT 442.76 124.95 Td (and ) Tj ET Q q 0 0 0 rg BT 460.65 124.95 Td (January ) Tj ET Q q 0 0 0 rg BT 496.02 124.95 Td (15. ) Tj ET Q q 0 0 0 rg BT 511.87 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 514.39 124.95 Td (The ) Tj ET Q q 0 0 0 rg BT 533.44 124.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 112.35 Td (receipts/payments ) Tj ET Q q 0 0 0 rg BT 127.95 112.35 Td (by ) Tj ET Q q 0 0 0 rg BT 140.60 112.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.31 112.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.04 112.35 Td (are ) Tj ET Q q 0 0 0 rg BT 210.00 112.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 248.87 112.35 Td (as ) Tj ET Q q 0 0 0 rg BT 259.76 112.35 Td (Interest ) Tj ET Q q 0 0 0 rg BT 293.39 112.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 329.35 112.35 Td (in ) Tj ET Q q 0 0 0 rg BT 339.66 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 354.63 112.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 412.19 112.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 460.41 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 471.30 112.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 504.93 112.35 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 536.53 112.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.67 112.35 Td (Since ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 99.75 Td (original ) Tj ET Q q 0 0 0 rg BT 100.74 99.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 126.69 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 144.48 99.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 190.85 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.22 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.68 99.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 250.62 99.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 302.25 99.75 Td (are ) Tj ET Q q 0 0 0 rg BT 317.69 99.75 Td (unchanged, ) Tj ET Q q 0 0 0 rg BT 368.42 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.88 99.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 408.08 99.75 Td (was ) Tj ET Q q 0 0 0 rg BT 427.04 99.75 Td (an ) Tj ET Q q 0 0 0 rg BT 439.57 99.75 Td (ef) Tj ET Q q 0 0 0 rg BT 447.54 99.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 478.73 99.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 495.92 99.75 Td (value ) Tj ET Q q 0 0 0 rg BT 521.29 99.75 Td (hedge.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.55 Td (On ) Tj ET Q q 0 0 0 rg BT 64.49 74.55 Td (April ) Tj ET Q q 0 0 0 rg BT 88.77 74.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 104.02 74.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.77 74.55 Td (the ) Tj ET Q q 0 0 0 rg BT 144.72 74.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.41 74.55 Td (value ) Tj ET Q q 0 0 0 rg BT 186.28 74.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 213.47 74.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 237.17 74.55 Td (was ) Tj ET Q q 0 0 0 rg BT 255.62 74.55 Td (terminated ) Tj ET Q q 0 0 0 rg BT 302.65 74.55 Td (for ) Tj ET Q q 0 0 0 rg BT 317.01 74.55 Td (a ) Tj ET Q q 0 0 0 rg BT 323.79 74.55 Td (receipt ) Tj ET Q q 0 0 0 rg BT 354.48 74.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.35 74.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.12 74.55 Td ($6,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 74.55 Td (, ) Tj ET Q q 0 0 0 rg BT 461.74 74.55 Td (which ) Tj ET Q q 0 0 0 rg BT 489.53 74.55 Td (will ) Tj ET Q q 0 0 0 rg BT 507.98 74.55 Td (be ) Tj ET Q q 0 0 0 rg BT 520.02 74.55 Td (amortized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.95 Td (over ) Tj ET Q q 0 0 0 rg BT 71.28 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 86.74 61.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 114.43 61.95 Td (term.) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (3.95%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 78.88 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 741.90 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 741.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 741.90 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 741.90 Td (July ) Tj ET Q q 0 0 0 rg BT 181.65 741.90 Td (2024 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.24 729.30 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.61 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 111.53 729.30 Td (2024 ) Tj ET Q q 0 0 0 rg BT 135.44 729.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 162.86 729.30 Td (were ) Tj ET Q q 0 0 0 rg BT 186.17 729.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 206.59 729.30 Td (at ) Tj ET Q q 0 0 0 rg BT 217.08 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 224.66 729.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 263.15 729.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.81 729.30 Td ($458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.81 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 301.35 729.30 Td (which ) Tj ET Q q 0 0 0 rg BT 329.93 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 339.85 729.30 Td (being ) Tj ET Q q 0 0 0 rg BT 366.09 729.30 Td (amortized ) Tj ET Q q 0 0 0 rg BT 410.99 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 422.07 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.89 729.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 492.62 729.30 Td (over ) Tj ET Q q 0 0 0 rg BT 514.19 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 529.94 729.30 Td (10-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (term. ) Tj ET Q q 0 0 0 rg BT 74.35 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 76.66 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 95.48 716.70 Td (2024 ) Tj ET Q q 0 0 0 rg BT 118.96 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 145.95 716.70 Td (can ) Tj ET Q q 0 0 0 rg BT 163.01 716.70 Td (be ) Tj ET Q q 0 0 0 rg BT 175.41 716.70 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 218.70 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 228.77 716.70 Td (any ) Tj ET Q q 0 0 0 rg BT 246.42 716.70 Td (time ) Tj ET Q q 0 0 0 rg BT 267.57 716.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 290.46 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.12 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 316.44 716.70 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 360.91 716.70 Td (maturity ) Tj ET Q q 0 0 0 rg BT 398.97 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 409.63 716.70 Td (part ) Tj ET Q q 0 0 0 rg BT 428.44 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 439.68 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 716.70 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 496.25 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 506.32 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 521.63 716.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 553.26 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 96.06 704.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 135.71 704.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.54 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 179.45 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 197.53 704.10 Td (time ) Tj ET Q q 0 0 0 rg BT 218.53 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.60 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.77 704.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 264.60 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.68 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.84 704.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.75 704.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 380.07 704.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 422.64 704.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 470.47 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 480.38 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.54 704.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 531.69 704.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 549.76 704.10 Td (\(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 87.61 691.50 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.74 691.50 Td (0.25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.86 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 140.11 691.50 Td (together ) Tj ET Q q 0 0 0 rg BT 177.14 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 198.43 691.50 Td (any ) Tj ET Q q 0 0 0 rg BT 216.21 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 247.40 691.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 282.67 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 300.45 691.50 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 331.66 691.50 Td (interest. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (4.75%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 78.88 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 666.30 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 666.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 666.30 Td (Mar) Tj ET Q q 0 0 0 rg BT 179.40 666.30 Td (ch ) Tj ET Q q 0 0 0 rg BT 192.53 666.30 Td (2026 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.92 653.70 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.30 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 112.90 653.70 Td (2026 ) Tj ET Q q 0 0 0 rg BT 137.50 653.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 165.59 653.70 Td (were ) Tj ET Q q 0 0 0 rg BT 189.59 653.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 210.70 653.70 Td (at ) Tj ET Q q 0 0 0 rg BT 221.87 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 230.13 653.70 Td (discount ) Tj ET Q q 0 0 0 rg BT 269.31 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.66 653.70 Td ($207) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.66 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 308.88 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 327.64 653.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 352.82 653.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 385.00 653.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 423.58 653.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 445.26 653.70 Td (issuance ) Tj ET Q q 0 0 0 rg BT 484.43 653.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 509.03 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.38 653.70 Td ($2,970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 553.85 653.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 98.34 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 119.29 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.39 641.10 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 174.87 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.98 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 195.58 641.10 Td (2026 ) Tj ET Q q 0 0 0 rg BT 218.86 641.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.63 641.10 Td (can ) Tj ET Q q 0 0 0 rg BT 262.48 641.10 Td (be ) Tj ET Q q 0 0 0 rg BT 274.66 641.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 317.75 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.19 641.10 Td (part ) Tj ET Q q 0 0 0 rg BT 346.79 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.81 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.26 641.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 411.34 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 421.20 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.30 641.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 467.72 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.74 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.85 641.10 Td (related ) Tj ET Q q 0 0 0 rg BT 524.69 641.10 Td (principal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.33 628.50 Td (at ) Tj ET Q q 0 0 0 rg BT 92.75 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 107.41 628.50 Td (time ) Tj ET Q q 0 0 0 rg BT 127.91 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 138.50 628.50 Td (redemption ) Tj ET Q q 0 0 0 rg BT 188.15 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 198.74 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 213.40 628.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 232.74 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 243.33 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 257.99 628.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 302.40 628.50 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 346.22 628.50 Td (payments ) Tj ET Q q 0 0 0 rg BT 388.30 628.50 Td (discounted ) Tj ET Q q 0 0 0 rg BT 435.63 628.50 Td (at ) Tj ET Q q 0 0 0 rg BT 445.05 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 459.71 628.50 Td (treasury ) Tj ET Q q 0 0 0 rg BT 495.37 628.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 512.94 628.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 527.02 628.50 Td (defined\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.13 615.90 Td (0.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.25 615.90 Td (, ) Tj ET Q q 0 0 0 rg BT 102.50 615.90 Td (together ) Tj ET Q q 0 0 0 rg BT 139.53 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 160.82 615.90 Td (any ) Tj ET Q q 0 0 0 rg BT 178.61 615.90 Td (related ) Tj ET Q q 0 0 0 rg BT 209.80 615.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 245.06 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 262.85 615.90 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 294.05 615.90 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (5.625%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 84.13 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 590.70 Td (Senior) Tj ET Q q 0 0 0 rg BT 115.73 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 118.35 590.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 146.06 590.70 Td (due ) Tj ET Q q 0 0 0 rg BT 165.02 590.70 Td (January ) Tj ET Q q 0 0 0 rg BT 204.99 590.70 Td (2044 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (As ) Tj ET Q q 0 0 0 rg BT 65.18 578.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 113.02 578.10 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 159.40 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.08 578.10 Td (January ) Tj ET Q q 0 0 0 rg BT 207.24 578.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 234.37 578.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 259.46 578.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 291.55 578.10 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.31 578.10 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.69 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.19 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.45 578.10 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 412.33 578.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 443.26 578.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 473.89 578.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 494.90 578.10 Td (at ) Tj ET Q q 0 0 0 rg BT 505.99 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.16 578.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 553.25 578.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td ($6,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 84.45 565.50 Td (which ) Tj ET Q q 0 0 0 rg BT 113.06 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 123.01 565.50 Td (being ) Tj ET Q q 0 0 0 rg BT 149.29 565.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 194.22 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 205.34 565.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.19 565.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 275.96 565.50 Td (over ) Tj ET Q q 0 0 0 rg BT 297.57 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 313.34 565.50 Td (30-year ) Tj ET Q q 0 0 0 rg BT 348.36 565.50 Td (term. ) Tj ET Q q 0 0 0 rg BT 373.17 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 375.47 565.50 Td (An ) Tj ET Q q 0 0 0 rg BT 391.26 565.50 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.20 565.50 Td ($150,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.57 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 478.52 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 490.22 565.50 Td (2044 ) Tj ET Q q 0 0 0 rg BT 514.17 565.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 541.61 565.50 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 79.01 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 89.93 552.90 Td (June ) Tj ET Q q 0 0 0 rg BT 111.93 552.90 Td (2014 ) Tj ET Q q 0 0 0 rg BT 135.69 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 153.61 552.90 Td (were ) Tj ET Q q 0 0 0 rg BT 176.76 552.90 Td (sold ) Tj ET Q q 0 0 0 rg BT 197.02 552.90 Td (at ) Tj ET Q q 0 0 0 rg BT 207.36 552.90 Td (a ) Tj ET Q q 0 0 0 rg BT 214.77 552.90 Td (premium ) Tj ET Q q 0 0 0 rg BT 255.44 552.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.94 552.90 Td ($9,779) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.82 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 301.20 552.90 Td (which ) Tj ET Q q 0 0 0 rg BT 329.61 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 339.37 552.90 Td (also ) Tj ET Q q 0 0 0 rg BT 359.04 552.90 Td (being ) Tj ET Q q 0 0 0 rg BT 385.13 552.90 Td (amortized ) Tj ET Q q 0 0 0 rg BT 429.86 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 440.79 552.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 474.45 552.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 511.02 552.90 Td (over ) Tj ET Q q 0 0 0 rg BT 532.44 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 548.02 552.90 Td (30-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (year ) Tj ET Q q 0 0 0 rg BT 70.89 540.30 Td (term. ) Tj ET Q q 0 0 0 rg BT 95.58 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 97.78 540.30 Td (All ) Tj ET Q q 0 0 0 rg BT 114.02 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 125.58 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 540.30 Td (2044 ) Tj ET Q q 0 0 0 rg BT 165.05 540.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 192.37 540.30 Td (can ) Tj ET Q q 0 0 0 rg BT 209.77 540.30 Td (be ) Tj ET Q q 0 0 0 rg BT 222.50 540.30 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 266.13 540.30 Td (at ) Tj ET Q q 0 0 0 rg BT 276.52 540.30 Td (any ) Tj ET Q q 0 0 0 rg BT 294.51 540.30 Td (time ) Tj ET Q q 0 0 0 rg BT 315.99 540.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 339.22 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 350.21 540.30 Td (their ) Tj ET Q q 0 0 0 rg BT 372.28 540.30 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 417.08 540.30 Td (maturity ) Tj ET Q q 0 0 0 rg BT 455.48 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 466.47 540.30 Td (part ) Tj ET Q q 0 0 0 rg BT 485.62 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 497.18 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 508.17 540.30 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 554.43 540.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.72 527.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 97.75 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 109.38 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 125.10 527.70 Td (related ) Tj ET Q q 0 0 0 rg BT 156.55 527.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 196.76 527.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.14 527.70 Td (at ) Tj ET Q q 0 0 0 rg BT 241.60 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 260.24 527.70 Td (time ) Tj ET Q q 0 0 0 rg BT 281.79 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 293.42 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 309.14 527.70 Td (sum ) Tj ET Q q 0 0 0 rg BT 329.53 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 341.16 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 356.88 527.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 402.34 527.70 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 447.21 527.70 Td (payments ) Tj ET Q q 0 0 0 rg BT 490.34 527.70 Td (discounted ) Tj ET Q q 0 0 0 rg BT 538.72 527.70 Td (at ) Tj ET Q q 0 0 0 rg BT 549.19 527.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 86.44 515.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 104.80 515.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 119.67 515.10 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 157.28 515.10 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.41 515.10 Td (0.30%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.53 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 209.78 515.10 Td (together ) Tj ET Q q 0 0 0 rg BT 246.81 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 268.10 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 285.89 515.10 Td (related ) Tj ET Q q 0 0 0 rg BT 317.07 515.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 352.34 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.12 515.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 401.33 515.10 Td (interest. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (6.375%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 84.13 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 489.90 Td (Junior) Tj ET Q q 0 0 0 rg BT 116.32 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 118.94 489.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 182.84 489.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 210.54 489.90 Td (due ) Tj ET Q q 0 0 0 rg BT 229.51 489.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 249.14 489.90 Td (ch ) Tj ET Q q 0 0 0 rg BT 262.27 489.90 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.53 477.30 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.91 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 110.11 477.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 133.32 477.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 160.03 477.30 Td (were ) Tj ET Q q 0 0 0 rg BT 182.63 477.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 211.09 477.30 Td (at ) Tj ET Q q 0 0 0 rg BT 220.88 477.30 Td (100% ) Tj ET Q q 0 0 0 rg BT 247.58 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 258.53 477.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 298.06 477.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 331.76 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.13 477.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 372.91 477.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 403.70 477.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 440.89 477.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 461.18 477.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 498.96 477.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 522.17 477.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.12 477.30 Td ($7,909) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 561.99 477.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 61.13 464.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 110.15 464.70 Td (with ) Tj ET Q q 0 0 0 rg BT 131.78 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 147.56 464.70 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 188.72 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 191.46 464.70 Td (The ) Tj ET Q q 0 0 0 rg BT 210.75 464.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 234.71 464.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 262.16 464.70 Td (rank ) Tj ET Q q 0 0 0 rg BT 283.78 464.70 Td (junior ) Tj ET Q q 0 0 0 rg BT 311.82 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 329.94 464.70 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 381.89 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 393.01 464.70 Td (right ) Tj ET Q q 0 0 0 rg BT 415.80 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 427.51 464.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 466.62 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 477.75 464.70 Td (all ) Tj ET Q q 0 0 0 rg BT 491.20 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 502.91 464.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.44 464.70 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (current ) Tj ET Q q 0 0 0 rg BT 82.28 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.98 452.10 Td (future ) Tj ET Q q 0 0 0 rg BT 127.60 452.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 155.80 452.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 215.21 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.76 452.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 241.30 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.01 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 281.96 452.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 297.63 452.10 Td (2021, ) Tj ET Q q 0 0 0 rg BT 323.80 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.17 452.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 362.72 452.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 389.76 452.10 Td (can ) Tj ET Q q 0 0 0 rg BT 406.88 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 419.33 452.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 462.68 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.39 452.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 519.37 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.91 452.10 Td (but ) Tj ET Q q 0 0 0 rg BT 537.88 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 553.84 452.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (part, ) Tj ET Q q 0 0 0 rg BT 71.60 439.50 Td (at ) Tj ET Q q 0 0 0 rg BT 81.83 439.50 Td (100% ) Tj ET Q q 0 0 0 rg BT 108.98 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 120.38 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 135.86 439.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 175.83 439.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 212.60 439.50 Td (plus ) Tj ET Q q 0 0 0 rg BT 232.76 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 250.57 439.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 285.86 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 303.67 439.50 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 334.90 439.50 Td (interest, ) Tj ET Q q 0 0 0 rg BT 371.09 439.50 Td (if ) Tj ET Q q 0 0 0 rg BT 380.15 439.50 Td (called ) Tj ET Q q 0 0 0 rg BT 407.87 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 422.77 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 430.08 439.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.56 439.50 Td (event ) Tj ET Q q 0 0 0 rg BT 470.95 439.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 485.85 439.50 Td (defined\), ) Tj ET Q q 0 0 0 rg BT 526.11 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 537.50 439.50 Td (102% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.49 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 77.07 426.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 117.13 426.90 Td (amount, ) Tj ET Q q 0 0 0 rg BT 154.00 426.90 Td (plus ) Tj ET Q q 0 0 0 rg BT 174.25 426.90 Td (any ) Tj ET Q q 0 0 0 rg BT 192.15 426.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 227.54 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 245.44 426.90 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 276.77 426.90 Td (interest, ) Tj ET Q q 0 0 0 rg BT 313.05 426.90 Td (if ) Tj ET Q q 0 0 0 rg BT 322.21 426.90 Td (called ) Tj ET Q q 0 0 0 rg BT 350.02 426.90 Td (for ) Tj ET Q q 0 0 0 rg BT 365.01 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 372.41 426.90 Td (rating ) Tj ET Q q 0 0 0 rg BT 399.65 426.90 Td (agency ) Tj ET Q q 0 0 0 rg BT 432.13 426.90 Td (event ) Tj ET Q q 0 0 0 rg BT 457.61 426.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 472.60 426.90 Td (defined\). ) Tj ET Q q 0 0 0 rg BT 512.95 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 515.70 426.90 Td (On ) Tj ET Q q 0 0 0 rg BT 531.28 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 542.77 426.90 Td (after ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (March ) Tj ET Q q 0 0 0 rg BT 79.82 414.30 Td (15, ) Tj ET Q q 0 0 0 rg BT 95.35 414.30 Td (2021, ) Tj ET Q q 0 0 0 rg BT 121.39 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 136.63 414.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 160.04 414.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 186.95 414.30 Td (can ) Tj ET Q q 0 0 0 rg BT 203.94 414.30 Td (be ) Tj ET Q q 0 0 0 rg BT 216.26 414.30 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 259.48 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 270.06 414.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 313.28 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 324.43 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 335.01 414.30 Td (part, ) Tj ET Q q 0 0 0 rg BT 356.38 414.30 Td (at ) Tj ET Q q 0 0 0 rg BT 366.37 414.30 Td (100% ) Tj ET Q q 0 0 0 rg BT 393.27 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 404.43 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 419.67 414.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 459.41 414.30 Td (amount, ) Tj ET Q q 0 0 0 rg BT 495.94 414.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 515.85 414.30 Td (any ) Tj ET Q q 0 0 0 rg BT 533.43 414.30 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (accrued ) Tj ET Q q 0 0 0 rg BT 85.26 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 103.05 401.70 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 134.25 401.70 Td (interest.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 376.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.67 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 376.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.45 376.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.70 376.50 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.07 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 189.70 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 201.07 376.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 245.10 376.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 265.80 376.50 Td (matures ) Tj ET Q q 0 0 0 rg BT 301.67 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 312.46 376.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.82 376.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 364.07 376.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.86 376.50 Td ($1,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.11 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 431.73 376.50 Td (matures ) Tj ET Q q 0 0 0 rg BT 467.60 376.50 Td (thereafter) Tj ET Q q 0 0 0 rg BT 507.24 376.50 Td (.) 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498 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 691.2 m 562 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 661.2 m 434 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 661.2 m 498 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 661.2 m 562 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 661.2 m 370 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 646.2 m 370 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 661.2 m 434 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 646.2 m 434 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 661.2 m 498 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 646.2 m 498 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 661.2 m 562 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 646.2 m 562 646.2 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 695.99 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 695.97 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 695.97 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 680.97 Td (Domestic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 680.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 680.99 Td (245,046) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 680.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 680.97 Td (249,380) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 680.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 680.97 Td (320,890) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 665.97 Td (Foreign) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.35 665.99 Td (\(270,264) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 665.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 665.97 Td (118,613) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 665.97 Td (98,751) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 650.97 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 650.99 Td ($) Tj ET 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0 J 0 j 3 M 502 501 m 562 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 487 m 562 487 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 601.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 601.27 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 601.27 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 589.22 Td (Federal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 589.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 589.39 Td (87,166) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 589.22 Td (95,499) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 589.22 Td (125,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 575.22 Td (Foreign) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 575.39 Td (\(71,828) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 575.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 575.22 Td (20,365) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 575.22 Td (\(1,450) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 575.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 561.22 Td (State and local) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 561.39 Td (\(7,646) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 561.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 561.22 Td (9,420) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 561.22 Td (13,761) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 547.22 Td (Total income tax provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 547.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 547.39 Td (7,692) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 547.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 547.22 Td (125,284) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 547.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 547.22 Td (137,805) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 519.22 Td (Current) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 519.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 519.39 Td (15,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 519.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 519.22 Td (24,897) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 519.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 519.22 Td (19,375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 505.22 Td (Deferred) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 505.39 Td (\(7,727) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 505.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 505.22 Td (100,387) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 505.22 Td (118,430) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 491.22 Td (Total income tax provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 491.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 491.39 Td (7,692) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 491.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 491.22 Td (125,284) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 491.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 491.22 Td (137,805) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 462.30 Td ( ) Tj ET Q q 0 0 0 rg BT 58.35 462.30 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 117.93 462.30 Td (of ) Tj ET Q q 0 0 0 rg BT 128.53 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.21 462.30 Td (dif) Tj ET Q q 0 0 0 rg BT 154.68 462.30 Td (ference ) Tj ET Q q 0 0 0 rg BT 187.42 462.30 Td (between ) Tj ET Q q 0 0 0 rg BT 224.25 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.93 462.30 Td (ef) Tj ET Q q 0 0 0 rg BT 246.90 462.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 277.32 462.30 Td (income ) Tj ET Q q 0 0 0 rg BT 310.07 462.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.75 462.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 342.34 462.30 Td (and ) Tj ET Q q 0 0 0 rg BT 359.35 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 374.03 462.30 Td (statutory ) Tj ET Q q 0 0 0 rg BT 412.63 462.30 Td (federal ) Tj ET Q q 0 0 0 rg BT 443.62 462.30 Td (income ) Tj ET Q q 0 0 0 rg BT 476.38 462.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.06 462.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 508.64 462.30 Td (is ) Tj ET Q q 0 0 0 rg BT 517.50 462.30 Td (as ) Tj ET Q q 0 0 0 rg BT 528.10 462.30 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 436.80 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 436.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 436.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 436.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 436.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 436.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 436.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 407.80 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 407.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 407.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 407.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 407.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 407.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 407.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 377.80 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 377.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 377.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 377.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 377.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 377.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 377.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.80 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 349.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 349.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 349.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 349.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 349.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 349.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 319.80 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 319.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 319.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 319.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.8 m 370 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 436.8 m 434 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.8 m 498 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.8 m 562 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.8 m 370 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 436.8 m 434 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.8 m 498 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.8 m 562 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 304.8 m 370 304.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 304.8 m 434 304.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 304.8 m 498 304.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 304.8 m 562 304.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 289.8 m 370 289.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 289.8 m 434 289.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 289.8 m 498 289.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 289.8 m 562 289.8 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 441.59 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 441.57 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 441.57 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 427.02 Td (Tax provision at statutory U.S. federal income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 427.19 Td (35.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 427.19 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 427.02 Td (35.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 427.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 427.02 Td (35.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 427.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 412.57 Td (State income taxes, net of federal income tax benefit) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 273.21 417.33 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 412.59 Td (43.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 412.57 Td (4.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 412.57 Td (1.0) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 404.85 92.71 -9.55 re f /GS0 gs q 0 0 0 rg BT 52.50 397.57 Td (Uncertain tax benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 397.59 Td (41.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 397.57 Td (1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 397.57 Td (0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 382.57 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.22 382.57 Td (fect of foreign tax rates) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 160.17 387.33 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.35 382.59 Td (\(172.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 382.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.10 382.57 Td (\(4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 382.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 382.57 Td (\(4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 382.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 368.02 Td (Changes in U.K. tax rates on deferred tax assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 368.19 Td (33.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 368.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 368.02 Td (\(4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 368.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 354.02 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 354.19 Td (\(15.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 354.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.10 354.02 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 354.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 354.02 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 339.57 Td (Change in valuation allowances) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 186.34 344.33 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 339.59 Td (\(33.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 339.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.10 339.57 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 339.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 339.57 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 324.57 Td (Federal effect of permanent tax adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 324.59 Td (39.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 324.57 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 324.57 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 309.57 Td (Other, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 309.59 Td (\(0.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 309.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.10 309.57 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 309.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 309.57 Td (0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 294.57 Td (Effective income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 294.59 Td (\(30.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 294.59 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 294.57 Td (34.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 294.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 294.57 Td (32.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 294.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 280.10 Td (State ) Tj ET Q q 0 0 0 rg BT 86.17 280.10 Td (income ) Tj ET Q q 0 0 0 rg BT 112.86 280.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 132.00 280.10 Td (include ) Tj ET Q q 0 0 0 rg BT 158.69 280.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.74 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.03 280.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.33 280.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 268.77 280.10 Td (related ) Tj ET Q q 0 0 0 rg BT 293.56 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 280.10 Td (change ) Tj ET Q q 0 0 0 rg BT 327.59 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.87 280.10 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 387.12 280.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.07 280.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 434.85 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.14 280.10 Td (return ) Tj ET Q q 0 0 0 rg BT 465.10 280.10 Td (dif) Tj ET Q q 0 0 0 rg BT 474.39 280.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 506.50 280.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.56 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.31 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.37 280.10 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 269.90 Td (on ) Tj ET Q q 0 0 0 rg BT 77.86 269.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 108.04 269.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.29 269.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.98 269.90 Td (of ) Tj ET Q q 0 0 0 rg BT 150.93 269.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 180.17 269.90 Td (in ) Tj ET Q q 0 0 0 rg BT 188.64 269.90 Td (state ) Tj ET Q q 0 0 0 rg BT 206.08 269.90 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 257.52 269.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 282.51 269.90 Td (and ) Tj ET Q q 0 0 0 rg BT 296.65 269.90 Td (planning ) Tj ET Q q 0 0 0 rg BT 328.26 269.90 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 364.35 269.90 Td ( ) Tj ET Q q 0 0 0 rg BT 366.08 269.90 Td (The ) Tj ET Q q 0 0 0 rg BT 381.16 269.90 Td (ef) Tj ET Q q 0 0 0 rg BT 387.61 269.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 402.21 269.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.15 269.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 437.56 269.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 449.81 269.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 467.72 269.90 Td (for ) Tj ET Q q 0 0 0 rg BT 479.50 269.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 499.77 269.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 518.63 269.90 Td (also ) Tj ET Q q 0 0 0 rg BT 534.19 269.90 Td (includes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 259.70 Td (a ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 73.40 259.70 Td ($66,780) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 101.02 259.70 Td ( ) Tj ET Q q 0 0 0 rg BT 103.15 259.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.66 259.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 141.38 259.70 Td (for ) Tj ET Q q 0 0 0 rg BT 153.42 259.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 186.23 259.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 227.54 259.70 Td (char) Tj ET Q q 0 0 0 rg BT 242.01 259.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 255.47 259.70 Td (related ) Tj ET Q q 0 0 0 rg BT 280.72 259.70 Td (to ) Tj ET Q q 0 0 0 rg BT 289.45 259.70 Td (the ) Tj ET Q q 0 0 0 rg BT 301.96 259.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 338.08 259.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.04 259.70 Td (of ) Tj ET Q q 0 0 0 rg BT 369.24 259.70 Td (the ) Tj ET Q q 0 0 0 rg BT 381.75 259.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 407.96 259.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 441.02 259.70 Td (as ) Tj ET Q q 0 0 0 rg BT 450.22 259.70 Td (further ) Tj ET Q q 0 0 0 rg BT 475.47 259.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 510.18 259.70 Td (in ) Tj ET Q q 0 0 0 rg BT 518.92 259.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 537.56 259.70 Td (5.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 249.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 249.50 Td (See ) Tj ET Q q 0 0 0 rg BT 81.90 249.50 Td (schedule ) Tj ET Q q 0 0 0 rg BT 113.76 249.50 Td (below ) Tj ET Q q 0 0 0 rg BT 136.66 249.50 Td (for ) Tj ET Q q 0 0 0 rg BT 148.70 249.50 Td (the ) Tj ET Q q 0 0 0 rg BT 161.21 249.50 Td (change ) Tj ET Q q 0 0 0 rg BT 187.40 249.50 Td (in ) Tj ET Q q 0 0 0 rg BT 196.14 249.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.89 249.50 Td (allowances ) Tj ET Q q 0 0 0 rg BT 269.78 249.50 Td (by ) Tj ET Q q 0 0 0 rg BT 280.41 249.50 Td (jurisdiction.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 224.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.36 224.30 Td (July ) Tj ET Q q 0 0 0 rg BT 79.98 224.30 Td (2013, ) Tj ET Q q 0 0 0 rg BT 105.71 224.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.65 224.30 Td (Finance ) Tj ET Q q 0 0 0 rg BT 156.00 224.30 Td (Bill ) Tj ET Q q 0 0 0 rg BT 173.87 224.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 196.98 224.30 Td (was ) Tj ET Q q 0 0 0 rg BT 215.43 224.30 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 252.22 224.30 Td (which ) Tj ET Q q 0 0 0 rg BT 280.00 224.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 315.34 224.30 Td (the ) Tj ET Q q 0 0 0 rg BT 330.28 224.30 Td (main ) Tj ET Q q 0 0 0 rg BT 353.39 224.30 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 375.92 224.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 417.67 224.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.61 224.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 450.46 224.30 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.98 224.30 Td (23%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.23 224.30 Td ( ) Tj ET Q q 0 0 0 rg BT 494.34 224.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.62 224.30 Td (21%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.87 224.30 Td ( ) Tj ET Q q 0 0 0 rg BT 525.98 224.30 Td (ef) Tj ET Q q 0 0 0 rg BT 533.95 224.30 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 211.70 Td (April ) Tj ET Q q 0 0 0 rg BT 73.94 211.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 84.09 211.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 109.99 211.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.43 211.70 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.68 211.70 Td ( ) Tj ET Q q 0 0 0 rg BT 148.95 211.70 Td (ef) Tj ET Q q 0 0 0 rg BT 156.92 211.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 187.26 211.70 Td (April ) Tj ET Q q 0 0 0 rg BT 211.70 211.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 221.85 211.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 247.75 211.70 Td ( ) Tj ET Q q 0 0 0 rg BT 250.03 211.70 Td (In ) Tj ET Q q 0 0 0 rg BT 261.05 211.70 Td (November ) Tj ET Q q 0 0 0 rg BT 307.65 211.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 333.55 211.70 Td (the ) Tj ET Q q 0 0 0 rg BT 348.65 211.70 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 371.35 211.70 Td ( ) Tj ET Q q 0 0 0 rg BT 373.62 211.70 Td (Finance ) Tj ET Q q 0 0 0 rg BT 409.14 211.70 Td (Bill ) Tj ET Q q 0 0 0 rg BT 427.17 211.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 450.45 211.70 Td (was ) Tj ET Q q 0 0 0 rg BT 469.05 211.70 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 506.01 211.70 Td (which ) Tj ET Q q 0 0 0 rg BT 533.95 211.70 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 84.91 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.92 199.10 Td (main ) Tj ET Q q 0 0 0 rg BT 123.10 199.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 145.70 199.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 187.52 199.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.53 199.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 220.45 199.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.80 199.10 Td (19%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.05 199.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.23 199.10 Td (ef) Tj ET Q q 0 0 0 rg BT 260.20 199.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 290.46 199.10 Td (April ) Tj ET Q q 0 0 0 rg BT 314.81 199.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 324.87 199.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 350.68 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.02 199.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.37 199.10 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.62 199.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.80 199.10 Td (ef) Tj ET Q q 0 0 0 rg BT 407.77 199.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 438.03 199.10 Td (April ) Tj ET Q q 0 0 0 rg BT 462.38 199.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 472.44 199.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 498.24 199.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.27 199.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.78 199.10 Td (reductions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 186.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.52 186.50 Td (the ) Tj ET Q q 0 0 0 rg BT 74.19 186.50 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 96.46 186.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 137.95 186.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.62 186.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 170.21 186.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 205.29 186.50 Td (in ) Tj ET Q q 0 0 0 rg BT 215.31 186.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 229.99 186.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 265.07 186.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.67 186.50 Td ($8,383) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.54 186.50 Td ( ) Tj ET Q q 0 0 0 rg BT 306.39 186.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.40 186.50 Td ($19,164) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.52 186.50 Td (, ) Tj ET Q q 0 0 0 rg BT 362.00 186.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 409.90 186.50 Td (in ) Tj ET Q q 0 0 0 rg BT 419.92 186.50 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.51 186.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.51 186.50 Td ( ) Tj ET Q q 0 0 0 rg BT 467.35 186.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.36 186.50 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.36 186.50 Td (, ) Tj ET Q q 0 0 0 rg BT 509.84 186.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 186.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 173.90 Td (a ) Tj ET Q q 0 0 0 rg BT 68.16 173.90 Td (result ) Tj ET Q q 0 0 0 rg BT 94.11 173.90 Td (of ) Tj ET Q q 0 0 0 rg BT 105.48 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 173.90 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 170.79 173.90 Td (of ) Tj ET Q q 0 0 0 rg BT 182.16 173.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 219.76 173.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.21 173.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.34 173.90 Td (and ) Tj ET Q q 0 0 0 rg BT 280.12 173.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 321.83 173.90 Td (at ) Tj ET Q q 0 0 0 rg BT 332.03 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 347.48 173.90 Td (new ) Tj ET Q q 0 0 0 rg BT 367.60 173.90 Td (rates. ) Tj ET Q endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.04 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 122.17 741.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 145.98 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 161.03 741.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 200.58 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 215.05 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 238.08 741.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 260.13 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 741.75 Td (temporary ) Tj ET Q q 0 0 0 rg BT 316.49 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 327.96 741.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 365.17 741.75 Td (between ) Tj ET Q q 0 0 0 rg BT 402.38 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.44 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.50 741.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.73 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.71 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 478.85 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 501.49 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 512.47 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 547.36 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 61.30 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.16 729.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.54 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.58 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.29 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 213.58 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 249.27 729.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 281.19 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.94 729.15 Td (These ) Tj ET Q q 0 0 0 rg BT 309.89 729.15 Td (temporary ) Tj ET Q q 0 0 0 rg BT 354.92 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 366.39 729.15 Td (ferences ) Tj ET Q q 0 0 0 rg BT 403.24 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 428.45 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 438.50 729.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 470.69 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 481.32 729.15 Td (deductible ) Tj ET Q q 0 0 0 rg BT 526.93 729.15 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 716.55 Td (future ) Tj ET Q q 0 0 0 rg BT 87.99 716.55 Td (years. ) Tj ET Q q 0 0 0 rg BT 115.39 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.44 716.55 Td (A) Tj ET Q q 0 0 0 rg BT 124.44 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 127.07 716.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 168.77 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.14 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 204.34 716.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 241.53 716.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 279.13 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.58 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.70 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 339.49 716.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 381.19 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 396.64 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 408.01 716.55 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 691.05 385.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 691.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 691.05 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 691.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 691.05 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 664.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 664.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 664.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 664.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 664.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 636.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 636.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 636.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 636.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 636.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 608.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 608.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 608.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 608.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 580.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 580.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 580.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 580.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 580.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 552.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 552.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 552.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 552.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 524.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 524.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 524.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 524.05 4.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 440.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 440.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 440.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 412.05 385.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 412.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 412.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 412.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 412.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 382.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 382.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 382.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 382.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 354.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 354.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 354.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 354.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 354.05 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.05 m 435 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 691.05 m 499 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 691.05 m 563 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.05 m 435 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 691.05 m 499 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 691.05 m 563 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 510.05 m 435 510.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 510.05 m 499 510.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 510.05 m 563 510.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 482.05 m 499 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 482.05 m 563 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 482.05 m 435 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 468.05 m 435 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 482.05 m 499 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 468.05 m 499 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 482.05 m 563 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 468.05 m 563 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 368.05 m 499 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 368.05 m 563 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 368.05 m 435 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 354.05 m 435 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 368.05 m 499 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 354.05 m 499 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 368.05 m 563 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 354.05 m 563 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 340.05 m 435 340.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 340.05 m 499 340.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 340.05 m 563 340.05 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 695.84 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.00 695.82 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 681.44 Td (DEFERRED TAX ASSETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 668.27 Td (Accrued compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 668.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 668.44 Td (185,311) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 668.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 668.27 Td (158,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 654.27 Td (Accrued expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 654.44 Td (50,865) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 654.27 Td (60,282) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 640.27 Td (Operating loss carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 640.44 Td (273,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 640.27 Td (290,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 626.27 Td (Capital loss carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 626.44 Td (3,121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 626.27 Td (5,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 612.27 Td (Foreign tax credit carryforward) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 612.44 Td (258,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 612.27 Td (247,027) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 598.27 Td (Federal benefit of uncertain tax positions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 598.44 Td (12,290) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 598.27 Td (18,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 584.27 Td (Mutual fund launch costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 584.44 Td (30,234) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 584.27 Td (30,968) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 570.27 Td (Martin Currie defined benefit pension liability) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 570.44 Td (5,896) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 570.27 Td (7,741) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 556.27 Td (Charitable contributions carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 556.44 Td (4,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 556.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 542.27 Td (Net unrealized losses from investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 542.44 Td (4,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 542.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 528.27 Td (Basis differences in partnerships) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 528.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 528.27 Td (4,174) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 514.27 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 514.44 Td (5,181) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 514.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 500.27 Td (Deferred tax assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 500.44 Td (833,458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 500.27 Td (823,122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 486.27 Td (Valuation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.60 486.44 Td (\(79,476) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 486.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.60 486.27 Td (\(96,687) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 486.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 472.27 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 472.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 472.44 Td (753,982) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 472.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 472.27 Td (726,435) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 444.44 Td (DEFERRED TAX LIABILITIES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 430.27 Td (Basis differences, principally for intangible assets and goodwill) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 430.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 430.44 Td (56,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 430.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 430.27 Td (82,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 416.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 416.44 Td (686,421) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 416.27 Td (666,057) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 401.82 Td (Net unrealized gains from investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 401.84 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 401.82 Td (7,832) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 386.82 Td (Basis differences in partnerships) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 386.84 Td (64,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 386.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 372.27 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 372.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 372.27 Td (435) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 358.27 Td (Deferred tax liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 358.44 Td (807,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 358.27 Td (756,960) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 344.27 Td (Net deferred tax liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 344.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.60 344.44 Td (\(53,589) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 344.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 344.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.60 344.27 Td (\(30,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 344.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.97 315.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.37 315.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 134.18 315.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 179.89 315.35 Td (with ) Tj ET Q q 0 0 0 rg BT 201.13 315.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 225.27 315.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 262.40 315.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 305.78 315.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 330.52 315.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 355.25 315.35 Td (are ) Tj ET Q q 0 0 0 rg BT 370.63 315.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 409.93 315.35 Td (directly ) Tj ET Q q 0 0 0 rg BT 444.56 315.35 Td (in ) Tj ET Q q 0 0 0 rg BT 455.30 315.35 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 514.59 315.35 Td (Equity) Tj ET Q q 0 0 0 rg BT 541.90 315.35 Td (. ) Tj ET Q q 0 0 0 rg BT 547.10 315.35 Td ( ) Tj ET Q q 0 0 0 rg BT 549.66 315.35 Td (No ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.60 302.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 98.02 302.75 Td (was ) Tj ET Q q 0 0 0 rg BT 117.61 302.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 157.60 302.75 Td (to ) Tj ET Q q 0 0 0 rg BT 169.04 302.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 198.55 302.75 Td (in ) Tj ET Q q 0 0 0 rg BT 209.99 302.75 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.99 302.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.99 302.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.88 302.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.88 302.75 Td ( ) Tj ET Q q 0 0 0 rg BT 287.15 302.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.17 302.75 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.17 302.75 Td (, ) Tj ET Q q 0 0 0 rg BT 326.06 302.75 Td (due ) Tj ET Q q 0 0 0 rg BT 344.49 302.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.92 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 372.02 302.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 421.93 302.75 Td (net ) Tj ET Q q 0 0 0 rg BT 438.03 302.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 480.95 302.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 500.56 302.75 Td (position ) Tj ET Q q 0 0 0 rg BT 537.66 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 302.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.15 Td (Company) Tj ET Q q 0 0 0 rg BT 89.65 290.15 Td (. ) Tj ET Q q 0 0 0 rg BT 95.30 290.15 Td ( ) Tj ET Q q 0 0 0 rg BT 97.66 290.15 Td (As ) Tj ET Q q 0 0 0 rg BT 112.36 290.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.13 290.15 Td (March ) Tj ET Q q 0 0 0 rg BT 154.56 290.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.71 290.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.71 290.15 Td (, ) Tj ET Q q 0 0 0 rg BT 197.36 290.15 Td (an ) Tj ET Q q 0 0 0 rg BT 210.30 290.15 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.13 290.15 Td ($22,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.26 290.15 Td ( ) Tj ET Q q 0 0 0 rg BT 291.28 290.15 Td (of ) Tj ET Q q 0 0 0 rg BT 303.06 290.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 318.91 290.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 351.09 290.15 Td (will ) Tj ET Q q 0 0 0 rg BT 370.45 290.15 Td (be ) Tj ET Q q 0 0 0 rg BT 383.39 290.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 432.47 290.15 Td (as ) Tj ET Q q 0 0 0 rg BT 444.25 290.15 Td (an ) Tj ET Q q 0 0 0 rg BT 457.18 290.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 494.60 290.15 Td (in ) Tj ET Q q 0 0 0 rg BT 505.80 290.15 Td (Stockholders' ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 277.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 80.12 277.55 Td (when ) Tj ET Q q 0 0 0 rg BT 105.49 277.55 Td (the ) Tj ET Q q 0 0 0 rg BT 120.95 277.55 Td (related ) Tj ET Q q 0 0 0 rg BT 152.13 277.55 Td (net ) Tj ET Q q 0 0 0 rg BT 167.59 277.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 209.87 277.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 237.58 277.55 Td (are ) Tj ET Q q 0 0 0 rg BT 253.02 277.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 298.22 277.55 Td (realized.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.93 252.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.37 252.35 Td (has ) Tj ET Q q 0 0 0 rg BT 119.22 252.35 Td (various ) Tj ET Q q 0 0 0 rg BT 151.98 252.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.17 252.35 Td (and ) Tj ET Q q 0 0 0 rg BT 187.19 252.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 201.87 252.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.63 252.35 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 288.36 252.35 Td (that ) Tj ET Q q 0 0 0 rg BT 305.96 252.35 Td (may ) Tj ET Q q 0 0 0 rg BT 325.90 252.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 359.82 252.35 Td (future ) Tj ET Q q 0 0 0 rg BT 386.75 252.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.43 252.35 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 439.15 252.35 Td ( ) Tj ET Q q 0 0 0 rg BT 441.00 252.35 Td (Related ) Tj ET Q q 0 0 0 rg BT 474.92 252.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 515.85 252.35 Td (allowances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.59 239.75 Td (established ) Tj ET Q q 0 0 0 rg BT 113.52 239.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.95 239.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 173.43 239.75 Td (with ) Tj ET Q q 0 0 0 rg BT 194.37 239.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.71 239.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 282.88 239.75 Td (for ) Tj ET Q q 0 0 0 rg BT 297.39 239.75 Td (income ) Tj ET Q q 0 0 0 rg BT 330.57 239.75 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 357.04 239.75 Td (if ) Tj ET Q q 0 0 0 rg BT 365.72 239.75 Td (it ) Tj ET Q q 0 0 0 rg BT 373.83 239.75 Td (is ) Tj ET Q q 0 0 0 rg BT 383.10 239.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 444.99 239.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 479.35 239.75 Td (that ) Tj ET Q q 0 0 0 rg BT 497.36 239.75 Td (it ) Tj ET Q q 0 0 0 rg BT 505.47 239.75 Td (is ) Tj ET Q q 0 0 0 rg BT 514.74 239.75 Td (more ) Tj ET Q q 0 0 0 rg BT 538.59 239.75 Td (likely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.15 Td (than ) Tj ET Q q 0 0 0 rg BT 70.16 227.15 Td (not ) Tj ET Q q 0 0 0 rg BT 86.16 227.15 Td (that ) Tj ET Q q 0 0 0 rg BT 104.49 227.15 Td (these ) Tj ET Q q 0 0 0 rg BT 128.64 227.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.46 227.15 Td (will ) Tj ET Q q 0 0 0 rg BT 183.38 227.15 Td (not ) Tj ET Q q 0 0 0 rg BT 199.38 227.15 Td (be ) Tj ET Q q 0 0 0 rg BT 211.87 227.15 Td (realized. ) Tj ET Q q 0 0 0 rg BT 250.30 227.15 Td ( ) Tj ET Q q 0 0 0 rg BT 252.70 227.15 Td (T) Tj ET Q q 0 0 0 rg BT 258.38 227.15 Td (o ) Tj ET Q q 0 0 0 rg BT 266.21 227.15 Td (the ) Tj ET Q q 0 0 0 rg BT 281.62 227.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 309.86 227.15 Td (the ) Tj ET Q q 0 0 0 rg BT 325.27 227.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 361.68 227.15 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 227.15 Td (the ) Tj ET Q q 0 0 0 rg BT 388.42 227.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 435.31 227.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.63 227.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 484.19 227.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.60 227.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.68 227.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 552.00 227.15 Td (on ) Tj ET Q q 0 0 0 rg BT 565.12 227.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 214.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.07 214.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.49 214.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 143.79 214.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.96 214.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.14 214.55 Td (has ) Tj ET Q q 0 0 0 rg BT 212.73 214.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 259.81 214.55 Td (the ) Tj ET Q q 0 0 0 rg BT 274.23 214.55 Td (timing, ) Tj ET Q q 0 0 0 rg BT 305.87 214.55 Td (nature, ) Tj ET Q q 0 0 0 rg BT 336.32 214.55 Td (and ) Tj ET Q q 0 0 0 rg BT 353.08 214.55 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 402.50 214.55 Td (of ) Tj ET Q q 0 0 0 rg BT 412.85 214.55 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 454.38 214.55 Td (as ) Tj ET Q q 0 0 0 rg BT 464.72 214.55 Td (well ) Tj ET Q q 0 0 0 rg BT 484.40 214.55 Td (as, ) Tj ET Q q 0 0 0 rg BT 497.36 214.55 Td (future ) Tj ET Q q 0 0 0 rg BT 524.03 214.55 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 201.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.20 201.95 Td (to ) Tj ET Q q 0 0 0 rg BT 94.99 201.95 Td (the ) Tj ET Q q 0 0 0 rg BT 110.44 201.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.89 201.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 181.58 201.95 Td (of ) Tj ET Q q 0 0 0 rg BT 192.96 201.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.92 201.95 Td (and ) Tj ET Q q 0 0 0 rg BT 250.70 201.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 311.05 201.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 355.67 201.95 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 176.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.86 176.75 Td (March ) Tj ET Q q 0 0 0 rg BT 96.78 176.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 108.18 176.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.33 176.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 160.43 176.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 192.54 176.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 233.37 176.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 284.70 176.75 Td (with ) Tj ET Q q 0 0 0 rg BT 306.90 176.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.25 176.75 Td (management ) Tj ET Q q 0 0 0 rg BT 380.42 176.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.69 176.75 Td (its ) Tj ET Q q 0 0 0 rg BT 406.13 176.75 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 470.31 176.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 517.00 176.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 547.35 176.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.15 Td (Associates ) Tj ET Q q 0 0 0 rg BT 96.47 164.15 Td (\("Royce"\) ) Tj ET Q q 0 0 0 rg BT 140.93 164.15 Td (which ) Tj ET Q q 0 0 0 rg BT 168.66 164.15 Td (changed ) Tj ET Q q 0 0 0 rg BT 205.70 164.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.60 164.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.49 164.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 276.04 164.15 Td (of ) Tj ET Q q 0 0 0 rg BT 286.85 164.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 315.74 164.15 Td (from ) Tj ET Q q 0 0 0 rg BT 338.22 164.15 Td (a ) Tj ET Q q 0 0 0 rg BT 344.94 164.15 Td (disregarded ) Tj ET Q q 0 0 0 rg BT 395.99 164.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 421.97 164.15 Td (to ) Tj ET Q q 0 0 0 rg BT 432.20 164.15 Td (a ) Tj ET Q q 0 0 0 rg BT 438.92 164.15 Td (partnership. ) Tj ET Q q 0 0 0 rg BT 490.85 164.15 Td ( ) Tj ET Q q 0 0 0 rg BT 492.46 164.15 Td (As ) Tj ET Q q 0 0 0 rg BT 506.19 164.15 Td (a ) Tj ET Q q 0 0 0 rg BT 512.92 164.15 Td (result, ) Tj ET Q q 0 0 0 rg BT 540.94 164.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 151.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 86.27 151.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 123.45 151.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 157.72 151.55 Td (for ) Tj ET Q q 0 0 0 rg BT 172.18 151.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 187.21 151.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 210.43 151.55 Td (dif) Tj ET Q q 0 0 0 rg BT 221.90 151.55 Td (ferences ) Tj ET Q q 0 0 0 rg BT 259.08 151.55 Td (in ) Tj ET Q q 0 0 0 rg BT 269.46 151.55 Td (partnership ) Tj ET Q q 0 0 0 rg BT 318.91 151.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.28 151.55 Td (changed ) Tj ET Q q 0 0 0 rg BT 408.47 151.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.18 151.55 Td ($68,526) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.31 151.55 Td ( ) Tj ET Q q 0 0 0 rg BT 457.52 151.55 Td (with ) Tj ET Q q 0 0 0 rg BT 478.39 151.55 Td (an ) Tj ET Q q 0 0 0 rg BT 490.52 151.55 Td (of) Tj ET Q q 0 0 0 rg BT 499.07 151.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 532.78 151.55 Td (change ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 138.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 138.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 138.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 91.20 138.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 114.82 138.95 Td (of ) Tj ET Q q 0 0 0 rg BT 126.20 138.95 Td (other ) Tj ET Q q 0 0 0 rg BT 150.40 138.95 Td (temporary ) Tj ET Q q 0 0 0 rg BT 196.17 138.95 Td (dif) Tj ET Q q 0 0 0 rg BT 207.65 138.95 Td (ferences.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.62 113.75 Td (all ) Tj ET Q q 0 0 0 rg BT 119.40 113.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.43 113.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.28 113.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 191.13 113.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 228.38 113.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 243.49 113.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.27 113.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 295.87 113.75 Td (to ) Tj ET Q q 0 0 0 rg BT 306.32 113.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.28 113.75 Td (federal, ) Tj ET Q q 0 0 0 rg BT 361.33 113.75 Td (state ) Tj ET Q q 0 0 0 rg BT 382.85 113.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.29 113.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 422.99 113.75 Td (taxing ) Tj ET Q q 0 0 0 rg BT 451.52 113.75 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 508.35 113.75 Td ( ) Tj ET Q q 0 0 0 rg BT 510.13 113.75 Td (As ) Tj ET Q q 0 0 0 rg BT 524.08 113.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.11 113.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.56 101.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.56 101.15 Td (, ) Tj ET Q q 0 0 0 rg BT 92.11 101.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 113.72 101.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 145.79 101.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 183.69 101.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.45 101.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.88 101.15 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.87 101.15 Td ($71) Tj ET Q q 0 0 0 rg BT 291.23 101.15 Td (1,535) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.85 101.15 Td (, ) Tj ET Q q 0 0 0 rg BT 320.41 101.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 367.65 101.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 101.15 Td (which ) Tj ET Q q 0 0 0 rg BT 407.92 101.15 Td (is ) Tj ET Q q 0 0 0 rg BT 417.86 101.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 458.10 101.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.20 101.15 Td (require ) Tj ET Q q 0 0 0 rg BT 501.86 101.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 88.55 Td ($3,200,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.75 88.55 Td ( ) Tj ET Q q 0 0 0 rg BT 100.12 88.55 Td (of ) Tj ET Q q 0 0 0 rg BT 112.24 88.55 Td (future ) Tj ET Q q 0 0 0 rg BT 140.69 88.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 162.73 88.55 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 204.31 88.55 Td (of ) Tj ET Q q 0 0 0 rg BT 216.43 88.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.46 88.55 Td ($740,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.83 88.55 Td ( ) Tj ET Q q 0 0 0 rg BT 288.21 88.55 Td (must ) Tj ET Q q 0 0 0 rg BT 312.00 88.55 Td (be ) Tj ET Q q 0 0 0 rg BT 325.29 88.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 358.98 88.55 Td (sourced ) Tj ET Q q 0 0 0 rg BT 395.01 88.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 436.58 88.55 Td ( ) Tj ET Q q 0 0 0 rg BT 439.95 88.55 Td (Based ) Tj ET Q q 0 0 0 rg BT 468.99 88.55 Td (on ) Tj ET Q q 0 0 0 rg BT 482.86 88.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 525.31 88.55 Td (of ) Tj ET Q q 0 0 0 rg BT 537.43 88.55 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.95 Td (taxable ) Tj ET Q q 0 0 0 rg BT 81.78 75.95 Td (income, ) Tj ET Q q 0 0 0 rg BT 117.28 75.95 Td (using ) Tj ET Q q 0 0 0 rg BT 142.00 75.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.88 75.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 239.85 75.95 Td (with ) Tj ET Q q 0 0 0 rg BT 260.48 75.95 Td (those ) Tj ET Q q 0 0 0 rg BT 284.61 75.95 Td (used ) Tj ET Q q 0 0 0 rg BT 305.82 75.95 Td (in ) Tj ET Q q 0 0 0 rg BT 315.95 75.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 339.49 75.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 376.02 75.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 415.32 75.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 465.69 75.95 Td (testing, ) Tj ET Q q 0 0 0 rg BT 498.28 75.95 Td (it ) Tj ET Q q 0 0 0 rg BT 506.08 75.95 Td (is ) Tj ET Q q 0 0 0 rg BT 515.05 75.95 Td (more ) Tj ET Q q 0 0 0 rg BT 538.59 75.95 Td (likely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.35 Td (than ) Tj ET Q q 0 0 0 rg BT 70.97 63.35 Td (not ) Tj ET Q q 0 0 0 rg BT 87.78 63.35 Td (that ) Tj ET Q q 0 0 0 rg BT 106.92 63.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 163.39 63.35 Td (all ) Tj ET Q q 0 0 0 rg BT 177.28 63.35 Td (of ) Tj ET Q q 0 0 0 rg BT 189.42 63.35 Td (the ) Tj ET Q q 0 0 0 rg BT 205.64 63.35 Td (current ) Tj ET Q q 0 0 0 rg BT 238.77 63.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 271.30 63.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 287.52 63.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 324.15 63.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 359.62 63.35 Td (to ) Tj ET Q q 0 0 0 rg BT 371.18 63.35 Td (net ) Tj ET Q q 0 0 0 rg BT 387.40 63.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.44 63.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 458.92 63.35 Td (will ) Tj ET Q q 0 0 0 rg BT 478.65 63.35 Td (be ) Tj ET Q q 0 0 0 rg BT 491.95 63.35 Td (realizable. ) Tj ET Q q 0 0 0 rg BT 538.77 63.35 Td ( ) Tj ET Q q 0 0 0 rg BT 541.92 63.35 Td (W) Tj ET Q q 0 0 0 rg BT 551.41 63.35 Td (ith ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 81.75 50.75 Td (to ) Tj ET Q q 0 0 0 rg BT 92.43 50.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.92 50.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.26 50.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 172.27 50.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 206.86 50.75 Td (to ) Tj ET Q q 0 0 0 rg BT 217.54 50.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 250.37 50.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 265.72 50.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.13 50.75 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 356.16 50.75 Td (it ) Tj ET Q q 0 0 0 rg BT 364.51 50.75 Td (is ) Tj ET Q q 0 0 0 rg BT 374.03 50.75 Td (more ) Tj ET Q q 0 0 0 rg BT 398.12 50.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 424.54 50.75 Td (than ) Tj ET Q q 0 0 0 rg BT 445.14 50.75 Td (not ) Tj ET Q q 0 0 0 rg BT 461.07 50.75 Td (that ) Tj ET Q q 0 0 0 rg BT 479.33 50.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.67 50.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 530.43 50.75 Td (relating ) Tj ET Q endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.84 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.83 741.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 122.58 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.49 741.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.31 741.75 Td ($23,465) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.43 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 235.60 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.52 741.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 281.01 741.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 305.75 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 317.67 741.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 348.82 741.75 Td (will ) Tj ET Q q 0 0 0 rg BT 368.33 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 384.91 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 397.99 741.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 434.39 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 452.71 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 460.54 741.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 502.79 741.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 548.52 741.75 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (been ) Tj ET Q q 0 0 0 rg BT 71.80 729.15 Td (established. ) Tj ET Q q 0 0 0 rg BT 123.57 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 126.05 729.15 Td (Further) Tj ET Q q 0 0 0 rg BT 156.54 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 161.65 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 176.96 729.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 226.25 729.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 267.81 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 285.46 729.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 339.86 729.15 Td (do ) Tj ET Q q 0 0 0 rg BT 352.84 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 368.74 729.15 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 422.54 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 453.59 729.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 490.49 729.15 Td (future ) Tj ET Q q 0 0 0 rg BT 518.04 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.34 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 716.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 109.76 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 120.36 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.78 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 174.21 716.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 200.84 716.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 230.97 716.55 Td (under ) Tj ET Q q 0 0 0 rg BT 256.73 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 271.40 716.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 291.92 716.55 Td (Internal ) Tj ET Q q 0 0 0 rg BT 326.41 716.55 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 364.99 716.55 Td (Code, ) Tj ET Q q 0 0 0 rg BT 391.63 716.55 Td (could ) Tj ET Q q 0 0 0 rg BT 416.80 716.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 438.49 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.16 716.55 Td (utilization ) Tj ET Q q 0 0 0 rg BT 497.58 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 508.17 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 522.85 716.55 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.17 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 85.67 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 118.32 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.48 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 159.72 703.95 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 197.92 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 199.73 703.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 220.15 703.95 Td (such ) Tj ET Q q 0 0 0 rg BT 241.73 703.95 Td (limitation ) Tj ET Q q 0 0 0 rg BT 284.90 703.95 Td (would ) Tj ET Q q 0 0 0 rg BT 313.48 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 344.39 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 359.55 703.95 Td (timing ) Tj ET Q q 0 0 0 rg BT 389.30 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 400.38 703.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 434.21 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 445.29 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 460.45 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 502.44 703.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 521.11 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 532.19 703.95 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.95 691.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.48 691.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 127.35 691.35 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 172.55 691.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 208.40 691.35 Td (before ) Tj ET Q q 0 0 0 rg BT 237.83 691.35 Td (they ) Tj ET Q q 0 0 0 rg BT 258.54 691.35 Td (expire.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.98 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 75.53 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 105.74 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.67 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 148.10 666.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 180.05 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 221.93 666.15 Td (allowances ) Tj ET Q q 0 0 0 rg BT 271.38 666.15 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.24 666.15 Td ($20,950) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.37 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 359.80 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 362.60 666.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 376.49 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.12 666.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 431.06 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 442.04 666.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 473.98 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 515.86 666.15 Td (allowances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 72.19 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 87.30 653.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 109.99 653.55 Td (year) Tj ET Q q 0 0 0 rg BT 127.64 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.55 653.55 Td ($12,677) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.67 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 168.96 653.55 Td (relates ) Tj ET Q q 0 0 0 rg BT 198.64 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 209.09 653.55 Td (expiring ) Tj ET Q q 0 0 0 rg BT 246.36 653.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 278.96 653.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.07 653.55 Td (credits ) Tj ET Q q 0 0 0 rg BT 324.34 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 352.29 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 374.39 653.55 Td (been ) Tj ET Q q 0 0 0 rg BT 396.49 653.55 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 446.59 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 457.04 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 472.15 653.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 514.08 653.55 Td (losses. ) Tj ET Q q 0 0 0 rg BT 544.07 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 653.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (release ) Tj ET Q q 0 0 0 rg BT 80.79 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 99.27 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 107.83 640.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 125.14 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 135.46 640.95 Td (part ) Tj ET Q q 0 0 0 rg BT 153.93 640.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.58 640.95 Td ($6,916) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.46 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 200.23 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 211.13 640.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.94 640.95 Td ($2,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.81 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 269.96 640.95 Td (relates ) Tj ET Q q 0 0 0 rg BT 299.51 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 309.83 640.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 342.30 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.27 640.95 Td (credits, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 390.04 640.95 Td ($3,443) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.91 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 421.06 640.95 Td (relates ) Tj ET Q q 0 0 0 rg BT 450.61 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 460.93 640.95 Td (charitable ) Tj ET Q q 0 0 0 rg BT 504.47 640.95 Td (contributions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 628.35 Td ($973) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.29 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 90.91 628.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 120.94 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 131.73 628.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 162.93 628.35 Td (Currie�) Tj ET Q q 0 0 0 rg BT 192.67 628.35 Td (s ) Tj ET Q q 0 0 0 rg BT 199.39 628.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 241.66 628.35 Td (losses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (While ) Tj ET Q q 0 0 0 rg BT 77.43 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 92.52 603.15 Td (planning ) Tj ET Q q 0 0 0 rg BT 131.54 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 151.89 603.15 Td (enhance ) Tj ET Q q 0 0 0 rg BT 188.55 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.40 603.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 249.23 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.33 603.15 Td (positions, ) Tj ET Q q 0 0 0 rg BT 307.15 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 322.24 603.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 368.82 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.84 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 394.94 603.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 430.45 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 443.22 603.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 480.46 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.56 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 522.33 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 603.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.20 590.55 Td (allowances ) Tj ET Q q 0 0 0 rg BT 140.47 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 162.92 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 178.96 590.55 Td (been ) Tj ET Q q 0 0 0 rg BT 201.41 590.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 241.36 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 250.98 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 267.03 590.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 312.80 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 325.93 590.55 Td (implementation ) Tj ET Q q 0 0 0 rg BT 394.46 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.83 590.55 Td (any ) Tj ET Q q 0 0 0 rg BT 423.61 590.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 470.56 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 486.02 590.55 Td (strategies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.72 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.01 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 104.97 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.64 565.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.64 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 146.81 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 168.03 565.35 Td (state ) Tj ET Q q 0 0 0 rg BT 189.82 565.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 227.34 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.72 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.77 565.35 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 318.37 565.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.57 565.35 Td ($175,749) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.94 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 426.12 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 428.67 565.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 448.71 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 459.42 565.35 Td (limitations ) Tj ET Q q 0 0 0 rg BT 506.89 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 519.94 565.35 Td (utilization ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.88 552.75 Td (net ) Tj ET Q q 0 0 0 rg BT 76.34 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 118.63 552.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 137.60 552.75 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 199.12 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.91 552.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 245.79 552.75 Td (into ) Tj ET Q q 0 0 0 rg BT 264.76 552.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 323.96 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 355.15 552.75 Td (state ) Tj ET Q q 0 0 0 rg BT 377.03 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.49 552.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 431.87 552.75 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 476.78 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.24 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 523.44 552.75 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (allowance ) Tj ET Q q 0 0 0 rg BT 94.98 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 106.65 540.15 Td ($26,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.78 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 143.70 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 162.95 540.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 218.96 540.15 Td (established ) Tj ET Q q 0 0 0 rg BT 268.54 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 279.63 540.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 302.96 540.15 Td (years ) Tj ET Q q 0 0 0 rg BT 328.03 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 343.20 540.15 Td (state ) Tj ET Q q 0 0 0 rg BT 365.37 540.15 Td (net ) Tj ET Q q 0 0 0 rg BT 381.12 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 423.69 540.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 442.95 540.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 479.12 540.15 Td (generated ) Tj ET Q q 0 0 0 rg BT 522.84 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 533.93 540.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.04 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 114.83 527.55 Td (cases ) Tj ET Q q 0 0 0 rg BT 139.61 527.55 Td (where ) Tj ET Q q 0 0 0 rg BT 167.89 527.55 Td (it ) Tj ET Q q 0 0 0 rg BT 176.35 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 185.98 527.55 Td (more ) Tj ET Q q 0 0 0 rg BT 210.18 527.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 236.72 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 255.09 527.55 Td (these ) Tj ET Q q 0 0 0 rg BT 279.29 527.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.15 527.55 Td (will ) Tj ET Q q 0 0 0 rg BT 334.11 527.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 379.31 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 395.36 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 407.89 527.55 Td (realized.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.28 502.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 98.79 502.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 155.52 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 170.54 502.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 208.87 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 219.22 502.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 260.49 502.35 Td (allowances ) Tj ET Q q 0 0 0 rg BT 309.33 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.26 502.35 Td ($1) Tj ET Q q 0 0 0 rg BT 330.37 502.35 Td (1,438) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 356.19 502.35 Td (during ) Tj ET Q q 0 0 0 rg BT 385.79 502.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 410.72 502.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 436.54 502.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 477.80 502.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 507.39 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 517.75 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 532.77 502.35 Td (change ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 62.03 489.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 103.14 489.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 129.95 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.14 489.75 Td (expiration ) Tj ET Q q 0 0 0 rg BT 194.08 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.19 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 240.11 489.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 279.45 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 296.64 489.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 328.12 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.65 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.84 489.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 411.78 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.89 489.75 Td (attributes ) Tj ET Q q 0 0 0 rg BT 468.33 489.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 517.02 489.75 Td (considered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (unrealizable.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 451.95 Td (following ) Tj ET Q q 0 0 0 rg BT 111.14 451.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 148.35 451.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 163.41 451.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.15 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 207.55 451.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 248.86 451.95 Td (allowances ) Tj ET Q q 0 0 0 rg BT 297.75 451.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 332.06 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 342.47 451.95 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 403.59 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 425.65 451.95 Td (been ) Tj ET Q q 0 0 0 rg BT 447.71 451.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 486.68 451.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.49 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 526.14 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.50 451.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 439.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.29 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 93.54 439.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 143.58 439.35 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 402.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 402.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 402.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 402.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 402.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 402.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 402.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 374.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 374.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 374.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 374.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 374.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 374.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 346.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 346.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 346.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 346.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 346.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 346.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 346.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 318.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 318.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 318.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 318.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 318.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 318.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 318.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 290.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 290.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 290.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 290.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 290.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 290.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 262.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 262.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 262.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 262.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 234.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 234.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 234.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 234.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 234.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 234.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 206.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 206.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 206.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 206.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 206.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 206.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 206.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 178.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 178.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 178.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 178.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 178.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 178.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 178.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 150.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 150.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 150.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 150.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 150.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 150.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 150.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 122.85 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 122.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 122.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 122.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 122.85 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 122.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 122.85 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 402.85 m 340 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 402.85 m 404 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 402.85 m 468 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 402.85 m 562 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 402.85 m 340 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 402.85 m 404 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 402.85 m 468 402.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 276.85 m 404 276.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 276.85 m 468 276.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 276.85 m 340 276.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 262.85 m 340 262.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 276.85 m 404 276.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 262.85 m 404 262.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 276.85 m 468 276.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 262.85 m 468 262.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 136.85000000000002 m 404 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 136.85000000000002 m 468 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 136.85000000000002 m 340 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 136.85000000000002 m 404 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 136.85000000000002 m 468 136.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 108.85000000000002 m 404 108.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 108.85000000000002 m 468 108.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 108.85000000000002 m 340 108.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 94.85000000000002 m 340 94.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 108.85000000000002 m 404 108.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 94.85000000000002 m 404 94.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 108.85000000000002 m 468 108.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 94.85000000000002 m 468 94.85000000000002 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 363.00 407.64 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.00 407.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.25 419.07 Td (Expires Beginning) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.20 407.57 Td (after Fiscal ) Tj ET Q q 0 0 0 rg BT 531.37 407.57 Td (Y) Tj ET Q q 0 0 0 rg BT 537.91 407.57 Td (ear) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 393.24 Td (DEFERRED TAX ASSETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 379.07 Td (U.S. federal net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 379.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 379.24 Td (82,350) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 379.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 379.07 Td (96,774) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 379.07 Td (2028) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 365.07 Td (U.S. federal foreign tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 365.24 Td (258,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 365.07 Td (247,027) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 365.07 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 351.07 Td (U.S. charitable contributions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 351.24 Td (4,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.25 351.07 Td (233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 351.07 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 337.07 Td (U.S. state net operating losses ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 187.11 341.83 Td (\(1,2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 337.24 Td (166,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 337.07 Td (168,069) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 337.07 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 323.07 Td (U.S. state capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.50 323.24 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 323.07 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 323.07 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 309.07 Td (U.S. state tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.25 309.24 Td (308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 309.07 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 309.07 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 295.07 Td (Foreign net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 295.24 Td (24,192) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 295.07 Td (25,877) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 295.07 Td (2027) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 281.07 Td (Foreign capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 281.24 Td (3,077) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 281.07 Td (5,290) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.65 281.07 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 267.07 Td (Total deferred tax assets for carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 267.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 267.24 Td (539,781) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 267.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 267.07 Td (543,314) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 239.24 Td (VALUATION ALLOWANCES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 225.07 Td (U.S. federal net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 225.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 225.24 Td (2,255) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 225.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 225.07 Td (1,282) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 211.07 Td (U.S. federal foreign tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 211.24 Td (15,252) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 211.07 Td (25,429) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 197.07 Td (U.S. charitable contributions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 197.24 Td (3,443) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 197.07 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 183.07 Td (U.S. state net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 183.24 Td (26,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 183.07 Td (26,828) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 169.07 Td (U.S. state capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.50 169.24 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 169.07 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 155.07 Td (Foreign net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 155.24 Td (20,631) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 155.07 Td (23,504) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 141.07 Td (Foreign capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 141.24 Td (3,077) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 141.07 Td (5,290) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 127.07 Td (Valuation allowances for carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 127.24 Td (71,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 127.07 Td (82,377) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 113.07 Td (Foreign other deferred assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 113.24 Td (7,958) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 113.07 Td (14,310) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 99.07 Td (Total valuation allowances) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 99.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 99.24 Td (79,476) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 99.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 99.07 Td (96,687) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 85.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 85.15 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 114.02 85.15 Td (all ) Tj ET Q q 0 0 0 rg BT 124.64 85.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.84 85.15 Td (the ) Tj ET Q q 0 0 0 rg BT 146.35 85.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.59 85.15 Td (state ) Tj ET Q q 0 0 0 rg BT 181.30 85.15 Td (net ) Tj ET Q q 0 0 0 rg BT 193.81 85.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 228.03 85.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 250.47 85.15 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 296.95 85.15 Td (through ) Tj ET Q q 0 0 0 rg BT 325.52 85.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 346.05 85.15 Td (2036.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 74.95 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 74.95 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.92 74.95 Td (to ) Tj ET Q q 0 0 0 rg BT 92.79 74.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 124.80 74.95 Td (for ) Tj ET Q q 0 0 0 rg BT 136.97 74.95 Td (change ) Tj ET Q q 0 0 0 rg BT 163.30 74.95 Td (in ) Tj ET Q q 0 0 0 rg BT 172.17 74.95 Td (the ) Tj ET Q q 0 0 0 rg BT 184.82 74.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 210.21 74.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 238.43 74.95 Td (to ) Tj ET Q q 0 0 0 rg BT 247.30 74.95 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 299.14 74.95 Td (of ) Tj ET Q q 0 0 0 rg BT 308.48 74.95 Td (income ) Tj ET Q q 0 0 0 rg BT 335.76 74.95 Td (to ) Tj ET Q q 0 0 0 rg BT 344.63 74.95 Td (various ) Tj ET Q q 0 0 0 rg BT 371.91 74.95 Td (states, ) Tj ET Q q 0 0 0 rg BT 395.19 74.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 414.91 74.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 445.15 74.95 Td (ef) Tj ET Q q 0 0 0 rg BT 451.60 74.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 476.99 74.95 Td (state ) Tj ET Q q 0 0 0 rg BT 494.82 74.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.47 74.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 525.78 74.95 Td (are ) Tj ET Q q 0 0 0 rg BT 538.41 74.95 Td (subject ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 64.75 Td (to ) Tj ET Q q 0 0 0 rg BT 76.41 64.75 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 115.54 64.75 Td (which ) Tj ET Q q 0 0 0 rg BT 138.62 64.75 Td (will ) Tj ET Q q 0 0 0 rg BT 154.14 64.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 179.58 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.26 64.75 Td (value ) Tj ET Q q 0 0 0 rg BT 212.97 64.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 64.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.04 64.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 275.24 64.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 305.85 64.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 318.54 64.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 342.80 64.75 Td (including ) Tj ET Q q 0 0 0 rg BT 377.21 64.75 Td (net ) Tj ET Q q 0 0 0 rg BT 389.90 64.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 424.30 64.75 Td (losses, ) Tj ET Q q 0 0 0 rg BT 449.03 64.75 Td (and ) Tj ET Q q 0 0 0 rg BT 463.61 64.75 Td (could ) Tj ET Q q 0 0 0 rg BT 484.80 64.75 Td (have ) Tj ET Q q 0 0 0 rg BT 503.14 64.75 Td (a ) Tj ET Q q 0 0 0 rg BT 509.22 64.75 Td (material ) Tj ET Q q 0 0 0 rg BT 539.37 64.75 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 54.55 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 54.55 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 54.55 Td (future ) Tj ET Q q 0 0 0 rg BT 113.06 54.55 Td (ef) Tj ET Q q 0 0 0 rg BT 119.51 54.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 144.75 54.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.26 54.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.13 54.55 Td (of ) Tj ET Q q 0 0 0 rg BT 181.33 54.55 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 54.55 Td (Company) Tj ET Q q 0 0 0 rg BT 226.34 54.55 Td (.) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.41 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.32 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 124.82 741.75 Td (total ) Tj ET Q q 0 0 0 rg BT 146.81 741.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 172.31 741.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 232.20 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 248.36 741.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.94 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.01 741.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 741.75 Td ($73,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.12 741.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.08 741.75 Td ($92,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.20 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 438.54 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.03 741.75 Td ($77,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.15 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 494.49 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 506.57 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.65 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 741.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 729.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.77 729.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.77 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 99.41 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.21 729.15 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.21 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 143.47 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 193.52 729.15 Td (. ) Tj ET Q q 0 0 0 rg BT 198.79 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 201.43 729.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 215.15 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 239.36 729.15 Td (totals, ) Tj ET Q q 0 0 0 rg BT 267.38 729.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.67 729.15 Td ($49,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.79 729.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.06 729.15 Td ($62,775) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.18 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 406.82 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.62 729.15 Td ($51,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.75 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 464.01 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 514.06 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 519.33 729.15 Td (\(net ) Tj ET Q q 0 0 0 rg BT 538.29 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 80.38 716.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 111.28 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 125.26 716.55 Td (state ) Tj ET Q q 0 0 0 rg BT 146.25 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.82 716.55 Td (liabilities\) ) Tj ET Q q 0 0 0 rg BT 205.14 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 219.70 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 234.27 716.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 271.59 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 282.08 716.55 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 340.38 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 375.36 716.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 405.38 716.55 Td (if ) Tj ET Q q 0 0 0 rg BT 413.54 716.55 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 463.96 716.55 Td (would ) Tj ET Q q 0 0 0 rg BT 491.96 716.55 Td (favorably ) Tj ET Q q 0 0 0 rg BT 533.93 716.55 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (future ) Tj ET Q q 0 0 0 rg BT 76.92 703.95 Td (income ) Tj ET Q q 0 0 0 rg BT 110.17 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.34 703.95 Td (provisions ) Tj ET Q q 0 0 0 rg BT 171.44 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 188.94 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 196.91 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 227.82 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.99 703.95 Td (rates. ) Tj ET Q q 0 0 0 rg BT 267.78 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 270.13 703.95 Td (During ) Tj ET Q q 0 0 0 rg BT 302.22 703.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.30 703.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.30 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 353.27 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 364.36 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 371.37 703.95 Td (result ) Tj ET Q q 0 0 0 rg BT 397.04 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 408.13 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.30 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 438.47 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 469.39 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 480.48 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 488.45 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 519.36 703.95 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.32 691.35 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 137.56 691.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 184.52 691.35 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 243.70 691.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 279.56 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.93 691.35 Td ($24,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.06 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 327.68 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 350.71 691.35 Td (realized, ) Tj ET Q q 0 0 0 rg BT 389.18 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.56 691.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.84 691.35 Td ($5,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.72 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 460.34 691.35 Td (was ) Tj ET Q q 0 0 0 rg BT 479.30 691.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 518.65 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 529.44 691.35 Td (equity) Tj ET Q q 0 0 0 rg BT 555.00 691.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 666.75 Td ( ) Tj ET Q q 0 0 0 rg BT 58.58 666.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 118.39 666.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.21 666.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.12 666.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 188.19 666.75 Td (and ) Tj ET Q q 0 0 0 rg BT 205.43 666.75 Td (ending ) Tj ET Q q 0 0 0 rg BT 236.08 666.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 269.66 666.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.48 666.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 339.11 666.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 363.36 666.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.27 666.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 413.58 666.75 Td (for ) Tj ET Q q 0 0 0 rg BT 427.90 666.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.81 666.75 Td (years ) Tj ET Q q 0 0 0 rg BT 467.04 666.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.19 666.75 Td (March ) Tj ET Q q 0 0 0 rg BT 523.67 666.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 666.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 666.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 654.15 Td ( ) Tj ET Q q 0 0 0 rg BT 73.13 654.15 Td (and ) Tj ET Q q 0 0 0 rg BT 90.91 654.15 Td (2013, ) Tj ET Q q 0 0 0 rg BT 117.16 654.15 Td (is ) Tj ET Q q 0 0 0 rg BT 126.79 654.15 Td (as ) Tj ET Q q 0 0 0 rg BT 138.16 654.15 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 628.65 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 628.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 628.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 628.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 628.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 628.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 628.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 598.65 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 598.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 598.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 598.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 598.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 598.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 598.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 568.65 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 568.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 568.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 568.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 568.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 568.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 568.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 538.65 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 538.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 538.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 538.65 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 628.65 m 370 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 628.65 m 434 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 628.65 m 498 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.65 m 562 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 628.65 m 370 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 628.65 m 434 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 628.65 m 498 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.65 m 562 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 538.65 m 434 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 538.65 m 498 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 538.65 m 562 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 538.65 m 370 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 523.65 m 370 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 538.65 m 434 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 523.65 m 434 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 538.65 m 498 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 523.65 m 498 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 538.65 m 562 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 523.65 m 562 523.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 633.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 633.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 633.42 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 618.42 Td (Balance, beginning of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 618.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 618.44 Td (92,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 618.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 618.42 Td (77,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 618.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 618.42 Td (72,650) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 603.42 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 603.44 Td (3,514) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 603.42 Td (9,919) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 603.42 Td (5,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 588.42 Td (Additions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 588.44 Td (10,078) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 588.42 Td (13,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 588.42 Td (12,610) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 573.42 Td (Reductions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.75 573.44 Td (\(155) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 573.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 573.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 573.42 Td (\(138) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 573.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 558.42 Td (Decreases related to settlements with taxing authorities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 558.44 Td (\(25,046) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 558.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 558.42 Td (\(8,521) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 558.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 558.42 Td (\(12,889) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 558.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 543.42 Td (Expiration of statutes of limitations) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 543.44 Td (\(6,862) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 543.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 543.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 543.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 528.42 Td (Balance, end of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 528.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 528.44 Td (73,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 528.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 528.42 Td (92,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 528.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 528.42 Td (77,892) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 498.95 Td (Although ) Tj ET Q q 0 0 0 rg BT 91.39 498.95 Td (management ) Tj ET Q q 0 0 0 rg BT 147.25 498.95 Td (cannot ) Tj ET Q q 0 0 0 rg BT 177.46 498.95 Td (predict ) Tj ET Q q 0 0 0 rg BT 208.84 498.95 Td (with ) Tj ET Q q 0 0 0 rg BT 229.72 498.95 Td (any ) Tj ET Q q 0 0 0 rg BT 247.10 498.95 Td (degree ) Tj ET Q q 0 0 0 rg BT 277.30 498.95 Td (of ) Tj ET Q q 0 0 0 rg BT 288.27 498.95 Td (certainty ) Tj ET Q q 0 0 0 rg BT 327.22 498.95 Td (the ) Tj ET Q q 0 0 0 rg BT 342.27 498.95 Td (timing ) Tj ET Q q 0 0 0 rg BT 371.91 498.95 Td (of ) Tj ET Q q 0 0 0 rg BT 382.88 498.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 419.51 498.95 Td (resolution ) Tj ET Q q 0 0 0 rg BT 463.72 498.95 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 498.95 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.82 498.95 Td (under ) Tj ET Q q 0 0 0 rg BT 533.94 498.95 Td (review ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 486.35 Td (by ) Tj ET Q q 0 0 0 rg BT 62.92 486.35 Td (various ) Tj ET Q q 0 0 0 rg BT 96.75 486.35 Td (taxing ) Tj ET Q q 0 0 0 rg BT 125.92 486.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 183.38 486.35 Td (it ) Tj ET Q q 0 0 0 rg BT 192.13 486.35 Td (is ) Tj ET Q q 0 0 0 rg BT 202.06 486.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 250.46 486.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 287.80 486.35 Td (that ) Tj ET Q q 0 0 0 rg BT 306.46 486.35 Td (the ) Tj ET Q q 0 0 0 rg BT 322.21 486.35 Td (Company�) Tj ET Q q 0 0 0 rg BT 365.96 486.35 Td (s ) Tj ET Q q 0 0 0 rg BT 372.97 486.35 Td (gross ) Tj ET Q q 0 0 0 rg BT 398.06 486.35 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 457.53 486.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.28 486.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 509.44 486.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 544.42 486.35 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (change ) Tj ET Q q 0 0 0 rg BT 81.78 473.75 Td (within ) Tj ET Q q 0 0 0 rg BT 111.16 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.54 473.75 Td (next ) Tj ET Q q 0 0 0 rg BT 147.17 473.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 160.22 473.75 Td (months ) Tj ET Q q 0 0 0 rg BT 193.69 473.75 Td (by ) Tj ET Q q 0 0 0 rg BT 206.73 473.75 Td (up ) Tj ET Q q 0 0 0 rg BT 219.78 473.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.50 473.75 Td ($9,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.37 473.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.92 473.75 Td (as ) Tj ET Q q 0 0 0 rg BT 273.22 473.75 Td (a ) Tj ET Q q 0 0 0 rg BT 280.43 473.75 Td (result ) Tj ET Q q 0 0 0 rg BT 306.30 473.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.60 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.97 473.75 Td (expiration ) Tj ET Q q 0 0 0 rg BT 378.09 473.75 Td (of ) Tj ET Q q 0 0 0 rg BT 389.39 473.75 Td (statutes ) Tj ET Q q 0 0 0 rg BT 423.43 473.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.73 473.75 Td (limitations ) Tj ET Q q 0 0 0 rg BT 482.19 473.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.90 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 515.28 473.75 Td (completion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 461.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 461.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.32 461.15 Td (authorities' ) Tj ET Q q 0 0 0 rg BT 125.17 461.15 Td (examinations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.95 Td (On ) Tj ET Q q 0 0 0 rg BT 63.61 435.95 Td (April ) Tj ET Q q 0 0 0 rg BT 87.42 435.95 Td (13, ) Tj ET Q q 0 0 0 rg BT 102.19 435.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 127.46 435.95 Td (reforms ) Tj ET Q q 0 0 0 rg BT 161.76 435.95 Td (to ) Tj ET Q q 0 0 0 rg BT 171.57 435.95 Td (New ) Tj ET Q q 0 0 0 rg BT 192.80 435.95 Td (Y) Tj ET Q q 0 0 0 rg BT 199.33 435.95 Td (ork ) Tj ET Q q 0 0 0 rg BT 214.97 435.95 Td (City�) Tj ET Q q 0 0 0 rg BT 235.98 435.95 Td (s ) Tj ET Q q 0 0 0 rg BT 241.71 435.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 283.00 435.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.47 435.95 Td (structure ) Tj ET Q q 0 0 0 rg BT 335.85 435.95 Td (were ) Tj ET Q q 0 0 0 rg BT 357.90 435.95 Td (enacted ) Tj ET Q q 0 0 0 rg BT 391.60 435.95 Td (which ) Tj ET Q q 0 0 0 rg BT 418.91 435.95 Td (included ) Tj ET Q q 0 0 0 rg BT 456.71 435.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 492.17 435.95 Td (in ) Tj ET Q q 0 0 0 rg BT 501.98 435.95 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 435.95 Td (calculation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 423.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 423.35 Td (net ) Tj ET Q q 0 0 0 rg BT 75.95 423.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 118.04 423.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 136.81 423.35 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 198.13 423.35 Td (and ) Tj ET Q q 0 0 0 rg BT 215.73 423.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 251.99 423.35 Td (in ) Tj ET Q q 0 0 0 rg BT 262.59 423.35 Td (the ) Tj ET Q q 0 0 0 rg BT 277.86 423.35 Td (way ) Tj ET Q q 0 0 0 rg BT 297.79 423.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 320.63 423.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 356.30 423.35 Td (is ) Tj ET Q q 0 0 0 rg BT 365.74 423.35 Td (sourced. ) Tj ET Q q 0 0 0 rg BT 403.46 423.35 Td ( ) Tj ET Q q 0 0 0 rg BT 405.72 423.35 Td (The ) Tj ET Q q 0 0 0 rg BT 424.48 423.35 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 474.14 423.35 Td (of ) Tj ET Q q 0 0 0 rg BT 485.33 423.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 522.74 423.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.00 423.35 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 410.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 108.25 410.75 Td (under ) Tj ET Q q 0 0 0 rg BT 134.42 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.50 410.75 Td (new ) Tj ET Q q 0 0 0 rg BT 169.25 410.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 191.92 410.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 227.41 410.75 Td (in ) Tj ET Q q 0 0 0 rg BT 237.83 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.92 410.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 302.99 410.75 Td (of ) Tj ET Q q 0 0 0 rg BT 314.00 410.75 Td (a ) Tj ET Q q 0 0 0 rg BT 320.91 410.75 Td (one-time ) Tj ET Q q 0 0 0 rg BT 360.49 410.75 Td (income ) Tj ET Q q 0 0 0 rg BT 393.65 410.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.74 410.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 440.14 410.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.15 410.75 Td ($17,053) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.27 410.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.53 410.75 Td (for ) Tj ET Q q 0 0 0 rg BT 502.03 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.11 410.75 Td (year ) Tj ET Q q 0 0 0 rg BT 537.43 410.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 398.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 398.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 398.15 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.21 372.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.42 372.95 Td (accrues ) Tj ET Q q 0 0 0 rg BT 148.28 372.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.56 372.95 Td (related ) Tj ET Q q 0 0 0 rg BT 214.51 372.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.06 372.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 286.00 372.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.21 372.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 338.83 372.95 Td (in ) Tj ET Q q 0 0 0 rg BT 350.37 372.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.66 372.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 421.86 372.95 Td (and ) Tj ET Q q 0 0 0 rg BT 440.40 372.95 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 488.68 372.95 Td (penalties ) Tj ET Q q 0 0 0 rg BT 529.38 372.95 Td (in ) Tj ET Q q 0 0 0 rg BT 540.93 372.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.58 360.35 Td (expense. ) Tj ET Q q 0 0 0 rg BT 128.46 360.35 Td ( ) Tj ET Q q 0 0 0 rg BT 129.89 360.35 Td (During ) Tj ET Q q 0 0 0 rg BT 161.07 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.32 360.35 Td (years ) Tj ET Q q 0 0 0 rg BT 198.91 360.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.41 360.35 Td (March ) Tj ET Q q 0 0 0 rg BT 254.25 360.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 268.80 360.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.80 360.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.86 360.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.86 360.35 Td ( ) Tj ET Q q 0 0 0 rg BT 316.29 360.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.88 360.35 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.88 360.35 Td (, ) Tj ET Q q 0 0 0 rg BT 357.94 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 372.19 360.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 414.46 360.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 461.94 360.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.02 360.35 Td ($\(4,441\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.89 360.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.75 Td ($1,492) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 347.75 Td (, ) Tj ET Q q 0 0 0 rg BT 83.35 347.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.87 347.75 Td ($\(580\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.86 347.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.84 347.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 183.89 347.75 Td (, ) Tj ET Q q 0 0 0 rg BT 188.86 347.75 Td (which ) Tj ET Q q 0 0 0 rg BT 216.88 347.75 Td (was ) Tj ET Q q 0 0 0 rg BT 235.56 347.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 291.00 347.75 Td (all ) Tj ET Q q 0 0 0 rg BT 303.85 347.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 339.73 347.75 Td ( ) Tj ET Q q 0 0 0 rg BT 341.57 347.75 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.42 347.75 Td (March ) Tj ET Q q 0 0 0 rg BT 384.18 347.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.66 347.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.66 347.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.63 347.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.63 347.75 Td ( ) Tj ET Q q 0 0 0 rg BT 448.99 347.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 347.75 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.50 347.75 Td (, ) Tj ET Q q 0 0 0 rg BT 492.48 347.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 516.41 347.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 547.35 347.75 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.13 335.15 Td ($1,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.00 335.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.61 335.15 Td ($8,570) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 178.48 335.15 Td (, ) Tj ET Q q 0 0 0 rg BT 185.09 335.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.23 335.15 Td ($7,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.10 335.15 Td (, ) Tj ET Q q 0 0 0 rg BT 239.71 335.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 289.75 335.15 Td (, ) Tj ET Q q 0 0 0 rg BT 296.36 335.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 332.98 335.15 Td (for ) Tj ET Q q 0 0 0 rg BT 349.20 335.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.08 335.15 Td (and ) Tj ET Q q 0 0 0 rg BT 403.23 335.15 Td (penalties ) Tj ET Q q 0 0 0 rg BT 444.53 335.15 Td (on ) Tj ET Q q 0 0 0 rg BT 459.00 335.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 475.81 335.15 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 537.52 335.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 335.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 322.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 143.98 322.55 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 297.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.60 297.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.69 297.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 133.63 297.35 Td (year ) Tj ET Q q 0 0 0 rg BT 154.22 297.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.58 297.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 201.26 297.35 Td (are ) Tj ET Q q 0 0 0 rg BT 216.60 297.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 248.87 297.35 Td (to ) Tj ET Q q 0 0 0 rg BT 259.57 297.35 Td (examination ) Tj ET Q q 0 0 0 rg BT 313.99 297.35 Td (by ) Tj ET Q q 0 0 0 rg BT 327.02 297.35 Td (the ) Tj ET Q q 0 0 0 rg BT 342.38 297.35 Td (Internal ) Tj ET Q q 0 0 0 rg BT 377.55 297.35 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 416.81 297.35 Td (Service, ) Tj ET Q q 0 0 0 rg BT 453.45 297.35 Td (Her ) Tj ET Q q 0 0 0 rg BT 471.72 297.35 Td (Majesty�) Tj ET Q q 0 0 0 rg BT 508.46 297.35 Td (s ) Tj ET Q q 0 0 0 rg BT 515.08 297.35 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 554.34 297.35 Td (& ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.75 Td (Customs, ) Tj ET Q q 0 0 0 rg BT 91.74 284.75 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 133.07 284.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.09 284.75 Td (other ) Tj ET Q q 0 0 0 rg BT 175.51 284.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.19 284.75 Td (authorities ) Tj ET Q q 0 0 0 rg BT 238.37 284.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.39 284.75 Td (various ) Tj ET Q q 0 0 0 rg BT 283.15 284.75 Td (other ) Tj ET Q q 0 0 0 rg BT 307.58 284.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 348.92 284.75 Td (and ) Tj ET Q q 0 0 0 rg BT 366.93 284.75 Td (states. ) Tj ET Q q 0 0 0 rg BT 395.53 284.75 Td (The ) Tj ET Q q 0 0 0 rg BT 414.71 284.75 Td (following ) Tj ET Q q 0 0 0 rg BT 458.40 284.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.08 284.75 Td (years ) Tj ET Q q 0 0 0 rg BT 499.08 284.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 531.09 284.75 Td (open ) Tj ET Q q 0 0 0 rg BT 554.35 284.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 272.15 Td (income ) Tj ET Q q 0 0 0 rg BT 83.25 272.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.92 272.15 Td (examination ) Tj ET Q q 0 0 0 rg BT 153.66 272.15 Td (for ) Tj ET Q q 0 0 0 rg BT 168.75 272.15 Td (each ) Tj ET Q q 0 0 0 rg BT 190.82 272.15 Td (of ) Tj ET Q q 0 0 0 rg BT 202.41 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 218.08 272.15 Td (more ) Tj ET Q q 0 0 0 rg BT 242.50 272.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 289.66 272.15 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 344.42 272.15 Td (where ) Tj ET Q q 0 0 0 rg BT 372.91 272.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 397.33 272.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 428.75 272.15 Td (is ) Tj ET Q q 0 0 0 rg BT 438.60 272.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 471.19 272.15 Td (to ) Tj ET Q q 0 0 0 rg BT 482.19 272.15 Td (income ) Tj ET Q q 0 0 0 rg BT 515.94 272.15 Td (taxes: ) Tj ET Q q 0 0 0 rg BT 543.28 272.15 Td (after ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 259.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.66 259.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 98.09 259.55 Td (for ) Tj ET Q q 0 0 0 rg BT 112.76 259.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 133.86 259.55 Td (federal; ) Tj ET Q q 0 0 0 rg BT 168.34 259.55 Td (after ) Tj ET Q q 0 0 0 rg BT 190.00 259.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 215.16 259.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 238.59 259.55 Td (for ) Tj ET Q q 0 0 0 rg BT 253.26 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 268.51 259.55 Td (U.K.; ) Tj ET Q q 0 0 0 rg BT 294.27 259.55 Td (after ) Tj ET Q q 0 0 0 rg BT 315.93 259.55 Td (calendar ) Tj ET Q q 0 0 0 rg BT 353.91 259.55 Td (year ) Tj ET Q q 0 0 0 rg BT 374.40 259.55 Td (2008 ) Tj ET Q q 0 0 0 rg BT 397.83 259.55 Td (for ) Tj ET Q q 0 0 0 rg BT 412.50 259.55 Td (Brazil; ) Tj ET Q q 0 0 0 rg BT 443.49 259.55 Td (after ) Tj ET Q q 0 0 0 rg BT 465.15 259.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 490.32 259.55 Td (201) Tj ET Q q 0 0 0 rg BT 505.68 259.55 Td (1 ) Tj ET Q q 0 0 0 rg BT 513.35 259.55 Td (for ) Tj ET Q q 0 0 0 rg BT 528.02 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 543.27 259.55 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.88 246.95 Td (California; ) Tj ET Q q 0 0 0 rg BT 109.00 246.95 Td (after ) Tj ET Q q 0 0 0 rg BT 130.86 246.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 156.23 246.95 Td (2008 ) Tj ET Q q 0 0 0 rg BT 179.86 246.95 Td (for ) Tj ET Q q 0 0 0 rg BT 194.73 246.95 Td (the ) Tj ET Q q 0 0 0 rg BT 210.19 246.95 Td (state ) Tj ET Q q 0 0 0 rg BT 232.06 246.95 Td (of ) Tj ET Q q 0 0 0 rg BT 243.44 246.95 Td (New ) Tj ET Q q 0 0 0 rg BT 265.51 246.95 Td (Y) Tj ET Q q 0 0 0 rg BT 272.04 246.95 Td (ork; ) Tj ET Q q 0 0 0 rg BT 291.58 246.95 Td (and ) Tj ET Q q 0 0 0 rg BT 309.37 246.95 Td (after ) Tj ET Q q 0 0 0 rg BT 331.24 246.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 356.60 246.95 Td (2012 ) Tj ET Q q 0 0 0 rg BT 380.24 246.95 Td (for ) Tj ET Q q 0 0 0 rg BT 395.11 246.95 Td (the ) Tj ET Q q 0 0 0 rg BT 410.57 246.95 Td (states ) Tj ET Q q 0 0 0 rg BT 436.53 246.95 Td (of ) Tj ET Q q 0 0 0 rg BT 447.90 246.95 Td (Connecticut ) Tj ET Q q 0 0 0 rg BT 501.27 246.95 Td (and ) Tj ET Q q 0 0 0 rg BT 519.06 246.95 Td (Maryland. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 234.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.05 234.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.11 234.35 Td (does ) Tj ET Q q 0 0 0 rg BT 135.59 234.35 Td (not ) Tj ET Q q 0 0 0 rg BT 152.23 234.35 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 196.28 234.35 Td (making ) Tj ET Q q 0 0 0 rg BT 231.00 234.35 Td (any ) Tj ET Q q 0 0 0 rg BT 249.39 234.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 296.94 234.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 318.83 234.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 362.30 234.35 Td (with ) Tj ET Q q 0 0 0 rg BT 384.20 234.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.25 234.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 446.64 234.35 Td (of ) Tj ET Q q 0 0 0 rg BT 458.61 234.35 Td (these ) Tj ET Q q 0 0 0 rg BT 483.42 234.35 Td (audits ) Tj ET Q q 0 0 0 rg BT 511.73 234.35 Td (in ) Tj ET Q q 0 0 0 rg BT 523.12 234.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 553.76 234.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.71 221.75 Td (that ) Tj ET Q q 0 0 0 rg BT 106.08 221.75 Td (have ) Tj ET Q q 0 0 0 rg BT 128.52 221.75 Td (been ) Tj ET Q q 0 0 0 rg BT 150.97 221.75 Td (reserved.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.55 Td (Except ) Tj ET Q q 0 0 0 rg BT 80.31 196.55 Td (as ) Tj ET Q q 0 0 0 rg BT 90.70 196.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 115.69 196.55 Td (below) Tj ET Q q 0 0 0 rg BT 140.66 196.55 Td (, ) Tj ET Q q 0 0 0 rg BT 144.94 196.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.17 196.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.40 196.55 Td (intends ) Tj ET Q q 0 0 0 rg BT 230.39 196.55 Td (to ) Tj ET Q q 0 0 0 rg BT 240.21 196.55 Td (permanently ) Tj ET Q q 0 0 0 rg BT 294.34 196.55 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 329.23 196.55 Td (overseas ) Tj ET Q q 0 0 0 rg BT 367.04 196.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 421.77 196.55 Td (all ) Tj ET Q q 0 0 0 rg BT 433.92 196.55 Td (of ) Tj ET Q q 0 0 0 rg BT 444.32 196.55 Td (the ) Tj ET Q q 0 0 0 rg BT 458.80 196.55 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 507.10 196.55 Td (undistributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 183.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 86.53 183.95 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 183.95 Td (its ) Tj ET Q q 0 0 0 rg BT 108.10 183.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 139.88 183.95 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 193.53 183.95 Td ( ) Tj ET Q q 0 0 0 rg BT 194.67 183.95 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 246.47 183.95 Td (, ) Tj ET Q q 0 0 0 rg BT 250.55 183.95 Td (no ) Tj ET Q q 0 0 0 rg BT 262.50 183.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 305.95 183.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 326.07 183.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 356.67 183.95 Td (income ) Tj ET Q q 0 0 0 rg BT 389.03 183.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 412.06 183.95 Td (have ) Tj ET Q q 0 0 0 rg BT 433.33 183.95 Td (been ) Tj ET Q q 0 0 0 rg BT 454.61 183.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 493.39 183.95 Td (for ) Tj ET Q q 0 0 0 rg BT 507.08 183.95 Td (undistributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 171.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 88.16 171.35 Td (to ) Tj ET Q q 0 0 0 rg BT 99.42 171.35 Td (the ) Tj ET Q q 0 0 0 rg BT 115.34 171.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 144.08 171.35 Td (that ) Tj ET Q q 0 0 0 rg BT 162.92 171.35 Td (they ) Tj ET Q q 0 0 0 rg BT 184.09 171.35 Td (are ) Tj ET Q q 0 0 0 rg BT 200.00 171.35 Td (permanently ) Tj ET Q q 0 0 0 rg BT 255.57 171.35 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 301.81 171.35 Td (in ) Tj ET Q q 0 0 0 rg BT 313.07 171.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 337.73 171.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 375.38 171.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 408.80 171.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 458.25 171.35 Td ( ) Tj ET Q q 0 0 0 rg BT 461.34 171.35 Td (It ) Tj ET Q q 0 0 0 rg BT 470.85 171.35 Td (is ) Tj ET Q q 0 0 0 rg BT 480.94 171.35 Td (not ) Tj ET Q q 0 0 0 rg BT 497.45 171.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 536.68 171.35 Td (at ) Tj ET Q q 0 0 0 rg BT 547.35 171.35 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (time ) Tj ET Q q 0 0 0 rg BT 70.79 158.75 Td (to ) Tj ET Q q 0 0 0 rg BT 81.58 158.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 126.19 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.64 158.75 Td (income ) Tj ET Q q 0 0 0 rg BT 175.17 158.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.62 158.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 225.91 158.75 Td (that ) Tj ET Q q 0 0 0 rg BT 244.29 158.75 Td (would ) Tj ET Q q 0 0 0 rg BT 273.16 158.75 Td (result ) Tj ET Q q 0 0 0 rg BT 299.11 158.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 322.74 158.75 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 373.76 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 385.13 158.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 429.75 158.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 485.43 158.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 518.37 158.75 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 133.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.64 133.55 Td (order ) Tj ET Q q 0 0 0 rg BT 85.19 133.55 Td (to ) Tj ET Q q 0 0 0 rg BT 95.75 133.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 132.54 133.55 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 133.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 181.65 133.55 Td (of ) Tj ET Q q 0 0 0 rg BT 192.79 133.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.85 133.55 Td (available ) Tj ET Q q 0 0 0 rg BT 254.13 133.55 Td (in ) Tj ET Q q 0 0 0 rg BT 264.70 133.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.92 133.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 300.99 133.55 Td (for ) Tj ET Q q 0 0 0 rg BT 315.62 133.55 Td (general ) Tj ET Q q 0 0 0 rg BT 348.92 133.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 390.95 133.55 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 433.30 133.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 457.27 133.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 488.25 133.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 512.81 133.55 Td (to ) Tj ET Q q 0 0 0 rg BT 523.37 133.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 552.01 133.55 Td (up ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 120.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.42 120.95 Td ($170,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.80 120.95 Td ( ) Tj ET Q q 0 0 0 rg BT 102.55 120.95 Td (of ) Tj ET Q q 0 0 0 rg BT 114.05 120.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 147.13 120.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.54 120.95 Td (over ) Tj ET Q q 0 0 0 rg BT 189.95 120.95 Td (the ) Tj ET Q q 0 0 0 rg BT 205.53 120.95 Td (next ) Tj ET Q q 0 0 0 rg BT 226.37 120.95 Td (several ) Tj ET Q q 0 0 0 rg BT 258.85 120.95 Td (years, ) Tj ET Q q 0 0 0 rg BT 286.39 120.95 Td (of ) Tj ET Q q 0 0 0 rg BT 297.89 120.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.30 120.95 Td ($8,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.18 120.95 Td ( ) Tj ET Q q 0 0 0 rg BT 357.93 120.95 Td (is ) Tj ET Q q 0 0 0 rg BT 367.69 120.95 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 423.50 120.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 456.58 120.95 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 497.53 120.95 Td ( ) Tj ET Q q 0 0 0 rg BT 499.68 120.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 520.51 120.95 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 108.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.21 108.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 107.77 108.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 153.80 108.35 Td (with ) Tj ET Q q 0 0 0 rg BT 175.36 108.35 Td (these ) Tj ET Q q 0 0 0 rg BT 199.82 108.35 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 255.18 108.35 Td (was ) Tj ET Q q 0 0 0 rg BT 274.40 108.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 321.61 108.35 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 373.18 108.35 Td ( ) Tj ET Q q 0 0 0 rg BT 376.06 108.35 Td (No ) Tj ET Q q 0 0 0 rg BT 391.78 108.35 Td (further ) Tj ET Q q 0 0 0 rg BT 423.24 108.35 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 474.52 108.35 Td (of ) Tj ET Q q 0 0 0 rg BT 486.15 108.35 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 542.09 108.35 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 95.75 Td (period ) Tj ET Q q 0 0 0 rg BT 78.78 95.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 111.55 95.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 149.57 95.75 Td (is ) Tj ET Q q 0 0 0 rg BT 159.02 95.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 199.37 95.75 Td (planned. ) Tj ET Q q 0 0 0 rg BT 237.69 95.75 Td (�However) Tj ET Q q 0 0 0 rg BT 278.38 95.75 Td (, ) Tj ET Q q 0 0 0 rg BT 283.45 95.75 Td (if ) Tj ET Q q 0 0 0 rg BT 292.32 95.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 354.24 95.75 Td (change, ) Tj ET Q q 0 0 0 rg BT 389.05 95.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 413.08 95.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 444.11 95.75 Td (will ) Tj ET Q q 0 0 0 rg BT 462.90 95.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 497.42 95.75 Td (for ) Tj ET Q q 0 0 0 rg BT 512.12 95.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.73 95.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 547.34 95.75 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 94.73 83.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 138.81 83.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 159.57 83.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 183.24 83.15 Td (in ) Tj ET Q q 0 0 0 rg BT 193.49 83.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 241.65 83.15 Td (with ) Tj ET Q q 0 0 0 rg BT 262.40 83.15 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 312.88 83.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.72 83.15 Td (of) Tj ET Q q 0 0 0 rg BT 332.28 83.15 Td (fshore ) Tj ET Q q 0 0 0 rg BT 360.60 83.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 388.65 83.15 Td (�It ) Tj ET Q q 0 0 0 rg BT 399.78 83.15 Td (is ) Tj ET Q q 0 0 0 rg BT 408.87 83.15 Td (not ) Tj ET Q q 0 0 0 rg BT 424.37 83.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 462.60 83.15 Td (at ) Tj ET Q q 0 0 0 rg BT 472.27 83.15 Td (this ) Tj ET Q q 0 0 0 rg BT 489.53 83.15 Td (time ) Tj ET Q q 0 0 0 rg BT 510.28 83.15 Td (to ) Tj ET Q q 0 0 0 rg BT 520.54 83.15 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 70.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.49 70.55 Td (income ) Tj ET Q q 0 0 0 rg BT 99.56 70.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.55 70.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 151.38 70.55 Td (that ) Tj ET Q q 0 0 0 rg BT 170.29 70.55 Td (would ) Tj ET Q q 0 0 0 rg BT 199.71 70.55 Td (result ) Tj ET Q q 0 0 0 rg BT 226.20 70.55 Td (from ) Tj ET Q q 0 0 0 rg BT 249.77 70.55 Td (any ) Tj ET Q q 0 0 0 rg BT 268.10 70.55 Td (further ) Tj ET Q q 0 0 0 rg BT 299.83 70.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 351.39 70.55 Td (of ) Tj ET Q q 0 0 0 rg BT 363.30 70.55 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 419.52 70.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 453.00 70.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 494.36 70.55 Td ( ) Tj ET Q q 0 0 0 rg BT 497.52 70.55 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 543.85 70.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 57.95 Td (used ) Tj ET Q q 0 0 0 rg BT 72.71 57.95 Td (to ) Tj ET Q q 0 0 0 rg BT 84.85 57.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 108.06 57.95 Td (the ) Tj ET Q q 0 0 0 rg BT 124.86 57.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 178.99 57.95 Td (of ) Tj ET Q q 0 0 0 rg BT 191.70 57.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 227.16 57.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 265.54 57.95 Td (in ) Tj ET Q q 0 0 0 rg BT 276.80 57.95 Td (April ) Tj ET Q q 0 0 0 rg BT 302.93 57.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 327.90 57.95 Td (and ) Tj ET Q q 0 0 0 rg BT 347.02 57.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 364.73 57.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 384.45 57.95 Td (in ) Tj ET Q q 0 0 0 rg BT 396.58 57.95 Td (May ) Tj ET Q q 0 0 0 rg BT 419.80 57.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 447.39 57.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 472.93 57.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 505.48 57.95 Td (had ) Tj ET Q q 0 0 0 rg BT 524.61 57.95 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 45.35 Td (domestically ) Tj ET Q q 0 0 0 rg BT 105.51 45.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 126.53 45.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.04 45.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 165.06 45.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 215.23 45.35 Td (of ) Tj ET Q q 0 0 0 rg BT 226.33 45.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.34 45.35 Td ($375,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.71 45.35 Td ( ) Tj ET Q q 0 0 0 rg BT 331.07 45.35 Td (as ) Tj ET Q q 0 0 0 rg BT 342.17 45.35 Td (of ) Tj ET Q q 0 0 0 rg BT 353.28 45.35 Td (March ) Tj ET Q q 0 0 0 rg BT 383.04 45.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 398.52 45.35 Td (2016; ) Tj ET Q q 0 0 0 rg BT 424.79 45.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 444.93 45.35 Td (after ) Tj ET Q q 0 0 0 rg BT 466.52 45.35 Td (borrowing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.62 45.35 Td ($460,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.99 45.35 Td ( ) Tj ET Q q 0 0 0 rg BT 554.35 45.35 Td (in ) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 70.49 741.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 93.22 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 103.13 741.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 150.93 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 171.34 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 194.65 741.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 249.18 741.75 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.08 741.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.46 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 307.19 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.68 741.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 361.99 741.75 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 400.47 741.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 437.18 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 449.42 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 465.15 741.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 507.14 741.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.78 741.75 Td (facility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 59.95 729.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 82.64 729.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 122.83 729.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 160.70 729.15 Td (needs, ) Tj ET Q q 0 0 0 rg BT 189.52 729.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 221.54 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 231.99 729.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 282.67 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 303.62 729.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 349.05 729.15 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 395.94 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 413.39 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 423.84 729.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 458.19 729.15 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 501.89 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 512.34 729.15 Td (maximizing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.04 716.55 Td (ef) Tj ET Q q 0 0 0 rg BT 77.01 716.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 108.20 716.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 138.81 716.55 Td (deployment ) Tj ET Q q 0 0 0 rg BT 191.00 716.55 Td (without ) Tj ET Q q 0 0 0 rg BT 225.71 716.55 Td (repatriating ) Tj ET Q q 0 0 0 rg BT 276.73 716.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 321.35 716.55 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 377.03 716.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 409.98 716.55 Td (earnings.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 691.95 Td (8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 691.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 691.95 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 146.55 691.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 171.92 691.95 Td (CONTINGENCIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.19 691.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.20 666.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.41 666.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 130.11 666.75 Td (of) Tj ET Q q 0 0 0 rg BT 138.67 666.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.03 666.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 193.81 666.75 Td (and ) Tj ET Q q 0 0 0 rg BT 210.60 666.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 256.56 666.75 Td (under ) Tj ET Q q 0 0 0 rg BT 282.09 666.75 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 347.26 666.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.54 666.75 Td (leases, ) Tj ET Q q 0 0 0 rg BT 417.87 666.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.66 666.75 Td (also ) Tj ET Q q 0 0 0 rg BT 453.20 666.75 Td (has ) Tj ET Q q 0 0 0 rg BT 468.83 666.75 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 514.19 666.75 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 654.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.06 654.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.45 654.15 Td (services. ) Tj ET Q q 0 0 0 rg BT 132.71 654.15 Td ( ) Tj ET Q q 0 0 0 rg BT 134.40 654.15 Td (These ) Tj ET Q q 0 0 0 rg BT 161.29 654.15 Td (leases ) Tj ET Q q 0 0 0 rg BT 188.18 654.15 Td (and ) Tj ET Q q 0 0 0 rg BT 205.17 654.15 Td (service ) Tj ET Q q 0 0 0 rg BT 236.72 654.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 286.35 654.15 Td (expire ) Tj ET Q q 0 0 0 rg BT 314.40 654.15 Td (on ) Tj ET Q q 0 0 0 rg BT 326.73 654.15 Td (varying ) Tj ET Q q 0 0 0 rg BT 360.62 654.15 Td (dates ) Tj ET Q q 0 0 0 rg BT 384.02 654.15 Td (through ) Tj ET Q q 0 0 0 rg BT 418.50 654.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 443.06 654.15 Td (2028. ) Tj ET Q q 0 0 0 rg BT 468.50 654.15 Td ( ) Tj ET Q q 0 0 0 rg BT 470.33 654.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 503.05 654.15 Td (leases ) Tj ET Q q 0 0 0 rg BT 529.94 654.15 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.92 641.55 Td (renewal ) Tj ET Q q 0 0 0 rg BT 100.83 641.55 Td (options ) Tj ET Q q 0 0 0 rg BT 134.43 641.55 Td (and ) Tj ET Q q 0 0 0 rg BT 152.27 641.55 Td (contain ) Tj ET Q q 0 0 0 rg BT 185.85 641.55 Td (escalation ) Tj ET Q q 0 0 0 rg BT 230.51 641.55 Td (clauses ) Tj ET Q q 0 0 0 rg BT 263.52 641.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 307.03 641.55 Td (for ) Tj ET Q q 0 0 0 rg BT 321.95 641.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 364.27 641.55 Td (rentals ) Tj ET Q q 0 0 0 rg BT 394.94 641.55 Td (based ) Tj ET Q q 0 0 0 rg BT 421.52 641.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 445.20 641.55 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 503.56 641.55 Td (utility ) Tj ET Q q 0 0 0 rg BT 531.33 641.55 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 641.55 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.95 Td (increases.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.87 603.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.82 603.75 Td (March ) Tj ET Q q 0 0 0 rg BT 104.43 603.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.76 603.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.76 603.75 Td (, ) Tj ET Q q 0 0 0 rg BT 145.59 603.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.62 603.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.66 603.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 233.85 603.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 276.86 603.75 Td (rentals ) Tj ET Q q 0 0 0 rg BT 307.05 603.75 Td (under ) Tj ET Q q 0 0 0 rg BT 333.16 603.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 375.02 603.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 402.29 603.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.66 603.75 Td (service ) Tj ET Q q 0 0 0 rg BT 451.59 603.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 501.61 603.75 Td (are ) Tj ET Q q 0 0 0 rg BT 516.63 603.75 Td (as ) Tj ET Q q 0 0 0 rg BT 527.58 603.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 593.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 563.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 533.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 503.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 503.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 503.25 m 498.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 488.25 m 498.5 488.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 503.25 m 562.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 488.25 m 562.5 488.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 583.02 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 583.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 583.02 Td (128,023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 568.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 568.02 Td (109,368) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 553.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 553.02 Td (88,644) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 538.02 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 538.02 Td (79,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 523.02 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 523.02 Td (73,432) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 508.02 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 508.02 Td (225,678) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 493.02 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 493.02 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 493.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 493.02 Td (704,910) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 463.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.29 463.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 113.09 463.55 Td (rental ) Tj ET Q q 0 0 0 rg BT 139.96 463.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 200.09 463.55 Td (shown ) Tj ET Q q 0 0 0 rg BT 230.47 463.55 Td (above ) Tj ET Q q 0 0 0 rg BT 258.51 463.55 Td (have ) Tj ET Q q 0 0 0 rg BT 281.29 463.55 Td (not ) Tj ET Q q 0 0 0 rg BT 297.68 463.55 Td (been ) Tj ET Q q 0 0 0 rg BT 320.46 463.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 356.66 463.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.12 463.55 Td ($140,780) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.50 463.55 Td ( ) Tj ET Q q 0 0 0 rg BT 412.46 463.55 Td (for ) Tj ET Q q 0 0 0 rg BT 427.67 463.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 471.47 463.55 Td (sublease ) Tj ET Q q 0 0 0 rg BT 510.01 463.55 Td (rentals ) Tj ET Q q 0 0 0 rg BT 540.96 463.55 Td (to ) Tj ET Q q 0 0 0 rg BT 552.09 463.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 450.95 Td (received ) Tj ET Q q 0 0 0 rg BT 87.51 450.95 Td (in ) Tj ET Q q 0 0 0 rg BT 97.63 450.95 Td (the ) Tj ET Q q 0 0 0 rg BT 112.41 450.95 Td (future ) Tj ET Q q 0 0 0 rg BT 139.43 450.95 Td (under ) Tj ET Q q 0 0 0 rg BT 165.29 450.95 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 230.79 450.95 Td (subleases, ) Tj ET Q q 0 0 0 rg BT 275.02 450.95 Td (of ) Tj ET Q q 0 0 0 rg BT 285.72 450.95 Td (which ) Tj ET Q q 0 0 0 rg BT 313.34 450.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.94 450.95 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.18 450.95 Td ( ) Tj ET Q q 0 0 0 rg BT 397.14 450.95 Td (is ) Tj ET Q q 0 0 0 rg BT 406.09 450.95 Td (due ) Tj ET Q q 0 0 0 rg BT 423.21 450.95 Td (from ) Tj ET Q q 0 0 0 rg BT 445.57 450.95 Td (one ) Tj ET Q q 0 0 0 rg BT 462.68 450.95 Td (counterparty) Tj ET Q q 0 0 0 rg BT 515.06 450.95 Td (.��) Tj ET Q q 0 0 0 rg BT 522.74 450.95 Td (The ) Tj ET Q q 0 0 0 rg BT 541.02 450.95 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 438.35 Td (reserve ) Tj ET Q q 0 0 0 rg BT 82.67 438.35 Td (liability) Tj ET Q q 0 0 0 rg BT 114.65 438.35 Td (, ) Tj ET Q q 0 0 0 rg BT 119.63 438.35 Td (which ) Tj ET Q q 0 0 0 rg BT 147.65 438.35 Td (is ) Tj ET Q q 0 0 0 rg BT 157.00 438.35 Td (included ) Tj ET Q q 0 0 0 rg BT 195.51 438.35 Td (in ) Tj ET Q q 0 0 0 rg BT 206.04 438.35 Td (the ) Tj ET Q q 0 0 0 rg BT 221.22 438.35 Td (table ) Tj ET Q q 0 0 0 rg BT 243.98 438.35 Td (below) Tj ET Q q 0 0 0 rg BT 268.96 438.35 Td (, ) Tj ET Q q 0 0 0 rg BT 273.94 438.35 Td (for ) Tj ET Q q 0 0 0 rg BT 288.54 438.35 Td (space ) Tj ET Q q 0 0 0 rg BT 314.21 438.35 Td (subleased ) Tj ET Q q 0 0 0 rg BT 357.39 438.35 Td (as ) Tj ET Q q 0 0 0 rg BT 368.49 438.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.59 438.35 Td (March ) Tj ET Q q 0 0 0 rg BT 409.35 438.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 424.83 438.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.83 438.35 Td ( ) Tj ET Q q 0 0 0 rg BT 448.18 438.35 Td (and ) Tj ET Q q 0 0 0 rg BT 465.70 438.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 491.68 438.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.36 438.35 Td ($31,745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.48 438.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 438.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 425.75 Td ($43,726) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 425.75 Td (, ) Tj ET Q q 0 0 0 rg BT 88.85 425.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 138.90 425.75 Td (. ) Tj ET Q q 0 0 0 rg BT 143.63 425.75 Td ( ) Tj ET Q q 0 0 0 rg BT 145.73 425.75 Td (If ) Tj ET Q q 0 0 0 rg BT 154.82 425.75 Td (a ) Tj ET Q q 0 0 0 rg BT 161.59 425.75 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 207.43 425.75 Td (defaults ) Tj ET Q q 0 0 0 rg BT 242.77 425.75 Td (on ) Tj ET Q q 0 0 0 rg BT 255.37 425.75 Td (a ) Tj ET Q q 0 0 0 rg BT 262.13 425.75 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 302.43 425.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 326.11 425.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 356.79 425.75 Td (may ) Tj ET Q q 0 0 0 rg BT 376.97 425.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 400.65 425.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 442.41 425.75 Td (char) Tj ET Q q 0 0 0 rg BT 460.28 425.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 476.38 425.75 Td (to ) Tj ET Q q 0 0 0 rg BT 486.65 425.75 Td (adjust ) Tj ET Q q 0 0 0 rg BT 513.84 425.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.77 425.75 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 413.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 72.69 413.15 Td (reserve ) Tj ET Q q 0 0 0 rg BT 104.71 413.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 139.09 413.15 Td (to ) Tj ET Q q 0 0 0 rg BT 148.96 413.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 177.48 413.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.50 413.15 Td (future ) Tj ET Q q 0 0 0 rg BT 243.27 413.15 Td (sublease ) Tj ET Q q 0 0 0 rg BT 280.55 413.15 Td (rentals ) Tj ET Q q 0 0 0 rg BT 310.25 413.15 Td (at ) Tj ET Q q 0 0 0 rg BT 319.54 413.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 354.47 413.15 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 394.39 413.15 Td (as ) Tj ET Q q 0 0 0 rg BT 404.84 413.15 Td (a ) Tj ET Q q 0 0 0 rg BT 411.21 413.15 Td (result ) Tj ET Q q 0 0 0 rg BT 436.25 413.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.70 413.15 Td (the ) Tj ET Q q 0 0 0 rg BT 461.24 413.15 Td (then ) Tj ET Q q 0 0 0 rg BT 481.02 413.15 Td (current ) Tj ET Q q 0 0 0 rg BT 512.46 413.15 Td (commercial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.55 Td (real ) Tj ET Q q 0 0 0 rg BT 68.36 400.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 94.89 400.55 Td (market. ) Tj ET Q q 0 0 0 rg BT 129.29 400.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 375.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 375.35 Td (above ) Tj ET Q q 0 0 0 rg BT 96.54 375.35 Td (minimum ) Tj ET Q q 0 0 0 rg BT 139.95 375.35 Td (rental ) Tj ET Q q 0 0 0 rg BT 166.42 375.35 Td (commitments ) Tj ET Q q 0 0 0 rg BT 226.16 375.35 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.63 375.35 Td ($633,350) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.01 375.35 Td ( ) Tj ET Q q 0 0 0 rg BT 301.58 375.35 Td (in ) Tj ET Q q 0 0 0 rg BT 312.32 375.35 Td (real ) Tj ET Q q 0 0 0 rg BT 330.62 375.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 357.10 375.35 Td (and ) Tj ET Q q 0 0 0 rg BT 374.83 375.35 Td (equipment ) Tj ET Q q 0 0 0 rg BT 421.73 375.35 Td (leases ) Tj ET Q q 0 0 0 rg BT 449.37 375.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 375.35 Td ($71,560) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.23 375.35 Td ( ) Tj ET Q q 0 0 0 rg BT 503.80 375.35 Td (in ) Tj ET Q q 0 0 0 rg BT 514.54 375.35 Td (service ) Tj ET Q q 0 0 0 rg BT 546.84 375.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 362.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 105.68 362.75 Td (agreements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 337.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.98 337.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 112.48 337.55 Td (rental ) Tj ET Q q 0 0 0 rg BT 139.04 337.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 198.87 337.55 Td (shown ) Tj ET Q q 0 0 0 rg BT 228.95 337.55 Td (above ) Tj ET Q q 0 0 0 rg BT 256.68 337.55 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.24 337.55 Td ($32,395) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.37 337.55 Td ( ) Tj ET Q q 0 0 0 rg BT 327.03 337.55 Td (for ) Tj ET Q q 0 0 0 rg BT 341.93 337.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 401.75 337.55 Td (related ) Tj ET Q q 0 0 0 rg BT 432.98 337.55 Td (to ) Tj ET Q q 0 0 0 rg BT 443.80 337.55 Td (space ) Tj ET Q q 0 0 0 rg BT 469.78 337.55 Td (that ) Tj ET Q q 0 0 0 rg BT 488.19 337.55 Td (has ) Tj ET Q q 0 0 0 rg BT 504.84 337.55 Td (been ) Tj ET Q q 0 0 0 rg BT 527.32 337.55 Td (vacated, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 324.95 Td (but ) Tj ET Q q 0 0 0 rg BT 65.83 324.95 Td (for ) Tj ET Q q 0 0 0 rg BT 80.49 324.95 Td (which ) Tj ET Q q 0 0 0 rg BT 108.56 324.95 Td (subleases ) Tj ET Q q 0 0 0 rg BT 150.63 324.95 Td (are ) Tj ET Q q 0 0 0 rg BT 165.87 324.95 Td (being ) Tj ET Q q 0 0 0 rg BT 191.61 324.95 Td (pursued. ) Tj ET Q q 0 0 0 rg BT 229.72 324.95 Td (The ) Tj ET Q q 0 0 0 rg BT 248.45 324.95 Td (related ) Tj ET Q q 0 0 0 rg BT 279.43 324.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 302.83 324.95 Td (reserve ) Tj ET Q q 0 0 0 rg BT 335.56 324.95 Td (liability) Tj ET Q q 0 0 0 rg BT 367.54 324.95 Td (, ) Tj ET Q q 0 0 0 rg BT 372.58 324.95 Td (also ) Tj ET Q q 0 0 0 rg BT 391.91 324.95 Td (included ) Tj ET Q q 0 0 0 rg BT 430.48 324.95 Td (in ) Tj ET Q q 0 0 0 rg BT 441.06 324.95 Td (the ) Tj ET Q q 0 0 0 rg BT 456.30 324.95 Td (table ) Tj ET Q q 0 0 0 rg BT 479.12 324.95 Td (below) Tj ET Q q 0 0 0 rg BT 504.10 324.95 Td (, ) Tj ET Q q 0 0 0 rg BT 509.14 324.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.88 324.95 Td ($20,495) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 312.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.80 312.35 Td ($2,213) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.68 312.35 Td ( ) Tj ET Q q 0 0 0 rg BT 99.32 312.35 Td (as ) Tj ET Q q 0 0 0 rg BT 110.71 312.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.10 312.35 Td (March ) Tj ET Q q 0 0 0 rg BT 152.15 312.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.92 312.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.92 312.35 Td ( ) Tj ET Q q 0 0 0 rg BT 191.56 312.35 Td (and ) Tj ET Q q 0 0 0 rg BT 209.36 312.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 235.63 312.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 285.68 312.35 Td (, ) Tj ET Q q 0 0 0 rg BT 290.95 312.35 Td (and ) Tj ET Q q 0 0 0 rg BT 308.75 312.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 344.63 312.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 377.02 312.35 Td (to ) Tj ET Q q 0 0 0 rg BT 387.83 312.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 436.55 312.35 Td (based ) Tj ET Q q 0 0 0 rg BT 463.10 312.35 Td (on ) Tj ET Q q 0 0 0 rg BT 476.24 312.35 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 538.36 312.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 312.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (real ) Tj ET Q q 0 0 0 rg BT 68.84 299.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 95.85 299.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 132.19 299.75 Td (that ) Tj ET Q q 0 0 0 rg BT 151.05 299.75 Td (may ) Tj ET Q q 0 0 0 rg BT 172.23 299.75 Td (require ) Tj ET Q q 0 0 0 rg BT 205.07 299.75 Td (a ) Tj ET Q q 0 0 0 rg BT 212.83 299.75 Td (change ) Tj ET Q q 0 0 0 rg BT 245.67 299.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.94 299.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 311.97 299.75 Td (or ) Tj ET Q q 0 0 0 rg BT 323.82 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.76 299.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 367.93 299.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 394.36 299.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.21 299.75 Td (a ) Tj ET Q q 0 0 0 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rg BT 496.03 287.15 Td (time ) Tj ET Q q 0 0 0 rg BT 517.25 287.15 Td (it ) Tj ET Q q 0 0 0 rg BT 525.64 287.15 Td (will ) Tj ET Q q 0 0 0 rg BT 544.53 287.15 Td (take ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 274.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 274.55 Td (secure ) Tj ET Q q 0 0 0 rg BT 90.23 274.55 Td (a ) Tj ET Q q 0 0 0 rg BT 97.52 274.55 Td (sublease ) Tj ET Q q 0 0 0 rg BT 135.72 274.55 Td (agreement ) Tj ET Q q 0 0 0 rg BT 182.06 274.55 Td (and ) Tj ET Q q 0 0 0 rg BT 199.85 274.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 245.05 274.55 Td (rental ) Tj ET Q q 0 0 0 rg BT 271.57 274.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 294.02 274.55 Td (in ) Tj ET Q q 0 0 0 rg BT 304.81 274.55 Td (the ) Tj ET Q q 0 0 0 rg BT 320.27 274.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 366.04 274.55 Td (real ) Tj ET Q q 0 0 0 rg BT 384.40 274.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 410.92 274.55 Td (markets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 249.35 Td (During ) Tj ET Q q 0 0 0 rg BT 82.42 249.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 107.83 249.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 134.13 249.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 165.37 249.35 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 221.68 249.35 Td (space ) Tj ET Q q 0 0 0 rg BT 247.68 249.35 Td (was ) Tj ET Q q 0 0 0 rg BT 266.68 249.35 Td (permanently ) Tj ET Q q 0 0 0 rg BT 321.83 249.35 Td (vacated ) Tj ET Q q 0 0 0 rg BT 356.57 249.35 Td (to ) Tj ET Q q 0 0 0 rg BT 367.41 249.35 Td (pursue ) Tj ET Q q 0 0 0 rg BT 398.08 249.35 Td (a ) Tj ET Q q 0 0 0 rg BT 405.41 249.35 Td (sublease ) Tj ET Q q 0 0 0 rg BT 443.66 249.35 Td (and ) Tj ET Q q 0 0 0 rg BT 461.49 249.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 492.73 249.35 Td (of) Tj ET Q q 0 0 0 rg BT 501.29 249.35 Td (fice ) Tj ET Q q 0 0 0 rg BT 519.70 249.35 Td (space ) Tj ET Q q 0 0 0 rg BT 545.69 249.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 236.75 Td (permanently ) Tj ET Q q 0 0 0 rg BT 105.50 236.75 Td (vacated ) Tj ET Q q 0 0 0 rg BT 140.59 236.75 Td (in ) Tj ET Q q 0 0 0 rg BT 151.78 236.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 200.87 236.75 Td (with ) Tj ET Q q 0 0 0 rg BT 222.56 236.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.41 236.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 295.08 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.85 236.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 339.61 236.75 Td (for ) Tj ET Q q 0 0 0 rg BT 354.88 236.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.73 236.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 426.24 236.75 Td (with ) Tj ET Q q 0 0 0 rg BT 447.93 236.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 465.64 236.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 487.04 236.75 Td (both ) Tj ET Q q 0 0 0 rg BT 508.73 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.50 236.75 Td (which ) Tj ET Q q 0 0 0 rg BT 549.18 236.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 224.15 Td (reflected ) Tj ET Q q 0 0 0 rg BT 89.35 224.15 Td (in ) Tj ET Q q 0 0 0 rg BT 100.14 224.15 Td (the ) Tj ET Q q 0 0 0 rg BT 115.59 224.15 Td (lease ) Tj ET Q 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Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (120) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.57 741.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 91.80 741.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 124.35 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 159.26 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 173.75 741.75 Td (subleased ) Tj ET Q q 0 0 0 rg BT 216.81 741.75 Td (space ) Tj ET Q q 0 0 0 rg BT 242.37 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 259.78 741.75 Td (vacated ) Tj ET Q q 0 0 0 rg BT 294.08 741.75 Td (space ) Tj ET Q q 0 0 0 rg BT 319.64 741.75 Td 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668.27 Td (Payments, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 668.27 Td (\(15,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 668.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 654.27 Td (Adjustments and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 654.27 Td (\(3,583) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 654.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 640.27 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 640.27 Td (45,939) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 626.27 Td (Accrued char) Tj ET Q q 0 0 0 rg BT 109.06 626.27 Td (ges for vacated and subleased space ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 262.42 631.03 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 626.27 Td (14,642) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 612.27 Td (Payments, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 612.27 Td (\(12,689) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 612.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (Adjustments and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 598.27 Td (4,348) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 583.84 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 134.17 583.84 Td (ch 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.00 583.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 583.84 Td (52,240) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 569.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 569.35 Td (Included ) Tj ET Q q 0 0 0 rg BT 99.86 569.35 Td (in ) Tj ET Q q 0 0 0 rg BT 108.60 569.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 148.96 569.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 178.46 569.35 Td (in ) Tj ET Q q 0 0 0 rg BT 187.19 569.35 Td (the ) Tj ET Q q 0 0 0 rg BT 199.70 569.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 246.69 569.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 286.11 569.35 Td (of ) Tj ET Q q 0 0 0 rg BT 295.32 569.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.93 569.35 Td (\(Loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 559.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 559.75 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 97.13 559.75 Td ($7,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.13 559.75 Td ( ) Tj ET Q q 0 0 0 rg BT 121.15 559.75 Td (related ) Tj ET Q q 0 0 0 rg BT 144.94 559.75 Td (to ) Tj ET Q q 0 0 0 rg BT 153.18 559.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.98 559.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 207.88 559.75 Td (of ) Tj ET Q q 0 0 0 rg BT 216.57 559.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 241.25 559.75 Td (for ) Tj ET Q q 0 0 0 rg BT 252.61 559.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.40 559.75 Td (mer) Tj ET Q q 0 0 0 rg BT 276.70 559.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 288.94 559.75 Td (with ) Tj ET Q q 0 0 0 rg BT 305.18 559.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 318.68 559.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 332.70 559.75 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.28 559.75 Td ($6,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.28 559.75 Td ( ) Tj ET Q q 0 0 0 rg BT 370.30 559.75 Td (related ) Tj ET Q q 0 0 0 rg BT 394.09 559.75 Td (to ) Tj ET Q q 0 0 0 rg BT 402.33 559.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.13 559.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 450.81 559.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.50 559.75 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 505.06 559.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 559.75 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 547.53 559.75 Td ( ) Tj ET Q q 0 0 0 rg BT 549.55 559.75 Td (into ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 550.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 80.23 550.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 111.55 550.15 Td (for ) Tj ET Q q 0 0 0 rg BT 122.88 550.15 Td (the ) Tj ET Q q 0 0 0 rg BT 134.66 550.15 Td (years ) Tj ET Q q 0 0 0 rg BT 153.54 550.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 174.64 550.15 Td (March ) Tj ET Q q 0 0 0 rg BT 197.52 550.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 209.52 550.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 227.52 550.15 Td (and ) Tj ET Q q 0 0 0 rg BT 241.07 550.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 261.07 550.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 299.20 550.15 Td (. ) Tj ET Q q 0 0 0 rg BT 303.20 550.15 Td ( ) Tj ET Q q 0 0 0 rg BT 305.20 550.15 Td (See ) Tj ET Q q 0 0 0 rg BT 318.75 550.15 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 550.15 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 550.15 Td ( ) Tj ET Q q 0 0 0 rg BT 342.30 550.15 Td (for ) Tj ET Q q 0 0 0 rg BT 353.63 550.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 387.62 550.15 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 524.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 524.95 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 524.95 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 524.95 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 524.95 Td (rental ) Tj ET Q q 0 0 0 rg BT 195.49 524.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 231.93 524.95 Td (under ) Tj ET Q q 0 0 0 rg BT 258.46 524.95 Td (all ) Tj ET Q q 0 0 0 rg BT 271.58 524.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.86 524.95 Td (leases ) Tj ET Q q 0 0 0 rg BT 341.56 524.95 Td (and ) Tj ET Q q 0 0 0 rg BT 359.34 524.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 400.46 524.95 Td (agreements:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 486.85 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 486.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 486.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 486.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 486.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 486.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 486.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 456.85 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 456.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 456.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 456.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 456.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 456.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 456.85 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 486.85 m 369.5 486.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 486.85 m 433.5 486.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 486.85 m 497.5 486.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 486.85 m 561.5 486.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 456.85 m 369.5 456.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 456.85 m 433.5 456.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 456.85 m 497.5 456.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 456.85 m 561.5 456.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 441.85 m 369.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 441.85 m 433.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 441.85 m 497.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 441.85 m 561.5 441.85 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.50 491.64 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 491.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.50 491.62 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 476.62 Td (Rental expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 476.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.35 476.64 Td (135,850) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.00 476.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.35 476.62 Td (136,414) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.00 476.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 476.62 Td (130,880) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 461.62 Td (Less: sublease income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.60 461.64 Td (21,154) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.60 461.62 Td (19,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 461.62 Td (16,289) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 446.62 Td (Net rent expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 446.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.35 446.64 Td (114,696) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.00 446.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.35 446.62 Td (116,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.00 446.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 446.62 Td (114,591) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 417.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.85 417.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.70 417.15 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 154.87 417.15 Td (rent ) Tj ET Q q 0 0 0 rg BT 174.47 417.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 211.56 417.15 Td (ratably ) Tj ET Q q 0 0 0 rg BT 243.98 417.15 Td (over ) Tj ET Q q 0 0 0 rg BT 265.91 417.15 Td (the ) Tj ET Q q 0 0 0 rg BT 282.01 417.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 306.27 417.15 Td (period ) Tj ET Q q 0 0 0 rg BT 336.37 417.15 Td (based ) Tj ET Q q 0 0 0 rg BT 363.55 417.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 387.82 417.15 Td (the ) Tj ET Q q 0 0 0 rg BT 403.92 417.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 448.00 417.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 472.26 417.15 Td (payments. ) Tj ET Q q 0 0 0 rg BT 518.40 417.15 Td ( ) Tj ET Q q 0 0 0 rg BT 521.43 417.15 Td (The ) Tj ET Q q 0 0 0 rg BT 541.03 417.15 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 404.55 Td (period ) Tj ET Q q 0 0 0 rg BT 79.76 404.55 Td (is ) Tj ET Q q 0 0 0 rg BT 89.69 404.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 139.85 404.55 Td (as ) Tj ET Q q 0 0 0 rg BT 151.53 404.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.29 404.55 Td (original ) Tj ET Q q 0 0 0 rg BT 202.88 404.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 226.80 404.55 Td (term ) Tj ET Q q 0 0 0 rg BT 248.97 404.55 Td (without ) Tj ET Q q 0 0 0 rg BT 283.99 404.55 Td (renewals, ) Tj ET Q q 0 0 0 rg BT 326.86 404.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 356.04 404.55 Td (and ) Tj ET Q q 0 0 0 rg BT 374.13 404.55 Td (until ) Tj ET Q q 0 0 0 rg BT 396.32 404.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.08 404.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 449.40 404.55 Td (of ) Tj ET Q q 0 0 0 rg BT 461.08 404.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 485.00 404.55 Td (renewal ) Tj ET Q q 0 0 0 rg BT 521.16 404.55 Td (options ) Tj ET Q q 0 0 0 rg BT 555.01 404.55 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 391.95 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 97.32 391.95 Td (assured, ) Tj ET Q q 0 0 0 rg BT 133.28 391.95 Td (and ) Tj ET Q q 0 0 0 rg BT 150.28 391.95 Td (also ) Tj ET Q q 0 0 0 rg BT 169.04 391.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 205.88 391.95 Td (any ) Tj ET Q q 0 0 0 rg BT 222.88 391.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 255.63 391.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 294.80 391.95 Td (by ) Tj ET Q q 0 0 0 rg BT 307.14 391.95 Td (the ) Tj ET Q q 0 0 0 rg BT 321.81 391.95 Td (landlord ) Tj ET Q q 0 0 0 rg BT 358.64 391.95 Td (as ) Tj ET Q q 0 0 0 rg BT 369.23 391.95 Td (a ) Tj ET Q q 0 0 0 rg BT 375.73 391.95 Td ("free ) Tj ET Q q 0 0 0 rg BT 398.18 391.95 Td (rent" ) Tj ET Q q 0 0 0 rg BT 420.63 391.95 Td (period. ) Tj ET Q q 0 0 0 rg BT 451.92 391.95 Td ( ) Tj ET Q q 0 0 0 rg BT 453.36 391.95 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 498.93 391.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 521.75 391.95 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 379.35 Td (include ) Tj ET Q q 0 0 0 rg BT 84.41 379.35 Td (all ) Tj ET Q q 0 0 0 rg BT 98.41 379.35 Td (rental ) Tj ET Q q 0 0 0 rg BT 125.81 379.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 169.56 379.35 Td (specified ) Tj ET Q q 0 0 0 rg BT 210.96 379.35 Td (in ) Tj ET Q q 0 0 0 rg BT 222.63 379.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.96 379.35 Td (contract, ) Tj ET Q q 0 0 0 rg BT 278.90 379.35 Td (including ) Tj ET Q q 0 0 0 rg BT 322.06 379.35 Td (contractual ) Tj ET Q q 0 0 0 rg BT 372.21 379.35 Td (rent ) Tj ET Q q 0 0 0 rg BT 392.03 379.35 Td (increases, ) Tj ET Q q 0 0 0 rg BT 436.64 379.35 Td (and ) Tj ET Q q 0 0 0 rg BT 455.30 379.35 Td (are ) Tj ET Q q 0 0 0 rg BT 471.62 379.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 508.35 379.35 Td (by ) Tj ET Q q 0 0 0 rg BT 522.35 379.35 Td (any ) Tj ET Q q 0 0 0 rg BT 541.02 379.35 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 366.75 Td (incentives ) Tj ET Q q 0 0 0 rg BT 95.20 366.75 Td (received ) Tj ET Q q 0 0 0 rg BT 133.38 366.75 Td (from ) Tj ET Q q 0 0 0 rg BT 156.41 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 171.87 366.75 Td (landlord, ) Tj ET Q q 0 0 0 rg BT 212.11 366.75 Td (including ) Tj ET Q q 0 0 0 rg BT 254.40 366.75 Td (those ) Tj ET Q q 0 0 0 rg BT 279.19 366.75 Td (used ) Tj ET Q q 0 0 0 rg BT 301.06 366.75 Td (for ) Tj ET Q q 0 0 0 rg BT 315.93 366.75 Td (tenant ) Tj ET Q q 0 0 0 rg BT 344.21 366.75 Td (improvements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 341.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.22 341.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.52 341.55 Td (March ) Tj ET Q q 0 0 0 rg BT 102.47 341.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.15 341.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.15 341.55 Td (, ) Tj ET Q q 0 0 0 rg BT 142.32 341.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.45 341.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.58 341.55 Td (had ) Tj ET Q q 0 0 0 rg BT 212.30 341.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 271.01 341.55 Td (to ) Tj ET Q q 0 0 0 rg BT 280.73 341.55 Td (invest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.36 341.55 Td ($28,859) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.48 341.55 Td ( ) Tj ET Q q 0 0 0 rg BT 343.04 341.55 Td (in ) Tj ET Q q 0 0 0 rg BT 352.75 341.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 384.05 341.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 436.93 341.55 Td (that ) Tj ET Q q 0 0 0 rg BT 454.22 341.55 Td (make ) Tj ET Q q 0 0 0 rg BT 478.51 341.55 Td (private ) Tj ET Q q 0 0 0 rg BT 509.22 341.55 Td (investments. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 328.95 Td (These ) Tj ET Q q 0 0 0 rg BT 77.92 328.95 Td (commitments ) Tj ET Q q 0 0 0 rg BT 137.93 328.95 Td (are ) Tj ET Q q 0 0 0 rg BT 153.59 328.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 193.75 328.95 Td (to ) Tj ET Q q 0 0 0 rg BT 204.76 328.95 Td (be ) Tj ET Q q 0 0 0 rg BT 217.52 328.95 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 271.99 328.95 Td (or ) Tj ET Q q 0 0 0 rg BT 283.58 328.95 Td (funded ) Tj ET Q q 0 0 0 rg BT 315.59 328.95 Td (as ) Tj ET Q q 0 0 0 rg BT 327.18 328.95 Td (required, ) Tj ET Q q 0 0 0 rg BT 367.64 328.95 Td (through ) Tj ET Q q 0 0 0 rg BT 403.15 328.95 Td (the ) Tj ET Q q 0 0 0 rg BT 418.82 328.95 Td (end ) Tj ET Q q 0 0 0 rg BT 436.83 328.95 Td (of ) Tj ET Q q 0 0 0 rg BT 448.42 328.95 Td (their ) Tj ET Q q 0 0 0 rg BT 470.51 328.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 515.92 328.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 316.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.54 316.35 Td (ranging ) Tj ET Q q 0 0 0 rg BT 118.24 316.35 Td (through ) Tj ET Q q 0 0 0 rg BT 153.52 316.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 178.89 316.35 Td (2024.) Tj ET Q endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 66.29 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.67 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 111.69 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 129.44 741.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 150.44 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 157.69 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.89 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 217.10 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 236.89 741.75 Td (various ) Tj ET Q q 0 0 0 rg BT 272.42 741.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 334.21 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 347.00 741.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 366.79 741.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 415.73 741.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 476.93 741.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 513.62 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 526.41 741.75 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 105.22 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 107.48 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 126.24 729.15 Td (following ) Tj ET Q q 0 0 0 rg BT 169.50 729.15 Td (table ) Tj ET Q q 0 0 0 rg BT 192.34 729.15 Td (presents ) Tj ET Q q 0 0 0 rg BT 229.18 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 236.27 729.15 Td (summary ) Tj ET Q q 0 0 0 rg BT 277.79 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 288.96 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 304.23 729.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 349.24 729.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 394.24 729.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 441.00 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 500.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 517.59 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 553.84 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.39 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 110.28 716.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 168.41 716.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 202.63 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 216.44 716.55 Td (each ) Tj ET Q q 0 0 0 rg BT 237.23 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 247.54 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 270.68 716.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 306.81 716.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 334.01 716.55 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 388.37 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 389.93 716.55 Td (See ) Tj ET Q q 0 0 0 rg BT 406.65 716.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.63 716.55 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.88 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 435.44 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 449.24 716.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 492.80 716.55 Td (details ) Tj ET Q q 0 0 0 rg BT 521.77 716.55 Td (regarding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 71.86 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 118.81 703.95 Td (acquisition.) 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3 M 280.5 449.45 m 332.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 449.45 m 393.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 449.45 m 449.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 449.45 m 505.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 449.45 m 561.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 434.45 m 207.5 434.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 449.45 m 276.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 434.45 m 276.5 434.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 449.45 m 332.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 434.45 m 332.5 434.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 449.45 m 393.5 449.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 434.45 m 393.5 434.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 449.45 m 449.5 449.45 l s 0 0 0 RG /GS0 gs 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363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 378.45 m 332.5 378.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 363.45 m 332.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 378.45 m 393.5 378.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 363.45 m 393.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 378.45 m 449.5 378.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 363.45 m 449.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 363.45 m 505.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 363.45 m 561.5 363.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.45 682.72 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.90 672.22 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.70 682.72 Td (Martin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.55 672.22 Td (Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.75 682.72 Td (PK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.10 672.22 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.25 682.72 Td (QS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.75 672.22 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.60 672.22 Td (Fauchier) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.25 672.22 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 646.24 Td (Acquisition Date) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.70 656.72 Td (October 21,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.00 646.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.80 656.72 Td (October 1,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 646.22 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.90 656.72 Td (December) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.10 646.22 Td (31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 656.72 Td (May 30,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 646.22 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.40 656.72 Td (March 13,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.50 646.22 Td (2013) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 631.74 Td (Maximum Remaining Contingent ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 621.24 Td (Consideration) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 124.59 626.00 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.60 621.22 Td (81,320) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.35 621.22 Td (467,076) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.85 621.22 Td (2,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.60 621.22 Td (30,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.60 621.22 Td (28,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 621.22 Td (609,608) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 606.74 Td (Contingent Consideration) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 596.24 Td (Liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 581.22 Td (Balance as of March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 581.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.00 581.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 581.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 581.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.60 581.22 Td (29,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 581.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 581.22 Td (29,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 565.72 Td (Initial purchase accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 555.22 Td (accrual) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 100.31 559.98 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 555.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.60 555.22 Td (75,211) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 555.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.60 555.22 Td (13,370) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 555.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 555.22 Td (88,581) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 540.22 Td (Foreign exchange and accretion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 540.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.35 540.22 Td (\(5,097) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 540.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 540.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.75 540.22 Td (183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 540.22 Td (\(2,436) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 540.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 540.22 Td (\(7,350) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 540.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 525.22 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 525.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.60 525.22 Td (70,114) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 525.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.60 525.22 Td (13,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.60 525.22 Td (27,117) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 525.22 Td (110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 509.72 Td (Initial purchase accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 499.22 Td (accrual) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 100.31 503.98 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.60 499.22 Td (25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.00 499.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.85 499.22 Td (2,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 499.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 499.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 499.22 Td (27,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 484.22 Td (Payment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 484.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.00 484.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 484.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 484.22 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 484.12 Td (\(22,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 484.12 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 484.22 Td (\(22,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 484.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 469.22 Td (Foreign exchange and accretion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.85 469.22 Td (2,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.25 469.22 Td (\(531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 469.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 469.22 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.75 469.22 Td (196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.75 469.22 Td (662) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 469.22 Td (2,484) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 454.22 Td (Fair value adjustment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 454.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.10 454.22 Td (\(28,361) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 454.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 454.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 454.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 454.22 Td (\(5,014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 454.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 454.22 Td (\(33,375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 454.22 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 439.24 Td (Balance as of March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 214.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.60 439.24 Td (27,145) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.60 439.24 Td (41,222) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 339.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 439.24 Td (2,469) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.60 439.24 Td (13,749) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 439.24 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 512.00 439.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 439.24 Td (84,585) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 424.24 Td (Balance Sheet Classification) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 409.22 Td (Current Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.85 409.22 Td (7,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.60 409.22 Td (12,846) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 409.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.85 409.22 Td (6,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 409.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 409.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 409.22 Td (26,396) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 393.72 Td (Non-current Contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 383.22 Td (consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.60 383.22 Td (20,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.60 383.22 Td (28,376) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.85 383.22 Td (2,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.85 383.22 Td (7,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 383.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 383.22 Td (58,189) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 368.24 Td (Balance as of March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 214.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.60 368.24 Td (27,145) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.60 368.24 Td (41,222) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 339.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 368.24 Td (2,469) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.60 368.24 Td (13,749) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 368.24 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 512.00 368.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 368.24 Td (84,585) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 353.75 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 353.75 Td (Using ) Tj ET Q q 0 0 0 rg BT 90.43 353.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.94 353.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 140.00 353.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.21 353.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 189.08 353.75 Td (as ) Tj ET Q q 0 0 0 rg BT 198.28 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.49 353.75 Td (March ) Tj ET Q q 0 0 0 rg BT 231.80 353.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.55 353.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 263.67 353.75 Td (for ) Tj ET Q q 0 0 0 rg BT 275.71 353.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.64 353.75 Td (denominated ) Tj ET Q q 0 0 0 rg BT 352.67 353.75 Td (in ) Tj ET Q q 0 0 0 rg BT 361.40 353.75 Td (currencies ) Tj ET Q q 0 0 0 rg BT 398.45 353.75 Td (other ) Tj ET Q q 0 0 0 rg BT 418.04 353.75 Td (than ) Tj ET Q q 0 0 0 rg BT 434.80 353.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.31 353.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.55 353.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 483.91 353.75 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 343.55 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 343.55 Td (Using ) Tj ET Q q 0 0 0 rg BT 90.43 343.55 Td (the ) Tj ET Q q 0 0 0 rg BT 102.94 343.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 140.00 343.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.21 343.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 189.08 343.55 Td (on ) Tj ET Q q 0 0 0 rg BT 199.70 343.55 Td (the ) Tj ET Q q 0 0 0 rg BT 212.21 343.55 Td (date ) Tj ET Q q 0 0 0 rg BT 228.49 343.55 Td (of ) Tj ET Q q 0 0 0 rg BT 237.70 343.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 277.13 343.55 Td (for ) Tj ET Q q 0 0 0 rg BT 289.16 343.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 320.09 343.55 Td (denominated ) Tj ET Q q 0 0 0 rg BT 366.12 343.55 Td (in ) Tj ET Q q 0 0 0 rg BT 374.86 343.55 Td (currencies ) Tj ET Q q 0 0 0 rg BT 411.90 343.55 Td (other ) Tj ET Q q 0 0 0 rg BT 431.50 343.55 Td (than ) Tj ET Q q 0 0 0 rg BT 448.25 343.55 Td (the ) Tj ET Q q 0 0 0 rg BT 460.76 343.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.01 343.55 Td (dollar) Tj ET Q q 0 0 0 rg BT 497.36 343.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 320.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.26 320.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.60 320.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 108.85 320.75 Td (course ) Tj ET Q q 0 0 0 rg BT 138.76 320.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.02 320.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 190.74 320.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.83 320.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 245.92 320.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 273.51 320.75 Td (into ) Tj ET Q q 0 0 0 rg BT 292.35 320.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 332.76 320.75 Td (that ) Tj ET Q q 0 0 0 rg BT 351.02 320.75 Td (contain ) Tj ET Q q 0 0 0 rg BT 384.44 320.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.61 320.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 423.27 320.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.53 320.75 Td (representations ) Tj ET Q q 0 0 0 rg BT 500.60 320.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.27 320.75 Td (warranties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 308.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 308.15 Td (that ) Tj ET Q q 0 0 0 rg BT 85.91 308.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 120.49 308.15 Td (general ) Tj ET Q q 0 0 0 rg BT 153.88 308.15 Td (indemnifications, ) Tj ET Q q 0 0 0 rg BT 229.58 308.15 Td (which ) Tj ET Q q 0 0 0 rg BT 257.74 308.15 Td (are ) Tj ET Q q 0 0 0 rg BT 273.06 308.15 Td (not ) Tj ET Q q 0 0 0 rg BT 288.98 308.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 336.97 308.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.20 308.15 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 423.60 308.15 Td (by ) Tj ET Q q 0 0 0 rg BT 436.60 308.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 472.91 308.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.48 308.15 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 564.63 308.15 Td ( ) Tj ET Q q 0 0 0 rg BT 567.26 308.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 295.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.27 295.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 105.77 295.55 Td (s ) Tj ET Q q 0 0 0 rg BT 112.54 295.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 157.81 295.55 Td (exposure ) Tj ET Q q 0 0 0 rg BT 198.41 295.55 Td (under ) Tj ET Q q 0 0 0 rg BT 225.01 295.55 Td (these ) Tj ET Q q 0 0 0 rg BT 249.27 295.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 308.52 295.55 Td (is ) Tj ET Q q 0 0 0 rg BT 318.21 295.55 Td (unknown, ) Tj ET Q q 0 0 0 rg BT 362.61 295.55 Td (as ) Tj ET Q q 0 0 0 rg BT 374.05 295.55 Td (this ) Tj ET Q q 0 0 0 rg BT 391.91 295.55 Td (would ) Tj ET Q q 0 0 0 rg BT 420.85 295.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 455.04 295.55 Td (future ) Tj ET Q q 0 0 0 rg BT 482.80 295.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 512.90 295.55 Td (that ) Tj ET Q q 0 0 0 rg BT 531.34 295.55 Td (may ) Tj ET Q q 0 0 0 rg BT 552.11 295.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 282.95 Td (made ) Tj ET Q q 0 0 0 rg BT 75.36 282.95 Td (against ) Tj ET Q q 0 0 0 rg BT 107.73 282.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.93 282.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.14 282.95 Td (that ) Tj ET Q q 0 0 0 rg BT 181.51 282.95 Td (have ) Tj ET Q q 0 0 0 rg BT 203.96 282.95 Td (not ) Tj ET Q q 0 0 0 rg BT 220.00 282.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 235.45 282.95 Td (occurred.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 257.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.29 257.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.58 257.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.29 257.75 Td (been ) Tj ET Q q 0 0 0 rg BT 144.83 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.37 257.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.82 257.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.28 257.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 245.48 257.75 Td (complaints ) Tj ET Q q 0 0 0 rg BT 294.27 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.15 257.75 Td (has ) Tj ET Q q 0 0 0 rg BT 328.85 257.75 Td (also ) Tj ET Q q 0 0 0 rg BT 348.48 257.75 Td (been ) Tj ET Q q 0 0 0 rg BT 371.02 257.75 Td (named ) Tj ET Q q 0 0 0 rg BT 401.72 257.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.18 257.75 Td (a ) Tj ET Q q 0 0 0 rg BT 420.55 257.75 Td (defendant ) Tj ET Q q 0 0 0 rg BT 464.66 257.75 Td (in ) Tj ET Q q 0 0 0 rg BT 475.54 257.75 Td (various ) Tj ET Q q 0 0 0 rg BT 509.16 257.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 532.28 257.75 Td (actions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 245.15 Td (arising ) Tj ET Q q 0 0 0 rg BT 81.56 245.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 123.62 245.15 Td (from ) Tj ET Q q 0 0 0 rg BT 147.01 245.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 170.40 245.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 229.66 245.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.29 245.15 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 319.88 245.15 Td (and ) Tj ET Q q 0 0 0 rg BT 338.02 245.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 387.08 245.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.89 245.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 467.40 245.15 Td (including ) Tj ET Q q 0 0 0 rg BT 510.05 245.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.59 245.15 Td (class ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 232.55 Td (actions, ) Tj ET Q q 0 0 0 rg BT 84.96 232.55 Td (which ) Tj ET Q q 0 0 0 rg BT 113.21 232.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.87 232.55 Td (allege ) Tj ET Q q 0 0 0 rg BT 182.53 232.55 Td (violations ) Tj ET Q q 0 0 0 rg BT 226.53 232.55 Td (of ) Tj ET Q q 0 0 0 rg BT 237.87 232.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.11 232.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 301.95 232.55 Td (and ) Tj ET Q q 0 0 0 rg BT 319.70 232.55 Td (seek ) Tj ET Q q 0 0 0 rg BT 340.95 232.55 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 391.94 232.55 Td (damages, ) Tj ET Q q 0 0 0 rg BT 433.89 232.55 Td (which ) Tj ET Q q 0 0 0 rg BT 462.14 232.55 Td (could ) Tj ET Q q 0 0 0 rg BT 488.05 232.55 Td (be ) Tj ET Q q 0 0 0 rg BT 500.55 232.55 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 550.68 232.55 Td ( ) Tj ET Q q 0 0 0 rg BT 553.27 232.55 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 219.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 219.95 Td (normal ) Tj ET Q q 0 0 0 rg BT 97.78 219.95 Td (course ) Tj ET Q q 0 0 0 rg BT 127.79 219.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.15 219.95 Td (its ) Tj ET Q q 0 0 0 rg BT 151.67 219.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 192.49 219.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.67 219.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 247.86 219.95 Td (has ) Tj ET Q q 0 0 0 rg BT 264.46 219.95 Td (also ) Tj ET Q q 0 0 0 rg BT 283.98 219.95 Td (received ) Tj ET Q q 0 0 0 rg BT 322.15 219.95 Td (subpoenas ) Tj ET Q q 0 0 0 rg BT 368.50 219.95 Td (and ) Tj ET Q q 0 0 0 rg BT 386.26 219.95 Td (is ) Tj ET Q q 0 0 0 rg BT 395.87 219.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 436.38 219.95 Td (involved ) Tj ET Q q 0 0 0 rg BT 475.73 219.95 Td (in ) Tj ET Q q 0 0 0 rg BT 486.50 219.95 Td (governmental ) Tj ET Q q 0 0 0 rg BT 546.84 219.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 207.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 87.26 207.35 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 151.92 207.35 Td (agency ) Tj ET Q q 0 0 0 rg BT 184.49 207.35 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 226.71 207.35 Td (investigations ) Tj ET Q q 0 0 0 rg BT 287.89 207.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 308.52 207.35 Td (from ) Tj ET Q q 0 0 0 rg BT 331.78 207.35 Td (time ) Tj ET Q q 0 0 0 rg BT 353.28 207.35 Td (to ) Tj ET Q q 0 0 0 rg BT 364.30 207.35 Td (time, ) Tj ET Q q 0 0 0 rg BT 388.43 207.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 442.01 207.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 485.11 207.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.37 207.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 94.61 194.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.69 194.75 Td (In ) Tj ET Q q 0 0 0 rg BT 111.52 194.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 162.81 194.75 Td (with ) Tj ET Q q 0 0 0 rg BT 185.56 194.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.54 194.75 Td (for ) Tj ET Q q 0 0 0 rg BT 243.87 194.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 294.02 194.75 Td (for ) Tj ET Q q 0 0 0 rg BT 310.34 194.75 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 374.78 194.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 400.44 194.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 433.10 194.75 Td (has ) Tj ET Q q 0 0 0 rg BT 451.18 194.75 Td (established ) Tj ET Q q 0 0 0 rg BT 501.92 194.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 549.75 194.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 182.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.81 182.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 120.47 182.15 Td (from ) Tj ET Q q 0 0 0 rg BT 143.45 182.15 Td (pending ) Tj ET Q q 0 0 0 rg BT 179.84 182.15 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 231.12 182.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 254.09 182.15 Td (actions, ) Tj ET Q q 0 0 0 rg BT 289.03 182.15 Td (investigations ) Tj ET Q q 0 0 0 rg BT 349.93 182.15 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 182.15 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 420.96 182.15 Td (when ) Tj ET Q q 0 0 0 rg BT 446.28 182.15 Td (it ) Tj ET Q q 0 0 0 rg BT 454.68 182.15 Td (is ) Tj ET Q q 0 0 0 rg BT 464.26 182.15 Td (probable ) Tj ET Q q 0 0 0 rg BT 503.56 182.15 Td (that ) Tj ET Q q 0 0 0 rg BT 521.88 182.15 Td (a ) Tj ET Q q 0 0 0 rg BT 529.11 182.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 548.02 182.15 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 169.55 Td (been ) Tj ET Q q 0 0 0 rg BT 72.45 169.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 110.05 169.55 Td (and ) Tj ET Q q 0 0 0 rg BT 127.84 169.55 Td (a ) Tj ET Q q 0 0 0 rg BT 135.12 169.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 182.64 169.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 220.26 169.55 Td (of ) Tj ET Q q 0 0 0 rg BT 231.63 169.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 250.59 169.55 Td (can ) Tj ET Q q 0 0 0 rg BT 267.79 169.55 Td (be ) Tj ET Q q 0 0 0 rg BT 280.32 169.55 Td (made.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 144.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.71 144.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.44 144.35 Td (cannot ) Tj ET Q q 0 0 0 rg BT 137.57 144.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 175.70 144.35 Td (the ) Tj ET Q q 0 0 0 rg BT 191.66 144.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 240.29 144.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 277.85 144.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 297.33 144.35 Td (or ) Tj ET Q q 0 0 0 rg BT 309.21 144.35 Td (range ) Tj ET Q q 0 0 0 rg BT 335.67 144.35 Td (of ) Tj ET Q q 0 0 0 rg BT 347.56 144.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 367.04 144.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.33 144.35 Td (with ) Tj ET Q q 0 0 0 rg BT 435.14 144.35 Td (matters ) Tj ET Q q 0 0 0 rg BT 469.18 144.35 Td (of ) Tj ET Q q 0 0 0 rg BT 481.07 144.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 522.13 144.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.43 144.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 131.75 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 109.82 131.75 Td (including ) Tj ET Q q 0 0 0 rg BT 155.94 131.75 Td (those ) Tj ET Q q 0 0 0 rg BT 184.57 131.75 Td (described ) Tj ET Q q 0 0 0 rg BT 231.26 131.75 Td (above ) Tj ET Q q 0 0 0 rg BT 262.80 131.75 Td (as ) Tj ET Q q 0 0 0 rg BT 278.00 131.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 322.96 131.75 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 378.12 131.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 404.99 131.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 443.82 131.75 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 489.65 131.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 546.84 131.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 119.15 Td (investigations. ) Tj ET Q q 0 0 0 rg BT 113.53 119.15 Td ( ) Tj ET Q q 0 0 0 rg BT 115.91 119.15 Td (The ) Tj ET Q q 0 0 0 rg BT 134.81 119.15 Td (inability ) Tj ET Q q 0 0 0 rg BT 172.38 119.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.12 119.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.76 119.15 Td (a ) Tj ET Q q 0 0 0 rg BT 225.00 119.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 273.05 119.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 310.04 119.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 344.11 119.15 Td (or ) Tj ET Q q 0 0 0 rg BT 355.42 119.15 Td (range ) Tj ET Q q 0 0 0 rg BT 381.31 119.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 119.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 420.29 119.15 Td (is ) Tj ET Q q 0 0 0 rg BT 429.86 119.15 Td (not ) Tj ET Q q 0 0 0 rg BT 445.85 119.15 Td (because ) Tj ET Q q 0 0 0 rg BT 481.65 119.15 Td (there ) Tj ET Q q 0 0 0 rg BT 505.21 119.15 Td (is ) Tj ET Q q 0 0 0 rg BT 514.79 119.15 Td (uncertainty ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 106.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.17 106.55 Td (to ) Tj ET Q q 0 0 0 rg BT 71.76 106.55 Td (the ) Tj ET Q q 0 0 0 rg BT 87.01 106.55 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 123.84 106.55 Td (outcome ) Tj ET Q q 0 0 0 rg BT 162.42 106.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.59 106.55 Td (a ) Tj ET Q q 0 0 0 rg BT 180.67 106.55 Td (matter) Tj ET Q q 0 0 0 rg BT 207.07 106.55 Td (, ) Tj ET Q q 0 0 0 rg BT 212.12 106.55 Td (but ) Tj ET Q q 0 0 0 rg BT 227.96 106.55 Td (because ) Tj ET Q q 0 0 0 rg BT 263.61 106.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 298.70 106.55 Td (and ) Tj ET Q q 0 0 0 rg BT 316.28 106.55 Td (damage ) Tj ET Q q 0 0 0 rg BT 351.35 106.55 Td (issues ) Tj ET Q q 0 0 0 rg BT 378.86 106.55 Td (have ) Tj ET Q q 0 0 0 rg BT 401.11 106.55 Td (not ) Tj ET Q q 0 0 0 rg BT 416.95 106.55 Td (developed ) Tj ET Q q 0 0 0 rg BT 462.52 106.55 Td (to ) Tj ET Q q 0 0 0 rg BT 473.11 106.55 Td (the ) Tj ET Q q 0 0 0 rg BT 488.36 106.55 Td (point ) Tj ET Q q 0 0 0 rg BT 512.37 106.55 Td (where ) Tj ET Q q 0 0 0 rg BT 540.44 106.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 93.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.65 93.95 Td (can ) Tj ET Q q 0 0 0 rg BT 97.29 93.95 Td (conclude ) Tj ET Q q 0 0 0 rg BT 137.26 93.95 Td (that ) Tj ET Q q 0 0 0 rg BT 155.07 93.95 Td (there ) Tj ET Q q 0 0 0 rg BT 178.12 93.95 Td (is ) Tj ET Q q 0 0 0 rg BT 187.19 93.95 Td (both ) Tj ET Q q 0 0 0 rg BT 207.93 93.95 Td (a ) Tj ET Q q 0 0 0 rg BT 214.66 93.95 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 261.62 93.95 Td (possibility ) Tj ET Q q 0 0 0 rg BT 307.44 93.95 Td (of ) Tj ET Q q 0 0 0 rg BT 318.26 93.95 Td (a ) Tj ET Q q 0 0 0 rg BT 324.99 93.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 343.39 93.95 Td (and ) Tj ET Q q 0 0 0 rg BT 360.62 93.95 Td (a ) Tj ET Q q 0 0 0 rg BT 367.35 93.95 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 417.24 93.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 450.80 93.95 Td (or ) Tj ET Q q 0 0 0 rg BT 461.61 93.95 Td (range ) Tj ET Q q 0 0 0 rg BT 487.00 93.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.81 93.95 Td (possible ) Tj ET Q q 0 0 0 rg BT 534.30 93.95 Td (losses. ) Tj ET Q q 0 0 0 rg BT 564.64 93.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 81.35 Td (There ) Tj ET Q q 0 0 0 rg BT 77.63 81.35 Td (are ) Tj ET Q q 0 0 0 rg BT 93.59 81.35 Td (numerous ) Tj ET Q q 0 0 0 rg BT 138.14 81.35 Td (aspects ) Tj ET Q q 0 0 0 rg BT 171.61 81.35 Td (to ) Tj ET Q q 0 0 0 rg BT 182.92 81.35 Td (customer ) Tj ET Q q 0 0 0 rg BT 224.55 81.35 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 276.40 81.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 299.95 81.35 Td (actions, ) Tj ET Q q 0 0 0 rg BT 335.46 81.35 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 377.98 81.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 431.85 81.35 Td (and ) Tj ET Q q 0 0 0 rg BT 450.16 81.35 Td (investigations ) Tj ET Q q 0 0 0 rg BT 511.63 81.35 Td (that ) Tj ET Q q 0 0 0 rg BT 530.52 81.35 Td (prevent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 68.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.11 68.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.23 68.75 Td (from ) Tj ET Q q 0 0 0 rg BT 128.18 68.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 174.46 68.75 Td (a ) Tj ET Q q 0 0 0 rg BT 181.66 68.75 Td (related ) Tj ET Q q 0 0 0 rg BT 212.76 68.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 246.79 68.75 Td (or ) Tj ET Q q 0 0 0 rg BT 258.07 68.75 Td (range ) Tj ET Q q 0 0 0 rg BT 283.93 68.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.21 68.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 343.23 68.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 380.19 68.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 410.43 68.75 Td ( ) Tj ET Q q 0 0 0 rg BT 412.79 68.75 Td (These ) Tj ET Q q 0 0 0 rg BT 440.40 68.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 473.25 68.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 509.32 68.75 Td (among ) Tj ET Q q 0 0 0 rg BT 540.44 68.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 56.15 Td (things, ) Tj ET Q q 0 0 0 rg BT 79.99 56.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.51 56.15 Td (nature ) Tj ET Q q 0 0 0 rg BT 122.44 56.15 Td (of ) Tj ET Q q 0 0 0 rg BT 132.88 56.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.41 56.15 Td (matters; ) Tj ET Q q 0 0 0 rg BT 182.92 56.15 Td (that ) Tj ET Q q 0 0 0 rg BT 200.36 56.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 246.38 56.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 281.89 56.15 Td (facts ) Tj ET Q q 0 0 0 rg BT 303.41 56.15 Td (are ) Tj ET Q q 0 0 0 rg BT 317.92 56.15 Td (not ) Tj ET Q q 0 0 0 rg BT 333.03 56.15 Td (known, ) Tj ET Q q 0 0 0 rg BT 365.93 56.15 Td (are ) Tj ET Q q 0 0 0 rg BT 380.45 56.15 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 421.20 56.15 Td (or ) Tj ET Q q 0 0 0 rg BT 431.64 56.15 Td (are ) Tj ET Q q 0 0 0 rg BT 446.16 56.15 Td (in ) Tj ET Q q 0 0 0 rg BT 456.02 56.15 Td (dispute; ) Tj ET Q q 0 0 0 rg BT 490.96 56.15 Td (and ) Tj ET Q q 0 0 0 rg BT 507.82 56.15 Td (that ) Tj ET Q q 0 0 0 rg BT 525.26 56.15 Td (damages ) Tj ET Q endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (sought ) Tj ET Q q 0 0 0 rg BT 80.48 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 95.78 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 111.68 741.75 Td (specified, ) Tj ET Q q 0 0 0 rg BT 154.68 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 169.98 741.75 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 214.14 741.75 Td (unsupportable ) Tj ET Q q 0 0 0 rg BT 276.11 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 287.34 741.75 Td (unexplained. ) Tj ET Q q 0 0 0 rg BT 343.76 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 346.24 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 357.46 741.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 396.98 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 411.70 741.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 434.59 741.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 469.44 741.75 Td (discovery ) Tj ET Q q 0 0 0 rg BT 512.74 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 533.29 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 549.19 741.75 Td (yet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 72.01 729.15 Td (started, ) Tj ET Q q 0 0 0 rg BT 104.81 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 125.07 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 140.68 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 152.77 729.15 Td (complete ) Tj ET Q q 0 0 0 rg BT 193.45 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 204.38 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 224.64 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 240.25 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 252.34 729.15 Td (conclusive, ) Tj ET Q q 0 0 0 rg BT 302.06 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 319.41 729.15 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 369.41 729.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 414.76 729.15 Td (discussions ) Tj ET Q q 0 0 0 rg BT 464.78 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 485.05 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 500.65 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 522.66 729.15 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 564.63 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (Further) Tj ET Q q 0 0 0 rg BT 80.49 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 85.27 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 99.66 716.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 144.96 716.55 Td (matters, ) Tj ET Q q 0 0 0 rg BT 180.64 716.55 Td (investigations ) Tj ET Q q 0 0 0 rg BT 241.12 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 261.35 716.55 Td (run ) Tj ET Q q 0 0 0 rg BT 277.49 716.55 Td (their ) Tj ET Q q 0 0 0 rg BT 298.88 716.55 Td (course ) Tj ET Q q 0 0 0 rg BT 328.44 716.55 Td (without ) Tj ET Q q 0 0 0 rg BT 362.67 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 379.98 716.55 Td (clear ) Tj ET Q q 0 0 0 rg BT 402.53 716.55 Td (indication ) Tj ET Q q 0 0 0 rg BT 446.67 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 457.56 716.55 Td (wrongdoing ) Tj ET Q q 0 0 0 rg BT 510.46 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 521.36 716.55 Td (fault ) Tj ET Q q 0 0 0 rg BT 542.75 716.55 Td (until ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (their ) Tj ET Q q 0 0 0 rg BT 71.87 703.95 Td (conclusion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.15 678.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 123.17 678.75 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 160.28 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 172.59 678.75 Td (adequate ) Tj ET Q q 0 0 0 rg BT 212.30 678.75 Td (accrual ) Tj ET Q q 0 0 0 rg BT 245.00 678.75 Td (has ) Tj ET Q q 0 0 0 rg BT 261.40 678.75 Td (been ) Tj ET Q q 0 0 0 rg BT 283.62 678.75 Td (made ) Tj ET Q q 0 0 0 rg BT 308.76 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 319.91 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.05 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 360.86 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.38 678.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.38 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 402.40 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 412.97 678.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 447.45 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 462.09 678.75 Td (any ) Tj ET Q q 0 0 0 rg BT 479.65 678.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 518.78 678.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 546.27 678.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (may ) Tj ET Q q 0 0 0 rg BT 70.92 666.15 Td (arise ) Tj ET Q q 0 0 0 rg BT 93.58 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 116.82 666.15 Td (matters ) Tj ET Q q 0 0 0 rg BT 150.57 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 165.65 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 194.15 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.81 666.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.48 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 279.65 666.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 327.97 666.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 365.80 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 378.55 666.15 Td (amount. ) Tj ET Q q 0 0 0 rg BT 415.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 442.75 666.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 480.15 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.72 666.15 Td (condition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (results ) Tj ET Q q 0 0 0 rg BT 80.23 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 91.80 653.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 138.36 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 156.33 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 177.81 653.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 203.96 653.55 Td (could ) Tj ET Q q 0 0 0 rg BT 230.11 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 242.84 653.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 288.22 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 296.19 653.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 324.65 653.55 Td (during ) Tj ET Q q 0 0 0 rg BT 354.89 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 362.37 653.55 Td (period ) Tj ET Q q 0 0 0 rg BT 392.01 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 403.00 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 431.47 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 438.95 653.55 Td (matter ) Tj ET Q q 0 0 0 rg BT 468.59 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 478.41 653.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 523.81 653.55 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 564.63 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (In ) Tj ET Q q 0 0 0 rg BT 60.55 640.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 99.39 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.02 640.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 150.22 640.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 173.03 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.57 640.95 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 255.35 640.95 Td (char) Tj ET Q q 0 0 0 rg BT 273.23 640.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 289.03 640.95 Td (can ) Tj ET Q q 0 0 0 rg BT 305.40 640.95 Td (vary ) Tj ET Q q 0 0 0 rg BT 325.86 640.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 380.15 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 402.36 640.95 Td (period-to-period, ) Tj ET Q q 0 0 0 rg BT 475.60 640.95 Td (depending ) Tj ET Q q 0 0 0 rg BT 521.14 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 533.44 640.95 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 70.82 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 81.13 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 111.86 628.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 159.80 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 174.20 628.35 Td (size ) Tj ET Q q 0 0 0 rg BT 192.10 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 208.83 628.35 Td (volume ) Tj ET Q q 0 0 0 rg BT 241.89 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 252.21 628.35 Td (customer ) Tj ET Q q 0 0 0 rg BT 292.27 628.35 Td (complaints ) Tj ET Q q 0 0 0 rg BT 339.92 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 356.65 628.35 Td (claims, ) Tj ET Q q 0 0 0 rg BT 388.25 628.35 Td (including ) Tj ET Q q 0 0 0 rg BT 429.49 628.35 Td (class ) Tj ET Q q 0 0 0 rg BT 451.47 628.35 Td (action ) Tj ET Q q 0 0 0 rg BT 478.70 628.35 Td (suits, ) Tj ET Q q 0 0 0 rg BT 502.15 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.88 628.35 Td (recoveries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 76.27 615.75 Td (indemnification, ) Tj ET Q q 0 0 0 rg BT 151.23 615.75 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 211.04 615.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 257.13 615.75 Td (reimbursement, ) Tj ET Q q 0 0 0 rg BT 328.59 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 343.20 615.75 Td (reductions ) Tj ET Q q 0 0 0 rg BT 392.79 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 406.82 615.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.00 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 500.76 615.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 539.85 615.75 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (arrangements. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (As ) Tj ET Q q 0 0 0 rg BT 65.20 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 77.47 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 108.40 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.05 577.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 149.57 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 168.26 577.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 195.41 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 220.51 577.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 258.60 577.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 294.79 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 310.56 577.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 339.17 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 357.86 577.95 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 419.12 577.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.97 577.95 Td ($400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.97 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 463.50 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.19 577.95 Td ($200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.19 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 509.34 577.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 577.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (During ) Tj ET Q q 0 0 0 rg BT 84.88 565.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 112.75 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.50 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 170.26 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 190.55 565.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 219.31 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.01 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 279.73 565.35 Td (incurred ) Tj ET Q q 0 0 0 rg BT 319.84 565.35 Td (char) Tj ET Q q 0 0 0 rg BT 337.72 565.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 356.85 565.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 394.05 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 407.35 565.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 450.39 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 470.68 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 497.39 565.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 553.25 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.27 552.75 Td ($250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.27 552.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.52 552.75 Td ($200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.52 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 165.77 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.56 552.75 Td ($200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.56 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 209.81 552.75 Td (respectively ) Tj ET Q q 0 0 0 rg BT 263.16 552.75 Td (\(net ) Tj ET Q q 0 0 0 rg BT 282.11 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 293.48 552.75 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 339.25 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.62 552.75 Td ($19,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.74 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 387.37 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 398.16 552.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 423.53 552.75 Td (2014\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.13 527.55 Td (further ) Tj ET Q q 0 0 0 rg BT 93.15 527.55 Td (described ) Tj ET Q q 0 0 0 rg BT 134.84 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 144.46 527.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 166.33 527.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 175.66 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 198.69 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 228.73 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 248.26 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 259.63 527.55 Td (obligated ) Tj ET Q q 0 0 0 rg BT 300.16 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 527.55 Td (settle ) Tj ET Q q 0 0 0 rg BT 333.40 527.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 396.68 527.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 433.13 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 463.15 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 472.78 527.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.24 527.55 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 564.62 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 567.25 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 569.87 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.15 514.95 Td (balance ) Tj ET Q q 0 0 0 rg BT 104.04 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 115.62 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 131.28 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 162.67 514.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 227.33 514.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 265.15 514.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.31 514.95 Td ($67,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.44 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 321.27 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 332.85 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.42 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 374.66 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.61 514.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 417.07 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 419.27 514.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 444.56 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 456.14 514.95 Td (further ) Tj ET Q q 0 0 0 rg BT 487.54 514.95 Td (described ) Tj ET Q q 0 0 0 rg BT 530.60 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 541.60 514.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (1) Tj ET Q q 0 0 0 rg BT 54.86 502.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 65.09 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 75.09 502.35 Td (April ) Tj ET Q q 0 0 0 rg BT 99.60 502.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.58 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 136.10 502.35 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 188.03 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 209.05 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 224.23 502.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 256.32 502.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 312.32 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 322.84 502.35 Td (preparation ) Tj ET Q q 0 0 0 rg BT 373.01 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 387.60 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 402.78 502.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 457.62 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 478.64 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 496.35 502.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 517.08 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 532.26 502.35 Td (Permal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 106.27 489.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.14 489.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 155.84 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 174.80 489.75 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 219.42 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 240.71 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.16 489.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 294.94 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.31 489.75 Td ($7,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.19 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 337.81 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 348.61 489.75 Td (its ) Tj ET Q q 0 0 0 rg BT 361.15 489.75 Td (participants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.14 464.55 Td (further ) Tj ET Q q 0 0 0 rg BT 95.18 464.55 Td (described ) Tj ET Q q 0 0 0 rg BT 137.89 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 148.53 464.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 171.41 464.55 Td (18, ) Tj ET Q q 0 0 0 rg BT 187.01 464.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 236.14 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 246.78 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 276.66 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.26 464.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 318.36 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 342.40 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 373.46 464.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 412.08 464.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 446.05 464.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 482.93 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 500.56 464.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 518.27 464.55 Td (rust. ) Tj ET Q q 0 0 0 rg BT 539.12 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 541.59 464.55 Td (Both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.92 451.95 Td (these ) Tj ET Q q 0 0 0 rg BT 84.67 451.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 137.01 451.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 172.43 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 182.77 451.95 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 233.33 451.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 297.33 451.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 334.50 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 351.84 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 366.84 451.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 400.51 451.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 437.09 451.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 485.35 451.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 510.85 451.95 Td (included ) Tj ET Q q 0 0 0 rg BT 549.18 451.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 118.53 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.90 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 142.44 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 150.40 439.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 177.52 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 233.79 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.66 439.35 Td (plan.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 414.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 414.15 Td (EMPLOYEE BENEFITS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 174.65 414.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.22 388.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.57 388.95 Td (through ) Tj ET Q q 0 0 0 rg BT 144.38 388.95 Td (its ) Tj ET Q q 0 0 0 rg BT 157.44 388.95 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 212.79 388.95 Td (maintains ) Tj ET Q q 0 0 0 rg BT 256.77 388.95 Td (various ) Tj ET Q q 0 0 0 rg BT 290.82 388.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 325.45 388.95 Td (contribution ) Tj ET Q q 0 0 0 rg BT 379.92 388.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 405.23 388.95 Td (covering ) Tj ET Q q 0 0 0 rg BT 445.11 388.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 501.33 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 514.97 388.95 Td (employees. ) Tj ET Q q 0 0 0 rg BT 565.13 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Through ) Tj ET Q q 0 0 0 rg BT 88.37 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 112.65 376.35 Td (plans, ) Tj ET Q q 0 0 0 rg BT 140.15 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.44 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.73 376.35 Td (can ) Tj ET Q q 0 0 0 rg BT 213.01 376.35 Td (make ) Tj ET Q q 0 0 0 rg BT 238.46 376.35 Td (two ) Tj ET Q q 0 0 0 rg BT 256.92 376.35 Td (types ) Tj ET Q q 0 0 0 rg BT 281.79 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 293.25 376.35 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 350.77 376.35 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 411.52 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 414.23 376.35 Td (One ) Tj ET Q q 0 0 0 rg BT 434.43 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 444.15 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 451.52 376.35 Td (profit ) Tj ET Q q 0 0 0 rg BT 477.56 376.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 511.18 376.35 Td (contribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.45 363.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 94.73 363.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 115.59 363.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 167.36 363.75 Td (based ) Tj ET Q q 0 0 0 rg BT 194.06 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 207.34 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 214.79 363.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 263.04 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.57 363.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 314.68 363.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.78 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 393.73 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.34 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 433.70 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 443.49 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.94 363.75 Td (match ) Tj ET Q q 0 0 0 rg BT 479.38 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.91 363.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 534.51 363.75 Td (401\(k\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 110.01 351.15 Td (Matches ) Tj ET Q q 0 0 0 rg BT 148.05 351.15 Td (range ) Tj ET Q q 0 0 0 rg BT 173.83 351.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 196.71 351.15 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.96 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 218.42 351.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.06 351.15 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.55 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 256.02 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.23 351.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 310.52 351.15 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 340.98 351.15 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 401.49 351.15 Td (up ) Tj ET Q q 0 0 0 rg BT 414.45 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 425.09 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 432.22 351.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 477.26 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 488.48 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 503.77 351.15 Td (lesser ) Tj ET Q q 0 0 0 rg BT 530.15 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 541.36 351.15 Td (up ) Tj ET Q q 0 0 0 rg BT 554.33 351.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 65.17 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 75.60 338.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 118.09 338.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 178.09 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 188.52 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 194.85 338.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 234.43 338.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 267.61 338.55 Td (up ) Tj ET Q q 0 0 0 rg BT 279.78 338.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.63 338.55 Td ($16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.38 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 307.06 338.55 Td (per ) Tj ET Q q 0 0 0 rg BT 322.14 338.55 Td (year) Tj ET Q q 0 0 0 rg BT 339.63 338.55 Td (. ) Tj ET Q q 0 0 0 rg BT 343.93 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 345.61 338.55 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 389.27 338.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 414.28 338.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 446.87 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 463.71 338.55 Td (matching ) Tj ET Q q 0 0 0 rg BT 504.46 338.55 Td (contributions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (together ) Tj ET Q q 0 0 0 rg BT 87.06 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 108.88 325.95 Td (contributions ) Tj ET Q q 0 0 0 rg BT 167.45 325.95 Td (made ) Tj ET Q q 0 0 0 rg BT 193.35 325.95 Td (under ) Tj ET Q q 0 0 0 rg BT 220.41 325.95 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 266.73 325.95 Td (plans, ) Tj ET Q q 0 0 0 rg BT 294.68 325.95 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.40 325.95 Td ($33,152) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.53 325.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.31 325.95 Td ($27,888) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.44 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 403.59 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.91 325.95 Td ($29,355) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.03 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 459.19 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 470.51 325.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.41 325.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.41 325.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.19 325.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.19 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 313.35 Td (, ) Tj ET Q q 0 0 0 rg BT 75.75 313.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 125.80 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 131.05 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 145.04 313.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 184.71 313.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 232.23 313.35 Td (can ) Tj ET Q q 0 0 0 rg BT 249.43 313.35 Td (make ) Tj ET Q q 0 0 0 rg BT 274.79 313.35 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 317.66 313.35 Td (contributions ) Tj ET Q q 0 0 0 rg BT 375.70 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 402.23 313.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 433.42 313.35 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.44 288.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 110.70 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 132.57 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 148.59 288.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 197.86 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 209.81 288.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 241.58 288.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 271.60 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 285.29 288.15 Td (October ) Tj ET Q q 0 0 0 rg BT 322.31 288.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 333.38 288.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 360.20 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 384.97 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 416.75 288.15 Td (assumed ) Tj ET Q q 0 0 0 rg BT 456.10 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.13 288.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 521.99 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 288.15 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Currie's ) Tj ET Q q 0 0 0 rg BT 84.93 275.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 119.04 275.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 150.82 275.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 186.11 275.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 209.43 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 233.63 275.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 256.09 275.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 298.96 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 309.76 275.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.79 275.55 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.04 275.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 250.95 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 250.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 67.88 250.95 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 99.77 250.95 Td (AL) Tj ET Q q 0 0 0 rg BT 113.77 250.95 Td ( ST) Tj ET Q q 0 0 0 rg BT 129.05 250.95 Td (OCK) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 152.97 250.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.41 225.75 Td (March ) Tj ET Q q 0 0 0 rg BT 94.22 225.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 110.75 225.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.75 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 137.78 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.02 225.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 201.74 225.75 Td (numbers ) Tj ET Q q 0 0 0 rg BT 241.30 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 225.75 Td (common ) Tj ET Q q 0 0 0 rg BT 293.61 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.18 225.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 354.05 225.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 383.70 225.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.51 225.75 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.63 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 445.04 225.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.61 225.75 Td (4,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.23 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 493.26 225.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 543.31 225.75 Td (. ) Tj ET Q q 0 0 0 rg BT 549.34 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 552.00 225.75 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.82 213.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.85 213.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.85 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 119.77 213.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.84 213.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.84 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 164.38 213.15 Td (there ) Tj ET Q q 0 0 0 rg BT 188.27 213.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.59 213.15 Td (6,988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.21 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 238.12 213.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.20 213.15 Td (8,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.82 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.73 213.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.89 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.54 213.15 Td (common ) Tj ET Q q 0 0 0 rg BT 363.20 213.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 390.90 213.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 440.95 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 446.49 213.15 Td (reserved ) Tj ET Q q 0 0 0 rg BT 484.96 213.15 Td (for ) Tj ET Q q 0 0 0 rg BT 500.12 213.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 538.60 213.15 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 200.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.89 200.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 139.76 200.55 Td (plans. ) Tj ET Q q 0 0 0 rg BT 167.17 200.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.09 175.35 Td (May ) Tj ET Q q 0 0 0 rg BT 81.19 175.35 Td (2012, ) Tj ET Q q 0 0 0 rg BT 106.66 175.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 130.08 175.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 166.48 175.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 193.99 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 204.58 175.35 Td (Directors ) Tj ET Q q 0 0 0 rg BT 245.50 175.35 Td (approved ) Tj ET Q q 0 0 0 rg BT 286.41 175.35 Td (a ) Tj ET Q q 0 0 0 rg BT 292.92 175.35 Td (share ) Tj ET Q q 0 0 0 rg BT 316.92 175.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.23 175.35 Td (authorization ) Tj ET Q q 0 0 0 rg BT 421.48 175.35 Td (for ) Tj ET Q q 0 0 0 rg BT 435.57 175.35 Td (up ) Tj ET Q q 0 0 0 rg BT 447.91 175.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.93 175.35 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.18 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.02 175.35 Td (for ) Tj ET Q q 0 0 0 rg BT 521.11 175.35 Td (purchases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.08 162.75 Td (common ) Tj ET Q q 0 0 0 rg BT 100.66 162.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 128.28 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 130.48 162.75 Td (All ) Tj ET Q q 0 0 0 rg BT 146.73 162.75 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.98 162.75 Td ($13,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.11 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.94 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.52 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.18 162.75 Td (share ) Tj ET Q q 0 0 0 rg BT 252.16 162.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 304.55 162.75 Td (under ) Tj ET Q q 0 0 0 rg BT 331.29 162.75 Td (this ) Tj ET Q q 0 0 0 rg BT 349.29 162.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 407.52 162.75 Td (were ) Tj ET Q q 0 0 0 rg BT 430.76 162.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 477.32 162.75 Td (by ) Tj ET Q q 0 0 0 rg BT 490.65 162.75 Td (March ) Tj ET Q q 0 0 0 rg BT 520.89 162.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 547.35 162.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.44 150.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 111.12 150.15 Td (share ) Tj ET Q q 0 0 0 rg BT 136.38 150.15 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 189.04 150.15 Td (under ) Tj ET Q q 0 0 0 rg BT 216.06 150.15 Td (this ) Tj ET Q q 0 0 0 rg BT 234.34 150.15 Td (authorization ) Tj ET Q q 0 0 0 rg BT 292.85 150.15 Td (were ) Tj ET Q q 0 0 0 rg BT 316.36 150.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 363.20 150.15 Td (in ) Tj ET Q q 0 0 0 rg BT 373.79 150.15 Td (April ) Tj ET Q q 0 0 0 rg BT 399.06 150.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 425.80 150.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.90 150.15 Td (In ) Tj ET Q q 0 0 0 rg BT 440.76 150.15 Td (January ) Tj ET Q q 0 0 0 rg BT 476.52 150.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 503.25 150.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.94 150.15 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 76.80 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 87.18 137.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 127.89 137.55 Td (approved ) Tj ET Q q 0 0 0 rg BT 168.60 137.55 Td (a ) Tj ET Q q 0 0 0 rg BT 174.90 137.55 Td (new ) Tj ET Q q 0 0 0 rg BT 194.03 137.55 Td (share ) Tj ET Q q 0 0 0 rg BT 217.82 137.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 264.93 137.55 Td (authorization ) Tj ET Q q 0 0 0 rg BT 321.97 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 335.85 137.55 Td (up ) Tj ET Q q 0 0 0 rg BT 347.99 137.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.79 137.55 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.04 137.55 Td ( ) Tj ET Q q 0 0 0 rg BT 406.68 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 420.56 137.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 464.19 137.55 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 515.39 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.77 137.55 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (stock. ) Tj ET Q q 0 0 0 rg BT 77.44 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 80.36 124.95 Td (There ) Tj ET Q q 0 0 0 rg BT 107.99 124.95 Td (is ) Tj ET Q q 0 0 0 rg BT 118.15 124.95 Td (no ) Tj ET Q q 0 0 0 rg BT 131.79 124.95 Td (expiration ) Tj ET Q q 0 0 0 rg BT 177.51 124.95 Td (attached ) Tj ET Q q 0 0 0 rg BT 215.64 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.96 124.95 Td (this ) Tj ET Q q 0 0 0 rg BT 245.28 124.95 Td (share ) Tj ET Q q 0 0 0 rg BT 270.58 124.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 319.20 124.95 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 380.38 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 383.53 124.95 Td (During ) Tj ET Q q 0 0 0 rg BT 416.42 124.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.31 124.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.31 124.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.09 124.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.09 124.95 Td (, ) Tj ET Q q 0 0 0 rg BT 495.86 124.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.17 124.95 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.17 124.95 Td (, ) Tj ET Q q 0 0 0 rg BT 540.95 124.95 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.18 112.35 Td (purchased ) Tj ET Q q 0 0 0 rg BT 126.84 112.35 Td (and ) Tj ET Q q 0 0 0 rg BT 145.10 112.35 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.60 112.35 Td (4,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.22 112.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.94 112.35 Td (6,931) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.57 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 234.29 112.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.55 112.35 Td (9,677) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.17 112.35 Td ( ) Tj ET Q q 0 0 0 rg BT 279.27 112.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 308.60 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.45 112.35 Td (its ) Tj ET Q q 0 0 0 rg BT 333.47 112.35 Td (common ) Tj ET Q q 0 0 0 rg BT 373.31 112.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 401.19 112.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 451.24 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 456.96 112.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.30 112.35 Td ($209,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.68 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 517.40 112.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.50 112.35 Td ($356,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 112.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.14 99.75 Td ($359,996) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.51 99.75 Td (, ) Tj ET Q q 0 0 0 rg BT 113.61 99.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 163.66 99.75 Td (, ) Tj ET Q q 0 0 0 rg BT 169.76 99.75 Td (through ) Tj ET Q q 0 0 0 rg BT 205.89 99.75 Td (open ) Tj ET Q q 0 0 0 rg BT 229.78 99.75 Td (market ) Tj ET Q q 0 0 0 rg BT 262.41 99.75 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 309.91 99.75 Td ( ) Tj ET Q q 0 0 0 rg BT 313.13 99.75 Td (The ) Tj ET Q q 0 0 0 rg BT 332.93 99.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 378.98 99.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 414.51 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.73 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.04 99.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 490.82 99.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 516.46 99.75 Td (buyback ) Tj ET Q q 0 0 0 rg BT 555.51 99.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.77 87.15 Td ($804,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.15 87.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.79 61.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 108.65 61.95 Td (in ) Tj ET Q q 0 0 0 rg BT 120.44 61.95 Td (Note�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.47 61.95 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 148.72 61.95 Td (, ) Tj ET Q q 0 0 0 rg BT 154.96 61.95 Td (warrants ) Tj ET Q q 0 0 0 rg BT 194.73 61.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 224.60 61.95 Td (in ) Tj ET Q q 0 0 0 rg BT 236.39 61.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 286.07 61.95 Td (with ) Tj ET Q q 0 0 0 rg BT 308.36 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.80 61.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 373.89 61.95 Td (of ) Tj ET Q q 0 0 0 rg BT 386.25 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 402.70 61.95 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 455.89 61.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 484.00 61.95 Td (could ) Tj ET Q q 0 0 0 rg BT 510.95 61.95 Td (result ) Tj ET Q q 0 0 0 rg BT 537.90 61.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 61.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 87.21 49.35 Td (of ) Tj ET Q q 0 0 0 rg BT 98.10 49.35 Td (a ) Tj ET Q q 0 0 0 rg BT 104.89 49.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 149.61 49.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.50 49.35 Td (14,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.37 49.35 Td ( ) Tj ET Q q 0 0 0 rg BT 191.51 49.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 219.89 49.35 Td (of ) Tj ET Q q 0 0 0 rg BT 230.77 49.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 254.49 49.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 285.21 49.35 Td (common ) Tj ET Q q 0 0 0 rg BT 324.09 49.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 351.02 49.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 382.90 49.35 Td (to ) Tj ET Q q 0 0 0 rg BT 393.21 49.35 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 444.05 49.35 Td (if ) Tj ET Q q 0 0 0 rg BT 452.60 49.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 483.30 49.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 529.19 49.35 Td (are ) Tj ET Q q 0 0 0 rg BT 544.15 49.35 Td (met.) Tj ET Q endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (123) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Changes ) Tj ET Q q 0 0 0 rg BT 88.29 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 99.08 741.75 Td (common ) Tj ET Q q 0 0 0 rg BT 138.45 741.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 163.24 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 178.11 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.56 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 218.34 741.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.04 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 276.06 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.81 741.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.81 741.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.06 741.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.06 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 341.69 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.48 741.75 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.48 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 385.73 741.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 435.77 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 441.02 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 456.46 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 467.84 741.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 701.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 701.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 701.25 60.00 -15.00 re f 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0.9333333333333333 1 rg /GS0 gs 438.00 641.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 641.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 611.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 611.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 611.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 611.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 611.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 611.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 581.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 581.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 581.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 581.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 581.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 581.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.25 m 370 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 701.25 m 434 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 701.25 m 498 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 701.25 m 562 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.25 m 370 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 701.25 m 434 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 701.25 m 498 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 701.25 m 562 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 581.25 m 370 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 566.25 m 370 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 581.25 m 434 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 566.25 m 434 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 581.25 m 498 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 566.25 m 498 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 581.25 m 562 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 566.25 m 562 566.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.15 721.02 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 706.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 706.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 706.02 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 691.04 Td (COMMON STOCK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 676.02 Td (Beginning balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 676.04 Td (111,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 676.02 Td (117,173) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 676.02 Td (125,341) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 661.02 Td (Shares issued for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 646.02 Td (Stock option exercises) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.25 646.04 Td (338) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 646.02 Td (718) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 646.02 Td (781) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 631.02 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 631.04 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 631.02 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 631.02 Td (50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 616.02 Td (Stock-based compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.25 616.04 Td (142) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 616.02 Td (938) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 616.02 Td (1,233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 601.02 Td (Shares repurchased and retired) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 601.04 Td (\(4,537) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 601.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 601.02 Td (\(6,931) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 601.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 601.02 Td (\(9,677) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 601.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 586.02 Td (Employee tax withholding by settlement of net share transactions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.75 586.04 Td (\(412) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 586.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 586.02 Td (\(473) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 586.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 586.02 Td (\(555) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 586.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 571.02 Td (Ending balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 571.04 Td (107,012) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 571.02 Td (111,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 571.02 Td (117,173) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 541.55 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 94.76 541.55 Td (declared ) Tj ET Q q 0 0 0 rg BT 132.42 541.55 Td (per ) Tj ET Q q 0 0 0 rg BT 147.92 541.55 Td (share ) Tj ET Q q 0 0 0 rg BT 172.18 541.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.67 541.55 Td ($0.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.30 541.55 Td (, ) Tj ET Q q 0 0 0 rg BT 223.02 541.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.12 541.55 Td ($0.64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.75 541.55 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 541.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.10 541.55 Td ($0.52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.73 541.55 Td ( ) Tj ET Q q 0 0 0 rg BT 293.83 541.55 Td (for ) Tj ET Q q 0 0 0 rg BT 308.17 541.55 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.00 541.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 541.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.73 541.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.73 541.55 Td ( ) Tj ET Q q 0 0 0 rg BT 381.83 541.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.08 541.55 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.08 541.55 Td (, ) Tj ET Q q 0 0 0 rg BT 424.81 541.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 474.85 541.55 Td (. ) Tj ET Q q 0 0 0 rg BT 479.58 541.55 Td ( ) Tj ET Q q 0 0 0 rg BT 481.68 541.55 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 526.94 541.55 Td (declared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.95 Td (but ) Tj ET Q q 0 0 0 rg BT 65.14 528.95 Td (not ) Tj ET Q q 0 0 0 rg BT 80.79 528.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 101.09 528.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 110.89 528.95 Td (March ) Tj ET Q q 0 0 0 rg BT 140.52 528.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.87 528.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.87 528.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.72 528.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.72 528.95 Td ( ) Tj ET Q q 0 0 0 rg BT 204.95 528.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.33 528.95 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.33 528.95 Td (, ) Tj ET Q q 0 0 0 rg BT 248.18 528.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.81 528.95 Td ($22,038) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.93 528.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.78 528.95 Td ($17,837) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.91 528.95 Td ( ) Tj ET Q q 0 0 0 rg BT 346.13 528.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.52 528.95 Td ($14,945) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.64 528.95 Td (, ) Tj ET Q q 0 0 0 rg BT 402.49 528.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 452.54 528.95 Td (, ) Tj ET Q q 0 0 0 rg BT 457.39 528.95 Td (and ) Tj ET Q q 0 0 0 rg BT 474.78 528.95 Td (are ) Tj ET Q q 0 0 0 rg BT 489.82 528.95 Td (included ) Tj ET Q q 0 0 0 rg BT 528.20 528.95 Td (in ) Tj ET Q q 0 0 0 rg BT 538.59 528.95 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 516.35 Td (current ) Tj ET Q q 0 0 0 rg BT 81.86 516.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 123.56 516.35 Td (of ) Tj ET Q q 0 0 0 rg BT 134.93 516.35 Td (the ) Tj ET Q q 0 0 0 rg BT 150.39 516.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 208.43 516.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 244.86 516.35 Td (Sheets.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (1) Tj ET Q q 0 0 0 rg BT 54.67 491.75 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 59.92 491.75 Td (.��) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 67.80 491.75 Td (ST) Tj ET Q q 0 0 0 rg BT 80.45 491.75 Td (OCK-BASED ) Tj ET Q q 0 0 0 rg BT 145.50 491.75 Td (COMPENSA) Tj ET Q q 0 0 0 rg BT 204.81 491.75 Td (TION) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 231.65 491.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 466.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 77.39 466.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 117.77 466.55 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.16 466.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 237.29 466.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 278.10 466.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.08 466.55 Td (options, ) Tj ET Q q 0 0 0 rg BT 345.45 466.55 Td (an ) Tj ET Q q 0 0 0 rg BT 361.18 466.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 407.81 466.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.79 466.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 478.92 466.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 505.44 466.55 Td (market-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 453.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.48 453.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 136.16 453.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 172.25 453.95 Td (in ) Tj ET Q q 0 0 0 rg BT 183.85 453.95 Td (common ) Tj ET Q q 0 0 0 rg BT 224.03 453.95 Td (stock, ) Tj ET Q q 0 0 0 rg BT 252.25 453.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 294.75 453.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 320.35 453.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 353.52 453.95 Td (and ) Tj ET Q q 0 0 0 rg BT 372.12 453.95 Td (units, ) Tj ET Q q 0 0 0 rg BT 398.60 453.95 Td (af) Tj ET Q q 0 0 0 rg BT 406.57 453.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 434.49 453.95 Td (management ) Tj ET Q q 0 0 0 rg BT 491.57 453.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 521.25 453.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 546.85 453.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 441.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 88.04 441.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.42 441.35 Td (payable ) Tj ET Q q 0 0 0 rg BT 185.13 441.35 Td (in ) Tj ET Q q 0 0 0 rg BT 196.36 441.35 Td (stock. ) Tj ET Q q 0 0 0 rg BT 224.22 441.35 Td ( ) Tj ET Q q 0 0 0 rg BT 227.28 441.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 258.34 441.35 Td (available ) Tj ET Q q 0 0 0 rg BT 299.30 441.35 Td (for ) Tj ET Q q 0 0 0 rg BT 314.60 441.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 353.24 441.35 Td (under ) Tj ET Q q 0 0 0 rg BT 380.21 441.35 Td (the ) Tj ET Q q 0 0 0 rg BT 396.10 441.35 Td (active ) Tj ET Q q 0 0 0 rg BT 424.23 441.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 453.54 441.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 495.09 441.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 520.32 441.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 541.46 441.35 Td (as ) Tj ET Q q 0 0 0 rg BT 553.27 441.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 428.75 Td (March ) Tj ET Q q 0 0 0 rg BT 79.94 428.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.60 428.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.60 428.75 Td (, ) Tj ET Q q 0 0 0 rg BT 121.76 428.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.70 428.75 Td (6,476) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.32 428.75 Td (. ) Tj ET Q q 0 0 0 rg BT 173.48 428.75 Td ( ) Tj ET Q q 0 0 0 rg BT 176.02 428.75 Td (Options ) Tj ET Q q 0 0 0 rg BT 211.81 428.75 Td (under ) Tj ET Q q 0 0 0 rg BT 238.25 428.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 262.36 428.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 293.86 428.75 Td (s ) Tj ET Q q 0 0 0 rg BT 300.48 428.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 343.83 428.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 368.53 428.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 393.23 428.75 Td (have ) Tj ET Q q 0 0 0 rg BT 415.59 428.75 Td (been ) Tj ET Q q 0 0 0 rg BT 437.94 428.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 471.97 428.75 Td (at ) Tj ET Q q 0 0 0 rg BT 482.08 428.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 509.69 428.75 Td (not ) Tj ET Q q 0 0 0 rg BT 525.64 428.75 Td (less ) Tj ET Q q 0 0 0 rg BT 543.92 428.75 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.15 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 416.15 Td ( ) Tj ET Q q 0 0 0 rg BT 77.63 416.15 Td (of ) Tj ET Q q 0 0 0 rg BT 89.52 416.15 Td (the ) Tj ET Q q 0 0 0 rg BT 105.48 416.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.19 416.15 Td (market ) Tj ET Q q 0 0 0 rg BT 155.48 416.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 183.99 416.15 Td ( ) Tj ET Q q 0 0 0 rg BT 187.12 416.15 Td (Options ) Tj ET Q q 0 0 0 rg BT 223.52 416.15 Td (are ) Tj ET Q q 0 0 0 rg BT 239.47 416.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 281.67 416.15 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 332.03 416.15 Td (in ) Tj ET Q q 0 0 0 rg BT 343.34 416.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 369.21 416.15 Td (increments ) Tj ET Q q 0 0 0 rg BT 418.42 416.15 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.21 416.15 Td (four) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.71 416.15 Td ( ) Tj ET Q q 0 0 0 rg BT 460.84 416.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.73 416.15 Td (five) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.05 416.15 Td ( ) Tj ET Q q 0 0 0 rg BT 492.19 416.15 Td (years ) Tj ET Q q 0 0 0 rg BT 517.48 416.15 Td (and ) Tj ET Q q 0 0 0 rg BT 535.78 416.15 Td (expire ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 403.55 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.46 403.55 Td (eight) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.46 403.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.08 403.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.87 403.55 Td (ten) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.70 403.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.33 403.55 Td (years ) Tj ET Q q 0 0 0 rg BT 154.11 403.55 Td (from ) Tj ET Q q 0 0 0 rg BT 177.14 403.55 Td (the ) Tj ET Q q 0 0 0 rg BT 192.59 403.55 Td (date ) Tj ET Q q 0 0 0 rg BT 212.71 403.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.08 403.55 Td (grant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 378.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.34 378.35 Td (further ) Tj ET Q q 0 0 0 rg BT 95.59 378.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 138.51 378.35 Td (below) Tj ET Q q 0 0 0 rg BT 163.49 378.35 Td (, ) Tj ET Q q 0 0 0 rg BT 168.79 378.35 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 378.35 Td (components ) Tj ET Q q 0 0 0 rg BT 237.71 378.35 Td (of ) Tj ET Q q 0 0 0 rg BT 249.13 378.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 273.38 378.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 310.62 378.35 Td (total ) Tj ET Q q 0 0 0 rg BT 331.95 378.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 384.20 378.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.19 378.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.69 378.35 Td (for ) Tj ET Q q 0 0 0 rg BT 496.60 378.35 Td (the ) Tj ET Q q 0 0 0 rg BT 512.11 378.35 Td (years ) Tj ET Q q 0 0 0 rg BT 536.94 378.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 365.75 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 365.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.78 365.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.78 365.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.03 365.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.03 365.75 Td (, ) Tj ET Q q 0 0 0 rg BT 148.28 365.75 Td (and ) Tj ET Q q 0 0 0 rg BT 166.06 365.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 192.31 365.75 Td (were ) Tj ET Q q 0 0 0 rg BT 215.34 365.75 Td (as ) Tj ET Q q 0 0 0 rg BT 226.71 365.75 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 353.15 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.65 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 312.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 312.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 312.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 312.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 312.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 312.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.65 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 282.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 282.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 282.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 282.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 282.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 282.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 252.65 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 252.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 252.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 252.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 252.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 252.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 252.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.65 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 222.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 222.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 222.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 222.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 222.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 222.65 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 327.65 m 400.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 327.65 m 404.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 327.65 m 481.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 327.65 m 485.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 327.65 m 562.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 312.65 m 319.5 312.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 312.65 m 400.5 312.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 327.65 m 481.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 312.65 m 481.5 312.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 327.65 m 562.5 327.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 312.65 m 562.5 312.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 207.64999999999998 m 319.5 207.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 207.64999999999998 m 400.5 207.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 192.64999999999998 m 319.5 192.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 192.64999999999998 m 400.5 192.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 207.64999999999998 m 481.5 207.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 192.64999999999998 m 481.5 192.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 207.64999999999998 m 562.5 207.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 192.64999999999998 m 562.5 192.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.15 332.42 Td (Y) Tj ET Q q 0 0 0 rg BT 399.68 332.42 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 351.00 317.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.00 317.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 317.42 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 302.42 Td (Stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.00 302.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.85 302.44 Td (9,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.00 302.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 302.42 Td (11,584) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 302.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 302.42 Td (13,530) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 287.42 Td (Restricted stock and restricted stock units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.60 287.44 Td (52,670) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 287.42 Td (45,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 287.42 Td (48,263) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 272.42 Td (Employee stock purchase plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 380.75 272.44 Td (729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.75 272.42 Td (673) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 272.42 Td (315) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 257.42 Td (Affiliate management equity plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.60 257.44 Td (26,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 257.42 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 257.42 Td (2,270) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 242.42 Td (Non-employee director awards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.85 242.44 Td (1,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 242.42 Td (1,550) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 242.42 Td (1,950) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 227.42 Td (Performance share units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.85 227.44 Td (2,766) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 227.42 Td (1,056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 227.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 212.42 Td (Employee stock trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.00 212.44 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.75 212.42 Td (201) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 212.42 Td (160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 197.42 Td (Total stock-based compensation expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.00 197.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.60 197.44 Td (92,927) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.00 197.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 197.42 Td (66,245) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 197.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 197.42 Td (66,488) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 253 0 obj <>] /Rotate 0 /Contents 254 0 R>> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (124) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Stock Options) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 77.08 729.30 Td (option ) Tj ET Q q 0 0 0 rg BT 107.08 729.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 160.39 729.30 Td (under ) Tj ET Q q 0 0 0 rg BT 187.46 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.20 729.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 249.92 729.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 279.33 729.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 320.98 729.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 346.30 729.30 Td (during ) Tj ET Q q 0 0 0 rg BT 376.88 729.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.87 729.30 Td (years ) Tj ET Q q 0 0 0 rg BT 418.19 729.30 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.26 729.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.42 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 476.99 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.27 729.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.27 729.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.06 729.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.06 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 546.85 729.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.25 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 91.69 716.70 Td (summarized ) Tj ET Q q 0 0 0 rg BT 145.64 716.70 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 670.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 670.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 670.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 670.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 644.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 644.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 644.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 644.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 618.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 618.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 618.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 618.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 618.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 592.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 592.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 592.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 592.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 566.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 566.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 566.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 566.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 540.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 540.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 540.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 540.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 514.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 514.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 514.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 514.20 110.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 618.2 m 334.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 618.2 m 448.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 618.2 m 562.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 618.2 m 334.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 618.2 m 448.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 618.2 m 562.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.2 m 334.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 566.2 m 448.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 566.2 m 562.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.2 m 334.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 514.2 m 334.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 514.2 m 448.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 514.2 m 562.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 514.2 m 334.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 501.2 m 334.5 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 501.2 m 448.5 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 501.2 m 562.5 501.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 674.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.80 674.97 Td (Number of�Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 685.47 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.20 674.97 Td (Exercise Price Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 660.42 Td (Options outstanding at March 31, 2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 660.42 Td (5,361) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 660.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 660.42 Td (53.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 647.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 647.42 Td (1,215) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 647.42 Td (33.64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 634.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 634.42 Td (\(804) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 634.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 634.42 Td (30.52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 621.42 Td (\(971) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 621.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 621.42 Td (97.49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 608.42 Td (Options outstanding at March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 608.42 Td (4,801) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 608.42 Td (43.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 595.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 595.42 Td (918) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 595.42 Td (47.65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 582.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 582.42 Td (\(694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 582.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 582.42 Td (30.75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 569.42 Td (\(593) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 569.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 569.42 Td (90.31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 556.42 Td (Options outstanding at March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 556.42 Td (4,432) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 556.42 Td (39.58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 543.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 543.42 Td (876) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 543.42 Td (54.51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 530.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 530.42 Td (\(349) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 530.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 530.42 Td (28.35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 517.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 517.42 Td (\(453) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 517.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 517.42 Td (88.06) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 504.59 Td (Options outstanding at Mar) Tj ET Q q 0 0 0 rg BT 177.96 504.59 Td (ch 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 504.59 Td (4,506) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.00 504.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 504.59 Td (38.48) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 476.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.55 476.50 Td (total ) Tj ET Q q 0 0 0 rg BT 89.44 476.50 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 126.08 476.50 Td (value ) Tj ET Q q 0 0 0 rg BT 151.05 476.50 Td (of ) Tj ET Q q 0 0 0 rg BT 162.02 476.50 Td (options ) Tj ET Q q 0 0 0 rg BT 195.17 476.50 Td (exercised ) Tj ET Q q 0 0 0 rg BT 237.04 476.50 Td (during ) Tj ET Q q 0 0 0 rg BT 266.69 476.50 Td (the ) Tj ET Q q 0 0 0 rg BT 281.74 476.50 Td (years ) Tj ET Q q 0 0 0 rg BT 306.12 476.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 333.42 476.50 Td (March ) Tj ET Q q 0 0 0 rg BT 363.05 476.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.41 476.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 404.26 476.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 430.11 476.50 Td (and ) Tj ET Q q 0 0 0 rg BT 447.50 476.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 473.35 476.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.91 476.50 Td ($5,81) Tj ET Q q 0 0 0 rg BT 515.15 476.50 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.40 476.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.25 476.50 Td ($14,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 476.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 463.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.79 463.90 Td ($6,064) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.66 463.90 Td (, ) Tj ET Q q 0 0 0 rg BT 101.91 463.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.96 463.90 Td (. ) Tj ET Q q 0 0 0 rg BT 156.63 463.90 Td (At ) Tj ET Q q 0 0 0 rg BT 169.75 463.90 Td (March ) Tj ET Q q 0 0 0 rg BT 199.78 463.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 215.53 463.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 241.78 463.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.24 463.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 300.67 463.90 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 337.71 463.90 Td (value ) Tj ET Q q 0 0 0 rg BT 363.07 463.90 Td (of ) Tj ET Q q 0 0 0 rg BT 374.44 463.90 Td (options ) Tj ET Q q 0 0 0 rg BT 407.99 463.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 459.61 463.90 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.57 463.90 Td ($1) Tj ET Q q 0 0 0 rg BT 488.68 463.90 Td (1,009) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.30 463.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 438.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 438.70 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 438.70 Td (information ) Tj ET Q q 0 0 0 rg BT 164.61 438.70 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 217.38 438.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.58 438.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 278.77 438.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.56 438.70 Td (options ) Tj ET Q q 0 0 0 rg BT 337.11 438.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 388.73 438.70 Td (at ) Tj ET Q q 0 0 0 rg BT 398.93 438.70 Td (March ) Tj ET Q q 0 0 0 rg BT 428.96 438.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.71 438.70 Td (2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.20 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 380.20 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 380.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 380.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.20 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 350.20 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 350.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 350.20 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.2 m 215.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 380.2 m 308.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 380.2 m 435.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 380.2 m 562.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.2 m 215.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 380.2 m 308.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 380.2 m 435.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 380.2 m 562.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 335.2 m 308.5 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 320.2 m 308.5 320.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 395.47 Td (Exercise) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 384.97 Td (Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.60 395.47 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.80 384.97 Td (Outstanding) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.35 405.97 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.30 395.47 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.20 384.97 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.35 405.97 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.40 395.47 Td (Remaining Life) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 384.97 Td (\(in years\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 369.97 Td ($ 14.81 - $ 25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.75 369.97 Td (567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 369.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 369.87 Td (23.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 369.97 Td (4.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 354.97 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 354.97 Td (1,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 354.87 Td (31.88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 354.97 Td (3.39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 339.97 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 339.97 Td (2,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 339.87 Td (47.28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 339.97 Td (6.27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 324.97 Td (4,506) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.02 296.10 Td (March ) Tj ET Q q 0 0 0 rg BT 94.94 296.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 111.59 296.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.59 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 138.73 296.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 165.87 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.55 296.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 211.70 296.10 Td (options ) Tj ET Q q 0 0 0 rg BT 246.14 296.10 Td (were ) Tj ET Q q 0 0 0 rg BT 270.05 296.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 320.79 296.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.56 296.10 Td (2,544) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.18 296.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.32 296.10 Td (2,202) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.95 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.09 296.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.77 296.10 Td (2,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.92 296.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 474.30 296.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.35 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 530.49 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 296.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 283.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 126.47 283.50 Td (exercise ) Tj ET Q q 0 0 0 rg BT 162.71 283.50 Td (price ) Tj ET Q q 0 0 0 rg BT 185.54 283.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.72 283.50 Td ($32.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.60 283.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.07 283.50 Td ($41.50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.94 283.50 Td (, ) Tj ET Q q 0 0 0 rg BT 270.42 283.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.42 283.50 Td ($54.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.30 283.50 Td (, ) Tj ET Q q 0 0 0 rg BT 320.77 283.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 370.82 283.50 Td (. ) Tj ET Q q 0 0 0 rg BT 375.29 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 377.14 283.50 Td (Stock ) Tj ET Q q 0 0 0 rg BT 402.90 283.50 Td (options ) Tj ET Q q 0 0 0 rg BT 435.67 283.50 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 484.74 283.50 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.16 283.50 Td (March ) Tj ET Q q 0 0 0 rg BT 523.42 283.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.39 283.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 283.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 270.90 Td (have ) Tj ET Q q 0 0 0 rg BT 73.69 270.90 Td (a ) Tj ET Q q 0 0 0 rg BT 82.23 270.90 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 160.72 270.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 207.17 270.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 257.68 270.90 Td (life ) Tj ET Q q 0 0 0 rg BT 275.54 270.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.16 270.90 Td (3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.29 270.90 Td ( ) Tj ET Q q 0 0 0 rg BT 305.16 270.90 Td (years. ) Tj ET Q q 0 0 0 rg BT 333.81 270.90 Td ( ) Tj ET Q q 0 0 0 rg BT 336.83 270.90 Td (At ) Tj ET Q q 0 0 0 rg BT 351.20 270.90 Td (March ) Tj ET Q q 0 0 0 rg BT 382.48 270.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.47 270.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 426.97 270.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.67 270.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 488.35 270.90 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 526.64 270.90 Td (value ) Tj ET Q q 0 0 0 rg BT 553.25 270.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 99.85 258.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 128.71 258.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.67 258.30 Td ($9,070) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.54 258.30 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 233.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 233.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 165.19 233.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 189.39 233.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 226.57 233.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 251.36 233.10 Td (options ) Tj ET Q q 0 0 0 rg BT 284.91 233.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 334.75 233.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.96 233.10 Td (March ) Tj ET Q q 0 0 0 rg BT 374.99 233.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.74 233.10 Td (2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 186.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 186.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 186.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 156.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 156.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 156.60 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 186.60000000000002 m 348.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 186.60000000000002 m 435.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 186.60000000000002 m 348.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 186.60000000000002 m 435.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 141.60000000000002 m 435.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 126.60000000000002 m 435.5 126.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 201.87 Td (Exercise) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 191.37 Td (Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.60 201.87 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 191.37 Td (Exercisable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.35 212.37 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.30 201.87 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.20 191.37 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 176.37 Td ($ 14.81 - $ 25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.75 176.37 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 176.27 Td (23.67) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 161.37 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 161.37 Td (1,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 161.27 Td (31.88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 146.37 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.75 146.37 Td (451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 146.27 Td (40.94) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 131.37 Td (2,544) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The following information summarizes unvested stock options under Legg Mason's equity incentive plans for the year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (ended March 31, 2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 682.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 682.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 682.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 652.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 652.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 622.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 622.65 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 682.65 m 306.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 682.65 m 433.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 682.65 m 560.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 682.65 m 433.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 682.65 m 560.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 622.65 m 433.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 622.65 m 560.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 622.65 m 306.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 607.65 m 306.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 607.65 m 433.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 607.65 m 560.5 607.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.25 697.92 Td (Number) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.80 687.42 Td (of Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.35 708.42 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.30 697.92 Td (Grant Date) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.85 687.42 Td (Fair Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 672.42 Td (Shares unvested at March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.85 672.42 Td (2,230) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.00 672.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 672.42 Td (11.73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 657.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.75 657.42 Td (876) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 657.42 Td (11.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 642.42 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.35 642.42 Td (\(1,074) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.50 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 642.42 Td (11.82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 627.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 627.42 Td (\(70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.50 627.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 627.42 Td (11.62) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 612.44 Td (Shares unvested at March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.85 612.44 Td (1,962) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.00 612.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 532.85 612.44 Td (11.48) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 582.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.62 582.95 Td (the ) Tj ET Q q 0 0 0 rg BT 83.48 582.95 Td (years ) Tj ET Q q 0 0 0 rg BT 108.66 582.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 136.76 582.95 Td (March ) Tj ET Q q 0 0 0 rg BT 167.20 582.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.35 582.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 210.01 582.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 236.66 582.95 Td (and ) Tj ET Q q 0 0 0 rg BT 254.85 582.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 281.51 582.95 Td (income ) Tj ET Q q 0 0 0 rg BT 315.44 582.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.30 582.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 367.57 582.95 Td (related ) Tj ET Q q 0 0 0 rg BT 399.17 582.95 Td (to ) Tj ET Q q 0 0 0 rg BT 410.36 582.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.56 582.95 Td (options ) Tj ET Q q 0 0 0 rg BT 469.51 582.95 Td (were ) Tj ET Q q 0 0 0 rg BT 492.94 582.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.97 582.95 Td ($3,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 582.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.50 582.95 Td ($4,681) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 582.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 570.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.39 570.35 Td ($5,244) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.26 570.35 Td (, ) Tj ET Q q 0 0 0 rg BT 103.12 570.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 153.16 570.35 Td (. ) Tj ET Q q 0 0 0 rg BT 159.02 570.35 Td ( ) Tj ET Q q 0 0 0 rg BT 162.25 570.35 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 220.29 570.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 281.84 570.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 301.98 570.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.79 570.35 Td (March ) Tj ET Q q 0 0 0 rg BT 343.42 570.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.77 570.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.77 570.35 Td (, ) Tj ET Q q 0 0 0 rg BT 386.63 570.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.19 570.35 Td ($13,480) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.31 570.35 Td ( ) Tj ET Q q 0 0 0 rg BT 443.54 570.35 Td (and ) Tj ET Q q 0 0 0 rg BT 461.93 570.35 Td (was ) Tj ET Q q 0 0 0 rg BT 481.49 570.35 Td (related ) Tj ET Q q 0 0 0 rg BT 513.28 570.35 Td (to ) Tj ET Q q 0 0 0 rg BT 524.68 570.35 Td (unvested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 557.75 Td (options ) Tj ET Q q 0 0 0 rg BT 84.56 557.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.44 557.75 Td (1,962) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.06 557.75 Td ( ) Tj ET Q q 0 0 0 rg BT 127.70 557.75 Td (shares. ) Tj ET Q q 0 0 0 rg BT 160.20 557.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.57 557.75 Td (The ) Tj ET Q q 0 0 0 rg BT 183.53 557.75 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 239.65 557.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 301.60 557.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 322.15 557.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.36 557.75 Td (March ) Tj ET Q q 0 0 0 rg BT 364.40 557.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.16 557.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.16 557.75 Td (, ) Tj ET Q q 0 0 0 rg BT 408.42 557.75 Td (is ) Tj ET Q q 0 0 0 rg BT 419.06 557.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 460.01 557.75 Td (to ) Tj ET Q q 0 0 0 rg BT 471.81 557.75 Td (be ) Tj ET Q q 0 0 0 rg BT 485.36 557.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 535.05 557.75 Td (over ) Tj ET Q q 0 0 0 rg BT 557.34 557.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 543.75 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 127.25 543.75 Td (period ) Tj ET Q q 0 0 0 rg BT 156.70 543.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.07 543.75 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.20 543.75 Td ( ) Tj ET Q q 0 0 0 rg BT 183.82 543.75 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.23 543.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 518.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.00 518.55 Td (received ) Tj ET Q q 0 0 0 rg BT 110.55 518.55 Td (from ) Tj ET Q q 0 0 0 rg BT 132.95 518.55 Td (exercises ) Tj ET Q q 0 0 0 rg BT 173.43 518.55 Td (of ) Tj ET Q q 0 0 0 rg BT 184.17 518.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 208.33 518.55 Td (options ) Tj ET Q q 0 0 0 rg BT 241.25 518.55 Td (under ) Tj ET Q q 0 0 0 rg BT 267.15 518.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.72 518.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 327.28 518.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.52 518.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 396.00 518.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 420.16 518.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.49 518.55 Td ($9,516) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.36 518.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.98 518.55 Td ($22,069) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.11 518.55 Td (, ) Tj ET Q q 0 0 0 rg BT 510.73 518.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.88 518.55 Td ($23,818) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 505.95 Td (for ) Tj ET Q q 0 0 0 rg BT 66.04 505.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.66 505.95 Td (years ) Tj ET Q q 0 0 0 rg BT 108.61 505.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 137.48 505.95 Td (March ) Tj ET Q q 0 0 0 rg BT 168.68 505.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 185.60 505.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 213.03 505.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 240.45 505.95 Td (and ) Tj ET Q q 0 0 0 rg BT 259.40 505.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 286.83 505.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 336.87 505.95 Td (. ) Tj ET Q q 0 0 0 rg BT 343.02 505.95 Td (The ) Tj ET Q q 0 0 0 rg BT 363.14 505.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 379.77 505.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 412.71 505.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 453.82 505.95 Td (to ) Tj ET Q q 0 0 0 rg BT 465.78 505.95 Td (be ) Tj ET Q q 0 0 0 rg BT 479.49 505.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 516.51 505.95 Td (for ) Tj ET Q q 0 0 0 rg BT 532.55 505.95 Td (the ) Tj ET Q q 0 0 0 rg BT 549.18 505.95 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 493.35 Td (deductions ) Tj ET Q q 0 0 0 rg BT 98.18 493.35 Td (from ) Tj ET Q q 0 0 0 rg BT 121.28 493.35 Td (these ) Tj ET Q q 0 0 0 rg BT 145.54 493.35 Td (option ) Tj ET Q q 0 0 0 rg BT 175.06 493.35 Td (exercises ) Tj ET Q q 0 0 0 rg BT 216.23 493.35 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.49 493.35 Td ($1,962) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.36 493.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.67 493.35 Td ($4,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.55 493.35 Td (, ) Tj ET Q q 0 0 0 rg BT 315.86 493.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.71 493.35 Td ($1,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.58 493.35 Td ( ) Tj ET Q q 0 0 0 rg BT 365.27 493.35 Td (for ) Tj ET Q q 0 0 0 rg BT 380.20 493.35 Td (the ) Tj ET Q q 0 0 0 rg BT 395.71 493.35 Td (years ) Tj ET Q q 0 0 0 rg BT 420.55 493.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 448.31 493.35 Td (March ) Tj ET Q q 0 0 0 rg BT 478.40 493.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.21 493.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 520.52 493.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 546.84 493.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 480.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.25 480.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 126.30 480.75 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 455.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.85 455.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.99 455.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.09 455.55 Td (value ) Tj ET Q q 0 0 0 rg BT 188.35 455.55 Td (of ) Tj ET Q q 0 0 0 rg BT 199.62 455.55 Td (service-based ) Tj ET Q q 0 0 0 rg BT 259.28 455.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 283.96 455.55 Td (options ) Tj ET Q q 0 0 0 rg BT 317.41 455.55 Td (granted ) Tj ET Q q 0 0 0 rg BT 351.42 455.55 Td (during ) Tj ET Q q 0 0 0 rg BT 381.35 455.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.70 455.55 Td (years ) Tj ET Q q 0 0 0 rg BT 421.38 455.55 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.45 455.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.97 455.55 Td (March ) Tj ET Q q 0 0 0 rg BT 478.90 455.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.55 455.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.55 455.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.70 455.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.70 455.55 Td (, ) Tj ET Q q 0 0 0 rg BT 546.84 455.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 442.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 75.77 442.95 Td (excluding ) Tj ET Q q 0 0 0 rg BT 119.31 442.95 Td (those ) Tj ET Q q 0 0 0 rg BT 143.62 442.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 177.24 442.95 Td (to ) Tj ET Q q 0 0 0 rg BT 187.55 442.95 Td (our ) Tj ET Q q 0 0 0 rg BT 203.69 442.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 229.16 442.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 273.28 442.95 Td (Of) Tj ET Q q 0 0 0 rg BT 284.17 442.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 305.54 442.95 Td (in ) Tj ET Q q 0 0 0 rg BT 315.85 442.95 Td (May ) Tj ET Q q 0 0 0 rg BT 337.24 442.95 Td (2013 ) Tj ET Q q 0 0 0 rg BT 360.38 442.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 402.77 442.95 Td (below) Tj ET Q q 0 0 0 rg BT 427.75 442.95 Td (, ) Tj ET Q q 0 0 0 rg BT 432.51 442.95 Td (using ) Tj ET Q q 0 0 0 rg BT 457.41 442.95 Td (the ) Tj ET Q q 0 0 0 rg BT 472.38 442.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 535.17 442.95 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 430.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 82.37 430.35 Td (model, ) Tj ET Q q 0 0 0 rg BT 113.86 430.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.82 430.35 Td ($1) Tj ET Q q 0 0 0 rg BT 142.93 430.35 Td (1.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.30 430.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.30 430.35 Td ($12.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.18 430.35 Td (, ) Tj ET Q q 0 0 0 rg BT 200.43 430.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.21 430.35 Td ($12.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.09 430.35 Td ( ) Tj ET Q q 0 0 0 rg BT 249.71 430.35 Td (per ) Tj ET Q q 0 0 0 rg BT 265.75 430.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 293.15 430.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 343.20 430.35 Td (. ) Tj ET Q q 0 0 0 rg BT 348.45 430.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 405.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 405.15 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 405.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 189.66 405.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 244.20 405.15 Td (were ) Tj ET Q q 0 0 0 rg BT 267.23 405.15 Td (used ) Tj ET Q q 0 0 0 rg BT 289.10 405.15 Td (in ) Tj ET Q q 0 0 0 rg BT 299.89 405.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.35 405.15 Td (model ) Tj ET Q q 0 0 0 rg BT 344.22 405.15 Td (for ) Tj ET Q q 0 0 0 rg BT 359.09 405.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 387.37 405.15 Td (in ) Tj ET Q q 0 0 0 rg BT 398.17 405.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 423.53 405.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 449.78 405.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 476.03 405.15 Td (and ) Tj ET Q q 0 0 0 rg BT 493.81 405.15 Td (2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 366.65 269.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 366.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 366.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 366.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 366.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 366.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 366.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.65 269.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 338.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 338.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 338.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 338.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 338.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 338.65 77.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 380.65 m 400.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 380.65 m 404.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 380.65 m 481.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 380.65 m 485.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 380.65 m 562.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 366.65 m 319.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 366.65 m 481.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 380.65 m 562.5 380.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 366.65 m 562.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 366.65 m 400.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 366.65 m 481.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 366.65 m 562.5 366.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 310.65 m 319.5 310.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 310.65 m 400.5 310.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 310.65 m 481.5 310.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 310.65 m 562.5 310.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.15 384.87 Td (Y) Tj ET Q q 0 0 0 rg BT 399.68 384.87 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 370.87 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 351.00 371.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.00 370.87 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 370.87 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 356.87 Td (Expected dividend yield) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 357.04 Td (1.18) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.50 357.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 356.87 Td (1.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.25 356.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 356.87 Td (1.54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 356.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 342.87 Td (Risk-free interest rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 343.04 Td (1.44) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.50 343.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 342.87 Td (1.51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.25 342.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 342.87 Td (0.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 342.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 328.87 Td (Expected volatility) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 329.04 Td (24.37) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.50 329.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 328.87 Td (29.53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.25 328.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 328.87 Td (45.08) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 328.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 314.87 Td (Expected life \(in years\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.60 315.04 Td (4.97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 314.87 Td (4.94) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 314.87 Td (4.93) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 285.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 285.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.40 285.95 Td (uses ) Tj ET Q q 0 0 0 rg BT 126.10 285.95 Td (an ) Tj ET Q q 0 0 0 rg BT 138.64 285.95 Td (equally ) Tj ET Q q 0 0 0 rg BT 172.16 285.95 Td (weighted ) Tj ET Q q 0 0 0 rg BT 213.27 285.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 268.39 285.95 Td (of ) Tj ET Q q 0 0 0 rg BT 279.75 285.95 Td (both ) Tj ET Q q 0 0 0 rg BT 301.04 285.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 335.74 285.95 Td (and ) Tj ET Q q 0 0 0 rg BT 353.53 285.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 395.22 285.95 Td (volatility ) Tj ET Q q 0 0 0 rg BT 435.76 285.95 Td (to ) Tj ET Q q 0 0 0 rg BT 446.55 285.95 Td (measure ) Tj ET Q q 0 0 0 rg BT 484.15 285.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.08 285.95 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 273.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.87 273.35 Td (calculating ) Tj ET Q q 0 0 0 rg BT 113.56 273.35 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 176.83 273.35 Td (option ) Tj ET Q q 0 0 0 rg BT 206.29 273.35 Td (values.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 248.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.09 248.15 Td (May ) Tj ET Q q 0 0 0 rg BT 82.69 248.15 Td (2013, ) Tj ET Q q 0 0 0 rg BT 108.66 248.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.58 248.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.51 248.15 Td (awarded ) Tj ET Q q 0 0 0 rg BT 201.42 248.15 Td (options ) Tj ET Q q 0 0 0 rg BT 234.69 248.15 Td (to ) Tj ET Q q 0 0 0 rg BT 245.20 248.15 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.86 248.15 Td (500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.61 248.15 Td ( ) Tj ET Q q 0 0 0 rg BT 302.96 248.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 331.55 248.15 Td (of ) Tj ET Q q 0 0 0 rg BT 342.64 248.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 366.56 248.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 400.12 248.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 418.50 248.15 Td (common ) Tj ET Q q 0 0 0 rg BT 457.59 248.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 482.10 248.15 Td (at ) Tj ET Q q 0 0 0 rg BT 492.02 248.15 Td (an ) Tj ET Q q 0 0 0 rg BT 504.28 248.15 Td (exercise ) Tj ET Q q 0 0 0 rg BT 541.02 248.15 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 235.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.13 235.55 Td ($31.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.01 235.55 Td (, ) Tj ET Q q 0 0 0 rg BT 95.02 235.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 120.14 235.55 Td (to ) Tj ET Q q 0 0 0 rg BT 130.69 235.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.91 235.55 Td (then ) Tj ET Q q 0 0 0 rg BT 166.37 235.55 Td (current ) Tj ET Q q 0 0 0 rg BT 198.49 235.55 Td (market ) Tj ET Q q 0 0 0 rg BT 230.03 235.55 Td (value ) Tj ET Q q 0 0 0 rg BT 255.15 235.55 Td (of ) Tj ET Q q 0 0 0 rg BT 266.28 235.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.24 235.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 327.19 235.55 Td (common ) Tj ET Q q 0 0 0 rg BT 366.32 235.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 393.49 235.55 Td (to ) Tj ET Q q 0 0 0 rg BT 404.05 235.55 Td (its ) Tj ET Q q 0 0 0 rg BT 416.35 235.55 Td (Chief ) Tj ET Q q 0 0 0 rg BT 442.07 235.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 486.43 235.55 Td (Of) Tj ET Q q 0 0 0 rg BT 497.32 235.55 Td (ficer) Tj ET Q q 0 0 0 rg BT 516.14 235.55 Td (, ) Tj ET Q q 0 0 0 rg BT 521.15 235.55 Td (which ) Tj ET Q q 0 0 0 rg BT 549.19 235.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 222.95 Td (included ) Tj ET Q q 0 0 0 rg BT 88.50 222.95 Td (in ) Tj ET Q q 0 0 0 rg BT 99.00 222.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.17 222.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 165.51 222.95 Td (options ) Tj ET Q q 0 0 0 rg BT 198.77 222.95 Td (table ) Tj ET Q q 0 0 0 rg BT 221.52 222.95 Td (above. ) Tj ET Q q 0 0 0 rg BT 251.55 222.95 Td ( ) Tj ET Q q 0 0 0 rg BT 253.72 222.95 Td (The ) Tj ET Q q 0 0 0 rg BT 272.39 222.95 Td (award ) Tj ET Q q 0 0 0 rg BT 300.38 222.95 Td (had ) Tj ET Q q 0 0 0 rg BT 317.88 222.95 Td (a ) Tj ET Q q 0 0 0 rg BT 324.88 222.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 348.79 222.95 Td (date ) Tj ET Q q 0 0 0 rg BT 368.62 222.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.53 222.95 Td (value ) Tj ET Q q 0 0 0 rg BT 410.61 222.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.69 222.95 Td ($5,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.57 222.95 Td ( ) Tj ET Q q 0 0 0 rg BT 452.91 222.95 Td (and ) Tj ET Q q 0 0 0 rg BT 470.41 222.95 Td (was ) Tj ET Q q 0 0 0 rg BT 489.08 222.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 521.16 222.95 Td (to ) Tj ET Q q 0 0 0 rg BT 531.67 222.95 Td (vesting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 210.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 110.42 210.35 Td (all ) Tj ET Q q 0 0 0 rg BT 123.90 210.35 Td (of ) Tj ET Q q 0 0 0 rg BT 135.63 210.35 Td (which ) Tj ET Q q 0 0 0 rg BT 164.28 210.35 Td (had ) Tj ET Q q 0 0 0 rg BT 182.42 210.35 Td (been ) Tj ET Q q 0 0 0 rg BT 205.23 210.35 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 243.20 210.35 Td (by ) Tj ET Q q 0 0 0 rg BT 256.69 210.35 Td (May ) Tj ET Q q 0 0 0 rg BT 278.92 210.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 305.53 210.35 Td ( ) Tj ET Q q 0 0 0 rg BT 308.30 210.35 Td (The ) Tj ET Q q 0 0 0 rg BT 327.61 210.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 360.92 210.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 418.72 210.35 Td (were ) Tj ET Q q 0 0 0 rg BT 442.10 210.35 Td (as ) Tj ET Q q 0 0 0 rg BT 453.83 210.35 Td (follows: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.24 210.35 Td (25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.48 210.35 Td ( ) Tj ET Q q 0 0 0 rg BT 513.47 210.35 Td (over ) Tj ET Q q 0 0 0 rg BT 535.11 210.35 Td (a ) Tj ET Q q 0 0 0 rg BT 542.75 210.35 Td (two-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 197.75 Td (year ) Tj ET Q q 0 0 0 rg BT 70.58 197.75 Td (service ) Tj ET Q q 0 0 0 rg BT 102.82 197.75 Td (period; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.07 197.75 Td (25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.32 197.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.83 197.75 Td (over ) Tj ET Q q 0 0 0 rg BT 178.00 197.75 Td (a ) Tj ET Q q 0 0 0 rg BT 185.17 197.75 Td (two-year ) Tj ET Q q 0 0 0 rg BT 224.99 197.75 Td (service ) Tj ET Q q 0 0 0 rg BT 257.23 197.75 Td (period ) Tj ET Q q 0 0 0 rg BT 286.57 197.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.24 197.75 Td (was ) Tj ET Q q 0 0 0 rg BT 323.08 197.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 355.33 197.75 Td (to ) Tj ET Q q 0 0 0 rg BT 366.01 197.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 390.09 197.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 427.16 197.75 Td (common ) Tj ET Q q 0 0 0 rg BT 466.42 197.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 491.09 197.75 Td (price ) Tj ET Q q 0 0 0 rg BT 514.59 197.75 Td (equaling ) Tj ET Q q 0 0 0 rg BT 553.25 197.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 185.15 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.20 185.15 Td ($36.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 125.08 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 128.72 185.15 Td (for ) Tj ET Q q 0 0 0 rg BT 144.61 185.15 Td (20 ) Tj ET Q q 0 0 0 rg BT 158.75 185.15 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 211.96 185.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 245.34 185.15 Td (days; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.15 185.15 Td (25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.39 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 294.04 185.15 Td (was ) Tj ET Q q 0 0 0 rg BT 314.01 185.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.39 185.15 Td (to ) Tj ET Q q 0 0 0 rg BT 359.20 185.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 384.42 185.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 422.63 185.15 Td (common ) Tj ET Q q 0 0 0 rg BT 463.01 185.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 488.82 185.15 Td (price ) Tj ET Q q 0 0 0 rg BT 513.45 185.15 Td (equaling ) Tj ET Q q 0 0 0 rg BT 553.25 185.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 172.55 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.16 172.55 Td ($41.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.03 172.55 Td ( ) Tj ET Q q 0 0 0 rg BT 126.63 172.55 Td (for ) Tj ET Q q 0 0 0 rg BT 141.47 172.55 Td (20 ) Tj ET Q q 0 0 0 rg BT 154.57 172.55 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 206.73 172.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 239.07 172.55 Td (days; ) Tj ET Q q 0 0 0 rg BT 263.84 172.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.59 172.55 Td (25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.84 172.55 Td ( ) Tj ET Q q 0 0 0 rg BT 303.44 172.55 Td (was ) Tj ET Q q 0 0 0 rg BT 322.37 172.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 354.71 172.55 Td (to ) Tj ET Q q 0 0 0 rg BT 365.47 172.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 389.65 172.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 426.81 172.55 Td (common ) Tj ET Q q 0 0 0 rg BT 466.15 172.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.91 172.55 Td (price ) Tj ET Q q 0 0 0 rg BT 514.50 172.55 Td (equaling ) Tj ET Q q 0 0 0 rg BT 553.25 172.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 159.95 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.78 159.95 Td ($46.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.65 159.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.87 159.95 Td (for ) Tj ET Q q 0 0 0 rg BT 140.33 159.95 Td (20 ) Tj ET Q q 0 0 0 rg BT 153.04 159.95 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 204.82 159.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 236.78 159.95 Td (days; ) Tj ET Q q 0 0 0 rg BT 261.16 159.95 Td (and ) Tj ET Q q 0 0 0 rg BT 278.54 159.95 Td (a ) Tj ET Q q 0 0 0 rg BT 285.42 159.95 Td (requirement ) Tj ET Q q 0 0 0 rg BT 338.36 159.95 Td (that ) Tj ET Q q 0 0 0 rg BT 356.32 159.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 387.10 159.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 415.56 159.95 Td (received ) Tj ET Q q 0 0 0 rg BT 453.33 159.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 476.55 159.95 Td (exercise ) Tj ET Q q 0 0 0 rg BT 513.16 159.95 Td (are ) Tj ET Q q 0 0 0 rg BT 528.19 159.95 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 147.35 Td (for ) Tj ET Q q 0 0 0 rg BT 65.56 147.35 Td (a ) Tj ET Q q 0 0 0 rg BT 73.53 147.35 Td (two-year ) Tj ET Q q 0 0 0 rg BT 114.16 147.35 Td (period. ) Tj ET Q q 0 0 0 rg BT 146.93 147.35 Td ( ) Tj ET Q q 0 0 0 rg BT 150.24 147.35 Td (In ) Tj ET Q q 0 0 0 rg BT 162.30 147.35 Td (each ) Tj ET Q q 0 0 0 rg BT 184.85 147.35 Td (of ) Tj ET Q q 0 0 0 rg BT 196.91 147.35 Td (January ) Tj ET Q q 0 0 0 rg BT 232.88 147.35 Td (and ) Tj ET Q q 0 0 0 rg BT 251.35 147.35 Td (June ) Tj ET Q q 0 0 0 rg BT 273.91 147.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 300.85 147.35 Td (25% ) Tj ET Q q 0 0 0 rg BT 323.42 147.35 Td (\(50% ) Tj ET Q q 0 0 0 rg BT 349.47 147.35 Td (in ) Tj ET Q q 0 0 0 rg BT 360.95 147.35 Td (aggregate\) ) Tj ET Q q 0 0 0 rg BT 408.57 147.35 Td (of ) Tj ET Q q 0 0 0 rg BT 420.63 147.35 Td (this ) Tj ET Q q 0 0 0 rg BT 439.12 147.35 Td (award ) Tj ET Q q 0 0 0 rg BT 468.08 147.35 Td (vested ) Tj ET Q q 0 0 0 rg BT 498.22 147.35 Td (when ) Tj ET Q q 0 0 0 rg BT 524.28 147.35 Td (the ) Tj ET Q q 0 0 0 rg BT 540.42 147.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 134.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.55 134.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 106.68 134.75 Td (price ) Tj ET Q q 0 0 0 rg BT 130.63 134.75 Td (met ) Tj ET Q q 0 0 0 rg BT 149.34 134.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.47 134.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 209.49 134.75 Td ($41.46 ) Tj ET Q q 0 0 0 rg BT 241.33 134.75 Td (and ) Tj ET Q q 0 0 0 rg BT 259.46 134.75 Td ($46.46, ) Tj ET Q q 0 0 0 rg BT 293.92 134.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 343.97 134.75 Td (, ) Tj ET Q q 0 0 0 rg BT 349.56 134.75 Td (for ) Tj ET Q q 0 0 0 rg BT 364.77 134.75 Td (20 ) Tj ET Q q 0 0 0 rg BT 378.23 134.75 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 430.76 134.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 463.47 134.75 Td (days. ) Tj ET Q q 0 0 0 rg BT 488.31 134.75 Td ( ) Tj ET Q q 0 0 0 rg BT 491.27 134.75 Td (In ) Tj ET Q q 0 0 0 rg BT 502.99 134.75 Td (May ) Tj ET Q q 0 0 0 rg BT 525.20 134.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 549.17 134.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 122.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 95.20 122.15 Td (50% ) Tj ET Q q 0 0 0 rg BT 117.07 122.15 Td (of ) Tj ET Q q 0 0 0 rg BT 128.44 122.15 Td (this ) Tj ET Q q 0 0 0 rg BT 146.23 122.15 Td (award ) Tj ET Q q 0 0 0 rg BT 174.51 122.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 203.96 122.15 Td (when ) Tj ET Q q 0 0 0 rg BT 229.33 122.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.78 122.15 Td (two-year ) Tj ET Q q 0 0 0 rg BT 284.72 122.15 Td (service ) Tj ET Q q 0 0 0 rg BT 317.08 122.15 Td (period ) Tj ET Q q 0 0 0 rg BT 346.53 122.15 Td (was ) Tj ET Q q 0 0 0 rg BT 365.48 122.15 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 405.73 122.15 Td ( ) Tj ET Q endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The weighted-average fair value per share for these awards of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.37 741.75 Td ($1) Tj ET Q q 0 0 0 rg BT 322.48 741.75 Td (1.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.86 741.75 Td ( was estimated as of the grant date using a grant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (price of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.98 729.15 Td ($31.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.86 729.15 Td (, and a Monte Carlo option pricing model with the following assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 718.65 389.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 718.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 718.65 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.65 389.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 690.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 690.65 119.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 718.65 m 439.5 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 718.65 m 443.5 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 718.65 m 562.5 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 676.65 m 439.5 676.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 676.65 m 443.5 676.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 676.65 m 562.5 676.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 708.87 Td (Expected dividend yield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 708.87 Td (1.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 708.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 694.87 Td (Risk-free interest rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 694.87 Td (0.86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 694.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 680.87 Td (Expected volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 680.87 Td (44.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 680.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 651.95 Td (Restricted Stock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 639.35 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 94.03 639.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 117.65 639.35 Td (and ) Tj ET Q q 0 0 0 rg BT 134.27 639.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 174.79 639.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.41 639.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 216.20 639.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.82 639.35 Td (during ) Tj ET Q q 0 0 0 rg BT 296.69 639.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.97 639.35 Td (years ) Tj ET Q q 0 0 0 rg BT 334.58 639.35 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.66 639.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.11 639.35 Td (March ) Tj ET Q q 0 0 0 rg BT 389.98 639.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.56 639.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.56 639.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.64 639.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.64 639.35 Td (, ) Tj ET Q q 0 0 0 rg BT 454.72 639.35 Td (and ) Tj ET Q q 0 0 0 rg BT 471.34 639.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 496.42 639.35 Td (are ) Tj ET Q q 0 0 0 rg BT 510.70 639.35 Td (summarized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 626.75 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 588.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 588.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 588.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 588.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 588.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 558.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 558.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 558.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 558.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 558.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 528.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 528.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 528.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 528.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 528.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 498.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 498.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 498.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 498.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 498.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 468.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 468.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 468.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 468.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 468.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 438.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 438.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 438.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 438.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.25 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 408.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 408.25 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 408.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 408.25 110.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 588.25 m 334.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 588.25 m 448.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 588.25 m 562.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 588.25 m 334.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 588.25 m 448.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 588.25 m 562.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 528.25 m 334.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 528.25 m 448.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 528.25 m 562.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 528.25 m 334.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 528.25 m 448.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 528.25 m 562.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 468.25 m 334.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 468.25 m 448.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 468.25 m 562.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 468.25 m 334.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 468.25 m 448.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 468.25 m 562.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 408.25 m 334.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 408.25 m 448.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 408.25 m 562.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 408.25 m 334.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 393.25 m 334.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 393.25 m 448.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 393.25 m 562.5 393.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 593.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.80 593.02 Td (Number of Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 603.52 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.65 593.02 Td (Grant Date Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 578.02 Td (Unvested shares at March 31, 2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 578.02 Td (3,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 578.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 578.02 Td (27.99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 563.02 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 563.02 Td (1,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 563.02 Td (35.66) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 548.02 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 548.02 Td (\(1,622) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 548.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 548.02 Td (28.66) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 533.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 533.02 Td (\(151) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 533.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 533.02 Td (29.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 518.02 Td (Unvested shares at March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 518.02 Td (3,334) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 518.02 Td (30.77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 503.02 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 503.02 Td (1,236) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 503.02 Td (48.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 488.02 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 488.02 Td (\(1,330) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 488.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 488.02 Td (30.92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 473.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 473.02 Td (\(190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 473.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 473.02 Td (35.95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 458.02 Td (Unvested shares at March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 458.02 Td (3,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 458.02 Td (37.38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 443.02 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 443.02 Td (1,332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 443.02 Td (48.95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 428.02 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 428.02 Td (\(1,261) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 428.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 428.02 Td (34.91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 413.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 413.02 Td (\(63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 413.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 413.02 Td (42.09) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 398.04 Td (Unvested shar) Tj ET Q q 0 0 0 rg BT 116.69 398.04 Td (es at Mar) Tj ET Q q 0 0 0 rg BT 159.06 398.04 Td (ch 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 398.04 Td (3,058) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.00 398.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 398.04 Td (43.34) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 368.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 368.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 110.54 368.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.29 368.55 Td (and ) Tj ET Q q 0 0 0 rg BT 153.02 368.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 194.67 368.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 219.41 368.55 Td (units ) Tj ET Q q 0 0 0 rg BT 242.41 368.55 Td (were ) Tj ET Q q 0 0 0 rg BT 265.39 368.55 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 305.87 368.55 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 361.22 368.55 Td ( ) Tj ET Q q 0 0 0 rg BT 363.80 368.55 Td (For ) Tj ET Q q 0 0 0 rg BT 380.97 368.55 Td (the ) Tj ET Q q 0 0 0 rg BT 396.37 368.55 Td (years ) Tj ET Q q 0 0 0 rg BT 421.10 368.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 448.75 368.55 Td (March ) Tj ET Q q 0 0 0 rg BT 478.73 368.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.44 368.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 520.64 368.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 546.84 368.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 355.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.52 355.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 101.00 355.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 132.48 355.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 181.43 355.95 Td (income ) Tj ET Q q 0 0 0 rg BT 215.24 355.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 230.96 355.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 267.10 355.95 Td (related ) Tj ET Q q 0 0 0 rg BT 298.56 355.95 Td (to ) Tj ET Q q 0 0 0 rg BT 309.63 355.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 351.59 355.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 376.65 355.95 Td (and ) Tj ET Q q 0 0 0 rg BT 394.71 355.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 436.67 355.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 461.73 355.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 480.97 355.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 513.60 355.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.25 355.95 Td ($20,597) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 355.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 343.35 Td ($18,246) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 343.35 Td (, ) Tj ET Q q 0 0 0 rg BT 88.68 343.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.77 343.35 Td ($18,575) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.90 343.35 Td (, ) Tj ET Q q 0 0 0 rg BT 144.45 343.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 194.50 343.35 Td (. ) Tj ET Q q 0 0 0 rg BT 199.05 343.35 Td ( ) Tj ET Q q 0 0 0 rg BT 200.98 343.35 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 257.73 343.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 317.98 343.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 336.82 343.35 Td (related ) Tj ET Q q 0 0 0 rg BT 367.32 343.35 Td (to ) Tj ET Q q 0 0 0 rg BT 377.41 343.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 416.67 343.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 457.66 343.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 481.76 343.35 Td (and ) Tj ET Q q 0 0 0 rg BT 498.85 343.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 539.84 343.35 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 330.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 69.31 330.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 102.02 330.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.23 330.75 Td (3,058) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.86 330.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.83 330.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 173.04 330.75 Td (not ) Tj ET Q q 0 0 0 rg BT 189.43 330.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 205.23 330.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 254.26 330.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.81 330.75 Td (March ) Tj ET Q q 0 0 0 rg BT 295.19 330.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 311.28 330.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.28 330.75 Td (, ) Tj ET Q q 0 0 0 rg BT 337.88 330.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.18 330.75 Td ($81,271) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.31 330.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.28 330.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.41 330.75 Td (is ) Tj ET Q q 0 0 0 rg BT 422.39 330.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 462.67 330.75 Td (to ) Tj ET Q q 0 0 0 rg BT 473.81 330.75 Td (be ) Tj ET Q q 0 0 0 rg BT 486.69 330.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 535.72 330.75 Td (over ) Tj ET Q q 0 0 0 rg BT 557.35 330.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 318.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 127.25 318.15 Td (period ) Tj ET Q q 0 0 0 rg BT 156.70 318.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.07 318.15 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.20 318.15 Td (�years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 292.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.39 292.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 110.10 292.95 Td (with ) Tj ET Q q 0 0 0 rg BT 131.41 292.95 Td (the ) Tj ET Q q 0 0 0 rg BT 146.88 292.95 Td (change ) Tj ET Q q 0 0 0 rg BT 179.26 292.95 Td (in ) Tj ET Q q 0 0 0 rg BT 190.07 292.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.29 292.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 251.49 292.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 277.46 292.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 322.09 292.95 Td (Of) Tj ET Q q 0 0 0 rg BT 332.98 292.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 354.85 292.95 Td (in ) Tj ET Q q 0 0 0 rg BT 365.66 292.95 Td (September ) Tj ET Q q 0 0 0 rg BT 413.21 292.95 Td (2012, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.48 292.95 Td (325) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.23 292.95 Td ( ) Tj ET Q q 0 0 0 rg BT 457.87 292.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 486.75 292.95 Td (of ) Tj ET Q q 0 0 0 rg BT 498.14 292.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 539.85 292.95 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 280.35 Td (were ) Tj ET Q q 0 0 0 rg BT 71.90 280.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 104.89 280.35 Td (to ) Tj ET Q q 0 0 0 rg BT 114.56 280.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 144.63 280.35 Td (executives ) Tj ET Q q 0 0 0 rg BT 190.45 280.35 Td (and ) Tj ET Q q 0 0 0 rg BT 207.11 280.35 Td (key ) Tj ET Q q 0 0 0 rg BT 223.78 280.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 272.81 280.35 Td (of ) Tj ET Q q 0 0 0 rg BT 283.06 280.35 Td (which ) Tj ET Q q 0 0 0 rg BT 310.22 280.35 Td (the ) Tj ET Q q 0 0 0 rg BT 324.55 280.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 356.39 280.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.64 280.35 Td (85) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.14 280.35 Td ( ) Tj ET Q q 0 0 0 rg BT 378.64 280.35 Td (of ) Tj ET Q q 0 0 0 rg BT 388.89 280.35 Td (these ) Tj ET Q q 0 0 0 rg BT 411.97 280.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 439.72 280.35 Td (was ) Tj ET Q q 0 0 0 rg BT 457.55 280.35 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 506.26 280.35 Td (in ) Tj ET Q q 0 0 0 rg BT 515.93 280.35 Td (connection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 267.75 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 267.75 Td (the ) Tj ET Q q 0 0 0 rg BT 86.75 267.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 137.78 267.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.15 267.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 267.75 Td (recipients' ) Tj ET Q q 0 0 0 rg BT 209.94 267.75 Td (employment. ) Tj ET Q q 0 0 0 rg BT 267.49 267.75 Td (The ) Tj ET Q q 0 0 0 rg BT 286.44 267.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 331.63 267.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 360.50 267.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 389.95 267.75 Td (on ) Tj ET Q q 0 0 0 rg BT 403.07 267.75 Td (March ) Tj ET Q q 0 0 0 rg BT 433.10 267.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 448.85 267.75 Td (2014.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 242.55 Td (Affiliate ) Tj ET Q q 0 0 0 rg BT 89.36 242.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 150.89 242.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 183.86 242.55 Td (Plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 229.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 229.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.73 229.95 Td (March ) Tj ET Q q 0 0 0 rg BT 120.58 229.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 130.90 229.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 156.98 229.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 181.00 229.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 212.03 229.95 Td (executed ) Tj ET Q q 0 0 0 rg BT 251.78 229.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 302.04 229.95 Td (with ) Tj ET Q q 0 0 0 rg BT 323.16 229.95 Td (the ) Tj ET Q q 0 0 0 rg BT 338.43 229.95 Td (management ) Tj ET Q q 0 0 0 rg BT 394.52 229.95 Td (of ) Tj ET Q q 0 0 0 rg BT 405.72 229.95 Td (its ) Tj ET Q q 0 0 0 rg BT 418.08 229.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.78 229.95 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 516.89 229.95 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 559.37 229.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 217.35 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 81.90 217.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 124.57 217.35 Td (employment ) Tj ET Q q 0 0 0 rg BT 179.51 217.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 238.51 217.35 Td (with ) Tj ET Q q 0 0 0 rg BT 259.63 217.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 288.90 217.35 Td (management, ) Tj ET Q q 0 0 0 rg BT 347.61 217.35 Td (revised ) Tj ET Q q 0 0 0 rg BT 380.38 217.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 416.06 217.35 Td (sharing, ) Tj ET Q q 0 0 0 rg BT 452.04 217.35 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 217.35 Td (the ) Tj ET Q q 0 0 0 rg BT 484.92 217.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 553.27 217.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 204.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.23 204.75 Td (management ) Tj ET Q q 0 0 0 rg BT 113.45 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.27 204.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 162.92 204.75 Td (for ) Tj ET Q q 0 0 0 rg BT 177.73 204.75 Td (its ) Tj ET Q q 0 0 0 rg BT 190.23 204.75 Td (key ) Tj ET Q q 0 0 0 rg BT 207.96 204.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 258.06 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 260.63 204.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 289.45 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.85 204.75 Td (management ) Tj ET Q q 0 0 0 rg BT 361.06 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 389.88 204.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 413.16 204.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 451.90 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.71 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 518.28 204.75 Td (equivalent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 192.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.18 192.15 Td (16.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.30 192.15 Td ( ) Tj ET Q q 0 0 0 rg BT 91.32 192.15 Td (in ) Tj ET Q q 0 0 0 rg BT 102.50 192.15 Td (the ) Tj ET Q q 0 0 0 rg BT 118.34 192.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 148.18 192.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 175.10 192.15 Td (were ) Tj ET Q q 0 0 0 rg BT 198.52 192.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 227.78 192.15 Td (to ) Tj ET Q q 0 0 0 rg BT 238.96 192.15 Td (its ) Tj ET Q q 0 0 0 rg BT 251.90 192.15 Td (management ) Tj ET Q q 0 0 0 rg BT 308.55 192.15 Td (team. ) Tj ET Q q 0 0 0 rg BT 334.60 192.15 Td ( ) Tj ET Q q 0 0 0 rg BT 337.39 192.15 Td (These ) Tj ET Q q 0 0 0 rg BT 365.48 192.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.48 192.15 Td (allow ) Tj ET Q q 0 0 0 rg BT 429.83 192.15 Td (the ) Tj ET Q q 0 0 0 rg BT 445.67 192.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 479.59 192.15 Td (to ) Tj ET Q q 0 0 0 rg BT 490.77 192.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 524.09 192.15 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 179.55 Td (distributions ) Tj ET Q q 0 0 0 rg BT 105.01 179.55 Td (of ) Tj ET Q q 0 0 0 rg BT 116.26 179.55 Td (Royce's ) Tj ET Q q 0 0 0 rg BT 151.56 179.55 Td (net ) Tj ET Q q 0 0 0 rg BT 166.89 179.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 206.71 179.55 Td (in ) Tj ET Q q 0 0 0 rg BT 217.38 179.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 255.46 179.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 280.70 179.55 Td (to ) Tj ET Q q 0 0 0 rg BT 291.37 179.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.70 179.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 354.67 179.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.92 179.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 412.17 179.55 Td (represented ) Tj ET Q q 0 0 0 rg BT 463.06 179.55 Td (by ) Tj ET Q q 0 0 0 rg BT 476.06 179.55 Td (the ) Tj ET Q q 0 0 0 rg BT 491.39 179.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 520.14 179.55 Td (they ) Tj ET Q q 0 0 0 rg BT 540.72 179.55 Td (hold. ) Tj ET Q q 0 0 0 rg BT 564.64 179.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 166.95 Td (The ) Tj ET Q q 0 0 0 rg BT 70.02 166.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 118.04 166.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 154.99 166.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.91 166.95 Td (sharing ) Tj ET Q q 0 0 0 rg BT 226.52 166.95 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 282.69 166.95 Td (was ) Tj ET Q q 0 0 0 rg BT 302.71 166.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 351.30 166.95 Td (with ) Tj ET Q q 0 0 0 rg BT 373.67 166.95 Td (an ) Tj ET Q q 0 0 0 rg BT 387.27 166.95 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 443.44 166.95 Td (under ) Tj ET Q q 0 0 0 rg BT 471.04 166.95 Td (the ) Tj ET Q q 0 0 0 rg BT 487.57 166.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 509.34 166.95 Td (whereby ) Tj ET Q q 0 0 0 rg BT 549.19 166.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 154.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 96.95 154.35 Td (of ) Tj ET Q q 0 0 0 rg BT 107.17 154.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 135.47 154.35 Td (net ) Tj ET Q q 0 0 0 rg BT 149.78 154.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.57 154.35 Td (reserved ) Tj ET Q q 0 0 0 rg BT 225.61 154.35 Td (to ) Tj ET Q q 0 0 0 rg BT 235.26 154.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 251.90 154.35 Td (all ) Tj ET Q q 0 0 0 rg BT 263.87 154.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 303.25 154.35 Td (\(including ) Tj ET Q q 0 0 0 rg BT 347.89 154.35 Td (bonus ) Tj ET Q q 0 0 0 rg BT 374.45 154.35 Td (awards\), ) Tj ET Q q 0 0 0 rg BT 411.79 154.35 Td (was ) Tj ET Q q 0 0 0 rg BT 429.60 154.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 464.31 154.35 Td (to ) Tj ET Q q 0 0 0 rg BT 473.95 154.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 502.24 154.35 Td (the ) Tj ET Q q 0 0 0 rg BT 516.55 154.35 Td (percentage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.89 141.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 102.36 141.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 123.58 141.75 Td (under ) Tj ET Q q 0 0 0 rg BT 150.64 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.61 141.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 196.01 141.75 Td (units ) Tj ET Q q 0 0 0 rg BT 219.58 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.89 141.75 Td (an ) Tj ET Q q 0 0 0 rg BT 250.94 141.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 293.74 141.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 342.35 141.75 Td (to ) Tj ET Q q 0 0 0 rg BT 353.67 141.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 378.39 141.75 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 412.75 141.75 Td ( ) Tj ET Q q 0 0 0 rg BT 415.89 141.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 440.62 141.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 472.35 141.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 509.89 141.75 Td (a ) Tj ET Q q 0 0 0 rg BT 517.70 141.75 Td (permanent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 129.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.80 129.15 Td (of ) Tj ET Q q 0 0 0 rg BT 97.96 129.15 Td (two ) Tj ET Q q 0 0 0 rg BT 116.12 129.15 Td (percent ) Tj ET Q q 0 0 0 rg BT 149.42 129.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.58 129.15 Td (Royce's ) Tj ET Q q 0 0 0 rg BT 195.79 129.15 Td (net ) Tj ET Q q 0 0 0 rg BT 211.03 129.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 250.76 129.15 Td (over ) Tj ET Q q 0 0 0 rg BT 271.82 129.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.06 129.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 334.94 129.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 374.67 129.15 Td (for ) Tj ET Q q 0 0 0 rg BT 389.33 129.15 Td (in ) Tj ET Q q 0 0 0 rg BT 399.90 129.15 Td (the ) Tj ET Q q 0 0 0 rg BT 415.14 129.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 437.96 129.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 473.60 129.15 Td (sharing ) Tj ET Q q 0 0 0 rg BT 506.92 129.15 Td (arrangement, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 116.55 Td (phased ) Tj ET Q q 0 0 0 rg BT 81.13 116.55 Td (in ) Tj ET Q q 0 0 0 rg BT 91.27 116.55 Td (over ) Tj ET Q q 0 0 0 rg BT 111.90 116.55 Td (a ) Tj ET Q q 0 0 0 rg BT 118.54 116.55 Td (13-month ) Tj ET Q q 0 0 0 rg BT 161.35 116.55 Td (period. ) Tj ET Q q 0 0 0 rg BT 192.77 116.55 Td ( ) Tj ET Q q 0 0 0 rg BT 194.60 116.55 Td (The ) Tj ET Q q 0 0 0 rg BT 212.90 116.55 Td (management ) Tj ET Q q 0 0 0 rg BT 268.52 116.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.74 116.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 316.79 116.55 Td (also ) Tj ET Q q 0 0 0 rg BT 335.68 116.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 373.81 116.55 Td (an ) Tj ET Q q 0 0 0 rg BT 385.70 116.55 Td (option ) Tj ET Q q 0 0 0 rg BT 414.51 116.55 Td (for ) Tj ET Q q 0 0 0 rg BT 428.73 116.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.53 116.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 481.07 116.55 Td (of ) Tj ET Q q 0 0 0 rg BT 491.79 116.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 535.76 116.55 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 103.95 Td (over ) Tj ET Q q 0 0 0 rg BT 71.21 103.95 Td (the ) Tj ET Q q 0 0 0 rg BT 86.59 103.95 Td (next ) Tj ET Q q 0 0 0 rg BT 107.22 103.95 Td (three ) Tj ET Q q 0 0 0 rg BT 130.76 103.95 Td (years. ) Tj ET Q q 0 0 0 rg BT 158.09 103.95 Td ( ) Tj ET Q q 0 0 0 rg BT 160.64 103.95 Td (Current ) Tj ET Q q 0 0 0 rg BT 195.27 103.95 Td (and ) Tj ET Q q 0 0 0 rg BT 212.98 103.95 Td (future ) Tj ET Q q 0 0 0 rg BT 240.60 103.95 Td (grants ) Tj ET Q q 0 0 0 rg BT 268.81 103.95 Td (under ) Tj ET Q q 0 0 0 rg BT 295.27 103.95 Td (the ) Tj ET Q q 0 0 0 rg BT 310.65 103.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 331.28 103.95 Td (vest ) Tj ET Q q 0 0 0 rg BT 350.75 103.95 Td (immediately ) Tj ET Q q 0 0 0 rg BT 405.79 103.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 426.12 103.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 449.68 103.95 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 490.43 103.95 Td (the ) Tj ET Q q 0 0 0 rg BT 505.81 103.95 Td (related ) Tj ET Q q 0 0 0 rg BT 536.92 103.95 Td (grant-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 91.35 Td (date ) Tj ET Q q 0 0 0 rg BT 70.08 91.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.24 91.35 Td (value ) Tj ET Q q 0 0 0 rg BT 112.57 91.35 Td (of ) Tj ET Q q 0 0 0 rg BT 123.91 91.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 152.74 91.35 Td (units ) Tj ET Q q 0 0 0 rg BT 175.75 91.35 Td (will ) Tj ET Q q 0 0 0 rg BT 194.68 91.35 Td (be ) Tj ET Q q 0 0 0 rg BT 207.18 91.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 255.83 91.35 Td (as ) Tj ET Q q 0 0 0 rg BT 267.17 91.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 330.42 91.35 Td (and ) Tj ET Q q 0 0 0 rg BT 348.17 91.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 384.00 91.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 420.41 91.35 Td (in ) Tj ET Q q 0 0 0 rg BT 431.17 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.58 91.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 504.59 91.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 553.26 91.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 78.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.18 78.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 113.70 78.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.55 78.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 170.97 78.75 Td (in ) Tj ET Q q 0 0 0 rg BT 181.83 78.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.35 78.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 255.46 78.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 291.96 78.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 322.07 78.75 Td (as ) Tj ET Q q 0 0 0 rg BT 333.51 78.75 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 402.67 78.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 467.19 78.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 503.42 78.75 Td ( ) Tj ET Q q 0 0 0 rg BT 505.51 78.75 Td (As ) Tj ET Q q 0 0 0 rg BT 519.88 78.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.23 78.75 Td (result ) Tj ET Q q 0 0 0 rg BT 553.25 78.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 66.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.53 66.15 Td (implementation ) Tj ET Q q 0 0 0 rg BT 134.13 66.15 Td (of ) Tj ET Q q 0 0 0 rg BT 145.58 66.15 Td (the ) Tj ET Q q 0 0 0 rg BT 161.11 66.15 Td (management ) Tj ET Q q 0 0 0 rg BT 217.46 66.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.40 66.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 269.81 66.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.08 66.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 325.37 66.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 363.05 66.15 Td (a ) Tj ET Q q 0 0 0 rg BT 370.41 66.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 411.01 66.15 Td (char) Tj ET Q q 0 0 0 rg BT 428.89 66.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 441.50 66.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.95 66.15 Td ($21,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.08 66.15 Td ( ) Tj ET Q q 0 0 0 rg BT 489.78 66.15 Td (in ) Tj ET Q q 0 0 0 rg BT 500.65 66.15 Td (the ) Tj ET Q q 0 0 0 rg BT 516.17 66.15 Td (year ) Tj ET Q q 0 0 0 rg BT 536.94 66.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 53.55 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 53.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.78 53.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 122.03 53.55 Td ( ) Tj ET Q q 0 0 0 rg BT 124.08 53.55 Td (As ) Tj ET Q q 0 0 0 rg BT 138.37 53.55 Td (of ) Tj ET Q q 0 0 0 rg BT 149.74 53.55 Td (March ) Tj ET Q q 0 0 0 rg BT 179.77 53.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 195.52 53.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 221.77 53.55 Td (the ) Tj ET Q q 0 0 0 rg BT 237.22 53.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 287.67 53.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 321.79 53.55 Td (of ) Tj ET Q q 0 0 0 rg BT 333.16 53.55 Td (units ) Tj ET Q q 0 0 0 rg BT 356.21 53.55 Td (under ) Tj ET Q q 0 0 0 rg BT 382.74 53.55 Td (the ) Tj ET Q q 0 0 0 rg BT 398.19 53.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 418.90 53.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.85 53.55 Td ($22,202) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.98 53.55 Td (.) Tj ET Q endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (127) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.19 729.15 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 113.20 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 134.31 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.58 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 195.17 729.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 218.61 729.15 Td (modification ) Tj ET Q q 0 0 0 rg BT 274.70 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 285.89 729.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 340.83 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 358.43 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 382.45 729.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 441.44 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 462.55 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 493.56 729.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 540.90 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 552.09 729.15 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 92.48 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 97.35 716.55 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 131.97 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 155.79 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.62 716.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 232.60 716.55 Td (implementation ) Tj ET Q q 0 0 0 rg BT 300.75 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 311.74 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 318.65 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 374.54 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 403.03 716.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 423.35 716.55 Td (during ) Tj ET Q q 0 0 0 rg BT 453.01 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 468.08 716.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 500.06 716.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 527.38 716.55 Td (June ) Tj ET Q q 0 0 0 rg BT 548.87 716.55 Td (30, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (2013. ) Tj ET Q q 0 0 0 rg BT 76.43 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 79.24 703.95 Td (On ) Tj ET Q q 0 0 0 rg BT 94.88 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 125.09 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.02 703.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 167.46 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 174.92 703.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 206.89 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 263.35 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 292.40 703.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 313.28 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 332.42 703.95 Td (implemented ) Tj ET Q q 0 0 0 rg BT 390.05 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 403.35 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 427.74 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 459.13 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 474.18 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.55 703.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 553.26 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 64.43 691.35 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 112.10 691.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 167.92 691.35 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 225.80 691.35 Td (LLC ) Tj ET Q q 0 0 0 rg BT 250.13 691.35 Td (\("ClearBridge"\). ) Tj ET Q q 0 0 0 rg BT 324.15 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 328.33 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 349.16 691.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 375.83 691.35 Td (better ) Tj ET Q q 0 0 0 rg BT 404.24 691.35 Td (align ) Tj ET Q q 0 0 0 rg BT 429.74 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 447.08 691.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 486.58 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 499.83 691.35 Td (each ) Tj ET Q q 0 0 0 rg BT 523.57 691.35 Td (af) Tj ET Q q 0 0 0 rg BT 531.54 691.35 Td (filiate's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 105.41 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 125.84 678.75 Td (those ) Tj ET Q q 0 0 0 rg BT 149.77 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.28 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.62 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 213.97 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.90 678.75 Td (its ) Tj ET Q q 0 0 0 rg BT 242.59 678.75 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 300.04 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 316.97 678.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 350.81 678.75 Td (for) Tj ET Q q 0 0 0 rg BT 362.63 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 367.02 678.75 Td (among ) Tj ET Q q 0 0 0 rg BT 397.36 678.75 Td (other ) Tj ET Q q 0 0 0 rg BT 420.70 678.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 450.76 678.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 479.35 678.75 Td (mar) Tj ET Q q 0 0 0 rg BT 495.49 678.75 Td (gins ) Tj ET Q q 0 0 0 rg BT 514.76 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 524.10 678.75 Td (specified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 79.55 666.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 115.51 666.15 Td (levels. ) Tj ET Q q 0 0 0 rg BT 145.36 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 147.89 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 166.95 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 174.92 666.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 202.13 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 258.51 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 287.48 666.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 312.38 666.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 341.35 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 372.64 666.15 Td (key ) Tj ET Q q 0 0 0 rg BT 390.53 666.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 438.17 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.64 666.15 Td (each ) Tj ET Q q 0 0 0 rg BT 471.61 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 479.57 666.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 506.79 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 517.69 666.15 Td (participate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.19 653.55 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.43 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.45 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 92.21 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 107.06 653.55 Td (future ) Tj ET Q q 0 0 0 rg BT 134.15 653.55 Td (growth, ) Tj ET Q q 0 0 0 rg BT 168.54 653.55 Td (if ) Tj ET Q q 0 0 0 rg BT 176.97 653.55 Td (any) Tj ET Q q 0 0 0 rg BT 191.45 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 196.09 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 206.85 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 221.70 653.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 266.28 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 274.25 653.55 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 306.73 653.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 350.14 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 374.90 653.55 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 410.16 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 420.34 653.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 470.17 653.55 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 515.35 653.55 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.17 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.99 640.95 Td (date ) Tj ET Q q 0 0 0 rg BT 97.48 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 109.23 640.95 Td (grant. ) Tj ET Q q 0 0 0 rg BT 136.43 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 139.43 640.95 Td (Current ) Tj ET Q q 0 0 0 rg BT 174.50 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 192.66 640.95 Td (future ) Tj ET Q q 0 0 0 rg BT 220.73 640.95 Td (grants ) Tj ET Q q 0 0 0 rg BT 249.39 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 276.30 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 292.13 640.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 317.29 640.95 Td (vest ) Tj ET Q q 0 0 0 rg BT 337.21 640.95 Td (20% ) Tj ET Q q 0 0 0 rg BT 359.45 640.95 Td (annually ) Tj ET Q q 0 0 0 rg BT 398.61 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 413.85 640.95 Td (five ) Tj ET Q q 0 0 0 rg BT 433.17 640.95 Td (years. ) Tj ET Q q 0 0 0 rg BT 460.95 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 463.95 640.95 Td (Independent ) Tj ET Q q 0 0 0 rg BT 518.85 640.95 Td (valuations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 101.91 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.43 628.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 164.92 628.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 186.51 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 199.94 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 217.45 628.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 251.87 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 264.72 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 279.32 628.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.65 628.35 Td ($9,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.52 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.05 628.35 Td ($16,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.18 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 436.86 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 453.79 628.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 488.21 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 508.06 628.35 Td (ClearBridge, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 105.81 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 134.60 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 154.07 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 167.12 615.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 216.31 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 228.19 615.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 291.99 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.29 615.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 346.66 615.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 383.62 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.92 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.88 615.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 469.43 615.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 518.65 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 530.53 615.75 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.84 603.15 Td (over ) Tj ET Q q 0 0 0 rg BT 99.51 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 114.35 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 144.92 603.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 177.27 603.15 Td (periods, ) Tj ET Q q 0 0 0 rg BT 212.81 603.15 Td (through ) Tj ET Q q 0 0 0 rg BT 247.49 603.15 Td (December ) Tj ET Q q 0 0 0 rg BT 292.64 603.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 315.65 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.82 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 362.24 603.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 387.88 603.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 437.92 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 442.56 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 444.42 603.15 Td (T) Tj ET Q q 0 0 0 rg BT 450.10 603.15 Td (otal ) Tj ET Q q 0 0 0 rg BT 467.86 603.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 528.19 603.15 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 80.57 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 90.74 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 105.57 590.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 137.32 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.48 590.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 207.80 590.55 Td (af) Tj ET Q q 0 0 0 rg BT 215.77 590.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 242.26 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 297.91 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 326.16 590.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 350.32 590.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.66 590.55 Td ($4,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.53 590.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.16 590.55 Td ($5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.04 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 435.66 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.83 590.55 Td ($2,270) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.70 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 483.71 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 497.95 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 512.79 590.55 Td (years ) Tj ET Q q 0 0 0 rg BT 536.94 590.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 81.05 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 97.83 577.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.10 577.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 152.38 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 171.18 577.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 198.46 577.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 248.50 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 254.78 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 258.43 577.95 Td (Both ) Tj ET Q q 0 0 0 rg BT 282.50 577.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 342.70 577.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 378.43 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 397.82 577.95 Td (one-half ) Tj ET Q q 0 0 0 rg BT 436.45 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 448.85 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 465.33 577.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 511.53 577.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 532.10 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 552.08 577.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 90.92 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 104.44 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 120.28 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 128.25 565.35 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 161.73 565.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 203.23 565.35 Td (pool. ) Tj ET Q q 0 0 0 rg BT 227.54 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 230.56 565.35 Td (Once ) Tj ET Q q 0 0 0 rg BT 255.73 565.35 Td (vested, ) Tj ET Q q 0 0 0 rg BT 288.19 565.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 309.29 565.35 Td (units ) Tj ET Q q 0 0 0 rg BT 332.72 565.35 Td (can ) Tj ET Q q 0 0 0 rg BT 350.31 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 363.24 565.35 Td (put ) Tj ET Q q 0 0 0 rg BT 379.67 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 390.86 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 415.45 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 447.05 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 462.31 565.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 508.48 565.35 Td (at ) Tj ET Q q 0 0 0 rg BT 519.07 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.66 565.35 Td (value, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 95.62 552.75 Td (one ) Tj ET Q q 0 0 0 rg BT 114.41 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 136.11 552.75 Td (after ) Tj ET Q q 0 0 0 rg BT 158.97 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.43 552.75 Td (holder ) Tj ET Q q 0 0 0 rg BT 205.88 552.75 Td (terminates ) Tj ET Q q 0 0 0 rg BT 253.24 552.75 Td (their ) Tj ET Q q 0 0 0 rg BT 276.11 552.75 Td (employment. ) Tj ET Q q 0 0 0 rg BT 334.86 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.49 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 363.69 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 395.90 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 414.10 552.75 Td (also ) Tj ET Q q 0 0 0 rg BT 434.64 552.75 Td (call ) Tj ET Q q 0 0 0 rg BT 453.43 552.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 475.14 552.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 501.81 552.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 544.50 552.75 Td (post ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (employment, ) Tj ET Q q 0 0 0 rg BT 108.82 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 124.78 540.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 171.64 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 182.93 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.20 540.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 230.28 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 233.98 540.15 Td (Changes ) Tj ET Q q 0 0 0 rg BT 273.85 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 285.73 540.15 Td (control ) Tj ET Q q 0 0 0 rg BT 319.18 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 331.63 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.92 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 389.21 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 401.66 540.15 Td (either ) Tj ET Q q 0 0 0 rg BT 429.27 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 437.24 540.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 465.44 540.15 Td (do ) Tj ET Q q 0 0 0 rg BT 479.65 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 496.77 540.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 529.05 540.15 Td (vesting, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.44 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 106.47 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 130.33 527.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 176.36 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 187.39 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 202.50 527.55 Td (units. ) Tj ET Q q 0 0 0 rg BT 227.83 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 230.11 527.55 Td (However) Tj ET Q q 0 0 0 rg BT 268.18 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 273.09 527.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 296.37 527.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 314.98 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 326.01 527.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 381.37 527.55 Td (all ) Tj ET Q q 0 0 0 rg BT 394.15 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.18 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.29 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 428.26 527.55 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 461.00 527.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 490.41 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 505.52 527.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 538.14 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 95.03 514.95 Td (units ) Tj ET Q q 0 0 0 rg BT 117.91 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 146.63 514.95 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 191.05 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 208.67 514.95 Td (participants ) Tj ET Q q 0 0 0 rg BT 260.12 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 288.84 514.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 321.61 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 328.74 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.77 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 370.98 514.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 409.60 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 420.23 514.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 452.43 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 463.64 514.95 Td (their ) Tj ET Q q 0 0 0 rg BT 485.34 514.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 522.80 514.95 Td (under ) Tj ET Q q 0 0 0 rg BT 549.17 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (plan. ) Tj ET Q q 0 0 0 rg BT 73.57 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 76.44 502.35 Td (Future ) Tj ET Q q 0 0 0 rg BT 106.72 502.35 Td (grants ) Tj ET Q q 0 0 0 rg BT 135.25 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 146.87 502.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 191.73 502.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 212.68 502.35 Td (units ) Tj ET Q q 0 0 0 rg BT 235.97 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 255.17 502.35 Td (dilute ) Tj ET Q q 0 0 0 rg BT 281.95 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 297.65 502.35 Td (participation ) Tj ET Q q 0 0 0 rg BT 353.58 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 365.20 502.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 401.32 502.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 453.18 502.35 Td (units ) Tj ET Q q 0 0 0 rg BT 476.47 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 487.51 502.35 Td (15% ) Tj ET Q q 0 0 0 rg BT 509.63 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 521.24 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 536.94 502.35 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 82.33 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.66 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.08 489.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 154.22 489.75 Td (af) Tj ET Q q 0 0 0 rg BT 162.19 489.75 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 195.24 489.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 239.23 489.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 267.17 489.75 Td (if ) Tj ET Q q 0 0 0 rg BT 276.17 489.75 Td (any) Tj ET Q q 0 0 0 rg BT 290.65 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 295.86 489.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 345.11 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.86 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.28 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 402.43 489.75 Td (future ) Tj ET Q q 0 0 0 rg BT 430.08 489.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 454.24 489.75 Td (date, ) Tj ET Q q 0 0 0 rg BT 476.94 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 491.77 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 520.02 489.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 111.72 477.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 148.94 477.15 Td (would ) Tj ET Q q 0 0 0 rg BT 178.60 477.15 Td (be ) Tj ET Q q 0 0 0 rg BT 191.91 477.15 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 232.92 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 236.32 477.15 Td (Further) Tj ET Q q 0 0 0 rg BT 266.81 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 272.84 477.15 Td (future ) Tj ET Q q 0 0 0 rg BT 301.32 477.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 330.38 477.15 Td (under ) Tj ET Q q 0 0 0 rg BT 357.69 477.15 Td (either ) Tj ET Q q 0 0 0 rg BT 385.00 477.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 406.48 477.15 Td (will ) Tj ET Q q 0 0 0 rg BT 426.22 477.15 Td (not ) Tj ET Q q 0 0 0 rg BT 443.04 477.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 472.68 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 488.91 477.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 510.39 477.15 Td (participants, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (collectively) Tj ET Q q 0 0 0 rg BT 98.30 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 103.10 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 113.44 464.55 Td (more ) Tj ET Q q 0 0 0 rg BT 137.18 464.55 Td (than ) Tj ET Q q 0 0 0 rg BT 157.43 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 169.52 464.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 212.50 464.55 Td (15% ) Tj ET Q q 0 0 0 rg BT 233.91 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 244.83 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 259.83 464.55 Td (future ) Tj ET Q q 0 0 0 rg BT 287.08 464.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 319.00 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 329.92 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 464.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 389.65 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 397.62 464.55 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 430.26 464.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 473.82 464.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 501.36 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 503.53 464.55 Td (Upon ) Tj ET Q q 0 0 0 rg BT 529.04 464.55 Td (vesting, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 67.77 451.95 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 115.27 451.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.78 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 162.46 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 451.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 207.91 451.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 230.93 451.95 Td (units ) Tj ET Q q 0 0 0 rg BT 256.29 451.95 Td (will ) Tj ET Q q 0 0 0 rg BT 277.57 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 292.42 451.95 Td (reflected ) Tj ET Q q 0 0 0 rg BT 334.08 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 347.19 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 364.96 451.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 425.31 451.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 464.07 451.95 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 496.42 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 510.11 451.95 Td (Redeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.75 439.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 150.67 439.35 Td (through ) Tj ET Q q 0 0 0 rg BT 185.26 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 197.10 439.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 245.10 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 255.20 439.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 299.12 439.35 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 330.78 439.35 Td (capital. ) Tj ET Q q 0 0 0 rg BT 363.32 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 365.11 439.35 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 408.40 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 412.95 439.35 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 463.26 439.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 527.02 439.35 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (will ) Tj ET Q q 0 0 0 rg BT 68.72 426.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 107.26 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 117.81 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 130.11 426.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 167.48 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.04 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.25 426.75 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 230.04 426.75 Td (maximum ) Tj ET Q q 0 0 0 rg BT 275.01 426.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 317.63 426.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 367.83 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 392.96 426.75 Td (over ) Tj ET Q q 0 0 0 rg BT 414.00 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.21 426.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 468.90 426.75 Td (term, ) Tj ET Q q 0 0 0 rg BT 493.16 426.75 Td (through ) Tj ET Q q 0 0 0 rg BT 528.20 426.75 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 88.05 414.15 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 143.31 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 145.24 414.15 Td (As ) Tj ET Q q 0 0 0 rg BT 159.38 414.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.61 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 200.49 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 216.09 414.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.09 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 242.19 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.49 414.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 307.78 414.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 341.76 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 352.98 414.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 382.28 414.15 Td (units ) Tj ET Q q 0 0 0 rg BT 405.17 414.15 Td (under ) Tj ET Q q 0 0 0 rg BT 431.56 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 446.86 414.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 500.65 414.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 523.83 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 535.05 414.15 Td (if ) Tj ET Q q 0 0 0 rg BT 543.94 414.15 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 72.57 401.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 112.64 401.55 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 165.82 401.55 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 214.05 401.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.86 401.55 Td ($22,160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.99 401.55 Td (. ) Tj ET Q q 0 0 0 rg BT 315.78 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 317.95 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 328.39 401.55 Td (April ) Tj ET Q q 0 0 0 rg BT 352.73 401.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 378.52 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 388.86 401.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 440.60 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 461.44 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 476.44 401.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 508.35 401.55 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 61.02 388.95 Td (preparation ) Tj ET Q q 0 0 0 rg BT 111.68 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 126.77 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.45 388.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 197.79 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 219.31 388.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 237.02 388.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 258.25 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 273.93 388.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 306.52 388.95 Td (management ) Tj ET Q q 0 0 0 rg BT 363.01 388.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 392.11 388.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 413.04 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 432.22 388.95 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 477.06 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 498.58 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 514.26 388.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.27 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td ($7,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.29 376.35 Td (its ) Tj ET Q q 0 0 0 rg BT 104.84 376.35 Td (participants, ) Tj ET Q q 0 0 0 rg BT 159.07 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 176.86 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 192.31 376.35 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.51 376.35 Td ($3,481) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.38 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.01 376.35 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 324.11 376.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 343.65 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 362.61 376.35 Td (expensed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.25 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.51 338.55 Td (has ) Tj ET Q q 0 0 0 rg BT 122.18 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 129.52 338.55 Td (qualified ) Tj ET Q q 0 0 0 rg BT 169.51 338.55 Td (Employee ) Tj ET Q q 0 0 0 rg BT 214.76 338.55 Td (Stock ) Tj ET Q q 0 0 0 rg BT 241.35 338.55 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 281.93 338.55 Td (Plan ) Tj ET Q q 0 0 0 rg BT 303.27 338.55 Td (covering ) Tj ET Q q 0 0 0 rg BT 342.68 338.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 398.44 338.55 Td (all ) Tj ET Q q 0 0 0 rg BT 411.61 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 432.96 338.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 483.16 338.55 Td (Shares ) Tj ET Q q 0 0 0 rg BT 513.83 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.25 338.55 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.88 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 90.41 325.95 Td (purchased ) Tj ET Q q 0 0 0 rg BT 135.68 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 146.56 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 162.10 325.95 Td (open ) Tj ET Q q 0 0 0 rg BT 185.23 325.95 Td (market ) Tj ET Q q 0 0 0 rg BT 217.09 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 230.31 325.95 Td (behalf ) Tj ET Q q 0 0 0 rg BT 259.25 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 270.71 325.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 326.49 325.95 Td (employees, ) Tj ET Q q 0 0 0 rg BT 376.73 325.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 409.19 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 420.07 325.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.44 325.95 Td (4,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.06 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 453.78 325.95 Td (total ) Tj ET Q q 0 0 0 rg BT 475.15 325.95 Td (share ) Tj ET Q q 0 0 0 rg BT 500.02 325.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 522.57 325.95 Td (under ) Tj ET Q q 0 0 0 rg BT 549.19 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (plan. ) Tj ET Q q 0 0 0 rg BT 73.94 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 77.19 313.35 Td (Purchases ) Tj ET Q q 0 0 0 rg BT 122.42 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 138.48 313.35 Td (made ) Tj ET Q q 0 0 0 rg BT 164.46 313.35 Td (through ) Tj ET Q q 0 0 0 rg BT 200.37 313.35 Td (payroll ) Tj ET Q q 0 0 0 rg BT 233.35 313.35 Td (deductions ) Tj ET Q q 0 0 0 rg BT 282.08 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 300.49 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 325.30 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 357.13 313.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 396.53 313.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.43 313.35 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.68 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 426.92 313.35 Td (contribution ) Tj ET Q q 0 0 0 rg BT 481.49 313.35 Td (towards ) Tj ET Q q 0 0 0 rg BT 517.98 313.35 Td (purchases, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 78.72 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 88.77 300.75 Td (char) Tj ET Q q 0 0 0 rg BT 106.65 300.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 124.87 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 136.09 300.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 177.34 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 201.97 300.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 233.47 300.75 Td (s ) Tj ET Q q 0 0 0 rg BT 240.61 300.75 Td (contribution ) Tj ET Q q 0 0 0 rg BT 294.99 300.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 337.69 300.75 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.15 300.75 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.40 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 383.45 300.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.68 300.75 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.92 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 416.98 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.20 300.75 Td (January ) Tj ET Q q 0 0 0 rg BT 463.91 300.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 490.59 300.75 Td (During ) Tj ET Q q 0 0 0 rg BT 523.39 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 539.27 300.75 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (years ) Tj ET Q q 0 0 0 rg BT 74.56 288.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 102.03 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 131.84 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.36 288.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 173.39 288.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.42 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.98 288.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 243.01 288.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.06 288.15 Td (134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.81 288.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.83 288.15 Td (107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.58 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 347.61 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.17 288.15 Td (85) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.67 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 378.07 288.15 Td (shares, ) Tj ET Q q 0 0 0 rg BT 409.34 288.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 459.39 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 464.41 288.15 Td (have ) Tj ET Q q 0 0 0 rg BT 486.64 288.15 Td (been ) Tj ET Q q 0 0 0 rg BT 508.86 288.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 553.83 288.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 275.55 Td (open ) Tj ET Q q 0 0 0 rg BT 88.49 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 120.27 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 133.39 275.55 Td (behalf ) Tj ET Q q 0 0 0 rg BT 162.25 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.62 275.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 229.31 275.55 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.48 250.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.97 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 122.79 250.35 Td (has ) Tj ET Q q 0 0 0 rg BT 138.69 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 150.50 250.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 178.65 250.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.64 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 212.79 250.35 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 274.75 250.35 Td (directors. ) Tj ET Q q 0 0 0 rg BT 316.02 250.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 344.16 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 358.90 250.35 Td (current ) Tj ET Q q 0 0 0 rg BT 390.53 250.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.68 250.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 441.29 250.35 Td (directors ) Tj ET Q q 0 0 0 rg BT 479.93 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 499.92 250.35 Td (elect ) Tj ET Q q 0 0 0 rg BT 521.64 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 531.71 250.35 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.41 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.65 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 124.56 237.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 165.79 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.12 237.75 Td (units. ) Tj ET Q q 0 0 0 rg BT 215.34 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.50 237.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 240.67 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 251.00 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 257.83 237.75 Td (July ) Tj ET Q q 0 0 0 rg BT 277.50 237.75 Td (19, ) Tj ET Q q 0 0 0 rg BT 292.79 237.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 315.96 237.75 Td (amendment ) Tj ET Q q 0 0 0 rg BT 367.11 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 377.44 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.43 237.75 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 415.89 237.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 454.79 237.75 Td (could ) Tj ET Q q 0 0 0 rg BT 480.29 237.75 Td (also ) Tj ET Q q 0 0 0 rg BT 499.37 237.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 521.35 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.69 237.75 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 75.15 225.15 Td (options, ) Tj ET Q q 0 0 0 rg BT 111.68 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 140.33 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 163.72 225.15 Td (immediately ) Tj ET Q q 0 0 0 rg BT 219.19 225.15 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 269.40 225.15 Td (at ) Tj ET Q q 0 0 0 rg BT 279.96 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 287.61 225.15 Td (price ) Tj ET Q q 0 0 0 rg BT 311.58 225.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 337.31 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 348.46 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.28 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 396.41 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 422.14 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 433.87 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 449.69 225.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 478.91 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 492.40 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 508.21 225.15 Td (date ) Tj ET Q q 0 0 0 rg BT 528.69 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 540.42 225.15 Td (grant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 68.01 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 90.68 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 98.19 212.55 Td (term ) Tj ET Q q 0 0 0 rg BT 120.28 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.88 212.55 Td (not ) Tj ET Q q 0 0 0 rg BT 148.14 212.55 Td (more ) Tj ET Q q 0 0 0 rg BT 172.57 212.55 Td (than ) Tj ET Q q 0 0 0 rg BT 193.49 212.55 Td (ten ) Tj ET Q q 0 0 0 rg BT 209.17 212.55 Td (years. ) Tj ET Q q 0 0 0 rg BT 236.80 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 239.65 212.55 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 273.12 212.55 Td (options, ) Tj ET Q q 0 0 0 rg BT 309.51 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 327.52 212.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 369.44 212.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 394.45 212.55 Td (units ) Tj ET Q q 0 0 0 rg BT 417.72 212.55 Td (issuable ) Tj ET Q q 0 0 0 rg BT 454.40 212.55 Td (under ) Tj ET Q q 0 0 0 rg BT 481.15 212.55 Td (this ) Tj ET Q q 0 0 0 rg BT 499.18 212.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.27 212.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 549.20 212.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 82.47 199.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.35 199.95 Td (625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.10 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.82 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 122.70 199.95 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 168.85 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 180.31 199.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.69 199.95 Td (384) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.44 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 227.16 199.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.04 199.95 Td (359) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.79 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 263.51 199.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 292.46 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 315.58 199.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 344.55 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 356.01 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 367.48 199.95 Td (March ) Tj ET Q q 0 0 0 rg BT 397.60 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 413.44 199.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 437.16 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.04 199.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 481.38 199.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 531.43 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 536.77 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 538.89 199.95 Td (As ) Tj ET Q q 0 0 0 rg BT 553.27 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.46 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.64 187.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 117.69 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 134.91 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 160.59 187.35 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 222.71 187.35 Td (directors ) Tj ET Q q 0 0 0 rg BT 261.50 187.35 Td (held ) Tj ET Q q 0 0 0 rg BT 281.63 187.35 Td (no ) Tj ET Q q 0 0 0 rg BT 294.18 187.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 318.40 187.35 Td (options, ) Tj ET Q q 0 0 0 rg BT 354.00 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 371.22 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 382.02 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 392.82 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 422.28 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 437.46 187.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 463.14 187.35 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 525.26 187.35 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.66 174.75 Td (32) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.16 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 83.73 174.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 108.48 174.75 Td (options, ) Tj ET Q q 0 0 0 rg BT 144.60 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 172.84 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 188.23 174.75 Td (included ) Tj ET Q q 0 0 0 rg BT 226.97 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 237.71 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.12 174.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 304.70 174.75 Td (options ) Tj ET Q q 0 0 0 rg BT 338.19 174.75 Td (table. ) Tj ET Q q 0 0 0 rg BT 363.80 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 366.38 174.75 Td (During ) Tj ET Q q 0 0 0 rg BT 398.71 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.11 174.75 Td (years ) Tj ET Q q 0 0 0 rg BT 438.84 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 466.49 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 496.47 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 512.18 174.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 538.38 174.75 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 162.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 94.37 162.15 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 157.23 162.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 196.76 162.15 Td (did ) Tj ET Q q 0 0 0 rg BT 212.97 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 229.18 162.15 Td (exercise ) Tj ET Q q 0 0 0 rg BT 266.36 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 284.32 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 309.27 162.15 Td (options. ) Tj ET Q q 0 0 0 rg BT 345.61 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 348.41 162.15 Td (During ) Tj ET Q q 0 0 0 rg BT 380.95 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 396.57 162.15 Td (year ) Tj ET Q q 0 0 0 rg BT 417.43 162.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 445.29 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 475.49 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.41 162.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 517.83 162.15 Td (there ) Tj ET Q q 0 0 0 rg BT 541.60 162.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (no ) Tj ET Q q 0 0 0 rg BT 63.33 149.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 88.32 149.55 Td (options ) Tj ET Q q 0 0 0 rg BT 122.07 149.55 Td (canceled ) Tj ET Q q 0 0 0 rg BT 161.62 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 173.20 149.55 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 212.17 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 235.41 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 251.07 149.55 Td (current ) Tj ET Q q 0 0 0 rg BT 283.63 149.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 312.70 149.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 333.61 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 351.60 149.55 Td (during ) Tj ET Q q 0 0 0 rg BT 381.84 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.50 149.55 Td (years ) Tj ET Q q 0 0 0 rg BT 422.48 149.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 450.38 149.55 Td (March ) Tj ET Q q 0 0 0 rg BT 480.61 149.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 149.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 520.40 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 538.38 149.55 Td (2014, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (there ) Tj ET Q q 0 0 0 rg BT 72.55 136.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.51 136.95 Td (32) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.01 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 106.57 136.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.30 136.95 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.80 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 135.36 136.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 159.09 136.95 Td (options ) Tj ET Q q 0 0 0 rg BT 191.57 136.95 Td (canceled ) Tj ET Q q 0 0 0 rg BT 229.85 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 240.16 136.95 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 277.87 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 299.84 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 314.23 136.95 Td (current ) Tj ET Q q 0 0 0 rg BT 345.53 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.34 136.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 392.98 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 406.78 136.95 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 468.41 136.95 Td (directors, ) Tj ET Q q 0 0 0 rg BT 509.33 136.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 136.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.84 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.92 124.35 Td (year ) Tj ET Q q 0 0 0 rg BT 105.23 124.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.56 124.35 Td (March ) Tj ET Q q 0 0 0 rg BT 164.21 124.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.59 124.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 207.46 124.35 Td (there ) Tj ET Q q 0 0 0 rg BT 231.70 124.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.35 124.35 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.85 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.10 124.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 294.51 124.35 Td (options ) Tj ET Q q 0 0 0 rg BT 328.69 124.35 Td (canceled ) Tj ET Q q 0 0 0 rg BT 368.66 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 380.65 124.35 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 420.05 124.35 Td (related ) Tj ET Q q 0 0 0 rg BT 451.86 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 463.28 124.35 Td (an ) Tj ET Q q 0 0 0 rg BT 476.44 124.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 505.94 124.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 527.27 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 542.76 124.35 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 93.39 111.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 132.70 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 160.93 111.75 Td (was ) Tj ET Q q 0 0 0 rg BT 179.83 111.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 236.06 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.80 111.75 Td (July ) Tj ET Q q 0 0 0 rg BT 266.87 111.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 293.07 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 295.07 111.75 Td (As ) Tj ET Q q 0 0 0 rg BT 309.32 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.63 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 350.61 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 366.31 111.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 392.50 111.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 418.70 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.43 111.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 462.63 111.75 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 525.26 111.75 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.86 99.15 Td (53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.36 99.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.77 99.15 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.27 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 102.67 99.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.61 99.15 Td (64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.11 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 133.90 99.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 175.74 99.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 200.69 99.15 Td (units, ) Tj ET Q q 0 0 0 rg BT 226.51 99.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 276.56 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 281.97 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 310.41 99.15 Td (vest ) Tj ET Q q 0 0 0 rg BT 330.10 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 343.39 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 359.00 99.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 383.35 99.15 Td (date ) Tj ET Q q 0 0 0 rg BT 403.62 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 421.56 99.15 Td (are, ) Tj ET Q q 0 0 0 rg BT 439.79 99.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 483.08 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 499.28 99.15 Td (included ) Tj ET Q q 0 0 0 rg BT 538.22 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (unvested ) Tj ET Q q 0 0 0 rg BT 90.26 86.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 119.43 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.10 86.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 173.10 86.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.19 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 216.28 86.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 258.28 86.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 283.37 86.55 Td (units ) Tj ET Q q 0 0 0 rg BT 306.72 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 317.82 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.58 86.55 Td (table ) Tj ET Q q 0 0 0 rg BT 356.92 86.55 Td (above. ) Tj ET Q q 0 0 0 rg BT 387.54 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 390.47 86.55 Td (During ) Tj ET Q q 0 0 0 rg BT 423.15 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 438.91 86.55 Td (years ) Tj ET Q q 0 0 0 rg BT 463.99 86.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 491.99 86.55 Td (March ) Tj ET Q q 0 0 0 rg BT 522.33 86.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.38 86.55 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 74.06 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 92.28 73.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 118.96 73.95 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 182.08 73.95 Td (directors ) Tj ET Q q 0 0 0 rg BT 221.88 73.95 Td (were ) Tj ET Q q 0 0 0 rg BT 245.33 73.95 Td (granted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.88 73.95 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.13 73.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.81 73.95 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.06 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 301.74 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.96 73.95 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.46 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 333.52 73.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 375.64 73.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.87 73.95 Td (units, ) Tj ET Q q 0 0 0 rg BT 426.97 73.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 477.02 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 482.70 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.92 73.95 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.42 73.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.10 73.95 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 533.28 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.50 73.95 Td (47) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.92 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 88.34 61.35 Td (common ) Tj ET Q q 0 0 0 rg BT 126.77 61.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 153.23 61.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 203.28 61.35 Td (. ) Tj ET Q q 0 0 0 rg BT 207.58 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 209.26 61.35 Td (During ) Tj ET Q q 0 0 0 rg BT 240.69 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 255.19 61.35 Td (year ) Tj ET Q q 0 0 0 rg BT 274.94 61.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 301.69 61.35 Td (March ) Tj ET Q q 0 0 0 rg BT 330.77 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 345.57 61.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 370.87 61.35 Td (there ) Tj ET Q q 0 0 0 rg BT 393.54 61.35 Td (were ) Tj ET Q q 0 0 0 rg BT 415.61 61.35 Td (no ) Tj ET Q q 0 0 0 rg BT 427.79 61.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 468.53 61.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 492.38 61.35 Td (units ) Tj ET Q q 0 0 0 rg BT 514.48 61.35 Td (distributed, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.64 48.75 Td (during ) Tj ET Q q 0 0 0 rg BT 97.52 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.83 48.75 Td (years ) Tj ET Q q 0 0 0 rg BT 137.46 48.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.00 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 194.88 48.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.48 48.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 236.58 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 254.22 48.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 280.32 48.75 Td (there ) Tj ET Q q 0 0 0 rg BT 303.78 48.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.66 48.75 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.16 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 339.63 48.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.27 48.75 Td (39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.77 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 370.24 48.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 411.78 48.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 436.42 48.75 Td (units ) Tj ET Q q 0 0 0 rg BT 459.32 48.75 Td (distributed, ) Tj ET Q q 0 0 0 rg BT 509.33 48.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 48.75 Td (.) Tj ET Q endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 62.44 729.15 Td (May ) Tj ET Q q 0 0 0 rg BT 85.38 729.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 110.08 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 128.93 729.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 156.25 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 181.52 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 213.79 729.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 248.97 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 281.23 729.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 325.15 729.15 Td (of) Tj ET Q q 0 0 0 rg BT 333.71 729.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 360.72 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 369.08 729.15 Td (total ) Tj ET Q q 0 0 0 rg BT 391.43 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.87 729.15 Td (107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.62 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 423.32 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.17 729.15 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.67 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 456.37 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 513.11 729.15 Td (share ) Tj ET Q q 0 0 0 rg BT 538.96 729.15 Td (units, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 104.42 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 114.91 716.55 Td (part ) Tj ET Q q 0 0 0 rg BT 132.98 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 143.47 716.55 Td (their ) Tj ET Q q 0 0 0 rg BT 164.46 716.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 188.94 716.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 211.69 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 228.60 716.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 251.34 716.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 291.57 716.55 Td (award ) Tj ET Q q 0 0 0 rg BT 318.97 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 339.38 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 351.04 716.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 393.59 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 418.08 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.57 716.55 Td ($4,312) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.44 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 459.19 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.09 716.55 Td ($3,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.97 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 509.34 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.39 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 564.64 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.65 703.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 103.31 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 115.38 703.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 171.75 703.95 Td (share ) Tj ET Q q 0 0 0 rg BT 197.23 703.95 Td (units ) Tj ET Q q 0 0 0 rg BT 220.98 703.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 255.79 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 267.28 703.95 Td (May ) Tj ET Q q 0 0 0 rg BT 289.85 703.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 314.18 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 332.66 703.95 Td (2014 ) Tj ET Q q 0 0 0 rg BT 356.99 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 375.47 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 391.62 703.95 Td (number ) Tj ET Q q 0 0 0 rg BT 427.02 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 439.09 703.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.66 703.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 504.63 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 515.54 703.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 549.19 703.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 100.23 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 127.14 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 140.64 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.22 691.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 196.72 691.35 Td (s ) Tj ET Q q 0 0 0 rg BT 203.81 691.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 238.29 691.35 Td (total ) Tj ET Q q 0 0 0 rg BT 259.96 691.35 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 311.95 691.35 Td (return ) Tj ET Q q 0 0 0 rg BT 340.02 691.35 Td (over ) Tj ET Q q 0 0 0 rg BT 361.68 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 369.34 691.35 Td (three-year ) Tj ET Q q 0 0 0 rg BT 414.90 691.35 Td (period ) Tj ET Q q 0 0 0 rg BT 444.72 691.35 Td (ending ) Tj ET Q q 0 0 0 rg BT 476.30 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 506.71 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.84 691.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 546.84 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 76.81 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 126.85 678.75 Td (. ) Tj ET Q q 0 0 0 rg BT 132.43 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 151.93 678.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 176.69 678.75 Td (date ) Tj ET Q q 0 0 0 rg BT 197.36 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 215.11 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 241.03 678.75 Td (per ) Tj ET Q q 0 0 0 rg BT 257.61 678.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 277.13 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 292.55 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.56 678.75 Td (May ) Tj ET Q q 0 0 0 rg BT 330.99 678.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 355.17 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.51 678.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.69 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 453.92 678.75 Td (share ) Tj ET Q q 0 0 0 rg BT 479.25 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 502.85 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.78 678.75 Td ($40.29) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.66 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td ($44.1) Tj ET Q q 0 0 0 rg BT 73.24 666.15 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.49 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 83.39 666.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 133.43 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 138.33 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 156.94 666.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 199.45 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 210.47 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.49 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 236.60 666.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 260.45 666.15 Td (date ) Tj ET Q q 0 0 0 rg BT 280.21 666.15 Td (using ) Tj ET Q q 0 0 0 rg BT 305.24 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 312.17 666.15 Td (Monte ) Tj ET Q q 0 0 0 rg BT 341.86 666.15 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 367.47 666.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 399.48 666.15 Td (model ) Tj ET Q q 0 0 0 rg BT 428.00 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 448.95 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 464.05 666.15 Td (following ) Tj ET Q q 0 0 0 rg BT 507.16 666.15 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 628.65 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 628.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 628.65 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 628.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 628.65 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 598.65 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 598.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 598.65 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 598.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 598.65 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 628.65 m 389.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 628.65 m 475.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 628.65 m 561.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 583.65 m 389.5 583.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 583.65 m 475.5 583.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 583.65 m 561.5 583.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.50 633.44 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 633.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 618.42 Td (Expected dividend yield) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.10 618.44 Td (1.46) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 618.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 618.42 Td (1.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 618.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 603.42 Td (Risk-free interest rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.10 603.44 Td (0.86) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 603.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 603.42 Td (0.75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 603.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 588.42 Td (Expected volatility) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.85 588.44 Td (22.63) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 588.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 588.42 Td (30.81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 588.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 559.55 Td (During ) Tj ET Q q 0 0 0 rg BT 82.21 559.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 107.42 559.55 Td (2012, ) Tj ET Q q 0 0 0 rg BT 133.51 559.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.55 559.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 188.60 559.55 Td (established ) Tj ET Q q 0 0 0 rg BT 237.72 559.55 Td (a ) Tj ET Q q 0 0 0 rg BT 244.85 559.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 288.72 559.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 329.67 559.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 350.22 559.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 369.01 559.55 Td ("L) Tj ET Q q 0 0 0 rg BT 378.75 559.55 Td (TIP"\) ) Tj ET Q q 0 0 0 rg BT 404.75 559.55 Td (under ) Tj ET Q q 0 0 0 rg BT 431.12 559.55 Td (its ) Tj ET Q q 0 0 0 rg BT 443.51 559.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 472.22 559.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 513.17 559.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 536.34 559.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 546.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 90.71 546.95 Td (an ) Tj ET Q q 0 0 0 rg BT 104.00 546.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 149.37 546.95 Td (element ) Tj ET Q q 0 0 0 rg BT 185.99 546.95 Td (of ) Tj ET Q q 0 0 0 rg BT 198.11 546.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 259.82 546.95 Td (that ) Tj ET Q q 0 0 0 rg BT 278.94 546.95 Td (is ) Tj ET Q q 0 0 0 rg BT 289.33 546.95 Td (based ) Tj ET Q q 0 0 0 rg BT 316.62 546.95 Td (on ) Tj ET Q q 0 0 0 rg BT 330.50 546.95 Td (performance, ) Tj ET Q q 0 0 0 rg BT 389.56 546.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 440.17 546.95 Td (as ) Tj ET Q q 0 0 0 rg BT 452.30 546.95 Td (the ) Tj ET Q q 0 0 0 rg BT 468.51 546.95 Td (achievement ) Tj ET Q q 0 0 0 rg BT 524.94 546.95 Td (of ) Tj ET Q q 0 0 0 rg BT 537.07 546.95 Td (a ) Tj ET Q q 0 0 0 rg BT 545.11 546.95 Td (pre-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 534.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 84.06 534.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 118.14 534.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.46 534.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 153.61 534.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 185.11 534.35 Td (s ) Tj ET Q q 0 0 0 rg BT 191.78 534.35 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 241.01 534.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 278.58 534.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 316.73 534.35 Td (per ) Tj ET Q q 0 0 0 rg BT 332.71 534.35 Td (share ) Tj ET Q q 0 0 0 rg BT 357.44 534.35 Td (over ) Tj ET Q q 0 0 0 rg BT 378.68 534.35 Td (a ) Tj ET Q q 0 0 0 rg BT 385.92 534.35 Td (three ) Tj ET Q q 0 0 0 rg BT 409.48 534.35 Td (year ) Tj ET Q q 0 0 0 rg BT 430.13 534.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.75 534.35 Td (period. ) Tj ET Q q 0 0 0 rg BT 517.78 534.35 Td ( ) Tj ET Q q 0 0 0 rg BT 520.36 534.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 549.18 534.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 521.75 Td (L) Tj ET Q q 0 0 0 rg BT 55.45 521.75 Td (TIP) Tj ET Q q 0 0 0 rg BT 70.04 521.75 Td (, ) Tj ET Q q 0 0 0 rg BT 74.86 521.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 117.29 521.75 Td (of) Tj ET Q q 0 0 0 rg BT 125.85 521.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 151.36 521.75 Td (were ) Tj ET Q q 0 0 0 rg BT 173.96 521.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 207.65 521.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.51 521.75 Td (value ) Tj ET Q q 0 0 0 rg BT 253.45 521.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.69 521.75 Td (units ) Tj ET Q q 0 0 0 rg BT 331.32 521.75 Td (in ) Tj ET Q q 0 0 0 rg BT 341.68 521.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.71 521.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 388.64 521.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 415.91 521.75 Td (September ) Tj ET Q q 0 0 0 rg BT 463.02 521.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 486.22 521.75 Td (for ) Tj ET Q q 0 0 0 rg BT 500.66 521.75 Td (a ) Tj ET Q q 0 0 0 rg BT 507.52 521.75 Td (total ) Tj ET Q q 0 0 0 rg BT 528.38 521.75 Td (tar) Tj ET Q q 0 0 0 rg BT 539.27 521.75 Td (geted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 509.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.53 509.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.31 509.15 Td ($1,850) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.18 509.15 Td (. ) Tj ET Q q 0 0 0 rg BT 127.84 509.15 Td ( ) Tj ET Q q 0 0 0 rg BT 129.73 509.15 Td (The ) Tj ET Q q 0 0 0 rg BT 148.08 509.15 Td (September ) Tj ET Q q 0 0 0 rg BT 195.02 509.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 218.05 509.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 241.66 509.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 296.74 509.15 Td (period ) Tj ET Q q 0 0 0 rg BT 325.60 509.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 352.70 509.15 Td (March ) Tj ET Q q 0 0 0 rg BT 382.14 509.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.30 509.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 422.96 509.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.15 509.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 475.42 509.15 Td (in ) Tj ET Q q 0 0 0 rg BT 485.62 509.15 Td (a ) Tj ET Q q 0 0 0 rg BT 492.32 509.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 530.50 509.15 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 496.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 496.55 Td ($1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.25 496.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.87 496.55 Td (that ) Tj ET Q q 0 0 0 rg BT 111.24 496.55 Td (was ) Tj ET Q q 0 0 0 rg BT 130.20 496.55 Td (settled ) Tj ET Q q 0 0 0 rg BT 160.23 496.55 Td (in ) Tj ET Q q 0 0 0 rg BT 171.02 496.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 192.31 496.55 Td (on ) Tj ET Q q 0 0 0 rg BT 205.43 496.55 Td (May ) Tj ET Q q 0 0 0 rg BT 227.30 496.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 243.05 496.55 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 471.35 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.19 471.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.39 471.35 Td (payable ) Tj ET Q q 0 0 0 rg BT 183.92 471.35 Td (in ) Tj ET Q q 0 0 0 rg BT 193.96 471.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 222.08 471.35 Td (of ) Tj ET Q q 0 0 0 rg BT 232.71 471.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.17 471.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 286.63 471.35 Td (common ) Tj ET Q q 0 0 0 rg BT 325.26 471.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 349.30 471.35 Td (has ) Tj ET Q q 0 0 0 rg BT 365.18 471.35 Td (been ) Tj ET Q q 0 0 0 rg BT 386.88 471.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 420.25 471.35 Td (to ) Tj ET Q q 0 0 0 rg BT 430.29 471.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.74 471.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.52 471.35 Td (in ) Tj ET Q q 0 0 0 rg BT 517.57 471.35 Td (an ) Tj ET Q q 0 0 0 rg BT 529.36 471.35 Td (elective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 458.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 72.93 458.75 Td ( ) Tj ET Q q 0 0 0 rg BT 75.00 458.75 Td (The ) Tj ET Q q 0 0 0 rg BT 93.56 458.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 126.12 458.75 Td (in ) Tj ET Q q 0 0 0 rg BT 136.52 458.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.58 458.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 171.89 458.75 Td (is ) Tj ET Q q 0 0 0 rg BT 181.13 458.75 Td (immediate ) Tj ET Q q 0 0 0 rg BT 227.68 458.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.07 458.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.13 458.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 280.44 458.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 318.83 458.75 Td (for ) Tj ET Q q 0 0 0 rg BT 333.31 458.75 Td (discounts ) Tj ET Q q 0 0 0 rg BT 375.21 458.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.19 458.75 Td (up ) Tj ET Q q 0 0 0 rg BT 398.92 458.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.32 458.75 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.56 458.75 Td ( ) Tj ET Q q 0 0 0 rg BT 430.79 458.75 Td (on ) Tj ET Q q 0 0 0 rg BT 443.52 458.75 Td (contributions ) Tj ET Q q 0 0 0 rg BT 501.17 458.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.56 458.75 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 564.64 458.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 446.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 446.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.86 446.15 Td (January ) Tj ET Q q 0 0 0 rg BT 126.08 446.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 136.53 446.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 162.73 446.15 Td (there ) Tj ET Q q 0 0 0 rg BT 186.29 446.15 Td (will ) Tj ET Q q 0 0 0 rg BT 205.19 446.15 Td (be ) Tj ET Q q 0 0 0 rg BT 217.68 446.15 Td (no ) Tj ET Q q 0 0 0 rg BT 230.75 446.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 275.31 446.15 Td (contributions ) Tj ET Q q 0 0 0 rg BT 333.30 446.15 Td (to ) Tj ET Q q 0 0 0 rg BT 344.04 446.15 Td (the ) Tj ET Q q 0 0 0 rg BT 359.44 446.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 382.71 446.15 Td (with ) Tj ET Q q 0 0 0 rg BT 403.95 446.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.35 446.15 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 446.15 Td (271) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.25 446.15 Td ( ) Tj ET Q q 0 0 0 rg BT 482.82 446.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 511.63 446.15 Td (reserved ) Tj ET Q q 0 0 0 rg BT 549.77 446.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 433.55 Td (future ) Tj ET Q q 0 0 0 rg BT 77.66 433.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 117.00 433.55 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 174.73 433.55 Td ( ) Tj ET Q q 0 0 0 rg BT 177.32 433.55 Td (During ) Tj ET Q q 0 0 0 rg BT 209.66 433.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 234.99 433.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 261.21 433.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.43 433.55 Td (and ) Tj ET Q q 0 0 0 rg BT 305.18 433.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 331.40 433.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 355.57 433.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 386.74 433.55 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.59 433.55 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.09 433.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.30 433.55 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.80 433.55 Td (, ) Tj ET Q q 0 0 0 rg BT 447.02 433.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.77 433.55 Td (51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.27 433.55 Td ( ) Tj ET Q q 0 0 0 rg BT 477.87 433.55 Td (shares, ) Tj ET Q q 0 0 0 rg BT 509.33 433.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.37 433.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 420.95 Td (under ) Tj ET Q q 0 0 0 rg BT 76.85 420.95 Td (the ) Tj ET Q q 0 0 0 rg BT 92.61 420.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 113.63 420.95 Td (with ) Tj ET Q q 0 0 0 rg BT 135.23 420.95 Td (a ) Tj ET Q q 0 0 0 rg BT 142.83 420.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 220.40 420.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.90 420.95 Td (value ) Tj ET Q q 0 0 0 rg BT 263.58 420.95 Td (per ) Tj ET Q q 0 0 0 rg BT 279.93 420.95 Td (share ) Tj ET Q q 0 0 0 rg BT 305.02 420.95 Td (at ) Tj ET Q q 0 0 0 rg BT 315.53 420.95 Td (the ) Tj ET Q q 0 0 0 rg BT 331.30 420.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 355.81 420.95 Td (date ) Tj ET Q q 0 0 0 rg BT 376.24 420.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.92 420.95 Td ($41.82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.80 420.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.36 420.95 Td ($45.83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.24 420.95 Td (, ) Tj ET Q q 0 0 0 rg BT 456.80 420.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.90 420.95 Td ($31.90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.77 420.95 Td (, ) Tj ET Q q 0 0 0 rg BT 509.34 420.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 420.95 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 420.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 408.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.53 408.35 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 126.15 408.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.60 408.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.06 408.35 Td (under ) Tj ET Q q 0 0 0 rg BT 209.17 408.35 Td (this ) Tj ET Q q 0 0 0 rg BT 226.55 408.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 246.84 408.35 Td (are ) Tj ET Q q 0 0 0 rg BT 261.86 408.35 Td (held ) Tj ET Q q 0 0 0 rg BT 282.15 408.35 Td (in ) Tj ET Q q 0 0 0 rg BT 292.52 408.35 Td (a ) Tj ET Q q 0 0 0 rg BT 299.39 408.35 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 323.17 408.35 Td (trust. ) Tj ET Q q 0 0 0 rg BT 346.67 408.35 Td ( ) Tj ET Q q 0 0 0 rg BT 348.39 408.35 Td (Assets ) Tj ET Q q 0 0 0 rg BT 378.02 408.35 Td (of ) Tj ET Q q 0 0 0 rg BT 388.97 408.35 Td (the ) Tj ET Q q 0 0 0 rg BT 404.01 408.35 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 427.79 408.35 Td (trust ) Tj ET Q q 0 0 0 rg BT 448.66 408.35 Td (are ) Tj ET Q q 0 0 0 rg BT 463.69 408.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 518.97 408.35 Td (with ) Tj ET Q q 0 0 0 rg BT 539.84 408.35 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 395.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.95 395.75 Td (employer) Tj ET Q q 0 0 0 rg BT 114.18 395.75 Td (, ) Tj ET Q q 0 0 0 rg BT 118.49 395.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.33 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.85 395.75 Td (value ) Tj ET Q q 0 0 0 rg BT 174.27 395.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.71 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.22 395.75 Td (employer's ) Tj ET Q q 0 0 0 rg BT 246.54 395.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 270.39 395.75 Td (held ) Tj ET Q q 0 0 0 rg BT 290.15 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 300.00 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.52 395.75 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 337.78 395.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 358.13 395.75 Td (is ) Tj ET Q q 0 0 0 rg BT 366.82 395.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 408.16 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 418.01 395.75 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 474.67 395.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.60 395.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.44 395.75 Td (accounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 383.15 Td (for ) Tj ET Q q 0 0 0 rg BT 63.92 383.15 Td (in ) Tj ET Q q 0 0 0 rg BT 73.76 383.15 Td (a ) Tj ET Q q 0 0 0 rg BT 80.10 383.15 Td (manner ) Tj ET Q q 0 0 0 rg BT 113.26 383.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 144.10 383.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.94 383.15 Td (treasury ) Tj ET Q q 0 0 0 rg BT 189.43 383.15 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.90 383.15 Td ( ) Tj ET Q q 0 0 0 rg BT 217.45 383.15 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 263.14 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.64 383.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 305.56 383.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.81 383.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.07 383.15 Td (has ) Tj ET Q q 0 0 0 rg BT 374.74 383.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 402.67 383.15 Td (to ) Tj ET Q q 0 0 0 rg BT 412.51 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 427.01 383.15 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 450.26 383.15 Td (trust ) Tj ET Q q 0 0 0 rg BT 470.60 383.15 Td (and ) Tj ET Q q 0 0 0 rg BT 487.44 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 501.94 383.15 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 370.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 85.32 370.55 Td (related ) Tj ET Q q 0 0 0 rg BT 116.53 370.55 Td (to ) Tj ET Q q 0 0 0 rg BT 127.35 370.55 Td (the ) Tj ET Q q 0 0 0 rg BT 142.83 370.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.46 370.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 241.43 370.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 262.16 370.55 Td (are ) Tj ET Q q 0 0 0 rg BT 277.63 370.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 320.51 370.55 Td (as ) Tj ET Q q 0 0 0 rg BT 331.91 370.55 Td (components ) Tj ET Q q 0 0 0 rg BT 385.31 370.55 Td (of ) Tj ET Q q 0 0 0 rg BT 396.70 370.55 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 454.32 370.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 483.22 370.55 Td (as ) Tj ET Q q 0 0 0 rg BT 494.62 370.55 Td (Employee ) Tj ET Q q 0 0 0 rg BT 539.84 370.55 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 357.95 Td (trust ) Tj ET Q q 0 0 0 rg BT 71.28 357.95 Td (and ) Tj ET Q q 0 0 0 rg BT 89.06 357.95 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 128.97 357.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 189.91 357.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 233.34 357.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 258.12 357.95 Td (trust, ) Tj ET Q q 0 0 0 rg BT 282.02 357.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 332.07 357.95 Td (. ) Tj ET Q q 0 0 0 rg BT 337.31 357.95 Td ( ) Tj ET Q q 0 0 0 rg BT 339.92 357.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 370.53 357.95 Td (held ) Tj ET Q q 0 0 0 rg BT 391.22 357.95 Td (by ) Tj ET Q q 0 0 0 rg BT 404.33 357.95 Td (the ) Tj ET Q q 0 0 0 rg BT 419.77 357.95 Td (trust ) Tj ET Q q 0 0 0 rg BT 441.05 357.95 Td (at ) Tj ET Q q 0 0 0 rg BT 451.25 357.95 Td (March ) Tj ET Q q 0 0 0 rg BT 481.26 357.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.00 357.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 523.24 357.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 546.85 357.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 345.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.25 345.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.28 345.35 Td (583) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.03 345.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.28 345.35 Td (660) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.03 345.35 Td ( ) Tj ET Q q 0 0 0 rg BT 138.65 345.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.44 345.35 Td (672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 172.19 345.35 Td (, ) Tj ET Q q 0 0 0 rg BT 177.44 345.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 227.48 345.35 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 320.15 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 320.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 320.15 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 123.30 320.15 Td (PER ) Tj ET Q q 0 0 0 rg BT 146.93 320.15 Td (SHARE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 183.11 320.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 294.95 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.09 294.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 112.93 294.95 Td (per ) Tj ET Q q 0 0 0 rg BT 128.60 294.95 Td (share ) Tj ET Q q 0 0 0 rg BT 153.02 294.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 203.10 294.95 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 294.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 237.37 294.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 270.84 294.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.13 294.95 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 344.46 294.95 Td (\("EPS"\) ) Tj ET Q q 0 0 0 rg BT 380.39 294.95 Td (is ) Tj ET Q q 0 0 0 rg BT 389.65 294.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 434.47 294.95 Td (by ) Tj ET Q q 0 0 0 rg BT 447.24 294.95 Td (dividing ) Tj ET Q q 0 0 0 rg BT 484.50 294.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.93 294.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.68 294.95 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 282.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 102.13 282.35 Td (to ) Tj ET Q q 0 0 0 rg BT 112.19 282.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 135.66 282.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 168.77 282.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.69 282.35 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 227.08 282.35 Td (by ) Tj ET Q q 0 0 0 rg BT 239.47 282.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 276.94 282.35 Td (allocated ) Tj ET Q q 0 0 0 rg BT 316.73 282.35 Td (to ) Tj ET Q q 0 0 0 rg BT 326.79 282.35 Td (participating ) Tj ET Q q 0 0 0 rg BT 381.75 282.35 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 426.80 282.35 Td (by ) Tj ET Q q 0 0 0 rg BT 439.19 282.35 Td (the ) Tj ET Q q 0 0 0 rg BT 453.91 282.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 530.43 282.35 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 269.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 269.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.71 269.75 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 143.95 269.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.14 269.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 199.34 269.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 227.04 269.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.82 269.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 285.33 269.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 327.01 269.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 351.79 269.75 Td (that ) Tj ET Q q 0 0 0 rg BT 370.15 269.75 Td (are ) Tj ET Q q 0 0 0 rg BT 385.58 269.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 420.84 269.75 Td (to ) Tj ET Q q 0 0 0 rg BT 431.62 269.75 Td (be ) Tj ET Q q 0 0 0 rg BT 444.15 269.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 499.83 269.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 542.09 269.75 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 257.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 257.15 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 95.38 257.15 Td (because ) Tj ET Q q 0 0 0 rg BT 130.98 257.15 Td (the ) Tj ET Q q 0 0 0 rg BT 146.19 257.15 Td (unvested ) Tj ET Q q 0 0 0 rg BT 185.89 257.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 227.33 257.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 255.95 257.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 284.56 257.15 Td (their ) Tj ET Q q 0 0 0 rg BT 306.18 257.15 Td (holder ) Tj ET Q q 0 0 0 rg BT 335.38 257.15 Td (to ) Tj ET Q q 0 0 0 rg BT 345.93 257.15 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 407.78 257.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 446.90 257.15 Td (rights. ) Tj ET Q q 0 0 0 rg BT 475.82 257.15 Td (In ) Tj ET Q q 0 0 0 rg BT 486.94 257.15 Td (this ) Tj ET Q q 0 0 0 rg BT 504.49 257.15 Td (circumstance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 244.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 97.68 244.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 137.69 244.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 173.62 244.55 Td (a ) Tj ET Q q 0 0 0 rg BT 180.39 244.55 Td (�two-class ) Tj ET Q q 0 0 0 rg BT 226.82 244.55 Td (method� ) Tj ET Q q 0 0 0 rg BT 265.09 244.55 Td (for ) Tj ET Q q 0 0 0 rg BT 279.44 244.55 Td (EPS ) Tj ET Q q 0 0 0 rg BT 299.64 244.55 Td (calculations ) Tj ET Q q 0 0 0 rg BT 351.90 244.55 Td (that ) Tj ET Q q 0 0 0 rg BT 369.76 244.55 Td (excludes ) Tj ET Q q 0 0 0 rg BT 408.61 244.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 446.29 244.55 Td (\(potentially ) Tj ET Q q 0 0 0 rg BT 496.81 244.55 Td (both ) Tj ET Q q 0 0 0 rg BT 517.58 244.55 Td (distributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 231.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 231.95 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 128.82 231.95 Td (allocated ) Tj ET Q q 0 0 0 rg BT 169.34 231.95 Td (to ) Tj ET Q q 0 0 0 rg BT 180.13 231.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 235.82 231.95 Td (securities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 83.60 206.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 104.31 206.75 Td (is ) Tj ET Q q 0 0 0 rg BT 113.92 206.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 145.69 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.47 206.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 180.65 206.75 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 203.98 206.75 Td (but ) Tj ET Q q 0 0 0 rg BT 220.00 206.75 Td (adjusts ) Tj ET Q q 0 0 0 rg BT 251.78 206.75 Td (for ) Tj ET Q q 0 0 0 rg BT 266.63 206.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.07 206.75 Td (ef) Tj ET Q q 0 0 0 rg BT 290.04 206.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.38 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.73 206.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 359.08 206.75 Td (common ) Tj ET Q q 0 0 0 rg BT 398.44 206.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 427.29 206.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 456.15 206.75 Td (they ) Tj ET Q q 0 0 0 rg BT 476.83 206.75 Td (are ) Tj ET Q q 0 0 0 rg BT 492.26 206.75 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 545.32 206.75 Td ( ) Tj ET Q q 0 0 0 rg BT 547.93 206.75 Td (For ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 194.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.96 194.15 Td (with ) Tj ET Q q 0 0 0 rg BT 106.18 194.15 Td (a ) Tj ET Q q 0 0 0 rg BT 114.40 194.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 133.11 194.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 155.71 194.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 210.00 194.15 Td (to ) Tj ET Q q 0 0 0 rg BT 221.72 194.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.85 194.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 281.61 194.15 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 303.82 194.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 344.11 194.15 Td (common ) Tj ET Q q 0 0 0 rg BT 384.41 194.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 414.20 194.15 Td (are ) Tj ET Q q 0 0 0 rg BT 430.57 194.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 479.60 194.15 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 530.98 194.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.69 194.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 181.55 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 92.64 181.55 Td (excluded ) Tj ET Q q 0 0 0 rg BT 133.16 181.55 Td (from ) Tj ET Q q 0 0 0 rg BT 156.20 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 171.65 181.55 Td (calculation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 156.35 Td (During ) Tj ET Q q 0 0 0 rg BT 81.81 156.35 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.11 156.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.11 156.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.29 156.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.29 156.35 Td (, ) Tj ET Q q 0 0 0 rg BT 159.48 156.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.20 156.35 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.20 156.35 Td (, ) Tj ET Q q 0 0 0 rg BT 203.39 156.35 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 242.11 156.35 Td (to ) Tj ET Q q 0 0 0 rg BT 252.84 156.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.23 156.35 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.48 156.35 Td ( ) Tj ET Q q 0 0 0 rg BT 318.04 156.35 Td (share ) Tj ET Q q 0 0 0 rg BT 342.75 156.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 390.79 156.35 Td (authorization ) Tj ET Q q 0 0 0 rg BT 448.75 156.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 491.56 156.35 Td (in ) Tj ET Q q 0 0 0 rg BT 502.28 156.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 525.26 156.35 Td (10, ) Tj ET Q q 0 0 0 rg BT 540.94 156.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 143.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.29 143.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 125.06 143.75 Td (and ) Tj ET Q q 0 0 0 rg BT 142.43 143.75 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 172.03 143.75 Td (4,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.66 143.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.49 143.75 Td (6,931) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.11 143.75 Td (, ) Tj ET Q q 0 0 0 rg BT 228.94 143.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.31 143.75 Td (9,677) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.94 143.75 Td ( ) Tj ET Q q 0 0 0 rg BT 272.14 143.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 300.59 143.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.54 143.75 Td (its ) Tj ET Q q 0 0 0 rg BT 323.67 143.75 Td (common ) Tj ET Q q 0 0 0 rg BT 362.62 143.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 389.62 143.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 439.66 143.75 Td (, ) Tj ET Q q 0 0 0 rg BT 444.49 143.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.94 143.75 Td ($209,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.32 143.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.15 143.75 Td ($356,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.52 143.75 Td (, ) Tj ET Q q 0 0 0 rg BT 547.36 143.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 131.15 Td ($359,996) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.88 131.15 Td (, ) Tj ET Q q 0 0 0 rg BT 96.92 131.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 146.97 131.15 Td (, ) Tj ET Q q 0 0 0 rg BT 155.02 131.15 Td (through ) Tj ET Q q 0 0 0 rg BT 193.11 131.15 Td (open ) Tj ET Q q 0 0 0 rg BT 218.94 131.15 Td (market ) Tj ET Q q 0 0 0 rg BT 253.52 131.15 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 302.97 131.15 Td ( ) Tj ET Q q 0 0 0 rg BT 308.00 131.15 Td (These ) Tj ET Q q 0 0 0 rg BT 338.49 131.15 Td (total ) Tj ET Q q 0 0 0 rg BT 362.58 131.15 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 417.56 131.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 456.21 131.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 536.26 131.15 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 118.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 101.12 118.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.25 118.55 Td (2,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.87 118.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.12 118.55 Td (3,528) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.75 118.55 Td (, ) Tj ET Q q 0 0 0 rg BT 172.00 118.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.79 118.55 Td (4,908) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.41 118.55 Td ( ) Tj ET Q q 0 0 0 rg BT 216.04 118.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.90 118.55 Td (for ) Tj ET Q q 0 0 0 rg BT 259.77 118.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.22 118.55 Td (years ) Tj ET Q q 0 0 0 rg BT 300.00 118.55 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.07 118.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.70 118.55 Td (March ) Tj ET Q q 0 0 0 rg BT 357.73 118.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.48 118.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.48 118.55 Td (, ) Tj ET Q q 0 0 0 rg BT 399.73 118.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 425.98 118.55 Td (and ) Tj ET Q q 0 0 0 rg BT 443.76 118.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 470.01 118.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 520.06 118.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 93.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 93.35 Td (par ) Tj ET Q q 0 0 0 rg BT 85.37 93.35 Td (value ) Tj ET Q q 0 0 0 rg BT 111.18 93.35 Td (of ) Tj ET Q q 0 0 0 rg BT 123.00 93.35 Td (the ) Tj ET Q q 0 0 0 rg BT 138.90 93.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.21 93.35 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 222.01 93.35 Td (is ) Tj ET Q q 0 0 0 rg BT 232.08 93.35 Td (char) Tj ET Q q 0 0 0 rg BT 249.96 93.35 Td (ged ) Tj ET Q q 0 0 0 rg BT 268.19 93.35 Td (to ) Tj ET Q q 0 0 0 rg BT 279.43 93.35 Td (common ) Tj ET Q q 0 0 0 rg BT 319.25 93.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 347.11 93.35 Td (with ) Tj ET Q q 0 0 0 rg BT 368.85 93.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.75 93.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 415.22 93.35 Td (of ) Tj ET Q q 0 0 0 rg BT 427.04 93.35 Td (the ) Tj ET Q q 0 0 0 rg BT 442.94 93.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 483.33 93.35 Td (price ) Tj ET Q q 0 0 0 rg BT 507.38 93.35 Td (over ) Tj ET Q q 0 0 0 rg BT 529.11 93.35 Td (par ) Tj ET Q q 0 0 0 rg BT 545.59 93.35 Td (first ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 80.75 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 80.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 85.16 80.75 Td (against ) Tj ET Q q 0 0 0 rg BT 117.53 80.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.15 80.75 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 194.52 80.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 227.75 80.75 Td (with ) Tj ET Q q 0 0 0 rg BT 249.04 80.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 80.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 309.69 80.75 Td (balance, ) Tj ET Q q 0 0 0 rg BT 347.00 80.75 Td (if ) Tj ET Q q 0 0 0 rg BT 356.04 80.75 Td (any) Tj ET Q q 0 0 0 rg BT 370.52 80.75 Td (, ) Tj ET Q q 0 0 0 rg BT 375.77 80.75 Td (char) Tj ET Q q 0 0 0 rg BT 393.65 80.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 411.43 80.75 Td (against ) Tj ET Q q 0 0 0 rg BT 443.80 80.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 480.24 80.75 Td (earnings.) Tj ET Q endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (129) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.97 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.42 741.75 Td (computations ) Tj ET Q q 0 0 0 rg BT 246.63 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.00 741.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 282.20 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.98 741.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 331.77 741.75 Td (EPS:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 701.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 671.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 641.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.25 351.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.25 351.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 530.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 530.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 530.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 530.25 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 716.25 m 455 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 716.25 m 459 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 716.25 m 509 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 716.25 m 513 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.25 m 401 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 716.25 m 455 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 701.25 m 455 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 716.25 m 509 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 701.25 m 509 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 701.25 m 455 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 701.25 m 509 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.25 m 401 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 641.25 m 401 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 656.25 m 455 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 641.25 m 455 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 656.25 m 509 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 641.25 m 509 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 656.25 m 563 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 641.25 m 563 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 585.25 m 455 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 585.25 m 509 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 585.25 m 563 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 585.25 m 401 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 559.25 m 401 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 585.25 m 455 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 559.25 m 455 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 585.25 m 509 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 559.25 m 509 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 585.25 m 563 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 559.25 m 563 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 500.25 m 401 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 500.25 m 455 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 500.25 m 509 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 500.25 m 563 500.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.15 721.02 Td (Y) Tj ET Q q 0 0 0 rg BT 440.68 721.02 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 706.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.00 706.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 706.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.00 706.02 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 691.02 Td (Basic weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 691.04 Td (107,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 691.02 Td (112,019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 691.02 Td (121,941) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 676.02 Td (Potential common shares:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 661.02 Td (Dilutive employee stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 661.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.35 661.02 Td (1,227) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 661.02 Td (442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 646.02 Td (Diluted weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 646.04 Td (107,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 646.02 Td (113,246) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 646.02 Td (122,383) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 616.02 Td (Net Income \(Loss\) Attributable to�Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 616.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.60 616.04 Td (\(25,032) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 616.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 616.02 Td (237,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 616.02 Td (284,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 600.52 Td (Less: Earnings \(distributed and undistributed\) allocated to participating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.00 590.02 Td (securities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 590.04 Td (2,288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.35 590.02 Td (6,340) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 590.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 574.52 Td (Net Income \(Loss\) \(Distributed and Undistributed\) Allocated to Shareholders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 564.02 Td (\(Excluding Participating Securities\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 564.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.60 564.04 Td (\(27,320) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 564.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 564.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 564.02 Td (230,740) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 564.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 564.02 Td (284,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 535.02 Td (Net Income \(Loss\) per share Attributable to Legg Mason, Inc. Shareholders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 520.02 Td (Basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 520.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.10 520.04 Td (\(0.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 520.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.60 520.02 Td (2.06) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 520.02 Td (2.34) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 505.02 Td (Diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.10 505.04 Td (\(0.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 505.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 505.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.60 505.02 Td (2.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 505.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 505.02 Td (2.33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.46 475.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.72 475.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 174.60 475.55 Td (for ) Tj ET Q q 0 0 0 rg BT 189.48 475.55 Td (the ) Tj ET Q q 0 0 0 rg BT 204.95 475.55 Td (years ) Tj ET Q q 0 0 0 rg BT 229.74 475.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.44 475.55 Td (March ) Tj ET Q q 0 0 0 rg BT 287.49 475.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 303.25 475.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.25 475.55 Td ( ) Tj ET Q q 0 0 0 rg BT 326.88 475.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.68 475.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.68 475.55 Td (, ) Tj ET Q q 0 0 0 rg BT 370.94 475.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 406.23 475.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 483.49 475.55 Td (unvested ) Tj ET Q q 0 0 0 rg BT 523.45 475.55 Td (restricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.37 462.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 113.64 462.95 Td (to ) Tj ET Q q 0 0 0 rg BT 124.43 462.95 Td (be ) Tj ET Q q 0 0 0 rg BT 136.97 462.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 192.66 462.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 234.94 462.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.31 462.95 Td (2,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.93 462.95 Td ( ) Tj ET Q q 0 0 0 rg BT 272.56 462.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.35 462.95 Td (3,065) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.97 462.95 Td (, ) Tj ET Q q 0 0 0 rg BT 319.22 462.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 369.27 462.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 437.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.76 437.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 100.86 437.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 121.90 437.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 174.98 437.75 Td (for ) Tj ET Q q 0 0 0 rg BT 190.16 437.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.93 437.75 Td (years ) Tj ET Q q 0 0 0 rg BT 231.02 437.75 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.09 437.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.03 437.75 Td (March ) Tj ET Q q 0 0 0 rg BT 289.37 437.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 305.44 437.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.44 437.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.00 437.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.00 437.75 Td (, ) Tj ET Q q 0 0 0 rg BT 358.56 437.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.66 437.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 403.22 437.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 438.81 437.75 Td (any ) Tj ET Q q 0 0 0 rg BT 456.91 437.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 496.59 437.75 Td (common ) Tj ET Q q 0 0 0 rg BT 536.27 437.75 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.15 Td (issuable ) Tj ET Q q 0 0 0 rg BT 85.70 425.15 Td (under ) Tj ET Q q 0 0 0 rg BT 111.98 425.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.18 425.15 Td (14,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.05 425.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.42 425.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 196.95 425.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 225.57 425.15 Td (in ) Tj ET Q q 0 0 0 rg BT 236.11 425.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 284.54 425.15 Td (with ) Tj ET Q q 0 0 0 rg BT 305.58 425.15 Td (the ) Tj ET Q q 0 0 0 rg BT 320.78 425.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 368.63 425.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.74 425.15 Td (the ) Tj ET Q q 0 0 0 rg BT 394.94 425.15 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 446.89 425.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 473.76 425.15 Td (in ) Tj ET Q q 0 0 0 rg BT 484.30 425.15 Td (May ) Tj ET Q q 0 0 0 rg BT 505.91 425.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 529.28 425.15 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.73 412.55 Td (market ) Tj ET Q q 0 0 0 rg BT 98.28 412.55 Td (price ) Tj ET Q q 0 0 0 rg BT 122.67 412.55 Td (of ) Tj ET Q q 0 0 0 rg BT 134.81 412.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 159.79 412.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 191.77 412.55 Td (common ) Tj ET Q q 0 0 0 rg BT 231.92 412.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 257.48 412.55 Td (did ) Tj ET Q q 0 0 0 rg BT 274.30 412.55 Td (not ) Tj ET Q q 0 0 0 rg BT 291.12 412.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 323.66 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.89 412.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 377.69 412.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 404.70 412.55 Td (and ) Tj ET Q q 0 0 0 rg BT 423.26 412.55 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 467.17 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 483.40 412.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 522.95 412.55 Td (would ) Tj ET Q q 0 0 0 rg BT 552.60 412.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 399.95 Td (antidilutive.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 377.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 99.70 377.35 Td (EPS ) Tj ET Q q 0 0 0 rg BT 120.15 377.35 Td (calculation ) Tj ET Q q 0 0 0 rg BT 168.57 377.35 Td (for ) Tj ET Q q 0 0 0 rg BT 183.17 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 198.35 377.35 Td (year ) Tj ET Q q 0 0 0 rg BT 218.77 377.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 246.20 377.35 Td (March ) Tj ET Q q 0 0 0 rg BT 275.96 377.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.44 377.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.42 377.35 Td (excludes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.52 377.35 Td (814) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.27 377.35 Td ( ) Tj ET Q q 0 0 0 rg BT 374.62 377.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 413.72 377.35 Td (common ) Tj ET Q q 0 0 0 rg BT 452.82 377.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 481.42 377.35 Td (that ) Tj ET Q q 0 0 0 rg BT 499.52 377.35 Td (are ) Tj ET Q q 0 0 0 rg BT 514.69 377.35 Td (antidilutive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (due ) Tj ET Q q 0 0 0 rg BT 67.43 364.75 Td (to ) Tj ET Q q 0 0 0 rg BT 78.38 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.98 364.75 Td (net ) Tj ET Q q 0 0 0 rg BT 109.58 364.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 128.69 364.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.64 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.24 364.75 Td (year) Tj ET Q q 0 0 0 rg BT 172.73 364.75 Td (. ) Tj ET Q q 0 0 0 rg BT 178.13 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 180.90 364.75 Td (Options ) Tj ET Q q 0 0 0 rg BT 216.93 364.75 Td (to ) Tj ET Q q 0 0 0 rg BT 227.87 364.75 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.96 364.75 Td (1,319) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.58 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 294.36 364.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.29 364.75 Td (2,620) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.92 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.69 364.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 367.71 364.75 Td (for ) Tj ET Q q 0 0 0 rg BT 382.72 364.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.32 364.75 Td (years ) Tj ET Q q 0 0 0 rg BT 423.25 364.75 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.32 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.10 364.75 Td (March ) Tj ET Q q 0 0 0 rg BT 481.28 364.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.17 364.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 520.95 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 538.88 364.75 Td (2014, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 352.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 352.15 Td (, ) Tj ET Q q 0 0 0 rg BT 105.54 352.15 Td (were ) Tj ET Q q 0 0 0 rg BT 129.31 352.15 Td (not ) Tj ET Q q 0 0 0 rg BT 146.09 352.15 Td (included ) Tj ET Q q 0 0 0 rg BT 185.61 352.15 Td (in ) Tj ET Q q 0 0 0 rg BT 197.15 352.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.34 352.15 Td (computation ) Tj ET Q q 0 0 0 rg BT 269.20 352.15 Td (of ) Tj ET Q q 0 0 0 rg BT 281.32 352.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 313.85 352.15 Td (EPS ) Tj ET Q q 0 0 0 rg BT 335.31 352.15 Td (because ) Tj ET Q q 0 0 0 rg BT 371.90 352.15 Td (the ) Tj ET Q q 0 0 0 rg BT 388.10 352.15 Td (presumed ) Tj ET Q q 0 0 0 rg BT 432.29 352.15 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 472.97 352.15 Td (from ) Tj ET Q q 0 0 0 rg BT 496.75 352.15 Td (exercising ) Tj ET Q q 0 0 0 rg BT 543.27 352.15 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.55 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.68 339.55 Td (including ) Tj ET Q q 0 0 0 rg BT 125.98 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.44 339.55 Td (related ) Tj ET Q q 0 0 0 rg BT 170.64 339.55 Td (income ) Tj ET Q q 0 0 0 rg BT 203.19 339.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 217.65 339.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 255.15 339.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 285.93 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 300.39 339.55 Td (average ) Tj ET Q q 0 0 0 rg BT 334.67 339.55 Td (price ) Tj ET Q q 0 0 0 rg BT 357.29 339.55 Td (of ) Tj ET Q q 0 0 0 rg BT 367.67 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 382.13 339.55 Td (common ) Tj ET Q q 0 0 0 rg BT 420.52 339.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 448.39 339.55 Td (for ) Tj ET Q q 0 0 0 rg BT 462.27 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 476.73 339.55 Td (period ) Tj ET Q q 0 0 0 rg BT 505.20 339.55 Td (and ) Tj ET Q q 0 0 0 rg BT 521.99 339.55 Td (therefore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 326.95 Td (options ) Tj ET Q q 0 0 0 rg BT 98.50 326.95 Td (are ) Tj ET Q q 0 0 0 rg BT 113.94 326.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 149.22 326.95 Td (antidilutive.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 304.35 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 304.35 Td (, ) Tj ET Q q 0 0 0 rg BT 87.36 304.35 Td (market- ) Tj ET Q q 0 0 0 rg BT 124.76 304.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.67 304.35 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 229.87 304.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 264.35 304.35 Td (are ) Tj ET Q q 0 0 0 rg BT 281.92 304.35 Td (excluded ) Tj ET Q q 0 0 0 rg BT 324.56 304.35 Td (from ) Tj ET Q q 0 0 0 rg BT 349.72 304.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 391.21 304.35 Td (dilution ) Tj ET Q q 0 0 0 rg BT 428.63 304.35 Td (until ) Tj ET Q q 0 0 0 rg BT 452.63 304.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 304.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 519.85 304.35 Td (market ) Tj ET Q q 0 0 0 rg BT 553.75 304.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.48 291.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 150.07 291.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.00 291.75 Td (met. ) Tj ET Q q 0 0 0 rg BT 183.30 291.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.22 291.75 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 230.81 291.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 273.80 291.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 303.97 291.75 Td (for ) Tj ET Q q 0 0 0 rg BT 320.14 291.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.89 291.75 Td (years ) Tj ET Q q 0 0 0 rg BT 362.98 291.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 391.97 291.75 Td (March ) Tj ET Q q 0 0 0 rg BT 423.31 291.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.36 291.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 467.91 291.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 495.46 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.55 291.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 542.10 291.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 279.15 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 99.95 279.15 Td (and ) Tj ET Q q 0 0 0 rg BT 117.74 279.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 158.25 279.15 Td (do ) Tj ET Q q 0 0 0 rg BT 171.38 279.15 Td (not ) Tj ET Q q 0 0 0 rg BT 187.42 279.15 Td (further ) Tj ET Q q 0 0 0 rg BT 218.61 279.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 249.81 279.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 281.60 279.15 Td (EPS. ) Tj ET Q endstream endobj 265 0 obj <>] /Rotate 0 /Contents 266 0 R>> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (130) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 64.67 741.90 Td (ACCUMULA) Tj ET Q q 0 0 0 rg BT 126.30 741.90 Td (TED OTHER COMPREHENSIVE LOSS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.47 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 108.15 716.70 Td (other ) Tj ET Q q 0 0 0 rg BT 132.41 716.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 198.64 716.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 217.66 716.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.33 716.70 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 304.66 716.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 337.65 716.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 377.05 716.70 Td (translation ) Tj ET Q q 0 0 0 rg BT 424.06 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 476.90 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 494.73 716.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 519.57 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 537.41 716.70 Td (losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.01 704.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 95.50 704.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 126.66 704.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 161.33 704.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 188.13 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.99 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 208.32 704.10 Td (change ) Tj ET Q q 0 0 0 rg BT 240.06 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.24 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.07 704.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 320.14 704.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 366.47 704.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 418.64 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.89 704.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.64 704.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.64 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.64 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.81 704.10 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.81 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.44 704.10 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 85.38 691.50 Td (from ) Tj ET Q q 0 0 0 rg BT 108.44 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 123.91 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 155.13 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 166.52 691.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.98 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 213.79 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 229.26 691.50 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 270.39 691.50 Td (real, ) Tj ET Q q 0 0 0 rg BT 291.40 691.50 Td (British ) Tj ET Q q 0 0 0 rg BT 322.63 691.50 Td (pound, ) Tj ET Q q 0 0 0 rg BT 354.15 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 369.04 691.50 Td (Australian ) Tj ET Q q 0 0 0 rg BT 415.42 691.50 Td (dollar) Tj ET Q q 0 0 0 rg BT 439.49 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 444.76 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 460.24 691.50 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 502.53 691.50 Td (dollar) Tj ET Q q 0 0 0 rg BT 526.60 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 531.87 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 691.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Singaporean ) Tj ET Q q 0 0 0 rg BT 104.05 678.90 Td (dollar) Tj ET Q q 0 0 0 rg BT 128.12 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 132.82 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 143.05 678.90 Td (relation ) Tj ET Q q 0 0 0 rg BT 177.19 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 187.42 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 202.31 678.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 223.05 678.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 249.61 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 262.18 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.07 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 291.97 678.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.53 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 329.35 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 352.99 678.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 389.61 678.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 441.26 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 451.49 678.90 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 481.84 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 496.74 678.90 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 521.39 678.90 Td (Australia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Canada ) Tj ET Q q 0 0 0 rg BT 83.28 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 100.73 666.30 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 148.23 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 162.76 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 190.72 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 205.84 666.30 Td (real, ) Tj ET Q q 0 0 0 rg BT 226.49 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.61 666.30 Td (pound, ) Tj ET Q q 0 0 0 rg BT 272.78 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 287.39 666.30 Td (Australian ) Tj ET Q q 0 0 0 rg BT 333.43 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 357.50 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 362.42 666.30 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 404.36 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 428.43 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 433.35 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 450.81 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 465.93 666.30 Td (Singaporean ) Tj ET Q q 0 0 0 rg BT 520.71 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 544.78 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 549.70 666.30 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 653.70 Td (functional ) Tj ET Q q 0 0 0 rg BT 110.15 653.70 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 158.54 653.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 208.58 653.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.13 629.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 100.83 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.20 629.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.40 629.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 173.59 629.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 229.27 629.10 Td (other ) Tj ET Q q 0 0 0 rg BT 253.47 629.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 319.66 629.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 338.62 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.99 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.37 629.10 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.14 629.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.14 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.77 629.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.56 629.10 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.56 629.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.81 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.43 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.81 629.10 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 606.60 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 606.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 606.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 606.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 606.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.60 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 577.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 577.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 577.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 577.60 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 606.6 m 444 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 606.6 m 503 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 606.6 m 562 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 606.6 m 444 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 606.6 m 503 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 606.6 m 562 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 577.6 m 444 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 577.6 m 503 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 577.6 m 562 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 563.6 m 444 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 563.6 m 503 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 563.6 m 562 563.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 609.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 608.87 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 596.82 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 596.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.60 596.99 Td (\(59,672) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 596.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 596.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 596.82 Td (\(51,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 596.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 582.37 Td (Net actuarial losses on defined benefit pension plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.85 582.39 Td (\(6,821) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 582.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 582.37 Td (\(9,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 582.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 567.82 Td (Total Accumulated other comprehensive loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 567.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.60 567.99 Td (\(66,493) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 567.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 567.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 567.82 Td (\(60,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 567.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 538.90 Td (There ) Tj ET Q q 0 0 0 rg BT 76.13 538.90 Td (were ) Tj ET Q q 0 0 0 rg BT 98.67 538.90 Td (no ) Tj ET Q q 0 0 0 rg BT 111.32 538.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 157.79 538.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 195.51 538.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 245.47 538.90 Td (from ) Tj ET Q q 0 0 0 rg BT 267.55 538.90 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 325.67 538.90 Td (other ) Tj ET Q q 0 0 0 rg BT 349.39 538.90 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 415.10 538.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 433.58 538.90 Td (to ) Tj ET Q q 0 0 0 rg BT 443.89 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 458.87 538.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 538.90 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 526.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 526.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 94.54 526.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 123.77 526.30 Td (for ) Tj ET Q q 0 0 0 rg BT 138.42 526.30 Td (the ) Tj ET Q q 0 0 0 rg BT 153.65 526.30 Td (years ) Tj ET Q q 0 0 0 rg BT 178.21 526.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 205.68 526.30 Td (March ) Tj ET Q q 0 0 0 rg BT 235.49 526.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.02 526.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.02 526.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.05 526.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.05 526.30 Td (, ) Tj ET Q q 0 0 0 rg BT 303.07 526.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.22 526.30 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.22 526.30 Td (, ) Tj ET Q q 0 0 0 rg BT 340.25 526.30 Td (except ) Tj ET Q q 0 0 0 rg BT 370.06 526.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.70 526.30 Td ($405) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.70 526.30 Td (, ) Tj ET Q q 0 0 0 rg BT 410.73 526.30 Td (net ) Tj ET Q q 0 0 0 rg BT 425.96 526.30 Td (of ) Tj ET Q q 0 0 0 rg BT 437.11 526.30 Td (income ) Tj ET Q q 0 0 0 rg BT 470.42 526.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.65 526.30 Td (provision ) Tj ET Q q 0 0 0 rg BT 527.72 526.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.87 526.30 Td ($233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 526.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 513.70 Td (realized ) Tj ET Q q 0 0 0 rg BT 85.58 513.70 Td (on ) Tj ET Q q 0 0 0 rg BT 98.93 513.70 Td (the ) Tj ET Q q 0 0 0 rg BT 114.61 513.70 Td (termination ) Tj ET Q q 0 0 0 rg BT 165.87 513.70 Td (of ) Tj ET Q q 0 0 0 rg BT 177.46 513.70 Td (a ) Tj ET Q q 0 0 0 rg BT 184.98 513.70 Td (reverse ) Tj ET Q q 0 0 0 rg BT 218.14 513.70 Td (treasury ) Tj ET Q q 0 0 0 rg BT 254.81 513.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 273.40 513.70 Td (lock ) Tj ET Q q 0 0 0 rg BT 294.33 513.70 Td (contract, ) Tj ET Q q 0 0 0 rg BT 333.62 513.70 Td (in ) Tj ET Q q 0 0 0 rg BT 344.64 513.70 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 513.70 Td (year ) Tj ET Q q 0 0 0 rg BT 381.24 513.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 409.16 513.70 Td (March ) Tj ET Q q 0 0 0 rg BT 439.42 513.70 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.40 513.70 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.40 513.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.25 513.70 Td (as ) Tj ET Q q 0 0 0 rg BT 490.85 513.70 Td (further ) Tj ET Q q 0 0 0 rg BT 522.27 513.70 Td (described ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 501.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 501.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.33 501.10 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.58 501.10 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 476.50 Td (14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 476.50 Td (. ) Tj ET Q q 0 0 0 rg BT 65.75 476.50 Td (NONCONTROLLING ) Tj ET Q q 0 0 0 rg BT 171.64 476.50 Td (INTERESTS ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.79 451.30 Td (income ) Tj ET Q q 0 0 0 rg BT 101.32 451.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 127.28 451.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 177.72 451.30 Td (to ) Tj ET Q q 0 0 0 rg BT 188.51 451.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 252.96 451.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 290.58 451.30 Td (for ) Tj ET Q q 0 0 0 rg BT 305.45 451.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.90 451.30 Td (years ) Tj ET Q q 0 0 0 rg BT 345.68 451.30 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.75 451.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.38 451.30 Td (March ) Tj ET Q q 0 0 0 rg BT 403.41 451.30 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.91 451.30 Td (, ) Tj ET Q q 0 0 0 rg BT 419.16 451.30 Td (included ) Tj ET Q q 0 0 0 rg BT 457.94 451.30 Td (the ) Tj ET Q q 0 0 0 rg BT 473.39 451.30 Td (following ) Tj ET Q q 0 0 0 rg BT 516.85 451.30 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 410.80 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 410.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 410.80 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 410.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 410.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 410.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 410.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.80 339.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 380.80 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 380.80 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 380.80 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 380.80 54.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 380.80 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 380.80 54.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 425.8 m 446.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 425.8 m 450.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 425.8 m 504.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 425.8 m 508.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 425.8 m 562.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 410.8 m 389.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 425.8 m 446.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 410.8 m 446.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 425.8 m 504.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 410.8 m 504.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 425.8 m 562.5 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 410.8 m 562.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 410.8 m 446.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 410.8 m 504.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 410.8 m 562.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 354.8 m 389.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 354.8 m 446.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 354.8 m 504.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 354.8 m 562.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 340.8 m 389.5 340.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 354.8 m 446.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 340.8 m 446.5 340.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 354.8 m 504.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 340.8 m 504.5 340.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 354.8 m 562.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 340.8 m 562.5 340.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.15 430.57 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 415.57 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 415.59 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 415.57 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.50 415.57 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 400.57 Td (Net income \(loss\) attributable to redeemable noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.00 400.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.35 400.59 Td (\(8,680) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.50 400.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.00 400.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.85 400.57 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.00 400.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 400.57 Td (1,881) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 385.57 Td (Net income attributable to nonredeemable noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.75 385.59 Td (802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 385.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 385.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 370.07 Td (Net income reclassified to appropriated retained earnings for consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 359.57 Td (investment vehicle) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.00 359.59 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 359.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 359.57 Td (\(4,829) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 359.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 345.02 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.00 345.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.35 345.19 Td (\(7,878) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.50 345.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.00 345.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.85 345.02 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.00 345.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 345.02 Td (\(2,948) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 345.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 267 0 obj <>] /Rotate 0 /Contents 268 0 R>> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (131) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.68 741.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.09 741.75 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 123.14 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.96 741.75 Td (nonredeemable ) Tj ET Q q 0 0 0 rg BT 205.76 741.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 269.25 741.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 305.90 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 319.81 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.30 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 358.12 741.75 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.19 741.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.85 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 413.92 741.75 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.42 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 428.70 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 466.52 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.01 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 523.51 741.75 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.25 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 630.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 630.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 630.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 630.25 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 630.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 630.25 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 630.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 630.25 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 630.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 630.25 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 589.25 167.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 589.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 589.25 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 589.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 589.25 71.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 589.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 589.25 62.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 589.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 589.25 56.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 589.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 589.25 73.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 538.25 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 538.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 538.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 538.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 538.25 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 538.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 538.25 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 538.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 538.25 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 538.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 538.25 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 497.25 167.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 497.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 497.25 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 497.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 497.25 71.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 497.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 497.25 62.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 497.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 497.25 56.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 497.25 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 497.25 73.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 446.25 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 446.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 446.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 446.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 446.25 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 446.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 446.25 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 446.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 446.25 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 446.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 446.25 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 405.25 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 405.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 405.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 405.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 405.25 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 405.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 405.25 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 405.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 405.25 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 405.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 405.25 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 364.25 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 364.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 364.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 364.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 364.25 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 364.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 364.25 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 364.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 364.25 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 364.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 364.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 313.25 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 313.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 313.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 313.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 313.25 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 313.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 313.25 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 313.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 313.25 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 313.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 313.25 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 695.25 m 283.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 695.25 m 287.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 695.25 m 358.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 695.25 m 362.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 695.25 m 424.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 695.25 m 428.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.25 m 484.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 680.25 m 358.5 680.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 680.25 m 362.5 680.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 680.25 m 424.5 680.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 645.25 m 216.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 645.25 m 283.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 645.25 m 358.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 645.25 m 424.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 645.25 m 484.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 645.25 m 561.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 645.25 m 216.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 645.25 m 283.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 645.25 m 358.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 645.25 m 424.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 645.25 m 484.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 553.25 m 216.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 553.25 m 283.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 553.25 m 358.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 553.25 m 424.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 553.25 m 484.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 553.25 m 561.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 553.25 m 216.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 553.25 m 283.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 553.25 m 358.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 553.25 m 424.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 553.25 m 484.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 461.25 m 216.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 461.25 m 283.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 461.25 m 358.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 461.25 m 424.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 461.25 m 484.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 461.25 m 561.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 461.25 m 283.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 461.25 m 358.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 461.25 m 424.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 461.25 m 484.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 313.25 m 358.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 313.25 m 216.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 298.25 m 216.5 298.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 313.25 m 283.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 298.25 m 283.5 298.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 313.25 m 358.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 298.25 m 358.5 298.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 313.25 m 424.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 298.25 m 424.5 298.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 313.25 m 484.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 298.25 m 484.5 298.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 313.25 m 561.5 313.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 298.25 m 561.5 298.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 700.02 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.75 681.52 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.45 671.02 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.30 660.52 Td (vehicles) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 264.70 665.28 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.66 660.52 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.80 650.02 Td (and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.80 685.02 Td (Affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.40 660.52 Td (Noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.70 650.02 Td (Interests) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 336.27 654.78 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.23 650.02 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.55 660.52 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.45 650.02 Td (equity plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.25 650.02 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.25 670.47 Td (Nonredeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.55 659.97 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 649.47 Td (interests) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 537.99 654.23 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 635.02 Td (Value as of March 31, 2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.00 635.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 635.02 Td (19,754) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.00 635.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 635.02 Td (1,255) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.00 635.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 635.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 635.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 635.02 Td (21,009) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 635.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 635.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 619.52 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 609.02 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.85 609.02 Td (1,540) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 609.02 Td (341) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 609.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 609.02 Td (1,881) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 609.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 594.02 Td (Net subscriptions \(redemptions\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 594.02 Td (20,678) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.25 594.02 Td (\(240) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 594.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 594.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 594.02 Td (20,438) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 594.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 579.02 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 568.52 Td (redemption value of affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 558.02 Td (management equity plan interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 558.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 558.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 558.02 Td (1,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 558.02 Td (1,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 558.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 543.02 Td (Value as of March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 543.02 Td (41,972) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 543.02 Td (1,356) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 543.02 Td (1,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 543.02 Td (45,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 543.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 527.52 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 517.02 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.85 517.02 Td (5,061) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 517.02 Td (568) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 517.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 517.02 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 517.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 502.02 Td (Net subscriptions \(redemptions\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.10 502.02 Td (\(10,484) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 502.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 502.02 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 502.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 502.02 Td (\(10,459) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 502.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 502.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 487.02 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 476.52 Td (redemption value of affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 466.02 Td (management equity plan interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 466.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 466.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 466.02 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 466.02 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 466.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 451.02 Td (Value as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 451.02 Td (36,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 451.02 Td (1,949) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 451.02 Td (7,022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 451.02 Td (45,520) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 451.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 435.52 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 425.02 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.10 425.02 Td (\(11,052) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 425.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 425.02 Td (2,372) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 425.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 425.02 Td (\(8,680) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 425.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 425.02 Td (802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 410.02 Td (Net subscriptions \(redemptions\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 410.02 Td (68,639) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.35 410.02 Td (\(1,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 410.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 410.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 410.02 Td (66,658) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 410.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 394.52 Td (Grants/settlements of affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 384.02 Td (management equity plan interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 384.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 384.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.25 384.02 Td (\(345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 384.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.25 384.02 Td (\(345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 384.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 384.02 Td (21,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 369.02 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 369.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.60 369.02 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 369.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 369.02 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 369.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 354.02 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 354.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 354.02 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 354.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 354.02 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 354.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 339.02 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 328.52 Td (redemption value of affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 318.02 Td (management equity plan interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 318.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 318.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 318.02 Td (6,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 318.02 Td (6,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 318.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 303.04 Td (V) Tj ET Q q 0 0 0 rg BT 58.62 303.04 Td (alue as of Mar) Tj ET Q q 0 0 0 rg BT 122.88 303.04 Td (ch 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 223.00 303.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.60 303.04 Td (94,136) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.00 303.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.60 303.04 Td (68,922) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.00 303.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.60 303.04 Td (12,727) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 431.00 303.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 303.04 Td (175,785) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 303.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 303.04 Td (22,202) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 288.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 288.55 Td (Principally related to ) Tj ET Q q 0 0 0 rg BT 141.26 288.55 Td (VIE and seeded investment products.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 278.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 278.35 Td (Principally related to RARE Infrastructure.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 268.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 68.00 268.15 Td (Related to Royce.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 269 0 obj <>] /Rotate 0 /Contents 270 0 R>> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (132) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (15) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.75 741.90 Td (DERIV) Tj ET Q q 0 0 0 rg BT 98.24 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 105.04 741.90 Td (TIVES ) Tj ET Q q 0 0 0 rg BT 138.60 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 163.98 741.90 Td (HEDGING) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 214.73 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 716.70 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 116.01 716.70 Td (below ) Tj ET Q q 0 0 0 rg BT 143.19 716.70 Td (detail ) Tj ET Q q 0 0 0 rg BT 168.03 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 191.11 716.70 Td (Mason�) Tj ET Q q 0 0 0 rg BT 222.62 716.70 Td (s ) Tj ET Q q 0 0 0 rg BT 228.22 716.70 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 275.80 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 292.47 716.70 Td (hedging ) Tj ET Q q 0 0 0 rg BT 327.81 716.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 367.23 716.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 410.15 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 424.49 716.70 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 472.08 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 488.75 716.70 Td (hedging ) Tj ET Q q 0 0 0 rg BT 524.09 716.70 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 62.57 704.10 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 91.18 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 704.10 Td (See ) Tj ET Q q 0 0 0 rg BT 113.99 704.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.22 704.10 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 148.72 704.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.89 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 161.31 704.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 193.69 704.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 229.00 704.10 Td (Entities ) Tj ET Q q 0 0 0 rg BT 264.90 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.88 704.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 343.11 704.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 393.32 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 399.74 704.10 Td (ehicles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.89 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.33 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.40 704.10 Td (information ) Tj ET Q q 0 0 0 rg BT 504.79 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 537.18 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 704.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 98.69 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 116.48 691.50 Td (hedging ) Tj ET Q q 0 0 0 rg BT 152.93 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 164.30 691.50 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.75 666.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.52 666.30 Td (uses ) Tj ET Q q 0 0 0 rg BT 124.78 666.30 Td (currency ) Tj ET Q q 0 0 0 rg BT 163.68 666.30 Td (forwards ) Tj ET Q q 0 0 0 rg BT 203.18 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 666.30 Td (economically ) Tj ET Q q 0 0 0 rg BT 272.27 666.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 299.52 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 314.53 666.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.46 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 343.38 666.30 Td (movements ) Tj ET Q q 0 0 0 rg BT 393.97 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.32 666.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 446.14 666.30 Td (rates, ) Tj ET Q q 0 0 0 rg BT 470.77 666.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 512.02 666.30 Td (between ) Tj ET Q q 0 0 0 rg BT 549.18 666.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.76 653.70 Td (dollar) Tj ET Q q 0 0 0 rg BT 94.83 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 99.09 653.70 Td (Australian ) Tj ET Q q 0 0 0 rg BT 144.92 653.70 Td (dollar) Tj ET Q q 0 0 0 rg BT 168.99 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 173.71 653.70 Td (British ) Tj ET Q q 0 0 0 rg BT 204.39 653.70 Td (pound, ) Tj ET Q q 0 0 0 rg BT 235.35 653.70 Td (euro, ) Tj ET Q q 0 0 0 rg BT 258.72 653.70 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 298.13 653.70 Td (yen, ) Tj ET Q q 0 0 0 rg BT 318.01 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 335.26 653.70 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 379.92 653.70 Td (dollar) Tj ET Q q 0 0 0 rg BT 403.83 653.70 Td (. ) Tj ET Q q 0 0 0 rg BT 408.55 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 410.18 653.70 Td (All ) Tj ET Q q 0 0 0 rg BT 425.69 653.70 Td (derivative ) Tj ET Q q 0 0 0 rg BT 469.76 653.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 522.00 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 536.34 653.70 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.66 641.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.32 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 120.40 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.05 641.10 Td (legally ) Tj ET Q q 0 0 0 rg BT 181.71 641.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 232.75 641.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 258.76 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.58 641.10 Td (setof) Tj ET Q q 0 0 0 rg BT 289.81 641.10 Td (f ) Tj ET Q q 0 0 0 rg BT 295.39 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.29 641.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 351.44 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 364.02 641.10 Td (International ) Tj ET Q q 0 0 0 rg BT 419.75 641.10 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 449.25 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.50 641.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 512.43 641.10 Td (Association ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (\("ISDA"\) ) Tj ET Q q 0 0 0 rg BT 92.74 628.50 Td (Master ) Tj ET Q q 0 0 0 rg BT 123.98 628.50 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 180.01 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 182.68 628.50 Td (For ) Tj ET Q q 0 0 0 rg BT 199.94 628.50 Td (these ) Tj ET Q q 0 0 0 rg BT 224.18 628.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 268.84 628.50 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 324.29 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 348.53 628.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 379.79 628.50 Td (has ) Tj ET Q q 0 0 0 rg BT 396.46 628.50 Td (one ) Tj ET Q q 0 0 0 rg BT 414.29 628.50 Td (ISDA) Tj ET Q q 0 0 0 rg BT 438.21 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 440.88 628.50 Td (Master ) Tj ET Q q 0 0 0 rg BT 472.12 628.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.44 628.50 Td (with ) Tj ET Q q 0 0 0 rg BT 542.78 628.50 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.90 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 75.89 615.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 122.37 615.90 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 186.63 615.90 Td (which ) Tj ET Q q 0 0 0 rg BT 214.45 615.90 Td (covers ) Tj ET Q q 0 0 0 rg BT 244.01 615.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 296.32 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 317.14 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 335.05 615.90 Td (counterparty) Tj ET Q q 0 0 0 rg BT 387.42 615.90 Td (. ) Tj ET Q q 0 0 0 rg BT 392.21 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 394.36 615.90 Td (Each ) Tj ET Q q 0 0 0 rg BT 417.51 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 428.41 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.40 615.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 488.11 615.90 Td (ISDA) Tj ET Q q 0 0 0 rg BT 512.04 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 514.19 615.90 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 87.50 603.30 Td (for ) Tj ET Q q 0 0 0 rg BT 101.08 603.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 145.58 603.30 Td (netting ) Tj ET Q q 0 0 0 rg BT 176.08 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 192.58 603.30 Td (close-out ) Tj ET Q q 0 0 0 rg BT 232.40 603.30 Td (netting ) Tj ET Q q 0 0 0 rg BT 262.90 603.30 Td (between ) Tj ET Q q 0 0 0 rg BT 299.23 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 322.14 603.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.06 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 368.56 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 385.64 603.30 Td (counterparty) Tj ET Q q 0 0 0 rg BT 438.02 603.30 Td (, ) Tj ET Q q 0 0 0 rg BT 441.99 603.30 Td (which ) Tj ET Q q 0 0 0 rg BT 468.98 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 483.14 603.30 Td (legally ) Tj ET Q q 0 0 0 rg BT 513.05 603.30 Td (enforceable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 76.23 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 86.71 590.70 Td (setof) Tj ET Q q 0 0 0 rg BT 106.93 590.70 Td (f. ) Tj ET Q q 0 0 0 rg BT 115.37 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 117.68 590.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 143.90 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.71 590.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 209.75 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 220.23 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 235.37 590.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 293.09 590.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 329.22 590.70 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 358.95 590.70 Td (as ) Tj ET Q q 0 0 0 rg BT 370.01 590.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.07 590.70 Td (March ) Tj ET Q q 0 0 0 rg BT 410.78 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.22 590.70 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.22 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 449.53 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 467.01 590.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 492.94 590.70 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.66 590.70 Td ($8,650) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.53 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td ($6,042) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.40 578.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.45 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 139.98 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.88 578.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 169.70 578.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 211.68 578.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.31 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.38 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.11 578.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 336.43 578.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 373.15 578.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 403.47 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.12 578.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.77 578.10 Td (March ) Tj ET Q q 0 0 0 rg BT 457.08 578.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.11 578.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.11 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.01 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.08 578.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 541.61 578.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td ($18,079) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 565.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.54 565.50 Td ($8,665) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.41 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 138.66 565.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 188.71 565.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.81 540.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.64 540.30 Td (also ) Tj ET Q q 0 0 0 rg BT 126.79 540.30 Td (uses ) Tj ET Q q 0 0 0 rg BT 148.11 540.30 Td (market ) Tj ET Q q 0 0 0 rg BT 180.50 540.30 Td (hedges ) Tj ET Q q 0 0 0 rg BT 212.90 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 226.64 540.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 258.44 540.30 Td (seed ) Tj ET Q q 0 0 0 rg BT 280.34 540.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.56 540.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.96 540.30 Td (by ) Tj ET Q q 0 0 0 rg BT 378.70 540.30 Td (entering ) Tj ET Q q 0 0 0 rg BT 416.34 540.30 Td (into ) Tj ET Q q 0 0 0 rg BT 435.92 540.30 Td (futures ) Tj ET Q q 0 0 0 rg BT 468.31 540.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 509.45 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 520.86 540.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 538.68 540.30 Td (index ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.96 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 94.33 527.70 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 143.60 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 159.05 527.70 Td (hedged ) Tj ET Q q 0 0 0 rg BT 192.00 527.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 213.28 527.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 243.89 527.70 Td (investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (W) Tj ET Q q 0 0 0 rg BT 59.49 502.50 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.60 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 87.44 502.50 Td (exception ) Tj ET Q q 0 0 0 rg BT 130.28 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 141.05 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 155.90 502.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 188.82 502.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.58 502.50 Td (swap ) Tj ET Q q 0 0 0 rg BT 230.18 502.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 266.01 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 283.19 502.50 Td (reverse ) Tj ET Q q 0 0 0 rg BT 315.52 502.50 Td (treasury ) Tj ET Q q 0 0 0 rg BT 351.36 502.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 369.12 502.50 Td (lock ) Tj ET Q q 0 0 0 rg BT 389.21 502.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 425.05 502.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 467.32 502.50 Td (in ) Tj ET Q q 0 0 0 rg BT 477.50 502.50 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.94 502.50 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.19 502.50 Td (, ) Tj ET Q q 0 0 0 rg BT 509.83 502.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 502.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (has ) Tj ET Q q 0 0 0 rg BT 67.40 489.90 Td (not ) Tj ET Q q 0 0 0 rg BT 84.23 489.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 132.54 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 151.10 489.90 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 200.57 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 212.73 489.90 Td (hedging ) Tj ET Q q 0 0 0 rg BT 249.96 489.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 302.37 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 318.02 489.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.49 489.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 408.22 489.90 Td (during ) Tj ET Q q 0 0 0 rg BT 439.04 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 455.28 489.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 489.60 489.90 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.07 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 489.90 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 477.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.84 477.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.84 477.30 Td (, ) Tj ET Q q 0 0 0 rg BT 103.68 477.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.64 477.30 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.64 477.30 Td (. ) Tj ET Q q 0 0 0 rg BT 142.48 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 144.98 477.30 Td (As ) Tj ET Q q 0 0 0 rg BT 159.86 477.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 171.82 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 202.44 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 218.78 477.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.78 477.30 Td (, ) Tj ET Q q 0 0 0 rg BT 245.62 477.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 270.40 477.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 302.20 477.30 Td (had ) Tj ET Q q 0 0 0 rg BT 320.58 477.30 Td (open ) Tj ET Q q 0 0 0 rg BT 344.20 477.30 Td (currency ) Tj ET Q q 0 0 0 rg BT 384.14 477.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 420.58 477.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 461.70 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 483.58 477.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 527.60 477.30 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 88.55 464.70 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.61 464.70 Td ($334,640) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.98 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 165.95 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 184.09 464.70 Td (open ) Tj ET Q q 0 0 0 rg BT 207.47 464.70 Td (futures ) Tj ET Q q 0 0 0 rg BT 239.60 464.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 280.47 464.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 315.51 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 326.65 464.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 348.28 464.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 379.24 464.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 432.38 464.70 Td (with ) Tj ET Q q 0 0 0 rg BT 454.02 464.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 497.80 464.70 Td (notional ) Tj ET Q q 0 0 0 rg BT 535.18 464.70 Td (values ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.93 452.10 Td ($127,736) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.31 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.78 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.43 452.10 Td (These ) Tj ET Q q 0 0 0 rg BT 160.35 452.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 198.78 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.45 452.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 276.19 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.78 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.46 452.10 Td (level ) Tj ET Q q 0 0 0 rg BT 326.72 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.32 452.10 Td (non-hedge ) Tj ET Q q 0 0 0 rg BT 385.48 452.10 Td (designation ) Tj ET Q q 0 0 0 rg BT 436.75 452.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 481.58 452.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 515.92 452.10 Td (throughout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.99 439.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 100.86 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 102.61 439.50 Td (As ) Tj ET Q q 0 0 0 rg BT 116.53 439.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.52 439.50 Td (March ) Tj ET Q q 0 0 0 rg BT 157.18 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.55 439.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.55 439.50 Td (, ) Tj ET Q q 0 0 0 rg BT 198.42 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 213.50 439.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 290.37 439.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.19 439.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 371.25 439.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 396.83 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 411.32 439.50 Td (both ) Tj ET Q q 0 0 0 rg BT 432.24 439.50 Td (currency ) Tj ET Q q 0 0 0 rg BT 471.21 439.50 Td (forward ) Tj ET Q q 0 0 0 rg BT 506.69 439.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.84 439.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (futures ) Tj ET Q q 0 0 0 rg BT 81.78 426.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 122.31 426.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 157.00 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 167.80 426.90 Td (seed ) Tj ET Q q 0 0 0 rg BT 189.08 426.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 219.69 426.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 272.48 426.90 Td (were ) Tj ET Q q 0 0 0 rg BT 295.50 426.90 Td (three ) Tj ET Q q 0 0 0 rg BT 319.11 426.90 Td (months.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (As ) Tj ET Q q 0 0 0 rg BT 64.67 401.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 107.92 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 119.09 401.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 142.50 401.70 Td (6, ) Tj ET Q q 0 0 0 rg BT 153.38 401.70 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 203.04 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 214.21 401.70 Td (March ) Tj ET Q q 0 0 0 rg BT 244.62 401.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.75 401.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 287.37 401.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 311.95 401.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 343.54 401.70 Td (executed ) Tj ET Q q 0 0 0 rg BT 383.85 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 391.51 401.70 Td (4.67-year) Tj ET Q q 0 0 0 rg BT 431.03 401.70 Td (, ) Tj ET Q q 0 0 0 rg BT 436.66 401.70 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 485.15 401.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 519.06 401.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 537.79 401.70 Td (swap, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 389.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 115.31 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.76 389.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 177.72 389.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 213.59 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 247.12 389.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 265.48 389.10 Td (swap. ) Tj ET Q q 0 0 0 rg BT 292.31 389.10 Td ( ) Tj ET Q endstream endobj 271 0 obj <>] /Rotate 0 /Contents 272 0 R>> endobj 272 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 741.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.44 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 308.63 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 317.18 741.75 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 341.68 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 350.72 741.75 Td (any) Tj ET Q q 0 0 0 rg BT 365.20 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 370.45 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.82 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.19 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 423.22 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.97 741.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.97 741.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 627.25 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 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63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 623.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 623.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 623.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 623.25 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 593.25 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 593.25 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 593.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 593.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 593.25 63.00 -15.00 re f 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 627.25 m 561.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 501.25 m 178.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 501.25 m 490.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 454.25 m 178.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 501.25 m 238.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 454.25 m 238.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 501.25 m 302.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 454.25 m 302.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 501.25 m 369.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 454.25 m 369.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 501.25 m 436.5 501.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 454.25 m 436.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 501.25 m 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J 0 j 3 M 440.5 454.25 m 490.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 439.25 m 490.5 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 454.25 m 561.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 439.25 m 561.5 439.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.25 721.04 Td (Gross amounts not) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.15 710.54 Td (offset in the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.25 700.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 196.95 663.54 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.05 653.04 Td (amounts of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.85 642.54 Td (recognized) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 197.15 632.04 Td (assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 258.95 674.04 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 252.70 663.54 Td (amounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.75 653.04 Td (offset in the) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.20 642.54 Td (Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.75 632.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.10 684.54 Td (Net amount) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.35 674.04 Td (of derivative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.65 663.54 Td (assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.00 653.04 Td (presented in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.35 642.54 Td (the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.25 632.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.45 642.54 Td (Financial) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.65 632.04 Td (instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.60 642.54 Td (Cash) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.00 632.04 Td (collateral) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 501.10 663.54 Td (Net amount ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.10 653.04 Td (as of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.55 642.54 Td (Mar) Tj ET Q q 0 0 0 rg BT 524.18 642.54 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.00 632.04 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 613.02 Td (Derivative instruments designated as hedging instruments \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 598.02 Td (Interest rate swap) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 224.00 598.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.00 598.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 598.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.85 598.04 Td (7,599) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.00 598.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 598.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 598.04 Td (7,599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 568.02 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 552.52 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 542.02 Td (contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.85 542.04 Td (1,933) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.25 542.04 Td (\(963) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 542.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.75 542.04 Td (970) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 542.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.00 542.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.75 542.04 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 527.02 Td (Futures contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 516.52 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 506.02 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 224.00 506.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.00 506.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 506.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 506.04 Td (81) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 506.04 Td (1,840) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 506.04 Td (1,921) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 490.52 Td (Total derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 480.02 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 469.52 Td (designated as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 459.02 Td (hedging instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.85 459.04 Td (1,933) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.25 459.04 Td (\(963) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 459.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.75 459.04 Td (970) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 459.04 Td (81) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 459.04 Td (1,840) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 459.04 Td (2,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 444.02 Td (Total derivative instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.85 444.04 Td (1,933) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.25 444.04 Td (\(963) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 444.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.75 444.04 Td (970) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.85 444.04 Td (7,680) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 444.04 Td (1,840) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 444.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 444.04 Td (10,490) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.55 Td (The following table presents the derivative liabilities and related of) Tj ET Q q 0 0 0 rg BT 331.77 414.55 Td (fsets, if any) Tj ET Q q 0 0 0 rg BT 379.78 414.55 Td (, as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.78 414.55 Td (March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.56 414.55 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.05 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 300.05 56.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 300.05 60.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 300.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 300.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 300.05 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 300.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 300.05 67.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 296.05 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 296.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 296.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 296.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 296.05 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 296.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 296.05 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 255.05 129.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 255.05 56.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 255.05 60.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 255.05 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 255.05 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 255.05 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 255.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 255.05 67.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 368.04999999999995 m 436.5 368.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 368.04999999999995 m 440.5 368.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 368.04999999999995 m 490.5 368.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 300.04999999999995 m 178.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 300.04999999999995 m 238.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 300.04999999999995 m 302.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 300.04999999999995 m 369.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 300.04999999999995 m 436.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 300.04999999999995 m 490.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 300.04999999999995 m 561.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 300.04999999999995 m 436.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 300.04999999999995 m 490.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 300.04999999999995 m 561.5 300.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 219.04999999999995 m 178.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 219.04999999999995 m 490.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 183.04999999999995 m 178.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 219.04999999999995 m 238.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 183.04999999999995 m 238.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 219.04999999999995 m 302.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 183.04999999999995 m 302.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 219.04999999999995 m 369.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 183.04999999999995 m 369.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 219.04999999999995 m 436.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 183.04999999999995 m 436.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 219.04999999999995 m 490.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 183.04999999999995 m 490.5 183.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 219.04999999999995 m 561.5 219.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 183.04999999999995 m 561.5 183.04999999999995 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.25 393.84 Td (Gross amounts not) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.15 383.34 Td (offset in the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.25 372.84 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 196.95 336.34 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.05 325.84 Td (amounts of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.85 315.34 Td (recognized) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 189.55 304.84 Td (liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 258.95 346.84 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 252.70 336.34 Td (amounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.75 325.84 Td (offset in the) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.20 315.34 Td (Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.75 304.84 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.10 357.34 Td (Net amount) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.35 346.84 Td (of derivative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 317.05 336.34 Td (liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.00 325.84 Td (presented in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.35 315.34 Td (the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.25 304.84 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.45 315.34 Td (Financial) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.65 304.84 Td (instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.60 315.34 Td (Cash) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.00 304.84 Td (collateral) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 501.10 336.34 Td (Net amount ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.10 325.84 Td (as of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.55 315.34 Td (Mar) Tj ET Q q 0 0 0 rg BT 524.18 315.34 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.00 304.84 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 285.82 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 270.32 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 259.82 Td (contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 202.10 259.84 Td (\(16,364) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.50 259.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.75 259.84 Td (280) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.10 259.84 Td (\(16,084) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.50 259.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 259.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.00 259.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 259.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.10 259.84 Td (\(16,084) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 259.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 244.82 Td (Futures contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 234.32 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 223.82 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 224.00 223.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.00 223.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 223.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.35 223.84 Td (\(1,995) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.50 223.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 223.84 Td (5,920) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 223.84 Td (3,925) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 208.82 Td (Total derivative instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 198.32 Td (not designated as hedging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 187.82 Td (instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 202.10 187.84 Td (\(16,364) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.50 187.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.75 187.84 Td (280) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.10 187.84 Td (\(16,084) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.50 187.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.35 187.84 Td (\(1,995) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.50 187.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 187.84 Td (5,920) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 187.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.10 187.84 Td (\(12,159) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 187.84 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 273 0 obj <>] /Rotate 0 /Contents 274 0 R>> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 741.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.44 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 308.63 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 317.18 741.75 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 341.68 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 350.72 741.75 Td (any) Tj ET Q q 0 0 0 rg BT 365.20 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 370.45 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.82 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.19 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 423.22 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.97 741.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.97 741.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 627.25 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 627.25 56.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 627.25 60.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 627.25 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 627.25 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 627.25 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 627.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 627.25 67.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 623.25 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 623.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 623.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 623.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 623.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 623.25 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 593.25 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 593.25 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 593.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 593.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 593.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 593.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 593.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 593.25 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 563.25 129.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 563.25 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 563.25 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 563.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 563.25 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 563.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 563.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 563.25 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 490.25 129.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 490.25 56.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 490.25 60.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 490.25 63.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 490.25 63.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 490.25 50.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 490.25 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 490.25 67.00 -47.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 695.25 m 436.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 695.25 m 440.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 695.25 m 490.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 627.25 m 178.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 627.25 m 238.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 627.25 m 302.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 627.25 m 369.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 627.25 m 436.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 627.25 m 490.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 627.25 m 561.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 490.25 m 178.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 443.25 m 178.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 490.25 m 238.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 443.25 m 238.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 490.25 m 302.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 443.25 m 302.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 490.25 m 369.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 443.25 m 369.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 490.25 m 436.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 443.25 m 436.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 490.25 m 490.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 443.25 m 490.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 490.25 m 561.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 443.25 m 561.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 428.25 m 178.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 443.25 m 238.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 428.25 m 238.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 443.25 m 302.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 428.25 m 302.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 443.25 m 369.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 428.25 m 369.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 443.25 m 436.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 428.25 m 436.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 443.25 m 490.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 428.25 m 490.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 443.25 m 561.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 428.25 m 561.5 428.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.95 710.52 Td (Gross amounts not offset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.45 700.02 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.70 663.52 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.50 653.02 Td (amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.95 642.52 Td (recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.75 632.02 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.70 674.02 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.20 663.52 Td (amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.00 653.02 Td (offset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.05 642.52 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.30 632.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 684.52 Td (Net amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.80 674.02 Td (of derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.25 663.52 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.95 653.02 Td (presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 642.52 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.80 632.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.95 642.52 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.00 632.02 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.45 642.52 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.45 632.02 Td (collateral) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.15 663.52 Td (Net amount as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.10 653.02 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.90 642.52 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 632.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 613.02 Td (Derivative instruments designated as hedging instruments \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 598.02 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.00 598.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.00 598.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 598.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.85 598.02 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 598.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 598.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 598.02 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 568.02 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 552.52 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 542.02 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.75 542.02 Td (781) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.25 542.02 Td (\(259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 542.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 542.02 Td (522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 542.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 542.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 542.02 Td (522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 526.52 Td (Futures and forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 516.02 Td (contracts relating to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 505.52 Td (seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 495.02 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.00 495.02 Td (75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.50 495.02 Td (\(17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 495.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 495.02 Td (58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 495.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 495.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 495.02 Td (58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 479.52 Td (Total derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 469.02 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 458.52 Td (designated as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 448.02 Td (hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.75 448.02 Td (856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.25 448.02 Td (\(276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 448.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 448.02 Td (580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 448.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 448.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 448.02 Td (580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 433.02 Td (Total derivative instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.75 433.02 Td (856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.25 433.02 Td (\(276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 433.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 433.02 Td (580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.85 433.02 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 433.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 433.02 Td (6,042) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 403.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 403.55 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 403.55 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 403.55 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 403.55 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 403.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 403.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 274.24 403.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.02 403.55 Td (related ) Tj ET Q q 0 0 0 rg BT 323.21 403.55 Td (of) Tj ET Q q 0 0 0 rg BT 331.77 403.55 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 356.26 403.55 Td (if ) Tj ET Q q 0 0 0 rg BT 365.30 403.55 Td (any) Tj ET Q q 0 0 0 rg BT 379.78 403.55 Td (, ) Tj ET Q q 0 0 0 rg BT 385.03 403.55 Td (as ) Tj ET Q q 0 0 0 rg BT 396.40 403.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.78 403.55 Td (March ) Tj ET Q q 0 0 0 rg BT 437.81 403.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.56 403.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.56 403.55 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 289.05 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 289.05 56.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 289.05 60.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 289.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 289.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 289.05 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 289.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 289.05 67.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 285.05 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 285.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 285.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 285.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 285.05 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 285.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 285.05 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 244.05 129.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 244.05 56.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 244.05 60.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 244.05 63.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 244.05 63.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 244.05 50.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 244.05 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 244.05 67.00 -47.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 357.04999999999995 m 436.5 357.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 357.04999999999995 m 440.5 357.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 357.04999999999995 m 490.5 357.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 289.04999999999995 m 178.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 289.04999999999995 m 238.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 289.04999999999995 m 302.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 289.04999999999995 m 369.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 289.04999999999995 m 436.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 289.04999999999995 m 490.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 289.04999999999995 m 561.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 289.04999999999995 m 436.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 289.04999999999995 m 490.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 289.04999999999995 m 561.5 289.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 197.04999999999995 m 178.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 161.04999999999995 m 178.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 197.04999999999995 m 238.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 161.04999999999995 m 238.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 197.04999999999995 m 302.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 161.04999999999995 m 302.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 197.04999999999995 m 369.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 161.04999999999995 m 369.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 197.04999999999995 m 436.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 161.04999999999995 m 436.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 197.04999999999995 m 490.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 161.04999999999995 m 490.5 161.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 197.04999999999995 m 561.5 197.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 161.04999999999995 m 561.5 161.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.95 372.32 Td (Gross amounts not offset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.45 361.82 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.70 325.32 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.50 314.82 Td (amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.95 304.32 Td (recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 190.45 293.82 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.70 335.82 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.20 325.32 Td (amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.00 314.82 Td (offset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.05 304.32 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.30 293.82 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 346.32 Td (Net amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.80 335.82 Td (of derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.95 325.32 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.95 314.82 Td (presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 304.32 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.80 293.82 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.95 304.32 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.00 293.82 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.45 304.32 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.45 293.82 Td (collateral) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.15 325.32 Td (Net amount as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.10 314.82 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.90 304.32 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 293.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 274.82 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 259.32 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 248.82 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.35 248.82 Td (\(8,623) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.50 248.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.85 248.82 Td (2,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.35 248.82 Td (\(6,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 248.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 248.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 248.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 248.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 248.82 Td (\(6,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 248.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 233.32 Td (Futures and forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 222.82 Td (contracts relating to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 212.32 Td (seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 201.82 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.00 201.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.00 201.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 201.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.35 201.82 Td (\(2,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 201.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 201.82 Td (8,343) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 201.82 Td (5,974) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 186.82 Td (Total derivative instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 176.32 Td (not designated as hedging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 165.82 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.35 165.82 Td (\(8,623) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.50 165.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.85 165.82 Td (2,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.35 165.82 Td (\(6,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 165.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.35 165.82 Td (\(2,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 165.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 165.82 Td (8,343) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 165.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.25 165.82 Td (\(322) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 165.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 275 0 obj <>] /Rotate 0 /Contents 276 0 R>> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (135) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 114.85 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 139.10 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 177.36 741.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 203.37 741.75 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 239.30 741.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 289.20 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 301.21 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.89 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 377.15 741.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 427.07 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.67 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 475.00 741.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 505.68 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 520.02 741.75 Td (derivative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 106.10 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 109.59 729.15 Td (As ) Tj ET Q q 0 0 0 rg BT 125.73 729.15 Td (described ) Tj ET Q q 0 0 0 rg BT 170.43 729.15 Td (above, ) Tj ET Q q 0 0 0 rg BT 202.60 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.91 729.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 261.10 729.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 298.81 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 341.19 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.82 729.15 Td (futures ) Tj ET Q q 0 0 0 rg BT 394.45 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 414.09 729.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 451.79 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 494.17 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 510.88 729.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.01 729.15 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.12 716.55 Td (included ) Tj ET Q q 0 0 0 rg BT 140.23 716.55 Td (below ) Tj ET Q q 0 0 0 rg BT 167.85 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 182.62 716.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 225.40 716.55 Td (hedges ) Tj ET Q q 0 0 0 rg BT 256.51 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 716.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.08 716.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 317.77 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.88 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 365.99 716.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 383.70 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 394.40 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 424.92 716.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 466.53 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 483.65 716.55 Td (investing ) Tj ET Q q 0 0 0 rg BT 524.10 716.55 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 83.41 703.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 116.16 703.95 Td (including ) Tj ET Q q 0 0 0 rg BT 157.36 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 189.22 703.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 230.41 703.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.70 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 259.74 703.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 307.36 703.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 353.23 703.95 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 413.96 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 415.50 703.95 Td (Gains ) Tj ET Q q 0 0 0 rg BT 441.54 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 458.25 703.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 484.88 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 496.92 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 520.04 703.95 Td (derivative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 101.87 691.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 157.83 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 166.38 691.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 184.42 691.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 209.45 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 227.49 691.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 255.45 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 267.07 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 282.77 691.35 Td (economically ) Tj ET Q q 0 0 0 rg BT 342.20 691.35 Td (hedged ) Tj ET Q q 0 0 0 rg BT 375.40 691.35 Td (items. ) Tj ET Q q 0 0 0 rg BT 403.64 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 406.52 691.35 Td (In ) Tj ET Q q 0 0 0 rg BT 418.14 691.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 467.07 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 488.62 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 504.32 691.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 553.27 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.77 678.75 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 143.29 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 153.62 678.75 Td (August ) Tj ET Q q 0 0 0 rg BT 186.72 678.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 210.48 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 234.82 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 266.17 678.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 306.25 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 313.67 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 335.11 678.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 362.36 678.75 Td (- ) Tj ET Q q 0 0 0 rg BT 368.02 678.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 414.52 678.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 441.78 678.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 481.27 678.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 517.27 678.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 553.84 678.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (economically ) Tj ET Q q 0 0 0 rg BT 108.59 666.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 135.69 666.15 Td (against ) Tj ET Q q 0 0 0 rg BT 167.46 666.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 206.21 666.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 242.05 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 250.02 666.15 Td (fecting ) Tj ET Q q 0 0 0 rg BT 281.20 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 295.61 666.15 Td (Australian ) Tj ET Q q 0 0 0 rg BT 341.37 666.15 Td (dollar ) Tj ET Q q 0 0 0 rg BT 367.89 666.15 Td (denominated ) Tj ET Q q 0 0 0 rg BT 424.15 666.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 463.49 666.15 Td (price, ) Tj ET Q q 0 0 0 rg BT 489.13 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 516.82 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 535.17 666.15 Td (closed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 653.55 Td (October ) Tj ET Q q 0 0 0 rg BT 97.24 653.55 Td (2015.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.05 107.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 587.05 103.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 587.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 587.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 587.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 587.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 587.05 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 587.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 587.05 44.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.05 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 583.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 583.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 583.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 583.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 583.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 583.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 583.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 583.05 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 583.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 583.05 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.05 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 542.05 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 542.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 542.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 542.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 542.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 542.05 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 542.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 542.05 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.05 107.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 501.05 103.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 501.05 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 501.05 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 501.05 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 501.05 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 501.05 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 501.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 501.05 44.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.05 107.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 428.05 103.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 428.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 428.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 428.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 428.05 47.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 428.05 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 428.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 428.05 44.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.05 214.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 424.05 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 424.05 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 424.05 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 424.05 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 424.05 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 424.05 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 424.05 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 384.05 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 384.05 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 384.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 384.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 384.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 384.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 384.05 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 384.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 384.05 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.05 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 343.05 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 343.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 343.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 343.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 343.05 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 343.05 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 343.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 343.05 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 628.05 m 315.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 628.05 m 319.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 628.05 m 366.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 628.05 m 370.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 628.05 m 417.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 628.05 m 421.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 628.05 m 468.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 628.05 m 472.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 628.05 m 514.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 628.05 m 518.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 628.05 m 562.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 628.05 m 315.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 613.05 m 315.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 613.05 m 319.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 613.05 m 366.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 628.05 m 417.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 613.05 m 417.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 628.05 m 421.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 613.05 m 421.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 628.05 m 468.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 613.05 m 468.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 628.05 m 514.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 613.05 m 514.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 628.05 m 518.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 613.05 m 518.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 628.05 m 562.5 628.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 613.05 m 562.5 613.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 587.05 m 157.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 587.05 m 264.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 587.05 m 315.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 587.05 m 366.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 587.05 m 417.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 587.05 m 468.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 587.05 m 514.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 587.05 m 562.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 587.05 m 366.5 587.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 428.05 m 157.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 428.05 m 264.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 428.05 m 315.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 428.05 m 366.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 428.05 m 417.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 428.05 m 468.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 428.05 m 514.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 428.05 m 562.5 428.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 343.05 m 157.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 343.05 m 264.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 343.05 m 315.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 343.05 m 366.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 343.05 m 417.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 343.05 m 468.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 343.05 m 514.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 343.05 m 562.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 343.05 m 157.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 328.05 m 157.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 343.05 m 264.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 328.05 m 264.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 343.05 m 315.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 328.05 m 315.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 343.05 m 366.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 328.05 m 366.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 343.05 m 417.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 328.05 m 417.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 343.05 m 468.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 328.05 m 468.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 343.05 m 514.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 328.05 m 514.5 328.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 343.05 m 562.5 343.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 328.05 m 562.5 328.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.65 632.82 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 306.50 617.84 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.50 617.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 617.82 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.40 602.32 Td (Income Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.60 591.82 Td (Classification) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 278.35 591.84 Td (Gains) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.90 591.84 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.25 591.82 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.20 591.82 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.75 591.82 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.70 591.82 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 572.82 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 557.32 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 546.82 Td (contracts for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 531.82 Td (Operating activities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.30 531.82 Td (Other expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 271.00 531.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 287.85 531.84 Td (7,887) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.00 531.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 330.10 531.84 Td (\(19,547) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 531.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 531.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 531.82 Td (5,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.00 531.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 531.82 Td (\(16,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 531.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.00 531.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.85 531.82 Td (7,098) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 531.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 531.82 Td (\(2,617) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 531.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 516.32 Td ( Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 505.82 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.75 516.32 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.30 505.82 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 295.75 505.84 Td (547) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.35 505.84 Td (\(1,611) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 505.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 505.82 Td (2,491) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.25 505.82 Td (\(259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 505.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 505.82 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 505.82 Td (\(1,719) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 505.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 490.32 Td (Other non-operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 479.82 Td (activities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 110.41 484.58 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.75 490.32 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.30 479.82 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 301.00 479.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.35 479.84 Td (\(4,493) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 479.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 479.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 479.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 479.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 479.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 464.32 Td (Futures and forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 453.82 Td (contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 443.32 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 432.82 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.75 443.32 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.30 432.82 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.60 432.84 Td (11,270) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.35 432.84 Td (\(9,206) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 432.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 432.82 Td (10,801) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 432.82 Td (\(15,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 432.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.85 432.82 Td (2,471) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 432.82 Td (\(19,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 432.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 414.27 Td (Total gain \(loss\) from derivatives not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 403.77 Td (designated as hedging instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.60 403.84 Td (19,704) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 330.10 403.84 Td (\(34,857) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 403.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 403.82 Td (18,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 403.82 Td (\(32,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 403.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.85 403.82 Td (9,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 403.82 Td (\(23,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 403.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 388.82 Td (Derivatives designated as hedging instruments \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 373.82 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 178.50 373.82 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 373.73 Td (5,710) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 352.00 373.84 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 373.82 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 373.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 373.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 373.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 358.32 Td (Reverse treasury rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 347.82 Td (lock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.75 358.32 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.30 347.82 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 301.00 347.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 352.00 347.84 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.75 347.82 Td (638) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 347.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 347.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 347.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 332.82 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 271.00 332.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.60 332.84 Td (25,414) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.00 332.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 330.10 332.84 Td (\(34,857) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 332.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 332.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 332.82 Td (24,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.00 332.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 332.82 Td (\(32,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.50 332.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.00 332.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.85 332.82 Td (9,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 332.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 332.82 Td (\(23,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 332.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 318.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 318.35 Td (Relates ) Tj ET Q q 0 0 0 rg BT 95.67 318.35 Td (to ) Tj ET Q q 0 0 0 rg BT 104.94 318.35 Td (a ) Tj ET Q q 0 0 0 rg BT 111.36 318.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 143.75 318.35 Td (forward ) Tj ET Q q 0 0 0 rg BT 173.30 318.35 Td (executed ) Tj ET Q q 0 0 0 rg BT 206.16 318.35 Td (in ) Tj ET Q q 0 0 0 rg BT 214.84 318.35 Td (August ) Tj ET Q q 0 0 0 rg BT 242.05 318.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 261.71 318.35 Td (and ) Tj ET Q q 0 0 0 rg BT 276.63 318.35 Td (closed ) Tj ET Q q 0 0 0 rg BT 301.00 318.35 Td (in ) Tj ET Q q 0 0 0 rg BT 310.27 318.35 Td (October ) Tj ET Q q 0 0 0 rg BT 340.30 318.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 359.95 318.35 Td (in ) Tj ET Q q 0 0 0 rg BT 369.22 318.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 409.16 318.35 Td (with ) Tj ET Q q 0 0 0 rg BT 426.93 318.35 Td (the ) Tj ET Q q 0 0 0 rg BT 439.97 318.35 Td (October ) Tj ET Q q 0 0 0 rg BT 470.00 318.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 489.65 318.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 529.60 318.35 Td (of ) Tj ET Q q 0 0 0 rg BT 539.34 318.35 Td (RARE ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 304.35 Td (Infrastructure.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 277 0 obj <>] /Rotate 0 /Contents 278 0 R>> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (136) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (16) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 741.90 Td (BUSINESS ) Tj ET Q q 0 0 0 rg BT 118.65 741.90 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 170.98 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 173.60 741.90 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 224.15 741.90 Td (TION) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.99 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.02 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.54 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 115.48 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 123.08 716.70 Td (global ) Tj ET Q q 0 0 0 rg BT 152.27 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.62 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 232.21 716.70 Td (company ) Tj ET Q q 0 0 0 rg BT 273.64 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 292.32 716.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 331.42 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.44 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 437.03 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 455.13 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 486.63 716.70 Td (services ) Tj ET Q q 0 0 0 rg BT 523.39 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 534.50 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 542.10 716.70 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (array ) Tj ET Q q 0 0 0 rg BT 74.86 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.39 704.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 121.22 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.74 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.85 704.10 Td (company ) Tj ET Q q 0 0 0 rg BT 187.13 704.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 225.91 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.87 704.10 Td (one ) Tj ET Q q 0 0 0 rg BT 256.82 704.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 303.17 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 342.55 704.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 383.96 704.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 415.49 704.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 442.62 704.10 Td (Management. ) Tj ET Q q 0 0 0 rg BT 503.85 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.64 704.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 539.17 704.10 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 108.86 691.50 Td (provides ) Tj ET Q q 0 0 0 rg BT 149.57 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.20 691.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 240.91 691.50 Td (services ) Tj ET Q q 0 0 0 rg BT 279.28 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.99 691.50 Td (institutional ) Tj ET Q q 0 0 0 rg BT 346.71 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 366.42 691.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 413.55 691.50 Td (clients ) Tj ET Q q 0 0 0 rg BT 445.51 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 465.22 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 477.94 691.50 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.28 678.90 Td (funds. ) Tj ET Q q 0 0 0 rg BT 126.94 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 129.45 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 148.48 678.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 184.42 678.90 Td (sources ) Tj ET Q q 0 0 0 rg BT 218.61 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 678.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 266.00 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 276.87 678.90 Td (Global ) Tj ET Q q 0 0 0 rg BT 307.55 678.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 333.59 678.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 391.11 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 406.63 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 455.41 678.90 Td (advisory) Tj ET Q q 0 0 0 rg BT 490.89 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 496.21 678.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 547.34 678.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 112.03 666.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 134.01 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 162.13 666.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 201.33 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 216.60 666.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 261.61 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 272.81 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 279.93 666.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 327.85 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 338.52 666.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 365.47 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 383.09 666.30 Td (vary ) Tj ET Q q 0 0 0 rg BT 404.20 666.30 Td (based ) Tj ET Q q 0 0 0 rg BT 430.57 666.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 454.02 666.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 485.05 666.30 Td (such ) Tj ET Q q 0 0 0 rg BT 506.75 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 517.95 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 533.24 666.30 Td (type ) Tj ET Q q 0 0 0 rg BT 553.77 666.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 96.92 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.92 653.70 Td (product ) Tj ET Q q 0 0 0 rg BT 178.92 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 196.01 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 210.76 653.70 Td (type ) Tj ET Q q 0 0 0 rg BT 230.77 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 241.44 653.70 Td (services ) Tj ET Q q 0 0 0 rg BT 277.19 653.70 Td (that ) Tj ET Q q 0 0 0 rg BT 294.86 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 309.60 653.70 Td (provided. ) Tj ET Q q 0 0 0 rg BT 351.48 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 353.41 653.70 Td (In ) Tj ET Q q 0 0 0 rg BT 364.08 653.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 403.04 653.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.02 653.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 476.85 653.70 Td (may ) Tj ET Q q 0 0 0 rg BT 496.85 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 508.69 653.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 538.60 653.70 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.39 641.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 168.18 641.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.70 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.57 641.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 268.76 641.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 324.43 641.10 Td (benchmarks.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 93.81 615.90 Td (by ) Tj ET Q q 0 0 0 rg BT 107.80 615.90 Td (geographic ) Tj ET Q q 0 0 0 rg BT 157.94 615.90 Td (location ) Tj ET Q q 0 0 0 rg BT 195.25 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 211.56 615.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 254.12 615.90 Td (based ) Tj ET Q q 0 0 0 rg BT 281.52 615.90 Td (on ) Tj ET Q q 0 0 0 rg BT 295.51 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 311.83 615.90 Td (geographic ) Tj ET Q q 0 0 0 rg BT 361.97 615.90 Td (location ) Tj ET Q q 0 0 0 rg BT 399.28 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.52 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.84 615.90 Td (advisor ) Tj ET Q q 0 0 0 rg BT 462.24 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 474.47 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 490.79 615.90 Td (domicile ) Tj ET Q q 0 0 0 rg BT 531.02 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 543.26 615.90 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (families ) Tj ET Q q 0 0 0 rg BT 85.95 603.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 126.47 603.30 Td (by ) Tj ET Q q 0 0 0 rg BT 139.60 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 163.80 603.30 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 578.10 Td (table ) Tj ET Q q 0 0 0 rg BT 91.48 578.10 Td (below ) Tj ET Q q 0 0 0 rg BT 119.77 578.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 153.29 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.91 578.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.85 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.64 578.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 273.42 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.54 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 313.67 578.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 362.94 578.10 Td (region ) Tj ET Q q 0 0 0 rg BT 392.39 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.76 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.13 578.10 Td (March�31:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.60 320.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 552.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 552.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 552.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.60 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.60 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.60 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 470.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 470.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 470.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 442.60 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 442.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 442.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 442.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 552.6 m 370 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 552.6 m 434 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 552.6 m 498 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 552.6 m 562 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 552.6 m 370 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 552.6 m 434 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 552.6 m 498 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 552.6 m 562 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 497.6 m 370 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 497.6 m 434 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 497.6 m 498 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 497.6 m 562 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 497.6 m 370 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 483.6 m 370 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 497.6 m 434 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 483.6 m 434 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 497.6 m 498 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 483.6 m 498 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 497.6 m 562 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 483.6 m 562 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 428.6 m 370 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 428.6 m 434 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 428.6 m 498 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 428.6 m 562 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 428.6 m 370 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 414.6 m 370 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 428.6 m 434 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 414.6 m 434 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 428.6 m 498 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 414.6 m 498 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 428.6 m 562 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 414.6 m 562 414.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 557.39 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 557.37 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 557.37 Td (2014) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 542.99 Td (OPERATING REVENUES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 529.82 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 529.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 529.99 Td (1,868,076) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 529.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 529.82 Td (1,977,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 529.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 529.82 Td (1,874,328) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 515.82 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 515.99 Td (338,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 515.82 Td (398,729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 515.82 Td (436,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 501.82 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 501.99 Td (454,216) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 501.82 Td (442,402) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 501.82 Td (430,887) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 487.82 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 487.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 487.99 Td (2,660,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 487.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 487.82 Td (2,819,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 487.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 487.82 Td (2,741,757) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 473.99 Td (INTANGIBLE ASSETS, NET AND GOODWILL) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 460.82 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 460.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 460.99 Td (3,134,267) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 460.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 460.82 Td (3,135,226) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 460.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 460.82 Td (3,127,654) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 446.82 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 446.99 Td (820,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 446.82 Td (1,062,332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 446.82 Td (879,946) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 432.82 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 432.99 Td (671,004) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 432.82 Td (455,286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 432.82 Td (404,696) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 418.82 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 418.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 418.99 Td (4,626,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 418.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 418.82 Td (4,652,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 418.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 418.82 Td (4,412,296) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 390.50 Td (17) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 390.50 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.56 390.50 Td (V) Tj ET Q q 0 0 0 rg BT 71.79 390.50 Td (ARIABLE ) Tj ET Q q 0 0 0 rg BT 122.26 390.50 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 175.18 390.50 Td ( ) Tj ET Q q 0 0 0 rg BT 177.80 390.50 Td (ENTITIES ) Tj ET Q q 0 0 0 rg BT 229.46 390.50 Td (AND ) Tj ET Q q 0 0 0 rg BT 254.83 390.50 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 317.65 390.50 Td (TED ) Tj ET Q q 0 0 0 rg BT 341.86 390.50 Td (INVESTMENT) Tj ET Q q 0 0 0 rg BT 412.27 390.50 Td ( ) Tj ET Q q 0 0 0 rg BT 414.71 390.50 Td (VEHICLES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.98 390.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 365.30 Td (As ) Tj ET Q q 0 0 0 rg BT 64.07 365.30 Td (further ) Tj ET Q q 0 0 0 rg BT 95.04 365.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 137.69 365.30 Td (in ) Tj ET Q q 0 0 0 rg BT 148.26 365.30 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.15 365.30 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.40 365.30 Td ( ) Tj ET Q q 0 0 0 rg BT 182.81 365.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.37 365.30 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.62 365.30 Td (, ) Tj ET Q q 0 0 0 rg BT 210.64 365.30 Td (in ) Tj ET Q q 0 0 0 rg BT 221.21 365.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 270.82 365.30 Td (with ) Tj ET Q q 0 0 0 rg BT 291.89 365.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 331.02 365.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 379.49 365.30 Td (standards, ) Tj ET Q q 0 0 0 rg BT 424.18 365.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 448.15 365.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 479.14 365.30 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 533.44 365.30 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 95.50 352.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.49 352.70 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 184.44 352.70 Td (some ) Tj ET Q q 0 0 0 rg BT 209.52 352.70 Td (of ) Tj ET Q q 0 0 0 rg BT 221.18 352.70 Td (which ) Tj ET Q q 0 0 0 rg BT 249.76 352.70 Td (are ) Tj ET Q q 0 0 0 rg BT 265.50 352.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 313.32 352.70 Td (as ) Tj ET Q q 0 0 0 rg BT 324.98 352.70 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 352.70 352.70 Td ( ) Tj ET Q q 0 0 0 rg BT 354.97 352.70 Td (As ) Tj ET Q q 0 0 0 rg BT 369.56 352.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.22 352.70 Td (March ) Tj ET Q q 0 0 0 rg BT 411.54 352.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 427.58 352.70 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.58 352.70 Td (, ) Tj ET Q q 0 0 0 rg BT 454.13 352.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 478.62 352.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 510.12 352.70 Td (concluded ) Tj ET Q q 0 0 0 rg BT 556.19 352.70 Td (it ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (was ) Tj ET Q q 0 0 0 rg BT 69.01 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.52 340.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 120.44 340.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 170.35 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.78 340.10 Td (one ) Tj ET Q q 0 0 0 rg BT 199.62 340.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 244.88 340.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 293.64 340.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 315.38 340.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 338.18 340.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.52 340.10 Td (was ) Tj ET Q q 0 0 0 rg BT 385.54 340.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 441.29 340.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 462.63 340.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 510.22 340.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.56 340.10 Td (CIV\) ) Tj ET Q q 0 0 0 rg BT 541.82 340.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.25 340.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.50 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 327.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.78 327.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.78 327.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.03 327.50 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.03 327.50 Td (, ) Tj ET Q q 0 0 0 rg BT 148.28 327.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.06 327.50 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.06 327.50 Td (, ) Tj ET Q q 0 0 0 rg BT 192.31 327.50 Td (despite ) Tj ET Q q 0 0 0 rg BT 224.68 327.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 271.63 327.50 Td (third ) Tj ET Q q 0 0 0 rg BT 294.09 327.50 Td (party ) Tj ET Q q 0 0 0 rg BT 318.29 327.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.08 327.50 Td (in ) Tj ET Q q 0 0 0 rg BT 381.87 327.50 Td (this ) Tj ET Q q 0 0 0 rg BT 399.67 327.50 Td (product.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.30 Td (As ) Tj ET Q q 0 0 0 rg BT 65.29 302.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.66 302.30 Td (March ) Tj ET Q q 0 0 0 rg BT 108.69 302.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.43 302.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.43 302.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.68 302.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.68 302.30 Td (, ) Tj ET Q q 0 0 0 rg BT 179.93 302.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.71 302.30 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.71 302.30 Td (, ) Tj ET Q q 0 0 0 rg BT 225.96 302.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 251.15 302.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 283.36 302.30 Td (also ) Tj ET Q q 0 0 0 rg BT 303.90 302.30 Td (concluded ) Tj ET Q q 0 0 0 rg BT 350.67 302.30 Td (it ) Tj ET Q q 0 0 0 rg BT 360.13 302.30 Td (was ) Tj ET Q q 0 0 0 rg BT 380.08 302.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.53 302.30 Td (primary ) Tj ET Q q 0 0 0 rg BT 433.39 302.30 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 484.23 302.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.60 302.30 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.10 302.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.35 302.30 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 302.30 Td (, ) Tj ET Q q 0 0 0 rg BT 530.09 302.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.88 302.30 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 302.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 289.70 Td (, ) Tj ET Q q 0 0 0 rg BT 105.30 289.70 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 180.23 289.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 206.19 289.70 Td (it ) Tj ET Q q 0 0 0 rg BT 214.65 289.70 Td (sponsors, ) Tj ET Q q 0 0 0 rg BT 256.65 289.70 Td (which ) Tj ET Q q 0 0 0 rg BT 284.94 289.70 Td (were ) Tj ET Q q 0 0 0 rg BT 307.96 289.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 363.66 289.70 Td (and ) Tj ET Q q 0 0 0 rg BT 381.45 289.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 419.05 289.70 Td (as ) Tj ET Q q 0 0 0 rg BT 430.42 289.70 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 264.50 Td (Prior ) Tj ET Q q 0 0 0 rg BT 74.17 264.50 Td (to ) Tj ET Q q 0 0 0 rg BT 85.50 264.50 Td (March ) Tj ET Q q 0 0 0 rg BT 116.07 264.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 132.36 264.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 159.15 264.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.89 264.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 215.64 264.50 Td (also ) Tj ET Q q 0 0 0 rg BT 235.72 264.50 Td (held ) Tj ET Q q 0 0 0 rg BT 256.97 264.50 Td (a ) Tj ET Q q 0 0 0 rg BT 264.79 264.50 Td (longer) Tj ET Q q 0 0 0 rg BT 291.41 264.50 Td (-term ) Tj ET Q q 0 0 0 rg BT 317.31 264.50 Td (controlling ) Tj ET Q q 0 0 0 rg BT 366.56 264.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.45 264.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.53 264.50 Td (in ) Tj ET Q q 0 0 0 rg BT 451.86 264.50 Td (one ) Tj ET Q q 0 0 0 rg BT 470.19 264.50 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 515.93 264.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 72.24 251.90 Td (VRE, ) Tj ET Q q 0 0 0 rg BT 99.09 251.90 Td (which ) Tj ET Q q 0 0 0 rg BT 127.98 251.90 Td (has ) Tj ET Q q 0 0 0 rg BT 145.21 251.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 193.34 251.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 234.48 251.90 Td (and ) Tj ET Q q 0 0 0 rg BT 252.87 251.90 Td (was ) Tj ET Q q 0 0 0 rg BT 272.43 251.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 328.72 251.90 Td (and ) Tj ET Q q 0 0 0 rg BT 347.11 251.90 Td (included ) Tj ET Q q 0 0 0 rg BT 386.50 251.90 Td (as ) Tj ET Q q 0 0 0 rg BT 398.47 251.90 Td (a ) Tj ET Q q 0 0 0 rg BT 406.36 251.90 Td (CIV) Tj ET Q q 0 0 0 rg BT 424.25 251.90 Td ( ) Tj ET Q q 0 0 0 rg BT 427.48 251.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 451.12 251.90 Td (to ) Tj ET Q q 0 0 0 rg BT 462.51 251.90 Td (the ) Tj ET Q q 0 0 0 rg BT 478.57 251.90 Td (three ) Tj ET Q q 0 0 0 rg BT 502.78 251.90 Td (months ) Tj ET Q q 0 0 0 rg BT 536.93 251.90 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 239.30 Td (March ) Tj ET Q q 0 0 0 rg BT 79.84 239.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.40 239.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 121.46 239.30 Td ( ) Tj ET Q q 0 0 0 rg BT 123.90 239.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 147.91 239.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 178.93 239.30 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 222.17 239.30 Td (a ) Tj ET Q q 0 0 0 rg BT 229.27 239.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 276.03 239.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 308.80 239.30 Td (of ) Tj ET Q q 0 0 0 rg BT 319.98 239.30 Td (its ) Tj ET Q q 0 0 0 rg BT 332.34 239.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.86 239.30 Td (in ) Tj ET Q q 0 0 0 rg BT 391.46 239.30 Td (this ) Tj ET Q q 0 0 0 rg BT 409.07 239.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 430.75 239.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 453.60 239.30 Td (to ) Tj ET Q q 0 0 0 rg BT 464.20 239.30 Td (March ) Tj ET Q q 0 0 0 rg BT 494.04 239.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 509.60 239.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 535.67 239.30 Td (and ) Tj ET Q q 0 0 0 rg BT 553.26 239.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 226.70 Td (a ) Tj ET Q q 0 0 0 rg BT 57.22 226.70 Td (result ) Tj ET Q q 0 0 0 rg BT 83.10 226.70 Td (no ) Tj ET Q q 0 0 0 rg BT 96.15 226.70 Td (longer ) Tj ET Q q 0 0 0 rg BT 125.53 226.70 Td (had ) Tj ET Q q 0 0 0 rg BT 143.25 226.70 Td (a ) Tj ET Q q 0 0 0 rg BT 150.46 226.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 199.10 226.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.38 226.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.84 226.70 Td (in ) Tj ET Q q 0 0 0 rg BT 282.56 226.70 Td (the ) Tj ET Q q 0 0 0 rg BT 297.95 226.70 Td (fund; ) Tj ET Q q 0 0 0 rg BT 322.67 226.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 365.73 226.70 Td (the ) Tj ET Q q 0 0 0 rg BT 381.12 226.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 402.92 226.70 Td (was ) Tj ET Q q 0 0 0 rg BT 421.80 226.70 Td (not ) Tj ET Q q 0 0 0 rg BT 437.78 226.70 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 496.03 226.70 Td (or ) Tj ET Q q 0 0 0 rg BT 507.33 226.70 Td (included ) Tj ET Q q 0 0 0 rg BT 546.04 226.70 Td (as ) Tj ET Q q 0 0 0 rg BT 557.34 226.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (CIV) Tj ET Q q 0 0 0 rg BT 67.89 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.52 214.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.89 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.26 214.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.63 214.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 153.92 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.71 214.10 Td (March ) Tj ET Q q 0 0 0 rg BT 194.74 214.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.49 214.10 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.90 Td (Prior ) Tj ET Q q 0 0 0 rg BT 73.00 188.90 Td (to ) Tj ET Q q 0 0 0 rg BT 83.17 188.90 Td (June ) Tj ET Q q 0 0 0 rg BT 104.42 188.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 119.55 188.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 145.17 188.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.75 188.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 199.34 188.90 Td (concluded ) Tj ET Q q 0 0 0 rg BT 244.49 188.90 Td (it ) Tj ET Q q 0 0 0 rg BT 252.33 188.90 Td (was ) Tj ET Q q 0 0 0 rg BT 270.66 188.90 Td (the ) Tj ET Q q 0 0 0 rg BT 285.49 188.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 320.73 188.90 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 369.95 188.90 Td (of ) Tj ET Q q 0 0 0 rg BT 380.70 188.90 Td (one ) Tj ET Q q 0 0 0 rg BT 397.86 188.90 Td (of ) Tj ET Q q 0 0 0 rg BT 408.61 188.90 Td (three ) Tj ET Q q 0 0 0 rg BT 431.60 188.90 Td (CLOs ) Tj ET Q q 0 0 0 rg BT 458.69 188.90 Td (in ) Tj ET Q q 0 0 0 rg BT 468.86 188.90 Td (which ) Tj ET Q q 0 0 0 rg BT 496.52 188.90 Td (it ) Tj ET Q q 0 0 0 rg BT 504.36 188.90 Td (had ) Tj ET Q q 0 0 0 rg BT 521.52 188.90 Td (a ) Tj ET Q q 0 0 0 rg BT 528.18 188.90 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 176.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.57 176.30 Td (and ) Tj ET Q q 0 0 0 rg BT 99.39 176.30 Td (the ) Tj ET Q q 0 0 0 rg BT 113.87 176.30 Td (balances ) Tj ET Q q 0 0 0 rg BT 151.68 176.30 Td (related ) Tj ET Q q 0 0 0 rg BT 181.90 176.30 Td (to ) Tj ET Q q 0 0 0 rg BT 191.73 176.30 Td (this ) Tj ET Q q 0 0 0 rg BT 208.56 176.30 Td (CLO ) Tj ET Q q 0 0 0 rg BT 231.22 176.30 Td (were ) Tj ET Q q 0 0 0 rg BT 253.28 176.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 308.01 176.30 Td (and ) Tj ET Q q 0 0 0 rg BT 324.83 176.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 361.48 176.30 Td (as ) Tj ET Q q 0 0 0 rg BT 371.88 176.30 Td (a ) Tj ET Q q 0 0 0 rg BT 378.20 176.30 Td (CIV) Tj ET Q q 0 0 0 rg BT 396.10 176.30 Td ( ) Tj ET Q q 0 0 0 rg BT 397.75 176.30 Td (in ) Tj ET Q q 0 0 0 rg BT 407.58 176.30 Td (the ) Tj ET Q q 0 0 0 rg BT 422.07 176.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 470.54 176.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.27 176.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 163.70 Td (statements. ) Tj ET Q q 0 0 0 rg BT 101.39 163.70 Td ( ) Tj ET Q q 0 0 0 rg BT 105.83 163.70 Td (During ) Tj ET Q q 0 0 0 rg BT 140.01 163.70 Td (the ) Tj ET Q q 0 0 0 rg BT 157.28 163.70 Td (three ) Tj ET Q q 0 0 0 rg BT 182.70 163.70 Td (months ) Tj ET Q q 0 0 0 rg BT 218.06 163.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.57 163.70 Td (June ) Tj ET Q q 0 0 0 rg BT 271.26 163.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 288.82 163.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 316.88 163.70 Td (this ) Tj ET Q q 0 0 0 rg BT 336.49 163.70 Td (CLO ) Tj ET Q q 0 0 0 rg BT 361.93 163.70 Td (substantially ) Tj ET Q q 0 0 0 rg BT 419.45 163.70 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 465.88 163.70 Td (and ) Tj ET Q q 0 0 0 rg BT 485.48 163.70 Td (therefore ) Tj ET Q q 0 0 0 rg BT 527.81 163.70 Td (was ) Tj ET Q q 0 0 0 rg BT 548.58 163.70 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.70 151.10 Td (by ) Tj ET Q q 0 0 0 rg BT 118.82 151.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.02 151.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 174.23 151.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.60 151.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 199.60 151.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.97 151.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 260.26 151.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 273.67 151.10 Td (June ) Tj ET Q q 0 0 0 rg BT 295.55 151.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 311.30 151.10 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 125.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.56 125.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.11 125.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.17 125.90 Td (in ) Tj ET Q q 0 0 0 rg BT 168.33 125.90 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 195.11 125.90 Td (as ) Tj ET Q q 0 0 0 rg BT 205.84 125.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.58 125.90 Td (March ) Tj ET Q q 0 0 0 rg BT 245.97 125.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.08 125.90 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.08 125.90 Td ( ) Tj ET Q q 0 0 0 rg BT 284.07 125.90 Td (and ) Tj ET Q q 0 0 0 rg BT 301.21 125.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 326.83 125.90 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.14 125.90 Td ($13,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.27 125.90 Td ( ) Tj ET Q q 0 0 0 rg BT 381.26 125.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.40 125.90 Td ($15,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.53 125.90 Td (, ) Tj ET Q q 0 0 0 rg BT 437.14 125.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 487.19 125.90 Td (, ) Tj ET Q q 0 0 0 rg BT 491.80 125.90 Td (which ) Tj ET Q q 0 0 0 rg BT 519.45 125.90 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (its ) Tj ET Q q 0 0 0 rg BT 61.34 113.30 Td (maximum ) Tj ET Q q 0 0 0 rg BT 105.33 113.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.50 113.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.66 113.30 Td (loss, ) Tj ET Q q 0 0 0 rg BT 153.04 113.30 Td (excluding ) Tj ET Q q 0 0 0 rg BT 195.86 113.30 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 245.67 113.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 283.25 113.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 304.19 113.30 Td ( ) Tj ET Q q 0 0 0 rg BT 305.50 113.30 Td (The ) Tj ET Q q 0 0 0 rg BT 323.24 113.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 349.16 113.30 Td (of ) Tj ET Q q 0 0 0 rg BT 359.32 113.30 Td (these ) Tj ET Q q 0 0 0 rg BT 382.31 113.30 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 405.89 113.30 Td (are ) Tj ET Q q 0 0 0 rg BT 420.13 113.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 460.62 113.30 Td (comprised ) Tj ET Q q 0 0 0 rg BT 505.77 113.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.93 113.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 100.70 Td (securities. ) Tj ET Q q 0 0 0 rg BT 94.76 100.70 Td ( ) Tj ET Q q 0 0 0 rg BT 97.25 100.70 Td (Investors ) Tj ET Q q 0 0 0 rg BT 138.23 100.70 Td (and ) Tj ET Q q 0 0 0 rg BT 155.88 100.70 Td (creditors ) Tj ET Q q 0 0 0 rg BT 195.10 100.70 Td (of ) Tj ET Q q 0 0 0 rg BT 206.33 100.70 Td (these ) Tj ET Q q 0 0 0 rg BT 230.39 100.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 255.04 100.70 Td (have ) Tj ET Q q 0 0 0 rg BT 277.35 100.70 Td (no ) Tj ET Q q 0 0 0 rg BT 290.34 100.70 Td (recourse ) Tj ET Q q 0 0 0 rg BT 328.38 100.70 Td (to ) Tj ET Q q 0 0 0 rg BT 339.04 100.70 Td (the ) Tj ET Q q 0 0 0 rg BT 354.35 100.70 Td (general ) Tj ET Q q 0 0 0 rg BT 387.73 100.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.12 100.70 Td (or ) Tj ET Q q 0 0 0 rg BT 425.35 100.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.33 100.70 Td (of ) Tj ET Q q 0 0 0 rg BT 463.57 100.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 487.63 100.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 518.69 100.70 Td (beyond ) Tj ET Q q 0 0 0 rg BT 552.09 100.70 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.70 88.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.50 88.10 Td (these ) Tj ET Q q 0 0 0 rg BT 133.70 88.10 Td (funds.) 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(Consolidated ) Tj ET Q q 0 0 0 rg BT 351.06 741.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 388.86 741.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 420.26 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 433.00 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.73 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 477.13 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.24 741.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.24 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.23 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 538.38 741.75 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 106.43 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 125.35 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.94 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 201.12 729.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 250.96 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.46 729.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 298.71 729.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg 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gs 430.50 660.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 660.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 660.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 660.40 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 632.40 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 632.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 632.40 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 632.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 632.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 632.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 632.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 632.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 632.40 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 604.40 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 604.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 604.40 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 604.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 604.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 604.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 604.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 604.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 604.40 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 576.40 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 576.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 576.40 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 576.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 576.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 576.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 576.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 576.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 576.40 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 548.40 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 548.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 548.40 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 548.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 548.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 548.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 548.40 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 548.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 548.40 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 701.4 m 367.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 701.4 m 371.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 701.4 m 430.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 701.4 m 434.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 701.4 m 493.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 701.4 m 497.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 701.4 m 561.5 701.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 660.4 m 297.5 660.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 660.4 m 367.5 660.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 660.4 m 430.5 660.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 660.4 m 493.5 660.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 660.4 m 561.5 660.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 632.4 m 297.5 632.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 632.4 m 367.5 632.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 632.4 m 430.5 632.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 632.4 m 493.5 632.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 632.4 m 561.5 632.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 604.4 m 297.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 604.4 m 367.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 604.4 m 430.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 604.4 m 493.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 604.4 m 561.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 576.4 m 297.5 576.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 576.4 m 367.5 576.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 576.4 m 430.5 576.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 576.4 m 493.5 576.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.4 m 561.5 576.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 548.4 m 297.5 548.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 548.4 m 367.5 548.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 548.4 m 430.5 548.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 548.4 m 493.5 548.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 548.4 m 561.5 548.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 534.4 m 297.5 534.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 534.4 m 367.5 534.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 534.4 m 430.5 534.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 534.4 m 493.5 534.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 534.4 m 561.5 534.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 705.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 705.85 Td (Year Ended March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 664.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.95 691.85 Td (Balance Befor) Tj ET Q q 0 0 0 rg BT 359.02 691.85 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.20 682.85 Td (Consolidation ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.70 673.85 Td (of CIVs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.05 664.85 Td (Other) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 342.04 668.93 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.10 673.85 Td (CIVs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.55 664.85 Td (Other) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 408.54 668.93 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.95 664.85 Td (Eliminations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.70 673.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.40 664.85 Td (Totals) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 650.85 Td (Total Operating Revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 650.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 650.85 Td (2,661,162) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 650.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 650.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 650.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 650.85 Td (\(318) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 650.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 650.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 650.85 Td (2,660,844) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 636.85 Td (Total Operating Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 636.85 Td (2,609,870) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.50 636.85 Td (466) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 636.85 Td (\(323) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 636.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 636.85 Td (2,610,013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 622.85 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.25 622.85 Td (51,292) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.50 622.85 Td (\(466) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 622.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.50 622.85 Td (5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.25 622.85 Td (50,831) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 608.85 Td (Total Other Non-Operating Income \(Expense\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.25 608.85 Td (\(65,458) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 608.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 608.85 Td (\(12,757) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 608.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 608.85 Td (2,166) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 608.85 Td (\(76,049) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 608.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 594.85 Td (Income \(Loss\) Before Income Tax Provision \(Benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.25 594.85 Td (\(14,166) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 594.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 594.85 Td (\(13,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 594.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 594.85 Td (2,171) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 594.85 Td (\(25,218) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 594.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 580.85 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.75 580.85 Td (7,692) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 580.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 580.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 580.85 Td (7,692) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 566.85 Td (Net Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.25 566.85 Td (\(21,858) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 566.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 566.85 Td (\(13,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 566.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 566.85 Td (2,171) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 566.85 Td (\(32,910) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 566.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 552.85 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.75 552.85 Td (3,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 552.85 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 552.85 Td (\(11,052) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 552.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 552.85 Td (\(7,878) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 552.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 538.85 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 538.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.25 538.85 Td (\(25,032) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 538.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 538.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.25 538.85 Td (\(13,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 538.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 538.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 538.85 Td (13,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 538.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 538.85 Td (\(25,032) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 538.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 524.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 524.70 Td (Other represents consolidated sponsored investment vehicles that are not designated as CIVs.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 459.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 459.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 459.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 459.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 459.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 459.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 459.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 459.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 459.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 431.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 431.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 431.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 431.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 431.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 431.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 431.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 431.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 431.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 403.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 403.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 403.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 403.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 403.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 403.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 403.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 403.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 403.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 375.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 375.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 375.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 375.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 375.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 375.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 375.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 375.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 375.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 347.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 347.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 347.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 347.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 347.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 347.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 347.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 347.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 347.20 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 500.2 m 367.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 500.2 m 371.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 500.2 m 430.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 500.2 m 434.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 500.2 m 493.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 500.2 m 497.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 500.2 m 561.5 500.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 459.2 m 297.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 459.2 m 367.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 459.2 m 430.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 459.2 m 493.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 459.2 m 561.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 431.2 m 297.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 431.2 m 367.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 431.2 m 430.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 431.2 m 493.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 431.2 m 561.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 403.2 m 297.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 403.2 m 367.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 403.2 m 430.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 403.2 m 493.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 403.2 m 561.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 375.2 m 297.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 375.2 m 367.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 375.2 m 430.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 375.2 m 493.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.2 m 561.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 347.2 m 297.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 347.2 m 367.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 347.2 m 430.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 347.2 m 493.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 347.2 m 561.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 333.2 m 297.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 333.2 m 367.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 333.2 m 430.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 333.2 m 493.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 333.2 m 561.5 333.2 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 504.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.30 504.66 Td (Year Ended March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 463.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.10 481.66 Td (Balance Before) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.70 472.66 Td (Consolidation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.60 463.66 Td (of CIVs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.95 463.66 Td (CIVs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 463.66 Td (Eliminations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.25 472.66 Td (Consolidated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.05 463.66 Td (Totals) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 449.66 Td (Total Operating Revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 449.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 449.66 Td (2,819,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 449.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 449.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 449.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 449.66 Td (\(721) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 449.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 449.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 449.66 Td (2,819,106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 435.66 Td (Total Operating Expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 435.66 Td (2,320,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 435.66 Td (906) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 435.66 Td (\(728) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 435.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 435.66 Td (2,320,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 421.66 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 421.66 Td (499,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 421.66 Td (\(906) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 421.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 421.66 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 421.66 Td (498,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 407.66 Td (Total Other Non-Operating Income \(Expense\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.75 407.66 Td (\(136,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 407.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 407.66 Td (5,883) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 407.66 Td (77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 407.66 Td (\(130,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 407.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 393.66 Td (Income Before Income Tax Provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 393.66 Td (362,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 393.66 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 393.66 Td (84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 393.66 Td (367,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 379.66 Td (Income tax provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 379.66 Td (125,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 379.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 379.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 379.66 Td (125,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 365.66 Td (Net Income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 365.66 Td (237,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 365.66 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 365.66 Td (84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 365.66 Td (242,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 351.66 Td (Less:��Net income attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 351.66 Td (568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 351.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 351.66 Td (5,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 351.66 Td (5,629) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 337.66 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 337.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 337.66 Td (237,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 337.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 337.66 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 337.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 337.66 Td (\(4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 337.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 337.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 337.66 Td (237,080) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 256.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 256.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 256.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 256.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 256.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 256.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 256.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 256.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 228.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 228.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 228.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 228.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 228.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 228.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 228.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 228.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 228.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 200.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 200.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 200.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 200.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 200.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 200.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 200.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 200.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 200.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 172.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 172.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 172.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 172.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 172.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 172.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 172.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 172.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 172.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 144.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 144.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 144.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 144.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 144.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 144.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 144.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 144.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 144.20 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 297.20000000000005 m 367.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 297.20000000000005 m 371.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 297.20000000000005 m 430.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 297.20000000000005 m 434.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 297.20000000000005 m 493.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 297.20000000000005 m 497.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 297.20000000000005 m 561.5 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 256.20000000000005 m 297.5 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 256.20000000000005 m 367.5 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 256.20000000000005 m 430.5 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 256.20000000000005 m 493.5 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 256.20000000000005 m 561.5 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 228.20000000000005 m 297.5 228.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 228.20000000000005 m 367.5 228.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 228.20000000000005 m 430.5 228.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 228.20000000000005 m 493.5 228.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 228.20000000000005 m 561.5 228.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 200.20000000000005 m 297.5 200.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 200.20000000000005 m 367.5 200.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 200.20000000000005 m 430.5 200.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 200.20000000000005 m 493.5 200.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.20000000000005 m 561.5 200.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 172.20000000000005 m 297.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 172.20000000000005 m 367.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 172.20000000000005 m 430.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 172.20000000000005 m 493.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 172.20000000000005 m 561.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 144.20000000000005 m 297.5 144.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 144.20000000000005 m 367.5 144.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 144.20000000000005 m 430.5 144.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 144.20000000000005 m 493.5 144.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 144.20000000000005 m 561.5 144.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 130.20000000000005 m 297.5 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 130.20000000000005 m 367.5 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 130.20000000000005 m 430.5 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 130.20000000000005 m 493.5 130.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 130.20000000000005 m 561.5 130.20000000000005 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 301.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.30 301.66 Td (Year Ended March 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 260.66 Td 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q 0 0 0 rg BT 52.00 204.66 Td (Total Other Non-Operating Income \(Expense\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 204.66 Td (\(10,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 204.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 204.66 Td (2,445) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 204.66 Td (\(3,364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 204.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 204.66 Td (\(11,252) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 204.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 190.66 Td (Income Before Income Tax Provision \(Benefit\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 190.66 Td (422,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 190.66 Td (69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 190.66 Td (\(3,358) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 190.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 190.66 Td (419,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 176.66 Td (Income tax provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 176.66 Td (137,805) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 176.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 176.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 176.66 Td (137,805) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 162.66 Td (Net Income \(Loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 162.66 Td (285,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 162.66 Td (69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 162.66 Td (\(3,358) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 162.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 162.66 Td (281,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 148.66 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 148.66 Td (341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 148.66 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 148.66 Td (\(3,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 148.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 148.66 Td (\(2,948) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 148.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 134.66 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 134.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 134.66 Td (284,784) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 134.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 134.66 Td (69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 134.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 134.66 Td (\(69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 134.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 134.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 134.66 Td (284,784) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.53 106.10 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 138.06 106.10 Td (income ) Tj ET Q q 0 0 0 rg BT 171.59 106.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 215.02 106.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 252.64 106.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 286.17 106.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 322.33 106.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.86 106.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 394.93 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.72 106.10 Td (net ) Tj ET Q q 0 0 0 rg BT 428.17 106.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 452.96 106.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 487.66 106.10 Td (on ) Tj ET Q q 0 0 0 rg BT 500.79 106.10 Td (investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 80.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 80.90 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 128.15 80.90 Td (of ) Tj ET Q q 0 0 0 rg BT 139.52 80.90 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 164.32 80.90 Td (has ) Tj ET Q q 0 0 0 rg BT 180.94 80.90 Td (no ) Tj ET Q q 0 0 0 rg BT 194.07 80.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 225.26 80.90 Td (on ) Tj ET Q q 0 0 0 rg BT 238.39 80.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 256.18 80.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 290.29 80.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 319.16 80.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 372.52 80.90 Td (to ) Tj ET Q q 0 0 0 rg BT 383.32 80.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 407.52 80.90 Td (Mason,�Inc.) 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rg BT 53.00 668.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 263.10 699.94 Td (Quoted prices ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 275.65 689.44 Td (in active ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 276.10 678.94 Td (markets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 274.80 668.44 Td (\(Level 1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.25 709.04 Td (Significant ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.60 698.54 Td (other) Tj ET Q q 0 0 0 rg BT 383.32 698.54 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.25 688.04 Td (observable ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.45 677.54 Td (inputs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 351.80 667.04 Td (\(Level 2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.25 699.94 Td (Significant ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.45 689.44 Td (unobservable ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.45 678.94 Td (inputs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.80 668.44 Td (\(Level 3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 501.15 689.44 Td (V) Tj ET Q q 0 0 0 rg BT 507.77 689.44 Td (alue as of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 502.55 678.94 Td (Mar) Tj ET Q q 0 0 0 rg BT 522.18 678.94 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.00 668.44 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 654.04 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 639.42 Td (Trading investments:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 639.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 624.42 Td (Hedge funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 624.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.75 624.44 Td (922) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.00 624.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 380.85 624.44 Td (7,138) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 624.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.60 624.44 Td (10,084) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 492.00 624.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 624.44 Td (18,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 609.42 Td ( Proprietary funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.60 609.44 Td (22,327) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 380.85 609.44 Td (8,244) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.00 609.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 609.44 Td (30,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 594.42 Td (Total trading investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 594.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.60 594.44 Td (23,249) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.00 594.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.60 594.44 Td (15,382) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 594.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.60 594.44 Td (10,084) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 492.00 594.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 594.44 Td (48,715) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.05 204.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 512.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 512.05 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 512.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 512.05 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 512.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 512.05 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 512.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 512.05 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.05 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 483.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 483.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 483.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 483.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 483.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 483.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 483.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 483.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.05 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 453.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 453.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 453.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 453.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 453.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 453.05 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 453.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 453.05 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 512.05 m 254.5 512.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 512.05 m 331.5 512.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 512.05 m 408.5 512.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 512.05 m 485.5 512.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 512.05 m 562.5 512.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 453.05 m 331.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 453.05 m 408.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 453.05 m 485.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 453.05 m 254.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 438.05 m 254.5 438.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 453.05 m 331.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 438.05 m 331.5 438.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 453.05 m 408.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 438.05 m 408.5 438.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 453.05 m 485.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 438.05 m 485.5 438.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 453.05 m 562.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 438.05 m 562.5 438.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 516.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.15 548.32 Td (Quoted prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.55 537.82 Td (in active ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.85 527.32 Td (markets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.10 516.82 Td (\(Level 1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.45 557.27 Td (Significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.70 546.77 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.75 536.27 Td (observable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.65 525.77 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.10 515.27 Td (\(Level 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.45 548.32 Td (Significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 537.82 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.65 527.32 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.10 516.82 Td (\(Level 3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.15 537.82 Td (V) Tj ET Q q 0 0 0 rg BT 508.57 537.82 Td (alue as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.90 527.32 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.00 516.82 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 502.44 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 487.82 Td (Trading investments:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 487.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.00 487.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 487.84 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 492.00 487.84 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 472.82 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 472.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.85 472.82 Td (1,108) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.00 472.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.85 472.82 Td (4,412) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 472.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.60 472.82 Td (14,093) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.00 472.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 472.82 Td (19,613) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 457.82 Td ( Proprietary funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.60 457.82 Td (28,387) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.00 457.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.00 457.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 457.82 Td (28,387) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 442.82 Td (Total trading investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 442.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.60 442.82 Td (29,495) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.00 442.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.85 442.82 Td (4,412) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 442.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.60 442.82 Td (14,093) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.00 442.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 442.82 Td (48,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 413.35 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 107.79 413.35 Td (all ) Tj ET Q q 0 0 0 rg BT 121.23 413.35 Td (of ) Tj ET Q q 0 0 0 rg BT 132.93 413.35 Td (the ) Tj ET Q q 0 0 0 rg BT 148.71 413.35 Td (above ) Tj ET Q q 0 0 0 rg BT 176.73 413.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.41 413.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 268.36 413.35 Td (where ) Tj ET Q q 0 0 0 rg BT 296.96 413.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 338.99 413.35 Td (methods ) Tj ET Q q 0 0 0 rg BT 377.52 413.35 Td (rely ) Tj ET Q q 0 0 0 rg BT 396.80 413.35 Td (on ) Tj ET Q q 0 0 0 rg BT 410.25 413.35 Td (other ) Tj ET Q q 0 0 0 rg BT 434.77 413.35 Td (than ) Tj ET Q q 0 0 0 rg BT 455.80 413.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 504.23 413.35 Td (market ) Tj ET Q q 0 0 0 rg BT 536.34 413.35 Td (inputs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.62 400.75 Td (a ) Tj ET Q q 0 0 0 rg BT 69.15 400.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 116.34 400.75 Td (input ) Tj ET Q q 0 0 0 rg BT 140.80 400.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 169.91 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.60 400.75 Td (NA) Tj ET Q q 0 0 0 rg BT 199.42 400.75 Td (V) Tj ET Q q 0 0 0 rg BT 206.81 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 209.68 400.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 248.69 400.75 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 295.00 400.75 Td (such ) Tj ET Q q 0 0 0 rg BT 317.12 400.75 Td (that ) Tj ET Q q 0 0 0 rg BT 335.73 400.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 394.58 400.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 444.68 400.75 Td (has ) Tj ET Q q 0 0 0 rg BT 461.55 400.75 Td (little ) Tj ET Q q 0 0 0 rg BT 483.67 400.75 Td (relevance. ) Tj ET Q q 0 0 0 rg BT 529.38 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 532.25 400.75 Td (During ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 388.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 97.81 388.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.51 388.15 Td (June ) Tj ET Q q 0 0 0 rg BT 147.38 388.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 163.13 388.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 189.38 388.15 Td (the ) Tj ET Q q 0 0 0 rg BT 204.83 388.15 Td (CLO ) Tj ET Q q 0 0 0 rg BT 228.46 388.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 284.16 388.15 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 328.78 388.15 Td (and ) Tj ET Q q 0 0 0 rg BT 346.57 388.15 Td (was ) Tj ET Q q 0 0 0 rg BT 365.52 388.15 Td (not ) Tj ET Q q 0 0 0 rg BT 381.56 388.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 437.26 388.15 Td (as ) Tj ET Q q 0 0 0 rg BT 448.63 388.15 Td (of ) Tj ET Q q 0 0 0 rg BT 460.00 388.15 Td (March ) Tj ET Q q 0 0 0 rg BT 490.03 388.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 505.78 388.15 Td (2015.) Tj ET Q endstream endobj 285 0 obj <>] /Rotate 0 /Contents 286 0 R>> endobj 286 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (140) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.53 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 104.56 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 114.94 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.02 741.75 Td (\(liabilities\) ) Tj ET Q q 0 0 0 rg BT 207.30 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.26 741.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 242.64 741.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 285.08 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 294.87 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.65 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 336.60 741.75 Td (using ) Tj ET Q q 0 0 0 rg BT 361.56 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 408.10 741.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 466.29 741.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 494.17 741.75 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 523.78 741.75 Td (3\) ) Tj ET Q q 0 0 0 rg BT 534.74 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.19 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (years ) Tj ET Q q 0 0 0 rg BT 74.78 729.15 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.85 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 102.48 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 132.50 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.25 729.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.25 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 171.88 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.67 729.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.67 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 215.92 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 231.36 729.15 Td (presented ) Tj ET Q q 0 0 0 rg BT 274.22 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 285.01 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 300.46 729.15 Td (tables ) Tj ET Q q 0 0 0 rg BT 327.58 729.15 Td (below: ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 647.65 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 647.65 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 647.65 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 647.65 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 647.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 647.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 647.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 647.65 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 647.65 m 127.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 647.65 m 198.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 647.65 m 255.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 647.65 m 311.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 647.65 m 373.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 647.65 m 425.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 647.65 m 489.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 647.65 m 562.5 647.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 617.65 m 127.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 617.65 m 198.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 617.65 m 255.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 617.65 m 311.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 617.65 m 373.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 617.65 m 425.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 617.65 m 489.5 617.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 617.65 m 562.5 617.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 652.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.15 673.42 Td (Value as of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.90 662.92 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.00 652.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.50 652.42 Td (Purchases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.90 652.42 Td (Sales) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.50 662.92 Td (Settlements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.25 652.42 Td (/ Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.35 652.42 Td (Transfers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.60 694.42 Td (Realized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.40 683.92 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.10 673.42 Td (unrealized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.45 662.92 Td (gains/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.90 652.42 Td (\(losses\), net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 503.15 673.44 Td (V) Tj ET Q q 0 0 0 rg BT 509.77 673.44 Td (alue as of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.55 662.94 Td (Mar) Tj ET Q q 0 0 0 rg BT 524.18 662.94 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.00 652.44 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 637.44 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 637.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.00 637.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.00 637.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.00 637.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 637.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 622.42 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.60 622.42 Td (14,093) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.75 622.42 Td (251) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.35 622.42 Td (\(1,455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.50 622.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.25 622.42 Td (\(825) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.50 622.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.25 622.42 Td (\(526) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 622.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.00 622.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.35 622.42 Td (\(1,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 622.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 622.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 622.44 Td (10,084) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 538.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 538.65 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 538.65 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 538.65 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 538.65 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 538.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 538.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 538.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 538.65 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 508.65 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 508.65 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 508.65 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 508.65 52.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 508.65 58.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 508.65 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 508.65 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 508.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 508.65 69.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 467.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 467.65 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 467.65 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 467.65 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 467.65 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 467.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 467.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 467.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 467.65 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 437.65 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 437.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 437.65 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 437.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 437.65 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 437.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 437.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 437.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 437.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 437.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 437.65 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 538.65 m 126.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 538.65 m 197.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 538.65 m 254.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 538.65 m 310.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 538.65 m 372.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 538.65 m 424.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 538.65 m 488.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 538.65 m 561.5 538.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 482.65 m 126.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 482.65 m 197.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 482.65 m 254.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 482.65 m 310.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 482.65 m 372.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 482.65 m 424.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 482.65 m 488.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 482.65 m 561.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 467.65 m 126.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 482.65 m 197.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 467.65 m 197.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 482.65 m 254.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 467.65 m 254.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 482.65 m 310.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 467.65 m 310.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 482.65 m 372.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 467.65 m 372.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 482.65 m 424.5 482.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 467.65 m 424.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 467.65 m 488.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 467.65 m 561.5 467.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 437.65 m 126.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 437.65 m 197.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 437.65 m 254.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 437.65 m 372.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 437.65 m 424.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 437.65 m 488.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 437.65 m 561.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 422.65 m 126.5 422.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 422.65 m 130.5 422.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 422.65 m 197.5 422.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 422.65 m 201.5 422.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 422.65 m 254.5 422.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 437.65 m 310.5 437.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 422.65 m 488.5 422.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 543.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.15 564.42 Td (Value as of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.90 553.92 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 153.00 543.42 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.50 543.42 Td (Purchases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.90 543.42 Td (Sales) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.50 553.92 Td (Settlements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 543.42 Td (/ Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.35 543.42 Td (Transfers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.60 585.42 Td (Realized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.40 574.92 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.10 564.42 Td (unrealized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.45 553.92 Td (gains/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.90 543.42 Td (\(losses\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.15 564.42 Td (V) Tj ET Q q 0 0 0 rg BT 509.57 564.42 Td (alue as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.90 553.92 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 543.42 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 528.44 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.00 528.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.00 528.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 528.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 528.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 528.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 513.42 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.60 513.42 Td (17,888) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.85 513.42 Td (2,580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 513.42 Td (\(5,761) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.50 513.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.00 513.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 513.42 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.25 513.42 Td (\(692) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 513.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 513.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 513.42 Td (14,093) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 497.92 Td (Private equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 487.42 Td (funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.60 487.42 Td (31,810) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.85 487.42 Td (4,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 487.42 Td (\(3,124) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.50 487.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.10 487.42 Td (\(34,042) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.50 487.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 487.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.75 487.42 Td (629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 487.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 472.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.60 472.42 Td (49,698) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.85 472.42 Td (7,307) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 472.42 Td (\(8,885) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.50 472.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.10 472.42 Td (\(34,042) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.50 472.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 472.42 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.50 472.42 Td (\(63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 472.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 472.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 472.42 Td (14,093) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 457.44 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 457.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 442.42 Td (CLO debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.10 442.42 Td (\(79,179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.50 442.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.00 442.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.00 442.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.60 442.42 Td (79,179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 442.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 442.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 442.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 442.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 427.42 Td (Total realized and unrealized gains, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.00 427.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 427.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.50 427.42 Td (\(63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 427.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 558.00 427.44 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 396.55 Td (Realized ) Tj ET Q q 0 0 0 rg BT 90.25 396.55 Td (and ) Tj ET Q q 0 0 0 rg BT 108.92 396.55 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 156.16 396.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 181.84 396.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.52 396.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 229.12 396.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 269.36 396.55 Td (for ) Tj ET Q q 0 0 0 rg BT 285.12 396.55 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 320.42 396.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.43 396.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.10 396.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 409.70 396.55 Td (of ) Tj ET Q q 0 0 0 rg BT 421.96 396.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 447.65 396.55 Td (are ) Tj ET Q q 0 0 0 rg BT 463.98 396.55 Td (included ) Tj ET Q q 0 0 0 rg BT 503.65 396.55 Td (in ) Tj ET Q q 0 0 0 rg BT 515.34 396.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 542.76 396.55 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 383.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.01 383.95 Td (income ) Tj ET Q q 0 0 0 rg BT 125.27 383.95 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 168.44 383.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.54 383.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 204.07 383.95 Td (in ) Tj ET Q q 0 0 0 rg BT 214.60 383.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.78 383.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 287.55 383.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 335.99 383.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.09 383.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 380.93 383.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 412.74 383.95 Td ( ) Tj ET Q q 0 0 0 rg BT 414.93 383.95 Td (The ) Tj ET Q q 0 0 0 rg BT 433.61 383.95 Td (change ) Tj ET Q q 0 0 0 rg BT 465.70 383.95 Td (in ) Tj ET Q q 0 0 0 rg BT 476.23 383.95 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 522.31 383.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 549.75 383.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 371.35 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 84.65 371.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 137.68 371.35 Td (and ) Tj ET Q q 0 0 0 rg BT 155.70 371.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 197.65 371.35 Td (of ) Tj ET Q q 0 0 0 rg BT 209.27 371.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 234.30 371.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 269.24 371.35 Td (only ) Tj ET Q q 0 0 0 rg BT 290.77 371.35 Td (to ) Tj ET Q q 0 0 0 rg BT 301.81 371.35 Td (those ) Tj ET Q q 0 0 0 rg BT 326.84 371.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 354.21 371.35 Td (and ) Tj ET Q q 0 0 0 rg BT 372.23 371.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 414.18 371.35 Td (still ) Tj ET Q q 0 0 0 rg BT 432.80 371.35 Td (held ) Tj ET Q q 0 0 0 rg BT 453.75 371.35 Td (at ) Tj ET Q q 0 0 0 rg BT 464.19 371.35 Td (the ) Tj ET Q q 0 0 0 rg BT 479.89 371.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 521.25 371.35 Td (date ) Tj ET Q q 0 0 0 rg BT 541.60 371.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 358.75 Td ($2,580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 358.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 358.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.29 358.75 Td ($79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.04 358.75 Td ( ) Tj ET Q q 0 0 0 rg BT 117.66 358.75 Td (for ) Tj ET Q q 0 0 0 rg BT 132.53 358.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.98 358.75 Td (years ) Tj ET Q q 0 0 0 rg BT 172.76 358.75 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.83 358.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.46 358.75 Td (March ) Tj ET Q q 0 0 0 rg BT 230.49 358.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.24 358.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.24 358.75 Td ( ) Tj ET Q q 0 0 0 rg BT 269.86 358.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.65 358.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.65 358.75 Td (, ) Tj ET Q q 0 0 0 rg BT 313.90 358.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 363.94 358.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 333.55 Td (There ) Tj ET Q q 0 0 0 rg BT 77.11 333.55 Td (were ) Tj ET Q q 0 0 0 rg BT 100.13 333.55 Td (no ) Tj ET Q q 0 0 0 rg BT 113.26 333.55 Td (transfers ) Tj ET Q q 0 0 0 rg BT 152.03 333.55 Td (between ) Tj ET Q q 0 0 0 rg BT 189.64 333.55 Td (Level�1 ) Tj ET Q q 0 0 0 rg BT 224.04 333.55 Td (and ) Tj ET Q q 0 0 0 rg BT 241.83 333.55 Td (Level ) Tj ET Q q 0 0 0 rg BT 268.36 333.55 Td (2 ) Tj ET Q q 0 0 0 rg BT 276.23 333.55 Td (during ) Tj ET Q q 0 0 0 rg BT 306.27 333.55 Td (either ) Tj ET Q q 0 0 0 rg BT 332.80 333.55 Td (of ) Tj ET Q q 0 0 0 rg BT 344.17 333.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.62 333.55 Td (years ) Tj ET Q q 0 0 0 rg BT 384.40 333.55 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.48 333.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.10 333.55 Td (March ) Tj ET Q q 0 0 0 rg BT 442.13 333.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.88 333.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.88 333.55 Td ( ) Tj ET Q q 0 0 0 rg BT 481.50 333.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.29 333.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.29 333.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 308.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 308.35 Td (NA) Tj ET Q q 0 0 0 rg BT 82.76 308.35 Td (Vs ) Tj ET Q q 0 0 0 rg BT 97.05 308.35 Td (used ) Tj ET Q q 0 0 0 rg BT 118.92 308.35 Td (as ) Tj ET Q q 0 0 0 rg BT 130.29 308.35 Td (a ) Tj ET Q q 0 0 0 rg BT 137.57 308.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 176.33 308.35 Td (expedient ) Tj ET Q q 0 0 0 rg BT 219.77 308.35 Td (by ) Tj ET Q q 0 0 0 rg BT 232.89 308.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 257.68 308.35 Td (have ) Tj ET Q q 0 0 0 rg BT 280.12 308.35 Td (been ) Tj ET Q q 0 0 0 rg BT 302.56 308.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 342.51 308.35 Td (by ) Tj ET Q q 0 0 0 rg BT 355.63 308.35 Td (the ) Tj ET Q q 0 0 0 rg BT 371.08 308.35 Td (investees ) Tj ET Q q 0 0 0 rg BT 412.19 308.35 Td (and ) Tj ET Q q 0 0 0 rg BT 429.97 308.35 Td (have ) Tj ET Q q 0 0 0 rg BT 452.42 308.35 Td (been ) Tj ET Q q 0 0 0 rg BT 474.86 308.35 Td (derived ) Tj ET Q q 0 0 0 rg BT 508.96 308.35 Td (from ) Tj ET Q q 0 0 0 rg BT 532.00 308.35 Td (the ) Tj ET Q q 0 0 0 rg BT 547.44 308.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 295.75 Td (values ) Tj ET Q q 0 0 0 rg BT 79.15 295.75 Td (of ) Tj ET Q q 0 0 0 rg BT 90.22 295.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.38 295.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 153.19 295.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 205.68 295.75 Td (as ) Tj ET Q q 0 0 0 rg BT 216.75 295.75 Td (of ) Tj ET Q q 0 0 0 rg BT 227.83 295.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.98 295.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 287.87 295.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 328.68 295.75 Td (dates. ) Tj ET Q q 0 0 0 rg BT 355.20 295.75 Td ( ) Tj ET Q q 0 0 0 rg BT 357.36 295.75 Td (The ) Tj ET Q q 0 0 0 rg BT 376.01 295.75 Td (following ) Tj ET Q q 0 0 0 rg BT 419.17 295.75 Td (table ) Tj ET Q q 0 0 0 rg BT 441.90 295.75 Td (summarizes, ) Tj ET Q q 0 0 0 rg BT 497.00 295.75 Td (as ) Tj ET Q q 0 0 0 rg BT 508.08 295.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.15 295.75 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 295.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 283.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 283.15 Td ( ) Tj ET Q q 0 0 0 rg BT 73.66 283.15 Td (and ) Tj ET Q q 0 0 0 rg BT 91.47 283.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 117.75 283.15 Td (the ) Tj ET Q q 0 0 0 rg BT 133.24 283.15 Td (nature ) Tj ET Q q 0 0 0 rg BT 162.13 283.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.53 283.15 Td (these ) Tj ET Q q 0 0 0 rg BT 197.76 283.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 250.58 283.15 Td (and ) Tj ET Q q 0 0 0 rg BT 268.40 283.15 Td (any ) Tj ET Q q 0 0 0 rg BT 286.21 283.15 Td (related ) Tj ET Q q 0 0 0 rg BT 317.43 283.15 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 365.59 283.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 414.90 283.15 Td (or ) Tj ET Q q 0 0 0 rg BT 426.30 283.15 Td (other ) Tj ET Q q 0 0 0 rg BT 450.53 283.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 484.38 283.15 Td (which ) Tj ET Q q 0 0 0 rg BT 512.70 283.15 Td (may ) Tj ET Q q 0 0 0 rg BT 533.43 283.15 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 270.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 270.55 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 102.49 270.55 Td (value ) Tj ET Q q 0 0 0 rg BT 127.85 270.55 Td (realized:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 209.05 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.50 209.05 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 209.05 105.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 209.05 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 209.05 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 209.05 22.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 209.05 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 209.05 10.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 209.05 76.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 209.05 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 209.05 56.00 -57.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 245.04999999999995 m 127.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 245.04999999999995 m 236.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 245.04999999999995 m 317.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 245.04999999999995 m 339.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 245.04999999999995 m 416.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 245.04999999999995 m 502.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 245.04999999999995 m 506.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 245.04999999999995 m 562.5 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 209.04999999999995 m 127.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 209.04999999999995 m 236.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 209.04999999999995 m 416.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 209.04999999999995 m 502.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 209.04999999999995 m 562.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 209.04999999999995 m 317.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 209.04999999999995 m 416.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 209.04999999999995 m 502.5 209.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 209.04999999999995 m 562.5 209.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.50 249.82 Td (Fair Value Determined Using NAV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.40 249.84 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 491.70 249.84 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.55 224.32 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.15 213.82 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.35 213.82 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.70 213.84 Td (Mar) Tj ET Q q 0 0 0 rg BT 263.33 213.84 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.10 213.82 Td (March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.00 213.82 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 224.34 Td (Unfunded) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.20 213.84 Td (Commitments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 509.45 224.34 Td (Remaining) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 521.90 213.84 Td (Term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 156.82 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 198.82 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 188.32 Td (income, long/short) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 177.82 Td (equity, systematic,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 167.32 Td (emerging market, U.S.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 156.82 Td (and European hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.00 156.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.60 156.84 Td (18,144) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 320.00 162.25 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.00 156.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 156.82 Td (19,613) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.95 156.84 Td (n/a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 544.95 156.84 Td (n/a) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 142.35 Td (n/a ) Tj ET Q q 0 0 0 rg BT 62.51 142.35 Td (- ) Tj ET Q q 0 0 0 rg BT 67.47 142.35 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 142.35 Td (applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 132.15 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 132.15 Td (Redemption ) Tj ET Q q 0 0 0 rg BT 112.06 132.15 Td (restrictions: ) Tj ET Q q 0 0 0 rg BT 154.71 132.15 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 157.22 132.15 Td (5%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 168.55 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 171.06 132.15 Td (daily ) Tj ET Q q 0 0 0 rg BT 190.57 132.15 Td (redemption; ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 234.16 132.15 Td (13%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 249.74 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 252.25 132.15 Td (monthly ) Tj ET Q q 0 0 0 rg BT 283.10 132.15 Td (redemption; ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 326.68 132.15 Td (10%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 342.26 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 344.78 132.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 377.97 132.15 Td (redemption; ) Tj ET Q q 0 0 0 rg BT 421.56 132.15 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 436.34 132.15 Td (72%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 451.92 132.15 Td ( ) Tj ET Q q 0 0 0 rg BT 454.43 132.15 Td (are ) Tj ET Q q 0 0 0 rg BT 467.32 132.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 493.91 132.15 Td (to ) Tj ET Q q 0 0 0 rg BT 503.04 132.15 Td (three ) Tj ET Q q 0 0 0 rg BT 522.54 132.15 Td (to ) Tj ET Q q 0 0 0 rg BT 531.66 132.15 Td (five ) Tj ET Q q 0 0 0 rg BT 547.39 132.15 Td (year ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 121.95 Td (lock-up ) Tj ET Q q 0 0 0 rg BT 96.09 121.95 Td (or ) Tj ET Q q 0 0 0 rg BT 105.30 121.95 Td (side ) Tj ET Q q 0 0 0 rg BT 121.11 121.95 Td (pocket ) Tj ET Q q 0 0 0 rg BT 145.90 121.95 Td (provisions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 96.75 Td (There ) Tj ET Q q 0 0 0 rg BT 77.11 96.75 Td (are ) Tj ET Q q 0 0 0 rg BT 92.55 96.75 Td (no ) Tj ET Q q 0 0 0 rg BT 105.67 96.75 Td (current ) Tj ET Q q 0 0 0 rg BT 138.03 96.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 162.82 96.75 Td (to ) Tj ET Q q 0 0 0 rg BT 173.61 96.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 190.82 96.75 Td (any ) Tj ET Q q 0 0 0 rg BT 208.61 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.98 96.75 Td (these ) Tj ET Q q 0 0 0 rg BT 244.18 96.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 296.97 96.75 Td (held ) Tj ET Q q 0 0 0 rg BT 317.67 96.75 Td (as ) Tj ET Q q 0 0 0 rg BT 329.04 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 340.41 96.75 Td (March ) Tj ET Q q 0 0 0 rg BT 370.44 96.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 386.19 96.75 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 71.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.65 71.55 Td (of ) Tj ET Q q 0 0 0 rg BT 74.37 71.55 Td (March ) Tj ET Q q 0 0 0 rg BT 103.76 71.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.86 71.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.47 71.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.02 71.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.58 71.55 Td (elected ) Tj ET Q q 0 0 0 rg BT 230.29 71.55 Td (the ) Tj ET Q q 0 0 0 rg BT 245.10 71.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.65 71.55 Td (value ) Tj ET Q q 0 0 0 rg BT 286.36 71.55 Td (option ) Tj ET Q q 0 0 0 rg BT 315.18 71.55 Td (for ) Tj ET Q q 0 0 0 rg BT 329.40 71.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 359.94 71.55 Td (eligible ) Tj ET Q q 0 0 0 rg BT 393.41 71.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 419.89 71.55 Td (and ) Tj ET Q q 0 0 0 rg BT 437.03 71.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 480.71 71.55 Td (including ) Tj ET Q q 0 0 0 rg BT 522.35 71.55 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 58.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 74.98 58.95 Td (and ) Tj ET Q q 0 0 0 rg BT 92.95 58.95 Td (debt, ) Tj ET Q q 0 0 0 rg BT 116.47 58.95 Td (of ) Tj ET Q q 0 0 0 rg BT 128.03 58.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.67 58.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 199.55 58.95 Td (CLO. ) Tj ET Q q 0 0 0 rg BT 225.99 58.95 Td ( ) Tj ET Q q 0 0 0 rg BT 228.81 58.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 253.20 58.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 284.59 58.95 Td (did ) Tj ET Q q 0 0 0 rg BT 300.82 58.95 Td (not ) Tj ET Q q 0 0 0 rg BT 317.05 58.95 Td (elect ) Tj ET Q q 0 0 0 rg BT 339.68 58.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.33 58.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.71 58.95 Td (value ) Tj ET Q q 0 0 0 rg BT 398.26 58.95 Td (option ) Tj ET Q q 0 0 0 rg BT 427.91 58.95 Td (for ) Tj ET Q q 0 0 0 rg BT 442.97 58.95 Td (any ) Tj ET Q q 0 0 0 rg BT 460.94 58.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.25 58.95 Td (or ) Tj ET Q q 0 0 0 rg BT 499.81 58.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 541.71 58.95 Td (as ) Tj ET Q q 0 0 0 rg BT 553.27 58.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 46.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 46.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.78 46.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 119.40 46.35 Td (or ) Tj ET Q q 0 0 0 rg BT 130.78 46.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 157.03 46.35 Td (as ) Tj ET Q q 0 0 0 rg BT 168.40 46.35 Td (the ) Tj ET Q q 0 0 0 rg BT 183.85 46.35 Td (CLO ) Tj ET Q q 0 0 0 rg BT 207.48 46.35 Td (was ) Tj ET Q q 0 0 0 rg BT 226.43 46.35 Td (no ) Tj ET Q q 0 0 0 rg BT 239.56 46.35 Td (longer ) Tj ET Q q 0 0 0 rg BT 269.01 46.35 Td (consolidated.) Tj ET Q endstream endobj 287 0 obj <>] /Rotate 0 /Contents 288 0 R>> endobj 288 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (During ) Tj ET Q q 0 0 0 rg BT 82.24 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 97.56 729.15 Td (year ) Tj ET Q q 0 0 0 rg BT 118.13 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 145.69 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 175.59 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.21 729.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 217.33 729.15 Td (total ) Tj ET Q q 0 0 0 rg BT 238.48 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 253.81 729.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 281.39 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.63 729.15 Td ($5,914) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.50 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 326.62 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 349.52 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.07 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 408.73 729.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 435.13 729.15 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 496.53 729.15 Td (income ) Tj ET Q q 0 0 0 rg BT 529.93 729.15 Td (\(losses\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.90 716.55 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 87.85 716.55 Td (net, ) Tj ET Q q 0 0 0 rg BT 105.46 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 115.78 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 130.77 716.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 188.34 716.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 236.57 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 247.47 716.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 281.12 716.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 310.10 716.55 Td (related ) Tj ET Q q 0 0 0 rg BT 340.82 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 351.14 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 377.80 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 395.11 716.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 436.35 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 450.75 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 478.57 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 493.55 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 510.28 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 535.17 716.55 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 68.78 703.95 Td (elected. ) Tj ET Q q 0 0 0 rg BT 103.58 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 106.03 703.95 Td (CLO ) Tj ET Q q 0 0 0 rg BT 129.49 703.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 154.10 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 171.71 703.95 Td (CLO ) Tj ET Q q 0 0 0 rg BT 195.16 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 215.69 703.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 258.38 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 268.40 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.43 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 310.62 703.95 Td (have ) Tj ET Q q 0 0 0 rg BT 332.89 703.95 Td (floating ) Tj ET Q q 0 0 0 rg BT 368.00 703.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 401.36 703.95 Td (rates; ) Tj ET Q q 0 0 0 rg BT 426.55 703.95 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 469.51 703.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 525.04 703.95 Td (all ) Tj ET Q q 0 0 0 rg BT 537.99 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.64 691.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 117.20 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 134.75 691.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 162.24 691.35 Td (included ) Tj ET Q q 0 0 0 rg BT 200.79 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 211.36 691.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 249.33 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 263.97 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 279.19 691.35 Td (year ) Tj ET Q q 0 0 0 rg BT 299.66 691.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 327.12 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 356.92 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 372.45 691.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 398.47 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 421.27 691.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 471.48 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 482.04 691.35 Td (instrument ) Tj ET Q q 0 0 0 rg BT 529.35 691.35 Td (specific ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.53 678.75 Td (risk. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.63 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 76.33 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 106.70 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.78 653.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 146.74 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 164.86 653.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 191.45 653.55 Td (there ) Tj ET Q q 0 0 0 rg BT 215.39 653.55 Td (were ) Tj ET Q q 0 0 0 rg BT 238.75 653.55 Td (no ) Tj ET Q q 0 0 0 rg BT 252.21 653.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 297.15 653.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 339.19 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 350.90 653.55 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 378.65 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 381.61 653.55 Td (Gains ) Tj ET Q q 0 0 0 rg BT 409.07 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 427.19 653.55 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 462.23 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.93 653.55 Td ($1,31) Tj ET Q q 0 0 0 rg BT 497.17 653.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.42 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 505.38 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 653.55 Td ($\(1,537\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 104.80 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 119.17 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.13 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 154.33 640.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 181.53 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 211.06 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 226.31 640.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 252.07 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 282.76 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 293.06 640.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 337.17 640.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 378.38 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 389.25 640.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 413.55 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 428.50 640.95 Td (included ) Tj ET Q q 0 0 0 rg BT 466.78 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 477.08 640.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 503.11 640.95 Td (non-operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 83.53 628.35 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 109.49 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.86 628.35 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (As ) Tj ET Q q 0 0 0 rg BT 65.05 603.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.18 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 107.96 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.46 603.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.46 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 148.84 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 167.39 603.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 194.39 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 209.77 603.15 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 234.73 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 246.28 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 275.32 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 300.27 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 332.24 603.15 Td (holds ) Tj ET Q q 0 0 0 rg BT 358.37 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 366.41 603.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 403.60 603.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 437.89 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 450.02 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 460.40 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.61 603.15 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 512.66 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 531.20 603.15 Td (holds ) Tj ET Q q 0 0 0 rg BT 557.33 603.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 86.45 590.55 Td (interest, ) Tj ET Q q 0 0 0 rg BT 122.62 590.55 Td (but ) Tj ET Q q 0 0 0 rg BT 138.67 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 153.55 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 181.85 590.55 Td (it ) Tj ET Q q 0 0 0 rg BT 190.32 590.55 Td (was ) Tj ET Q q 0 0 0 rg BT 209.29 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 225.34 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 240.81 590.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 276.68 590.55 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 323.22 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 328.48 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 352.70 590.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 389.89 590.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 427.51 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 452.89 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.69 590.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 515.90 590.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 534.29 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 545.67 590.55 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 73.03 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 84.40 577.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.45 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 495.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 495.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 495.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 495.45 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 495.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 495.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 495.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 495.45 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.45 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 465.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 465.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 465.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 465.45 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 465.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 465.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 465.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 465.45 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 552.45 m 326.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 552.45 m 330.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 552.45 m 404.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 552.45 m 488.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 552.45 m 492.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 552.45 m 562.5 552.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 495.45 m 242.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 495.45 m 326.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 495.45 m 404.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 495.45 m 488.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 495.45 m 562.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 495.45 m 326.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 495.45 m 404.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 495.45 m 488.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 495.45 m 562.5 495.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 450.45 m 242.5 450.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 450.45 m 326.5 450.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 450.45 m 404.5 450.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 450.45 m 488.5 450.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 450.45 m 562.5 450.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 435.45 m 242.5 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 435.45 m 326.5 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 435.45 m 404.5 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 435.45 m 488.5 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 435.45 m 562.5 435.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 557.22 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 277.40 557.24 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 322.70 557.24 Td (ch 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.75 557.22 Td (As of March 31, 2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.05 531.74 Td (Equity Inter) Tj ET Q q 0 0 0 rg BT 305.58 531.74 Td (ests ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.10 521.24 Td (on the ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 510.74 Td (Consolidated ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.35 500.24 Td (Balance Sheet ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 314.68 505.00 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 343.65 510.74 Td (Maximum ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 334.25 500.24 Td (Risk of Loss ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 391.72 505.00 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.90 531.72 Td (Equity Interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 521.22 Td (on the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.25 510.72 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.80 500.22 Td (Balance Sheet ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 475.19 504.98 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.10 510.72 Td (Maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.15 500.22 Td (Risk of Loss ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 550.87 504.98 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 485.22 Td (CLOs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 485.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 312.00 485.24 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 485.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.75 485.24 Td (288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 485.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 485.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 485.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 485.22 Td (1,146) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 470.22 Td (Real Estate Investment Trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.85 470.24 Td (9,540) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 470.24 Td (14,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 470.22 Td (13,026) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 470.22 Td (18,096) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 455.22 Td (Other sponsored investment funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 455.24 Td (22,551) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 455.24 Td (27,852) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 455.22 Td (21,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 455.22 Td (34,463) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 440.22 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 440.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 440.24 Td (32,091) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 440.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 440.24 Td (42,735) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 440.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 440.22 Td (35,009) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 440.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 440.22 Td (53,705) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 425.75 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 425.75 Td (Includes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 98.92 425.75 Td ($32,091) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 126.55 425.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.67 425.75 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 143.07 425.75 Td ($27,463) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 170.69 425.75 Td ( ) Tj ET Q q 0 0 0 rg BT 172.82 425.75 Td (related ) Tj ET Q q 0 0 0 rg BT 198.07 425.75 Td (to ) Tj ET Q q 0 0 0 rg BT 206.80 425.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 249.54 425.75 Td (in ) Tj ET Q q 0 0 0 rg BT 258.28 425.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 298.16 425.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 319.18 425.75 Td (products ) Tj ET Q q 0 0 0 rg BT 350.57 425.75 Td (as ) Tj ET Q q 0 0 0 rg BT 359.78 425.75 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 368.99 425.75 Td (March ) Tj ET Q q 0 0 0 rg BT 393.29 425.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 406.04 425.75 Td (2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 423.04 425.75 Td ( ) Tj ET Q q 0 0 0 rg BT 425.17 425.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.57 425.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 460.82 425.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 501.33 425.75 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 415.55 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 415.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 415.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 122.29 415.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.03 415.55 Td (the ) Tj ET Q q 0 0 0 rg BT 177.54 415.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.72 415.55 Td (has ) Tj ET Q q 0 0 0 rg BT 226.17 415.55 Td (made ) Tj ET Q q 0 0 0 rg BT 246.71 415.55 Td (or ) Tj ET Q q 0 0 0 rg BT 255.91 415.55 Td (is ) Tj ET Q q 0 0 0 rg BT 263.71 415.55 Td (required ) Tj ET Q q 0 0 0 rg BT 294.15 415.55 Td (to ) Tj ET Q q 0 0 0 rg BT 302.89 415.55 Td (make ) Tj ET Q q 0 0 0 rg BT 323.42 415.55 Td (and ) Tj ET Q q 0 0 0 rg BT 337.82 415.55 Td (any ) Tj ET Q q 0 0 0 rg BT 352.21 415.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 376.99 415.55 Td (but ) Tj ET Q q 0 0 0 rg BT 389.98 415.55 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 431.28 415.55 Td (management ) Tj ET Q q 0 0 0 rg BT 476.83 415.55 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 390.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 390.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 120.02 390.35 Td (total ) Tj ET Q q 0 0 0 rg BT 141.37 390.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 169.31 390.35 Td (of ) Tj ET Q q 0 0 0 rg BT 181.50 390.35 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 248.27 390.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 273.29 390.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.06 390.35 Td ($17,170,697) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.56 390.35 Td ( ) Tj ET Q q 0 0 0 rg BT 349.01 390.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.61 390.35 Td ($19,527,670) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.11 390.35 Td ( ) Tj ET Q q 0 0 0 rg BT 423.55 390.35 Td (as ) Tj ET Q q 0 0 0 rg BT 435.74 390.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.93 390.35 Td (March ) Tj ET Q q 0 0 0 rg BT 478.78 390.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.35 390.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.35 390.35 Td ( ) Tj ET Q q 0 0 0 rg BT 519.79 390.35 Td (and ) Tj ET Q q 0 0 0 rg BT 538.39 390.35 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 377.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.98 352.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 96.12 352.55 Td (of ) Tj ET Q q 0 0 0 rg BT 107.52 352.55 Td (these ) Tj ET Q q 0 0 0 rg BT 131.56 352.55 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 155.79 352.55 Td (are ) Tj ET Q q 0 0 0 rg BT 171.26 352.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 212.98 352.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 259.37 352.55 Td (of ) Tj ET Q q 0 0 0 rg BT 270.77 352.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.08 352.55 Td (and ) Tj ET Q q 0 0 0 rg BT 309.89 352.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.20 352.55 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 384.29 352.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.02 352.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 477.95 352.55 Td (and ) Tj ET Q q 0 0 0 rg BT 495.76 352.55 Td (CLO ) Tj ET Q q 0 0 0 rg BT 519.42 352.55 Td (loans, ) Tj ET Q q 0 0 0 rg BT 546.86 352.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.10 339.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 106.45 339.95 Td (are ) Tj ET Q q 0 0 0 rg BT 121.54 339.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 162.89 339.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 208.90 339.95 Td (of ) Tj ET Q q 0 0 0 rg BT 219.91 339.95 Td (CLO ) Tj ET Q q 0 0 0 rg BT 243.19 339.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 263.54 339.95 Td (and ) Tj ET Q q 0 0 0 rg BT 280.97 339.95 Td (various ) Tj ET Q q 0 0 0 rg BT 314.15 339.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 350.24 339.95 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 389.53 339.95 Td ( ) Tj ET Q q 0 0 0 rg BT 391.64 339.95 Td (These ) Tj ET Q q 0 0 0 rg BT 418.82 339.95 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 442.67 339.95 Td (are ) Tj ET Q q 0 0 0 rg BT 457.76 339.95 Td (not ) Tj ET Q q 0 0 0 rg BT 473.45 339.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 528.79 339.95 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.35 Td (either ) Tj ET Q q 0 0 0 rg BT 76.40 327.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 91.13 327.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.20 327.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 146.28 327.35 Td (does ) Tj ET Q q 0 0 0 rg BT 168.02 327.35 Td (not ) Tj ET Q q 0 0 0 rg BT 183.93 327.35 Td (have ) Tj ET Q q 0 0 0 rg BT 206.24 327.35 Td (the ) Tj ET Q q 0 0 0 rg BT 221.56 327.35 Td (power ) Tj ET Q q 0 0 0 rg BT 250.30 327.35 Td (to ) Tj ET Q q 0 0 0 rg BT 260.96 327.35 Td (direct ) Tj ET Q q 0 0 0 rg BT 287.35 327.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 334.17 327.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 377.48 327.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 417.88 327.35 Td (of ) Tj ET Q q 0 0 0 rg BT 429.12 327.35 Td (the ) Tj ET Q q 0 0 0 rg BT 444.44 327.35 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.85 327.35 Td (and ) Tj ET Q q 0 0 0 rg BT 488.50 327.35 Td (rights/obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.59 314.75 Td (with ) Tj ET Q q 0 0 0 rg BT 116.69 314.75 Td (benefits/losses ) Tj ET Q q 0 0 0 rg BT 180.38 314.75 Td (that ) Tj ET Q q 0 0 0 rg BT 198.56 314.75 Td (could ) Tj ET Q q 0 0 0 rg BT 224.33 314.75 Td (be ) Tj ET Q q 0 0 0 rg BT 236.67 314.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 283.44 314.75 Td (to ) Tj ET Q q 0 0 0 rg BT 294.04 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.31 314.75 Td (entity) Tj ET Q q 0 0 0 rg BT 332.54 314.75 Td (, ) Tj ET Q q 0 0 0 rg BT 337.60 314.75 Td (or ) Tj ET Q q 0 0 0 rg BT 348.79 314.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 363.47 314.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 387.48 314.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 418.50 314.75 Td (does ) Tj ET Q q 0 0 0 rg BT 440.19 314.75 Td (not ) Tj ET Q q 0 0 0 rg BT 456.04 314.75 Td (absorb ) Tj ET Q q 0 0 0 rg BT 486.48 314.75 Td (a ) Tj ET Q q 0 0 0 rg BT 493.57 314.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 531.59 314.75 Td (of ) Tj ET Q q 0 0 0 rg BT 542.77 314.75 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.15 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 76.10 302.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 116.03 302.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 143.74 302.15 Td (or ) Tj ET Q q 0 0 0 rg BT 155.12 302.15 Td (does ) Tj ET Q q 0 0 0 rg BT 176.99 302.15 Td (not ) Tj ET Q q 0 0 0 rg BT 193.03 302.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 225.96 302.15 Td (a ) Tj ET Q q 0 0 0 rg BT 233.25 302.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 271.45 302.15 Td (of ) Tj ET Q q 0 0 0 rg BT 282.82 302.15 Td (each ) Tj ET Q q 0 0 0 rg BT 304.49 302.15 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 330.59 302.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 370.52 302.15 Td (residual ) Tj ET Q q 0 0 0 rg BT 406.39 302.15 Td (gains.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 276.95 Td (18) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 276.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 276.95 Td (SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 135.67 276.95 Td ( EVENTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.31 276.95 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 251.75 Td (Clarion Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.46 239.15 Td (April ) Tj ET Q q 0 0 0 rg BT 91.63 239.15 Td (13, ) Tj ET Q q 0 0 0 rg BT 108.76 239.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 136.39 239.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 161.97 239.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 194.57 239.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 234.72 239.15 Td (a ) Tj ET Q q 0 0 0 rg BT 243.39 239.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 282.97 239.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 313.22 239.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.14 239.15 Td (in ) Tj ET Q q 0 0 0 rg BT 360.31 239.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 395.82 239.15 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 436.86 239.15 Td (a ) Tj ET Q q 0 0 0 rg BT 445.52 239.15 Td (diversified ) Tj ET Q q 0 0 0 rg BT 494.44 239.15 Td (real ) Tj ET Q q 0 0 0 rg BT 514.18 239.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 542.09 239.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 226.55 Td (management ) Tj ET Q q 0 0 0 rg BT 105.45 226.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 125.84 226.55 Td (based ) Tj ET Q q 0 0 0 rg BT 152.06 226.55 Td (in ) Tj ET Q q 0 0 0 rg BT 162.53 226.55 Td (New ) Tj ET Q q 0 0 0 rg BT 184.33 226.55 Td (Y) Tj ET Q q 0 0 0 rg BT 190.86 226.55 Td (ork. ) Tj ET Q q 0 0 0 rg BT 209.79 226.55 Td ( ) Tj ET Q q 0 0 0 rg BT 212.10 226.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 245.90 226.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 282.62 226.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 322.82 226.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.78 226.55 Td ($41,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.28 226.55 Td ( ) Tj ET Q q 0 0 0 rg BT 440.59 226.55 Td (in ) Tj ET Q q 0 0 0 rg BT 450.56 226.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 477.37 226.55 Td (as ) Tj ET Q q 0 0 0 rg BT 488.42 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 498.97 226.55 Td (April ) Tj ET Q q 0 0 0 rg BT 523.44 226.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 538.88 226.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 565.13 226.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.08 213.95 Td (the ) Tj ET Q q 0 0 0 rg BT 93.25 213.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 118.92 213.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.00 213.95 Td (the ) Tj ET Q q 0 0 0 rg BT 145.17 213.95 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 196.20 213.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 220.11 213.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 251.04 213.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 289.52 213.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.77 213.95 Td (82%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.02 213.95 Td ( ) Tj ET Q q 0 0 0 rg BT 323.36 213.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 369.44 213.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 402.69 213.95 Td (in ) Tj ET Q q 0 0 0 rg BT 413.19 213.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 447.03 213.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 483.78 213.95 Td (for ) Tj ET Q q 0 0 0 rg BT 498.36 213.95 Td (a ) Tj ET Q q 0 0 0 rg BT 505.36 213.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.36 213.95 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 201.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.02 201.35 Td ($577,458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.40 201.35 Td (, ) Tj ET Q q 0 0 0 rg BT 105.79 201.35 Td (which ) Tj ET Q q 0 0 0 rg BT 134.23 201.35 Td (was ) Tj ET Q q 0 0 0 rg BT 153.33 201.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 185.26 201.35 Td (with ) Tj ET Q q 0 0 0 rg BT 206.71 201.35 Td (a ) Tj ET Q q 0 0 0 rg BT 214.14 201.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 247.25 201.35 Td (of ) Tj ET Q q 0 0 0 rg BT 258.77 201.35 Td (the ) Tj ET Q q 0 0 0 rg BT 274.37 201.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 314.46 201.35 Td (from ) Tj ET Q q 0 0 0 rg BT 337.64 201.35 Td (the ) Tj ET Q q 0 0 0 rg BT 353.24 201.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 391.59 201.35 Td (of ) Tj ET Q q 0 0 0 rg BT 403.11 201.35 Td (the ) Tj ET Q q 0 0 0 rg BT 418.71 201.35 Td (2026 ) Tj ET Q q 0 0 0 rg BT 442.49 201.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 469.76 201.35 Td (and ) Tj ET Q q 0 0 0 rg BT 487.69 201.35 Td (the ) Tj ET Q q 0 0 0 rg BT 503.30 201.35 Td (2056 ) Tj ET Q q 0 0 0 rg BT 527.07 201.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 554.34 201.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.75 Td (March ) Tj ET Q q 0 0 0 rg BT 79.97 188.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 106.67 188.75 Td ( ) Tj ET Q q 0 0 0 rg BT 109.74 188.75 Td (In ) Tj ET Q q 0 0 0 rg BT 121.56 188.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 161.66 188.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 186.31 188.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 217.96 188.75 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.11 188.75 Td ($16,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.23 188.75 Td ( ) Tj ET Q q 0 0 0 rg BT 276.30 188.75 Td (for ) Tj ET Q q 0 0 0 rg BT 291.62 188.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.25 188.75 Td (co-investments ) Tj ET Q q 0 0 0 rg BT 389.89 188.75 Td (on ) Tj ET Q q 0 0 0 rg BT 403.46 188.75 Td (a ) Tj ET Q q 0 0 0 rg BT 411.19 188.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 435.47 188.75 Td (-for) Tj ET Q q 0 0 0 rg BT 451.00 188.75 Td (-dollar ) Tj ET Q q 0 0 0 rg BT 482.06 188.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 508.76 188.75 Td ( ) Tj ET Q q 0 0 0 rg BT 511.61 188.75 Td (The ) Tj ET Q q 0 0 0 rg BT 531.00 188.75 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 176.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 85.51 176.15 Td (management ) Tj ET Q q 0 0 0 rg BT 140.76 176.15 Td (team ) Tj ET Q q 0 0 0 rg BT 162.76 176.15 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.18 176.15 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.42 176.15 Td ( ) Tj ET Q q 0 0 0 rg BT 219.02 176.15 Td (of ) Tj ET Q q 0 0 0 rg BT 229.37 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 243.80 176.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 294.40 176.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 322.25 176.15 Td (in ) Tj ET Q q 0 0 0 rg BT 332.02 176.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 365.11 176.15 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 403.75 176.15 Td ( ) Tj ET Q q 0 0 0 rg BT 405.35 176.15 Td (In ) Tj ET Q q 0 0 0 rg BT 415.70 176.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 454.34 176.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 477.51 176.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 507.70 176.15 Td (implemented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 163.55 Td (an ) Tj ET Q q 0 0 0 rg BT 62.34 163.55 Td (af) Tj ET Q q 0 0 0 rg BT 70.30 163.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 97.72 163.55 Td (management ) Tj ET Q q 0 0 0 rg BT 154.29 163.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 183.46 163.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 204.46 163.55 Td (for ) Tj ET Q q 0 0 0 rg BT 219.63 163.55 Td (the ) Tj ET Q q 0 0 0 rg BT 235.38 163.55 Td (management ) Tj ET Q q 0 0 0 rg BT 291.95 163.55 Td (team ) Tj ET Q q 0 0 0 rg BT 315.28 163.55 Td (of ) Tj ET Q q 0 0 0 rg BT 326.95 163.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 361.37 163.55 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 401.33 163.55 Td ( ) Tj ET Q q 0 0 0 rg BT 404.04 163.55 Td (The ) Tj ET Q q 0 0 0 rg BT 423.29 163.55 Td (af) Tj ET Q q 0 0 0 rg BT 431.26 163.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 458.67 163.55 Td (management ) Tj ET Q q 0 0 0 rg BT 515.24 163.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.41 163.55 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.95 Td (entitles ) Tj ET Q q 0 0 0 rg BT 82.39 150.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 113.52 150.95 Td (key ) Tj ET Q q 0 0 0 rg BT 131.24 150.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 178.71 150.95 Td (of ) Tj ET Q q 0 0 0 rg BT 190.02 150.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 224.08 150.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 261.05 150.95 Td (to ) Tj ET Q q 0 0 0 rg BT 271.78 150.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 318.65 150.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.38 150.95 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.63 150.95 Td ( ) Tj ET Q q 0 0 0 rg BT 351.19 150.95 Td (of ) Tj ET Q q 0 0 0 rg BT 362.50 150.95 Td (the ) Tj ET Q q 0 0 0 rg BT 377.90 150.95 Td (future ) Tj ET Q q 0 0 0 rg BT 405.53 150.95 Td (growth, ) Tj ET Q q 0 0 0 rg BT 440.47 150.95 Td (if ) Tj ET Q q 0 0 0 rg BT 449.44 150.95 Td (any) Tj ET Q q 0 0 0 rg BT 463.92 150.95 Td (, ) Tj ET Q q 0 0 0 rg BT 469.11 150.95 Td (of ) Tj ET Q q 0 0 0 rg BT 480.42 150.95 Td (the ) Tj ET Q q 0 0 0 rg BT 495.81 150.95 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 539.77 150.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 138.35 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 85.75 138.35 Td (to ) Tj ET Q q 0 0 0 rg BT 96.94 138.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 147.76 138.35 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 193.94 138.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 243.62 138.35 Td (to ) Tj ET Q q 0 0 0 rg BT 254.80 138.35 Td (the ) Tj ET Q q 0 0 0 rg BT 270.64 138.35 Td (date ) Tj ET Q q 0 0 0 rg BT 291.15 138.35 Td (of ) Tj ET Q q 0 0 0 rg BT 302.91 138.35 Td (the ) Tj ET Q q 0 0 0 rg BT 318.75 138.35 Td (grant. ) Tj ET Q q 0 0 0 rg BT 345.96 138.35 Td ( ) Tj ET Q q 0 0 0 rg BT 348.76 138.35 Td (The ) Tj ET Q q 0 0 0 rg BT 368.10 138.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 395.61 138.35 Td (grant ) Tj ET Q q 0 0 0 rg BT 420.20 138.35 Td (under ) Tj ET Q q 0 0 0 rg BT 447.12 138.35 Td (the ) Tj ET Q q 0 0 0 rg BT 462.97 138.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 484.06 138.35 Td (vests ) Tj ET Q q 0 0 0 rg BT 508.07 138.35 Td (immediately) Tj ET Q q 0 0 0 rg BT 559.88 138.35 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 138.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 125.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 95.52 125.75 Td (previous ) Tj ET Q q 0 0 0 rg BT 134.51 125.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 172.90 125.75 Td (owner ) Tj ET Q q 0 0 0 rg BT 201.97 125.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 222.29 125.75 Td (its ) Tj ET Q q 0 0 0 rg BT 235.03 125.75 Td (entire ) Tj ET Q q 0 0 0 rg BT 261.76 125.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 308.32 125.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.05 125.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.04 125.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.69 125.75 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 420.20 125.75 Td ( ) Tj ET Q q 0 0 0 rg BT 422.82 125.75 Td (The ) Tj ET Q q 0 0 0 rg BT 441.97 125.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 506.62 125.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 544.43 125.75 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.15 Td (by ) Tj ET Q q 0 0 0 rg BT 62.59 113.15 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 113.15 Td (management ) Tj ET Q q 0 0 0 rg BT 134.25 113.15 Td (team ) Tj ET Q q 0 0 0 rg BT 157.25 113.15 Td (can ) Tj ET Q q 0 0 0 rg BT 174.41 113.15 Td (be ) Tj ET Q q 0 0 0 rg BT 186.91 113.15 Td (put ) Tj ET Q q 0 0 0 rg BT 202.92 113.15 Td (by ) Tj ET Q q 0 0 0 rg BT 216.01 113.15 Td (the ) Tj ET Q q 0 0 0 rg BT 231.43 113.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 264.94 113.15 Td (or ) Tj ET Q q 0 0 0 rg BT 276.27 113.15 Td (called ) Tj ET Q q 0 0 0 rg BT 303.93 113.15 Td (by ) Tj ET Q q 0 0 0 rg BT 317.02 113.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 341.19 113.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 372.37 113.15 Td (for ) Tj ET Q q 0 0 0 rg BT 387.20 113.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 432.95 113.15 Td (at ) Tj ET Q q 0 0 0 rg BT 443.12 113.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.28 113.15 Td (value ) Tj ET Q q 0 0 0 rg BT 485.61 113.15 Td (starting ) Tj ET Q q 0 0 0 rg BT 519.70 113.15 Td (after ) Tj ET Q q 0 0 0 rg BT 541.52 113.15 Td (three ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.55 Td (years ) Tj ET Q q 0 0 0 rg BT 74.62 100.55 Td (from ) Tj ET Q q 0 0 0 rg BT 98.00 100.55 Td (the ) Tj ET Q q 0 0 0 rg BT 113.79 100.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 147.09 100.55 Td (of ) Tj ET Q q 0 0 0 rg BT 158.81 100.55 Td (the ) Tj ET Q q 0 0 0 rg BT 174.60 100.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 223.92 100.55 Td ( ) Tj ET Q q 0 0 0 rg BT 226.67 100.55 Td (The ) Tj ET Q q 0 0 0 rg BT 245.96 100.55 Td (holders' ) Tj ET Q q 0 0 0 rg BT 281.74 100.55 Td (put ) Tj ET Q q 0 0 0 rg BT 298.12 100.55 Td (is ) Tj ET Q q 0 0 0 rg BT 308.09 100.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 340.81 100.55 Td (to ) Tj ET Q q 0 0 0 rg BT 351.94 100.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.47 100.55 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 424.65 100.55 Td (which ) Tj ET Q q 0 0 0 rg BT 453.27 100.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 490.64 100.55 Td (in ) Tj ET Q q 0 0 0 rg BT 501.77 100.55 Td (years ) Tj ET Q q 0 0 0 rg BT 526.89 100.55 Td (four ) Tj ET Q q 0 0 0 rg BT 547.35 100.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.95 Td (five. ) Tj ET Q q 0 0 0 rg BT 70.35 87.95 Td ( ) Tj ET Q q 0 0 0 rg BT 72.11 87.95 Td (The ) Tj ET Q q 0 0 0 rg BT 90.34 87.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 128.38 87.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.78 87.95 Td (and ) Tj ET Q q 0 0 0 rg BT 171.84 87.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 212.82 87.95 Td (and ) Tj ET Q q 0 0 0 rg BT 229.88 87.95 Td (related ) Tj ET Q q 0 0 0 rg BT 260.34 87.95 Td (results ) Tj ET Q q 0 0 0 rg BT 289.66 87.95 Td (of ) Tj ET Q q 0 0 0 rg BT 300.30 87.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 345.94 87.95 Td (of ) Tj ET Q q 0 0 0 rg BT 356.59 87.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 389.98 87.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 426.29 87.95 Td (will ) Tj ET Q q 0 0 0 rg BT 444.52 87.95 Td (be ) Tj ET Q q 0 0 0 rg BT 456.33 87.95 Td (included ) Tj ET Q q 0 0 0 rg BT 494.39 87.95 Td (in ) Tj ET Q q 0 0 0 rg BT 504.46 87.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.93 87.95 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.93 75.35 Td (statements, ) Tj ET Q q 0 0 0 rg BT 138.58 75.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 187.95 75.35 Td (to ) Tj ET Q q 0 0 0 rg BT 198.82 75.35 Td (the ) Tj ET Q q 0 0 0 rg BT 214.35 75.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 265.75 75.35 Td ( ) Tj ET Q q 0 0 0 rg BT 268.46 75.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 288.65 75.35 Td (to ) Tj ET Q q 0 0 0 rg BT 299.52 75.35 Td (the ) Tj ET Q q 0 0 0 rg BT 315.05 75.35 Td (timing ) Tj ET Q q 0 0 0 rg BT 345.17 75.35 Td (of ) Tj ET Q q 0 0 0 rg BT 356.62 75.35 Td (the ) Tj ET Q q 0 0 0 rg BT 372.15 75.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 423.56 75.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 463.57 75.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 512.34 75.35 Td (adjustments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.19 62.75 Td (related ) Tj ET Q q 0 0 0 rg BT 98.29 62.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 147.49 62.75 Td (require ) Tj ET Q q 0 0 0 rg BT 179.75 62.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 224.28 62.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 260.64 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 278.34 62.75 Td (are ) Tj ET Q q 0 0 0 rg BT 293.69 62.75 Td (not ) Tj ET Q q 0 0 0 rg BT 309.64 62.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 350.08 62.75 Td (possible. ) Tj ET Q q 0 0 0 rg BT 389.65 62.75 Td ( ) Tj ET Q q 0 0 0 rg BT 392.19 62.75 Td (During ) Tj ET Q q 0 0 0 rg BT 424.47 62.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 449.74 62.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 475.90 62.75 Td (there ) Tj ET Q q 0 0 0 rg BT 499.42 62.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.36 62.75 Td ($2,807) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.23 62.75 Td ( ) Tj ET Q q 0 0 0 rg BT 553.77 62.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.13 50.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 110.73 50.15 Td (in ) Tj ET Q q 0 0 0 rg BT 121.53 50.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 170.22 50.15 Td (with ) Tj ET Q q 0 0 0 rg BT 191.51 50.15 Td (the ) Tj ET Q q 0 0 0 rg BT 206.96 50.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 255.67 50.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.04 50.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 301.16 50.15 Td (Partners. ) Tj ET Q endstream endobj 289 0 obj <> endobj 290 0 obj <> stream BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (142) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 68.37 729.30 Td (rust) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.87 716.70 Td (May ) Tj ET Q q 0 0 0 rg BT 86.66 716.70 Td (2, ) Tj ET Q q 0 0 0 rg BT 97.07 716.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.24 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 147.35 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 178.47 716.70 Td (closed ) Tj ET Q q 0 0 0 rg BT 207.84 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 223.20 716.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 271.81 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 282.52 716.70 Td (combine ) Tj ET Q q 0 0 0 rg BT 321.21 716.70 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 356.12 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 380.23 716.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 417.33 716.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.12 716.70 Td (hedge ) Tj ET Q q 0 0 0 rg BT 480.73 716.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 502.52 716.70 Td (platform, ) Tj ET Q q 0 0 0 rg BT 543.84 716.70 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 704.10 Td (rust. ) Tj ET Q q 0 0 0 rg BT 88.24 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.90 704.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 108.61 704.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 127.02 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.68 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 149.25 704.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 196.22 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.29 704.10 Td (management ) Tj ET Q q 0 0 0 rg BT 275.59 704.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 296.33 704.10 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 358.45 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.27 704.10 Td (New ) Tj ET Q q 0 0 0 rg BT 391.36 704.10 Td (Y) Tj ET Q q 0 0 0 rg BT 397.90 704.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 414.55 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.88 704.10 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.18 704.10 Td ($10,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.68 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.34 704.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 75.54 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 92.23 691.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.42 691.50 Td ($2,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.67 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 203.20 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 212.91 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 238.94 691.50 Td (under ) Tj ET Q q 0 0 0 rg BT 264.38 691.50 Td (advisement ) Tj ET Q q 0 0 0 rg BT 313.74 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 330.44 691.50 Td (committed ) Tj ET Q q 0 0 0 rg BT 376.88 691.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 406.40 691.50 Td (at ) Tj ET Q q 0 0 0 rg BT 415.51 691.50 Td (closing, ) Tj ET Q q 0 0 0 rg BT 450.01 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.70 691.50 Td (lar) Tj ET Q q 0 0 0 rg BT 477.59 691.50 Td (gely ) Tj ET Q q 0 0 0 rg BT 497.20 691.50 Td (complementary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.45 678.90 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 143.61 678.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 180.31 678.90 Td (base, ) Tj ET Q q 0 0 0 rg BT 204.47 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 222.50 678.90 Td (business ) Tj ET Q q 0 0 0 rg BT 260.97 678.90 Td (mix ) Tj ET Q q 0 0 0 rg BT 280.18 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 291.22 678.90 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 326.46 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 328.70 678.90 Td (As ) Tj ET Q q 0 0 0 rg BT 343.25 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 350.78 678.90 Td (result ) Tj ET Q q 0 0 0 rg BT 376.99 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 388.61 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 678.90 Td (combination, ) Tj ET Q q 0 0 0 rg BT 462.30 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 486.75 678.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 518.21 678.90 Td (owns ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 678.90 Td (65%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.92 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.42 666.30 Td (new ) Tj ET Q q 0 0 0 rg BT 96.59 666.30 Td (entity) Tj ET Q q 0 0 0 rg BT 119.82 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 125.12 666.30 Td (branded ) Tj ET Q q 0 0 0 rg BT 161.61 666.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 179.32 666.30 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 230.11 666.30 Td (with ) Tj ET Q q 0 0 0 rg BT 251.45 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 266.96 666.30 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.20 666.30 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.45 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 334.12 666.30 Td (owned ) Tj ET Q q 0 0 0 rg BT 364.79 666.30 Td (by ) Tj ET Q q 0 0 0 rg BT 377.96 666.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 395.67 666.30 Td (rust's ) Tj ET Q q 0 0 0 rg BT 420.07 666.30 Td (co-founder ) Tj ET Q q 0 0 0 rg BT 468.81 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 486.64 666.30 Td (managing ) Tj ET Q q 0 0 0 rg BT 530.72 666.30 Td (partner) Tj ET Q q 0 0 0 rg BT 559.88 666.30 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 567.75 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 570.38 666.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.21 653.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 132.41 653.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 169.79 653.70 Td (can ) Tj ET Q q 0 0 0 rg BT 186.74 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 199.03 653.70 Td (put ) Tj ET Q q 0 0 0 rg BT 214.83 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 227.71 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 242.92 653.70 Td (holder ) Tj ET Q q 0 0 0 rg BT 272.13 653.70 Td (or ) Tj ET Q q 0 0 0 rg BT 283.26 653.70 Td (called ) Tj ET Q q 0 0 0 rg BT 310.71 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 323.59 653.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 347.54 653.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 378.51 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 393.13 653.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 438.67 653.70 Td (at ) Tj ET Q q 0 0 0 rg BT 448.63 653.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 465.58 653.70 Td (value ) Tj ET Q q 0 0 0 rg BT 490.70 653.70 Td (starting ) Tj ET Q q 0 0 0 rg BT 524.58 653.70 Td (after ) Tj ET Q q 0 0 0 rg BT 546.19 653.70 Td (five ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (years ) Tj ET Q q 0 0 0 rg BT 74.87 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 98.49 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.53 641.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 148.07 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.03 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.07 641.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 225.63 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.60 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 248.14 641.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 297.42 641.10 Td (included ) Tj ET Q q 0 0 0 rg BT 336.79 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 344.66 641.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 366.53 641.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 405.89 641.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.85 641.10 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.23 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.06 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 491.93 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 511.47 641.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 543.84 641.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 99.45 628.50 Td (under ) Tj ET Q q 0 0 0 rg BT 125.47 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.17 628.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 185.84 628.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 228.20 628.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 254.23 628.50 Td (facility) Tj ET Q q 0 0 0 rg BT 283.28 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 288.02 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 298.89 628.50 Td (well ) Tj ET Q q 0 0 0 rg BT 319.08 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 329.95 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 336.73 628.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 369.18 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 380.04 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 394.99 628.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 434.42 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 456.95 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 471.89 628.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 509.58 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 520.45 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 535.39 628.50 Td (4.75% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.48 615.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 104.55 615.90 Td (due ) Tj ET Q q 0 0 0 rg BT 121.28 615.90 Td (2026 ) Tj ET Q q 0 0 0 rg BT 143.85 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 160.58 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 174.97 615.90 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 208.92 615.90 Td (Junior ) Tj ET Q q 0 0 0 rg BT 236.73 615.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 294.30 615.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 320.36 615.90 Td (due ) Tj ET Q q 0 0 0 rg BT 337.09 615.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 359.66 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 369.40 615.90 Td (March ) Tj ET Q q 0 0 0 rg BT 398.37 615.90 Td (2016. ) Tj ET Q q 0 0 0 rg BT 423.56 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 425.02 615.90 Td (The ) Tj ET Q q 0 0 0 rg BT 442.91 615.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 480.63 615.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 506.69 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 615.90 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 68.73 603.30 Td (related ) Tj ET Q q 0 0 0 rg BT 101.36 603.30 Td (results ) Tj ET Q q 0 0 0 rg BT 132.84 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 145.65 603.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 193.45 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 206.27 603.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 223.98 603.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 243.79 603.30 Td (will ) Tj ET Q q 0 0 0 rg BT 264.19 603.30 Td (be ) Tj ET Q q 0 0 0 rg BT 278.17 603.30 Td (included ) Tj ET Q q 0 0 0 rg BT 318.39 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 330.63 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.27 603.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 394.89 603.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.69 603.30 Td (statements, ) Tj ET Q q 0 0 0 rg BT 486.71 603.30 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 537.43 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 603.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 100.23 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 102.26 590.70 Td (Due ) Tj ET Q q 0 0 0 rg BT 121.78 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 131.98 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.84 590.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 176.28 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 187.06 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 201.92 590.70 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 252.65 590.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 291.99 590.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 340.09 590.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 392.28 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 409.47 590.70 Td (related ) Tj ET Q q 0 0 0 rg BT 440.06 590.70 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 488.75 590.70 Td (require ) Tj ET Q q 0 0 0 rg BT 520.51 590.70 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 86.80 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.44 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 121.73 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 138.62 578.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 179.99 578.10 Td (possible. ) Tj ET Q q 0 0 0 rg BT 220.51 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.98 578.10 Td (During ) Tj ET Q q 0 0 0 rg BT 257.20 578.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 283.42 578.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 310.52 578.10 Td (there ) Tj ET Q q 0 0 0 rg BT 334.97 578.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.85 578.10 Td ($3,492) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.72 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.20 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.42 578.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 427.89 578.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 466.35 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.99 578.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 527.53 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 578.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 98.20 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 565.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 127.28 565.50 Td (rust.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (In ) Tj ET Q q 0 0 0 rg BT 63.00 540.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 113.81 540.30 Td (with ) Tj ET Q q 0 0 0 rg BT 137.23 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.81 540.30 Td (combination, ) Tj ET Q q 0 0 0 rg BT 214.67 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.00 540.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 274.33 540.30 Td (expects ) Tj ET Q q 0 0 0 rg BT 310.57 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 323.48 540.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 349.81 540.30 Td (total ) Tj ET Q q 0 0 0 rg BT 373.22 540.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 431.62 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 451.53 540.30 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 528.00 540.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 553.75 540.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.01 527.70 Td ($100,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.38 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 155.87 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 166.48 527.70 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.00 527.70 Td ($43,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.13 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 229.99 527.70 Td (was ) Tj ET Q q 0 0 0 rg BT 248.18 527.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 285.02 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 295.05 527.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 319.65 527.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 345.14 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 347.00 527.70 Td (See ) Tj ET Q q 0 0 0 rg BT 364.02 527.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 386.29 527.70 Td (2 ) Tj ET Q q 0 0 0 rg BT 393.41 527.70 Td (for ) Tj ET Q q 0 0 0 rg BT 407.51 527.70 Td (further ) Tj ET Q q 0 0 0 rg BT 437.94 527.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 483.56 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 494.16 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 508.85 527.70 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 515.10 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 141.63 515.10 Td (costs.) Tj ET Q endstream endobj 291 0 obj <>] /Rotate 0 /Contents 292 0 R>> endobj 292 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (143) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.40 741.90 Td (QUAR) Tj ET Q q 0 0 0 rg BT 257.95 741.90 Td (TERL) Tj ET Q q 0 0 0 rg BT 285.58 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 292.77 741.90 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 354.32 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 371.33 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 377.56 741.90 Td (A) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 147.05 729.30 Td (\(Dollars in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 308.24 729.30 Td (e amounts or unless otherwise noted\)) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 280.30 716.70 Td (\(Unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 678.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 678.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 678.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 678.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 678.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 678.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 678.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 678.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 678.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 652.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 652.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 652.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 652.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 652.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 652.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 652.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 652.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 652.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 626.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 626.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 626.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 626.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 626.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 626.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 626.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 626.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 626.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 600.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 600.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 600.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 600.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 600.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 600.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 600.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 600.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 600.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 563.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 563.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 563.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 563.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 563.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 563.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 563.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 563.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 563.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 532.20 277.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 532.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 532.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 532.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 532.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 532.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 532.20 55.00 -13.00 re f /GS0 gs 0.8 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m 389 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 692.2 m 444 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 692.2 m 448 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 692.2 m 503 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 692.2 m 507 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 692.2 m 562 692.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.2 m 326 678.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 678.2 m 444 678.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 678.2 m 503 678.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 678.2 m 562 678.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 678.2 m 385 678.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 652.2 m 326 652.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 652.2 m 385 652.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 652.2 m 444 652.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 652.2 m 503 652.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 652.2 m 562 652.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 639.2 m 326 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 639.2 m 385 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 639.2 m 444 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 639.2 m 503 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 639.2 m 562 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 626.2 m 326 626.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 639.2 m 385 639.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 626.2 m 385 626.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 626.2 m 444 626.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 626.2 m 503 626.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 626.2 m 562 626.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 600.2 m 326 600.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 600.2 m 385 600.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 600.2 m 444 600.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 600.2 m 503 600.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 600.2 m 562 600.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 587.2 m 385 587.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 587.2 m 444 587.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 587.2 m 503 587.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 587.2 m 562 587.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 587.2 m 326 587.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 563.2 m 385 563.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 563.2 m 444 563.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 563.2 m 503 563.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 563.2 m 562 563.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 563.2 m 326 563.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 550.2 m 326 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 550.2 m 385 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 550.2 m 444 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 550.2 m 503 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 550.2 m 562 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 415.2 m 326 415.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 415.2 m 385 415.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 415.2 m 444 415.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 415.2 m 503 415.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 415.2 m 562 415.2 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.95 696.88 Td (Quarter Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 682.88 Td (Fiscal 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 99.00 687.41 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 682.88 Td (Mar.�31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.45 682.88 Td (Dec.�31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.05 682.88 Td (Sept.�30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.45 682.88 Td (June 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 668.93 Td (Operating Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 668.93 Td (619,551) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 668.93 Td (659,557) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 668.93 Td (673,086) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 668.93 Td (708,650) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 655.93 Td (Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 655.93 Td (585,648) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 655.93 Td (900,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 655.93 Td (540,056) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 655.93 Td (584,107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 642.93 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 642.93 Td (33,903) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 642.98 Td (\(240,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 642.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 642.93 Td (133,030) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 642.93 Td (124,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 629.93 Td (Other Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 629.98 Td (\(27,455) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 629.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 629.98 Td (\(1,616) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 629.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 629.98 Td (\(42,464) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 629.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 629.98 Td (\(4,514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 629.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 616.93 Td (Income before Income Tax Provision \(Benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 616.93 Td (6,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 616.98 Td (\(242,261) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 616.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 616.93 Td (90,566) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 616.93 Td (120,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 603.93 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 603.93 Td (58,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 603.98 Td (\(103,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 603.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 603.93 Td (27,647) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 603.93 Td (25,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 590.93 Td (Net Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 590.98 Td (\(52,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 590.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 590.98 Td (\(138,610) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 590.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 590.93 Td (62,919) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 590.93 Td (94,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.50 577.88 Td (Less: Net income \(loss\) attributable to noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 567.88 Td (interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.30 567.93 Td (\(6,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 567.88 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 567.88 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 567.93 Td (\(1,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 567.88 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 567.88 Td (391) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 553.93 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 553.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 553.98 Td (\(45,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 553.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 553.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 553.98 Td (\(138,626) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 553.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 553.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 553.93 Td (64,319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 553.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 553.93 Td (94,548) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 536.88 Td (Net Income \(Loss\) per share Attributable to Legg Mason,�Inc. Shareholders:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 522.93 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 522.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.30 522.98 Td (\(0.43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 522.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 522.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.30 522.98 Td (\(1.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 522.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 522.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 522.93 Td (0.58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 522.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 522.93 Td (0.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 509.93 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.30 509.98 Td (\(0.43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 509.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.30 509.98 Td (\(1.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 509.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 509.93 Td (0.58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 509.93 Td (0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 496.93 Td (Cash dividend declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 496.93 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 496.93 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 496.93 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 496.93 Td (0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 483.93 Td (Stock price range:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 470.93 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 470.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 470.93 Td (39.97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 470.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 470.93 Td (46.41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 470.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 470.93 Td (52.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 470.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 470.93 Td (55.88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 457.93 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 457.93 Td (24.93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 457.93 Td (37.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 457.93 Td (40.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 457.93 Td (50.39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 444.93 Td (Assets Under Management \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 431.93 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 431.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 431.93 Td (669,615) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 431.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 431.93 Td (671,474) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 431.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 431.93 Td (672,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 431.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 431.93 Td (699,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 418.93 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 418.93 Td (662,323) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 418.93 Td (683,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 418.93 Td (687,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 418.93 Td (703,860) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 405.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 405.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.79 405.50 Td (to ) Tj ET Q q 0 0 0 rg BT 92.52 405.50 Td (rounding ) Tj ET Q q 0 0 0 rg BT 125.34 405.50 Td (of ) Tj ET Q q 0 0 0 rg BT 134.55 405.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 167.35 405.50 Td (results, ) Tj ET Q q 0 0 0 rg BT 193.80 405.50 Td (total ) Tj ET Q q 0 0 0 rg BT 211.03 405.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 241.96 405.50 Td (for ) Tj ET Q q 0 0 0 rg BT 253.99 405.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 274.53 405.50 Td (year ) Tj ET Q q 0 0 0 rg BT 291.28 405.50 Td (may ) Tj ET Q q 0 0 0 rg BT 308.04 405.50 Td (dif) Tj ET Q q 0 0 0 rg BT 317.33 405.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 328.89 405.50 Td (immaterially ) Tj ET Q q 0 0 0 rg BT 374.44 405.50 Td (from ) Tj ET Q q 0 0 0 rg BT 393.09 405.50 Td (the ) Tj ET Q q 0 0 0 rg BT 405.60 405.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 430.38 405.50 Td (results.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 380.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 380.30 Td (of ) Tj ET Q q 0 0 0 rg BT 75.17 380.30 Td (May ) Tj ET Q q 0 0 0 rg BT 97.04 380.30 Td (17, ) Tj ET Q q 0 0 0 rg BT 112.79 380.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 139.04 380.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.49 380.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 187.45 380.30 Td (price ) Tj ET Q q 0 0 0 rg BT 211.06 380.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.43 380.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.63 380.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 283.82 380.30 Td (common ) Tj ET Q q 0 0 0 rg BT 323.19 380.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 347.98 380.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.93 380.30 Td ($31.60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.81 380.30 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 329.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 329.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 329.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 329.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 329.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 329.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 329.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 329.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 329.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 303.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 303.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 303.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 303.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 303.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 303.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 303.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 303.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 277.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 277.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 277.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 277.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 277.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 277.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 277.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 277.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 277.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 251.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 251.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 251.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 251.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 251.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 251.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 251.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 251.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 251.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 225.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 225.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 225.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 225.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 225.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 225.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 225.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 225.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 193.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 193.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 193.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 193.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 193.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 193.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 193.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 193.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 193.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 167.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 167.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 167.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 167.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 167.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 167.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 167.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 167.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 167.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 141.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 141.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 141.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 141.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 141.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 141.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 141.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 141.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 141.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 115.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 115.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 115.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 115.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 115.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 115.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 115.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 115.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 115.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 89.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 89.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 89.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 89.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 89.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 89.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 89.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 89.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 89.20 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 343.20000000000005 m 384.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 343.20000000000005 m 388.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 343.20000000000005 m 443.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 343.20000000000005 m 447.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 343.20000000000005 m 502.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 343.20000000000005 m 506.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 343.20000000000005 m 561.5 343.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 329.20000000000005 m 325.5 329.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 329.20000000000005 m 443.5 329.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 329.20000000000005 m 502.5 329.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 329.20000000000005 m 561.5 329.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 329.20000000000005 m 384.5 329.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 303.20000000000005 m 325.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 303.20000000000005 m 384.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 303.20000000000005 m 443.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 303.20000000000005 m 502.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 303.20000000000005 m 561.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 290.20000000000005 m 325.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 290.20000000000005 m 384.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 290.20000000000005 m 443.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 290.20000000000005 m 502.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 290.20000000000005 m 561.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 277.20000000000005 m 325.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 290.20000000000005 m 384.5 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 277.20000000000005 m 384.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 277.20000000000005 m 443.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 277.20000000000005 m 502.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 277.20000000000005 m 561.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 251.20000000000005 m 325.5 251.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 251.20000000000005 m 384.5 251.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 251.20000000000005 m 443.5 251.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 251.20000000000005 m 502.5 251.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 251.20000000000005 m 561.5 251.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 238.20000000000005 m 384.5 238.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 238.20000000000005 m 443.5 238.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 238.20000000000005 m 502.5 238.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 238.20000000000005 m 561.5 238.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 238.20000000000005 m 325.5 238.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 225.20000000000005 m 384.5 225.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 225.20000000000005 m 443.5 225.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 225.20000000000005 m 502.5 225.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 225.20000000000005 m 561.5 225.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 225.20000000000005 m 325.5 225.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 212.20000000000005 m 325.5 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 212.20000000000005 m 384.5 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 212.20000000000005 m 443.5 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 212.20000000000005 m 502.5 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 212.20000000000005 m 561.5 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 76.20000000000005 m 325.5 76.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 76.20000000000005 m 384.5 76.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 76.20000000000005 m 443.5 76.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 76.20000000000005 m 502.5 76.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 76.20000000000005 m 561.5 76.20000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.70 347.77 Td (Quarter Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 333.77 Td (Fiscal 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 98.39 338.30 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.90 333.77 Td (Mar.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.95 333.77 Td (Dec.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.10 333.77 Td (Sept.�30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 333.77 Td (June 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 319.77 Td (Operating Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 319.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 319.77 Td (702,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 319.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 319.77 Td (718,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 319.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 319.77 Td (703,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 319.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 319.77 Td (693,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 306.77 Td (Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 306.77 Td (573,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 306.77 Td (599,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 306.77 Td (573,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 306.77 Td (574,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 293.77 Td (Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 293.77 Td (128,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 293.77 Td (119,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 293.77 Td (130,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 293.77 Td (119,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.77 Td (Other Non-Operating Income \(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 280.82 Td (\(2,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 280.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 280.82 Td (\(1,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 280.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 280.82 Td (\(121,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 280.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 280.82 Td (\(5,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 280.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 267.77 Td (Income before Income Tax Provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 267.77 Td (126,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 267.77 Td (118,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 267.77 Td (8,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 267.77 Td (114,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 254.77 Td (Income tax provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 254.77 Td (42,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 254.77 Td (38,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 254.77 Td (3,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 254.77 Td (40,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 241.77 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 241.77 Td (84,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 241.77 Td (80,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 241.77 Td (5,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 241.77 Td (73,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 228.77 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 228.77 Td (1,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 228.77 Td (3,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 228.77 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 228.77 Td (1,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 215.77 Td (Net Income Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 215.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 215.77 Td (82,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 215.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 215.77 Td (77,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 215.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 215.77 Td (4,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 215.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 215.77 Td (72,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 197.87 Td (Net Income per share Attributable to Legg Mason,�Inc. Shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 183.77 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 183.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 183.77 Td (0.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 183.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 183.77 Td (0.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 183.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 183.77 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 183.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 183.77 Td (0.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 170.77 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 170.77 Td (0.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 170.77 Td (0.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 170.77 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 170.77 Td (0.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 157.77 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 157.77 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 157.77 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 157.77 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 157.77 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 144.77 Td (Stock price range:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 131.77 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 131.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 131.77 Td (59.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 131.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 131.77 Td (57.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 131.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 131.77 Td (52.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 131.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 131.77 Td (51.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 118.77 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 118.77 Td (52.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 118.77 Td (45.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 118.77 Td (45.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 118.77 Td (43.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 105.77 Td (Assets Under Management \(in millions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 92.77 Td (End of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 92.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 92.77 Td (702,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 92.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 92.77 Td (709,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 92.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 92.77 Td (707,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 92.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 92.77 Td (704,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 79.77 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 79.77 Td (707,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 79.77 Td (710,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 79.77 Td (704,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 79.77 Td (691,337) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 66.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 66.50 Td (Due to rounding of quarterly results, total amounts for fiscal year may dif) Tj ET Q q 0 0 0 rg BT 317.33 66.50 Td (fer immaterially from the annual results.) 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rg BT 508.68 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.45 554.10 Td (materially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 541.50 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 541.50 Td (fect, ) Tj ET Q q 0 0 0 rg BT 78.95 541.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 103.15 541.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 140.34 541.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.04 541.50 Td (control ) Tj ET Q q 0 0 0 rg BT 207.40 541.50 Td (over ) Tj ET Q q 0 0 0 rg BT 228.68 541.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.04 541.50 Td (reporting.) 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490.50 Td (heading ) Tj ET Q q 0 0 0 rg BT 510.73 490.50 Td (�Election ) Tj ET Q q 0 0 0 rg BT 553.76 490.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (Directors�- ) Tj ET Q q 0 0 0 rg BT 97.32 477.90 Td (Committees ) Tj ET Q q 0 0 0 rg BT 150.69 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 162.06 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 477.90 Td (Board�- ) Tj ET Q q 0 0 0 rg BT 211.92 477.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 240.21 477.90 Td (Meetings�- ) Tj ET Q q 0 0 0 rg BT 287.45 477.90 Td (Audit ) Tj ET Q q 0 0 0 rg BT 314.00 477.90 Td (Committee� ) Tj ET Q q 0 0 0 rg BT 367.94 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 385.73 477.90 Td (is ) Tj ET Q q 0 0 0 rg BT 395.36 477.90 Td (also ) Tj ET Q q 0 0 0 rg BT 414.90 477.90 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 470.58 477.90 Td (herein ) Tj ET Q q 0 0 0 rg BT 499.44 477.90 Td (by ) Tj ET Q q 0 0 0 rg BT 512.57 477.90 Td (reference.) 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ET Q q 0 0 0 rg BT 506.50 383.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 522.35 383.70 Td (participants ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 373.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 86.45 373.50 Td (their ) Tj ET Q q 0 0 0 rg BT 103.48 373.50 Td (deferral ) Tj ET Q q 0 0 0 rg BT 131.36 373.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.89 373.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 188.56 373.50 Td (or ) Tj ET Q q 0 0 0 rg BT 197.09 373.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 231.60 373.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 247.69 373.50 Td (on ) Tj ET Q q 0 0 0 rg BT 257.65 373.50 Td (phantom ) Tj ET Q q 0 0 0 rg BT 288.85 373.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 308.24 373.50 Td (units. ) Tj ET Q q 0 0 0 rg BT 328.25 373.50 Td (When ) Tj ET Q q 0 0 0 rg BT 350.00 373.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.25 373.50 Td (are ) Tj ET Q q 0 0 0 rg BT 392.08 373.50 Td (deferred, ) Tj ET Q q 0 0 0 rg BT 423.97 373.50 Td (participants ) Tj ET Q q 0 0 0 rg BT 465.08 373.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 491.07 373.50 Td (a ) Tj ET Q q 0 0 0 rg BT 496.30 373.50 Td (number ) Tj ET Q q 0 0 0 rg BT 523.72 373.50 Td (of ) Tj ET Q q 0 0 0 rg BT 532.25 373.50 Td (phantom ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 363.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 87.45 363.30 Td (units ) Tj ET Q q 0 0 0 rg BT 105.49 363.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 125.41 363.30 Td (to ) Tj ET Q q 0 0 0 rg BT 133.53 363.30 Td (the ) Tj ET Q q 0 0 0 rg BT 145.42 363.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 175.24 363.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 202.25 363.30 Td (divided ) Tj ET Q q 0 0 0 rg BT 229.25 363.30 Td (by ) Tj ET Q q 0 0 0 rg BT 239.26 363.30 Td (90% ) Tj ET Q q 0 0 0 rg BT 256.35 363.30 Td (to ) Tj ET Q q 0 0 0 rg BT 264.47 363.30 Td (95% ) Tj ET Q q 0 0 0 rg BT 281.56 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 290.15 363.30 Td (the ) Tj ET Q q 0 0 0 rg BT 302.04 363.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 315.35 363.30 Td (market ) Tj ET Q q 0 0 0 rg BT 340.46 363.30 Td (value ) Tj ET Q q 0 0 0 rg BT 360.37 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 368.96 363.30 Td (a ) Tj ET Q q 0 0 0 rg BT 374.25 363.30 Td (share ) Tj ET Q q 0 0 0 rg BT 393.69 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 402.28 363.30 Td (Common ) Tj ET Q q 0 0 0 rg BT 435.43 363.30 Td (Stock. ) Tj ET Q q 0 0 0 rg BT 458.09 363.30 Td (Also ) Tj ET Q q 0 0 0 rg BT 475.66 363.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 505.50 363.30 Td (53,392 ) Tj ET Q q 0 0 0 rg BT 530.38 363.30 Td (restricted ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 353.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 87.76 353.10 Td (units ) Tj ET Q q 0 0 0 rg BT 106.10 353.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 133.41 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.83 353.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 192.27 353.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 223.83 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.72 353.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 255.78 353.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 304.81 353.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.37 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.56 353.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 366.89 353.10 Td (into ) Tj ET Q q 0 0 0 rg BT 381.93 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 404.99 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.88 353.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 447.34 353.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 468.52 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.83 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.42 353.10 Td (one-for) Tj ET Q q 0 0 0 rg BT 509.26 353.10 Td (-one ) Tj ET Q q 0 0 0 rg BT 526.18 353.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 545.00 353.10 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 342.90 Td (distribution.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 320.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 320.70 Td (W) Tj ET Q q 0 0 0 rg BT 75.34 320.70 Td (eighted-average ) Tj ET Q q 0 0 0 rg BT 131.41 320.70 Td (exercise ) Tj ET Q q 0 0 0 rg BT 161.06 320.70 Td (price ) Tj ET Q q 0 0 0 rg BT 179.84 320.70 Td (does ) Tj ET Q q 0 0 0 rg BT 197.22 320.70 Td (not ) Tj ET Q q 0 0 0 rg BT 209.88 320.70 Td (include ) Tj ET Q q 0 0 0 rg BT 236.70 320.70 Td (phantom ) Tj ET Q q 0 0 0 rg BT 268.25 320.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.99 320.70 Td (units ) Tj ET Q q 0 0 0 rg BT 306.32 320.70 Td (or ) Tj ET Q q 0 0 0 rg BT 315.20 320.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 348.63 320.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 368.37 320.70 Td (units ) Tj ET Q q 0 0 0 rg BT 386.70 320.70 Td (that ) Tj ET Q q 0 0 0 rg BT 401.24 320.70 Td (will ) Tj ET Q q 0 0 0 rg BT 416.27 320.70 Td (be ) Tj ET Q q 0 0 0 rg BT 426.09 320.70 Td (converted ) Tj ET Q q 0 0 0 rg BT 461.40 320.70 Td (into ) Tj ET Q q 0 0 0 rg BT 476.42 320.70 Td (Common ) Tj ET Q q 0 0 0 rg BT 509.87 320.70 Td (Stock ) Tj ET Q q 0 0 0 rg BT 531.03 320.70 Td (on ) Tj ET Q q 0 0 0 rg BT 541.33 320.70 Td (a ) Tj ET Q q 0 0 0 rg BT 546.90 320.70 Td (one-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 310.50 Td (for) Tj ET Q q 0 0 0 rg BT 77.74 310.50 Td (-one ) Tj ET Q q 0 0 0 rg BT 94.97 310.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 114.10 310.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 133.22 310.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 174.54 310.50 Td (at ) Tj ET Q q 0 0 0 rg BT 182.80 310.50 Td (no ) Tj ET Q q 0 0 0 rg BT 193.43 310.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.55 310.50 Td (cost, ) Tj ET Q q 0 0 0 rg BT 247.49 310.50 Td (and ) Tj ET Q q 0 0 0 rg BT 261.89 310.50 Td (were ) Tj ET Q q 0 0 0 rg BT 280.53 310.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 308.14 310.50 Td (as ) Tj ET Q q 0 0 0 rg BT 317.35 310.50 Td (described ) Tj ET Q q 0 0 0 rg BT 352.04 310.50 Td (in ) Tj ET Q q 0 0 0 rg BT 360.78 310.50 Td (footnote�\(1\).) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 68.00 288.30 Td (In ) Tj ET Q q 0 0 0 rg BT 76.86 288.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 108.61 288.30 Td (271,21) Tj ET Q q 0 0 0 rg BT 131.67 288.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 137.70 288.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 160.72 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 169.57 288.30 Td (Common ) Tj ET Q q 0 0 0 rg BT 202.99 288.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 224.13 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 240.54 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 250.34 288.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 273.36 288.30 Td (under ) Tj ET Q q 0 0 0 rg BT 294.49 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 306.65 288.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 325.89 288.30 Td (Mason�& ) Tj ET Q q 0 0 0 rg BT 359.55 288.30 Td (Co,�LLC ) Tj ET Q q 0 0 0 rg BT 391.54 288.30 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 423.52 288.30 Td (Compensation/Phantom ) Tj ET Q q 0 0 0 rg BT 506.99 288.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 528.13 288.30 Td (Plan ) Tj ET Q q 0 0 0 rg BT 545.02 288.30 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.51 278.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 121.83 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.04 278.10 Td (phantom ) Tj ET Q q 0 0 0 rg BT 162.91 278.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 182.98 278.10 Td (units ) Tj ET Q q 0 0 0 rg BT 201.63 278.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.51 278.10 Td (may ) Tj ET Q q 0 0 0 rg BT 233.27 278.10 Td (be ) Tj ET Q q 0 0 0 rg BT 243.41 278.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.80 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.54 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.05 278.10 Td (future ) Tj ET Q q 0 0 0 rg BT 318.47 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.67 278.10 Td (described ) Tj ET Q q 0 0 0 rg BT 362.37 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.10 278.10 Td (footnote ) Tj ET Q q 0 0 0 rg BT 401.56 278.10 Td (\(1\).) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 255.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 68.00 255.90 Td (6,475,664 ) Tj ET Q q 0 0 0 rg BT 104.23 255.90 Td (of ) Tj ET Q q 0 0 0 rg BT 113.55 255.90 Td (these ) Tj ET Q q 0 0 0 rg BT 133.25 255.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 156.73 255.90 Td (may ) Tj ET Q q 0 0 0 rg BT 173.60 255.90 Td (be ) Tj ET Q q 0 0 0 rg BT 183.86 255.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.34 255.90 Td (under ) Tj ET Q q 0 0 0 rg BT 228.93 255.90 Td (our ) Tj ET Q q 0 0 0 rg BT 242.50 255.90 Td (omnibus ) Tj ET Q q 0 0 0 rg BT 274.01 255.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 297.49 255.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 314.36 255.90 Td (as ) Tj ET Q q 0 0 0 rg BT 323.68 255.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 343.86 255.90 Td (options, ) Tj ET Q q 0 0 0 rg BT 373.25 255.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 407.11 255.90 Td (or ) Tj ET Q q 0 0 0 rg BT 416.42 255.90 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 458.78 255.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 478.96 255.90 Td (grants ) Tj ET Q q 0 0 0 rg BT 501.97 255.90 Td (or ) Tj ET Q q 0 0 0 rg BT 511.28 255.90 Td (any ) Tj ET Q q 0 0 0 rg BT 525.79 255.90 Td (other ) Tj ET Q q 0 0 0 rg BT 545.49 255.90 Td (form ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 77.24 245.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 100.64 245.70 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 152.13 245.70 Td (240,881 ) Tj ET Q q 0 0 0 rg BT 181.91 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 191.15 245.70 Td (these ) Tj ET Q q 0 0 0 rg BT 210.77 245.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 234.17 245.70 Td (may ) Tj ET Q q 0 0 0 rg BT 250.96 245.70 Td (be ) Tj ET Q q 0 0 0 rg BT 261.13 245.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 284.54 245.70 Td (under ) Tj ET Q q 0 0 0 rg BT 306.05 245.70 Td (the ) Tj ET Q q 0 0 0 rg BT 318.59 245.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 338.21 245.70 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 380.73 245.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 405.55 245.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 422.82 245.70 Td (for ) Tj ET Q q 0 0 0 rg BT 434.89 245.70 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 488.97 245.70 Td (Directors ) Tj ET Q q 0 0 0 rg BT 522.76 245.70 Td (as ) Tj ET Q q 0 0 0 rg BT 531.99 245.70 Td (grants ) Tj ET Q q 0 0 0 rg BT 554.92 245.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 87.84 235.50 Td (or ) Tj ET Q q 0 0 0 rg BT 96.82 235.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 130.34 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 150.18 235.50 Td (units. ) Tj ET Q q 0 0 0 rg BT 170.74 235.50 Td (2,521,898 ) Tj ET Q q 0 0 0 rg BT 206.63 235.50 Td (of ) Tj ET Q q 0 0 0 rg BT 215.61 235.50 Td (these ) Tj ET Q q 0 0 0 rg BT 234.98 235.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.12 235.50 Td (may ) Tj ET Q q 0 0 0 rg BT 274.65 235.50 Td (be ) Tj ET Q q 0 0 0 rg BT 284.57 235.50 Td (purchased ) Tj ET Q q 0 0 0 rg BT 320.93 235.50 Td (under ) Tj ET Q q 0 0 0 rg BT 342.18 235.50 Td (our ) Tj ET Q q 0 0 0 rg BT 355.41 235.50 Td (employee ) Tj ET Q q 0 0 0 rg BT 390.35 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 410.19 235.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 442.29 235.50 Td (plan, ) Tj ET Q q 0 0 0 rg BT 460.95 235.50 Td (which ) Tj ET Q q 0 0 0 rg BT 483.62 235.50 Td (acquires ) Tj ET Q q 0 0 0 rg BT 513.84 235.50 Td (the ) Tj ET Q q 0 0 0 rg BT 526.12 235.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 549.26 235.50 Td (that ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 80.50 225.30 Td (purchased ) Tj ET Q q 0 0 0 rg BT 117.08 225.30 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 155.55 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 164.29 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.80 225.30 Td (open ) Tj ET Q q 0 0 0 rg BT 195.45 225.30 Td (market.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 200.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.42 200.70 Td (13. ) Tj ET Q q 0 0 0 rg BT 93.96 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 95.38 200.70 Td (CER) Tj ET Q q 0 0 0 rg BT 117.18 200.70 Td (T) Tj ET Q q 0 0 0 rg BT 123.40 200.70 Td (AIN ) Tj ET Q q 0 0 0 rg BT 144.07 200.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 172.47 200.70 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 230.76 200.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 254.92 200.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 283.32 200.70 Td (TED ) Tj ET Q q 0 0 0 rg BT 306.22 200.70 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 393.39 200.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 417.55 200.70 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 458.21 200.70 Td (OR ) Tj ET Q q 0 0 0 rg BT 475.37 200.70 Td (INDEPENDENCE.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 175.50 Td (The ) Tj ET Q q 0 0 0 rg BT 104.85 175.50 Td (information ) Tj ET Q q 0 0 0 rg BT 156.96 175.50 Td (required ) Tj ET Q q 0 0 0 rg BT 194.47 175.50 Td (by ) Tj ET Q q 0 0 0 rg BT 207.50 175.50 Td (this ) Tj ET Q q 0 0 0 rg BT 225.20 175.50 Td (item ) Tj ET Q q 0 0 0 rg BT 246.39 175.50 Td (will ) Tj ET Q q 0 0 0 rg BT 265.25 175.50 Td (be ) Tj ET Q q 0 0 0 rg BT 277.69 175.50 Td (contained ) Tj ET Q q 0 0 0 rg BT 321.04 175.50 Td (under ) Tj ET Q q 0 0 0 rg BT 347.47 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 362.83 175.50 Td (captions ) Tj ET Q q 0 0 0 rg BT 400.35 175.50 Td (�Compensation ) Tj ET Q q 0 0 0 rg BT 468.20 175.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 517.40 175.50 Td (Interlocks, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.90 Td (Insider ) Tj ET Q q 0 0 0 rg BT 81.34 162.90 Td (Participation ) Tj ET Q q 0 0 0 rg BT 137.18 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 154.52 162.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 187.45 162.90 Td (T) Tj ET Q q 0 0 0 rg BT 193.50 162.90 Td (ransactions,� ) Tj ET Q q 0 0 0 rg BT 250.20 162.90 Td (�Corporate ) Tj ET Q q 0 0 0 rg BT 299.03 162.90 Td (Governance�- ) Tj ET Q q 0 0 0 rg BT 358.06 162.90 Td (Policies ) Tj ET Q q 0 0 0 rg BT 393.49 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 410.83 162.90 Td (Procedures ) Tj ET Q q 0 0 0 rg BT 459.67 162.90 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 505.59 162.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 539.84 162.90 Td (Party ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 150.30 Td (T) Tj ET Q q 0 0 0 rg BT 56.04 150.30 Td (ransactions� ) Tj ET Q q 0 0 0 rg BT 110.53 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 128.28 150.30 Td (�Corporate ) Tj ET Q q 0 0 0 rg BT 177.51 150.30 Td (Governance�- ) Tj ET Q q 0 0 0 rg BT 236.94 150.30 Td (Independent ) Tj ET Q q 0 0 0 rg BT 291.43 150.30 Td (Directors� ) Tj ET Q q 0 0 0 rg BT 337.75 150.30 Td (in ) Tj ET Q q 0 0 0 rg BT 348.50 150.30 Td (our ) Tj ET Q q 0 0 0 rg BT 365.08 150.30 Td (definitive ) Tj ET Q q 0 0 0 rg BT 407.91 150.30 Td (proxy ) Tj ET Q q 0 0 0 rg BT 435.00 150.30 Td (statement ) Tj ET Q q 0 0 0 rg BT 477.82 150.30 Td (for ) Tj ET Q q 0 0 0 rg BT 492.65 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 508.07 150.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 531.09 150.30 Td (Annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.70 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 87.62 137.70 Td (of ) Tj ET Q q 0 0 0 rg BT 98.99 137.70 Td (Stockholders. ) Tj ET Q q 0 0 0 rg BT 158.88 137.70 Td (That ) Tj ET Q q 0 0 0 rg BT 180.75 137.70 Td (information ) Tj ET Q q 0 0 0 rg BT 232.94 137.70 Td (is ) Tj ET Q q 0 0 0 rg BT 242.57 137.70 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 298.26 137.70 Td (herein ) Tj ET Q q 0 0 0 rg BT 327.12 137.70 Td (by ) Tj ET Q q 0 0 0 rg BT 340.24 137.70 Td (reference ) Tj ET Q q 0 0 0 rg BT 381.91 137.70 Td (to ) Tj ET Q q 0 0 0 rg BT 392.70 137.70 Td (the ) Tj ET Q q 0 0 0 rg BT 408.16 137.70 Td (proxy ) Tj ET Q q 0 0 0 rg BT 435.28 137.70 Td (statement.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.63 112.50 Td (14. ) Tj ET Q q 0 0 0 rg BT 96.38 112.50 Td ( ) Tj ET Q q 0 0 0 rg BT 99.00 112.50 Td (PRINCIP) Tj ET Q q 0 0 0 rg BT 141.97 112.50 Td (AL) Tj ET Q q 0 0 0 rg BT 155.98 112.50 Td ( ) Tj ET Q q 0 0 0 rg BT 158.03 112.50 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 210.33 112.50 Td (ANT) Tj ET Q q 0 0 0 rg BT 232.31 112.50 Td ( ) Tj ET Q q 0 0 0 rg BT 234.94 112.50 Td (FEES ) Tj ET Q q 0 0 0 rg BT 263.25 112.50 Td (AND ) Tj ET Q q 0 0 0 rg BT 288.62 112.50 Td (SER) Tj ET Q q 0 0 0 rg BT 308.68 112.50 Td (VICES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 87.90 Td (The information required by this item will be contained under the caption �Proposed Ratification of the ) Tj ET Q q 0 0 0 rg BT 486.23 87.90 Td (Appointment of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 75.30 Td (the Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 196.38 75.30 Td (Accounting Firm� in our definitive proxy statement for the 2016 ) Tj ET Q q 0 0 0 rg BT 469.33 75.30 Td (Annual Meeting of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 62.70 Td (Stockholders. ) Tj ET Q q 0 0 0 rg BT 109.89 62.70 Td (That information is incorporated herein by reference to the proxy statement.) Tj ET Q endstream endobj 299 0 obj <>] /Rotate 0 /Contents 300 0 R>> endobj 300 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (147) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.30 741.90 Td (P) Tj ET Q q 0 0 0 rg BT 290.93 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 305.73 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 312.55 741.90 Td ( IV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (ITEM 15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 149.20 716.70 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 233.50 716.70 Td ( ST) Tj ET Q q 0 0 0 rg BT 248.19 716.70 Td (A) Tj ET Q q 0 0 0 rg BT 254.99 716.70 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 300.31 716.70 Td ( SCHEDULES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (\(a\) Documents filed as a part of the report:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 666.30 Td (1. ) Tj ET Q q 0 0 0 rg BT 122.00 666.30 Td (The following consolidated financial statements are included in Item�8 of this Report:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 617.8 m 562.5 617.8 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.30 634.09 Td (Page Number) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.05 622.59 Td (in this Report) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 608.02 Td (Report of Independent Registered Public Accounting Firm) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 608.02 Td (79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 594.02 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 594.02 Td (80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 580.02 Td (Consolidated Statements of Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 580.02 Td (81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 566.02 Td (Consolidated Statements of Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 566.02 Td (82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 552.02 Td (Consolidated Statements of Changes in Stockholders' Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 552.02 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 538.02 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 538.02 Td (84) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 524.02 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 524.02 Td (86) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 495.70 Td (All schedules to the consolidated financial statements for which provision is made in the accounting regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (of the SEC are not applicable or are not required and therefore have been omitted.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 458.50 Td (3. ) Tj ET Q q 0 0 0 rg BT 122.00 458.50 Td (Exhibits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 426.22 Td (3.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 425.27 Td (Articles of Incorporation of Legg Mason, as amended \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 414.77 Td (Report on Form�8-K for the event on July 26, 2011\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 400.22 Td (3.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 399.27 Td (By-laws of Legg Mason, as amended and restated July 26, 2011 \(incorporated by reference to Legg Mason's) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 388.77 Td (Current Report on Form�8-K for the event on July 26, 2011\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 374.22 Td (4.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 373.77 Td (Base Indenture, dated as of May 21, 2012, between Legg Mason and The Bank of New York Mellon, as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 363.27 Td (trustee, with respect to the 5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg Mason's) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 352.77 Td (Current Report on Form�8-K filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 338.22 Td (4.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 337.77 Td (Supplemental Indenture, dated as of May 21, 2012, between Legg Mason, Inc. and The Bank of New York) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 327.27 Td (Mellon, as trustee, with respect to the 5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 316.77 Td (Mason's Current Report on Form 8-K filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 302.22 Td (4.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 301.27 Td (Notes Registration Rights Agreement, dated as of May 21, 2012, among Legg Mason, Inc., and Citigroup) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 290.77 Td (Global Markets Inc. and Morgan Stanley & Co., LLC, as representatives of the several initial purchasers of the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 280.27 Td (5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg Mason's Current Report on Form 8-K) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 269.77 Td (filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 255.22 Td (4.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 254.77 Td (Warrant Agreement, dated as of May 23, 2012, between Legg Mason, Inc. and American Stock Transfer &) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 244.27 Td (Trust Company LLC, as warrant agent \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 233.77 Td (K filed on May 23, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 219.22 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 218.77 Td (Warrants Registration Rights Agreement, dated as of May 23, 2012, by and between Legg Mason, Inc. and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 208.27 Td (KKR I-L Limited \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on May 23,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 197.77 Td (2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 183.22 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 182.77 Td (Legg Mason hereby agrees, pursuant to Item�601\(b\)\(4\)\(iii\)\(A\) of Regulation�S-K, to furnish to the SEC upon) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 172.27 Td (request a copy of each instrument with respect to the rights of holders of long-term debt of Legg Mason and its) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 161.77 Td (subsidiaries.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 147.22 Td (4.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 146.77 Td (Form of Indenture for Senior Securities between Legg Mason, Inc., as Issuer and The Bank of New York) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 136.27 Td (Mellon, as Trustee \(incorporated by reference to Exhibit 4\(a\) to Legg Mason�s Registration Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 125.77 Td (\(Registration No. 333-193321\) on Form S-3 dated January 13, 2014\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 111.22 Td (4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 110.77 Td (First Supplemental Indenture, dated as of January 22, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 100.27 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 89.77 Td (January 22, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.35 75.22 Td (4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 74.27 Td (Form of 5.625% Senior Note due 2044 \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 63.77 Td (K filed on January 22, 2014 \)) Tj ET Q endstream endobj 301 0 obj <>] /Rotate 0 /Contents 302 0 R>> endobj 302 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (148) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 738.72 Td (4.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 738.27 Td (Second Supplemental Indenture, dated as of June 26, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 727.77 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on June) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 717.27 Td (26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 702.72 Td (4.11) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 702.27 Td (Third Supplemental Indenture, dated as of June 26, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 691.77 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on June) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 681.27 Td (26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 666.72 Td (4.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 665.77 Td (Form of 2.700% Senior Note due 2019 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 655.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 640.72 Td (4.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 639.77 Td (Form of 3.950% Senior Note due 2024 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 629.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 614.72 Td (4.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 613.77 Td (Form of 5.625% Senior Note due 2044 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 603.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 588.72 Td (4.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 588.27 Td (Base Indenture for Senior Notes between Legg Mason, Inc., as Issuer, and The Bank of New York Mellon, as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 577.77 Td (Trustee \(incorporated by reference to Exhibit 4.1 to the Company�s Registration Statement \(Registration No.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 567.27 Td (333-209616\) on Form S-3ASR, dated February 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 552.72 Td (4.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 552.27 Td (Fourth Supplemental Indenture, dated as of March 22, 2016, between Legg Mason, Inc., as Issuer, and The) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 541.77 Td (Bank New York Mellon, as Trustee\(incorporated by reference to Legg Mason's Current Report on Form 8-K) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 531.27 Td (filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 516.72 Td (4.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 501.72 Td (4.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 500.77 Td (Form of 4.750% Senior Note due 2026\(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 490.27 Td (K filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 475.72 Td (4.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 475.27 Td (Form of Indenture for Junior Subordinated Notes between Legg Mason, Inc., as Issuer and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 464.77 Td (York Mellon, as Trustee \(incorporated by reference to Exhibit 4.2 to the Company�s Registration Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 454.27 Td (\(Registration No. 333-209616\) on Form S-3ASR, dated February 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 439.72 Td (4.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 439.27 Td (First Supplemental Indenture, dated as of March 14, 2016, between Legg Mason, Inc., as Issuer, and The Bank) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 428.77 Td (New York Mellon, as Trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 418.27 Td (March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 403.72 Td (4.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 402.77 Td (Form of 6.375% Junior Subordinated Note due 2056 \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 392.27 Td (Report on Form 8-K filed on March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 377.72 Td (10.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 376.77 Td (Legg Mason,�Inc. Non-Employee Director Equity Plan, as amended \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 366.27 Td (Mason's Quarterly Report on Form�10-Q for the quarter ended September�30, 2008\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 351.72 Td (10.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 351.27 Td (Form of Common Stock Grant Award Letter under the Legg Mason,�Inc. Non-Employee Director Equity Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 340.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 330.27 Td (September�30, 2005\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 315.72 Td (10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 315.27 Td (Form of Restricted Stock Unit Grant Award Letter under the Legg Mason,�Inc. Non-Employee Director Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 304.77 Td (Plan \(incorporated by reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 294.27 Td (September�30, 2005\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 279.72 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 278.77 Td (Legg Mason�&�Co.,�LLC Deferred Compensation/Phantom Stock Plan, as amended \(incorporated by reference) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 268.27 Td (to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended June�30, 2009\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 253.72 Td (10.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 252.77 Td (Legg Mason,�Inc. Executive Incentive Compensation Plan \(incorporated by reference to Appendix�A to the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 242.27 Td (definitive proxy statement for Legg Mason's 2014 Annual Meeting of Stockholders\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 227.72 Td (10.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 226.77 Td (Legg Mason,�Inc. 1996 Equity Incentive Plan, as amended \(incorporated by reference to Appendix�A to the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 216.27 Td (definitive proxy statement for Legg Mason's 2011 Annual Meeting of Stockholders\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 201.72 Td (10.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 201.27 Td (Form of Non-Qualified Stock Option Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 190.77 Td (\(incorporated by reference to Legg Mason's Annual Report on Form�10-K for the fiscal year ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 180.27 Td (2015\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 165.72 Td (10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 165.27 Td (Non-Qualified Stock Option Agreement dated as of May 2, 2013 between Legg Mason, Inc. and Joseph A.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 154.77 Td (Sullivan \(incorporated by reference to Legg Mason's Current Report on Form 8-K for the event on May 2,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 144.27 Td (2013\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 129.72 Td (10.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 128.77 Td (Form of Restricted Stock Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 118.27 Td (reference to Legg Mason's Annual Report on Form 10-K for the year ended March 31, 2011\) *) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 103.72 Td (10.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 102.77 Td (Form of Restricted Stock Unit Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan, filed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 92.27 Td (herewith *) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 77.72 Td (10.11) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 76.77 Td (Form of Restricted Stock Unit Agreement for Non-U.S. Resident Executive under the Legg Mason,�Inc. 1996) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 66.27 Td (Equity Incentive Plan, filed herewith *) Tj ET Q endstream endobj 303 0 obj <>] /Rotate 0 /Contents 304 0 R>> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (149) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 737.72 Td (10.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 737.27 Td (Form of Long-Term Incentive Plan award document under the Legg Mason, Inc. 1996 Equity Incentive Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 726.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended June 30,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 716.27 Td (2011\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 701.72 Td (10.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 700.77 Td (Lease Agreement, dated August�16, 2006, between Legg Mason and FC Eighth Ave.,�LLC \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 690.27 Td (reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended September�30, 2006\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 675.72 Td (10.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 674.77 Td (Credit Agreement, dated as of June 27, 2012, between Legg Mason, Inc., as Borrower; Citibank, N.A., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 664.27 Td (Administrative Agent; The Bank of New York Mellon and State Street Bank and Trust Company, as Joint) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 653.77 Td (Documentation Agents; and the other banks party thereto \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 643.27 Td (Report on Form 8-K filed on June 28, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 628.72 Td (10.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 628.27 Td (Incremental Revolving Facility Agreement, dated as of January 31, 2014, among Legg Mason, Inc., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 617.77 Td (Borrower, Citibank, N.A., as Administrative Agent, and the other banks party thereto \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 607.27 Td (reference to Legg Mason's Current Report on Form 8-K filed on February 4, 2014\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 592.72 Td (10.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 591.77 Td (Agreement dated December 16, 2013 between Legg Mason & Co., LLC and Thomas K. Hoops \(incorporated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 581.27 Td (by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended December 31, 2013\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 566.72 Td (10.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 566.27 Td (Legg Mason, Inc. Deferred Compensation Fund Plan, amended and restated effective September 1, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 555.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended September) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 545.27 Td (30, 2014\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 530.72 Td (10.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 529.77 Td (Form of Performance Share Unit Award Agreement under the Legg Mason, Inc. 1996 Equity Incentive Plan,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 519.27 Td (filed herewith*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 504.72 Td (10.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 504.27 Td (Form of director's service agreement dated April 1, 2013 between Legg Mason & Co \(UK\) Limited and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 493.77 Td (Terence Johnson, \(incorporated by reference to Legg Mason's Annual Report on Form 10-K for the year ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 483.27 Td (March 31, 2013\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 468.72 Td (10.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 468.27 Td (Form of director's service agreement dated April 1, 2015 between Legg Mason & Co \(UK\) Limited and Ursula) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 457.77 Td (Schliessler \(incorporated by reference to Legg Mason's Annual Report on Form 10-K for the year ended March) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 447.27 Td (31, 2015\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 432.72 Td (10.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 432.27 Td (Credit Agreement, dated as of December 29, 2015, between Legg Mason, Inc., as Borrower; Citibank, N.A., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 421.77 Td (Administrative Agent; and the other banks party thereto \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 411.27 Td (Report on Form 8-K filed on December 31, 2015\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 396.72 Td (10.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 395.77 Td (First Amendment, dated as of March 31, 2016, to the Credit Agreement, dated as of December 29, 2015, by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 385.27 Td (and among Legg Mason, Inc., as Borrower, Citibank, N.A., as Administrative Agent, and each of the lenders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 374.77 Td (from time to time party thereto \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 364.27 Td (on April 1, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 349.72 Td (10.23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 348.77 Td (Transaction Agreement, dated as of January 22, 2016, by and among EnTrustPermal Group Holdings LLC, a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 338.27 Td (Delaware limited liability company, EP Partners Holdings LLC, a Delaware limited liability company, GH) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 327.77 Td (Onshore GP LLC, a Delaware limited liability company, and GH EP Holdings LLC, a Delaware limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 317.27 Td (liability company and EnTrustPermal LLC, a Delaware limited liability company, and solely for certain) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 306.77 Td (purposes specified therein, �Gregg S. Hymowitz and Legg Mason, Inc. \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 296.27 Td (Mason's Quarterly Report on Form 10-Q filed on February 9, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.85 281.72 Td (10.24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 281.72 Td (Amended and Restated Standstill ) Tj ET Q q 0 0 0 rg BT 232.73 281.72 Td (Agreement, dated as of May 23, 2012, between Legg Mason, Inc. and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 271.22 Td (Kohlber) Tj ET Q q 0 0 0 rg BT 125.22 271.22 Td (g Kravis Roberts & Co. L.P) Tj ET Q q 0 0 0 rg BT 241.01 271.22 Td (. \(incorporated by reference to Legg Mason's Current Report on Form 8-K ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 260.72 Td (filed on May 23, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 247.72 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 247.27 Td (Computation of consolidated ratios of earnings to fixed charges, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 232.72 Td (21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 232.27 Td (Subsidiaries of the Company, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 217.72 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 217.27 Td (Consent of Independent Registered Public Accounting Firm, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 202.72 Td (31.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 202.27 Td (Certification of Chief Executive Officer, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 187.72 Td (31.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 187.27 Td (Certification of Principal Financial Officer, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 172.72 Td (32.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 171.77 Td (Certification of Chief Executive Officer pursuant to 18 U.S.C. Section�1350, as adopted pursuant to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 161.27 Td (Section�906 of the Sarbanes-Oxley Act of 2002, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.10 146.72 Td (32.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 145.77 Td (Certification of Principal Financial Officer pursuant to 18 U.S.C. Section�1350, as adopted pursuant to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 135.27 Td (Section�906 of the Sarbanes-Oxley Act of 2002, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.75 120.72 Td (101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 120.27 Td (Financial statements from the annual report on Form�10-K of Legg Mason,�Inc. for the year ended March�31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 109.77 Td (2016, filed on May�23, 2016, formatted in XBRL: \(i\)�the Consolidated Balance Sheets, \(ii\)�the Consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 99.27 Td (Statements of Income \(Loss\), \(iii\)�the Consolidated Statements of Comprehensive Income \(Loss\), \(iv\) the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 88.77 Td (Consolidated Statements of Changes in Stockholders' Equity, \(v\)�the Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.00 78.27 Td (and \(vi\)�the Notes to Consolidated Financial Statements tagged in detail) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 63.80 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 63.80 Td (These exhibits are management contracts or compensatory plans or arrangements.) Tj ET Q endstream endobj 305 0 obj <>] /Rotate 0 /Contents 306 0 R>> endobj 306 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 718.25 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 402.37 718.25 Td (Act of 1934, the registrant has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 682.25 Td (LEGG MASON, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 658.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 356.9482421875 656.9169921875 m 463.623046875 656.9169921875 l s q 0 0 0 rg BT 356.95 658.25 Td ( /s/ Joseph ) Tj ET Q q 0 0 0 rg BT 403.07 658.25 Td (A. Sullivan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 646.25 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 368.90 646.25 Td (A. Sullivan, Chairman, Pr) Tj ET Q q 0 0 0 rg BT 480.40 646.25 Td (esident and Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 634.25 Td (Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 621.65 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 621.65 Td ( Date: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.66 621.65 Td (May 23, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.28 621.65 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 603.05 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 311.55 603.05 Td (Act of 1934, this report has been signed below by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.05 Td (following persons on behalf of the registrant in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 562.55 m 193 562.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 562.55 m 307 562.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 562.55 m 477 562.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 562.55 m 562 562.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 537.55 m 193 537.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 482.54999999999995 m 193 482.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 437.54999999999995 m 193 437.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 396.54999999999995 m 193 396.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 355.54999999999995 m 193 355.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 316.54999999999995 m 193 316.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 316.54999999999995 m 193 316.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 275.54999999999995 m 193 275.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.54999999999995 m 193 234.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 193.54999999999995 m 193 193.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 148.54999999999995 m 193 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 107.54999999999995 m 193 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 66.54999999999995 m 193 66.54999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.25 567.23 Td (Signature) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.55 567.23 Td (Title) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 567.23 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 542.22 Td (/s/ Joseph A. 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